Kratikal Tech Limited, a growing cybersecurity solutions provider, has opened its SME IPO for subscription today, June 30, 2026. The issue will close on July 2, 2026, with the company looking to raise approximately ₹40 crores entirely through a fresh issue of equity shares, set to list on BSE SME.
Kratikal Tech IPO
|
Detail |
Information |
|
IPO Open Date |
June 30, 2026 |
|
IPO Close Date |
July 2, 2026 |
|
Price Band |
₹128 – ₹135 per share |
|
Face Value |
₹10 per equity share |
|
Issue Size |
Approximately ₹40 crores |
|
Issue Type |
Fresh Issue (Bookbuilding Issue) |
|
Listing Exchange |
BSE SME |
|
Anchor Bidding Date |
June 29, 2026 |
|
Allotment Date |
July 3, 2026 |
|
Refund / Demat Credit |
July 6, 2026 |
|
Listing Date |
July 7, 2026 |
|
Bidding Cut-off Time |
July 2, 2026, 5:00 PM |
|
Registrar |
KFin Technologies Limited |
|
Lead Manager |
Beeline Capital Advisors Pvt. Ltd. |
About Kratikal Tech: What the Company Does
Kratikal Tech is a growing cybersecurity solutions company that offers AI-driven, SaaS-based security solutions along with integrated cybersecurity services. The company's core focus is reducing cybersecurity risk by combining its proprietary platforms with service-driven solutions spanning people, process, and technology.
Kratikal's business is structured across two key segments:
People Security Management — focused on protecting businesses from cyber risks arising out of human error, such as phishing, social engineering, and credential theft.
Technology and Process Security Services — covering protection of an organisation's IT systems and security processes, including Vulnerability Assessment and Penetration Testing (VAPT), Governance, Risk and Compliance (GRC), and AI-driven Vulnerability Management.
The company's client base spans BFSI, fintech, telecom, IT/ITES, healthcare, and manufacturing sectors, serving both domestic and international markets — giving it reasonably diversified sector exposure for a company of its scale.
The company's registered office is located in Sector 68, Gautam Buddha Nagar, Noida, Uttar Pradesh.
What the IPO Money Will Be Used For
This is a 100% fresh issue, meaning the entire ₹40 crores raised goes directly into the company rather than to existing shareholders exiting their holdings.
|
Purpose |
Amount (₹ Crores) |
|
Investment in Threatcop FZ LLC (UAE) and Threatcop AI Inc (USA) — subsidiaries — for sales & marketing expansion and workforce development |
₹23.08 |
|
Investment in product development |
₹9.23 |
|
General corporate purposes |
Balance |
Notably, the largest chunk of proceeds — over half — is earmarked for international expansion through the company's UAE and US subsidiaries, signalling an ambition to scale Kratikal's cybersecurity offerings beyond the domestic market.
Market Lot and Application Amounts
|
Application Category |
Lots |
Shares |
Amount |
|
Retail Minimum |
2 |
2,000 |
₹2,70,000 |
|
Retail Maximum |
2 |
2,000 |
₹2,70,000 |
|
S-HNI Minimum |
3 |
3,000 |
₹4,05,000 |
|
S-HNI Maximum |
7 |
7,000 |
₹9,45,000 |
|
B-HNI Minimum |
8 |
8,000 |
₹10,80,000 |
The minimum retail application requires 2,000 shares across 2 lots, working out to ₹2,70,000 at the upper price band — a relatively high entry ticket typical of SME issues, and retail investors are capped at 2 lots with no scope for a larger allocation in this category.
IPO Reservation: Who Gets What
|
Investor Category |
Shares Offered |
% of Issue |
|
Anchor Investors |
8,31,000 |
28.27% |
|
QIB (excluding Anchor) |
5,58,000 |
18.98% |
|
NII (HNI) |
4,23,000 |
14.39% |
|
Retail |
9,78,000 |
33.27% |
Anchor bidding took place on June 29, 2026, a day ahead of the IPO opening. As is standard, 50% of anchor allocation will be locked in for 30 days and the remaining 50% for 90 days from the date of allotment.
Financial Performance: Consistent Growth Across Three Years
|
Period |
Revenue (₹ Cr) |
Expenses (₹ Cr) |
PAT (₹ Cr) |
Assets (₹ Cr) |
|
FY2024 |
₹13.28 |
₹9.36 |
₹3.20 |
₹9.05 |
|
FY2025 |
₹21.15 |
₹15.65 |
₹4.23 |
₹15.58 |
|
FY2026 |
₹36.86 |
₹28.48 |
₹6.14 |
₹30.12 |
Kratikal Tech's financial trajectory stands out for its consistency. Revenue grew from ₹13.28 crores in FY24 to ₹36.86 crores in FY26 — nearly a 3x increase over two years. Profit after tax followed a similar steady climb, almost doubling from ₹3.20 crores to ₹6.14 crores over the same period. Unlike some SME issues that show volatile or one-off profit spikes ahead of an IPO, Kratikal's growth pattern across all three years shows a steady upward trend in both topline and bottomline.
Strengths Worth Noting
- Three consecutive years of consistent revenue and profit growth, without the volatility or one-off adjustments sometimes seen in pre-IPO financials of SME issuers
- Strong profitability metrics — ROE of 34.95% and EBITDA margin of 24.73% — well above the peer companies cited in the offer document
- Operating in cybersecurity, a structurally growing sector given rising digital adoption and regulatory focus on data protection across BFSI, fintech, and healthcare
- Diversified client base across sectors and geographies (domestic and international), reducing single-sector dependency
- 100% fresh issue with proceeds directed toward genuine growth initiatives — international subsidiary expansion and product development — rather than promoter exits
Risks to Consider Before Applying
- No comparable P/E benchmark available: With the P/E ratio marked as "N/A" in the offer documents, investors have limited ability to assess whether the issue pricing is reasonable relative to earnings, compared to the cited peers.
- High entry ticket size: At ₹2,70,000 for the minimum retail lot, this is a relatively large investment commitment for an SME IPO, limiting accessibility for smaller retail investors.
- Significant promoter dilution: Promoter holding drops from 72.58% to 53.36% post-issue — a sharper dilution than many SME peers, worth factoring into governance and control considerations.
- International expansion risk: Over half the IPO proceeds are earmarked for UAE and US subsidiary expansion, which carries execution risk typical of cross-border business scaling, including regulatory, currency, and market-entry challenges.
- Debt-to-equity not disclosed: The offer document does not provide a debt-to-equity figure, making it harder to fully assess the company's balance sheet leverage profile.
- SME segment liquidity risk: As with all SME IPOs, post-listing trading liquidity tends to be thinner than mainboard issues, which can affect ease of exit for investors.
How To Apply for the IPO ?
- Login or Open demat account with JM Financial Services / JM PRO app: Open the JM PRO app or JM Financial Services website and log in with your credentials.
- Locate the IPO Section: Navigate to the 'IPO' section on the platform.
- Select IPO: Find and select the IPO from the list of open IPOs.
- Enter the Lot Size: Specify the number of lots you want to bid for.
- Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application.
- Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN.
How To Check the Allotment Status of IPO?
Steps to check IPO allotment status on JM Pro app:
- Log in to the JM Pro app.
- Go to the IPO Section and then to IPO Orders.
- Select the individual IPO that you had applied for and check the allotment status.
JM Financial Services will notify you of your IPO allotment status via push notification and email
Frequently Asked Questions (FAQs)