Intellius Recode Limited

Draft Red Herring Prospectus dated March 27, 2026

Summary

Intellius Recode Limited is proposing to raise ₹117.00 crore through a fresh issue of shares, alongside an offer for sale of 12,90,000 shares by existing shareholders. The document does not yet state the price.

About 37% of the fresh issue proceeds go to funding cost for development of Digital Workers by the Company, and about 33% to payment of sub-contracting fees for development of Digital Workers for the Company. The amount for general corporate purposes is not yet stated.

The review found 4 points to read closely and 22 worth checking.

Read closely

1. Issue is large relative to the existing business
2. Old receivables
3. Material restatement adjustments
4. Customer concentration

Conclusion

Of the 4 points to read closely, 1 concerns how the IPO money will be spent, 2 concern the financial statements and 1 concerns the business, the valuation or the quality of disclosure. These could not be scored automatically and need reading: group entities in the same business; guarantees given for group entities; group companies with no revenue. These wait for the price and the final share count: shares issued shortly before the IPO at a deep discount to the issue price; low promoter holding after the issue; issue price is a large multiple of promoters' cost. The pages to read are 113, 267–268, 322, 357 and 360.