Who are the promoters of SICOM Limited?

SICOM Limited is primarily promoted and owned by the Government of Maharashtra, which holds the majority stake. It functions as the state government's industrial and investment arm for financing industrial development in Maharashtra.

Is SICOM a government company?

Yes, SICOM Limited is effectively a government company, with the Government of Maharashtra holding the controlling stake. It was established in 1966 as the primary industrial development financing institution for Maharashtra and has been instrumental in the state's industrial growth over more than five decades.

How do I buy SICOM unlisted shares here?

Raise an enquiry on any company with the quantity you want. Our desk sources the shares and comes back with a firm price and allocation. You accept the allocation, transfer the funds to the desk's published bank account, and once we verify payment the shares are transferred into your demat.

Who am I actually transacting with?

You transact with the desk, not with an anonymous counterparty. When you buy, you buy from the desk; when you sell, you sell to the desk. Shares always route through the desk's own demat account, so there's one accountable party for the whole trade.

How do I pay, and is there a payment gateway?

Payment is by direct bank transfer to Prospire Network Private Limited's published account (CIN U82300UP2025PTC233622), shown to you in-app at the payment step. There is no card gateway and no escrow. Never pay to a personal account or to any account shared over phone, WhatsApp or email — even if the person claims to be from our team.

How long does settlement take?

After you accept an allocation, you have a short window to pay (typically 2 days). Once payment is verified, shares are usually credited to your demat within 2–3 business days, subject to depository timelines and any company-level restrictions. Timeframes are typical, not guaranteed.

There are no separate platform fee lines and no GST on the transfer — the desk's margin is built into the buy/sell price you're quoted. The only statutory add-on on a purchase is stamp duty on the consideration, shown transparently in your cost breakdown.

Is there a minimum ticket size for SICOM?

Minimums vary by company and depend on the lot the desk can source. Raise an enquiry and the desk will confirm the available quantity and the minimum for that name.

What KYC do I need, and do I need a demat account?

You'll share your demat details when you enquire so we can settle directly. Full KYC — PAN and a client-master / demat statement — is required before the transfer step, when shares actually change hands. Yes, you need an active demat account to hold unlisted shares.

Are there lock-ins on unlisted or pre-IPO shares?

Some shares carry statutory or company-imposed lock-ins — for example, a post-listing lock-in on pre-IPO stock — and transfers can be subject to the company's articles or approvals. Where a lock-in applies, we'll flag it before you commit.

How do I sell SICOM shares I already hold?

Raise a sell enquiry with the company, quantity and your target price. The desk confirms a buying price, you transfer your shares into the desk's demat, and once the credit is verified we pay you out by bank transfer to your registered account. The desk never pays out before your shares are received.

Unlisted shares are illiquid, may be hard or impossible to sell, and are not covered by exchange settlement guarantees or investor-protection funds. Pricing is indicative, not live. Read the full Risk Disclosure before you enquire, and invest only what you can afford to lock away.

SICOM Unlisted Share Price | Buy SICOM Pre-IPO Shares — wisefolio

Unlisted shares are illiquid and carry higher risk than listed securities. Prices are indicative, not live. Read the risk disclosure.

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SICOM Unlisted Share Price | Buy SICOM Pre-IPO Shares — wisefolio | wisefolio

Investment Thesis

SICOM Limited is a legacy Maharashtra government-backed development finance institution with over 55 years of history in industrial financing. The very low share price of ₹0.50 reflects significant financial stress, likely from legacy NPAs and structural challenges faced by Indian DFIs post-liberalization. The company's future depends heavily on recapitalization by the Maharashtra government and finding a relevant role in the evolving financial services landscape.

Pros

Government of Maharashtra-backed development finance institution with over 55 years of operational history and implicit sovereign support
Played a pivotal role in industrial development of Maharashtra, including transforming cities like Aurangabad, Nagpur, Nashik, and Mahad into industrial hubs
Diversified financial services including project finance, equity investment, merchant banking, and advisory services for Maharashtra-based industries
Long track record of promoting state-level development organizations and acting as the Maharashtra government's industrial finance arm

Cons

Extremely low share price of ₹0.50 per share suggests significant financial stress or book value erosion over decades
As a state development finance institution, SICOM's mandate prioritizes social/economic objectives over commercial returns, limiting profit maximization
DFIs (Development Finance Institutions) in India have faced structural challenges with NPAs and competition from commercial banks since liberalization in the 1990s
Limited transparency as an unlisted company with no public disclosure obligations typical of listed companies

Business Segments

Project Finance & Term Loans

Providing long-term financing to industrial projects in Maharashtra

Merchant Banking & Advisory

Financial advisory, syndication, and merchant banking services

Equity Investments

Equity stakes in promoted industrial and development companies in Maharashtra

Revenue Model

SICOM earns revenue through interest income on term loans extended to industrial borrowers, fees from merchant banking and advisory mandates, dividend income from equity investments in promoted companies, and returns from its investment portfolio. The company operates under the dual mandate of developmental objectives and commercial viability.

Detailed Analysis

Growth outlookExpansion plans, industry tailwinds & headwinds6

Growth Plans

Maharashtra government's industrial policy and infrastructure push could revive SICOM's project financing role

Government of India's focus on reviving DFIs (like NaBFID) may benefit state-level DFIs including SICOM

Industry Tailwinds

Maharashtra government's industrial policy and infrastructure push could revive SICOM's project financing role

Government of India's focus on reviving DFIs (like NaBFID) may benefit state-level DFIs including SICOM

Recent Developments

Revenue surges 389% — major financial turnaround

SICOM recorded 389% revenue increase and 56.4% profit growth in FY2023, suggesting significant NPA recoveries.

FY2023

Comparable Companies

CompanyTypeTickerMkt Cap

SIDBI (Small Industries Development Bank of India)ListedUnlisted—

NaBFID (National Bank for Financing Infrastructure)ListedUnlisted—

SIDBI (Small Industries Development Bank of India)Listed

Unlisted

NaBFID (National Bank for Financing Infrastructure)Listed

Unlisted

Frequently Asked Questions

SICOM Limited (State Industrial and Investment Corporation of Maharashtra) is a Maharashtra government-backed development finance institution established in 1966, headquartered in Mumbai. It provides project finance, term loans, equity investments, merchant banking, and financial advisory services to industries in Maharashtra. It has historically played a key role in industrializing regions like Aurangabad, Nagpur, Nashik, and Mahad, and has promoted several state-level development corporations.

The very low share price of ₹0.50 indicates that SICOM's shares may have faced significant value erosion over the decades, possibly due to a combination of legacy NPAs, reduced role following banking sector liberalization in the 1990s, and the diminishing dominance of DFIs in the competitive financial services landscape. This is a common pattern among older Indian DFIs that could not adapt quickly to commercial banking competition.

About SICOM

SICOM Limited — State Industrial and Investment Corporation of Maharashtra Limited — is Maharashtra's apex state-backed financial institution, established by the Government of Maharashtra on 31 March 1966 to catalyse industrialisation across the state's backward regions. Operating under CIN U65990MH1966PLC013459, SICOM is headquartered at Solitaire Corporate Park, Andheri East, Mumbai and has served as a cornerstone of Maharashtra's industrial development for nearly six decades. SICOM's mandate spans long-term project finance, venture funding, infrastructure financing, and advisory services. It has extended financial assistance to over 3,000 industrial units across Maharashtra, mobilising thousands of crores and supporting the state's growth as India's leading industrial state. Services include IT/ITeS financing, startup support, and PPP infrastructure advisory. The ownership structure is mixed — government holding is 49.07% with public holding of 50.93%. Authorised capital is Rs 250 crore and paid-up capital is Rs 60.77 crore. SICOM reported a dramatic FY2023 turnaround: revenue increased 389.14% and profit grew 56.4%, likely driven by resolution of legacy NPAs and improved portfolio quality. SICOM serves as the nodal agency for NRI and MNC investments in Maharashtra, making it a critical interface between global capital and the state's industrial landscape. Its six-decade heritage and government backing make it a unique institution in the Indian financial ecosystem.

Key Milestones

Incorporated in 1966 in Mumbai, Maharashtra as a state-level industrial development finance institution

Common questions about unlisted shares

How do I buy SICOM unlisted shares here?
Raise an enquiry on any company with the quantity you want. Our desk sources the shares and comes back with a firm price and allocation. You accept the allocation, transfer the funds to the desk's published bank account, and once we verify payment the shares are transferred into your demat.
Who am I actually transacting with?
You transact with the desk, not with an anonymous counterparty. When you buy, you buy from the desk; when you sell, you sell to the desk. Shares always route through the desk's own demat account, so there's one accountable party for the whole trade.
How do I pay, and is there a payment gateway?
Payment is by direct bank transfer to Prospire Network Private Limited's published account (CIN U82300UP2025PTC233622), shown to you in-app at the payment step. There is no card gateway and no escrow. Never pay to a personal account or to any account shared over phone, WhatsApp or email — even if the person claims to be from our team.

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