NIS Management shares list at 3% discount to IPO price on BSE SME platform

Kolkata-based NIS Management, a security and facility management services provider, debuted on the BSE SME platform on Tuesday at Rs 108 per share, a 2.7% discount to its issue price of Rs 111. The Rs 60.01 crore IPO, which closed on August 28, received a moderate subscription.

The IPO was rolled out at a price band of Rs 105–111 per share, with a market lot size of 1,200 shares. Despite a full subscription, the IPO saw limited activity in the grey market, with the grey market premium (GMP) hovering at zero ahead of the listing, indicating muted listing expectations.

The company plans to utilise the net proceeds primarily for working capital requirements (Rs 36 crore) and for general corporate purposes.

IPO structure and anchor investors

The IPO comprised a fresh issue of 43.32 lakh shares worth Rs 51.75 crore and an offer for sale (OFS) of 7.44 lakh shares worth Rs 8.26 crore by existing shareholders. A total of 3.3 lakh shares were reserved for the market maker.

NIS Management raised Rs 16.72 crore from anchor investors on August 22 by allotting 15.06 lakh shares at Rs 111 per share.

Subscription details

The IPO received bids for 1.11 crore shares against 35.7 lakh shares on offer, translating into an overall subscription of 3.13 times.

The non-institutional investor (NII) category led the show, subscribing 9.15 times. Qualified institutional buyers (QIBs) subscribed 2.12 times, while retail investors were more cautious, subscribing just 1.10 times.

About the company

Incorporated in 1985, NIS Management is one of eastern India’s established security and facility management services companies. Its offerings include manned guarding, electronic surveillance, housekeeping, payroll processing, and integrated facility management.

The company operates 14 branches across the country, supported by a workforce of 16,609 employees, including contract staff, as of June 30, 2025. It also deploys QR code technology for employee monitoring and has developed a mobile app-based attendance system. NIS is a certified training provider under the National Skill Development Corporation (NSDC).

Financials

For FY25, NIS Management reported revenues of Rs 405.33 crore, up 7% year-on-year, and a net profit of Rs 18.67 crore, up just 2% from the previous year.

While the IPO sailed through with decent institutional support, investors will be watching whether the company can sustain growth in its security and facility management business, given its regional concentration.

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