Nukleus Office Solutions Limited is set to launch its Nukleus Office Solutions Ltd IPO on February 24, 2025, with the subscription period closing on February 27, 2025. The company aims to raise approximately ₹31.70 crores through this fixed-price issue, offering shares at ₹234 each. The IPO comprises a fresh issue of ₹31.70 crores, with no offer for sale component.
Nukleus Office Solutions Limited, established on September 27, 2019, is a prominent provider of co-working and managed office spaces in the Delhi NCR region. The company offers a variety of workspace solutions, including dedicated desks, private cabins, meeting rooms, startup zones, and virtual office services, catering to startups, SMEs, large enterprises, professionals, and entrepreneurs. Each workspace is meticulously designed and managed by a team of seasoned professionals, including top-tier architects, designers, and workspace experts, to foster productivity, collaboration, and creativity.
IPO Details:
- Opening Date: February 24, 2025
- Closing Date: February 27, 2025
- Basis of Allotment Finalization: February 28, 2025
- Refund Initiation Date: March 1, 2025
- Demat Credit Date: March 3, 2025
- IPO Listing Date (BSE SME): March 4, 2025
- Issue Price: ₹234 per share
- Lot Size: 600 shares, requiring a minimum investment of ₹1,40,400
- Allocation: 50% for Retail Individual Investors (RIIs) and 50% for Non-Institutional Investors (NIIs); no allocation for Qualified Institutional Buyers (QIBs)
Company Overview:
Established in December 2019, Nukleus Office Solutions specializes in providing co-working and managed office spaces in the Delhi NCR region. Their offerings include dedicated desks, private cabins, meeting rooms, startup zones, and virtual office services, catering to startups, SMEs, large enterprises, professionals, and entrepreneurs. As of July 31, 2024, the company operated seven centers and managed four offices with a total capacity of 2,750 seats.
Financial Performance:
In the fiscal year ending March 31, 2024, Nukleus reported a revenue of ₹17.16 crores, up from ₹10.9 crores in the previous year. Net profit for the same period was ₹1.20 crores, an increase from ₹0.67 crores in 2023.
Promoters:
The company is promoted by Nipun Gupta, Puja Gupta, Nilesh Sharma and Manohar Lal Singla.
1) Nipun Gupta, aged 48, serves as a Director since the company’s inception. He holds a Bachelor of Commerce (Honours) from the University of Delhi and has over 26 years of entrepreneurial experience across sectors such as real estate, infrastructure, finance, insurance, education, and technology. He has been recognized as the Youngest Entrepreneur from India by the Government of the UAE.
2) Puja Gupta, aged 46, is responsible for managing backend operations. She holds a Bachelor of Commerce (Honours) from the University of Delhi and brings over 20 years of experience spanning real estate, infrastructure, finance, insurance, and education sectors.
3) Nilesh Sharma, aged 58, is a Non-Executive Independent Director appointed on June 24, 2024. He is a Fellow Chartered Accountant and Insolvency Professional with over 25 years of expertise in restructuring and insolvency. He has been instrumental in strategic advisory and consultancy for various industrial groups.
4) Manohar Lal Singla, aged 66, also a Non-Executive Independent Director appointed on June 24, 2024, holds a Bachelor of Science in Engineering (Mechanical) from Punjab University, an MBA, and a Ph.D. (Management) from the University of Delhi. With more than 40 years of professional experience in academia and industry, he specializes in information systems, business process re-engineering, e-governance, and strategic IT management.
In October 2019, Nukleus received an undisclosed amount of angel investment from Bollywood singer Sukhbir Singh, supporting its mission to provide flexible and efficient workspace solutions.
Nukleus Office Solutions is dedicated to creating environments that enhance productivity, collaboration, and creativity, making it a preferred choice for businesses seeking modern workspace solutions in the Delhi NCR region.
Analyst Insights:
Analysts highlight the growing demand for flexible workspaces, driven by hybrid work models, as a positive indicator for Nukleus’s business model. The company’s recurring revenue from long-term leases and its strategic expansion plans position it well within the competitive co-working industry. However, potential investors should consider risks such as real estate market fluctuations and high competition from both domestic and international players.
Investor Considerations:
Analysts suggest that Nukleus Office Solutions presents a compelling business model in a growing industry, with fair valuation metrics. Investors with a long-term perspective and moderate risk appetite may find this IPO appealing. However, those seeking immediate listing gains should exercise caution.
Nukleus Office Solutions IPO Lot Size
Here is the Nukleus Office Solutions Ltd IPO lot size details in a table format:
| Category | Lot Size (Shares) | Amount (₹) |
| Retail Investors (RII) | 600 | ₹1,40,400 |
| Non-Institutional Investors (NII) | 1,200 | ₹2,80,800 |
| High Net-Worth Individuals (HNI) | 2,400 | ₹5,61,600 |
- Minimum Investment for Retail Investors: ₹1,40,400 (600 shares)
- Lot Size Multiplier: Investors can bid in multiples of 600 shares.
Nukleus Office Solutions Ltd IPO Company Financials
Here are the financial details of Nukleus Office Solutions Ltd IPO in a table format:
Nukleus Office Solutions Ltd Financials (₹ in Crores)
| Particulars | FY 2021 | 2022 | 2023 | 2024 |
| Revenue | 3.62 | 8.18 | 10.90 | 17.16 |
| Total Assets | 2.89 | 9.34 | 11.54 | 15.67 |
| Net Worth | 1.20 | 3.01 | 4.56 | 6.87 |
| Profit After Tax (PAT) | 0.21 | 0.50 | 0.67 | 1.20 |
| EBITDA Margin (%) | 22.50% | 24.30% | 26.10% | 28.70% |
| Net Profit Margin (%) | 5.80% | 6.10% | 6.20% | 7.00% |
Key Highlights:
- Revenue Growth: Increased from ₹3.62 Cr in FY21 to ₹17.16 Cr in FY24.
- Profitability: Net profit grew from ₹0.21 Cr in FY21 to ₹1.20 Cr in FY24.
- Net Worth Increase: Strengthened from ₹1.20 Cr in FY21 to ₹6.87 Cr in FY24.
Key Performance Indicators (KPIs)
The market capitalization of Nukleus Office Solutions IPO is Rs 94.35 Cr.
| KPI | Values |
| ROE | 46.09% |
| ROCE | 14.39% |
| Debt/Equity | 1.96 |
| RoNW | 46.09% |
| PAT Margin | 6.99 |
| Price to Book Value | 11.87 |
Key Takeaways:
- Improving profitability metrics: ROE, ROCE, and PAT margins show a positive growth trend.
- Low Debt-to-Equity Ratio, indicating a strong financial position.
- Price-to-Book Value (P/BV) will be available after listing, but current valuations suggest a reasonable price point.
Nukleus Office Solutions Ltd IPO Growth
Financially, Nukleus has demonstrated consistent growth:
| Financial Year | Revenue (₹ in crores) | Profit After Tax (₹ in crores) |
| 2022 | 10.90 | 0.67 |
| 2023 | 17.16 | 1.20 |
| 2024 | 21.36 (as of Dec 2024) | Data not specified |
This upward trajectory in revenue and profit indicates a positive growth trend, suggesting potential for future expansion.
Investors with a long-term perspective may find this IPO appealing, considering the company’s consistent financial performance and its position in the growing flexible workspace industry. However, those seeking immediate listing gains should exercise caution.
Strengths of Nukleus Office Solutions Ltd IPO
1) Growing Demand for Flexible Workspaces – The demand for co-working and managed office spaces is increasing, especially post-pandemic, as companies seek cost-effective office solutions.
2) Established Presence in Delhi NCR – Nukleus has a strong regional presence with seven centers and four managed offices, catering to various businesses.
3) Consistent Financial Growth – The company has shown steady revenue growth over the years, indicating strong demand for its services.
4) Fixed Price IPO – A fixed price issue provides clarity on valuation, making it easier for retail investors to assess investment potential.
5) Experienced Promoters – The company is led by industry professionals with expertise in managing office spaces and real estate.
6) Recurring Revenue Model – Subscription-based office leasing ensures a steady cash flow and reduces business volatility.
7) SME Listing Advantage – Being listed on the BSE SME platform could help the company gain visibility and attract further institutional and retail investors.
Risks of Nukleus Office Solutions Ltd IPO
1) Competition in Co-Working Space – The company faces stiff competition from well-established players like WeWork, Awfis, and Regus, which may impact its market share.
2) Limited Geographic Presence – Nukleus is currently focused in Delhi NCR, making it vulnerable to regional economic downturns.
3) Profitability Concerns – While revenue has increased, the profit margins remain relatively low, and future profitability depends on efficient cost management.
4) SME IPO Liquidity Risks – Stocks listed on SME exchanges often have lower liquidity compared to mainboard listings, which could impact price stability and trading volume.
5) Fixed Costs and Lease Commitments – The company has long-term lease obligations, and a downturn in occupancy rates could impact financial performance.
6) Market Fluctuations and Economic Slowdowns – Economic downturns or changes in work culture (e.g., permanent work-from-home policies) could reduce demand for co-working spaces.
7) Regulatory Risks – Changes in real estate regulations, taxation, or compliance requirements could impact the company’s operations and profitability.
Final Takeaway
Nukleus Office Solutions Ltd IPO has potential for growth due to the rising demand for co-working spaces, but investors should carefully assess competition, profitability, and market risks before making a decision.
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