AI And Tech Solutions Firm Intellius Recode IPO To Raise ₹117 Crore: Files DRHP

On 29 March 2026, Intellius Recode submitted its draft papers to Securities and Exchange Board of India (SEBI) for an Initial Public Offering worth ₹117 crore. The company works with enterprises on AI-led technology solutions and digital transformation.

Details around pricing and timelines are yet to be announced. So, what does this step say about the company at this stage?

How Is The Intellius Recode IPO Structured?

The IPO includes a fresh issue of ₹117 crore along with an offer for sale of up to 12.9 lakh shares. Pricing will be decided through the book-building process with the help of Inga Ventures, which is the book-running lead manager of the issue.

Of the total issue, 75% will be reserved for Qualified Institutional Buyers (QIBs), 15% for Non-Institutional Investors, and the remaining for retail investors.

Proceeds from the offer for sale will go to existing shareholders, while the fresh issue is expected to be used for building AI-based digital workers and covering subcontracting costs related to it. A part of it is also meant for general corporate needs.

What Does The Company Do?

Intellius Recode works with enterprises that are trying to update their systems or automate parts of their operations. In some cases, it plays a consulting role. In others, it gets involved in execution. It was founded in 2018, and since then, it has worked with over 100 clients and automated more than one million transactions. The firm recorded a profit of ₹8.18 crore in FY25, down from ₹9.25 crore in FY24, reflecting a year-on-year decline of around 12%.

Under consulting, it covers areas like data, automation and system integration. These are usually built using a mix of customised solutions and external platforms, depending on the requirement.

Besides this, the company has also built AI-based digital workers that handle specific tasks within a business, across areas like operations or compliance. These workers take over routine processes within existing systems that would otherwise need manual effort.

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What Should Investors Watch In The AI Solutions Space?

AI adoption in India has moved past early trials. Many companies are already using these tools in some form. According to a survey conducted by Deloitte, around 40% of firms are using AI in full capacity, while most Indian companies are planning to increase spending in the coming year.

However, the progress is not even. Only a small share of companies have reached more advanced stages. While the interest in AI adoption is evident, the required capability is lacking.

For companies building in this space, that gap tends to show up during execution. Getting systems to work across different client setups, while keeping costs and talent in check, is quite challenging. Competition is building at the same time, with larger IT firms expanding into AI-led offerings.

For investors, the opportunity is visible. What matters more is how consistently companies are able to deliver and scale.

Source:

Economic Times

Business Standard

NDTV