Aditya Infotech IPO opens today: Should you subscribe to CP Plus issue?
Aditya Infotech sold its shares in the price band of Rs 640-675 apiece, which could be applied for a minimum of 22 shares and its multiples to raise Rs 1,300 crore between July 29-31.
- Jul 29, 2025,
- Updated Jul 29, 2025 9:53 AM IST
The initial public offering (IPO) of Aditya Infotech kicks-off for bidding on Tuesday, July 29. The company is offering its shares in the range of Rs 640-675 apiece. Investors can apply for a minimum of 22 equity shares and its multiples thereafter. The IPO closes for bidding on Thursday, July 31.
Aditya Infotech is looking to raise a total of Rs 1,300 crore via its IPO, which includes a fresh share sale of Rs 500 and an offer-for-sale (OFS) of up to 1,18,51,851 equity shares worth Rs 800 crore. The net proceeds from the issue shall be utilized towards prepayment or repayment of debt and general corporate purposes.
Aditya Infotech (AIL) manufactures and provides video security and surveillance products, solutions and services under 'CP Plus' brand name. It offers a diverse range of products including smart home IoT cameras, HD analog systems, advanced network cameras, body-worn and thermal cameras, as well as long-range IR cameras.
Aditya Infotech raised Rs 582.3 crore from 54 anchor investors as it allocated 86.26 lakh shares at Rs 675 apiece. Its anchor book included names like Government of Singapore, Monetary Authority of Singapore, Goldman Sachs, Nomura Trust, Abu Dhabi Investment Authority, Allianz Global Investors, Eastspring Investments, Manulife Global Fund and more.
For the year ended on March 31, 2025, Aditya Infotech reported a net profit of Rs 351.37 crore with a revenue of Rs 3,122.93 crore. The company clocked a net profit of Rs 115.17 crore with a revenue of Rs 2,795.96 crore for the financial year ended on March 31, 2025. The company shall command a net profit of close to Rs 7,911.89 crore.
The company has reserved 75 per cent of the net offer for the qualified institutional bidders, while non-institutional investors will have 15 per cent of the offer allocated for them. Retail investors will have 10 per cent of the reservation in the IPO. Eligible employees of the company, who have a reservation of Rs 6 crore, will get a discount of Rs 60 per share.
ICICI Securities and IIFL Capital Services are the book-running lead managers of the Aditya Infotech IPO, while MUFG Intime India (Link Intime) is the registrar for the issue. Shares of the company shall be listed on both BSE and NSE on Tuesday, August 5. Here's what a host of brokerage firms said about the IPO of Aditya Infotech:
Canara Bank Securities Rating: Subscribe with caution Aditya Infotech presents a strong investment case as a market leader with a diversified product portfolio, advanced manufacturing capabilities, and deep distribution reach. Its control over the supply chain, strategic brand positioning through CP PLUS, and presence in both enterprise and consumer segments strengthen its long-term outlook, said Canara Bank Securities.
"The IPO is valued at a P/E of 20.44 times based on FY25 post exceptional earnings. We recommend a SUBSCRIBE rating for well-informed investors with a medium to long-term horizon, given the company’s strong fundamentals, scalable business model, and leadership in a high-growth industry," it added.
Anand Rathi Shares & Stock Brokers Rating: Subscribe for long-term Aditya Infotech is India’s leading provider of video security and surveillance products, solutions, and services by revenue, with a market share of 20.8 per cent in Fiscal 2025. Their ‘CP PLUS’ and ‘Dahua’ brands rank among India’s top CCTV and security product names, offering a wide range of solutions from smart IoT cameras to thermal and explosion-proof systems, said Anand Rathi.
It is focusing on leveraging India’s evolving cybersecurity regulations to reinforce its market leadership while expanding its product portfolio and upgrading existing offerings with next-generation, advanced technologies. It holds a dominant position in the segment with minimal competition and has consistently reported growth in revenue and profitability, it said with a 'subscribe for long-term' rating.
SBI Securities Rating: Avoid Aditya Infotech is a leader in the video security and surveillance products, services and solutions market in India. The recent quality norms introduced by the Central Government from April 2025 should benefit domestic manufacturers such as AIL. It is also looking at backward integration into components such as plastic and metal housings which should boost margins, said SBI Securities.
The proposed debt repayment of Rs 375 crore from the IPO proceeds will lead to significant reduction in interest cost in FY26. The FY25 financials and ratios however are not comparable with previous years due to consolidation of AIL Dixon JV. It trades at FY25 P/E of 77 times, which we believe is exorbitant, in the backdrop of mid-teen return ratios and weak operating cash flows," it added with an avoid rating.
Ventura Securities Rating: Subscribe Aditya Infotech, under the CP Plus brand, is strategically positioned to capitalize on the expanding Indian video surveillance market This growth is driven by government initiatives such as Smart Cities, Digital India, and PM Gati Shakti, alongside increased private sector adoption for advanced use cases like number plate recognition and people counting, said Ventura Securities.
"The residential segment alone is expected to grow at a CAGR of 15.1 per cent in revenue from FY24 to FY29. With a diversified product portfolio and a strong pan India distribution network, AIL is well-placed to leverage these industry tailwinds," it said with a 'subscribe' rating.
SMIFS Rating: Subscribe "We recommend subscribing to the issue, given Aditya Infotech’s dominant market position, scalable business model, and long term growth potential. Its strategic partnerships, diversified clientele, and focus on technology-led innovation further reinforce its leadership and future readiness in India’s maturing and increasingly regulated surveillance ecosystem," said SMIFS.
Swastika Investment Rating: Subscribe Aditya Infotech's core business involves providing electronic security and surveillance products, with a strong presence across India. The Ebitda margin expanded to 8.27 per cent in FY25, reflecting operational efficiency and growing demand, said Swastika Investmart.
"Based on recent financials and dependence on key suppliers like Dahua, the issue appears reasonably priced but carries concentration risks. Given the company's pan-India network, diversified product portfolio, and growth potential in the surveillance market, investors may consider applying for long-term and listing gains," it added.
Aditya Birla Money Rating: Subscribe Aditya Infotech intends to reduce borrowings with the proceeds. At the upper price-band, the issue is valued at 43x P/E. With the STQC norms implementation, the industry stands at an inflection point & AIL with its manufacturing muscle & strong brand image is best placed to benefit from the tailwinds created, said Aditya Birla Money, with a 'subscribe' rating for the issue.
Lakshmishree Investment & Securities Rating: Subscribe for long-term Aditya Infotech stands out with its dominant market share, deep channel network, and AI-powered, ‘Make in India’-aligned product line— making it a strong contender in India’s growing security and surveillance sector. Its robust revenue growth and strategic manufacturing base in Kadapa reinforce long-term potential, said Lakshmishree Investment & Securities.
"However, high dependence on China for components and concentrated revenue streams tied to surveillance gear pose risks. Still, its tech-driven mindset and future-ready solutions make it more than just a distributor—it’s a backbone of the security ecosystem. With scalable growth and strong fundamentals, we rate this IPO a Subscribe for long-term wealth creation," it added.
The initial public offering (IPO) of Aditya Infotech kicks-off for bidding on Tuesday, July 29. The company is offering its shares in the range of Rs 640-675 apiece. Investors can apply for a minimum of 22 equity shares and its multiples thereafter. The IPO closes for bidding on Thursday, July 31.
Aditya Infotech is looking to raise a total of Rs 1,300 crore via its IPO, which includes a fresh share sale of Rs 500 and an offer-for-sale (OFS) of up to 1,18,51,851 equity shares worth Rs 800 crore. The net proceeds from the issue shall be utilized towards prepayment or repayment of debt and general corporate purposes.
Aditya Infotech (AIL) manufactures and provides video security and surveillance products, solutions and services under 'CP Plus' brand name. It offers a diverse range of products including smart home IoT cameras, HD analog systems, advanced network cameras, body-worn and thermal cameras, as well as long-range IR cameras.
Aditya Infotech raised Rs 582.3 crore from 54 anchor investors as it allocated 86.26 lakh shares at Rs 675 apiece. Its anchor book included names like Government of Singapore, Monetary Authority of Singapore, Goldman Sachs, Nomura Trust, Abu Dhabi Investment Authority, Allianz Global Investors, Eastspring Investments, Manulife Global Fund and more.
For the year ended on March 31, 2025, Aditya Infotech reported a net profit of Rs 351.37 crore with a revenue of Rs 3,122.93 crore. The company clocked a net profit of Rs 115.17 crore with a revenue of Rs 2,795.96 crore for the financial year ended on March 31, 2025. The company shall command a net profit of close to Rs 7,911.89 crore.
The company has reserved 75 per cent of the net offer for the qualified institutional bidders, while non-institutional investors will have 15 per cent of the offer allocated for them. Retail investors will have 10 per cent of the reservation in the IPO. Eligible employees of the company, who have a reservation of Rs 6 crore, will get a discount of Rs 60 per share.
ICICI Securities and IIFL Capital Services are the book-running lead managers of the Aditya Infotech IPO, while MUFG Intime India (Link Intime) is the registrar for the issue. Shares of the company shall be listed on both BSE and NSE on Tuesday, August 5. Here's what a host of brokerage firms said about the IPO of Aditya Infotech:
Canara Bank Securities Rating: Subscribe with caution Aditya Infotech presents a strong investment case as a market leader with a diversified product portfolio, advanced manufacturing capabilities, and deep distribution reach. Its control over the supply chain, strategic brand positioning through CP PLUS, and presence in both enterprise and consumer segments strengthen its long-term outlook, said Canara Bank Securities.
"The IPO is valued at a P/E of 20.44 times based on FY25 post exceptional earnings. We recommend a SUBSCRIBE rating for well-informed investors with a medium to long-term horizon, given the company’s strong fundamentals, scalable business model, and leadership in a high-growth industry," it added.
Anand Rathi Shares & Stock Brokers Rating: Subscribe for long-term Aditya Infotech is India’s leading provider of video security and surveillance products, solutions, and services by revenue, with a market share of 20.8 per cent in Fiscal 2025. Their ‘CP PLUS’ and ‘Dahua’ brands rank among India’s top CCTV and security product names, offering a wide range of solutions from smart IoT cameras to thermal and explosion-proof systems, said Anand Rathi.
It is focusing on leveraging India’s evolving cybersecurity regulations to reinforce its market leadership while expanding its product portfolio and upgrading existing offerings with next-generation, advanced technologies. It holds a dominant position in the segment with minimal competition and has consistently reported growth in revenue and profitability, it said with a 'subscribe for long-term' rating.
SBI Securities Rating: Avoid Aditya Infotech is a leader in the video security and surveillance products, services and solutions market in India. The recent quality norms introduced by the Central Government from April 2025 should benefit domestic manufacturers such as AIL. It is also looking at backward integration into components such as plastic and metal housings which should boost margins, said SBI Securities.
The proposed debt repayment of Rs 375 crore from the IPO proceeds will lead to significant reduction in interest cost in FY26. The FY25 financials and ratios however are not comparable with previous years due to consolidation of AIL Dixon JV. It trades at FY25 P/E of 77 times, which we believe is exorbitant, in the backdrop of mid-teen return ratios and weak operating cash flows," it added with an avoid rating.
Ventura Securities Rating: Subscribe Aditya Infotech, under the CP Plus brand, is strategically positioned to capitalize on the expanding Indian video surveillance market This growth is driven by government initiatives such as Smart Cities, Digital India, and PM Gati Shakti, alongside increased private sector adoption for advanced use cases like number plate recognition and people counting, said Ventura Securities.
"The residential segment alone is expected to grow at a CAGR of 15.1 per cent in revenue from FY24 to FY29. With a diversified product portfolio and a strong pan India distribution network, AIL is well-placed to leverage these industry tailwinds," it said with a 'subscribe' rating.
SMIFS Rating: Subscribe "We recommend subscribing to the issue, given Aditya Infotech’s dominant market position, scalable business model, and long term growth potential. Its strategic partnerships, diversified clientele, and focus on technology-led innovation further reinforce its leadership and future readiness in India’s maturing and increasingly regulated surveillance ecosystem," said SMIFS.
Swastika Investment Rating: Subscribe Aditya Infotech's core business involves providing electronic security and surveillance products, with a strong presence across India. The Ebitda margin expanded to 8.27 per cent in FY25, reflecting operational efficiency and growing demand, said Swastika Investmart.
"Based on recent financials and dependence on key suppliers like Dahua, the issue appears reasonably priced but carries concentration risks. Given the company's pan-India network, diversified product portfolio, and growth potential in the surveillance market, investors may consider applying for long-term and listing gains," it added.
Aditya Birla Money Rating: Subscribe Aditya Infotech intends to reduce borrowings with the proceeds. At the upper price-band, the issue is valued at 43x P/E. With the STQC norms implementation, the industry stands at an inflection point & AIL with its manufacturing muscle & strong brand image is best placed to benefit from the tailwinds created, said Aditya Birla Money, with a 'subscribe' rating for the issue.
Lakshmishree Investment & Securities Rating: Subscribe for long-term Aditya Infotech stands out with its dominant market share, deep channel network, and AI-powered, ‘Make in India’-aligned product line— making it a strong contender in India’s growing security and surveillance sector. Its robust revenue growth and strategic manufacturing base in Kadapa reinforce long-term potential, said Lakshmishree Investment & Securities.
"However, high dependence on China for components and concentrated revenue streams tied to surveillance gear pose risks. Still, its tech-driven mindset and future-ready solutions make it more than just a distributor—it’s a backbone of the security ecosystem. With scalable growth and strong fundamentals, we rate this IPO a Subscribe for long-term wealth creation," it added.