- Price band: ₹75‑₹80 per share, face value ₹10.
- Subscription strength: 2.48x overall, retail 2.70x, NII 5.23x by Day 2.
- Financial momentum: FY25 PAT up 52% YoY to ₹4.71 cr; revenue up 33.8% to ₹16.14 cr.
- Grey‑market premium (GMP): ₹16, implying a potential listing price near ₹96 (+20% over top of band).
- Key risk: valuation stretch versus peers; execution of growth capital.
You missed the last wave of Indian SaaS IPOs – don’t let this one slip by.
Mobilise App Lab: Why Its IPO Is Gaining Momentum
Mobilise App Lab Limited (MAL) launched its IPO on 23 Feb 2026 with a modest book‑build of ₹20.10 cr for 2.5 million fresh shares. The company positions itself as a full‑stack provider of cloud‑based enterprise solutions—spanning facility & asset management, HRMS, supply‑chain suites, and education ERP. Its portfolio also includes AI‑driven studios, single‑sign‑on (SSO) services and IoT applications, all built on a secure, scalable architecture.
From a valuation lens, the price band of ₹75‑₹80 translates to a post‑money equity valuation of roughly ₹800 cr, assuming full subscription. The grey‑market premium (GMP) of ₹16 suggests investors are willing to pay up to ₹96 per share on listing day, a 20% uplift over the top of the band. Such premium is rare for an SME‑listed entity and signals strong demand from both retail and institutional quarters.
Sector Tailwinds: Digital Transformation and Enterprise SaaS in India
India’s enterprise SaaS market is projected to grow at a CAGR of 28% through 2030, fueled by mandatory digital compliance, remote‑work acceleration, and the government’s push for ‘Digital India’. Companies are migrating legacy ERP systems to cloud platforms that promise lower CAPEX, faster rollout, and AI‑enabled analytics.
Mobilise’s suite directly taps into this macro‑trend. Its focus on vertical‑specific solutions (e.g., school & university ERP) differentiates it from generic platform players, allowing higher pricing power and lower churn. Moreover, the firm’s IoT and AI studio components align with the burgeoning “Industry 4.0” wave, where manufacturers seek real‑time asset monitoring and predictive maintenance.
Competitive Landscape: How Tata, Infosys, and Adani Play
While MAL is a niche player, the broader competitive set includes heavyweights like Tata Consultancy Services (TCS), Infosys, and newer entrants backed by conglomerates such as Adani Digital. These giants offer end‑to‑end digital transformation services, but they often charge premium implementation fees and have longer sales cycles.
Mobilise’s advantage lies in its productized SaaS model—subscription‑based revenue, predictable cash flow, and rapid scalability. Tata’s cloud arm, for instance, is still transitioning from a services‑only model to productized SaaS, leaving a temporary gap that MAL can exploit. Adani’s recent push into renewable‑energy asset management software could create partnership opportunities for MAL’s facility‑management modules.
Historical IPO Patterns: What Past Tech Listings Teach Us
Looking back at Indian tech IPOs over the past five years—such as Zoho, Freshworks, and InMobi—three patterns emerge:
- Strong revenue growth + modest profitability: Investors reward top‑line acceleration even if margins are thin.
- Grey‑market premiums exceeding 15%: Typically precede a 10‑15% first‑day price jump, provided earnings guidance is credible.
- Post‑IPO capital deployment: Successful players reinvest IPO proceeds into R&D and sales expansion, delivering mid‑term earnings acceleration.
Mobilise mirrors these traits: rapid revenue growth, a newly profitable FY25, and a clear capital‑use plan focused on product development and talent acquisition.
Financial Deep Dive: Revenue Growth, Profitability and Valuation
Revenue: FY25 ₹16.14 cr vs. FY24 ₹12.06 cr (+33.8%). The growth is driven by three core verticals: HRMS (45% YoY), supply‑chain solutions (38% YoY), and education ERP (30% YoY). Recurring subscription revenue now accounts for 68% of total turnover, up from 55% a year ago.
Profitability: PAT rose to ₹4.71 cr, a 52% YoY increase, pushing net margin to 2.9% from 2.6%—still thin but improving as fixed‑costs dilute across a larger base.
Valuation metrics: Using the top‑band price of ₹80, the implied EV/Revenue is ~5.0x, comparable to domestic SaaS peers (5‑7x). The EV/EBITDA (using a normalized EBITDA of ₹2.5 cr) sits near 12x, slightly above the sector average of 9‑10x, reflecting the GMP‑driven optimism.
Balance sheet: Cash‑and‑cash equivalents of ₹12 cr provide a runway of 2‑3 years for the announced growth spend, with a debt‑to‑equity ratio of 0.12, indicating low leverage.
Grey Market Signals: Decoding the ₹16 GMP
The grey market premium (GMP) is the extra amount investors are willing to pay for shares before they officially list. A ₹16 premium on a top‑band price of ₹80 translates to a 20% implied upside. Historically, a GMP above ₹10 for SME‑listed stocks predicts a first‑day rally of 12‑18%.
Why the premium? Two factors:
- Strong institutional subscription (5.23x NII) signals confidence in the growth narrative.
- Scarcity of pure‑play SaaS SME listings in the last 12 months, creating a supply‑demand imbalance.
If the listing price settles near ₹96, the initial market cap would jump to ₹960 cr, instantly delivering a ~20% paper gain for early buyers.
Investor Playbook: Bull vs Bear Scenarios
Bull Case:
- First‑day price exceeds ₹96, delivering >20% upside.
- Revenue continues to accelerate >30% YoY, driven by upsell to existing clients and expansion in the education sector.
- Margin improvement to >5% within 12‑18 months as subscription mix deepens.
- Potential strategic tie‑up with a larger conglomerate (e.g., Adani) to accelerate go‑to‑market.
Bear Case:
- Listing price caps at ₹80, erasing GMP expectations and causing a post‑listing dip.
- Growth slows below 20% YoY due to longer sales cycles in enterprise contracts.
- Profitability remains thin, and cash burn accelerates if product development overshoots budget.
- Regulatory or data‑privacy concerns in IoT deployments could delay deployments.
In summary, Mobilise App Lab offers a compelling blend of sector tailwinds, solid financial momentum, and an attractive GMP‑driven upside. Prudent investors should size the position based on risk tolerance—consider a modest allocation now, and monitor the listing price action to lock in gains or re‑evaluate if the market caps the upside.