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Kratikal Tech IPO

Kratikal Tech IPO is an SME issue scheduled to open for subscription on — and closed on —. The issue aggregates ₹36 Cr.

Price Band
₹100–₹120
GMP
Subscription
Listing

Overview

Kratikal Tech IPO is an SME issue scheduled to open for subscription on — and closed on —. The issue aggregates ₹36 Cr.

IPO Details

Kratikal Tech IPO is a Small and Medium Enterprise (SME) initial public offering scheduled to open for subscription on BSE SME. The issue has a price band of ₹100–₹120 per equity share with a lot size of TBA shares, translating to a minimum retail investment of TBA.

The issue aggregates ₹36 Cr, and subscription dates are yet to be announced. Allotment is expected on and the equity shares are scheduled to list on .

Type
SME
Status
upcoming
Price band
₹100–₹120
Face value
₹10 (typical)
Lot size
Min investment (Retail)
TBA
Issue size
₹36 Cr
Fresh issue
₹36 Cr
OFS
₹0 Cr
Exchange
BSE SME
ISIN
TBA

Market Lot

Market lot details will be available once the price band and lot size are finalised in the Red Herring Prospectus.

IPO Reservation

Per SEBI guidelines, Kratikal Tech IPO reserves shares across investor categories as follows. Final allotment percentages may vary slightly based on the final issue document.

Category% ReservedNotes
QIBUp to 50%Mutual funds, FIIs, banks
NII / HNIUp to 15%Bids ≥ ₹2 lakh
RetailAt least 35%Bids up to ₹2 lakh

Important Dates

  1. Issue Open
    · Subscription opens
  2. Issue Close
    · Subscription closes
  3. Allotment
    · Basis of allotment finalised
  4. Refunds Initiated
    · Funds released for non-allottees
  5. Listing Date
    · Shares debut on the exchange

Grey Market Premium

Grey Market Premium for Kratikal Tech is yet to be tracked. We update GMP from multiple grey market sources during the subscription window. Bookmark this page and check IPO GMP Today for live updates.

Subscription Status

Kratikal Tech IPO subscription tracking will go live once the subscription window opens. Category-wise data (Retail / NII / QIB / Employee) will be available on IPO Subscription Status.

Allotment Status

Kratikal Tech IPO allotment will be finalised by the registrar (KFin Technologies) on . Check your allotment status using your PAN, application number, or DP ID via our allotment status checker or directly on the registrar's website.

If allotment fails, the blocked funds via ASBA / UPI mandate are released back within 24-48 hours. Applying through multiple demat accounts in family members' names improves chances on oversubscribed IPOs.

Check on KFin Technologies

About Kratikal Tech

Kratikal Tech Limited, founded in 2013 by Pavan Kumar, Paratosh Kumar and Dip Jung Thapa, is a Noida-headquartered cybersecurity company offering AI-driven, SaaS-based security products and services. The product portfolio is anchored by ThreatCop (email-security awareness training + phishing-simulation platform) and extends into endpoint security, vulnerability management, and managed security services. The company has built international presence through two subsidiaries — Threatcop FZ LLC (UAE) and Threatcop AI Inc (USA) — that handle Middle East and North American sales respectively. The fresh-issue IPO proceeds (₹36 crore) are specifically allocated for expanding sales-and-marketing investment in these international subsidiaries plus workforce development for global market expansion. The broader Indian cybersecurity startup ecosystem has been a recurring story in Indian SaaS — many small-and-mid cybersecurity companies have built international ARR through 2018-26 supported by post-COVID digital-transformation security spending. Listed Indian cybersecurity comparables at SME scale are limited; ITsec listed players like TechProcess Payment Services, TCS-Quartz, and Infosys-Edge are part of much larger parent organisations, not pure-play comparables. Kratikal's FY25 revenue of ₹20.85 crore (up from ₹13.01 crore in FY24, ~60% YoY growth) and 9M-FY26 EBITDA margin of 16.22% signal early-stage profitability with strong top-line momentum. The SME-IPO scale (₹36 crore raise) is appropriate for the company's current size — it's not an attempt to pre-position for mainboard scale, just a focused growth-capital event for international expansion.

Promoter & Holding Pattern

The promoter and promoter group hold the majority stake in Kratikal Tech prior to the IPO. Post-listing, this percentage will reduce as new equity shares are issued to the public. Detailed pre-IPO and post-IPO promoter holding data will be updated once the Red Herring Prospectus is finalised with SEBI.

Objects of the Issue

Kratikal Tech IPO proceeds will be utilised across the following objectives, as disclosed in the Red Herring Prospectus:

PurposeAmount (₹ Cr)% of Issue
Investment in subsidiaries Threatcop FZ LLC (UAE) and Threatcop AI Inc (USA) — funding international sales-and-marketing activities and workforce expansion in target markets36100.00%

Financial Performance

Three-year financial performance for Kratikal Tech (amounts in ₹ Cr):

PeriodRevenueExpensePATTotal AssetsNet Worth
FY2520.85
FY2413.01
FY239.14
Q1 FY260.73

Valuation Snapshot

Key valuation metrics for Kratikal Tech — RoE, RoCE, EBITDA margin, PAT margin, debt-to-equity, EPS, P/E ratio, RoNW, NAV — will be updated based on FY25 numbers from the Red Herring Prospectus.

Peer Comparison

Listed peers in the Technology sector with key valuation metrics:

CompanyEPS (₹)P/E RatioRoNW (%)NAV (₹)Income (₹ Cr)
Quick Heal Technologies
TCS / Infosys cybersecurity service lines

Anchor Investors

Anchor investor bidding for Kratikal Tech typically opens one working day before the issue opens to the public. Anchor investors — mutual funds, FIIs, sovereign wealth funds, and insurance companies — collectively subscribe to a portion of the QIB segment. Their participation signals institutional confidence. Anchor list and total amount will be updated once SEBI publishes the anchor filing.

Lead Managers (Merchant Bankers)

  • Beeline Capital Advisors

IPO Registrar

The registrar processes all bid applications, finalises the basis of allotment, manages refunds, and credits allotted shares to successful applicants' demat accounts.

Editorial Review

Kratikal Tech filed its DRHP on 6 January 2026 for a BSE SME IPO targeting ₹36 crore via fresh issue of 30 lakh equity shares at ₹100-120 price band. BSE granted approval on 1 April 2026. Exact subscription dates pending. The positioning is unusual for the Indian SME IPO category. Most SME issues are domestic-focused, traditional-industry operators (jewellers, textiles, chemicals). Kratikal is an export-led SaaS cybersecurity company with international subsidiaries in UAE and USA — closer in profile to a mainboard-quality SaaS company at SME scale. The product franchise (ThreatCop email-security awareness platform) has multi-year customer ARR and is in a structurally growing category. The financial trajectory supports the investment story: FY23 revenue ₹9.14 cr → FY24 ₹13.01 cr → FY25 ₹20.85 cr — over 50% CAGR. Q1 FY26 EBITDA margin at 16.22% with PAT of ₹73 lakh indicates the business is operationally profitable, which is unusual for early-stage cybersecurity. The ₹36 crore fresh-issue is specifically allocated for international expansion (UAE + USA subsidiary growth), not for general working capital — capital deployment is purposeful. What the bull case rests on: (1) 50%+ revenue CAGR sustained over 3 years; (2) operational profitability already established (Q1 FY26 PAT positive); (3) SaaS business model with multi-year ARR provides revenue visibility; (4) international expansion thesis funded with appropriate capital sizing (₹36 crore is right-size for current ARR base); (5) cybersecurity SaaS category demand is structurally growing globally. What the bear case rests on: (1) BSE SME liquidity constraints — small float, wide bid-ask spreads, limited institutional follow-on coverage; (2) competitive intensity in email-security awareness category — global incumbents (KnowBe4, Proofpoint, Mimecast) and Indian peers (Quick Heal, Sequretek) all serve same customer segment; (3) export-revenue execution risk — UAE and USA subsidiary scaling depends on sales-team hiring and customer-acquisition cost discipline, both of which are execution-dependent; (4) small absolute scale — ₹20.85 cr FY25 revenue is small enough that single-client dynamics can be material; (5) price band ₹100-120 against limited public-financial granularity makes valuation framing difficult — RHP-specific number is the key input. Neutral pre-RHP. The growth profile and SaaS economics are attractive for SME-category investors who specifically want exposure to Indian cybersecurity startups. But BSE SME structural limitations (liquidity, institutional coverage) cap the post-listing re-rating path. Wait for the RHP with specific lot size, exact dates, and full financial disclosure. For SME-IPO category investors, Kratikal is above-average quality — but sizing should be modest (small absolute allocation given ₹36 crore total raise size).

How to Apply for Kratikal Tech IPO

  1. Open broker app — Zerodha, Upstox, Angel One, Groww, 5paisa, ICICI Direct, or any other SEBI-registered broker. Navigate to the IPO section.
  2. Select Kratikal Tech IPO during the bidding window ().
  3. Enter bid details — minimum TBA shares per lot. Retail investors are recommended to bid at cut-off price (₹120).
  4. Submit UPI ID linked to a SEBI-approved bank.
  5. Approve UPI mandate from your UPI app within the deadline. Bid amount is blocked, not debited.
  6. Await allotment on .
  7. Listing day — shares list on BSE SME on .

Risk Factors

1. BSE SME structural limitations — small float, wide bid-ask spreads, limited institutional follow-on coverage. Liquidity is materially lower than mainboard. Exit at fair value is harder. 2. Email-security awareness category competition — global incumbents (KnowBe4, Proofpoint, Mimecast) and Indian peers (Quick Heal, Sequretek) all serve the same segment. Customer-acquisition cost rises as competitive intensity grows. 3. International expansion execution risk — UAE and USA subsidiary scaling depends on local sales-team hiring, customer-acquisition cost discipline, and channel-partner relationships. Slippage on any vector compresses growth. 4. Small absolute scale — FY25 revenue ₹20.85 cr is small enough that single-client wins or losses materially impact top-line; growth-rate sustainability needs validation. 5. Founder-concentration risk — Pavan Kumar, Paratosh Kumar, Dip Jung Thapa are central to product, sales and engineering. Key-person dependency is high in early-stage SaaS. 6. SaaS retention metrics not yet disclosed — NRR (net revenue retention), churn rate, gross retention are critical SaaS KPIs that are RHP-disclosure dependent. Without these, growth-quality assessment is incomplete. 7. AI-driven product positioning — 'AI-driven cybersecurity' is a competitive marketing claim; real product differentiation vs incumbent vendors at enterprise sales cycles is a multi-quarter validation event.

Kratikal Tech IPO — FAQs

What is Kratikal Tech IPO?
Kratikal Tech IPO is a Small and Medium Enterprise (SME) initial public offering listing on BSE SME. The issue opens on — and closes on — with a price band of ₹100–₹120 per share.
What is the Kratikal Tech IPO price band?
The price band for Kratikal Tech IPO is ₹100–₹120 per equity share of face value ₹10 (typical). Retail investors are recommended to bid at the upper band (cut-off price).
What is the Kratikal Tech IPO lot size?
The minimum lot size for Kratikal Tech IPO is TBA shares per application. Minimum retail investment at the upper price band works out to approximately TBA.
When is the Kratikal Tech IPO opening date?
Kratikal Tech IPO opens for subscription on — and closes on —.
When is the Kratikal Tech IPO allotment date?
Basis of allotment is expected on —. Check your status on KFin Technologies's website using your PAN.
When is the Kratikal Tech IPO listing date?
Kratikal Tech shares are expected to list on BSE SME on —.
What is the GMP of Kratikal Tech IPO?
GMP for Kratikal Tech is not currently tracked.
Who is the registrar of Kratikal Tech IPO?
KFin Technologies is handling allotment, refunds, and dematerialisation for Kratikal Tech IPO.
How can I apply for Kratikal Tech IPO?
Apply via any SEBI-registered broker (Zerodha, Upstox, Angel One, Groww, 5paisa, ICICI Direct) during the open window. Use UPI mandate or ASBA for fund blocking. Bid at cut-off for retail category.
What is the minimum investment?
Minimum retail investment is approximately TBA (1 lot × TBA shares at upper band).
Should I apply for Kratikal Tech IPO?
Whether to apply depends on your goals, risk appetite, and the company's fundamentals. Review the RHP, compare valuation with peers, and consult a SEBI-registered advisor.
What happens if my allotment fails?
Bid amount blocked via UPI/ASBA is released back within 24-48 hours. Apply through multiple family demat accounts to improve odds on oversubscribed issues.

Information shown is for educational purposes and does not constitute investment advice. GMP values are unofficial estimates from informal grey market sources. Please read the offer document (Red Herring Prospectus) carefully before investing.

Data sourced from NSE, BSE, the issue's registrar, and public filings. BasicFintech is not affiliated with the issuing company, its underwriters, or the exchanges.

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