From Surat to Dalal Street: IdentixWeb Lists on BSE SME in a 26x Oversubscribed IPO
IdentixWeb Limited — a Surat-based Shopify SaaS company co-founded by Priyank Savani and Ankur Lakhani — listed on BSE SME in April 2025, raising ₹16.63 Cr in a 26x oversubscribed IPO. A defining milestone for Surat's product-first startup ecosystem.
The Story
2025 marks 8 years of IdentixWeb — and what a milestone to mark it with. On April 3, 2025, Priyank Savani and Ankur Lakhani stood at the BSE listing ceremony and struck the gong. IdentixWeb Limited was now a publicly listed company on the Bombay Stock Exchange SME platform. Eight years of building, and Dalal Street had taken notice.
Founded in Surat in 2017 by two MCA graduates with a sharp focus and a quiet determination, IdentixWeb set out to build world-class Shopify applications for merchants worldwide. No noise, no shortcuts. Just deep craftsmanship in one ecosystem — executed exceptionally well year after year.
The IPO numbers told their own story: ₹16.63 crore raised, issue price of ₹54, oversubscribed 26.15 times. In India's SME IPO market, a 26x subscription is a statement of extraordinary investor confidence — not just in the numbers, but in the team and their trajectory.
Today, IdentixWeb serves over 12,000 Shopify merchants globally. Their apps power e-commerce stores across dozens of countries. With 60+ employees based in Surat, the company has built a global product footprint without ever needing to relocate to a startup hub.
As Priyank Savani reflected on the milestone: "Becoming a public company is not just a proud achievement; it's a reflection of the trust and support we have earned from our customers, partners, and team — and a promise that we will continue to innovate with even greater focus and ambition."
For Surat IT Community, this listing is deeply meaningful. IdentixWeb is not a services company riding a valuation wave — it is a product business with real global revenues, real customers, and a real team that grew from Surat soil. That is the kind of outcome every SIC founder aspires to.
Congratulations to Priyank Savani, Ankur Lakhani, and every person on the IdentixWeb team who made this journey possible. You have shown Surat's builders that the path from a Surat office to Dalal Street is real — and you have made that path wider for everyone who follows.
"Becoming a public company is not just a proud achievement — it's a reflection of the trust and support we have earned from our customers, partners, and team, and a promise to continue innovating with even greater focus and ambition."