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05 Apr 2026
Chennai-based technology services and digital automation solutions provider Recode Solutions approached capital markets on March 27 by filing preliminary papers with Securities and Exchange Board of India (SEBI) to raise funds via IPO.
The IPO will be a combination of fresh issuance of shares worth Rs 117 crore, and an offer-for-sale of 12.9 lakh shares by promoter ReCode Solutions Inc.
Prasanna Srinivasan Ramaswamy, and Sivathanupillai Adhikesaven Nadarajapillai-promoted ReCode Solutions Inc owns 86.84 percent shareholding in the company, while the public shareholders including Subkam Ventures, and Franklin Street hold 13.17 percent shares.
Incorporated in 2018, Recode Solutions operates in two core verticals - technology consulting, and agentic AI based digital softwares for enterprise process transformation.
It has proposed to spend Rs 43.1 crore of fresh issue proceeds for development of digital workers (softwares), Rs 38.4 crore for payment of sub-contracting fees for development of digital workers, and the remaining amount for general corporate purposes.
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Recode Solutions - competes with several listed peers like Birlasoft, Sonata Software, Happiest Minds Technologies, Coforge, and Fractal Analytics - has recorded profit of Rs 8.2 crore for the year ended March 2025, falling 11.5 percent from Rs 9.2 crore in previous year. Revenue in the same period also dropped over 11 percent to Rs 70.8 crore from Rs 79.8 crore.
Further, profit for six months period ended September 2025 i.e. first half of current fiscal 2026 was Rs 2.4 crore on revenue of Rs 29 crore.
The merchant banker managing the ReCode Solutions IPO will be Inga Ventures.
