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13 Apr, 2026
Commtel Networks IPO
The Commtel Networks IPO is a book‑built issue that includes a fresh issue worth up to ₹150 crore and an offer for sale (OFS) worth up to ₹750 crore, with a face value of ₹2 per equity share. The company filed its DRHP with SEBI on Sep 29, 2025.
The price band and official dates of subscription and listing will be announced by the company later, but the shares are supposed to be listed on the BSE and the NSE platforms. The book-running lead managers of this issue are Equirus Capital Private Ltd. and DAM Capital Advisors Ltd., while the registrar to the issue is MUFG Intime India Private Ltd.
Company Background
Commtel Networks Ltd. was incorporated on July 31, 1998, as "Commtel Dedicated Network Solutions (India) Private Limited." To expand the horizons of the business, the company has undergone several name changes, becoming 'Commtel Networks Private Limited' in 2002 and finally 'Commtel Networks Limited,' a public limited company, in July 2025.
The company is located in Mumbai, with its registered office in Chembur and the corporate office in Juinagar, Navi Mumbai. Over time, the company has progressed from being a local solution provider to becoming a company with operations both in India and abroad, with subsidiaries located in the UAE.
Operations & Product Range
Commtel Networks Ltd. is a system integrator and provides mission-critical infrastructure solutions. It provides its clients with ITSS solutions that include designing, integrating, and servicing digital communication solutions, security solutions, and surveillance solutions. The company also delivers artificial intelligence (AI) solutions. Prominent clients include the Indian Oil Corporation, HPCL, and Indradhanush Gas Grid Ltd.
Facilities & Capacity
The capability of Commtel Networks Ltd. in manufacturing and integration comes from its presence in India and the UAE, achieved through its offices. The main office, located in Navi Mumbai, manages its intricate turnkey projects. Its subsidiary, Commtel Networks (FZC), operates from the SAIF zone in Sharjah, UAE.
Brands & Market Presence
The "Commtel" brand is known as a leading pure-play ITSS provider in India. The company’s revenue grew at a CAGR of 30.3% over FY23-25. Despite being an Indian company, it has high export exposure through its UAE entities. Its strategic presence in free zones in India and abroad helps it operate efficiently for mission-critical applications.
Revenue Streams & Business Model
Major revenue streams for Commtel Networks Ltd. come from the sale of integrated technology systems and support services. Its business model delivers end-to-end turnkey solutions in design, manufacturing, and licensing.
A large share of revenue comes from industries undergoing digital transformation initiatives, such as IT/OT infrastructure modernization and cybersecurity for critical infrastructure protection. Revenue is also generated through lifecycle management and support services.
Management & Shareholding
Commtel Networks Ltd. is headed by promoters (MD) Shriprakash R. Pandey and Dinesh Pandey. Before the IPO, the promoters held a significant percentage, and after the issue, they will retain substantial equity with some dilution.
Board & Key Management
The key management team includes MD & Chairman Shriprakash R. Pandey, with CS Prajakta K. ensuring operational efficiency. Independent directors Darshan Bharatbhai Patel, Abhinav Mahesh Kapadia, and Mrugank Paranjape ensure governance and oversight.
WHAT IS GMP?
GMP (Grey Market Premium) is the difference between the IPO price and the grey market price. It is the premium amount paid for the traded IPO shares. It plays an important role in IPOs as it reflects how the IPO would react on the listing day.
A grey market is a place where shares/stocks are traded before being listed officially on the stock exchange.
Commtel Networks IPO GMP
| GMP Date | IPO Price | GMP | Last Updated |
|---|---|---|---|
| - | - | - | - |
**The GMP prices displayed here are solely for informational purposes related to the grey market news. India IPO does not engage in or facilitate grey market trading, nor are these rates (sub2) indicative of any trading activity. We also do not recommend or endorse participation in the grey market.**
Commtel Networks IPO Details
| Detail | Description |
|---|---|
| IPO Date | - |
| Listing Date | - |
| Face Value | ₹2 per Equity Share |
| Issue Price Band | - |
| Lot Size | - |
| Sale Type | Fresh Issue and Offer for Sale (OFS) |
| Total Issue Size | ₹900.00 Cr (Up to ₹9,000.00 million) |
| Fresh Issue(Ex Market Maker) | ₹150.00 Cr (Up to ₹1,500.00 million) |
| Offer for Sale | ₹750.00 Cr (Up to ₹7,500.00 million) |
| Issue Type | 100% Book Built Offer |
| Listing At | BSE and NSE |
| Share Holding Pre Issue | 100.00% (Promoter and Promoter Group |
Commtel Networks IPO Timeline
| Detail | Description |
|---|---|
| IPO Open Date | - |
| IPO Close Date | - |
| Tentative Allotment | - |
| Initiation of Refunds | - |
| Credit of Shares to Demat | - |
| Tentative Listing Date | - |
| Cut-off time for UPI mandate confirmation | 5:00 PM on the Bid/Offer Closing Date |
Commtel Networks IPO Lot Size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Individual investors (Retail) (Min) | 1 | - | ~₹14,000 - ₹15,000 |
| Individual investors (Retail) (Max) | 13-14 | - | Up to ₹2,00,000 |
| S-HNI (Min) | 14-15 | - | Over ₹2,00,000 |
| S-HNI (Max) | 66-70 | - | Up to ₹10,00,000 |
| B-HNI (Min) | 71+ | - | Over ₹10,00,000 |
Commtel Networks IPO Promoter Holding
| Share Holding Pre Issue | Share Holding Post Issue |
|---|---|
| Promoter Holding Pre Issue | 76.82% |
| Promoter Holding Post Issue | [.] |
Competitive Strength:
- • Providing a deep specialization in high-availability system design.
- • Maintained a proven track record of serving some of India’s largest public sector undertakings in the energy and gas sector.
- • Built a strong brand image with good market acceptance through its high revenue growth and increasing new customer acquisitions.
Commtel Networks IPO Financial Information
| Period Ended | Assets | Total Income | Profit After Tax | Net Worth | Reserves and Surplus | Total Borrowing | ||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 31 Mar 2025 | 762.24 | 657.54 | 113.56 | 412.78 | 443.72 | 127.86 | ||||||||||||||||||||||||||||||||||
| 31 Mar 2024 | 660.02 | 467.01 | 47.50 | 304.52 | 330.49 | 128.40 | ||||||||||||||||||||||||||||||||||
| 31 Mar 2023 | 487.78 | 418.68 | 60.11 | 258.11 | 280.74 | 65.45 | ||||||||||||||||||||||||||||||||||
| Amount in ₹ Crore | ||||||||||||||||||||||||||||||||||||||||
Key Performance Indicator
| KPI | Values |
|---|---|
| ROE | 24.90% |
| ROCE | 27.51% |
| Debt/Equity | 0.03x |
| RoNW | 21.41% |
| PAT Margin | 17.27% |
| EBITDA Margin | 21.05% |
| Price to Book Value | - |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (Rs) | ₹21.80 | [.] |
| P/E (x) | [.] | [.] |
IPO Objectives
The company intends to utilize the net proceeds from the fresh issue of the Commtel Networks IPO for:
- • Repayment of debt (in part or in full)
- • General corporate expenses
Conclusion
The Commtel Networks IPO provides an opportunity to invest in a specialist in the critical infrastructure technology space. With experience serving large PSUs and a business model in ITSS, the company aims to leverage industry digitalization trends in sectors such as energy and defense. The IPO will strengthen the balance sheet, reduce debt, and enable scaling of turnkey solutions domestically and internationally.
IPO DRHP Status
| # | Description | Date | File |
|---|---|---|---|
| 1 | Filed with SEBI/Exchange | 29-09-2025 | View DRHP |
| 2 | SEBI/Exchange approval received | - | - |
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Read More IPO ReviewsFrequently Asked Questions (FAQs)
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What is the total issue size of the Commtel Networks IPO?
The issue size is up to ₹900 crore, comprising a fresh issue of ₹150 crore and an offer for sale of ₹750 crore.
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Who are the promoters of Commtel Networks Ltd.?
The promoters of Commtel Networks Ltd. are Shriprakash R. Pandey and Dinesh Pandey.
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What does Commtel Networks Ltd. do?
It is an Integrated Technology and Surveillance Solution provider with expertise in delivering turnkey digital communications and security solutions for critical infrastructure segments like Oil and Gas and Defense.
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What is the intended use of the funds from the Commtel Networks IPO?
The company aims to use the funds for repaying its debt in part or in full and for its general corporate purposes.
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Where will the shares of Commtel Networks Ltd. be listed?
The company proposes to list its equity shares on BSE and NSE.
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When was Commtel Networks Ltd. incorporated?
The company was originally incorporated on July 31, 1998, in Mumbai.
