The company's IPO opened on March 27, 2024, and closed on April 2, 2024, with shares subsequently listed on the NSE Emerge platform.25 September 2026SME IPO - NSE SME · 5 min read

Coreintegra Consulting — Pre-IPO Research Report

Coreintegra Consulting Limited, an Indian IT and business consulting firm, recently concluded its SME IPO on the NSE Emerge platform. The issue was entirely a fresh issue, aiming to raise capital for the company's growth initiatives.

Founded

2013

Headquarters

Bengaluru, India

IPO Exchange

NSE Emerge (SME)

IPO Type

Book-built issue

Issue Size (Fresh Issue Shares)

28.19 lakh equity shares (per the RHP filed with SEBI)

Promoters

Mr. Satish Kumar S and Ms. Suma S

What the company is (and how it makes money)

Coreintegra Consulting Limited provides a range of technology and business consulting services.
Their offerings include data analytics, digital transformation, cloud consulting, and talent acquisition services.
The company caters to clients across various sectors, focusing on leveraging technology to improve business processes.
Revenue is primarily generated through project-based engagements and potentially long-term retainers for their consulting services.

Financial snapshot (officially disclosed only)

As per the Red Herring Prospectus (RHP) filed with SEBI, the company reported total revenue of not officially disclosed for the nine months ended December 31, 2023. Investors should refer to the RHP for precise figures.
Profit After Tax (PAT) for the nine months ended December 31, 2023, was not officially disclosed. The RHP contains detailed financial statements.
For the fiscal year ended March 31, 2023, total revenue was not officially disclosed (per RHP).
The RHP provides a comprehensive overview of financial performance, including assets, liabilities, and cash flow statements for the past three fiscal years and interim periods.

The moat

Expertise in niche technology areas like data analytics and digital transformation can create a competitive edge, provided the talent pool is strong and consistently updated.
Client relationships built on successful project delivery and trust can lead to repeat business and referrals, forming a soft moat.
Agile service delivery models, common in smaller consulting firms, might allow for quicker adaptation to client needs compared to larger, more bureaucratic competitors.
A focus on specific industry verticals or client segments could allow for deeper domain knowledge and tailored solutions, making them a preferred partner in those niches.

Where it is in the IPO pipeline

Coreintegra Consulting Limited's IPO was a book-built issue on the NSE Emerge platform.
The issue comprised an entirely fresh issue of 28.19 lakh equity shares, with no Offer For Sale (OFS) component (per the RHP).
The IPO opened on March 27, 2024, and closed on April 2, 2024, with the shares subsequently listing on April 5, 2024.
The fresh issue proceeds are earmarked for specific purposes outlined in the RHP, primarily for working capital requirements and general corporate purposes.

What most investors miss

Being an SME IPO, liquidity post-listing can be lower compared to mainboard IPOs, potentially impacting exit options for investors.
The entire issue being fresh means all proceeds flow to the company. Investors should scrutinize the detailed 'Objects of the Issue' in the RHP to understand how these funds will be deployed and their potential impact on future growth and profitability.
Consulting businesses are heavily reliant on key personnel and talent retention. High attrition rates or inability to attract skilled professionals could significantly impact service delivery and growth.
Client concentration is a common risk for smaller consulting firms. The RHP should be checked for disclosures on the percentage of revenue derived from top clients.
The competitive landscape in IT and business consulting is fragmented and intense, with both large global players and numerous smaller, specialized firms. Understanding Coreintegra's specific differentiation is key.
The 'general corporate purposes' allocation of IPO proceeds, if substantial, warrants close examination as it offers management broad discretion over fund utilization.

Red flags and what to scrutinise

High dependence on a few key clients for a significant portion of revenue, if disclosed in the RHP, could pose a concentration risk.
The ability to scale a consulting business often hinges on repeatable processes and a strong sales pipeline. Investors should look for details on these aspects in the RHP.
Any significant related-party transactions disclosed in the RHP should be carefully reviewed for potential conflicts of interest.
The 'basis for offer price' section in the RHP needs scrutiny to understand the valuation methodology and comparable companies used, especially for an SME listing where benchmarks can be fewer.
Operational risks associated with project delays, cost overruns, or client dissatisfaction in service delivery could impact profitability and reputation.
Changes in technology trends or client demands could rapidly impact the relevance of the company's service offerings, requiring continuous investment in skill development and R&D.

How to evaluate it (a diligence checklist)

Examine the 'Objects of the Issue' section in the RHP to understand the precise allocation of fresh issue proceeds and how these align with the company's growth strategy.
Review the company's client base and revenue concentration from the RHP to assess dependency on key clients.
Analyze the historical financial performance, including revenue growth, profitability margins, and cash flow, as presented in the RHP.
Scrutinize the 'Risk Factors' section of the RHP for detailed insights into industry-specific, operational, and financial risks.
Assess the competitive landscape and Coreintegra's positioning within the broader IT and business consulting market, referencing information in the RHP.
Evaluate the promoter background, management team, and their experience in the consulting sector, as detailed in the RHP.

Official references

SEBI - Draft offer documents & public issues SEBI - Securities and Exchange Board of India NSE India - listings & filings BSE India - listings & filings MCA - company master data & financial filings

The company's Red Herring Prospectus (RHP) on the SEBI website
The company's official website for service offerings and client testimonials
NSE Emerge platform filings for post-listing disclosures

Frequently asked questions

What was the purpose of Coreintegra Consulting's IPO?

The IPO was an entirely fresh issue of shares, with the proceeds intended to fund the company's working capital requirements and for general corporate purposes, as stated in the RHP.

What kind of services does Coreintegra Consulting provide?

Coreintegra Consulting offers IT and business consulting services, including data analytics, digital transformation, cloud consulting, and talent acquisition.

Was there an Offer For Sale (OFS) component in the IPO?

No, the IPO comprised an entirely fresh issue of 28.19 lakh equity shares, with no Offer For Sale component, as per the RHP.

Where can one find the official financial statements of the company?

The official financial statements, including revenue, profit, assets, and liabilities, are detailed in the company's Red Herring Prospectus (RHP) filed with SEBI.

What are the key risks for a consulting firm like Coreintegra?

Key risks often include dependence on key personnel, client concentration, intense competition, and the ability to adapt to evolving technology trends, as detailed in the RHP's risk factors.

This report is prepared by Neoma Capital for information and investor-education purposes only. It is not investment advice, a recommendation, or an offer to buy or sell any security. Unlisted and pre-IPO shares are illiquid, high-risk and may never list. Any figures mentioned are only those officially disclosed by the company, SEBI, the stock exchanges or the MCA, and may change. Neoma Capital does not guarantee accuracy or completeness. Verify everything independently from official sources and consult a SEBI-registered adviser before making any decision. Neoma Capital, 25 September 2026.