Pragyawan Technologies Files DRHP With SEBI For ₹400 Crore IPO

Noida-based Pragyawan Technologies has filed a draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for an initial public offering (IPO). The company provides skill development products and utility solutions.

The proposed IPO also includes an offer for sale (OFS) of 1.5 crore equity shares by promoters Puneet Jain and Shefali Jain.

Before filing the final Red Herring Prospectus (RHP), the company may undertake a pre-IPO placement of equity shares worth up to ₹80 crore. If this placement is completed, the size of the fresh issue will be reduced by the corresponding amount.

Pantomath Capital Advisors is acting as the sole book-running lead manager for the proposed IPO.

Use Of IPO Proceeds

Pragyawan Technologies intends to utilise ₹304.16 crore from the fresh issue to support its working capital requirements. The remaining proceeds will be used for general corporate purposes. Funds raised through the OFS will go directly to the selling shareholders.

Business Overview

The company operates across two core business segments. Its skill development division provides training products and capacity-building solutions. The utility solutions business offers execution, operations and maintenance services for the power, water, renewable energy and related infrastructure sectors.

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Financial Performance

Pragyawan Technologies has reported strong financial growth in recent years. For the financial year ended March 2025, net profit increased 65.7% to ₹39.9 crore, compared with ₹24.1 crore in the previous year. Revenue rose 69.7% to ₹359.4 crore from ₹211.7 crore over the same period.

During the nine months ended December 2025, the company posted a profit of ₹99 crore on revenue of ₹777 crore. The skill development business contributed around 76% of total revenue. On the other hand, the utility solutions segment accounted for the remaining 24%.