Clear Secured Services Limited Makes Subdued Debut with 9.85% Decline, Lists at ₹119.00 Against Strong Subscription

Clear Secured Services Limited, a Mumbai-based integrated facility management company offering security services, housekeeping and cleaning, repair and maintenance, infrastructure and interiors, human resources and staffing solutions, telecom and remote monitoring, and IT and software services serving customers across telecom, insurance, real estate, oil and gas, banking, retail, and government sectors, made a subdued debut on NSE SME on December 8, 2025. After closing its IPO bidding between December 1-3, 2025, the company commenced trading with a decline of 9.85% opening at ₹119.00 and touched ₹119.00 (down 9.85%).

Clear Secured Services Limited Listing Details

Clear Secured launched its IPO at ₹132 per share with minimum investment of 2,000 shares costing ₹2,64,000. The IPO received strong response with subscription of 8.83 times - individual investors at 6.60 times, QIB at 9.98 times, NII at 12.51 times.

First-Day Trading Performance

Listing Price: Clear Secured opened at ₹119.00 representing decline of 9.85% from issue price of ₹132.00, touched high of ₹119.00 (down 9.85%) and low of ₹113.05 (down 14.36%), with VWAP at ₹117.65.

Growth Drivers and Challenges

Growth Drivers:

Integrated Service Portfolio: Comprehensive one-stop facility management solutions including security, housekeeping, repair and maintenance, infrastructure and interiors, HR and staffing, telecom and remote monitoring, and IT services.

Geographic Presence: Direct operations with nationwide presence across 17 customer locations in 15 states and 2 union territories and large workforce supporting service delivery.

Industry Positioning: Positioned for industry growth in integrated facility management segment, proven operational capabilities across multiple service verticals, scalable business model supporting expansion into new geographies and service offerings.

Challenges:

Profitability Setback: Despite 38% revenue growth, PAT declined 18% from ₹12.08 crore in FY24 to ₹9.92 crore in FY25 due to one-time exceptional item of ₹8.44 crore, low PAT margin of 2.08%, EBITDA margin of 4.70%.

High Debt Levels: Debt-to-equity ratio of 1.02, total borrowings of ₹99.37 crore against net worth of ₹97.35 crore creating financial leverage concerns, borrowings increased significantly from ₹44.19 crore in FY23 to ₹99.37 crore in FY25.

Market Reception: Listing decline of 9.85% despite strong subscription of 8.83 times indicating valuation concerns, analyst review suggests issue appears fully priced, operating in competitive facility management segment with pricing pressures, significant promoter dilution from 99.84% to 73.03%.

Utilisation of IPO Proceeds

Debt Repayment: ₹35.50 crore for repayment and prepayment of borrowings strengthening balance sheet and reducing debt-to-equity ratio to improve financial flexibility and reduce interest burden.

Working Capital: ₹26.00 crore for funding working capital requirements supporting business operations and expansion initiatives across multiple service verticals and geographic locations.

Expansion and Corporate Purposes: ₹5.25 crore for investment in wholly owned subsidiary Comfort Techno Services Private Limited for funding purchase of equipment, ₹7.86 crore for general corporate purposes.

Financial Performance

Revenue: ₹482.74 crore for FY25, growth of 38% from ₹350.63 crore in FY24, reflecting expanding customer base across telecom, insurance, real estate, oil and gas, banking, retail, and government sectors with integrated facility management solutions.

Net Profit: ₹9.92 crore in FY25, decline of 18% from ₹12.08 crore in FY24, impacted by one-time exceptional item of ₹8.44 crore.

Financial Metrics: ROE of 10.74%, ROCE of 23.46%, debt-to-equity of 1.02, RoNW of 10.74%, PAT margin of 2.08%, EBITDA margin of 4.70%, price-to-book of 2.17x, post-issue EPS of ₹13.87, P/E of 9.52x, net worth of ₹97.35 crore, total borrowings of ₹99.37 crore, and market capitalisation of ₹271.85 crore.