The NSB BPO Solutions IPO is an SME IPO scheduled to list on the BSE SME platform in 2025. Incorporated in 2005 and headquartered in Bhopal, Madhya Pradesh with a corporate office in Noida, Uttar Pradesh, the company provides BPO services, call center operations, payroll management, back-office outsourcing, and FMCG trading.
This blog covers all the essential details on the IPO structure, financial performance, company background, allotment, industry outlook, and FAQs.
NSB BPO Solutions IPO – Event Schedule
| Event | Date |
|---|---|
| IPO Open Date | 23 September 2025 |
| IPO Close Date | 7 October 2025 |
| Allotment Finalization | 8 October 2025 |
| Refunds / Unblocking of Funds | 9 October 2025 |
| Credit of Shares to Demat | 9 October 2025 |
| Listing Date | 10 October 2025 |
| UPI Mandate Cut-off | 5 PM on 7 October 2025 |
NSB BPO Solutions IPO – Structure and Key Details
- Company: NSB BPO Solutions Limited
- Industry: BPO & FMCG Distribution
- Issue Type: 100% Book Built Issue
- Fresh Issue: Up to 53,00,000 equity shares of ₹10 each
- Face Value: ₹10 per share
- Price Band: To be announced
- Promoter: Narendra Singh Bapna
- Lead Manager (BRLM): Inventure Merchant Banker Services Pvt. Ltd.
- Registrar: Bigshare Services Pvt. Ltd.
- Listing At: BSE SME
Company Overview
NSB BPO Solutions Limited was originally incorporated in 2005 and converted into a public company in 2024.
The company operates across BPO services and FMCG distribution, with service offerings such as:
- Voice Business (Call Centres)
- Back-office outsourcing
- Payroll management
- FMCG trading and distribution
In FY24, the company also reclassified its investment in Ondoor Concepts Ltd. (an earlier subsidiary) as an associate company, which impacted consolidated revenues.
NSB BPO Solutions IPO – Financial Performance
(₹ in Crores, Restated Consolidated Financials)
| Particulars | FY22 | FY23 | FY24 | H1 FY25 |
|---|---|---|---|---|
| Revenue from Operations | ₹310.73 Cr | ₹284.14 Cr | ₹128.03 Cr | ₹69.03 Cr |
| EBITDA | ₹14.78 Cr | ₹11.54 Cr | ₹12.47 Cr | ₹6.84 Cr |
| Net Profit (PAT) | ₹5.41 Cr | ₹3.68 Cr | ₹5.32 Cr | ₹3.21 Cr |
Highlights:
- Revenue dipped in FY24 due to restructuring but remained positive.
- PAT increased to ₹5.32 Cr in FY24, showing resilient profitability.
- Steady EBITDA margins highlight operational stability.
Objects of the Issue
The net proceeds from the IPO will be used for:
- Repayment/Prepayment of borrowings – ₹26.09 Cr
- Funding capital expenditure for new project – ₹13.37 Cr
- Additional working capital for existing business – ₹11.36 Cr
- Long-term working capital for new project – ₹20.53 Cr
- General corporate purposes – balance funds
Industry Outlook
The Indian IT & BPO industry continues to be one of the largest employment and export sectors.
- Industry revenue was ₹18.91 lakh crores in FY22, growing at 15.5% YoY.
- IT spending expected to rise from ₹6.82 lakh crores in 2021 to ₹8.48 lakh crores in 2022.
- Rapid digital adoption and expanding FMCG consumption add to opportunities.
With operations in both BPO services and FMCG distribution, NSB BPO Solutions is uniquely placed to capture growth across multiple verticals.
Key Risks
- Revenue fluctuations: FY24 saw a drop in top-line due to restructuring.
- Client concentration & geography risk.
- Competition: From larger BPO players and FMCG distributors.
- SME Listing Risk: Limited liquidity compared to mainboard IPOs.
- Business Diversification: Managing both BPO and FMCG trading may dilute focus.
NSB BPO Solutions IPO Allotment and Application
- Registrar: Bigshare Services Pvt. Ltd.
- Investors can check allotment status on Bigshare’s IPO portal using PAN, DP/Client ID, or Application Number.
- Retail investors must apply via UPI/ASBA before the cut-off.
Investor Takeaways
Strengths:
- Diversified operations across BPO and FMCG.
- Profitable track record despite revenue dip.
- IPO proceeds earmarked for debt repayment and expansion.
Risks:
- Revenue volatility and reliance on external contracts.
- SME IPO risks and lower liquidity.
- Competition in both core segments.
Conclusion
The NSB BPO Solutions IPO offers investors exposure to both the growing BPO sector and the FMCG trading market. With IPO funds directed toward debt reduction, working capital, and expansion, the company is strengthening its financials for the future.
However, investors should weigh risks like fluctuating revenues, SME listing volatility, and diversified focus before investing.
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