Скачать или смотреть Exato Technologies Limited IPO: Analysis

*Exato Technologies Limited IPO: Navigating Customer Experience as a Service (CXaaS) on the SME Platform*

Exato Technologies Limited ("the Company" or "EXATO") is preparing for its Initial Public Offering (IPO), aiming to list its Equity Shares on the **SME Platform of BSE Limited**. This video breaks down the core business, key financial objectives, and the critical risks highlighted in the Red Herring Prospectus (RHP) dated November 21, 2025.

*About Exato Technologies*

Exato Technologies Limited, a Customer Transformation Partner, focuses its offerings around *Customer Experience-as-a-Service (CXaaS)* and **AI-as-a-Service**. The goal is to help organizations enhance customer engagement, streamline operations, and achieve measurable business results. The Company operates on a **dual-revenue model**, combining steady Annual Recurring Revenue (ARR) from long-term service contracts (often spanning five years) with upfront Perpetual SW/HW Income.

The Company has established three wholly-owned subsidiaries, including Exato.AI Inc. in the U.S. and Exato.AI Pte. Ltd. in Singapore, aiming for global expansion.

*IPO Structure and Objectives*

The total Initial Public Offering comprises up to *26,75,000 Equity Shares**. This total is segmented into a **Fresh Issue* of up to 22,75,000 Equity Shares by the Company and an *Offer for Sale (OFS)* of up to 4,00,000 Equity Shares by Promoter Selling Shareholder, Mr. Appuorv K Sinha. The Company will not receive any proceeds from the Offer for Sale.

The funds generated from the Fresh Issue (Net Proceeds) are primarily dedicated to several key strategic objectives:
1. Funding working capital requirements (Up to **₹1,572.70 Lakhs**).
2. Investment in *Product Development* (Up to **₹680.00 Lakhs**).
3. Repayment/prepayment of certain Company borrowings (Up to ₹253.33 Lakhs).
4. General corporate purposes.

The investment in product development focuses on building *proprietary intellectual property (IP)* to reduce reliance on third-party technology and improve profit margins. This includes developing platforms like **Prompt-Base Dialer**, a real-time virtual coach for agents, and **CompliCall**, a crucial "No Recording=No Call" compliance engine essential for regulated sectors such as financial services.

*Key Dates for the Offer*

*Anchor Portion Offer Opens/Closes:* Thursday, November 27, 2025.
*Bid/Offer Opening Date:* Friday, November 28, 2025.
*Bid/Offer Closing Date:* Tuesday, December 02, 2025.

*Critical Risks for Investors (Per RHP Risk Factors)*

The comprehensive risk assessment memorandum highlights several material challenges and uncertainties facing Exato Technologies:

*Customer Concentration:* A substantial portion of the Company's revenue is generated from a few key clients (Top 10 customers contributed 89.27% of total revenue for the half year ended September 30, 2025). The loss of even one major customer, particularly since the Company holds no exclusive or long-term contractual arrangements, could severely and disproportionately impact revenue stability.
*Intellectual Property and Execution Risk:* The planned capital outlay of ₹680.00 Lakhs for product development is based entirely on *management estimates* and has *not been independently appraised* by any bank or financial institution, heightening the execution risk. There is no guarantee that this investment will result in commercially viable products or sustainable revenue streams.
*Management Experience:* None of the members of the board of directors possess prior experience serving on the board of any other listed company in India, which poses a material risk in navigating stringent SEBI disclosure and governance obligations. Additionally, Promoter Mrs. Swati Sinha lacks prior experience in the specific technology industry in which the Company operates, which could affect strategic decision-making.
*Compliance History:* The Company has acknowledged past instances of delays in filing statutory forms (such as GST, ESIC, and EPF returns), resulting in penalties and interest charges.
*Competition:* Exato operates in a *highly competitive industry* and faces rivalry from existing players and new entrants who may possess substantial advantages, including larger financial and technical resources, and broader distribution networks.

*Disclaimer:* This summary is based solely on the public disclosures within the Exato Technologies Limited Red Herring Prospectus (RHP) and associated documents dated November 21, 2025. Prospective investors are urged to read the entire RHP, particularly the "Risk Factors" section beginning on page 36, and consult their tax, financial, and legal advisors before making any investment decision. The price of the Equity Shares could decline, and investors may lose all or part of their investment.