The NIS Management Limited IPO has officially opened for subscription, creating a buzz in the market among retail and institutional investors. The company, which is a manpower-driven service provider with operations across 14 states in India and employing around 16,000 people, has launched its Book Built Issue IPO valued at ₹60.01 crore. This includes a Fresh Issue of 46.62 lakh equity shares worth ₹51.75 crore and an Offer for Sale (OFS) of 7.44 lakh shares amounting to ₹8.26 crore.

The subscription window opened on August 25, 2025 and will remain active until August 28, 2025. As per the proposed timeline, the IPO allotment will be finalised on August 29, 2025 and the stock is likely to be listed on the BSE SME platform on September 2, 2025.

IPO Price Band, Lot Size and Market Capitalisation

The price band for NIS Management IPO has been fixed between ₹105 to ₹111 per equity share. At the upper band of ₹111, the company will attain a market capitalisation of approximately ₹291.78 crore. The lot size for the IPO is 1,200 shares, and individual investors must apply for a minimum of 2 lots (2,400 shares) which requires an investment of ₹2,66,400.

This higher ticket size clearly indicates that the IPO is targeting high-net-worth retail investors, HNIs, and institutions. Small retail investors may find it less accessible due to the high minimum investment amount.

Grey Market Premium (GMP) of NIS Management IPO

Currently, the Grey Market Premium (GMP) for NIS Management IPO stands at ₹9 per share, implying that shares could list around ₹120 against the issue price of ₹111. However, experts caution that GMP is unofficial and highly speculative, based purely on unregulated demand-supply dynamics in the grey market.

Hence, while it gives a rough market sentiment, investors should not rely entirely on GMP for making investment decisions.

Subscription Status of NIS Management IPO

As of 12:30 PM on August 26, 2025, the IPO has been subscribed 0.36 times (36%) on its second day. The response is still developing, and the final subscription data will be crucial in determining the oversubscription levels and demand across categories such as QIBs, NIIs, and Retail Investors.

Historically, many SME IPOs witness a surge in subscriptions on the last day as institutional and large retail investors enter towards closure.

Anchor Investors and Fundraising

Before opening for the public, NIS Management raised ₹119.99 crore from Anchor Investors at the upper price band of ₹111 per share. A total of 15,06,000 equity shares were allocated to anchor investors.

Anchor investments provide a strong vote of confidence and often improve sentiment among other investors. However, since these are allotted from the Qualified Institutional Buyers (QIB) quota, the final subscription figures for QIBs may reflect lower available shares for fresh applicants.

Lead Manager, Registrar and Market Maker

The IPO is being managed by:

• Book Running Lead Manager (BRLM): Share India Capital Services Private Limited

• Registrar to the Issue: Maashitla Securities Private Limited

• Market Maker: Share India Securities Limited

The involvement of reputed intermediaries provides additional assurance of compliance and smooth handling of the IPO process.

Objectives of the IPO

NIS Management has clearly stated the objectives for utilising the IPO proceeds:

1. ₹36 crore (₹3,600 lakh) will be allocated to meeting working capital requirements of the company.

2. The remaining funds will be used for general corporate purposes.

Given that the company is manpower-intensive, working capital infusion will help manage salaries, expansion costs, and operational scalability.

Company Overview and Business Strengths

NIS Management is a people-driven business operating in the service sector. The company provides manpower services across India and has built a reputation for client satisfaction and employee welfare.

With a workforce of 16,000+ employees across 14 states, it has established itself as a large-scale manpower solutions provider. The company strongly believes that employee satisfaction directly drives customer satisfaction, making it a people-centric organisation.

Some key strengths include:

• Large-scale manpower base enabling operations across multiple states.

• Growing demand for manpower outsourcing in India.

• Established relationships with clients across industries.

• Long-term sustainability driven by recurring demand for manpower services.

Risks and Challenges

Despite strong fundamentals, investors should also evaluate potential risks:

• Manpower services operate on thin margins, making profitability sensitive.

• High dependence on employee satisfaction and retention.

• Regulatory changes in labour laws can impact operations.

• Competition from both organised and unorganised manpower providers.

• SME IPOs are relatively illiquid compared to mainboard IPOs, increasing investment risk.

NIS Management IPO Day-wise GMP Trend

The recorded GMP trend shows a stable premium of ₹9 (8.10%) as of August 23, 2025, when the expected listing price was projected at ₹120 per share.

• IPO Price: ₹111

• Expected Listing Price: ₹120

• GMP: ₹9 (8.10%)

• Last Updated: 02:00 PM, August 23, 2025

Allotment and Listing Timeline

The IPO allotment will take place on August 29, 2025. Investors can check their allotment status online through the registrar’s website by entering Application Number, PAN, or DP Client ID.

The listing is tentatively scheduled for September 2, 2025, on the BSE SME platform.

Final Thoughts

The NIS Management IPO comes at a time when India’s outsourced manpower and facility management industry is witnessing steady growth. With strong anchor support, defined utilisation of funds, and a clear focus on working capital infusion, the company is positioning itself for expansion.

However, the high minimum investment of ₹2.66 lakh makes it suitable mainly for HNIs and experienced retail investors. The current GMP of ₹9 suggests a moderate premium, but investors must weigh the business risks, subscription momentum, and SME listing liquidity before investing.

In conclusion, NIS Management IPO is worth watching closely, especially as the final subscription numbers and allotment date approach.

The Upcoming IPOs in this week and coming weeks are Amanta Healthcare, Rachit Paints, Abril Paper Tech, Sneha Organics, Sugs Lloyd, .

The Current active IPO are Anlon Healthcare, NIS Management, Sattva Engineering Construction, Globtier Infotech, Current Infraprojects, Vikran Engineering, Shivashrit Foods, Anondita Medicare, Classic Electrodes (India).

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