Recode Solutions Files IPO Papers to Raise Capital through Capital Markets

Recode Solutions Files Preliminary IPO Papers with SEBI

Recode Solutions, a Chennai-based technology services and digital automation solutions provider, has filed preliminary papers with the Securities and Exchange Board of India (SEBI) to raise funds via an initial public offering (IPO). The IPO will consist of a fresh issuance of Rs 117 crore and an offer-for-sale of 12.9 lakh shares by promoter ReCode Solutions Inc.

ReCode Solutions Inc, promoted by Prasanna Srinivasan Ramaswamy and Sivathanupillai Adhikesaven Nadarajapillai, holds an 86.84% shareholding in the company, while public shareholders including Subkam Ventures and Franklin Street hold a 13.17% stake.

The company, incorporated in 2018, operates in two core verticals: technology consulting and agentic AI-based digital software for enterprise process transformation. The proposed IPO proceeds will be utilized as follows:

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• Rs 43.1 crore for the development of digital workers (softwares)
• Rs 38.4 crore for payment of sub-contracting fees for development of digital workers
• Remaining amount for general corporate purposes

Recode Solutions, which competes with listed peers such as Birlasoft, Sonata Software, Happiest Minds Technologies, Coforge, and Fractal Analytics, has reported a profit of Rs 8.2 crore for the year ended March 2025, down 11.5% from Rs 9.2 crore in the previous year. Revenue for the same period declined by 11% to Rs 70.8 crore from Rs 79.8 crore. The company's profit for the six months period ended September 2025 was Rs 2.4 crore on revenue of Rs 29 crore.

Inga Ventures has been appointed as the merchant banker to manage the ReCode Solutions IPO.