Clear Secured Services Ltd. IPO Analysis

03 December 2025

Clear Secured Services is stepping into the public market with a ₹85.6 crore IPO — and the real question is whether it’s a quiet listing or a breakout moment.

Parameter	Details
Issue Type	100% Fresh Issue
Issue Size	INR 85.60 Cr.
Price Band	INR 125-132 per share
Lot Size	1,000 shares
Net Issue	61,60,000 Shares
QIB Portion	30,80,000 (47.49%) Shares
NII Portion	9,24,000 (14.25%) Shares
Retail Portion	21,56,000 (33.25%) Shares
Listing Platform	NSE SME
Issue Opens	December 1, 2025
Issue Closes	December 3, 2025
Listing Date	December 8, 2025

First, let’s cut straight to what’s working and what’s not for Cleared Secured Services Ltd. — before diving into their history and numbers.

Strengths	Risks
Strong recurring revenue from IFM contracts	Ongoing criminal litigation involving a director creates reputational and compliance risk
Multi-service capabilities (IFM + TIS + infrastructure support)	Upcoming removal of agro-trading from core entity will shrink reported topline and may impact investor perception
Ability to cross-sell services to existing clients	Labour-intensive business — high attrition and compliance complexity
Government and institutional clients add credibility	Working capital pressure with rising receivables and increased WC funding needs
Asset-light operating model	Very high client and geographic concentration — top 2 customers ~66% of revenue and ~72% from Maharashtra
Additional upside from project-based infrastructure work	Debt-equity increasing indicating risk if margins don't improve

Now that you’ve seen the snapshot, let’s unpack the full story behind these numbers and understand the business in context.

Industry Outlook 

Integrated Facilities Management is now a core backbone for India’s commercial and institutional spaces, covering cleaning, security, electrical upkeep and manpower-driven support services. The sector is already an $80 billion market, expected to hit $116 billion by 2030, with soft services dominating but technical services growing faster. Demand is largely driven by industry, public sector and transport infrastructure clients, yet the reality is brutal: competition is intense, pricing is tight, margins are thin, and attrition remains a constant headache in this labor-heavy business.

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