The Indian primary market continues to see robust momentum in 2026, with another major player joining the IPO rush. Pragyawan Technologies Limited, a Noida-based diversified solutions provider, has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to raise capital through an Initial Public Offering (IPO).
The proposed public issue aims to raise significant capital to fund the company’s working capital needs and fuel future growth. Here is a detailed breakdown of everything you need to know about the Pragyawan Technologies IPO.
Pragyawan Technologies IPO Details at a Glance
The IPO is a book-built issue consisting of both a fresh issue of shares and an Offer for Sale (OFS) from the existing promoters.
| Particulars | Details |
| IPO Type | Book Built Issue (Fresh Issue + OFS) |
| Fresh Issue Size | Up to ₹400 Crore |
| Offer for Sale (OFS) | Up to 1.50 Crore Equity Shares |
| Face Value | ₹2 per Equity Share |
| Listing Exchanges | BSE and NSE |
| Lead Manager | Pantomath Capital Advisors |
Note: The company may also consider a pre-IPO placement of up to ₹80 crore. If completed, the size of the fresh issue will be reduced accordingly.
Who is Selling in the OFS?
The Offer for Sale allows the current promoters to offload a portion of their stakes. According to the DRHP, the OFS comprises up to 1.5 crore equity shares, evenly split between the two promoters:
- Puneet Jain: Up to 75,00,000 equity shares
- Shefali Jain: Up to 75,00,000 equity shares
Objectives of the Fresh Issue
Pragyawan Technologies plans to utilize the net proceeds from the ₹400 crore fresh issue strategically. The primary objectives outline in the draft papers include:
- Funding Working Capital: A major chunk of the funds will be deployed to meet the company’s growing working capital requirements.
- General Corporate Purposes: The remaining capital will be used for general corporate operations and business expansion activities.
About Pragyawan Technologies
Incorporated in 2011, Pragyawan Technologies Limited operates primarily across two broad business verticals, serving public sector and institutional clients across 29 states and Union Territories in India:
- Skill Development & Training: The company is a massive supplier of customized toolkits, particularly under government schemes like the Pradhan Mantri Vishwakarma Yojana (PMVY). They provide digital learning infrastructure, smart classrooms, and educational labs.
- Utility Solutions: This division focuses on the execution, operation, and maintenance (O&M) of large-scale infrastructure projects across power, water, renewable energy, and telecommunications.
Operating on an asset-light business model, the company leverages third-party contract manufacturing and localized workforce deployment to ensure highly scalable and efficient project execution.
Financial Performance Highlights
Pragyawan Technologies has demonstrated impressive, exponential growth over the past few financial years, showcasing strong profitability margins and revenue scaling.
| Period Ended | Total Revenue (₹ Cr) | Profit After Tax (₹ Cr) | EBITDA (₹ Cr) |
| Dec 31, 2025 (9 Months) | 779.16 | 99.09 | 136.86 |
| March 31, 2025 (FY25) | 360.85 | 39.88 | 57.25 |
| March 31, 2024 (FY24) | 212.81 | 24.07 | 31.99 |
| March 31, 2023 (FY23) | 67.89 | 8.84 | 11.80 |
The massive leap in the 9-month period ending December 2025 indicates a significant ramp-up in project executions and order fulfillments.
Should You Keep an Eye on This IPO?
With strong financials, a debt-to-equity ratio of just 0.34 (as of late 2025), and an impressive Return on Net Worth (RoNW) standing at 44% for FY25, Pragyawan Technologies appears to have a solid fundamental base. The company’s heavy involvement in government-backed skill development programs and critical utility infrastructure gives it a unique competitive edge.
As the IPO dates and price bands are yet to be announced, investors should keep a close watch on SEBI’s approval timeline and market conditions ahead of the official launch.