Tamil Nadu based Stalwart People Services files DRHP for Rs 150 crore IPO

Tamil Nadu headquartered Stalwart People Services, a Security, Facilities Management, and Staffing Services company has filed its draft red herring prospectus (DRHP) with capital markets regulator SEBI to raise funds through an initial public offering (IPO) of a fresh issue of equity shares aggregating up to Rs 150 crore

According to DRHP, an offer for sale (OFS) of up to 52,64,151 equity shares by the Promoter Selling Shareholders - Christopher Arvinth and Caroline Mendez.

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Stalwart People Services proposes to utilise the net proceeds of the fresh issue towards funding its working capital requirement of Rs 65 crore, pre-payment or re-payment, in full or in part, of certain outstanding borrowings worth Rs 40 crore and general corporate purposes.

Bajaj Capital Securities Limited is the book running lead manager (BRLM) to the offer, according to the DRHP.

Incorporated in 2003, Stalwart is a business services provider offering Security Services, Facilities Management Services and Staffing Solutions under a single umbrella. As on April 30, 2026, it had a staff strength of 25,070 personnel and serviced 1,099 clients across 23 states, three union territories and two middle east countries.

Some of Stalwart’s marquee clients are Yes Bank, Zepto, PVR Inox, Century Panels and GNITS (G. Narayanamma Institute of Technology and Science)

The company, in consultation with the BRLMs, may consider a pre-IPO placement of equity shares aggregating up to Rs 22.5 crore, prior to filing of the Red Herring Prospectus with the RoC. If the Pre-IPO Placement is completed, the amount raised will be reduced from the Fresh Issue.

In the nine-month period ended December 31, 2025 (9MFY26), the company reported revenue from operations at Rs 474 crore, recording a 47% CAGR from FY23. The profit after tax (PAT) for the same period stood at Rs 22.8 crore.

As per the F&S Report, in the period Fiscal 2026 to Fiscal 2031, the Security Services market in India is expected to grow at a CAGR of 11.6% to reach Rs 3,067.6 billion, while the facility management services market in India is expected to grow at a CAGR of 12.7% to reach Rs 942.3 billion and the staffing services market in India is projected to grow at a CAGR of 19.9% to reach Rs 2,877 billion.

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SIS Limited, TeamLease Services Limited, Updater Services Limited, Krystal Integrated Services Limited, and Kapston Services Limited are the listed peers of the company as per the DRHP.

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