ReCode Solutions Inc offloaded a 5.4 percent stake in IPO-bound Intellius Recode for Rs 18 crore. The promoter transferred 5.43 lakh shares at Rs 331 each on October 22. Wealthwave Capital Trust emerged as the largest buyer among seven investors. The company filed its draft offer document in March 2026.

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ReCode Solutions Inc, the promoter of IPO-bound Intellius Recode, a technology solutions provider, has offloaded a 5.4 percent stake in the company for Rs 18 crore.

The shares were transferred to investors at Rs 331 apiece, valuing the company at approximately Rs 480 crore.

In a disclosure to the company on October 22, the promoter, which is also the selling shareholder in the proposed IPO, said it had transferred 5.43 lakh equity shares, representing 5.43 percent of the company’s pre-offer paid-up equity capital.

Wealthwave Capital Trust, sponsored by Choice International, acquired 1.81 lakh shares through Wealthwave Capital Fund for Rs 6 crore, emerging as the largest buyer among the seven investors.

Vanaja Iyer and Siddharth Iyer acquired additional 1.51 lakh shares and 60,422 shares, respectively, for Rs 5 crore and Rs 2 crore. Nishant Aggarwal, Pranav Naresh Chheda, Varsha Jitesh Jain and J Siddharth were among the other investors.

Intellius Recode entered the IPO pipeline in March 2026 by filing its draft offer document with the Securities and Exchange Board of India (SEBI). The market regulator cleared the company’s IPO papers in July 2026.

The proposed initial public offering (IPO) comprises a fresh issue of shares worth Rs 117 crore and an offer for sale (OFS) of up to 12.9 lakh shares by promoter ReCode Solutions Inc.

According to the draft red herring prospectus (DRHP), the promoter held an 86.8 percent stake in the company, while the remaining 13.17 percent was held by public shareholders, including Franklin Street, Vanaja Sundar Iyer, Subkam Ventures and Siddharth Iyer.

Founded in 2018 by Prasanna Srinivasan Ramaswamy and Sivathanupillai Adhikesaven Nadarajapillai, Intellius Recode provides technology consulting services and develops products powered by agentic artificial intelligence (AI). Its offerings are designed to support enterprises across geographies through autonomous, context-aware and adaptive AI capabilities.

Of the net proceeds from the fresh issue, Rs 43.1 crore will be used to fund the development of digital workers, while Rs 38.4 crore will be allocated towards subcontracting fees for their development. The remaining proceeds will be used for general corporate purposes.

Inga Ventures has been appointed as the merchant banker for the Intellius Recode IPO.