Iris Global Services Limited

Draft Red Herring Prospectus dated September 21, 2026

Summary

Iris Global Services Limited is proposing to raise ₹200.00 crore through a fresh issue of shares, alongside an offer for sale of 5,00,00,000 shares by existing shareholders. The document does not yet state the price.

About 78% of the fresh issue proceeds go to funding the working capital requirements of the company. The amount for general corporate purposes is not yet stated.

The review found 3 points to read closely and 14 worth checking.

Read closely

1. High share of proceeds for working capital
2. Profits are not converting into operating cash
3. Licences and approvals pending, expired or not renewed

How the capital was built

• The last priced issue of shares was on 16 Mar 2021: 48,80,000 shares to the promoters at ₹41 each (₹2.05 in today's shares) (2 allottees, including people linked to the promoters), 48.9% of the pre-issue capital, at 4.1 times the price of the previous issue about 5 years earlier; it came about 6 years before this prospectus.
• From the first priced issue (20 Apr 2009, ₹0.5 in today's shares) to the last, the price per share rose 4 times over 12 years.

Conclusion

Of the 3 points to read closely, 1 concerns how the IPO money will be spent, 1 concerns the financial statements and 1 concerns the business, the valuation or the quality of disclosure. These could not be scored automatically and need reading: trading with related parties; contingent liabilities; guarantees given for group entities. 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 47, 107, 215 and 262.