ISSPL Limited, formerly known as IRClass Systems and Solutions Limited and IRClass Systems and Solutions Private Limited, has filed its Draft Red Herring Prospectus (DRHP) with BSE Limited for a proposed Initial Public Offering (IPO) on the SME platform. The proposed issue is expected to comprise up to 25,00,000 equity shares with a face value of ₹10 each, subject to regulatory approvals and market conditions.
The proposed listing is expected to provide ISSPL with access to capital to support the expansion of its testing and technical service capabilities. A key component of the planned expansion is the strengthening of laboratory and testing infrastructure, including capacity enhancement and technological upgrades across geological, metallurgical, solar PV, electrical appliance and advanced non-destructive testing (NDT) services.
ISSPL Focuses on Testing, Inspection and Certification
ISSPL has developed capabilities in independent technical inspection, certification and testing services across several industrial sectors. The company has established a presence across key locations in India and serves a diverse customer base.
Commenting on the DRHP filing, Mr. Arun Sharma, Chairman, ISSPL, said:
“The filing of our DRHP marks an important milestone in the journey of ISSPL Limited. The proposed listing is not merely a fund-raising exercise; it represents the next stage in our evolution as an independent, professionally managed technical services company. It will provide us with greater access to capital, enhance our visibility and strengthen our ability to pursue opportunities in our existing as well as emerging markets.”
The proposed IPO is intended to support new facilities, capacity enhancement and technological upgradation across the company's testing operations. For the NDT segment, the planned expansion specifically includes advanced non-destructive testing services, alongside the company's broader laboratory and testing capabilities.
Planned Expansion Includes Advanced NDT Services
ISSPL said the proposed IPO will support its strategic objectives across multiple technical service areas. The planned investments are aimed at strengthening laboratory and testing capabilities through new facilities, expanded capacity and technology upgrades.
The company's stated focus includes geological and metallurgical testing as well as solar PV, electrical appliance and advanced NDT services. This places NDT within a broader expansion of ISSPL's technical testing infrastructure.
The company also highlighted the increasing focus on safety, regulatory compliance, asset integrity, quality assurance and independent inspection across India's industrial sectors as an opportunity for specialised technical service providers.
Mr. Vinay Kshirsagar, Managing Director, ISSPL, said:
“India is entering a period of significant investment in infrastructure, manufacturing and industrial capacity. This is creating a growing requirement for independent inspection, certification and testing services. ISSPL is well positioned to participate in this opportunity, backed by its technical capabilities, experience and customer relationships.”
Proposed SME IPO Remains Subject to Approvals
The proposed public issue remains subject to necessary regulatory and statutory approvals, market conditions and other considerations. Details including the issue size, price band, opening and closing dates and other terms are to be announced in accordance with applicable regulations.
Arihant Capital Markets Limited is acting as the Book Running Lead Manager, while MUFG Intime India Private Limited, formerly Link Intime India Private Limited, is the Registrar to the Issue.
The DRHP has been made available through ISSPL, BSE SME and the Book Running Lead Manager's respective websites. BSE records show that the draft offer document was filed in September 2026 and made available for public comments under the applicable SME IPO process.
