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The public issue of Logiciel Solutions continued to draw moderate investor interest on Day 2. As of today, the issue is 1.24 times subscribed, with retail investors being the primary driver of subscriptions while institutional investors show limited participation.
Logiciel Solutions' IPO opened for subscription on November 28 and will close on December 2. The Company plans on raising Rs. 39.90 Crore through a combination of both Fresh Issue and Offer For Sale.
The IPO price band has been fixed at Rs. 183-Rs. 193 per share. The bid can be made for a minimum of 600 shares.
Retail investors must apply for two lots (1,200 shares), requiring a minimum investment of Rs. 2,31,600 at the upper price band.
As of Day 2, the IPO saw mixed subscription. The retail category was subscribed 2.19 times, while the NII segment reached 0.43 times. The QIB portion has not received any bids yet.
The Grey Market Premium (GMP) is currently at Rs. 0 as the stocks are being traded at their issue price, with no premium or discount.
Analysts have noted that over the last few weeks, GMP has continued to weaken and expect further weakness. Over the past week, GMP fluctuated between Rs. 0-Rs. 40.
Logiciel Solutions, incorporated in 2011, operates as an outsourced software development partner, offering end-to-end technology solutions for startups and enterprises worldwide.
The firm specialises in cloud engineering, AI/ML, UI/UX, big data, application development, software testing, and other digital transformation services.
As of October 31, 2025, Logiciel employs 107 professionals across various departments.
The company reported strong financial growth ahead of the IPO. Revenue for FY25 rose 24% to Rs. 21.20 crore from Rs. 17.10 crore in FY24, while profit after tax surged 38% to Rs. 5.47 crore.
For the six months ending September 2025, the firm recorded Rs. 12.83 crore in revenue and Rs. 3.56 crore profit, highlighting sustained momentum.
The issue consists of a fresh issue worth Rs. 32.70 crore and an offer for sale of Rs. 7.20 crore. Funds raised will be allocated to expanding physical infrastructure, strengthening human resources and product development, upgrading IT systems, and boosting sales and marketing initiatives.
Post-issue, Logiciel’s share capital will rise from 57.7 lakh to 74.7 lakh shares.
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Logiciel Solutions is a high-growth, high-margin company servicing the emerging digital economy, specialising in offshore software development. The retail demand shows investor confidence, but the low GMP and lack of QIB bidding may indicate a more cautious sentiment overall.
Long-term investors who would like exposure to a technology-oriented SME may find some value here, while short-term listing gains appear uncertain at the current GMP levels.
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