Iris Global Services Limited

This section provides an overview of the industry context, primarily referencing external reports for market data. It discusses the impact of global macroeconomic factors, including the Middle East conflict, on various economies. It details trends in the Information and Communication Technology (ICT) sector, noting the increasing integration of Artificial Intelligence (AI) and Machine Learning (ML) across different business functions. Furthermore, it covers specific macroeconomic trends within India, such as its rapid growth trajectory, demographic advantages, and challenges related to income inequality and workforce skills.

The text discusses several technological trends, including the use of AI and ML to boost productivity and innovation, and the importance of AI governance platforms for responsible AI use. It highlights the transformative role of high-speed connectivity like 5G and fiber optics in digital infrastructure, noting its impact on various industries. Furthermore, the text covers data and cybersecurity concerns, including risks from quantum computing and the need for disinformation security measures. The Indian ICT market is experiencing strong growth, driven by government initiatives supporting electronics and IT hardware manufacturing, the expansion of the electronics manufacturing ecosystem, and the increasing adoption of emerging technologies like AI, cloud computing, and IoT.

The text discusses several trends related to digital transformation, including the demand for IT hardware to support cloud workloads, the impact of hybrid work models on enterprise IT requirements, and the need for robust infrastructure across various industries. It highlights the rapid adoption of digital technologies like 5G and AI/ML, the growing focus on blockchain for transactions, and the critical need for cybersecurity measures due to increased digital operations. Furthermore, it notes the expansion of the startup ecosystem and the resulting demand for specialized IT infrastructure.

The text describes various business models within the ICT industry, including Subscription-based services and Device as a Service (DaaS), which involve different approaches to technology access and hardware management. It also details government initiatives in India, such as the Digital India initiative, which aims to create a digitally empowered society, and infrastructure projects like BharatNet and the Semicon India Program. These initiatives focus on digital transformation, connectivity, and supporting various sectors.

The text details various government initiatives and trends across different sectors, including skill development, business process outsourcing, startup support, and the digital transformation of various industries. It highlights the evolution of the e-commerce sector, the rapid digital shift in education with AI and AR/VR, and the transformation within the BFSI sector due to digital banking. Furthermore, it discusses the growth of the data center market, the increasing focus on digital public infrastructure (DPI), and the robust growth in India's IT sector.

The text describes the structure of the ICT product distribution market ecosystem, which involves various players such as OEMs, Distributors, Value-Added Distributors (VADs), Resellers/Value Added Resellers (VARs), and System Integrators (SIs), each having distinct roles in delivering technology to customers. Distributors manage logistics, while VADs add services like installation and training, and VARs enhance products with presales value. System Integrators focus on integrating hardware and software into cohesive systems. The Indian ICT product market is experiencing significant growth, projected to expand from approximately INR 1.45 trillion in FY2022 to INR 3.75 trillion by FY2031, driven by digitalization and the growing need for technology infrastructure.

The market for Information and Communication Technology (ICT) is expected to see robust growth due to ongoing modernization of IT infrastructure across public and private sectors, creating significant opportunities for various segments. The ICT hardware ecosystem is dominated by end-user computing and display infrastructure, with PCs accounting for the largest share, followed by displays and projectors. Servers represent the next largest segment, underscoring the growing importance of data infrastructure for applications and cloud workloads. The PC market is undergoing a technology transition driven by the integration of AI capabilities, such as dedicated AI engines and Neural Processing Units (NPUs), and advancements in GPU technology. Key brands like HP lead the PC segment, while the high-end workstation segment is experiencing robust growth linked to enterprise digitalization investments.

The analysis covers various segments within the Indian market, including High-end Workstations, Laptops/Notebooks, Tablets, and Servers. The High-end Workstations market is experiencing significant growth, driven by demand in AI, machine learning, and gaming. The Laptop/Notebooks segment is growing due to demand from working professionals and students, fueled by the startup culture. The Tablet market is seeing increased sales due to digital penetration and a shift towards premium devices. The Server market is undergoing a structural shift towards AI-optimized infrastructure, requiring specialized GPU-based systems for AI model training and inference, which is being accelerated by data residency mandates.

The section details several market segments relevant to the company's operations, including infrastructure, storage, UPS, and surveillance. The server market is expected to grow significantly, driven by digital transformation and AI adoption, with AI servers being a critical foundation for future innovation. The storage market is also experiencing rapid growth due to increasing data creation and consumption from various sectors. The UPS market is being influenced by the need for reliable power across various industries, and the surveillance market is expanding due to heightened security concerns and the integration of AI in video analytics.

The Indian video surveillance market is experiencing significant growth, driven by increased investments in public safety and infrastructure development, with an expected CAGR of 19.8% between FY2026 and FY2031. Growth is fueled by deployments across various sectors like railways, airports, and various public spaces. The market is shifting towards advanced technologies such as IP-based and AI-enabled surveillance solutions, alongside increasing government certification requirements that emphasize cybersecurity and product quality. Separately, the display and projector market is also growing, with the combined market expected to see modest annual growth, and the display segment dominating the market share. The projector market is also rising steadily, supported by expanding use cases in education and corporate sectors and technological advancements.

The analysis details the competitive landscape for the India projector market, where BenQ leads with nearly a quarter of the revenue, followed by ViewSonic and Epson, and Acer strengthening its position. The networking segment involves Ethernet switches, routers, and WLAN devices, which are vital for data communication, and the market is driven by digital transformation and infrastructure rollout. Furthermore, the ICT distribution ecosystem relies heavily on distributors who serve as the crucial link between OEMs and end customers by providing localized support and managing complex supply chains across India's diverse geography.

Distributors play a crucial role in the Indian ICT ecosystem by acting as a bridge between manufacturers and the end market. Their function has evolved beyond simple product movement to encompass solution aggregation and value-added service enablement. Distributors enable OEMs to achieve wider market reach by connecting with extensive networks of resellers, system integrators, and retailers, while also providing essential logistics, financing, and technical support. This role is vital in navigating the complexities of the Indian market, which includes diverse geographic dispersion and varying technology maturity.

The section describes the nature of the ICT distribution market, highlighting its ability to provide integrated technology solutions rather than isolated product deployments. Key strengths include deep understanding of regional market dynamics, established financing mechanisms to support technology procurement, and the operational scale to handle high-volume product categories. The market is evolving towards solution-oriented enablement, incorporating newer technologies like cloud and AI, and is driven by rapid digital transformation across various industries. Challenges involve inventory management complexities, supply chain disruptions, margin pressure from competition, and volatility in enterprise IT spending and currency fluctuations.

Iris Global is positioned as a leading ICT distributor in India, providing a comprehensive portfolio of technology products through an extensive network of brands and channel partners. The company has built a strong presence in the Indian ICT distribution market by continuously expanding its product range, strengthening relationships with technology vendors, and enhancing its nationwide distribution capabilities. However, the company faces several external threats, including economic uncertainty, supply chain disruptions, intense competition in the ICT distribution market, changes in OEM channel strategies, and risks related to technology obsolescence and inventory. Business challenges also exist, such as the need for efficient financial management, talent acquisition and retention, and managing working capital effectively.

The company operates as a business-to-business (B2B) information and communication technology (ICT) distribution company, connecting Original Equipment Manufacturers (OEMs) with a network of regional distributors, stockists, system integrators, and value-added resellers across India. The company facilitates the distribution of ICT products and technology solutions, offering various value-added capabilities such as logistics, credit support, warranty, and maintenance services. The ICT distribution market serves as a crucial integration layer between global technology vendors and the broader channel ecosystem, utilizing a mature and scalable route-to-market model. The company demonstrates strong growth, with revenue CAGR significantly exceeding the peer set average, and EBITDA CAGR surpassing the peer set average. The business is diversified across enterprise infrastructure and computing/mobility categories, and the company is positioned to capitalize on the growing demand for AI and Machine Learning in the Indian market.

The market for Indian ICT products shows strong growth, projected to expand significantly over the forecast period, driven by digital transformation and infrastructure investments. The company positions itself as a well-established national distribution partner for global technology brands, boasting a strong channel network across India. The company has expanded its vendor portfolio and maintains long-standing relationships with key technology brands, which is a core strength. Furthermore, the company offers value-added services such as inventory management, credit support, logistics, and technical enablement to its channel partners.

The company operates as a B2B ICT products distribution business, acting as an intermediary between Technology Brands and a diverse ecosystem of Channel Partners throughout India. The business involves product procurement, sales planning, marketing initiatives, and brand promotion based on agreements with Technology Brands. Key operational aspects include inventory planning, logistics, and fulfilment services to ensure product availability and timely delivery. The company offers a diversified portfolio spanning various ICT product categories and solutions, supported by value-added services such as logistics, credit support, warranty, and Channel Partner enablement.

The company details its inventory management processes, which involve procurement, verification, and recording, alongside periodic monitoring to manage obsolescence risk. The sales team is responsible for commercial engagement with Channel Partners, coordinating product requirements, business development, and order fulfillment. The company employs various IT systems to support operations, including enterprise resource planning, for functions like procurement, inventory, and financial reporting. The company operates in a competitive ICT products distribution industry, facing competition from several listed and unlisted players. Furthermore, the company adheres to various Indian laws and regulations concerning data protection, including the BIS Act, the IT Act, and the DPDP Act.

The section details various Indian laws and regulations applicable to the company's operations, covering competition, legal metrology, consumer protection, taxation, intellectual property, and securities market oversight. It outlines several key acts and rules that govern trade practices, product standards, and financial conduct. Furthermore, it lists regulations related to foreign exchange, foreign trade, environmental protection, and labor laws.

The text discusses various Indian labour laws and codes that regulate working conditions, including provisions for shops and establishments, and the implementation of four major Labour Codes framed by the Government of India. These codes include the Code on Wages, the Industrial Relations Code, the Occupational Safety, Health and Working Conditions Code, and the Code on Social Security. The text details how these codes subsume older laws, define terms, and prescribe various requirements for employers, such as wage fixation, working hours, dispute resolution, and social security benefits. Furthermore, the company is governed by several other laws and regulations imposed by Central and State Governments.

The company was originally incorporated as Iris Global Services Private Limited, and later converted to a public limited company, changing its name. The company has undergone several amendments to its Memorandum of Association concerning share capital, main objects, and various clauses over the years. Key corporate milestones include the incorporation date, various product portfolio expansions, and numerous awards received from industry bodies. The company currently does not have any significant financial partners, subsidiaries, or joint ventures, and no material acquisitions or divestments have occurred in the last ten years.

This section details various guarantees issued in favor of the company by different financial institutions. The guarantees involve different amounts and security arrangements, such as hypothecation on current assets, charges on fixed deposits, or first pari passu charges on inventories, trade receivables, and fixed deposits. The guarantees were issued by various banks, including Kotak Mahindra Bank, YES Bank, IndusInd Bank, and others, with the promoter Sanjiv Krishen providing the guarantee.

This section provides various definitions and abbreviations used within the Draft Red Herring Prospectus. It defines terms related to the company, such as 'Our Company' as Iris Global Services Limited, and specifies various roles and documents. Key personnel such as the Chairman & Managing Director (Sanjiv Krishen) and the Chief Financial Officer (Prasoon Kumar) are mentioned. The definitions also cover aspects of the offer process, including different types of bidders and the process for allotment.

This section details various terms related to the securities offering process, including definitions for broker centres, cut-off prices, various bidder categories, and the documentation involved. It specifies procedures for collecting bid amounts, the roles of different intermediaries, and the process for transferring funds to public offer accounts. It also defines key documents like the Draft Red Herring Prospectus (DRHP) and the various components of the offer, such as the Fresh Issue and Offer for Sale.

This section primarily defines various terms used in the offering documents, including definitions related to bidders, various agreements, and regulatory bodies. It specifies definitions for terms like Registrar and Share Transfer Agents, Retail Individual Bidders, different types of bidders, various agreements such as the Syndicate Agreement, and various regulatory circulars and lists. It also defines terms related to payment mechanisms, time periods, and various financial and legal concepts.

This section primarily defines various terms, financial metrics, and conventions used within the Draft Red Herring Prospectus. It outlines definitions for tax deductions, accounting principles (like US GAAP), currency, and time periods. It also details various Key Performance Indicators (KPIs) for financial and operational performance, such as Revenue from Operations, EBITDA margin, and Debt-Equity Ratio. Furthermore, it specifies conventions regarding the use of different currencies, rounding of figures, and the reliance on third-party industry reports for market data.

The document discusses various risk factors associated with the investment in the Equity Shares, including risks related to the regulatory environment in India and the reliance on industry reports. It details the company's procurement relationships with Technology Brands and Channel Partners, noting dependencies on their supply and continued engagement. Furthermore, it outlines potential risks concerning legal and regulatory proceedings involving the company, its promoters, and group companies.

The section discusses various risks related to legal proceedings, distribution agreements, supply chain operations, and geographic concentration. It notes that a group company received a summons from SEBI, and there is no assurance that future regulatory actions will be favorable. Furthermore, the company's business relies on agreements with Technology Brands, which may contain restrictive covenants, and the performance of these brands can impact the company. The business also faces risks from regional factors, dependency on third-party product quality, and potential disruptions in the supply chain and infrastructure.

The company outlines several factors influencing its future growth, including expanding wallet share with Technology Brands, deepening market penetration through the Channel Partner ecosystem, expanding the portfolio across technology segments, and pursuing growth in software and AI digital transformation solutions. The company also discusses risks related to statutory dues, receivables collection, and the potential for adverse effects on its financial condition and cash flows. Furthermore, the company details risks associated with product quality issues from Technology Brands and the dependency on skilled sales personnel for business success.

The provided section details various risks and disclosures related to the company's operations, compliance, and business environment. It discusses contingent liabilities, potential regulatory actions, related party transactions, debt financing covenants, competition, reliance on third-party logistics, information technology systems, and risks associated with fraud, theft, and employee misconduct. Furthermore, it highlights risks related to the competitive landscape and the reliance on an industry report commissioned for the offering.

This section discusses various risks and operational aspects of the company, including employee attrition, intellectual property protection, credit ratings, regulatory compliance, creditor dues, and promoter interests. It notes that the company has obtained one registered trademark and has pending applications for two logos. Furthermore, it details risks related to credit ratings, potential issues with obtaining necessary licenses and approvals, outstanding dues to creditors, and the potential for changes in management and promoter interests.

The section discusses various restrictions and risks related to the utilization of net proceeds from an offer, including the requirement to obtain shareholder approval for any variation in the disclosed utilization. It also details risks associated with the trading of equity shares post-offer, such as potential price and volume fluctuations and the inability of the offer price to reflect the market price. Furthermore, the text outlines risks from market fluctuations, changes in analyst estimates, and various economic, legal, and regulatory changes in India. It also covers risks from political instability, natural disasters, and competition laws, which could impact operations and financial performance.

The provided text discusses various risks related to financial instability, global economic conditions, and differences in accounting standards. It also details restrictions on foreign investors and the enforcement of foreign judgments in India. Furthermore, it outlines potential market volatility, currency exchange rate fluctuations, and the impact of listing requirements on the company's resources and reporting capabilities. The text also covers aspects of the offer structure, including the types of issues being made and the treatment of proceeds.

The Offer has been authorized by a Board resolution dated September 16, 2026, and the Shareholders have authorized the Fresh Issue via a special resolution passed on September 17, 2026. The Board has also authorized the Offer for Sale by Promoter Selling Shareholders. Various portions of the Qualified Institutional Investor (QIB) portion may be allocated to Anchor Investors, domestic Mutual Funds, Life Insurance Companies, and Pension Funds under specific conditions. Furthermore, under-subscription in certain categories may result in spill-over allocations, and the allotment process is subject to various rules regarding minimum subscription levels and proportionate allocation to different bidder categories.

This section provides various corporate and regulatory details for the company, including its registered and corporate identity numbers, the address of the Registrar of Companies, and the filing procedures for the Draft Red Herring Prospectus. It also lists the details of the Board of Directors, the Company Secretary and Compliance Officer, and the Statutory Auditors, along with information on changes to the statutory auditors. Furthermore, it details the entities involved in the offer process, such as the Book Running Lead Manager and the various banks and financial institutions involved in the offering.

The section details various procedural aspects related to the bid collection process, including the roles of different entities and the nature of the book-building process. It specifies where lists of Syndicate branches, Registered Brokers, Registrars and Share Transfer Agents (RTAs), and Collecting Depository Participants (CDPs) can be found. Furthermore, it clarifies that no credit rating agency or debenture trustees appointment is required for this offering. The process involves a book-building method where the price band and minimum bid lot will be decided in consultation with the BRLM and advertised in newspapers, with the final offer price determined after the closing date.

The section details the authorized and issued share capital, including the structure for the current offer, which includes a fresh issue and an offer for sale. It also provides historical details regarding the allotment of equity shares, including various transactions and subsequent share capital adjustments. Furthermore, it confirms that the company does not have any outstanding preference shares as of the date of the Draft Red Herring Prospectus.

The company has not revalued its assets since incorporation and has not issued any equity shares through a bonus issue or for consideration other than cash, except for specific transactions detailed in the prospectus. Several transactions involving the transfer of equity shares by promoters and the promoter group have occurred over time, including private placements, conversions of unsecured loans into equity shares, and various transfers to different parties. The promoter group currently holds a significant portion of the equity shares, while members of the Promoter Group do not hold any equity shares in the company as of the date of the DRHP.

This section details various transactions involving the allotment or transfer of equity shares, including the number of shares, face value, and issue/transfer prices across different dates. It also outlines regulations concerning promoter shareholding, including minimum promoter contributions and lock-in periods for various shareholdings. Specific rules are provided regarding the encumbrance of locked-in equity shares and the transferability of shares held by different categories of investors.

This section details the shareholding pattern of the company as of the Draft Red Herring Prospectus date, including the breakdown of shares held by promoters and public shareholders. It also provides historical data on shareholding by major shareholders and confirms that no equity shares are pledged or encumbered. Furthermore, the text clarifies relationships with the BRLM and confirms that no financing arrangements were made by promoters during the preceding six months.

This section details various provisions related to the company's capital structure, including the ability to alter it within six months, restrictions on further equity share issuance, and reporting requirements for pre-IPO placements. It also covers provisions regarding employee stock option schemes (ESOP Scheme), including the number of options granted and the compliance framework. The text specifies that grants are made to employees, and details regarding the valuation and impact of these options on company profits are provided.

The Offer involves a Fresh Issue of equity shares and an Offer for Sale of equity shares by Promoter Selling Shareholders. The proposed utilization of the net proceeds from the fresh issue is primarily intended for funding the company's working capital requirements and general corporate purposes. The company also anticipates benefits from the listing of equity shares on stock exchanges and the enhancement of its brand name. The utilization of funds is subject to various factors and estimations, and the deployment schedule is planned across fiscal years.

This section details various holding periods for different types of assets and liabilities, projecting their levels for fiscal years 2027 and 2028. Inventory holding periods are projected to remain in line with historical levels, while trade receivable days are expected to increase due to business expansion and extended credit terms from channel partners. Trade payable days are projected to decrease, which is expected to necessitate additional working capital. The section also outlines provisions, other financial liabilities, and other current liabilities, which are expected to remain at nil or historical levels. Furthermore, it describes the flexibility in deploying net proceeds and the monitoring procedures for the utilization of gross proceeds.

The Net Proceeds have been fully utilized, and this statement will be certified by the Statutory Auditor for the Monitoring Agency. The company is obligated to provide quarterly statements to the Stock Exchanges detailing any deviations or variations in the utilization of the Gross Proceeds. Furthermore, the company is restricted from varying the objects of the Fresh Issue without shareholder authorization and must follow prescribed notice procedures. No part of the Net Proceeds will be used for compensating promoters, members of the promoter group, directors, Key Managerial Personnel, or senior management, nor will they be used for lending or financing transactions with related parties. The Net Proceeds will be kept in a separate account monitored by the Monitoring Agency until utilization as per SEBI ICDR Regulations.

The section discusses the approval of key performance indicators (KPIs) by the Audit Committee and the subsequent disclosure requirements for their ongoing reporting. It clarifies that the company must continue to disclose these KPIs periodically for a duration determined by the listing date or the utilization of net proceeds. Furthermore, the text addresses the comparison of KPIs with industry peers and confirms that no material acquisitions or dispositions of the business have occurred in the fiscal years 2026, 2025, and 2024.

The section discusses the possible special tax benefits available to the Company and its shareholders under various provisions of the Income-tax Act, 2025. These benefits are contingent upon the Company and its shareholders fulfilling specific conditions prescribed under the relevant Tax Laws. The text details various sections of the Income Tax Act, 2025 that relate to corporate tax rates, deductions, and the applicability of certain provisions, including the option to apply a concessional tax rate.

This section details various provisions related to tax deductions and benefits concerning the company's operations and shareholders under Indian tax laws. It discusses provisions related to the application of certain tax sections, deductions for inter-corporate dividends, additional employee costs, and preliminary expenses, and special tax benefits available to shareholders. The text also covers aspects of indirect tax benefits and limitations regarding tax advice.

This section summarizes the financial information for the fiscal years 2026, 2025, and 2024, covering the statements of assets and liabilities, profit and loss, and cash flows. The balance sheet shows significant changes in assets, including property, plant and equipment and inventories, alongside fluctuations in financial assets and liabilities. The profit and loss statement details revenue, expenses, and profit before tax, resulting in a profit for the period. The cash flow statement provides insights into cash generated from operations, investing, and financing activities, showing net cash movements for each period.

This section summarizes the contingent liabilities of the company as of March 31, 2026, as per Ind AS 37 derived from restated financial information. The summary includes claims against the company, bank guarantees, and capital commitments.

The section outlines the status of various legal and regulatory matters concerning the Company, its Promoters, Directors, Key Managerial Personnel, and Group Companies. It clarifies that, as of the Draft Red Herring Prospectus date, there are no outstanding criminal proceedings or disciplinary actions against the Company, Promoters, Directors, or Key Managerial Personnel. The section details several pending civil and tax matters, including investigations by the Ministry of Corporate Affairs, and various complaints filed under the Negotiable Instruments Act. It also discloses pending litigation involving Group Companies, including commercial suits and cheque dishonour complaints.

The section details several aspects related to pending investigations, outstanding dues, and regulatory approvals. It mentions a broader investigation by SEBI involving Iris Computers Limited (ICL), for which ICL furnished requested documents, though no proceedings were initiated against ICL at the time of the DRHP. Regarding creditors, the total outstanding dues to creditors as of March 31, 2026, were ₹927.03 Crore, with dues to micro, small, and medium enterprises amounting to ₹75.11 Crore. Furthermore, details of material creditors, defined as those with dues exceeding ₹46.35 Crore, are available on the company's website, and there are no other material findings from regulators.

The section details the identification of 'group companies' based on SEBI ICDR Regulations and Materiality Policy, which includes companies related to the promoter group or those exceeding 10.00% of the company's revenue. Three companies were identified as Group Companies: Iris Waves Private Limited, IIPT Technologies PTE. Limited, and Iris Computers Limited. The section also outlines various confirmations regarding liabilities, business interests, and compliance with various regulations, including authorizations for the offer, approvals from promoter selling shareholders, in-principle listing approvals, and confirmations that promoters and directors are not debarred from accessing capital markets or declared as wilful defaulters.

This section primarily focuses on the responsibilities and disclaimers related to the Draft Red Herring Prospectus, outlining who is responsible for the accuracy of the information provided. It details that the Company, Promoters, and Shareholders are responsible for the correctness of the information, with specific confirmations required for certain statements. It also covers various legal compliance aspects, including filings with the RoC and the limitations on the Company's liability regarding pending liabilities. Furthermore, the text discusses various disclaimers concerning reliance on external information, the scope of transactions involving the Book Running Lead Manager (BRLM), and restrictions on the jurisdiction for the offer.

The section details various aspects related to the company's history, past issues, and investor grievance redressal mechanisms. It lists several companies that have been voluntarily struck-off, mentions price information for past issues handled by a Book Running Lead Manager (BRLM), and outlines procedures for handling investor grievances, including timelines for resolution and liability concerning fund blocking and allotment issues.

This section details the various legal and regulatory frameworks governing the offer, including the terms of the offer, the nature of the shares, and procedures for payment and allotment. It outlines that the equity shares are subject to various laws and regulations, and specifies the process for the fresh issue and offer for sale by promoter selling shareholders. Furthermore, it establishes rules regarding the ranking of equity shares, the payment of dividends, and the requirements for the allotment process, including the use of dematerialized forms and jurisdiction.

This section details various procedural aspects related to the public offering, including bid acceptance timelines, rules regarding the revision of price bands, and stipulations concerning minimum subscription levels. It outlines conditions under which the offer may be withdrawn, the process for handling discrepancies in bid data, and the rules for allocating shares to different investor categories such as QIBs, Retail Individuals, and Public Financial Institutions.

This section details various rules and procedures related to the allocation of equity shares in the public offering, including different investor categories like Anchor Investors, Mutual Funds, Life Insurance Companies, QIBs, and Non-Institutional Investors. It outlines rules for bid amounts, reservation percentages for different investor types, and procedures for joint bids. Furthermore, the text extensively discusses the phased implementation of the Unified Payments Interface (UPI) mechanism for applications, including timeline reductions and requirements for investor grievance redressal. It also mentions various regulatory requirements concerning the use of different payment mechanisms and the handling of investor data and applications.

This section details various procedural requirements and restrictions related to different categories of bidders in the offer process, including mandates for participation through various mechanisms like ASBA and UPI. It outlines specific requirements for bid forms, the handling of funds, and the treatment of different investor types such as Resident Indians, Non-Residents, Foreign Portfolio Investors (FPIs), and various investment funds. Furthermore, it specifies rules regarding ownership limits for different investor groups and the documentation required for various types of bids.

This section details various requirements and conditions for different categories of bidders participating in the Offer, including those from various financial institutions and investors. It specifies documentation needed for bids from banking companies, Systemically Important NBFCs, insurance companies, provident/pension funds, and various entities using power of attorney. Furthermore, it outlines specific rules for Anchor Investors, including minimum bid amounts and allocation structures, and mandates for bidders regarding the submission of correct details, signatures, and fund availability, especially concerning UPI bidders and PAN requirements.

This section outlines numerous instructions and prohibitions related to the submission of bids and applications, primarily focusing on compliance with various procedural requirements for different types of bidders (FPIs, NRIs, HUFs, etc.). It details specific rules concerning the use of UPI mechanisms, the handling of bid amounts, the required documentation, and restrictions on payment methods and timing for various investor categories. It also lists grounds for technical rejection of bids, such as missing details, incorrect document usage, or bids submitted outside specified timeframes.

This section details various procedural aspects related to the allotment and offering of Equity Shares, including rules for oversubscription, the process for dealing with Anchor Investors' payments into escrow accounts, and the requirements for pre-offer and allotment advertisements. It also outlines the process for filing the Prospectus after signing an Underwriting Agreement and includes provisions regarding impersonation and undertakings by the Company concerning the collection of applications and timely completion of listing formalities.

This section primarily outlines various procedural requirements and undertakings related to the issuance and allotment of Equity Shares, including conditions for refunds, restrictions on further issuance, and procedures for withdrawing an offer. It details responsibilities of Promoter Selling Shareholders concerning the transfer of shares and cooperation in the allotment process. Furthermore, it covers stipulations regarding the utilization of funds received from the Fresh Issue and various restrictions concerning foreign ownership and investment in Indian securities.

This section primarily outlines definitions related to the company's structure, including terms like 'Dividend', 'Equity Shares', 'Extraordinary General Meeting', and various types of 'Governmental Authority'. It also details various definitions for 'Law', 'Managing Director', 'Member', 'Office', and 'Seal'. Furthermore, the text covers provisions regarding the interpretation of various legal documents and statutes, including provisions related to the Companies Act and various regulations. The latter part of the section discusses the structure and issuance of share capital, including the types of shares that can be issued, the treatment of new capital, and the procedures for allotting shares, including provisions for issuing shares for consideration other than cash.

This section details various provisions related to the issuance, conversion, and lien rights concerning the Company's securities, including debentures, and the procedures for allotment and calls on shares. It outlines conditions under which debentures or loans can be converted into shares, the government's power to direct such conversions, and the company's rights regarding liens on securities. Furthermore, the text covers rules for the commission paid for subscribing to securities, the company's lien on shares, and the procedures for handling payments, interest, and calls on shares.

This section primarily outlines the procedures related to the transfer, transmission, and forfeiture of shares in the Company. It details the requirements for instruments of transfer, the Board's powers regarding the registration of transfers, and the procedures for dealing with transfers involving deceased or insolvent members. Furthermore, it covers the process for forfeiting shares due to non-payment of calls or dues, including the notice requirements, the Board's power to enforce payment, and the subsequent disposition of the forfeited shares.

This section primarily outlines various provisions related to the forfeiture of shares, alterations to the company's capital, and the procedures for conducting general meetings. It details the Board's power to cancel forfeiture, the application of forfeiture provisions to other securities, and the company's ability to increase or reduce its share capital. Furthermore, it covers the rules for issuing share warrants, the dematerialization and rematerialization of securities under the Depositories Act, and various procedural aspects concerning general meetings, including notice periods, quorum requirements, and the role of the Chairman.

This section primarily details various procedural aspects related to General Meetings, including the adjournment of meetings, voting mechanisms, and the rights of members. It outlines rules for handling demands for polls, the voting rights of members based on shareholding, procedures for voting by joint holders and members of unsound mind, and requirements for voting based on payment of calls. Furthermore, it covers the appointment, removal, and rotation of Directors, as well as the rules governing Board meetings, including notice requirements and participation via electronic means.

This section primarily details various procedural and governance aspects of the Board of Directors, including quorum requirements, meeting adjournments, election of a chairman, powers of directors, delegation of powers to committees, and the validity of acts done by the Board or committees. It also covers provisions related to the maintenance of registers, borrowing powers, nominee directors, and the appointment of key managerial personnel. Furthermore, the text outlines rules regarding the declaration and payment of dividends, including provisions for handling unpaid or unclaimed dividends.

This section primarily details various provisions related to the Board's powers, dividend handling, share transfers, and accounting procedures. It outlines rules concerning the deduction of arrears from dividends, the retention of dividends, the receipt of joint holders' payments, and the mode of payment for dividends. Furthermore, it covers rules on the transfer of shares, the prohibition of interest on dividends, and the inspection rights of members and directors regarding company accounts. The latter part of the section focuses heavily on the documentation and contracts that have been entered into, including various agreements, resolutions, and reports, which are being filed with the Registrar of Companies.

This section primarily contains declarations and confirmations regarding the compliance of the Draft Red Herring Prospectus with various laws and regulations, including the Companies Act and SEBI guidelines. It also lists several certificates and approvals issued by various bodies, such as Chartered Accountants and SEBI, and includes declarations signed by different Directors.

The provided section primarily consists of various declarations and certifications by different directors and officers regarding the compliance of relevant laws and regulations, such as the Companies Act and SEBI guidelines, in the Draft Red Herring Prospectus. These declarations confirm the truthfulness and accuracy of the statements made in the document. There are no explicit mentions of ongoing litigation or regulatory proceedings in this excerpt.

This section details various related party transactions categorized by the fiscal years 2026, 2025, and 2024, covering remuneration, loans, and rent. Key relationships include remuneration paid to the Chairman and Managing Director, Whole Time Directors, and various officers, as well as transactions involving relatives of directors and significant influence through controlling interests in certain companies. There are also disclosures regarding unsecured loans taken and repaid by the company, and various trade receivables and payables related to subsidiaries.

The section details related party transactions with two entities, Iris Computers Limited and Iris Waves Private Limited. The first transaction involves an advance to suppliers, which was reported across three fiscal years (2026, 2025, and 2024) with amounts in ₹ million and corresponding percentages of revenue from operations. The second transaction is also an advance to suppliers, with data provided for two fiscal years.

The company's Board comprises six Directors, consisting of three Executive Directors and three Independent Directors, including one female Independent Director. The composition of the Board and its committees complies with the corporate governance requirements under the Companies Act, 2013 and SEBI Listing Regulations. The key personnel include the Chairman and Managing Director, Sanjiv Krishen, who oversees the overall strategic direction. Other directors have specific roles related to sales strategy, market identification, and various professional expertise. The document also details various aspects concerning director relationships, conflicts of interest, and terms of appointment for the Executive Directors.

The management section details various financial and governance aspects of the company, including director remuneration, borrowing powers, and various committees constituted by the Board. It specifies the remuneration paid to Executive Directors and the sitting fees for Independent Directors. Furthermore, it outlines the composition and scope of the Audit Committee, which is tasked with overseeing financial reporting, auditor appointments, related party transactions, and compliance with various regulations.

The document outlines the powers and responsibilities of several key committees within the company, including the Audit Committee, Nomination and Remuneration Committee, Stakeholders’ Relationship Committee, Corporate Social Responsibility Committee, and the Risk Management Committee. These committees have specific mandates related to investigating activities, formulating policies for director qualifications and remuneration, handling shareholder grievances, managing CSR activities, and developing risk management frameworks.

This section details the organizational structure of the management, including Key Managerial Personnel (KMP) and Senior Management. It lists several key individuals, including the Chief Financial Officer, Company Secretary, Chief Executive Officer, and various senior management roles, along with their responsibilities and professional backgrounds. The text also covers aspects related to their appointments, service contracts, compensation, and shareholding, confirming that most are permanent employees and have not entered into service contracts with the company.

The company's promoters are Sanjiv Krishen and Kamini Talwar, who collectively hold approximately 98.24% of the issued share capital. Sanjiv Krishen is identified as the Chairman and Managing Director of the company, while Kamini Talwar is the Whole-Time Director. The document details various aspects concerning the promoters' interests, including transactions with related entities, and confirms that there have been no recent changes in control of the company. Furthermore, the document outlines various restrictions regarding payments to the promoters and confirms that the company has not declared or paid dividends in recent financial years.

The section details the examination performed by Sudhir Agarwal & Associates Chartered Accountants on the Restated Financial Information of Iris Global Services Limited for inclusion in the Draft Red Herring Prospectus (DRHP). The examination covered various financial statements and relied on audit reports issued by the firm. The management is responsible for preparing the information, while the auditor's responsibilities were defined in relation to compliance with various regulations and ethical codes. The financial information was compiled from audited financial statements and special purpose audited financial statements.

This section details the key promoters of the company, including their individual or corporate identities, their respective shareholding percentages, and any associated business ventures or regulatory issues. It outlines the background and involvement of the key individuals and entities that form the promoter group.

This section details the key promoters of the company, outlining their individual and corporate identities, their respective shareholding stakes, and any relevant regulatory or legal issues against them. It provides information on the entities and ventures in which these promoters are involved, as well as any disclosed adverse actions such as litigation or defaults.

This section details the key promoters of the company, outlining their individual or corporate identities, their respective shareholding in the company, and any related business associations or any adverse regulatory actions or defaults against them. The information provided covers the primary individuals and entities involved in promoting the company.

This section details the key promoters of the company, including their individual or corporate identities, their respective shareholding stakes, and any related business associations. It also discloses any adverse regulatory actions, litigation, or defaults against these promoters.

This section details the key promoters of the company, including their individual or corporate identities, their respective shareholding in the company, and any associated business ventures or regulatory issues. It outlines the ownership structure and any past adverse actions or defaults against the promoters.

This section details the key promoters of the company, including their individual or corporate identities, their respective shareholding stakes in the company, and any related business associations. It also discloses any adverse regulatory actions, litigation, or defaults against these promoters.

This section details the key promoters of the company, outlining their individual or corporate identities, their respective shareholding stakes in the company, and any related business ventures or associations. It also discloses any adverse regulatory actions, legal proceedings, or defaults against these promoters.

This section details the details of the company's promoters, including their identities, shareholding, and any relevant regulatory or legal issues. It outlines the key individuals and entities involved in promoting the company, along with their respective stakes in the company and any disclosed adverse actions against them.

This section details the key promoters of the company, including their individual or corporate identities, their respective shareholding stakes, and any relevant associations or adverse regulatory actions. The text provides specific details on the ownership structure and any past legal or regulatory issues concerning the promoters.

This section details the key promoters of the company, including their individual or corporate identities, their respective shareholding percentages, and any associated business ventures or regulatory issues. It outlines the ownership structure and any past adverse actions or defaults against the promoters.

This section primarily discusses the availability of audited standalone financial statements and the limitations on relying on such information for investment decisions. It clarifies that the financial statements are provided for compliance purposes and that they should not be considered part of the prospectus for purchasing securities. Furthermore, it details various non-GAAP financial measures and advises caution when using them in isolation, noting that they are supplemental to, and not a replacement for, standard accounting measures. The text also references related party transactions for further details.

The text describes the company's product verticals, which include Enterprise ICT infrastructure (EIS) covering servers, storage, networking, and power solutions, and Personal Computing (CMS) covering laptops, monitors, printers, and peripherals. The company highlights its diversified portfolio across these verticals, which allows it to serve various enterprise technology requirements. Key operational aspects include the growth in technology brands distributed and the extensive network of channel partners. The text also details various financial reconciliation measures, such as Net Asset Value per Equity Share, Return on Net Worth, and various profit margins, which are presented in accordance with Indian Accounting Standards (Ind AS).

This section primarily details the accounting policies and financial statement preparation procedures of the company, covering aspects such as the consistency of accounting policies, the functional currency, and the use of estimates and judgments in financial reporting. It outlines the classification of assets and liabilities as current or non-current based on the operating cycle, and the assumption of going concern for the company. Furthermore, the text extensively covers the material accounting policies related to Property, Plant and Equipment (PPE), including recognition, measurement, depreciation, and impairment, as well as the accounting for leases, including the recognition of Right-of-Use assets and lease liabilities. Finally, it describes the treatment of financial instruments, distinguishing between financial assets and liabilities and detailing their initial recognition, subsequent measurement, and derecognition criteria.

This section details various accounting policies related to financial reporting, including fair value measurement, employee benefits, revenue recognition, and tax accounting. It outlines how financial instruments are measured, the treatment of short-term and long-term employee benefits like bonuses and gratuity, and the recognition of revenue from contracts and services. Furthermore, it specifies how various income and expense components are classified, including details on inventory valuation, provisions, and the calculation of earnings per share.

This section details the company's financial performance across fiscal years, comparing Fiscal 2026 to Fiscal 2025 and Fiscal 2024. It presents various revenue, expense, and profit figures, highlighting growth in operations and income streams. The text also discusses changes in working capital components and cash flow data, including net cash flows from operating, investing, and financing activities.

This section details various financial metrics and risk factors related to the company's operations and financial standing. It provides cash flow figures for different fiscal years, information on borrowings, contingent liabilities, and various market risks such as credit risk, liquidity risk, foreign currency risk, commodity price risk, interest rate risk, and market risk. The text also discusses accounting pronouncements, changes in accounting policies, and the concentration of customers and suppliers.

The provided text details various financial particulars, including purchases from different technology brands in fiscal years 2025 and 2024, and information regarding the company's capitalization and borrowings. It also outlines various clauses in loan agreements concerning events of default, including payment defaults, misleading information, and litigation. Furthermore, it mentions that certain borrowing arrangements require security, which may include personal guarantees from the Promoters.