Ace Alpha Tech (Formerly Known as DM Prime Square Research & Analytics Private Limited) offers a comprehensive suite of professional systems for trading, risk management, and investment management. The company caters to a wide range of clients, including institutions, proprietary desks, and retail traders. By providing advanced technology solutions and personalized services, Ace Alpha helps clients manage trading risks, achieve profit growth, and streamline their operations.
Ace Alpha Tech, an Book Built Issue amounting to ₹ 49.97 Crores, consisting an Fresh Issue of 35.48 Lakh Shares worth 37.96 Crores and an Offer for Sale of 11.22 Lakh Shares totaling to 12.00 Crores. The subscription period for the Ace Alpha Tech IPO opens on June 26, 2025, and closes on June 30, 2025. The allotment is expected to be finalized on or about Tuesday, July 01, 2025, and the shares will be listed on the BSE SME with a tentative listing date set on or about Thursday, July 03, 2025.
The Share Price Band of Ace Alpha Tech IPO is set at ₹ 101 to ₹ 107 per equity share. The Market Capitalisation of the Ace Alpha Tech Limited at IPO price of ₹ 107 per equity share will be ₹ 187.87 Crores. The lot size of the IPO is 1,200 shares. Retail investors are required to invest a minimum of ₹ 1,28400, while the minimum investment for High-Net-Worth Individuals (HNIs) is 2 lots (2,400 shares), amounting to ₹ 2,56,800.
NARNOLIA FINANCIAL SERVICES LIMITEDis the book running lead manager of the Ace Alpha Tech IPO, while SKYLINE FINANCIAL SERVICES PRIVATE LIMITEDis the registrar for the issue. SS Corporate Securities Limited is the Market Maker for Ace Alpha Tech IPO.
Ace Alpha Tech LimitedIPO GMP Today
The Grey Market Premium of Ace Alpha Tech Limited IPO is expected to be ₹ 13 based on the financial performance of the company. No real trading is done on the basis of Grey Market Premium that's why no real discovery of price can be done before the listing of shares on the stock exchange. The Grey Market Premium totally depends upon the Demand and Supply of the shares of the company in unorganized manner which is not recommended. The Grey Market Premium is mentioned for educational and informational purposes only.
Ace Alpha Tech LimitedIPO Live Subscription Status Today: Real-Time Update
Ace Alpha Tech will be open for its subscription on 26 June, 2025.
Ace Alpha Tech LimitedDay Wise IPO GMP Trend
Date
IPO Price
Expected Listing Price
GMP
Last Updated
20 June 2025
₹ 107
₹ 120
₹ 13 (12.14%)
08:00 PM; 20 June 2025
Ace Alpha Tech Limited IPO Allotment Date - Step by Step Guide to Check Allotment Status Online Ace Alpha Tech IPO allotment date is 01 July, 2025, Tuesday. Ace Alpha Tech IPO Allotment will be out on 1st July, 2025 and will be live on Registrar Website from the allotment date. Check Ace Alpha Tech IPO Allotment Status here. Here's how you can check the allotment status:
- Navigate to the IPO allotment status page.
- Select Ace Alpha Tech Limited IPO from the dropdown list of IPOs
- Enter your application number, PAN, or DP Client ID
- Submit the details to check your allotment status.
By following either of these methods, investors can quickly determine their allotment status and proceed accordingly with their investments.
Objectives of Ace Alpha Tech LimitedIPO
Ace Alpha Tech proposes to utilise the Net Proceeds towards the following objects: 1. ₹ 1,250.00 Lakh is required to Meet Capital Expenditure of the Company 2. To Meet out the expenses of Unidentified acquisition and General Corporate Purposes
46,70,400 Equity Shares (aggregating to ₹ 49.97 Cr)
Fresh Issue
35,48,400 Equity Shares (aggregating to ₹ 37.96 Cr)
Offer for Sale
11,22,000 Equity Shares (aggregating to ₹ 12.00 Cr)
Issue Type
Book Built Issue
Listing At
BSE SME
Share holding pre issue
1,40,10,194
Share holding post issue
1,75,58,594
Ace Alpha Tech IPO Lot Size
Application
Lots
Shares
Amount
Retail (Min)
1
1,200
₹1,28,400
Retail (Max)
1
1,200
₹1,28,400
S-HNI (Min)
2
2,400
₹2,56,800
S-HNI (Max)
7
8,400
₹8,98,800
B-HNI (Min)
8
9,600
₹10,27,200
Ace Alpha Tech IPO Timeline (Tentative Schedule)
IPO Open Date
June 26, 2025
IPO Close Date
June 30, 2025
Basis of Allotment
July 01, 2025
Initiation of Refunds
July 01, 2025
Credit of Shares to Demat
July 02, 2025
Listing Date
July 03, 2025
Cut-off time for UPI mandate confirmation
5 PM on June 30, 2025
Ace Alpha Tech IPO Reservation
Investor Category
Shares Offered
Reservation %
QIB Portion
8,80,800
Not More than 50% of the Issue
Non-Institutional Investor Portion
6,61,200
Not Less than 15% of the Issue
Retail Shares Offered
15,43,200
Not Less than 35% of the Issue
Anchor Investor Portion
13,21,200
Allotted from QIB Portion
Market Maker Portion
2,64,000
5.01% of the Issue
Ace Alpha Tech IPO Promoter Holding
Share Holding Pre Issue
55.80 %
Share Holding Post Issue
43.90 %
Ace Alpha Tech IPO Subscription Status
Investor Category
Shares Offered
Shares Bid For
No oF Times Subscribed
Qualified Institutional Buyers (QIB)
8,80,800
-
0.00
Non Institutional Investors(NIIS)
9,25,200
-
0.00
Retail Individual Investors (RIIs)
15,43,200
-
0.00
Total
33,49,200
-
0.00
About Ace Alpha Tech Limited
BUSINESS OVERVIEW
Ace Alpha Tech Limited delivers a comprehensive suite of trading solutions for the financial industry, serving institutional investors, retail traders, and brokers. The company offers institutional-grade trading strategies, seamless integration with order management systems (OMS) of proprietary desks, and consultancy for direct market access (DMA), ensuring efficient trade execution and reduced risk exposure.
The firm provides customized trading solutions using advanced algorithms that function as a front-end layer over existing OMS/RMS connected to stock exchanges. These solutions support automated execution of strategies, with the ability to simulate and back test in client environments, ensuring operational reliability and performance. Robust user and risk management systems automate user onboarding, access control, and real-time risk monitoring, enhancing both security and compliance.
Ace Alpha Tech’s Proprietary Trading System is designed for high-volume traders, offering low-risk strategies, electronic trading capabilities, and market analytics tools for maximum returns. The company supports a wide range of offerings, including institutional trading setups, B2B retail trading, user management, proprietary trading solutions, and custom trading configurations tailored to specific business needs.
Clients rely on the firm’s expertise to simulate and validate trading strategy ideas, enabling front-end development, strategy optimization, and performance evaluation through back testing. This end-to-end approach ensures scalable, adaptable, and efficient trading operations in a dynamic market environment. The company has 26 employees as on 04 June, 2025. The Banker to the Company is HDFC Bank Limited.
INDUSTRY ANALYSIS
Indian IT & BPM Industry Overview
India’s IT and Business Process Management (BPM) sector stands as a major pillar of economic growth, contributing 7.5% to the GDP in FY23, with projections indicating it could reach 10% by FY25. With over 760 million internet users and among the lowest internet costs globally, the country is well-positioned for the next wave of digital transformation.
The foundation laid by the Digital India Programme, combined with robust digital infrastructure and access, has empowered citizens and created significant economic value. A combination of government initiatives, private innovation, and new-age digital applications is accelerating digital adoption across all sectors, enhancing productivity and everyday life. India’s global standing has also improved, climbing six places to 39th in the 2024 Global Innovation Index (GII).
Market Size and Growth Prospects
The Indian IT industry recorded US$ 227 billion in revenue in FY22 (up 15.5% YoY) and an estimated US$ 245 billion in FY23, according to NASSCOM.
IT spending in India is projected to grow 11.1% in 2024, reaching US$ 138.6 billion from US$ 124.7 billion in 2023.
The Indian software product industry is expected to reach US$ 100 billion (₹8.68 lakh crore) by 2025, driven by global expansion efforts.
The data annotation market, valued at US$ 250 million in FY20, is projected to grow to US$ 7 billion by 2030, supported by AI-driven demand.
The industry is expected to reach US$ 350 billion by 2026, contributing 10% to India’s GDP, per Infomerics Ratings.
IT export revenue rose by 9% in constant currency, touching US$ 194 billion in FY23 and US$ 199 billion in FY24.
IT services exports contributed over 51% of total IT exports, while BPM and software products/ER&D services made up 19.3% and 22.1%, respectively, in FY23.
The sector added 290,000 jobs in FY23, increasing its total workforce to 5.4 million.
With increased cloud adoption, India could generate 14 million jobs and contribute US$ 380 billion (₹33 lakh crore) to GDP by 2026. The public cloud services market, valued at US$ 3.8 billion in H1 2023, is expected to reach US$ 17.8 billion by 2027.
India remains the leading global offshoring destination, delivering both onshore and offshore IT services with emerging technologies opening new growth avenues. The country is also witnessing a rise in digital skills, with nine-fold growth in digitally skilled workers expected by 2025 (AWS survey, 2021).
Policy and Government Support
India’s IT sector has flourished with minimal government intervention, as noted by Commerce Minister Piyush Goyal, who emphasized that services exports have the potential to reach US$ 1 trillion by 2030.
Conclusion
India’s IT & BPM sector is on a high-growth trajectory, backed by digital infrastructure, a skilled workforce, strong export performance, and global demand for digital services. With continued innovation and expansion, the industry is poised to play a transformative role in the Indian economy over the next decade.
BUSINESS STRENGTHS
1. Comprehensive Solutions: Offers an integrated platform for trading, risk management, and investment, eliminating the need for multiple systems and reducing operational complexity.
2. Diverse Client Base: Serves institutions, proprietary desks, and retail traders, ensuring diversified revenue streams and reduced dependency on any single segment.
3. Multi-Channel Revenue Model: Generates income through subscriptions, licensing, consultancy, and support services, contributing to stable and scalable growth.
4. Skilled Workforce: Backed by a competent team of developers and support professionals, enabling consistent service quality and efficient client onboarding.
5. Growth-Oriented Approach: Focuses on product expansion, global reach, and strategic partnerships to drive long-term growth and industry leadership.
6. Direct Sales Strategy: Utilizes a personalized direct sales approach through the management team to effectively target and convert potential clients.
7. Robust Client Support: Provides dedicated support from experts in trading systems and financial markets, ensuring optimal system use, issue resolution, and strategic guidance.
8. End-to-End IT Solutions: Manages the complete IT package for brokers—including hardware and ongoing support—enabling them to focus on commercial operations while improving overall efficiency.
BUSINESS STRATEGIES
1. Domain Expertise in IT and Derivatives: Strong understanding of information technology and derivatives enables the development of advanced trading algorithms and risk management systems, enhancing decision-making on client OMS/RMS platforms.
2. Resource Optimization: Focused on developing customized systems and improving management processes to enhance efficiency and ensure optimal use of resources.
3. Operational Efficiency: A skilled and value-driven team supports continuous process improvement, analytics-based decision-making, and technology upgrades to boost profitability and market share.
4. Professional Organizational Structure: Emphasizes transparency, commitment, and coordination across all stakeholders, supported by a blend of experienced staff and external consultants to drive organizational growth.
5. Business Expansion: Aims to expand geographically in both domestic and international markets through cost-effective services and potential strategic acquisitions, as outlined in the company’s growth objectives.
6. Leveraging Market Relationships: Focuses on building long-term customer relationships, enhancing capabilities, and continuously expanding the customer base to drive revenue stability and increase client satisfaction.
BUSINESS RISK FACTORS & CONCERNS
1. Customer Concentration Risk: A substantial portion of revenue is derived from a limited number of customers. Any cancellation, delay, or reduction in orders from these key clients may materially impact the company’s business operations and financial health.
2. High Employee Benefit Costs: Employee benefit expenses have shown a rising trend—accounting for 39.3%, 59.4%, and 94.5% of total expenses in FY 23-24, FY 22-23, and FY 21-22, respectively. Any changes in compensation, regulatory requirements, or workforce structure could adversely affect profitability and financial flexibility.
3. IT System Dependency and Cybersecurity Risk: Core operations rely heavily on IT systems. Risks include system errors, downtime, unauthorized access, and cybersecurity threats. While no such incidents have occurred to date, future vulnerabilities may require significant investment in security infrastructure.
Ace Alpha Tech faces key business risks including dependency on a few major clients, rising employee-related costs, and critical reliance on secure and stable IT systems. These factors could impact financial performance and operational continuity if not effectively managed.
Ace Alpha Tech Limited Financial Information (Restated Consolidated)
Amount in (₹ in Lakh)
Period Ended
Dec 31, 2024
Mar 31, 2024
Mar 31, 2023
Mar 31, 2022
Reserve of Surplus
1,656.13
2,209.28
375.85
43.53
Total Assets
3,104.10
2,302.18
521.68
55.21
Total Borrowings
0.00
0.00
0.00
0.00
Fixed Assets
179.00
166.55
6.04
2.62
Cash
28.12
1,193.87
58.68
1.85
Net Borrowing
-28.12
-1,193.87
-58.68
-1.85
Revenue
1,271.31
1,535.38
494.02
36.16
EBITDA
1,169.51
1,427.41
444.55
18.12
PAT
846.79
1,065.40
332.31
13.45
EPS
6.04
7.94
2.56
0.1
Note 1:- RoE, ROCE & RoNW calculation in KPI is based on 31st Mar, 2024 Data, given in RHP. Note 2:- Pre EPS and Post EPS calculation in KPI is based (Profit/Loss for the Year) on 31st Mar, 2024 Data, given in RHP. Note 3:- RoNW calculation in KPI is based on 31st Mar, 2024 Data, given in RHP. Note 4:- Price to Book Value calculation in KPI is based on 31st Mar, 2024 Data, given in RHP.
Key Performance Indicator
KPI
Values
EPS Pre IPO (Rs.)
₹ 7.94
EPS Post IPO (Rs.)
₹ 6.07
P/E Pre IPO
13.48
P/E Post IPO
17.63
ROE
82.00 %
ROCE
109.31 %
P/BV
1.55
Debt/Equity
-
RoNW
47.91 %
Ace Alpha Tech Limited IPO Peer Comparison
Company Name
EPS
ROCE
ROE
P/E (x)
P/Bv
Debt/Equity
RoNW (%)
Ace Alpha Tech Limited
₹ 6.07
109.31 %
82.00 %
17.63
1.55
-
47.91 %
63 Moons Technologies Limited
₹ -7.20
-2.31 %
-1.62 %
-
1.16
0.00
-1.62 %
Ace Alpha Tech Limited Contact Details
ACE ALPHA TECH LIMITED
A/28 1st Floor, Jhilmil Industrial Area, Shahdara, East Delhi, Delhi, India, 110095 Contact Person : Ms. Priyanka Telephone : +91 8851347242 Email : compliance@acealphatech.in Website : https://acealphatech.in/
Lead Manager : NARNOLIA FINANCIAL SERVICES LIMITED Contact Person : Mr. Rajveer Singh Telephone : 033-40501500 Email : ipo@narnolia.com Website : https://www.narnolia.com/
Ace Alpha Tech IPO Review
Ace Alpha Tech (Formerly Known as DM Prime Square Research & Analytics Private Limited) offers a comprehensive suite of professional systems for trading, risk management, and investment management. The company caters to a wide range of clients, including institutions, proprietary desks, and retail traders. By providing advanced technology solutions and personalized services, Ace Alpha helps clients manage trading risks, achieve profit growth, and streamline their operations.
Mr. Gaurav Sharma, aged 36 years is Chairman, Managing Director, Chief Financial Officer, and also the Promoter of the Company. He was re-designated on the Board on March 30, 2024 as the Chairman, Managing Director & Chief Financial Officer of the Company for a period of 5 years. With a total experience of 13 years, Gaurav Sharma brings a wealth of knowledge and expertise to the table.
The Revenues from operations for the period ended on Dec 31, 2024, Fiscals ended 2024, 2023 and 2022 were ₹ 1,271.31 Lakh, ₹ 1,535.38 Lakh, ₹ 494.02 Lakh and ₹ 36.16 Lakh respectively. The EBITDA for the period ended on Dec 31, 2024, Fiscals ended 2024, 2023 and 2022 were ₹ 1,169.51 Lakh, ₹ 1,427.41 Lakh, ₹ 444.55 Lakh, and ₹ 18.12 Lakh, respectively. The Profit after Tax for the period ended on Dec 31, 2024, Fiscals ended 2024, 2023 and 2022 were ₹ 846.79 Lakh, ₹ 1,065.40 Lakh, ₹ 332.31 Lakh, and ₹ 13.45 Lakh respectively. This indicates a steady growth in financial performance.
The Company Key Performance Indicates the pre-issue EPS of ₹7.94and post-issue EPS of ₹ 6.07 for FY24.The pre-issue P/E ratio is 13.48x, while the post-issue P/E ratio is 17.63x against the Industry P/E ratio is 23x. The company's ROCE for FY24 is 109.31%, ROE for FY24 is 82.00% and RoNW is 47.91%. The Annulaised EPS is ₹ 6.43 and annualised P/E Ratio is 16.64x. These metrics suggest that the IPO is fairly priced.
The Grey Market Premium (GMP) of Ace Alpha Tech showing listing gains of 12.14 %.Given the company's financial performance and the valuation of the IPO, we recommend Risky Investors to Apply to the Ace Alpha Tech Limited IPO for Listing gain.
Disclaimer: The information provided in this IPO review is for educational and informational purposes only and should not be construed as financial advice or an offer to buy or sell securities. The review must not be used as a singular basis of any investment decision. The views herein are of a general nature and do not consider the risk appetite or the particular circumstances of an individual investor; readers are requested to take professional advice before investing. Nothing in this document should be construed as investment advice. The content is based on publicly available information and market perceptions as of the date of publication and is subject to change. Neither the author nor the website is responsible for any losses or damages arising from the use of this information. 1.“Registration granted by SEBI, membership of a SEBI recognized supervisory body (if any) and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.” 2. “Investment in securities market are subject to market risks. Read all the related documents carefully before investing.” 3. To read the Disclaimers, Disclosures, Investor Charter, Investor Complaints please visit our website abhayvarn.com
About the Author
CA Abhay Kumar (Also known as CA Abhay Varn) is a qualified Chartered Accountant by profession and cleared CA at age 21. He is a SEBI Registered Research Analyst with Registration Number - INH300008465. He Possesses 8+ years of experience in the Stock Market Field and has also worked in Big CA firms.
1,271.31 Lakh, ₹ 1,535.38 Lakh, ₹ 494.02 Lakh and ₹ 36.16 Lakh respectively. The EBITDA for the period ended on Dec 31, 2024, Fiscals ended 2024, 2023 and 2022 were ₹ 1,169.51 Lakh, ₹ 1,427.41 Lakh, ₹ 444.55 Lakh, and ₹ 18.12 Lakh, respectively. The Profit after Tax for the period ended on Dec 31, 2024, Fiscals ended 2024, 2023 and 2022 were ₹ 846.79 Lakh, ₹ 1,065.40 Lakh, ₹ 332.31 Lakh, and ₹ 13.45 Lakh respectively. This indicates a steady growth in financial performance.
The Company Key Performance Indicates the pre-issue EPS of ₹7.94and post-issue EPS of ₹ 6.07 for FY24.The pre-issue P/E ratio is 13.48x, while the post-issue P/E ratio is 17.63x against the Industry P/E ratio is 23x. The company's ROCE for FY24 is 109.31%, ROE for FY24 is 82.00% and RoNW is 47.91%. The Annulaised EPS is ₹ 6.43 and annualised P/E Ratio is 16.64x. These metrics suggest that the IPO is fairly priced.
The Grey Market Premium (GMP) of Ace Alpha Tech showing listing gains of 12.14 %.Given the company's financial performance and the valuation of the IPO, we recommend Risky Investors to Apply to the Ace Alpha Tech Limited IPO for Listing gain.
Disclaimer: The information provided in this IPO review is for educational and informational purposes only and should not be construed as financial advice or an offer to buy or sell securities. The review must not be used as a singular basis of any investment decision. The views herein are of a general nature and do not consider the risk appetite or the particular circumstances of an individual investor; readers are requested to take professional advice before investing. Nothing in this document should be construed as investment advice. The content is based on publicly available information and market perceptions as of the date of publication and is subject to change. Neither the author nor the website is responsible for any losses or damages arising from the use of this information. 1.“Registration granted by SEBI, membership of a SEBI recognized supervisory body (if any) and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.” 2. “Investment in securities market are subject to market risks. Read all the related documents carefully before investing.” 3. To read the Disclaimers, Disclosures, Investor Charter, Investor Complaints please visit our website abhayvarn.com
About the Author
CA Abhay Kumar (Also known as CA Abhay Varn) is a qualified Chartered Accountant by profession and cleared CA at age 21. He is a SEBI Registered Research Analyst with Registration Number - INH300008465. He Possesses 8+ years of experience in the Stock Market Field and has also worked in Big CA firms.
