In December 2024, the IPO batch of over 10 companies welcomed a new entrant in the primary market: Citichem India Limited. The SME IPO opened for subscription on 27 December 2024 on the BSE Limited (BSE SME) SME platform. The company aims to raise Rs.12.6 crore through this fresh equity sale at seven times its face value of Rs.10 per share.
Now, before investing in the IPO, you must carry out thorough research, right? Here are a few essentials to help highlight the important aspects of the IPO.
The Citichem India IPO is a fixed-price IPO launched as an entirely fresh issue of 18 lakh shares. Here, a fixed-price IPO is when the share price is set in advance and does not change based on demand or bids. The minimum required investment from a retail investor is set at Rs.1,40,000, and for the HNIs (High Networth Individuals), it is 2 lots worth Rs.2,80,000.
The Citichem IPO is 100% underwritten. Horizon Management Private Limited is the lead manager for the IPO, with Kfin Technologies Limited as the registrar and Aftertrade Broking Private Ltd as the market maker. A market maker ensures liquidity and stable trading by actively buying and selling shares of the stock. At the same time, the registrar manages investor applications, share allotment, and record-keeping for the issue.
Additionally, the company’s promoters, Mr. Arif Esmail Merchant, Mrs. Fozia Arif Esmail Merchant, Mr. Hashim Arif Merchant, and Mrs. Saima Hashim Merhant, currently hold 83.25% of the company’s shares, which will reduce to 61.21% post IPO.
Allocation Of Shares:
The 18,00,000 fresh IPO issue has been divided into reservations for the different stakeholders. The reservation portion for the market maker is 92,000 shares, which at Rs.70 per share aggregates to Rs.64.40 lakhs.
Another lot of 8,40,000 shares are separated for the retail individual investors who usually invest up to Rs.2 lakh each, and the same portion is kept for individual retail investors who would invest more than Rs.2 lakh.
Objectives Of The IPO:
The net proceeds of the IPO are estimated to be Rs.11.80 crore, that is, the difference between the amount raised and the IPO expenses. The plan is to proceed with strategic investments to drive growth and efficiency. Around Rs.360.00 lakhs (28.57%) will be used for acquiring property, Rs.469.10 lakhs (37.23%) will go towards purchasing vehicles and accessories, and Rs.279.70 lakhs (22.20%) is allocated for general corporate purposes.
Grey Market Premium:
As of 7:34 a.m. on 27th December 2024, the Citichem India IPO’s grey market premium (GMP) was Rs.30 per share, indicating strong investor interest ahead of its listing. This premium suggests a potential listing gain of 42.86%, with the shares likely to debut at around Rs.100 per share on the BSE SME, assuming current trends hold steady. The estimate is based on the upper end of the IPO price band set at Rs.70, highlighting positive sentiment in the grey market. Source: Live Mint
Overview Of The Company:
Citichem India Limited, established in 1992, supplies specialty chemicals, active pharmaceutical ingredients (APIs), and food-grade chemicals. It caters to industries like pharmaceuticals, steel, textiles, food, adhesives, and paints. The company offers chemicals like Caustic Soda Flakes, Citric Acid Monohydrate, and Hydrogen Peroxide. Known for quality and innovation, it has earned a trusted reputation across diverse sectors.
Citichem’s management team has expertise in regulatory affairs, sales, marketing, and finance. This enables them to seize market opportunities, navigate complexities, and drive growth. They use a customer-centric and order-driven business model that ensures quality supply and economies of scale. Additionally, Citichem aims to expand procurement sources and strengthen its market position.
Financial Parameters Of Citichem India Limited:
EPS
Earnings Per Share (EPS) shows a company’s profitability per share. A higher EPS indicates better profitability, while a lower EPS may signal financial struggles. For Citichem, the EPS has increased in FY2024 to Rs.2.24 from the drop of FY2023 to Rs.0.80. Plus, as of the quarter ending June 2024, the EPS was Rs.0.4.
As of FY2024, the company’s net worth was Rs.7.25 crore, the highest in the past three years. And as of the quarter ending June 2024, the net worth increased to Rs.7.45 crore.
Experienced Promoters: Citichem’s promoters have over 25 years of experience in sourcing, negotiating, and supplying chemicals, giving them deep market insights and a strong ability to spot growth opportunities.
Quality Commitment: The company focuses on high-quality products sourced from credible suppliers. Its rigorous quality management ensures that only certified products are delivered to clients, strengthening its reputation.
Dependence on Few Customers: A significant portion of Citichem’s revenue relies on a small number of customers. Any loss or reduction in purchases from these key clients could negatively impact the company’s financial performance.
OPPORTUNITIES
THREATS
Strategic Investments: The IPO proceeds will help Citichem expand its operations with investments in property, vehicles, and corporate purposes, driving growth and efficiency.
Market Expansion: With plans to diversify procurement sources, Citichem is poised to strengthen its market position and increase its customer base.
Hazardous Chemicals Risks: As the company deals with hazardous and corrosive chemicals, accidents could lead to operational disruptions, financial losses, and legal consequences.
Citichem India Limited has established itself in the chemicals industry, emphasizing quality and benefiting from its extensive experience. The company is currently pursuing an IPO for the purpose of raising funds to support its strategic investments, which may enhance its growth prospects. However, it’s important to consider some areas of concern, such as the company’s reliance on a limited number of key customers and the inherent risks associated with handling hazardous chemicals.
As with any investment, you must consider the company’s current performance, growth prospects, and risks. Research and weigh all the factors before deciding whether Citichem’s IPO fits your investment strategy.
Disclaimer Note: The securities quoted, if any, are for illustration only and are not recommendatory. This article is for education purposes only and shall not be considered as a recommendation or investment advice by Equentis – Research & Ranking. We will not be liable for any losses that may occur. Investments in the securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI, membership of BASL & the certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.
FAQ
What is meant by pre-apply in the case of Citichem India IPO?
The pre-IPO allows investors to invest in the IPO 2 days before the start of the subscription period.
What is Citichem India Limited’s PAT?
The profit after tax figure of the company as of FY2024 is Rs.111.83 lakhs.
Can I submit multiple applications for Citichem India Limited’s public issue using the same PAN?
No, you can only submit one application using your PAN card.
Have you been tracking recent developments in the manufacturing sector? If you’re interested in the stock market or companies specializing in agricultural and construction equipment, you may want to learn more about Carraro India Limited’s IPO.
With an issue size of ₹1,250 crores, this offering has attracted significant attention from market participants. It marks an important step for Carraro India, providing an opportunity to explore a company that plays a key role in transmission systems and gear manufacturing. Here’s a detailed breakdown of everything you need to know about this IPO.
Carraro IndiaIPO Details
The IPO bidding will begin today and end on December 24, 2024. Investors can expect the allotment process to be finalized by December 26, 2024, and the shares will be tentatively listed on December 30, 2024, on BSE & NSE.
The issue is entirely an offer to sell 1.78 crore shares. The price band for the IPO is set at ₹668 to ₹704 per share, and investors must bid for a minimum of 21 shares. Retail investors must invest a minimum of ₹14,784, while sNII and bNII investors must invest ₹2,06,976 and ₹10,05,312, respectively, based on their lot sizes.
Allocation of Shares
The share allocation is structured as follows:
QIB (Qualified Institutional Buyers): Not more than 50% of the net offer.
Retail Investors: Not less than 35% of the net offer.
NII (Non-Institutional Investors): Not less than 15% of the net offer.
Investors can bid for a minimum of 21 shares or multiples thereof. Based on the structure above., allocation will favor different investor categories.
Grey Market Premium (GMP) of Carraro India IPO Details
As of December 20, 2024, Carraro India IPO has a grey market premium (GMP) of nil. According to sources tracking the unofficial market, the unlisted shares are trading flat ahead of the IPO launch.
Objectives of the Carraro IndiaIPO
The objectives of Carraro India’s IPO are as follows:
The company will not receive any proceeds from the offer.
After deducting offer-related expenses and relevant taxes, all proceeds will go to the promoter-selling shareholder.
Company Overview
Established in 1997, Carraro India Limited specializes in manufacturing components ranging from individual gears to complete tractors. The company designs, manufactures, and markets transmission systems—including axles, transmissions, and drives—primarily catering to agricultural and construction equipment for off-highway vehicles.
Additionally, Carraro India offers a diverse range of gear for sectors such as automotive, trucks, agricultural machinery, and construction vehicles.
The company operates two manufacturing plants in Pune, Maharashtra, covering approximately 84,000 square meters (driveline plant) and 78,000 square meters (gear manufacturing plant). These facilities boast advanced technologies, including casting, machining, assembly, prototyping, testing, and painting for drivelines and heat treatment processes like carburizing, induction hardening, and nitriding for gear manufacturing.
Carraro India has demonstrated consistent financial growth, with notable profitability and operational efficiency improvements. The company’s Profit After Tax (PAT) increased by 29% from FY23 to FY24, reflecting enhanced operational performance. Furthermore, Carraro India maintains a strong balance sheet characterized by controlled borrowings and a steadily increasing net worth.
Established presence in the agricultural and construction equipment sector.
Advanced manufacturing technologies and robust infrastructure.
Diversified product offerings catering to multiple sectors.
Dependence on specific market segments such as off-highway vehicles.Limited geographical footprint compared to global peers.
OPPORTUNITIES
THREATS
There is a rising demand for agricultural and construction equipment in emerging markets.
There is potential for geographic expansion and diversification.
Increasing focus on technological advancements in gear and transmission manufacturing.
There is Intense competition from both domestic and international players.
It is susceptibility to economic cycles affecting the agricultural and construction sectors.
Fluctuations in raw material prices impact production costs.
Conclusion The Carraro India Limited IPO provides an opportunity to engage with a company with a strong position in the agricultural and construction equipment manufacturing sector. Carraro India is a notable player with its advanced technologies and consistent financial growth.
However, potential investors should carefully evaluate the company’s SWOT analysis and financials to make informed decisions. This IPO marks a significant milestone for Carraro India and offers a glimpse into its future growth trajectory.
Disclaimer Note: The securities quoted, if any, are for illustration only and are not recommendatory. This article is for education purposes only and shall not be considered as a recommendation or investment advice by Equentis – Research & Ranking. We will not be liable for any losses that may occur. Investments in the securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI, membership of BASL & the certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.
This week is bustling with IPO activity, featuring 10 upcoming listings. Of these, 7 are mainboard IPOs, including notable names like Transrail Lighting Limited and DAM Capital Advisors, while 3 SME IPOs aim to raise a total of ₹71.72 crore.
The mainboard IPOs collectively target a much larger sum, with a combined goal of ₹4630 crore. With such a packed schedule, let’s look at each IPO’s key highlights and what they offer.
Transrail Lighting IPO
Transrail Lighting IPO is a book-built issue aiming to raise ₹838.91 crores. The issue consists of a fresh issue of 0.93 crore shares amounting to ₹400.00 crores and an offer for sale of 1.02 crore shares aggregating ₹438.91 crores.
The company will be listed on the BSE and NSE with a tentative date of December 27, 2024. Retail investors can apply for a minimum lot size of 34 shares, amounting to ₹14,688. The minimum lot size for Small and Medium Investors (sNII) is 14 lots (476 shares), totaling ₹2,05,632, while for Bulk Investors (bNII), it is 69 lots (2,346 shares), amounting to ₹10,13,472.
The company plans to utilize the net proceeds of the IPO for the following purposes:
To meet incremental working capital requirements.
To fund capital expenditure needs.
For general corporate purposes.
GMP of Transrail Lighting IPO
As of December 17, 2024, the Transrail Lighting IPO has a Grey Market Premium (GMP) of ₹120. With the price band of ₹432 per share, the estimated listing price is ₹552. This indicates a potential gain of 27.78% per share, reflecting positive market sentiment.
Company Overview
Transrail Lighting Limited, established in February 2008, is an engineering and construction company specializing in power transmission, distribution, and infrastructure projects. The company provides services in transmission line construction, civil engineering (including bridges and elevated roads), and railway electrification. It also manufactures and installs lattice structures, conductors, and poles for lighting. Transrail has completed over 200 projects globally, with a presence in 58 countries, including Bangladesh, Kenya, and Finland.
Financials
Transrail Lighting Limited has shown impressive financial growth. For the financial year ending March 31, 2024, the company’s revenue grew by 30.2%, and its profit after tax (PAT) surged by 116.8% compared to the previous year.
SWOT Analysis of Transrail Lighting Limited
STRENGTHS
WEAKNESSES
Extensive presence across 58 countries, offering a broad market reach.
Strong track record of over 200 completed projects in power transmission and distribution.
Diversified portfolio covering transmission, civil construction, lighting, and railway services.
Increasing dependence on large infrastructure projects can be subject to delays and cost overruns.
Limited market share in some regions compared to larger competitors.
OPPORTUNITIES
THREATS
Growing demand for infrastructure development globally, particularly in emerging markets.
Expansion of railway electrification and renewable energy projects.
Fierce competition from both local and international players.
Fluctuations in raw material costs affect project margins.
Regulatory changes in key markets impacting operations.
It is a book-built issue aiming to raise ₹840.25 crores. The entire issue is an offer for sale, consisting of 2.97 crore shares. The allotment is expected to be finalized on December 24, 2024. The shares will be listed on BSE and NSE, with the tentative date set for December 27, 2024.
Retail investors can apply for a minimum lot size of 53 shares, which requires an investment of ₹14,999. For Small and Medium Investors (sNII), the minimum lot size is 14 lots (742 shares), totaling ₹2,09,986, and for Bulk Investors (bNII), it is 67 lots (3,551 shares), amounting to ₹10,04,933.
Objectives of the DAM Capital Advisors Limited IPO
The company will not receive any proceeds from the offer for sale by the selling shareholders.
GMP of the DAM Capital Advisors Limited IPO
As of December 17, 2024, the DAM Capital Advisors IPO has a Grey Market Premium (GMP) of ₹108. With the price band set at ₹283 per share, the estimated listing price is ₹391. This suggests an expected percentage gain of 38.16% per share.
Company Overview
DAM Capital Advisors Limited is an Indian investment bank offering various financial solutions. Its services include investment banking (equity capital markets, mergers and acquisitions, private equity, and structured finance advisory) and institutional equities (broking and research).
Since its acquisition on November 7, 2019, the company has executed 72 equity capital market transactions and advised on 23 M&A, private equity, and structured finance deals. It has a diverse client base, including 263 active clients, and operates in global markets such as India, the USA, the UK, Europe, and Asia.
Financials
DAM Capital Advisors Limited’s revenue grew by 114%, and its profit after tax (PAT) surged by 713% for the financial year ending March 31, 2024, compared to the previous year.
SWOT Analysis of DAM Capital Advisors Limited
STRENGTHS
WEAKNESSES
Strong track record in executing major equity capital market transactions. Established presence in international markets, with a broad client base across geographies. A diverse range of financial services is offered, including high-demand areas like M&A and private equity.
Strong dependency on advisory and capital market services is subject to market volatility. Limited brand recognition compared to larger investment banks in India.
OPPORTUNITIES
THREATS
Increasing demand for financial advisory services in India and emerging markets. Expansion of institutional equities and research services to new clients.
Intense competition from larger investment banks and financial institutions. Regulatory changes that could impact business operations in key markets.
Mamata Machinery IPO is a book-built issue aiming to raise ₹179.39 crores. The issue consists entirely of an offer for sale of 0.74 crore shares. The allotment will be finalized on December 24, 2024. The shares will be listed on BSE and NSE, with the tentative listing date set for December 27, 2024.
Retail investors can apply for a minimum lot size of 61 shares, with an investment of ₹14,823. For Small and Medium Investors (sNII), the minimum lot size is 14 lots (854 shares), totaling ₹2,07,522, and for Bulk Investors (bNII), it is 68 lots (4,148 shares), amounting to ₹10,07,964.
Mamata Machinery will not receive any proceeds from the offer. The offer proceeds will go to the selling shareholders after deducting offer-related expenses.
GMPof the Mamata Machinery Limited IPO
As of December 17, 2024, the Mamata Machinery IPO has a Grey Market Premium (GMP) of ₹111. With the price band set at ₹243 per share, the estimated listing price is ₹354. This implies a potential gain of 45.68% per share, which suggests strong market demand for the stock.
Company Overview
Mamata Machinery Limited, founded in April 1979, manufactures machines for producing plastic bags, pouches, packaging, and extrusion equipment. The company serves the packaging industry, catering primarily to the FMCG, food, and beverage sectors.
Its notable clients include Balaji Wafers, Chitale Foods, Om Flex India, and Gits Food Products. The company exports to over 75 countries and has international offices in Bradenton, Florida, Montgomery, Illinois, and sales agents in Europe, South Africa, and Asia.
Financials
Mamata Machinery Limited has shown solid financial performance. The company’s revenue increased by 14.84% compared to the previous year, and its profit after tax (PAT) grew by 60.52% for the financial year ending March 31, 2024.
SWOT Analysis of Mamata Machinery Limited
STRENGTHS
WEAKNESSES
Long-established presence in the packaging machinery market. A wide international reach, exporting to over 75 countries. Strong client base across various industries, including FMCG and food & beverage sectors.
Heavy reliance on the packaging industry can be subject to market fluctuations. Dependence on the global export market exposes the company to currency risks and geopolitical instability.
OPPORTUNITIES
THREATS
Growing demand for packaging machinery in emerging markets. Expansion of product offerings and penetration in new regions.
Intense competition from both domestic and international players in the machinery manufacturing sector. Fluctuations in raw material prices affect profit margins.
Sanathan Textiles IPO is a book-built issue worth ₹550.00 crores. The issue comprises a fresh issue of 1.25 crore shares, aggregating to ₹400.00 crores, and an offer for sale of 0.47 crore shares, totaling ₹150.00 crores. Retail investors can apply for a minimum lot size of 46 shares, requiring an investment of ₹14,766. For sNII, the minimum lot size is 14 lots (644 shares), amounting to ₹2,06,724; for bNII, it is 68 lots (3,128 shares), totaling ₹10,04,088.
Investment in its subsidiary, Sanathan Polycot Private Limited, for debt repayment.
General corporate purposes.
GMP of Sanathan Textiles Limited IPO
As of December 17, 2024, the Grey Market Premium (GMP) for Sanathan Textiles IPO stands at ₹0. With a price band cap of ₹321, the estimated listing price is ₹321, reflecting no premium or discount (0.00%).
Company Overview
Sanathan Textiles Limited, incorporated in 2005, is a leading polyester yarn manufacturer and a global supplier of cotton yarn. The company operates in three key segments: polyester, cotton yarn, and technical textiles. These technical yarns cater to automotive, healthcare, construction, sports, and protective wear industries.
The company has over 3,200 active yarn varieties and over 45,000 stock-keeping units (SKUs). It can manufacture over 14,000 yarn varieties and 190,000 SKUs for diverse applications. As of June 30, 2024, the company had over 925 distributors across India and six other countries, including Canada, Germany, and Israel.
Financial Strength
Sanathan Textiles reported a decline in performance for the year ending March 31, 2024. Revenue fell by 11%, and the profit after tax (PAT) decreased by 12% compared to the previous year.
SWOT Analysis of Sanathan Textiles Limited
STRENGTHS
WEAKNESSES
Wide product portfolio with extensive SKUs.
Strong presence in domestic and international markets.
Established relationships with distributors globally.
The recent decline in financial performance.
Dependence on the textile industry is cyclical and sensitive to market demand.
OPPORTUNITIES
THREATS
Growing demand for technical textiles in emerging sectors like healthcare and automotive.
Expansion opportunities in untapped global markets.
Volatile raw material prices impact margins.
Competition from domestic and international textile manufacturers.
Concord Enviro Systems IPO is a book-built issue totaling ₹500.33 crores. The issue consists of a fresh issue of 0.25 crore shares aggregating ₹175.00 crores and an offer for sale of 0.46 crore shares worth ₹325.33 crores. The price band is set between ₹665 and ₹701 per share.
The minimum lot size is 21 shares, requiring a retail investment of ₹14,721. The minimum investment for sNII is 14 lots (294 shares) at ₹2,06,094, and for bNII, it is 68 lots (1,428 shares) at ₹10,01,028.
Objectives of the Concord Enviro Systems Limited IPO
The funds will be utilized for the following purposes:
Capital expenditure for the greenfield project in the UAE (assembly unit).
Expansion of manufacturing facilities for the Vasai project.
Purchase of plant and machinery.
Prepayment/repayment of borrowings by Concord Enviro FZE.
Working capital requirements for Concord Enviro FZE.
Investment in the joint venture Reserve Enviro Pvt. Ltd. for business growth.
Investment in technology and new market initiatives.
General corporate purposes.
GMP of Concord Enviro Systems Limited IPO
The Grey Market Premium (GMP) for Concord Enviro Systems IPO is ₹0 as of December 17, 2024. With a price band cap of ₹701, the estimated listing price remains ₹701, showing no premium or discount (0.00%).
Company Overview
Incorporated in July 1999, Concord Enviro Systems Limited specializes in global water and wastewater treatment and reuse solutions, including zero-liquid discharge (ZLD) technology. The company offers integrated services, including design, installation, operations and maintenance (O&M), and IoT-based digital solutions.
Concord Enviro’s operations are divided into four key areas:
Manufacturing and sale of water treatment, reuse, and ZLD systems.
Operations and maintenance services.
Sale of consumables and spare parts, including membranes, plants, and chemicals.
Installation of compressed biogas plants (CBG).
Financial Strength
The company has shown robust financial growth. Between FY 2023 and FY 2024, revenue grew by 46%, while profit after tax (PAT) surged by 655%, showcasing strong operational efficiency.
SWOT Analysis of Concord Enviro SystemsLimited
STRENGTHS
WEAKNESSES
Comprehensive solutions for water treatment and reuse.
Strong financial performance with high-profit growth.
Advanced ZLD technology catering to sustainability goals.
Greater influence of industrial demand for water treatment.
Capital-intensive projects that may impact cash flow.
OPPORTUNITIES
THREATS
Growing global demand for wastewater treatment and ZLD solutions.
Expansion into international markets and IoT-based digital solutions.
Competition from domestic and global players in water treatment.
Regulatory changes and delays in large-scale industrial projects.
Ventive Hospitality IPO is a book-built issue worth ₹1,600.00 crores. The issue consists entirely of a fresh issue of 2.49 crore shares. The IPO price band is between ₹610 and ₹643 per share. The IPO will list on BSE and NSE, with the tentative listing date scheduled for Monday, December 30, 2024.
The minimum lot size for retail investors is 23 shares, requiring an investment of ₹14,789. For sNII, the minimum lot size is 14 lots (322 shares) at ₹2,07,046; for bNII, it is 68 lots (1,564 shares) at ₹10,05,652.
The company plans to use the funds for the following purposes:
Repayment/prepayment, in part or full, of certain borrowings.
Payment of interest accrued on borrowings for the company and its step-down subsidiaries.
Investments in subsidiaries SS & L Beach Private Limited and Maldives Property Holdings Private Limited.
General corporate purposes.
GMP
As of December 17, 2024, the Grey Market Premium (GMP) for Ventive Hospitality IPO is ₹0. Based on the cap price of ₹643, the estimated listing price remains ₹643, reflecting no premium or discount (0.00%).
Company Overview
Incorporated in February 2002, Ventive Hospitality Limited operates in the hospitality sector, focusing on the business and leisure segments. The company develops and manages luxury hotels and resorts in India and the Maldives.
As of September 30, 2024, Ventive Hospitality manages 11 operational assets comprising 2,036 keys across upscale segments. Global hospitality giants like Marriott, Hilton, Minor, and Atmosphere operate or franchise their properties. Key assets include JW Marriott Pune, The Ritz-Carlton Pune, Conrad Maldives, Anantara Maldives, and Raaya by Atmosphere Maldives.
Financial Strength
Between FY 2023 and FY 2024, the company’s revenue grew by 8%. However, profit after tax (PAT) significantly declined, dropping by -526%, indicating substantial financial pressure.
SWOT Analysis of Ventive Hospitality Limited
STRENGTHS
WEAKNESSES
Strong presence in luxury hospitality with high-end assets in prime locations.
Partnerships with global operators like Marriott and Hilton.
Diversified geographical presence, including popular destinations like the Maldives.
Strong dependence on borrowings, leading to financial instability.
Significant decline in PAT, raising profitability concerns.
OPPORTUNITIES
THREATS
Growth in luxury travel and hospitality demand post-pandemic.
Expansion opportunities in premium spiritual and cultural destinations.
Economic downturns affect leisure and business travel.
Rising competition in the upscale hospitality segment.
Senores Pharmaceuticals IPO is a book-built issue comprising a fresh issue worth ₹50 crore and an offer for sale of 0.21 crore shares. The IPO will open for subscription on December 20, 2024, and close on December 24, 2024. The allotment is expected to be finalized on Thursday, December 26, 2024. The company’s shares will list on BSE and NSE, with a tentative listing date set for Monday, December 30, 2024.
Objectives of the Senores Pharmaceuticals Limited IPO
The company aims to use the funds for the following purposes:
Investment in subsidiary Havix Group, Inc. to set up a sterile injection manufacturing facility in Atlanta.
Repayment or prepayment of borrowings availed by the company.
Repayment or prepayment of borrowings availed by Havix Group, Inc.
Funding the company’s working capital requirements.
Funding working capital requirements for subsidiaries Senores Pharmaceuticals Inc. and Ratnatris Pharmaceutical Private Limited.
Supporting inorganic growth, acquisitions, and general corporate purposes.
GMP of Senores Pharmaceuticals Limited IPO
The Grey Market Premium (GMP) for Senores Pharmaceuticals IPO has not been announced yet.
Company Overview
Incorporated in December 2017, Senores Pharmaceuticals Limited develops and manufactures pharmaceutical products for regulated markets such as the US, Canada, and the UK and serves emerging markets.
The company’s portfolio includes a wide range of tablets and capsules like Amphetamine Sulfate, Hydroxychloroquine Sulfate, Ketoconazole, and more. As of September 30, 2024, Senores has launched 55 products in key therapeutic segments, particularly antibiotics and anti-fungal treatments. They have established partnerships with distributors and hospitals across various states in India.
Financial Strength
The company has demonstrated impressive financial growth. Between FY 2023 and FY 2024, revenue increased by 457%, while profit after tax (PAT) rose by 288%, showcasing strong performance and scalability.
SWOT Analysis of Senores Pharmaceuticals Limited
STRENGTHS
WEAKNESSES
Rapid revenue and profit growth in regulated markets.
Strong portfolio with 55 products across critical therapeutic segments.
Established presence in key global markets like the US, Canada, and the UK.
Heavy reliance on subsidiaries for manufacturing and growth.
Dependency on regulatory approvals to launch new products in international markets.
OPPORTUNITIES
THREATS
Expansion in emerging markets and untapped geographies.
New product launches and increased focus on sterile injection manufacturing.
Stringent regulatory requirements in the US and other regulated markets.
Rising competition from global and domestic pharmaceutical players.
Having covered all the mainboard IPOs scheduled for this week, let’s now focus on the 3 SME IPOs set to hit the market. These offerings come from various sectors, including infrastructure, VFX, and steel, providing a diverse set of opportunities for investors.
These companies aim to raise ₹71.72 crore, catering to different investor preferences and goals. With such a varied lineup, there’s something for everyone looking to explore niche segments. Let’s dive into the key highlights of each SME IPO and see what they have to offer.
This week brings exciting IPO opportunities, ranging from established names like Transrail Lighting Limited and DAM Capital Advisors to promising SME offerings. Investors have various choices, whether they prefer large-scale investments or stocks with high-growth potential in niche markets.
As always, analyzing the details carefully and weighing the risks before making any investment decisions is crucial. As these IPOs debut in the market, look for more updates and insights.
Disclaimer Note: The securities quoted, if any, are for illustration only and are not recommendatory. This article is for education purposes only and shall not be considered as a recommendation or investment advice by Equentis – Research & Ranking. We will not be liable for any losses that may occur. Investments in the securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI, membership of BASL & the certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.
Did you participate in the recent Vishal Mega Mart IPO? The Gurugram-based hypermarket chain’s public offering generated significant investor interest and closed with an impressive 27.28-times oversubscription. With the bidding window closing, investors eagerly await the allotment status.
To check your allotment status, we explain everything you need about the Vishal Mega Mart IPO, from subscription details to Grey Market Premium (GMP).
Strong Investor Response to Vishal Mega Mart IPO
The Gurugram-basedVishal Mega Mart opened its IPO for bidding from December 11 to December 13. It offered shares at a price band of ₹74-78 per share, with a minimum lot size of 190 shares. The IPO aimed to raise ₹8,000 crore entirely through an offer-for-sale (OFS) of up to 1,02,56,41,025 equity shares.
The subscription details reveal the immense interest among various categories of investors:
Qualified institutional buyers (QIBs)
Subscribed 80.75 times
Non-institutional investors (NIIs)
Subscribed 14.24 times
Retail investors
Subscribed 2.31 times
The IPO received bids for 20,64,25,17,700 equity shares against the 75,67,56,757 shares on offer, garnering bids worth ₹1.60 lakh crore. Of this, QIBs alone accounted for ₹1.36 lakh crore worth of bids, underscoring the strong demand from institutional investors. Source: Mint
Key Dates and Allotment Process
The allotment status of Vishal Mega Mart IPO is expected to be finalized soon. Under the ‘T+3’ listing rule, the IPO must be listed within three days of the subscription closure, making this a highly anticipated event for investors.
What Happens Post-Allotment?
Once the allotment is finalized:
Shares will be credited to the demat accounts of successful bidders.
Refunds for unsuccessful applications will be initiated on the same day.
Financial Strength and Business Overview
Founded in 2001, Vishal Mega Mart operates as a prominent hypermarket chain in India, offering a diverse range of products under its General Merchandise and Food and Groceries sections. Key highlights of the business:
Retail Presence: Operates 645 franchised stores in 414 cities with over 11 million square feet of retail space.
Ownership: Acquired by Switzerland’s Partners Group and India’s Kedaara Capital in 2018.
Product Categories: The General Merchandise section includes home and kitchen appliances alongside travel products, while the Food and Groceries section features FMCG items such as personal and household care essentials.
Financial Performance:
Revenue grew by 17.41% between FY23 and FY24, reflecting strong operational efficiency and market demand.
Profit after tax (PAT) surged by 43.78% during the same period, underscoring the company’s ability to enhance profitability.
Market Capitalization: Stands at ₹35,168.01 crore, highlighting its strong market positioning.
Vishal Mega Mart shares show a bullish trend in the unlisted market, supported by a decent grey market premium (GMP). According to stock market observers, today’s Vishal Mega Mart IPO GMP is ₹19 per share. This indicates that Vishal Mega Mart shares are trading ₹19 higher in the grey market compared to their issue price.
Based on the current GMP of ₹19, the estimated listing price of the shares is₹97 per share. This represents a premium of 24.36% over the IPO price of ₹78 per share. The positive GMP suggests strong investor sentiment and expectations of robust performance upon listing. Source: Mint
How to Check Vishal Mega Mart IPO Allotment Status
If you’ve applied for the IPO, here’s how you can check your allotment status:
Select the IPO name (only available if the allotment is finalized).
Choose your preferred mode for verification: Application Number, Demat Account Number, or PAN ID.
Specify your application type (ASBA or non-ASBA).
Fill in the necessary details and captcha.
Submit the form to view your allotment status.
Registrar and Lead Managers
KFin Technologies Limited, the official registrar, is handling the IPO process. KFinTech is responsible for processing applications, managing refunds, and resolving investor queries. The lead managers for the IPO include:
Kotak Mahindra Capital Company
ICICI Securities
Intensive Fiscal Services
Jefferies India
JP Morgan India
Morgan Stanley India
Conclusion
The Vishal Mega Mart IPO has drawn significant participation from all categories of investors, with high subscription levels among QIBs, NIIs, and retail investors. This indicates broad-based interest in the company and its growth potential. As the next key step, investors who have applied for shares are advised to check their allotment status through the BSE or KFinTech portals.
With its established presence in the Indian retail market, consistent financial growth, and buoyant grey market sentiment, market participants are closely watching the IPO’s listing. Whether you’re a retail investor or an institutional player, keeping track of the allotment and understanding the steps to verify your status is crucial. Stay updated to ensure you don’t miss out on any key developments.
Disclaimer Note: The securities quoted, if any, are for illustration only and are not recommendatory. This article is for education purposes only and shall not be considered as a recommendation or investment advice by Equentis – Research & Ranking. We will not be liable for any losses that may occur. Investments in the securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI, membership of BASL & the certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.
This week is packed with IPO activity, with 11 IPOs set to debut in the market. 5 mainboard IPOs are drawing attention, including well-known names like Vishal Mega Mart and One Mobikwik. On the other hand, 6 SME IPOs are targeting a collective sum of ₹145 crore.
The mainboard IPOs aim for a significantly larger amount, with a combined target of ₹18,337 crore. With such a busy lineup, let’s dive into the key details of each of these IPOs and see what they have to offer.
Vishal Mega Mart Limited
Vishal Mega Mart is set to launch its ₹8,000 crore IPO, entirely structured as an offer for sale (OFS) of 102.56 crore shares. The IPO will open for subscription on December 11, 2024, and close on December 13, 2024. Allotments are expected to be finalized by December 16, 2024, with shares slated to list on the BSE and NSE on December 18, 2024.
Investors can apply with a minimum lot size of 190 shares, requiring an investment of ₹14,820 for retail participants. Small non-institutional investors (sNII) need a minimum of 14 lots (2,660 shares), amounting to ₹207,480, while big non-institutional investors (bNII) need at least 68 lots (12,920 shares), requiring ₹1,007,760.
Vishal Mega Mart Limited Grey Market Premium (GMP)
As of December 9, 2024, Vishal Mega Mart’s IPO has a Grey Market Premium (GMP) of ₹23, with a price band of ₹78 per share. This suggests an estimated listing price of ₹101 per share, representing a potential gain of 29.49% on the listing day. The strong GMP indicates positive investor sentiment and could hint at a good demand for the IPO.
Objectives of the Vishal Mega Mart Limited IPO
This IPO is an Offer for Sale (OFS), and Vishal Mega Mart will not directly receive any proceeds from the issue.
The proceeds will go to the promoter-selling shareholder after deducting taxes and IPO-related expenses.
Company Overview
Vishal Mega Mart, established in 2001, is a leading hypermarket chain in India, offering products like apparel, groceries, electronics, and home essentials. Catering to middle and lower-middle-income groups, it operates 645 stores across 414 cities in 28 states and two union territories (as of September 30, 2024). With a growing digital presence via its app and website, the company follows an asset-light model, leasing stores and sourcing products from third-party manufacturers to optimize costs and scalability.
Financial Strength
Vishal Mega Mart has demonstrated good financial performance in recent years. Between FY23 and FY24, the company’s revenue grew by 17.41%, reflecting its strong operational efficiency and market demand. Its profit after tax (PAT) surged by 43.78% during the same period
Established presence with 645 stores across India and a strong digital platform.
Asset-light model minimizes fixed costs and enhances operational flexibility.
Diversified product portfolio catering to essential consumer needs.
Consistent financial growth with a significant rise in revenue and profitability.
Heavy reliance on third-party vendors for product sourcing.
IPO proceeds will not benefit the company directly, limiting immediate growth funding.
OPPORTUNITIES
THREATS
Expansion potential in Tier-III and rural markets.
Growing demand for affordable retail options among price-conscious consumers.
Scope for strengthening its e-commerce presence to complement its physical stores.
Intense competition from retail giants and e-commerce platforms.
Vulnerability to economic downturns affecting consumer spending in its target demographic.
Dependency on leased infrastructure, which could pose operational challenges.
Sai Life Sciences Limited
Sai Life Sciences is launching its ₹3,042.62 crore IPO, a combination of a fresh issue of ₹950 crores and an offer for sale (OFS) of ₹2,092.62 crores, comprising a total of 5.54 crore shares. The IPO will open for subscription on December 11, 2024, and close on December 13, 2024. Allotments are scheduled to be finalized on December 16, 2024, with the listing expected on December 18, 2024, on the BSE and NSE.
The price band is set at ₹522 to ₹549 per share, with a minimum lot size of 27 shares. For retail investors, the minimum investment required is ₹14,823. For small non-institutional investors (sNII), the minimum investment is ₹207,522 for 14 lots (378 shares), while for big non-institutional investors (bNII), it is ₹1,007,964 for 68 lots (1,836 shares).
Grey Market Premium of Sai Life Sciences Limited (GMP)
Sai Life Sciences IPO has a Grey Market Premium (GMP) of ₹42, as of December 9, 2024, 09:00 AM. Based on the cap price of ₹549, the estimated listing price is ₹591 per share, indicating a potential gain of 7.65%. The GMP reflects moderate optimism among investors.
Objectives of the Premium IPO
To repay or prepay certain outstanding company borrowings in full or in part.
For general corporate purposes.
Company Overview
Incorporated in January 1999, Sai Life Sciences Limited specializes in researching, developing, and manufacturing new chemical entities for small molecules. The company provides customized services to biotech and global pharmaceutical companies, catering to the unique needs of over 280 pharmaceutical innovators in FY24, including 230 clients as of September 30, 2024. Impressively, Sai Life Sciences collaborates with 18 of the top 25 global pharmaceutical companies ranked by revenue in 2023.
The company serves clients across major markets, including the US, UK, Europe, and Japan, and a highly experienced business development team supports it. This team comprises 16 professionals, strategically positioned with six in the US, nine in the UK and Europe, and one in Japan.
Financial Strength
Sai Life Sciences has demonstrated good financial growth between FY23 and FY24. The company’s revenue grew by 20%, while its profit after tax (PAT) surged by 729%.
Long-term partnerships with leading global pharmaceutical companies.
Established presence in key markets like the US, UK, Europe, and Japan.
Diverse service offerings spanning drug discovery, development, and manufacturing.
Outstanding financial performance with a 729% PAT growth in FY24.
Revenue concentration from a limited number of large clients.
Exposure to shifts in global pharma sector demand.
OPPORTUNITIES
THREATS
Increasing reliance on outsourcing by global biotech and pharma firms.
Expansion potential in underserved and emerging markets.
Ability to scale niche services in discovery and development.
Competitive pressure from global CRO and CDMO players.
Complex regulatory landscapes in multiple jurisdictions.Risk of disruption from evolving pharmaceutical technologies.
One Mobikwik Systems Limited
One Mobikwik Systems Limited is launching a ₹572 crore IPO, fully comprising a fresh issue of 2.05 crore shares. The allotment will be finalized on December 16, 2024, with shares expected to list on the BSE and NSE on December 18, 2024. Investors can apply for a minimum lot size of 53 shares, requiring an investment of ₹14,787. Small non-institutional investors (sNII) must invest ₹207,018 for 14 lots (742 shares), while big non-institutional investors (bNII) need ₹1,005,516 for 68 lots (3,604 shares).
Grey Market Premium of One Mobikwik Systems Limited(GMP)
The IPO has a GMP of ₹95 as of December 9, 2024, with an estimated listing price of ₹374 per share, based on the cap price of ₹279. This reflects a potential gain of 34.05%, indicating strong demand in the market.
Invest in data, machine learning, AI, products, and technology.
Capital expenditure for the payment devices business.
General corporate purposes.
Company Overview
Incorporated in 2008, Mobikwik is a fintech company offering digital wallets and online payment services. It enables users to pay bills, recharge mobile phones, shop online and offline, transfer money, check bank balances, and make payments through QR codes or credit cards.
The company has introduced innovative solutions like MobiKwik ZIP, ZIP EMI, and Merchant Cash Advance. These leverage digital infrastructure like Aadhaar and NSDL to provide seamless, digital-first financial experiences.
Financial Strength
Between FY23 and FY24, Mobikwik achieved 59% revenue growth and saw its profit after tax (PAT) rise by an impressive 117%, reflecting its strong financial performance and operational scalability.
Established presence in the digital payment ecosystem.
Innovative products like MobiKwik ZIP and ZIP EMI.
Significant revenue and profit growth in FY24.
High competition in the fintech sector.
Reliance on partnerships for certain financial products.
OPPORTUNITIES
THREATS
Increasing adoption of digital payments in India.
Expansion in underserved markets.Potential to enhance offerings using AI and ML.
Regulatory risks in fintech operations.
Market competition from established players like Paytm and PhonePe.
Dependency on public digital infrastructure for operations.
Inventurus Knowledge Solutions Limited
Inventurus Knowledge Solutions Limited is launching a ₹2,497.92 crore IPO, entirely an offer for sale of 1.88 crore shares. The IPO opens on December 12, 2024, and closes on December 16, 2024.
The allotment date is December 17, 2024, and shares are expected to list on the BSE and NSE on December 19, 2024. Investors can apply for a minimum lot size of 11 shares, requiring an investment of ₹14,619. Small non-institutional investors (sNII) must invest ₹204,666 for 14 lots (154 shares), while big non-institutional investors (bNII) need ₹1,008,711 for 69 lots (759 shares).
Grey Market Premium of Inventurus Knowledge Solutions Limited (GMP)
The IPO has a GMP of ₹225 as of December 9, 2024, with an estimated listing price of ₹1,554 per share, based on the cap price of ₹1,329. This reflects a potential gain of 16.93%, suggesting moderate market interest.
Objectives of Inventurus Knowledge Solutions Limited IPO
Proceeds will be entirely allocated to the selling shareholders, with no funds going to the company.
Company Overview
Incorporated in 2006, Inventurus Knowledge Solutions (IKS Health) specializes in providing administrative support to healthcare enterprises. Its services include clinical support, virtual medical scribing, and medical documentation management, helping doctors and healthcare providers reduce paperwork burdens.
IKS Health’s platform supports outpatient care, such as observation, diagnosis, and treatment without hospital admission, and inpatient care, which involves medical services requiring hospital stays. The company focuses on enhancing patient care delivery and reducing administrative bottlenecks for healthcare providers.
Financial Strength
Inventurus Knowledge Solutions recorded a 75.25% revenue growth and a 21.38% increase in PAT in FY24 compared to FY23, demonstrating strong operational performance and profitability.
SWOT Analysis of Inventurus Knowledge Solutions Limited
STRENGTHS
WEAKNESSES
Unique position in healthcare administrative support.
Strong revenue growth with stable profitability.
Established presence in both outpatient and inpatient care services.
Strong dependance on the healthcare sector for business.
Limited diversification in revenue streams.
OPPORTUNITIES
THREATS
Growing demand for healthcare outsourcing.
Potential expansion into international healthcare markets.
Increasing need for virtual healthcare solutions..
Regulatory changes in the healthcare sector.
Competition from other healthcare technology providers.
Dependency on healthcare providers’ adoption of outsourcing.
International Gemological Institute (India) Limited
The International Gemological Institute (IGI) IPO is a book-built issue worth ₹4,225 crores, comprising a fresh issue of ₹1,475 crore and an offer for sale of ₹2,750 crores. The IPO opens for subscription on December 13, 2024, and closes on December 17, 2024. The allotment for the IPO is expected to be finalized on December 18, 2024, and the shares are likely to list on BSE and NSE on December 20, 2024.
Grey Market Premium of International Gemological Institute (India) Limited (GMP)
As of December 9, 2024, the GMP for the IGI IPO stands at ₹107.50, indicating an expected listing price of ₹524.50 (cap price of ₹417 plus the GMP). This reflects a potential gain of 25.78%, suggesting strong market interest and positive sentiment for the IPO.
Objectives of International Gemological Institute (India) Limited IPO
The company plans to use the net proceeds from the IPO for the following purposes:
Payment for acquiring the IGI Belgium Group and IGI Netherlands Group from the promoter.
General corporate purposes.
Company Overview
Incorporated in February 1999, the International Gemmological Institute (IGI) India is a leading diamond, gemstone, and jewelry certification and grading organization. The company provides independent grading reports for diamonds and gemstones based on internationally accepted standards, assessing key characteristics like color, cut, clarity, and carat weight.
IGI operates 31 laboratories worldwide and provides grading services for natural diamonds, lab-grown diamonds, gemstones, and finished jewelry. The company also runs 18 gemology schools that graduate thousands of students annually. IGI is renowned for its expertise and is a trusted name in the global gem and jewelry industry.
Financial Strength
IGI has shown consistent growth in its financials. As of September 30, 2024, the company recorded a revenue of ₹619.49 crore, significantly rising from ₹374.29 crore in 2021. Similarly, PAT increased from ₹171.53 crore in 2021 to ₹326.06 crore in September 2024, reflecting profitability and operational efficiency.
SWOT Analysis of International Gemological Institute (India) Limited
STRENGTHS
WEAKNESSES
Global recognition in gem and jewellery certification.Strong presence in 31 laboratories worldwide.Well-established reputation in the diamond and gemstone grading industry.
Dependence on the gem industry, which can be cyclical.Limited diversification outside grading and certification.
OPPORTUNITIES
THREATS
Expansion of gemology schools and educational offerings.Growing demand for lab-grown diamonds and sustainable gemstones.Potential to expand market share in emerging markets.
Intense competition from other gem certification agencies.Changes in regulations or standards in the grading industry.Fluctuations in the global diamond market, impacting demand.
SME IPOs launching this week
Now that we’ve discussed all the mainboard IPOs scheduled for this week, it’s time to shift our focus to the 6 SME IPOs set to debut. These IPOs span various sectors, offering opportunities in industries such as aggrotech, marketing consulting, fashion, and transformers.
Together, these companies are looking to raise a total of ₹145 crore from the market. With such a diverse mix of businesses, investors can find options across different sectors that align with their interests and investment goals. Let’s take a closer look at the key details of each of these SME IPOs and what they bring to the table.
With a diverse range of IPOs launching this week, from major players like Vishal Mega Mart and One Mobikwik to promising SME offerings, investors have plenty of opportunities to explore. Whether you’re looking at large-scale investments or smaller, high-growth potential stocks, this week’s IPOs offer something for everyone. As always, reviewing the details and assessing the risks before making any investment decisions is important. Stay tuned for further updates and insights on these IPOs as they begin their market journey.
Disclaimer Note: The securities quoted, if any, are for illustration only and are not recommendatory. This article is for education purposes only and shall not be considered as a recommendation or investment advice by Equentis – Research & Ranking. We will not be liable for any losses that may occur. Investments in the securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI, membership of BASL & the certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.
The ₹114.24-crore Nisus Finance Services IPO has seen strong investor participation since it opened for bidding on Wednesday. On Day 1, the IPO was fully subscribed within hours, with the overall subscription reaching 3.13 times by the end of the day.
The momentum continued into Day 2, with the subscription rising to 7.08 times by 11 AM. Retail investors accounted for a significant portion of the demand, subscribing 10.48 times their allotted shares. This early response highlights investor interest in the company, offering shares in a price band of ₹170 to ₹180 each, with a minimum lot size of 800 shares. Let’s explore in detail what the Nisus Finance IPO has to offer.
Nisus Finance IPO Details:
The ₹114.24-crore Nisus Finance Services IPO opened for bidding on Wednesday and quickly gained attention, achieving full subscription on its first day. The SME IPO includes a fresh issue of 56.46 lakh shares, raising ₹101.62 crore, with an offer-for-sale (OFS) of 7.01 lakh shares valued at ₹12.61 crore. The price band has been set between ₹170 and ₹180 per share, with investors required to apply for a minimum lot size of 800 shares, translating to a minimum investment of ₹1,44,000.
Key milestones in the IPO timeline include finalizing share allotment status by December 9, refunding non-allottees on December 10, and listing on the BSE SME platform on December 11.
Subscription Status
On its opening day, the IPO achieved a subscription rate of 3.13 times, with bids for 1,31,44,800 shares against the 42,05,600 shares on offer. Retail investors showed significant enthusiasm, contributing a subscription rate of 10.48 times. By 11 AM on Day 2, the IPO had garnered an overall subscription of 7.08 times, indicating strong market interest.
The current GMP for the Nisus Finance Services IPO is ₹55 (as of December 5, 2024, 9:59 AM). Based on the upper price band of ₹180, the estimated listing price is ₹235, reflecting a 30.56% gain per share.
Objectives of the IPO
The company plans to utilize the net proceeds from the IPO for:
Infrastructure Expansion:
Setting up operations in IFSC-Gift City (India), DIFC-Dubai (UAE), and FSC-Mauritius.
Distribution and Fundraising:
Covering distribution and placement costs for fund creation in Indian and international markets.
Capital Augmentation:
Strengthening the capital base of its associate company, Nisus Fincorp Private Limited (an RBI-registered NBFC).
General Corporate Purposes:
Supporting operational and expansion needs.
Company Overview
Nisus Finance Services Co. Limited, headquartered in India, was established in 2013. Operating under the ‘Nisus Finance Group’/’NiFCO’ brand, the company offers:
Transaction Advisory Services.
Real Estate and Urban Infrastructure Fund Management: Through subsidiaries like Nisus Finance & Investment Managers LLP and Nisus Finance International Advisors IFSC LLP.
Financing: Via its NBFC subsidiary, Nisus Fincorp Private.
The company has a diversified operational framework, engaging in asset management and financing across multiple geographies, including India, Dubai, and Mauritius.
Nisus Finance Services demonstrated an improved growth:
Revenue Growth: Increased by 266.16% between FY23 and FY24.
Profit After Tax (PAT): Achieved a staggering 663.29% growth over the same period.
This financial momentum underscores the company’s ability to capitalize on its transaction advisory and financing niche.
SWOT Analysis of Nisus Finance Services
STRENGTHS
WEAKNESSES
Diversified Portfolio: Engaged in advisory services, asset management, and financing.
Geographical Reach: Operations in India and international financial hubs.
Robust Financial Growth: Consistent revenue and PAT increases signal strong market positioning.
High Dependency on Real Estate: The company’s significant exposure to the real estate sector makes it vulnerable to market fluctuations.
Limited Brand Recognition: As a relatively new player, it may face challenges in competing with established financial giants.
OPPORTUNITIES
THREATS
Government Initiatives: Benefiting from policies like “Atmanirbhar Bharat” promoting self-reliance.
Global Expansion: Strategic presence in international financial centers opens up avenues for foreign investments.
Regulatory Risks: Changes in financial and real estate regulations could impact operations.
Market Competition: Intense competition from other NBFCs and financial service providers.
Final Thoughts
The ₹114.24-crore Nisus Finance Services IPO has demonstrated a promising start, reflecting investor confidence in its growth story and expansion plans. With a clear focus on leveraging technology, strengthening its capital base, and exploring international markets, the company is positioning itself for long-term success.
Disclaimer Note: The securities quoted, if any, are for illustration only and are not recommendatory. This article is for education purposes only and shall not be considered as a recommendation or investment advice by Equentis – Research & Ranking. We will not be liable for any losses that may occur. Investments in the securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI, membership of BASL & the certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.
The IPO market is abuzz with activity today as two highly anticipated offerings—one from the mainboard and another from the SME segment—reach their final day of bidding. Ganesh Infraworld IPO, representing the SME sector, has generated significant investor attention with an oversubscription of 21 times in just two days.
Suraksha Diagnostic IPO has also performed steadily on the mainboard, reflecting growing interest across market segments. As investors evaluate their options, let’s dive into the performance metrics of these two IPOs, including the latest subscription status and grey market premium (GMP) trends, to understand how they’re shaping up in the closing hours.
Ganesh Infraworld IPO
Ganesh Infraworld IPO is a book-built issue aimed at raising ₹98.58 crores. This is a fresh issue consisting of 118.77 lakh shares. The IPO opened for subscription on November 29, 2024, and will close on December 3, 2024. The allotment is expected to be finalized on December 4, 2024, with the listing scheduled on NSE SME for December 6, 2024.
The IPO requires a minimum lot size of 1,600 shares. Retail investors must invest at least ₹132,800, while HNIs must invest a minimum of ₹265,600 for 2 lots (3,200 shares).
As of the end of Day 2, the Ganesh Infraworld IPO has been subscribed 21.53 times overall. The retail investor portion saw the highest enthusiasm, with subscriptions reaching 33.02 times. Non-institutional investors (NII) followed closely, subscribing 18.72 times their allocated quota.
The qualified institutional buyers (QIB) segment, typically slower in early bidding, has also shown strong interest with a 3.51x subscription. As of 16:28 IST, the IPO had received bids for 16,11,47,200 shares against the 74,86,400 shares on offer, reflecting robust demand across all investor categories. Source:Mint
GMP (Grey Market Premium)
As of December 3, 2024, the grey market premium (GMP) for Ganesh Infraworld IPO is ₹68. Based on this, the estimated listing price is ₹151 per share, implying a substantial premium over the cap price of ₹83. Source: MoneyControl
Objectives of the IPO
The proceeds from the IPO will be utilized as follows:
To meet long-term working capital requirements.
For general corporate purposes.
Company Overview
Incorporated in 2017, Ganesh Infraworld Limited is a construction company with expertise across diverse sectors, including civil, industrial, residential, and commercial infrastructure. Its key business segments include:
Civil and Electrical Infrastructure Projects:
Construction of offices, hospitals, medical colleges, and commercial complexes.
Electrification of substations, power distribution lines, and installation of heavy machinery in power plants.
Road and Rail Infrastructure Development:
Road construction projects involving excavation, concrete layering, and finishes like seal coats.
Rail projects involving overhead equipment (OHE) design, testing, and commissioning.
Water Infrastructure Development:
Installation of water pipelines, reservoirs, and pumping systems.
Key projects include participation in the “Har Ghar Jal Mission” in Uttar Pradesh during 2022-23.
The company provides end-to-end EPC services, including planning, design, material supply, and project execution. Operating across multiple states like Rajasthan, Maharashtra, and Uttar Pradesh, Ganesh Infraworld boasts a clientele that includes prominent firms such as Magnum Ventures Limited and Jain International Power Limited.
Suraksha Diagnostic’s IPO comprises an Offer for Sale (OFS) of 19,189,330 equity shares, valued at ₹846.25 crore at the upper price band of ₹441 per share. This OFS will see the promoters and investor shareholders divest their stakes with no fresh issue of shares. The price band for the IPO is set at ₹420-₹441.
Ahead of the IPO, the company raised ₹254 crore from anchor investors, further solidifying its appeal among institutional participants. The IPO closes on December 3, 2024.
The IPO witnessed moderate investor interest during the first two days.
Day 1 (November 29, 2024): The IPO was subscribed 11% overall. The Retail Individual Investor (RII) segment saw a subscription rate of 20%, while the Non-Institutional Investors (NII) quota was subscribed 4%. The Qualified Institutional Buyers (QIB) segment remained unsubscribed.
Day 2 (December 2, 2024): Subscription levels increased to 25%. Retail investors led the charge with a 45% subscription in their reserved quota, while the NII segment followed with 13%. The QIB portion remained unsubscribed by the end of the second day.
According to BSE data, the IPO received bids for 34 lakh shares against the 1.34 crore shares available for subscription. Source: Mint
Grey Market Premium (GMP)
Suraksha Diagnostic’s IPO currently shows a grey market premium (GMP) of ₹0, indicating no premium over its issue price. This reflects subdued interest from grey market participants, which may influence listing expectations.
Objectives of the IPO
The proceeds from this IPO will not benefit the company directly. Instead, as it is an Offer for Sale (OFS), the funds raised will go entirely to the selling shareholders.
Company Overview
Established as a comprehensive diagnostic service provider, Suraksha Diagnostic operates through an expansive network:
A central reference laboratory and 8 satellite laboratories.
194 customer touchpoints, which include 48 diagnostic centers and 146 franchise-operated sample collection centers.
Its footprint spans states like West Bengal, Bihar, Assam, and Meghalaya. The company offers services in pathology, radiology, and medical consultations.
Both Ganesh Infraworld and Suraksha Diagnostic IPOs have garnered attention for different reasons. While Ganesh Infraworld’s IPO has shown robust investor interest and significant oversubscription, Suraksha Diagnostic’s IPO has seen moderate traction, reflecting mixed sentiment.
The grey market premiums for both IPOs highlight contrasting expectations, with Ganesh Infraworld indicating positive listing potential and Suraksha Diagnostic suggesting subdued demand. Before deciding, it is crucial to evaluate the fundamentals and align them with long-term investment goals.
Disclaimer Note: The securities quoted, if any, are for illustration only and are not recommendatory. This article is for education purposes only and shall not be considered as a recommendation or investment advice by Equentis – Research & Ranking. We will not be liable for any losses that may occur. Investments in the securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI, membership of BASL & the certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.
With December upon us, the Indian stock market is gearing up for a month full of potential. Despite the current market volatility, we are set to see significant activity in the primary markets, with over 10 companies ready to launch their Initial Public Offerings (IPOs).
In addition, seven other companies are preparing to list their shares on stock exchanges. This diverse influx of sectors—retail, finance, healthcare, and technology—opens valuable opportunities for investors to diversify their portfolios and capitalize on potential growth in this dynamic environment.
Why does December stand out for IPOs?
Historically, year-end typically brings increased market activity. Investors seek to capitalize on new opportunities, while companies strive to conclude the year with a financial boost. December is often recognized for its market stability, making it an appealing time for initial public offerings (IPOs). Many investors use December to diversify their portfolios and strategize for the upcoming year.
Overview of the Upcoming IPOs in December
This December, several companies across various sectors are entering the public market. These IPOs, which include a mix of established firms and ambitious startups, promise to add diversity to the investment landscape.
Let’s delve deeper into the upcoming IPOs in December 2024 and understand them better.
Name of the IPO
Date
Offer Size (cr)
Vishal Mega Mart
Not announced
8000
International Gemmological Institute (IGI) IPO
Not Announced
4000 (fresh issue 1250cr & OFS 2500cr)
Avanse Financial IPO
Not Announced
3500cr (fresh issue 1000 cr & OFS 2500 cr)
Property Share Investment Trust REIT
Dec 2nd – 4th
Fresh issue 352.9
Nisus Finance Services Co. IPO
Dec 4th – 6th
114.24
Emerald Tyre Manufacturers IPO
Dec 5th – 9th
49.26
Key Companies Launching IPOs in December 2024
1. Vishal Mega Mart IPO
Supermarket giant Vishal Mega Mart is preparing to make a significant splash in the primary market with its Rs 8,000 crore IPO. Scheduled for mid-December, this offering is entirely an Offer for Sale (OFS), with promoter Samayat Services LLP looking to offload its stake. The proceeds from the IPO will not benefit the company directly but will allow the promoter to capitalize on Vishal Mega Mart’s growth and market position.
This IPO is expected to attract considerable interest, given the company’s established presence in the retail sector. With a widespread network of stores nationwide and a strong focus on value-for-money products, Vishal Mega Mart appeals to the price-sensitive Indian consumer.
Offer Size: Rs 8,000 crore
Purpose: Stake offloading by the promoter
2. International Gemological Institute (IGI) IPO
The International Gemological Institute, a global diamond certification and grading leader, is another highly anticipated IPO. Owned by US private equity giant Blackstone, IGI plans to raise Rs 4,000 crore through its public offering. The IPO comprises a fresh issue of Rs 1,250 crore and an OFS component of Rs 2,750 crore.
The funds raised will acquire IGI Belgium and IGI Netherlands, reinforcing IGI’s global footprint in the gemological space. Additionally, part of the proceeds will go toward general corporate purposes. IGI’s IPO is expected to appeal to investors seeking exposure to the growing luxury goods and certification services market.
Offer Size: Rs 4,000 crore
Purpose: Acquisitions and corporate funding
3. Avanse Financial Services IPO
Avanse Financial Services, a Non-Banking Financial Company (NBFC) specializing in education loans, plans to raise Rs 3,500 crore. The IPO will consist of a fresh issue of Rs 1,000 crore and an OFS of Rs 2,500 crore. The fresh issue proceeds will bolster the company’s capital base, enabling it to meet the increasing demand for education financing.
Avanse has carved out a niche by offering tailored financial solutions for students, covering everything from tuition fees to living expenses. The company’s growth trajectory, underpinned by India’s expanding education sector, makes this IPO attractive for investors seeking long-term growth.
Offer Size: Rs 3,500 crore
Purpose: Capital base augmentation
Other Notable IPOs in December 2024
4. Property Share Investment Trust REIT
Property Share Investment Trust is set to raise Rs 352.91 crore through a fresh issue. The REIT offers investors a unique opportunity to gain exposure to high-quality commercial real estate without the need to buy the property outright.
This IPO, with a price band of Rs 10,00,000 to Rs 10,50,000 per share, targets high-net-worth individuals and institutional investors. The funds will acquire and manage income-generating properties, giving investors regular dividends and capital appreciation.
Open Date: Dec. 2
Close Date: Dec. 4
Listing Date: Dec. 9
5. Nisus Finance Services Co. IPO
Nisus Finance Services Co. will launch its Rs 114.24 crore IPO, offering shares at a price band of Rs 170-180 per share. The company provides innovative financial solutions, including real estate funding and structured credit.
By participating in this IPO, investors can tap into the growing demand for alternative financing in India, particularly in the real estate sector, which is undergoing significant growth.
Open Date: Dec. 4
Close Date: Dec. 6
Listing Date: Dec. 11
6. Emerald Tyre Manufacturers IPO
Emerald Tyre Manufacturers is set to raise Rs 49.26 crore through its IPO. The company targets small and mid-sized investors with a price band of Rs 90-95 per share. Emerald Tyre specializes in producing durable and cost-effective tires for domestic and international markets.
Given the increasing demand for automotive components, particularly in emerging markets, this IPO presents a promising opportunity for investors looking to benefit from the growth of the automobile industry.
Open Date: Dec. 5
Close Date: Dec. 9
Listing Date: Dec. 12
December 2024 IPO Listings
Several companies that launched their IPOs in November are slated to list in December, offering investors a chance to trade these newly issued stocks:
Ganesh Infraworld (Dec. 6)
Suraksha Diagnostic (Dec. 6)
Agarwal Toughened Glass India (Dec. 9)
Apex Ecotech (Dec. 10)
Abha Power and Steel (Dec. 12)
Rajputana Biodiesel (Dec. 15)
Rajesh Power Services (Dec. 16)
These listings are expected to bring liquidity and further excitement to the market, offering opportunities for both short-term gains and long-term investments.
Why December IPOs Are Exciting for Investors
December’s lineup of IPOs offers diverse opportunities across sectors such as retail, finance, real estate, and manufacturing. Each company has a unique value proposition, allowing investors to tailor their portfolios to their risk appetite and investment goals.
Moreover, year-end IPOs often benefit from heightened investor participation, as many look to close their annual financial planning on a high note. Companies like Vishal Mega Mart and IGI, with their strong brand presence and growth strategies, stand out as potential winners.
Tips for Investing in December IPOs
Research Thoroughly: Delve into the company’s financials, industry position, and growth prospects.
Understand the Risks: IPO investments come with risks; carefully evaluate market conditions and company valuations.
Diversify Your Portfolio: Don’t put all your eggs in one basket. Spread your investments across different sectors.
Monitor Allotments and Listing Gains: Know the allotment process and potential listing day gains.
How to Apply for an IPO in India
Ready to invest? Follow these steps:
Open a Demat Account
Select the IPO
Apply via ASBA or UPI
Wait for Allotment
Conclusion
December 2024 is shaping up to be a thrilling month for IPO enthusiasts. With a robust lineup spanning various industries, there’s something for every investor. Whether you seek growth stories like Vishal Mega Mart or steady income through REITs, the upcoming IPOs offer many opportunities.
Disclaimer Note: The securities quoted, if any, are for illustration only and are not recommendatory. This article is for education purposes only and shall not be considered as a recommendation or investment advice by Equentis – Research & Ranking. We will not be liable for any losses that may occur. Investments in the securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI, membership of BASL & the certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.
FAQ
What is the significance of an Offer for Sale (OFS) in an IPO?
An OFS allows existing shareholders, often promoters, to sell their stakes. It provides liquidity to shareholders without diluting the company’s equity.
Are December IPOs a safe bet for investors?
While IPOs can offer high returns, they also come with risks. Investors should carefully assess the company’s fundamentals and market conditions before investing.
How can retail investors apply for an IPO?
Retail investors can apply through their bank’s ASBA service or via UPI-enabled applications provided by brokers.
What factors should I consider before investing in an IPO?
Key factors include the company’s financial health, business model, market potential, and the broader economic environment.
Can IPO investments help diversify my portfolio?
Investing in IPOs can introduce new sectors and industries to your portfolio, enhancing diversification and potentially reducing risk.
Have you been keeping track of the market’s recent swings? You’re not alone if you’re feeling uncertain amid fluctuating numbers and shifting trends. Despite a turbulent trading session on November 27, the markets showed resilience, with both the Nifty 50 and Sensex closing positively. Here’s a closer look at how the day unfolded, the global cues influencing investor sentiment, and updates on the much-anticipated Enviro Infra IPO allotment.
Domestic Market Performance
The domestic benchmark indices exhibited notable volatility throughout the day. The Sensex rose by 230.02 points (0.29%) to close at 80,234.08, while the Nifty 50 gained 80.40 points (0.33%), settling at 24,274.90. This upward trend reflects the market’s underlying strength despite mixed global signals.
One factor that contributed to the day’s performance was the rebound in Adani Group stocks. However, this was partially offset by underperforming heavyweights, leading to a dynamic trading environment marked by frequent fluctuations. Investors remain optimistic, buoyed by strong earnings expectations for the second half of FY25, which continue to drive a healthy consolidation phase in Indian equities. Source: Business Standard
Global markets provided a mixed bag of cues, with Wall Street experiencing a decline due to concerns surrounding inflation and Federal Reserve policies.
In the U.S., consumer spending increased solidly in October, signaling sustained economic growth. However, progress in reducing inflation appeared stalled, prompting traders to anticipate a 25-basis-point rate cut at the Federal Reserve’s December meeting. While this expectation is positive, traders predict the Fed will leave rates unchanged in January and March 2025.
Dow Jones Industrial Average fell 136.31 points (0.31%) to 44,723.23.
S&P 500 declined 22.85 points (0.38%) to 5,998.78.
Nasdaq Composite lost 113.80 points (0.59%) to 19,061.78.
Technology stocks were the primary targets, with Dell slumping 12% and HP dropping nearly 6% after weaker-than-expected forecasts. Mega-cap stocks like Nvidia and Microsoft also faced downward pressure.
In the Asia-Pacific region, markets opened mixed. South Korea’s Kospi managed a modest recovery, up by 0.15%, after the Bank of Korea unexpectedly cut its interest rate. Meanwhile, Japan’s Nikkei dipped 0.30%, and Australia’s ASX 200 posted gains of 0.43%. Source: Business Standard
Key Developments in Commodities
Commodity markets witnessed notable shifts driven by geopolitical developments and currency fluctuations.
Oil prices edged lower on Wednesday as traders assessed the potential impact of a ceasefire agreement between Israel and Hezbollah and looked ahead to the OPEC+ meeting scheduled for Sunday. Speculation is mounting that the group may delay a planned output increase. Brent crude futures inched up 0.03% to $72.83 per barrel, while U.S. WTI crude slipped 0.07% to close at $68.72 per barrel.
Gold prices rebounded from a one-week low, supported by a weaker U.S. dollar. Spot gold was up 0.2%, trading at $2,635.99 per ounce, while U.S. gold futures gained 0.7% to reach $2,638.60 per ounce.
Spotlight on Enviro Infra Engineers IPO Allotment
The primary market continues to buzz with activity, capturing the interest of investors across various categories. Among the key highlights is the Enviro Infra Engineers IPO, which garnered overwhelming demand during its three-day bidding period. The issue saw an overall subscription of 89.90 times, driven by robust participation from all investor segments:
The allotment status for the Enviro Infra Engineers IPO will be announced today, and market participants are keenly awaiting the results. Given the strong subscription figures, the IPO has already built a reputation as one of the most sought-after offerings in the current cycle. Source: Livemint
Other IPOs in Action
Meanwhile, several other IPOs are making headlines. The Agarwal Toughened Glass India IPO (SME) opened for subscription today, offering retail and institutional investors an opportunity to explore this niche segment. On the other hand, the allotment status for Rajesh Power Services IPO (SME) is also expected to be finalized today. The SME IPO was oversubscribed 59 times.
Additionally, two other small and medium enterprise IPOs—Abha Power and Steel and Apex Ecotech—are currently in the second day of their subscription period. These IPOs have garnered notable interest, particularly from smaller investors looking to diversify into emerging sectors.
Today marks the final day of subscription for the Rajputana Biodiesel IPO (SME). This offering has drawn attention for its focus on sustainable energy solutions, an area increasingly favored by environmentally conscious investors.
Overall, the primary market’s vibrant activity signals sustained confidence among investors, driven by sectoral diversity, growth potential, and robust market sentiment. Investors are advised to stay informed about allotment announcements and monitor listing performances to evaluate the full impact of these IPOs on their portfolios.
What Lies Ahead?
As we approach year-end, investors will closely monitor global economic data, central bank decisions, and geopolitical developments. The domestic market continues to demonstrate resilience, underscored by healthy consolidation and robust earnings expectations. With IPO activity buzzing and key global events on the horizon, the markets promise an eventful finish to 2024.
Disclaimer Note: The securities quoted, if any, are for illustration only and are not recommendatory. This article is for education purposes only and shall not be considered as a recommendation or investment advice by Equentis – Research & Ranking. We will not be liable for any losses that may occur. Investments in the securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI, membership of BASL & the certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.
Were you one of the investors eagerly awaiting the allotment status of NTPC Green Energy’s IPO? The allotment has been finalized, and the IPO has garnered significant attention due to its focus on renewable energy and its strong financial performance.
In this article, we’ll explain how to check your allotment status, share insights on the latest grey market premium (GMP), and update you on the company’s listing date.
NTPC Green Energy IPO Details
The IPO of NTPC Green Energy, a Delhi-based renewable energy company, opened for bidding between November 19 and November 22, 2024. With a price band of ₹102-₹108 per share and a lot size of 138 shares, the company raised a total of ₹10,000 crore. This IPO was an entirely fresh issue comprising 92,59,25,926 equity shares.
Subscription Status
The IPO received decent interest from investors, with an overall subscription of 2.55 times by the final day:
Retail Investors: Subscribed 3.59 times the allotted quota.
The strong response from retail and institutional investors reflects confidence in NTPC Green Energy’s renewable energy initiatives.
NTPC Green Energy IPO GMP Today
The Grey Market Premium (GMP) for NTPC Green Energy IPO currently stands at ₹111 per share, approximately 2.78% higher than the upper price band ₹108. While the GMP fluctuates based on market sentiment, it suggests a modest premium over the issue price, pointing to a steady listing outlook.
Company Overview
Incorporated in April 2022, NTPC Green Energy Limited is a wholly-owned subsidiary of NTPC Limited, India’s largest power producer. The company focuses on renewable energy projects through both organic development and acquisitions.
As of August 31, 2024, NTPC Green Energy operates:
3,071 MW from solar projects
100 MW from wind projects across six states
By June 30, 2024, the company’s portfolio expanded to 14,696 MW, including:
2,925 MW of operational projects
11,771 MW of contracted and awarded projects
With strong backing from NTPC Limited and an experienced team, NTPC Green Energy is well-poised to lead India’s renewable energy transition.
The company has shown remarkable growth. Revenue increased by 1,094.19% between FY23 and FY24, indicating its capability to scale operations and generate significant profits in a competitive renewable energy sector.
Listing Date
NTPC Green Energy’s shares are scheduled to list on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) on Wednesday, November 27, 2024. Investors eagerly await this listing to assess its market performance.
Select NTPC Green Energy Limited in the dropdown menu.
Choose a mode to check the status:
Application Number
Demat Account Number
PAN ID
Specify your application type: ASBA or Non-ASBA.
Enter the required details and complete the captcha verification.
Click Submit to access your allotment status.
What to Expect After Allotment
If you have been allotted shares, you will receive a confirmation from your broker or the registrar. Once the shares are listed on the stock exchange, you can start trading them. Remember to watch the stock market news and announcements from NTPC Green Energy for any updates or important information.
Conclusion
The NTPC Green Energy IPO has drawn significant attention for its focus on renewable energy and robust financial performance. With allotment finalizations completed and listing just days away on November 27, 2024, investors can look forward to observing its market debut.
The modest Grey Market Premium (GMP) hints at stable market sentiment, reflecting cautious optimism and confidence in the company’s long-term potential.
For investors, staying updated on listing day developments and carefully monitoring the stock’s performance post-listing will be crucial. As NTPC Green Energy continues to expand its renewable energy footprint, its IPO marks a significant milestone in India’s green energy journey.
Disclaimer Note: The securities quoted, if any, are for illustration only and are not recommendatory. This article is for education purposes only and shall not be considered as a recommendation or investment advice by Equentis – Research & Ranking. We will not be liable for any losses that may occur. Investments in the securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI, membership of BASL & the certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.
The Indian SME IPO market is heating up! This week, six companies are set to make their public market debut, including Rajesh Power Services, Rajputana Biodiesel, Apex Ecotech, Abha Power and Steel, Agarwal Toughened Glass India, and Ganesh Infraworld. With a combined target of ₹410 crores, these IPOs offer a diverse range of investment opportunities. Let’s explore what each IPO has to offer and why they could be worth your attention.
Rajesh Power Services IPO
Rajesh Power Services IPO is a public offering to raise ₹160.47 crores. This involves a fresh issue of shares worth ₹93.47 crores and an offer for sale of shares worth ₹67.00 crores. The IPO will open for subscription on November 25, 2024, and close on November 27, 2024. The shares are expected to list on the BSE SME on December 2, 2024. Investors can apply for a minimum of 400 shares, with a minimum investment of ₹134,000.
Purchase of cable identification, testing, and fault location equipment.
Setting up a 1300 KW DC Solar Power Plant.
Development of expertise in Green Hydrogen production and associated equipment like Electrolysers.
Additional Working Capital Requirements.
General Corporate Purposes.
Grey Market Premium Rajesh Power Services IPO (GMP)
As of November 25, 2024, the GMP for Rajesh Power Services IPO is ₹90. This indicates a potential listing price of ₹425 per share, offering a potential return of 26.87%.
Overview of Rajesh Power Services IPO Company
Established in 1971, Rajesh Power Services Limited is a leading provider of consultancy services to state transmission and distribution companies, private utilities, and industries. The company specializes in:
EHV Underground Cables and Transmission Lines
EHV AIS/GIS Substations
HV/MV/LV Underground Cable Laying and Overhead MVCC Conductor Installation
Distribution Network Revamping
Power Supply Arrangements for Solar Power Plants
Operation and Maintenance Services
Rajesh Power Services has a strong client base, including prominent names such as GIFT City, Gujarat Metro Rail Corporation, IFFCO, Adani Renewables, Reliance Industries, Torrent Power, and more.
Financial Strength
Rajesh Power Services has demonstrated strong financial performance in recent years. Between FY23 and FY24, the company’s revenue increased by 39.72%, and its profit after tax (PAT) surged by 285.44%. This growth trajectory highlights the company’s robust financial position and its potential for future growth
SWOT Analysis of Rajesh Power Services
STRENGTHS
WEAKNESSES
Long-standing presence in the power sector since 1971
Diverse client base, including government entities and private giants.
Strong revenue and profit growth trajectory. Expertise in renewable energy and IT-driven energy solutions.
Focus on project-based revenue, which can be cyclical.
High capital expenditure requirements for scaling operations.
OPPORTUNITIES
THREATS
Expansion in renewable energy with growing demand for solar and green hydrogen projects.
Rising government focus on infrastructure development and sustainability.
Potential for growth in IT-based power management solutions.
Competitive market with several established players in EPC and power consulting.Regulatory risks in the energy sector.
Volatility in raw material and operational costs.
Rajputana Biodiesel IPO
Rajputana Biodiesel is set to raise ₹24.70 crores through its IPO. The entire issue is a fresh issue of 19 lakh shares. The IPO will open for subscription on November 26, 2024, and close on November 28, 2024. The shares are expected to list on the NSE SME on December 3, 2024. Investors can apply for a minimum of 1000 shares, with a minimum investment of ₹130,000.
The funds raised from the IPO will be utilized for:
Loaning to a subsidiary company for expansion of its manufacturing facility
Funding working capital requirements
General corporate purposes
Grey Market Premium of Rajputana Biodiesel IPO (GMP)
As of November 25, 2024, the GMP for Rajputana Biodiesel IPO is ₹70. This indicates a potential listing price of ₹200 per share, offering a potential return of 53.85%.
Company Overview
Founded in 2016, Rajputana Biodiesel is a biofuel producer and supplier. The company’s primary products include bio-diesel, glycerine, and fatty acids. Its manufacturing facility, located in Rajasthan, has an approved capacity of 30 kiloliters per day and a current installed capacity of 24 kiloliters per day.
Financial Strength
Rajputana Biodiesel has demonstrated strong financial growth. Between FY23 and FY24, the company’s revenue increased by 128%, and its profit after tax (PAT) surged by 168%. This i growth trajectory highlights the company’s robust financial position and its potential for future growth.
SWOT Analysis of Rajputana Biodiesel
STRENGTHS
WEAKNESSES
Significant growth in revenue and profitability.
Strong and diverse product portfolio in biofuels and related products.
Established manufacturing facility with significant production capacity.
Single production facility.
High reliance on subsidiary (NEPL) for scaling operations.
OPPORTUNITIES
THREATS
Consistent growth in demand for biofuels due to environmental concerns and government policies.
Potential for expansion into international markets for biodiesel and by-products.
Increasing adoption of waste-to-energy solutions, such as used cooking oil.
Rising competition in the biofuels market.
Price volatility in raw materials like cooking oil and methanol.
Regulatory and policy risks in the renewable energy sector.
APEX Ecotech IPO
Apex Ecotech is set to raise ₹25.54 crores through its IPO. The entire issue is a fresh issue of 34.99 lakh shares. The IPO will open for subscription on November 27, 2024, and close on November 29, 2024. The shares are expected to list on the NSE SME on December 4, 2024. Investors can apply for a minimum of 1600 shares, with a minimum investment of ₹116,800.
The funds raised from the IPO will be utilized for:
Meeting working capital requirements
General corporate purposes
Meeting public issue expenses
Grey Market Premium (GMP)
As of November 25, 2024, the GMP for Apex Ecotech IPO is ₹0. This indicates a potential listing price of ₹73 per share.
Company Overview
Founded in 2009, Apex Ecotech specializes in providing water and wastewater treatment solutions. The company offers a range of services, including:
Raw water treatment
Effluent and sewage treatment
Sludge dewatering
Wastewater recycling
Zero Liquid Discharge (ZLD) systems
Operation and maintenance services
Apex Ecotech has a strong customer base, including renowned companies like Aditya Birla Group, Ashok Leyland, Apotex Research, and many more. The company has successfully implemented ZLD systems achieving high recovery rates for water reuse.
Financial Strength
Apex Ecotech has achieved significant financial growth. Its revenue and profit after tax (PAT) witnessed impressive growth rates of 53.1% and 88.31%, respectively, between FY23 and FY24. This strong financial performance positions the company for future success.
SWOT Analysis of Apex Ecotech
STRENGTHS
WEAKNESSES
Strong expertise in water and wastewater treatment
Diversified client base, including reputed companies
Proven track record in delivering complex projects Focus on sustainable and eco-friendly solutions Strong financial performance and growth prospects
Availability of a limited number of key personnel Potential exposure to regulatory changes and environmental risks
Competition from established players in the industry.
OPPORTUNITIES
THREATS
Growing demand for water and wastewater treatment solutionsIncreasing focus on environmental sustainability
Expansion into new markets and geographies Potential for partnerships and collaborations with other companies
Economic slowdown or recession Fluctuations in raw material prices
Intense competition from established players Potential for technological disruptions
Abha Power and Steel IPO
Abha Power and Steel is set to raise ₹38.54 crores through its IPO. This involves a fresh issue of shares worth ₹31.04 crores and an offer for sale of shares worth ₹7.50 crores. The IPO will open for subscription on November 27, 2024, and close on November 29, 2024. The shares are expected to list on the NSE SME on December 4, 2024. Investors can apply for a minimum of 1600 shares, with a minimum investment of ₹120,000.
The funds raised from the IPO will be utilized for:
Modernizing and upgrading manufacturing facilities
Funding working capital requirements
General corporate purposes
Grey Market Premium (GMP)
As of November 25, 2024, the GMP for Abha Power and Steel IPO is ₹0. This indicates a potential listing price of ₹75 per share.
Company Overview
Founded in 2004, Abha Power and Steel manufactures iron and steel products. The company’s product range includes mild steel, manganese steel, stainless steel, and low—and high-alloy castings.
The company’s manufacturing facility, located in Bilaspur, Chhattisgarh, has an installed capacity of 14,400 metric tonnes per annum. It caters to various industries, including steel, power, cement, and railways.
Financial Strength
Abha Power and Steel’s financial performance has been mixed. Between FY23 and FY24, the company’s revenue decreased by 6%, while its profit after tax (PAT) increased by 170%. This indicates potential growth opportunities but also highlights challenges in revenue growth.
SWOT Analysis of Abha Power and Steel
STRENGTHS
WEAKNESSES
Experienced management team
Diverse product rangeStrong customer base in various industries ISO 9001:2015 certification
Dependence on a few key customers
Exposure to fluctuations in raw material prices Potential for operational challenges
OPPORTUNITIES
THREATS
Growing demand for steel products in IndiaGovernment initiatives to boost the manufacturing sector
Potential for expansion into new product segments and markets
Intense competition from established players
Economic slowdown or recession
Changes in government policies and regulations
Agarwal Toughened Glass India IPO
Agarwal Toughened Glass India is set to raise ₹62.64 crores through its IPO, which is a fresh issue of 58 lakh shares. The IPO will open for subscription on November 28, 2024, and close on December 2, 2024. The shares are expected to list on the NSE SME on December 5, 2024. Investors can apply for a minimum of 1200 shares, with a minimum investment of ₹129,600.
The funds raised from the IPO will be utilized for:
Purchasing machinery for the existing manufacturing unit
Repaying borrowings
Meeting working capital requirements
General corporate expenses
Grey Market Premium (GMP) of Agarwal Toughened Glass IPO
As of November 25, 2024, the GMP for Agarwal Toughened Glass India IPO is ₹10. This indicates a potential listing price of ₹118 per share, offering a possible return of 9.26%.
Company Overview of Agarwal Toughened Glass IPO
Incorporated in 2009, Agarwal Toughened Glass India is a manufacturer of tempered glass products. The company’s products find applications in various industries, including:
Shower doors
Refrigerator trays
Mobile screen protectors
Bulletproof glass for diving masks
Plates and cookware
The company is ISO 9001:2015 certified and caters to a diverse clientele, including offices, hotels, institutions, banks, and more.
Financial Strength
Agarwal Toughened Glass India’s financial performance has been mixed. Between FY23 and FY24, the company’s revenue decreased slightly by 0.25%, while its profit after tax (PAT) surged by 795.66%, indicating significant improvement in profitability. However, revenue growth remains challenging.
SWOT Analysis of Agarwal Toughened Glass India
STRENGTHS
WEAKNESSES
Extensive product portfolio catering to diverse industries.
ISO 9001:2015 certification, ensuring quality management standards.
Strong profitability growth (nearly 8x PAT increase year-on-year).Established testing and quality control processes.
Decline in revenue growth in FY 2023-24, reflecting possible challenges in market demand or pricing.
Dependency on industrial clients, making it vulnerable to economic cycles.
OPPORTUNITIES
THREATS
Growing demand for tempered glass across residential and commercial projects.
Expansion opportunities in international markets for specialized glass products.
Increasing usage of glass in innovative applications, such as smart homes and automotive technology.
Fierce competition from numerous players in the glass manufacturing industry.
Vulnerability to fluctuations in raw material costs, which can erode profit margins.
Potential impact of evolving regulations on industrial glass applications.
Ganesh Infraworld IPO
Ganesh Infraworld is set to raise ₹98.58 crores through its IPO, which is a fresh issue of 118.77 lakh shares. The IPO will open for subscription on November 29, 2024, and close on December 3, 2024. The shares will list on the NSE SME on December 6, 2024. Investors can apply for a minimum of 1600 shares, with a minimum investment of ₹132,800.
The funds raised from the IPO will be utilized for:
Meeting long-term working capital requirements
General corporate purposes
Grey Market Premium (GMP) of Ganesh Infraworld IPO
As of November 25, 2024, the GMP for Ganesh Infraworld IPO is ₹9. This indicates a potential listing price of ₹92 per share, offering a potential return of 10.84%.
Company Overview
Incorporated in 2017, Ganesh Infraworld is a construction company offering a wide range of construction services. The company specializes in:
Civil and Electrical Infrastructure Projects: Construction of residential, commercial, and industrial buildings, as well as electrical infrastructure projects like substations and power lines.
Road and Rail Infrastructure Development Projects: Construction of roads and railway infrastructure, including OHE installation.
Water Infrastructure Development Projects: Construction of water distribution systems, water treatment plants, and reservoirs.
Ganesh Infraworld has a diverse client base, including government organizations and private companies. The company operates in various states across India.
Financial Strength
Ganesh Infraworld has demonstrated strong financial growth. Between FY23 and FY24, the company’s revenue increased by 116%, and its profit after tax (PAT) surged by 198%. This growth trajectory highlights the company’s robust financial position and its potential for future growth.
STRENGTHS
WEAKNESSES
Diverse expertise across civil, electrical, rail, and water infrastructure projects.
Strong financial performance with significant revenue and profit growth.
Established relationships with key clients in multiple industries.
Dependence on government projects like Har Ghar Jal Mission, which are subject to policy changes.
High operational costs in EPC services, potentially impacting margins.
OPPORTUNITIES
THREATS
Increasing demand for infrastructure development in India, especially in water distribution and railways.
Potential for expanding operations into untapped states and regions.
Opportunities to secure contracts under government initiatives promoting infrastructure development.
Competition from established players in the construction and EPC sectors.
Regulatory and environmental approvals could delay project timelines.
Vulnerability to economic cycles impacting infrastructure investment.
Conclusion:
As the Indian SME IPO market continues to gain momentum, this week’s offerings present a diverse range of investment opportunities. While these IPOs hold promise, investors must conduct thorough research or consult with financial advisors to make informed investment decisions. By understanding the fundamentals of each company, their growth potential, and the risks involved, investors can navigate this exciting market and potentially reap significant rewards.
Disclaimer Note: The securities quoted, if any, are for illustration only and are not recommendatory. This article is for education purposes only and shall not be considered as a recommendation or investment advice by Equentis – Research & Ranking. We will not be liable for any losses that may occur. Investments in the securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI, membership of BASL & the certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.
What goes into building smarter systems for defense, security, and aerospace? Companies like C2C Advanced Systems lead the charge with their innovative platforms and global competitiveness. From combat management systems to digital transformation initiatives, they’re carving a unique space in cutting-edge technology.
With their Rs.99.07 crore IPO making headlines, let’s explore what sets them apart and why the buzz around C2C Advanced Systems is hard to ignore.
The C2C Advance Systems IPO is a fresh issue of 43.846 lakh shares. The allotment of shares is expected to be finalized on 27 November 2024, and the shares will tentatively be listed on 29 November 2024 on NSE EMERGE, a platform started by NSE SME. The platform offers emerging businesses a streamlined way to raise equity capital from a broad range of investors, helping them unlock value and scale.
C2C Advance Systems IPO Allotment
The C2C Advance Systems IPO issue is expected to raise Rs.97.07 crore, with Rs.2,19,600 shares reserved for the market maker. Market makers are brokers registered with the stock exchange who ensure the continuous buying and selling of securities at set prices. The remaining 41,64,000 shares make up the Net Issue. The Public and Net issues will represent 26.34% and 25.02% of the company’s post-issue equity capital, respectively.
The minimum lot size for the issue is 600 shares. Retail investors must invest at least ₹135,600, while HNI investors must apply for 1,200 shares (₹271,200). Mark Corporate Advisors Pvt. Ltd. and Beeline Capital Advisors Pvt. Ltd. are the lead managers for the C2C Advanced Systems IPO. Link Intime India Pvt. Ltd. is the registrar, and Spread X Securities is the market maker for the issue. The allotment proportions for the issue are as follows-
Qualified Institutional Buyers (QIBs)
Not more than 50% of the net issue (20,82,000)
Non-Institutional Investors
Not less than 15% (6,24,600 shares) of the net issue
The company plans to utilize the net proceeds from the IPO for various purposes, including purchasing fixed assets (hardware and software) for its current operations and Dubai Experience Centre (₹1,473.10 lakhs).
Additionally, ₹458.00 lakhs will be allocated towards fit-outs for its new Bengaluru premises and Dubai Experience Centre, ₹160.00 lakhs for a security deposit at the new Bengaluru premises, and ₹4,600.00 lakhs to meet its working capital requirements. Source: Company RHP
Grey Market Premium
The Grey Market Premium (GMP) for the C2C Advanced Systems SME IPO indicates strong demand before its listing. As of 22nd November 2024, the GMP stood at ₹245, reflecting an upward trend from ₹200 on 14th November, based on nine sessions of grey market activity.
This marks ₹200 as the lowest and ₹245 as the highest GMP recorded. With the current GMP of ₹245, the estimated listing price is ₹471 per share, representing a 108.41% premium over the IPO price of ₹226. Source: Live Mint
Company Overview
C2C Advanced Systems Limited, formerly C2C – DB Systems Private Limited, was founded in 2018. The company specializes in defense electronics, focusing on indigenously developed defense products in India. Its core strengths include C4I systems for situational awareness, AI/ML-based analytics, real-time data integration, and embedded/FPGA designs. C2C’s business model centers on four main services:
Virtual Maintenance: Creating systems that integrate subsystems, providing real-time data for defense leaders to act upon.
Virtual Logistics: Delivering systems with COTS electronic boards and custom engineering designed to survive harsh conditions.
AI/ML Technology: Applying AI/ML in all products and as standalone solutions.
Virtual Supply Chain: Developing software that turns real-time sensor data into actionable insights.
The company’s products include Combat Management Systems, C4I Systems, Anti-Drone Command Systems, Air Defense Subsystems, and Integrated Platform and Vessel Management Systems.
Financial Overview Of C2C Advance Systems Limited:
The company’s revenue has increased since its operating revenue of Rs.34.69 lakhs in FY2022. The operating income for the financial year ending March 2024 was Rs.41.05 crore.
2. Profit Trend:
The company’s net profit has risen since its loss of Rs.2.38 crore in FY2022. As of FY2024, it earned a net profit of Rs.12.39 crore.
Others:
As of FY2024, the company’s net worth stands at Rs.76.45 crore, which rose to Rs.86.18 crore as of the half-year period ending September 2024. Its Earnings per Share (EPS) was Rs.15.85, and the net asset value per equity share was Rs.62.38 for the same year (FY2024).
SWOT Analysis:
STRENGTHS
WEAKNESSES
Technological Expertise: C2C Advance Systems possesses strong expertise in defense electronics and cutting-edge technologies like AI/ML.
Focus on Indigenous Development: The company’s focus on indigenously developed defense products aligns with the government’s “Make in India” initiative.
Diversified Product Portfolio: The company’s diverse product portfolio, from combat management systems to anti-drone systems, positions it for growth in various defense segments.
Strong Financial Performance: The company has recently shown significant revenue and net profit growth.
Government Support: The Indian government’s increasing focus on defense modernization and indigenization creates favorable market conditions.
Limited Market Presence: As a relatively new company, C2C Advance Systems may face challenges expanding its market presence and customer base.
Dependency on Government Contracts: The company’s revenue may rely heavily on government contracts, subject to budgetary constraints and policy changes.
Competition from Established Players: The defense industry is dominated by established players, both domestic and international, which can pose competition for C2C Advance Systems.
OPPORTUNITIES
THREATS
Growing Defense Budget: The Indian government’s increasing defense budget allows the company to secure new contracts.
Emerging Technologies: AI, ML, and IoT advancements can be leveraged to develop innovative products and solutions.
Global Expansion: The company can explore opportunities in international markets, particularly in countries with growing defense budgets.
Joint Ventures and Partnerships: Collaborating with established players can help the company access new markets and technologies
Geopolitical Risks: Geopolitical tensions and conflicts can impact the demand for defense products and services.
Economic Slowdown: An economic slowdown can affect government spending on defense and impact the company’s revenue.
Regulatory Hurdles: Stringent regulatory requirements and compliance issues can hinder the company’s growth.
Cybersecurity Threats: The company operates in a technology-intensive sector, making it vulnerable to cyberattacks and damaging its reputation and operations.
Bottomline:
The company provides digital transformation systems and services with specialized features tailored to client needs. Its focus on critical product development and servicing allows it to maintain strong margins. The management is confident it can continue its success after completing its ongoing expansion. However, before considering the IPO, it’s important to research the company’s financials and industry factors thoroughly. Consulting a registered advisor can help you make the best decision for your portfolio.
Disclaimer Note: The securities quoted, if any, are for illustration only and are not recommendatory. This article is for education purposes only and shall not be considered as a recommendation or investment advice by Equentis – Research & Ranking. We will not be liable for any losses that may occur. Investments in the securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI, membership of BASL & the certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.
Have you been tracking developments in the renewable energy sector? If you’re interested in green energy or the stock market, you may want to know more about NTPC Green Energy Limited’s upcoming IPO.
With an issue size of ₹10,000 crore, it has caught the attention of many industry watchers and market participants. This IPO marks a significant move for NTPC Green Energy, offering investors an opportunity to engage with a company focused on renewable energy solutions. Here’s a detailed breakdown of everything you need to know about this offering.
NTPC Green Energy IPO Details
NTPC Green Energy’s ₹10,000 crore IPO is a fresh issue of 92.59 crore shares, opening for subscription from November 19, 2024, to November 22, 2024. The price band is set at ₹102 to ₹108 per share, with a minimum lot size of 138 shares, requiring a retail investment of at least ₹14,904.
For small non-institutional investors (sNII), the minimum investment is 14 lots (1,932 shares), amounting to ₹208,656, while big non-institutional investors (bNII) need to invest in a minimum of 68 lots (9,384 shares), totaling ₹1,013,472. The shares are scheduled to list on the BSE and NSE on November 27, 2024.
Qualified Institutional Buyers (QIBs)
Not less than 75% of the Net Issue
Non-Institutional Investors (HNIs)
Not more than 15.00% of the Net Issue
Retail Investors
Not more than 10% of the Net Issue
Objectives of the IPO
The company intends to use the net proceeds from the IPO for the following purposes:
Investment in NTPC Renewable Energy Limited (NREL): To fund the repayment or prepayment of certain borrowings availed by NREL.
General Corporate Purposes: To strengthen the company’s financial position and operational flexibility.
Grey Market Premium (GMP)
The Grey Market Premium (GMP) for NTPC Green Energy’s unlisted shares stood at ₹1, translating to a premium of 0.93% over the upper end of the price band. This is a dip from the ₹3 premium recorded on November 14, 2024, reflecting fluctuating investor sentiment in the grey market. Source: Business Standard
Company Overview
Incorporated in April 2022, NTPC Green Energy Limited is a wholly-owned subsidiary of NTPC Limited, India’s largest power producer. Focused on renewable energy, the company undertakes projects through both organic development and strategic acquisitions. As of August 31, 2024, NTPC Green Energy has an operational capacity of 3,071 MW from solar projects and 100 MW from wind projects across six states.
By June 30, 2024, its portfolio had expanded to 14,696 MW, comprising 2,925 MW of operating projects and 11,771 MW of contracted and awarded projects. The company is currently constructing 31 renewable energy projects across seven states, totaling 11,771 MW. With 15 off-takers engaged across 37 solar and 9 wind projects, NTPC Green Energy has established a strong market presence.
Backed by NTPC Limited’s extensive experience in large-scale project execution and supported by a highly skilled team, NTPC Green Energy is well-positioned to deliver on its vision of advancing renewable energy solutions.
Financial Strength
NTPC Green Energy has demonstrated strong financial growth:
Revenue Growth: A staggering increase of 1,094.19% between FY23 and FY24.
Strong Backing: Supported by NTPC Limited, ensuring financial and operational reliability.
Large Portfolio: A diversified renewable energy portfolio of 14,696 MW across solar and wind projects.
Execution Expertise: Proven track record in large-scale renewable energy projects.
Sector Dependency: Heavily reliant on the renewable energy sector, making it vulnerable to sector-specific risks.
Revenue Concentration: A significant portion of revenue depends on key off-takers.
OPPORTUNITIES
THREATS
Rising Demand for Renewable Energy: With increasing global focus on sustainable energy, the company is well-positioned to capitalize on the demand.
Government Support: Strong government push towards renewable energy adoption and infrastructure development.
Market Competition: Intense rivalry from established and emerging players in the renewable energy space.
Regulatory Risks: Changes in government policies or tariffs could impact revenue streams.
Conclusion
NTPC Green Energy’s ₹10,000 crore IPO is a significant step for the renewable energy arm of NTPC Limited. With its expansive portfolio and backing from India’s largest power producer, the company is poised to make a mark in the renewable energy sector. However, market conditions and competitive dynamics will play a crucial role in determining the IPO’s success.
Disclaimer Note: The securities quoted, if any, are for illustration only and are not recommendatory. This article is for education purposes only and shall not be considered as a recommendation or investment advice by Equentis – Research & Ranking. We will not be liable for any losses that may occur. Investments in the securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI, membership of BASL & the certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.
India’s IPO market is bustling, ranking second globally after the US, which raised $26.3 billion this year. Following Swiggy’s successful IPO closure on 8th November 2024, India has surpassed its previous record set in 2021, with IPOs raising over Rs.1.19 lakh crore.
This surge reflects a strong domestic market, investor confidence, and favorable regulations. As businesses seize this momentum, sectors like tech and renewable energy are dominating, drawing keen interest from retail and institutional investors alike.
Investment advisory services often see this period as an opportune time to evaluate upcoming IPOs, backed by tools like stock screeners to identify promising opportunities. Let’s dive into the details of the upcoming IPOs in November 2024. But before the details, let’s brush through the concept of IPO and the types of IPOs.
What is an IPO?
An Initial Public Offering (IPO) is a company’s first step in selling shares to the public. Through an IPO, a private company raises capital, lists its shares on a stock exchange, and becomes publicly traded. This helps the company attract new investors and funding to support growth, scale up, or even allow early investors to partially or fully exit.
An IPO creates opportunities for various investor types. Companies launching IPOs invite funds from four main investor categories:
Retail Individual Investors (RIIs)
Qualified Institutional Investors (QIIs); QIIs investing over Rs.10 crore are often considered anchor investors.
Non-Institutional Investors (NIIs) or High Net-worth Investors (HNIs)
There are two IPO types: book-building and fixed-price offerings, each differing in how share prices are set.
Fixed Price IPO:
In a fixed-price IPO, the company and its underwriters analyze its assets, liabilities, and finances to set a price per share for raising funds. This issue price is printed on the order paper, and the document includes both qualitative and quantitative justifications for the pricing. Demand for these securities is revealed only after the offer period ends. Fixed-price IPOs often see high levels of oversubscription, sometimes by hundreds of times.
Book Building IPO:
Book building is relatively new to India compared to its history in Western markets. Unlike a fixed price, there is a price range with a ‘floor price’ as the minimum and a ‘cap price’ as the maximum. This range appears on the order paper, and investors can bid for shares within it.
The final share price depends on the bids received, usually set at or above the floor price. Unlike fixed-price issues, demand is visible daily as bids come in, giving a live picture of investor interest while the book is being built.
Rosmerta Digital Services Limited, founded in 2021, delivers digital and distribution solutions in the automotive sector, specializing in vehicle registration and last-mile delivery.
Its core services include digitally enabled solutions for vehicle registration, last-mile delivery, and garage services. Serving clients like OLA Electric and Royal Enfield, Rosmerta has gained recognition for its URJA platform and MyRaasta app, which simplify processes and bolster digital sales.
Rosmerta Digital Services’ upcoming IPO will feature a fresh issue of shares worth Rs.206.33 crores. The minimum application lot is 1,000 shares, requiring an initial investment of Rs.147,000.
This book-built IPO aims to raise funds for strategic acquisitions, office space purchases in Mumbai, warehouse and model workshop establishments, IT infrastructure development, and working capital needs.
NTPC Green Energy Limited:
NTPC Green Energy Limited (NGEL) was incorporated in April 2022 as a wholly-owned subsidiary of NTPC Limited, focusing on renewable energy. As of June 30, 2024, NGEL operates a portfolio with a total capacity of 14,696 MW. The company draws on NTPC’s expertise in executing large-scale projects and strong ties with suppliers and off-takers.
The IPO offers a fresh issue of 92.59 crore shares, with a minimum lot size of 138 shares, making the retail entry point Rs.14,904. The minimum investment required for small non-institutional investors (sNII) is Rs.208,656, while large non-institutional investors (bNII) will need at least Rs.1,013,472.
Lamosaic India Limited:
Lamosaic India Limited, founded in January 2020, specializes in trading and manufacturing flush doors, decorative laminates, acrylic sheets, printing paper (base), and plywood. It customizes products based on customer orders, including laminated and decorative flush doors.
Headquartered in Maharashtra, it primarily operates there and has a distribution franchise in Mumbai. The company’s fixed-price IPO aims to raise funds for several purposes: repaying borrowings, meeting working capital needs, pursuing inorganic growth, and general corporate requirements.
Retail investors can participate with a minimum application of 600 shares, requiring an investment of Rs.120,000. High Net-Worth Individuals (HNIs) have a minimum application size of 1,200 shares (2 lots), totaling Rs.240,000.
C2C Advanced Systems Limited:
Founded in 2018, C2C Advanced Systems Limited (formerly C2C – DB Systems Private Limited) specializes in defense electronics, focusing on indigenously developed solutions. It offers C4I systems, AI/ML-based analytics, real-time data integration, and embedded design tailored for defense applications.
C2C’s growth is backed by a robust business model centered on defense electronics, AI/ML solutions, and government initiatives like “Atmanirbhar Bharat.”
The IPO includes 43.84 lakh shares through a fresh issue, with a minimum lot size of 600 shares. Funds raised will support capital expenditure on hardware and software, establish Experience Centres in Bengaluru and Dubai, cover working capital needs, and go toward general corporate purposes.
Bottomline:
The latest IPOs in November 2024 offer great opportunities to invest in diverse sectors, like renewable energy, defense, and manufacturing, and to diversify portfolios. Investing in IPOs can be an excellent way to join a company’s growth story early. The potential for high returns often draws significant attention, especially in a market like India’s. However, IPO investments carry risks, including price volatility, oversubscription challenges, and unpredictable post-listing performance.
So, while upcoming IPOs pose a strong opportunity, investment decisions must be backed by thorough research and a fair understanding of the share market basics. For guidance on the best research approach, you can seek the services of SEBI-registered investment advisory firms.
Disclaimer Note: The securities quoted, if any, are for illustration only and are not recommendatory. This article is for education purposes only and shall not be considered as a recommendation or investment advice by Equentis – Research & Ranking. We will not be liable for any losses that may occur. Investments in the securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI, membership of BASL & the certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.
FAQ
What is the primary market?
In the primary market, new securities are issued and sold directly by companies or governments to investors to raise capital.
Can I cancel an IPO application?
Yes, in most cases, you can revise or cancel your IPO application before the IPO’s closing date. If you’ve applied through a broker or online platform, they usually allow you to modify your bid or withdraw your application within the specified window.
What is the ‘basis of allotment’?
The Basis of Allotment is a document published by the registrar of an IPO. It details the final price, subscription information, and the share allocation ratio for investors based on their bids. It helps determine how shares are distributed among applicants.
Are you ready for an action-packed week in the stock market? This week, three IPOs are set to open, aiming to raise a total of ₹1,160 crores, with Blackbuck leading the way in the mainboard category, targeting ₹1,114.72 crores. Meanwhile, two SME IPOs — Mangal Compusolution and Onyx Biotec — seek to raise ₹16.23 crores and ₹29.34 crores, respectively.
Not only will investors have these new opportunities, but four highly anticipated listings, including Swiggy, will also hit the bourses, offering a fresh wave of excitement. Let’s look into the details to see what these IPOs and listings store for investors this week.
Blackbuck IPO
The BlackBuck IPO is structured as a book-built issue, seeking to raise a total of ₹1,114.72 crores. This includes a fresh issue of 2.01 crore shares worth ₹550 crores and an offer for sale (OFS) of 2.07 crore shares amounting to ₹564.72 crores. Investors are required to apply for a minimum lot size of 54 shares. The final allotment is expected on November 19, 2024, with a tentative listing date set for November 21, 2024, on the BSE and NSE.
The funds raised through the IPO will be utilized for:
Sales and marketing expenses
Capital infusion into its NBFC subsidiary, Blackbuck Finserve
Product development
General corporate purposes
GMP (Grey Market Premium)
As of November 11, 2024, BlackBuck’s IPO has a GMP of ₹24. Given the IPO’s upper price band of ₹273 per share, the expected listing price is approximately ₹297, reflecting a potential gain of 8.79% per share. The GMP is subject to market sentiment, and investors may find this indicator useful for estimating the stock’s initial market interest.
Company Overview
Founded in April 2015, Zinka Logistics Solution Limited, through its BlackBuck app, provides a comprehensive digital platform for truck operators in India. BlackBuck connects 963,345 truck operators, representing 27.52% of India’s trucking market, facilitating streamlined logistics and transportation services. The app offers various services, including payments, telematics, a freight marketplace, and vehicle financing, empowering truck operators to optimize their business operations.
Regarding financial transactions, BlackBuck processed a Gross Transaction Value (GTV) of ₹173,961.93 million in payments as of March 31, 2024. The platform also had an average of 356,050 active telematics devices each month, indicating widespread adoption of its fleet management solutions. Additionally, BlackBuck facilitated 4,035 loans valued at ₹1,967.88 million for vehicle financing across 48 districts in seven Indian states, extending crucial financial support to its users.
SWOT Analysis of Zinka Logistics Solutions Ltd.
STRENGTHS
WEAKNESSES
Market Leadership: BlackBuck is India’s largest digital platform for truck operators, commanding a significant market share and a vast network.
Diverse Offerings: Its range of services, from telematics to vehicle financing, addresses the varied needs of truck operators, enhancing customer loyalty.
Financial Growth: Strong revenue and PAT growth highlight the company’s scalable business model and financial stability.
Reliance on the Indian Market: BlackBuck’s operations are concentrated in India, and its growth is tied to the local logistics sector, limiting global expansion potential.
High Customer Acquisition Costs: Increasing sales and marketing expenditure, a key IPO objective, indicates higher customer acquisition costs in a competitive market.
OPPORTUNITIES
THREATS
Expanding Digital Adoption: As the Indian logistics industry undergoes digitization, BlackBuck has significant opportunities to increase its user base and product offerings.
Growth in Financing Services: Demand for vehicle financing and other NBFC services offers BlackBuck the potential for diversification and revenue growth.
Regulatory Risks: Changes in financial and logistics regulations could impact BlackBuck’s business operations and revenue streams.
Competition: Increased competition in logistics and digital platforms could challenge BlackBuck’s market share, affecting profitability.
Financial Strength
The company’s financials reflect strong growth. Between FY 2023 and FY 2024, Zinka Logistics Solution Limited reported a 62.24% increase in revenue and a 33.24% rise in profit after tax (PAT). This growth demonstrates BlackBuck’s expanding market footprint and its capacity to leverage operational efficiencies for profitability.
The Mangal Compusolution IPO is a fixed-price issue, aiming to raise ₹16.23 crores entirely through a fresh issue of 36.06 lakh shares. This IPO, set to be listed on the BSE SME platform, has a minimum lot size of 3,000 shares, making the minimum investment required for retail investors ₹135,000. High Net-worth Individuals (HNI) must invest in at least two lots (6,000 shares), totaling ₹270,000. The allotment of shares for this IPO is expected on November 18, 2024, with a tentative listing date of November 20, 2024.
The funds raised from the Mangal Compusolution IPO will be used for:
Capital expenditure to enhance infrastructure and service capabilities
General corporate purposes to strengthen overall business operations
GMP (Grey Market Premium)
The most recent Grey Market Premium (GMP) for Mangal Compusolution’s IPO is ₹3 as of November 11, 2024. Given the issue’s fixed price of ₹45 per share, the estimated listing price is around ₹48, which suggests a potential gain of 6.67% per share on the listing. This GMP estimate offers investors an initial indication of market interest in the IPO, although final prices may vary based on market sentiment.
Company Overview
Founded in April 2011, Mangal Compusolution Limited is a hardware rental service provider. The company offers rental solutions catering to businesses’ IT hardware needs across various industries. Mangal Compusolution’s extensive product offerings include servers, laptops, desktops, projectors, router switches, workstations, Plasma/LCD TVs, PA systems, and various other accessories. This allows the company to provide customizable rental IT solutions to small and large enterprises tailored to meet specific client needs.
While Mangal Compusolution serves clients across India, its major clients are in Maharashtra. The company divides its revenue into three primary segments: rental income from leased IT equipment, sales of IT equipment, and IT equipment maintenance service fees. Mangal Compusolution has established itself as a customer-centric provider with services that minimize client operational disruption.
SWOT Analysis of Mangal Compusolution Ltd.
STRENGTHS
WEAKNESSES
Varied Product Range: Mangal Compusolution offers a wide variety of IT products from well-known brands like HP, Dell, and Lenovo, allowing it to meet the diverse needs of different industries.
Customer Focus: The company’s customer-centric approach includes 24/7 support and maintaining backup equipment to ensure zero client downtime.
Reliable Support: The company offers dedicated support teams and maintains an inventory of extra equipment to minimize service interruptions.
Geographical Dependence: While Mangal Compusolution has a nationwide reach, its client base is concentrated in Maharashtra, which could pose a challenge in diversifying geographically.
Dependence on Equipment Leasing: A significant portion of its revenue relies on IT equipment rentals, leaving the company vulnerable to shifts in demand for leased IT hardware.
OPPORTUNITIES
THREATS
Growing Demand for IT Hardware Rentals: With more companies opting for IT hardware rentals over direct purchases, Mangal Compusolution can expand its client base across various sectors.
Expansion Potential: By increasing its presence in additional states, the company could increase revenue and further its growth.
Market Competition: The IT hardware rental industry faces competition from several established and emerging players, which could impact Mangal Compusolution’s market share.
Technological Advancements: Rapid technological changes could lead to higher maintenance costs or the need for frequent upgrades, impacting profitability if not managed effectively.
Financial Strength
For the fiscal year ending March 31, 2024, Mangal Compusolution saw a 62.24% increase in revenue, with a 33.24% rise in profit after tax (PAT) compared to the previous fiscal year ending March 31, 2023. This financial growth underscores the company’s effective expansion and growing client demand for IT hardware rental solutions.
Onyx Biotec IPO is a book-built issue seeking to raise ₹29.34 crores through a fresh issue of 48.1 lakh shares. The minimum application lot size is 2,000 shares, which requires an investment of ₹122,000 for retail investors.
High Net-Worth Individuals (HNI) can invest in a minimum of two lots (4,000 shares), amounting to ₹244,000. The share allotment for this IPO is expected on November 19, 2024, with the tentative listing date on the NSE SME set for November 21, 2024.
The proceeds from the Onyx Biotec IPO are earmarked for the following purposes:
Upgrading the existing manufacturing Unit I to support large-volume parentals for intravenous use
Installing a high-speed cartooning packaging line at manufacturing Unit II for Dry Powder Injections
Prepayment or repayment of certain loans
General corporate purposes
GMP (Grey Market Premium) of Onyx Biotec Ltd
Onyx Biotec IPO’s last recorded GMP is ₹5, as of November 11, 2024, which puts its estimated listing price at ₹66, considering the IPO price band of ₹61. This suggests a potential gain of 8.20% on the listing price per share. The GMP reflects initial interest in the IPO, but the actual listing price may differ based on demand and market conditions.
Company Overview
Founded in May 2005, Onyx Biotec Limited operates within the pharmaceutical manufacturing sector. The company primarily produces Sterile Water for Injections and is a contract manufacturer for pharmaceutical companies specializing in Dry Powder Injections and Dry Syrups.
Onyx Biotec has a robust production capacity, which is supported by two manufacturing units in Solan, Himachal Pradesh. Unit I has a daily production capacity of 638,889 Sterile Water for injection units. In comparison, Unit II produces 40,000 dry powder injections and 26,667 dry syrup units per day in a single shift.
The company’s clients include well-established pharmaceutical brands like Hetero Healthcare Limited, Mankind Pharma Limited, Sun Pharmaceutical Industries Limited, Aristo Pharmaceuticals Private Limited, and Reliance Life Sciences Limited. Through partnerships with these major players, Onyx Biotec has positioned itself as a reliable contract manufacturer, serving domestic and international markets.
SWOT Analysis of Onyx Biotec Ltd.
STRENGTHS
WEAKNESSES
Established Production Capacity: Onyx Biotec operates two high-capacity manufacturing units, allowing it to meet large-scale production demands.
Reputable Client Base: The company partners with well-known brands, enhancing its market credibility and stability.
Growing Revenue and Profitability: Onyx Biotec’s recent revenue and profit growth reflects a solid financial position and operational efficiency.
High Dependency on Contract Manufacturing: Relying heavily on contract manufacturing might limit the company’s control over its revenue sources and expose it to fluctuations in client demand.
Geographic Concentration of Production Facilities: Both manufacturing units are located in Solan, Himachal Pradesh, which could present logistical challenges if expansion or diversification becomes necessary.
OPPORTUNITIES
THREATS
Increased Demand for Injectable Pharmaceuticals: The rising demand for injectable drugs offers growth potential for Onyx Biotec’s current product lines.
Expansion of International Market Reach: Expanding the company’s client base in overseas markets could enhance revenue growth and diversify income streams.
Regulatory Compliance and Industry Standards: The pharmaceutical industry faces stringent regulatory scrutiny, and any non-compliance could lead to operational disruptions or financial penalties.
Intensified Competition: The contract manufacturing sector is competitive, with many players vying for market share, which may pressure pricing and margins.
Financial Strength
Onyx Biotec has demonstrated significant financial growth in recent years. For the fiscal year ending March 31, 2024, the company’s revenue increased by 35.99%, and its profit after tax (PAT) grew by 64.35% compared to the fiscal year ending March 31, 2023. This financial growth underscores the company’s effective management and increasing demand for its products in the pharmaceutical sector.
Healthcare-focused solution provider Sagility India will be the first to list on the mainboard next week, debuting on November 12, following a 3.2x subscription during the November 5-7 bidding period.
Food delivery giant Swiggy and electricity producer ACME Solar Holdings are set to list on November 13, having garnered 3.59 times and 2.75 times subscriptions, respectively. Meanwhile, trading in shares of Niva Bupa Health Insurance Company will commence on November 14.
With three new IPOs and four notable listings, this week’s activity highlights continued momentum in the public market. Each offering presents opportunities for investors to observe, with companies like Blackbuck and Swiggy capturing significant attention. As these firms take their first steps into the public sphere, this week is a key moment in the IPO landscape. Remember, doing your research is important before investing in any IPO.
Disclaimer Note: The securities quoted, if any, are for illustration only and are not recommendatory. This article is for education purposes only and shall not be considered as a recommendation or investment advice by Equentis – Research & Ranking. We will not be liable for any losses that may occur. Investments in the securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI, membership of BASL & certification from NISM in no way guarantee the performance of the intermediary or provide any assurance of returns to investors.
Did you ever dream of striking gold in the stock market through an IPO? Don’t be reluctant if you say “Yes”. You are not alone. Remember the Zomato IPO from 2021, when the retail portion was oversubscribed by 2.69 times. This means that for every 100 shares available, 269 applications were received. Huge, right?
Getting in early on a promising IPO can feel like winning the lottery. It’s about much more than luck; strategy is the key.
Here are five tried-and-true strategies for increasing your chances of receiving that coveted IPO allotment. Ready to play and win?
Getting in on the ground floor of a promising initial public offering is like catching a rising star. However, to succeed in the IPO game, you must first understand the process.
Remember, when a company goes public through an Initial Public Offering (IPO), it is offering shares to the public for the first time. This is how they raise capital for a variety of purposes viz. Business diversification, discharging market liabilities, or for other general corporate purposes.
Step 1: Appointing Lead Managers and Advisors
Companies select lead managers (underwriters) and legal advisors to guide them through the IPO process. These experts help with documentation and regulatory compliance.
Step 2: Drafting and Filing the Draft Red Herring Prospectus (DRHP)
The company, with its advisors, drafts the DRHP, detailing the business model, financials, and the purpose of the IPO. This document is then submitted to SEBI for approval.
Step 3: SEBI Review and Approval
SEBI reviews the DRHP to ensure all regulatory requirements are met. SEBI might request clarifications or additional information. Once their queries are resolved, they issue an observation letter.
Step 4: Marketing and Roadshows
The company conducts roadshows to generate interest among potential investors. This involves presentations and Q&A sessions, showcasing the company’s growth potential.
Step 5: Pricing the IPO
Based on investor feedback and market conditions, the company, along with its lead managers, sets the IPO price or price band.
Step 6: Book Building Process
Investors bid for shares within the price band during the book-building period. This process establishes the final share allotment price.
Step 7: Allocation of Shares
Investors receive shares according to their submitted bids. Retail investors, qualified institutional buyers (QIBs), and non-institutional investors (NIIs) all get their respective portions.
Step 8: Listing on the Stock Exchange
Once shares are allocated, the company lists its shares on stock exchanges like BSE and NSE. Shares start trading publicly, and the IPO process culminates with the listing day.
Researching the Right IPOs
To ensure success in IPO allotment, you cannot afford to pick any random company just by being driven by its publicity or marketing gimmicks. You have to do highly skilled and strategic research.
Now, let’s quickly scan through the process of finding the right IPO-
Know the Company Inside Out:
Dig into its business model, revenue streams, and growth potential. Also, its key promoters, and the management of the company.
Read the DRHP (Draft Red Herring Prospectus) Like a Detective:
Look beyond the surface. Analyze financial statements, and check their fundamental and technical parameters, risk factors, and plans.
Market Trends and Industry Analysis:
Is the industry booming or busting? Align your picks with sectors on the rise. An emerging industry can boost a company’s IPO potential.
Peer Comparison: Compare the IPO company with its peers on the aspects of their valuation, Price-to-earning (P/E), Price-to-Sale (P/S), EBITDA, etc. Analyse how their financials stack up.
Investor Sentiment: Gauge the buzz around the IPO. Strong investor interest can drive demand, but don’t fall for hype alone—back it up with solid data.
Meaningful research is vital to winning the IPO game.
5 Proven Strategies You Can Use To Maximize Your Chances of IPO Allotment
Leverage Your Demat Account
Maintain an active Demat account with a reputable brokerage. High-volume transactions and a long-standing relationship can improve your chances. Brokerage firms may prioritize loyal customers.
2. Spread Out Your Bids
Instead of placing a single bid for a large number of shares, submit multiple applications using different Demat accounts, maybe be of your close relatives. Particularly in the case of oversubscribed IPOs, scattered investments always obtain higher chances of allotment. This can increase your chances of getting at least one allotment, especially if demand is high.
3. Opt for Full Payment Bids
When given a choice, opt for a full payment bid rather than part payment. This shows serious intent and can sometimes be favoured during allotment, making it less likely your bid will be overlooked.
4. Target Undersubscribed IPOs
Keep an eye on less popular or undersubscribed IPOs. These might have lower demand, increasing your chances of securing shares. But, don’t forget to check the fundamentals of the company before investing.
5. Apply as a Retail Investor
Confine your application amount to the retail investor limit of Rs. 2,00,000. Retail investors often have a reserved portion of shares in many IPOs.
Applying within this quota can be beneficial, especially for smaller investors, as the competition may be less intense compared to institutional bids.
The Key Takeaways
You will be amazed to know that in FY 24, retail investor participation skyrocketed, pushing IPO retail oversubscription to an impressive 30 times—far beyond FY23’s 7 times and FY22’s 14 times.
So, cracking the IPO code requires more strategic thinking and planning than chance or luck. To increase your chances of IPO allotment, use your Demat account, spread bids, opt for full payments, target undersubscribed IPOs, and leverage the retail investor advantage.
To make informed decisions, conduct thorough research on the company’s fundamentals and market trends. Developing strong broker relationships and staying informed keeps you one step ahead.
Following these suggestions will transform you from a mere participant in the IPO game to a winner. Ready to take on the IPO landscape? Go forth and secure your allotments!
FAQs
What’s the advantage of applying through multiple Demat accounts?
Applying through different Demat accounts increases your chances of allotment. Spreading your investment in various offerings applied through various accounts boosts your odds of success and at the same time impact of the risk is reduced when spread.
Moreover, bifurcated investment policy allows you to participate in many other IPOs thereby enhancing your chance of higher allotments.
Why is it beneficial to build a strong relationship with brokers?
Brokers can offer priority allotment to long-term, high-volume customers. A solid relationship might mean you get favoured during high-demand IPOs, giving you an edge over casual or less-interested investors.
How does choosing a full payment bid improve my chances?
A full payment bid shows your commitment and seriousness. This often leads to higher priority during the allotment process, as it indicates you’re ready to invest without hesitation.
What’s the risk of targeting undersubscribed IPOs, and is it worth it?
Undersubscribed IPOs might suggest lower demand, which could signal potential issues with the company. However, thorough research can reveal overlooked opportunities, making it a calculated risk worth taking.
Can retail investors have an advantage in IPO allotments?
Yes, many IPOs reserve a portion specifically for retail investors. This means less competition within this category, giving smaller investors a fairer chance at getting an allotment.
Disclaimer Note: The securities quoted, if any, are for illustration only and are not recommendatory. This article is for education purposes only and shall not be considered as a recommendation or investment advice by Equentis – Research & Ranking. We will not be liable for any losses that may occur. Investments in the securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI, membership of BASL & certification from NISM in no way guarantee the performance of the intermediary or provide any assurance of returns to investors.
Niva Bupa Health Insurance’s recent ₹2,200 crore IPO has sparked significant interest among investors. With a strong first-day subscription of 65%, the market is buzzing with anticipation. Let’s look deeper into the details of this IPO and explore what it offers to potential investors.
The Niva Bupa Health Insurance IPO, launched on November 7, 2024, is open for subscription until November 11, 2024. This IPO, structured as a book-built issue, aims to raise ₹2,200 crores by combining a fresh issue and an offer for sale (OFS) component. Specifically, the fresh issue consists of 10.81 crore shares valued at ₹800 crores, while the OFS includes 18.92 crore shares amounting to ₹1,400 crores.
Investors must apply for a minimum lot size of 200 shares, translating to a minimum retail investment of ₹14,800. Meanwhile, the minimum investment required for small non-institutional investors (sNII) is set at ₹207,200 for 2,800 shares, and for big non-institutional investors (bNII), the minimum is ₹1,006,400 for 13,600 shares.
After the allocation, which is expected to be finalized by November 12, 2024, Niva Bupa’s shares are slated to list on both the BSE and NSE on November 14, 2024. Source: SEBI
The Niva Bupa Health Insurance IPO attracted solid attention on its opening day, achieving a 65% subscription. Investors bid for 11.19 crore shares against the 17.28 crore shares available. Here’s how the different investor categories contributed on Day 1:
The company aims to allocate the IPO proceeds to achieve two primary objectives:
Augmentation of Capital Base: To strengthen the company’s solvency levels, supporting its financial stability and long-term growth.
General Corporate Purposes: Funds may also be used for other corporate needs as determined by management.
Grey Market Premium (GMP)
The GMP for Niva Bupa Health Insurance IPO is currently ₹0 (as of November 8, 2024). With the price cap at ₹74, the estimated listing price is also expected to be around ₹74, indicating no anticipated premium or discount. This stable GMP suggests market confidence in the company’s valuation, though the premium could change in the days leading to listing based on demand. Source: Livemint
Company Overview
Founded in 2008, Niva Bupa Health Insurance is a joint venture between Bupa Group and Fettle Tone LLP, established to serve the health insurance needs of individuals and families across India. With a strong focus on technology and customer service, the company’s key offerings include:
Retail Health Products: Tailored for individuals and families.
Group Health Products: Designed for corporate clients.
As of March 31, 2024, the company served 14.73 million active insured lives and operated in 22 states and four union territories. Recent initiatives, including a mobile application and website, emphasize digital tools for customer convenience.
Financial Strength
Niva Bupa Health Insurance has demonstrated consistent financial growth in recent years, supported by increasing demand within India’s health insurance sector. Between the fiscal years ending March 31, 2023, and March 31, 2024, the company’s revenue surged by 44.05%, and its profit after tax (PAT) grew substantially by 552.73%.
This growth reflects Niva Bupa’s strategic expansion and operational improvements, including a focus on retail and group health products. Gross written premiums (GWP), a key measure of growth in the insurance industry, also expanded significantly, growing at a compound annual growth rate (CAGR) of 41.27% from fiscal years 2022 to 2024. Retail health premiums alone recorded a CAGR of 33.41%, underscoring the company’s increasing foothold in the individual and family health insurance markets. Source: SEBI
Diverse Product Portfolio: A broad range of products catering to individual and group health insurance needs.
Strong Digital and Automated Systems: Uses AI-driven technology, including machine learning lead scoring, CRM, and telemarketing tools, to enhance customer engagement and service efficiency.
Trusted Brand Parentage: Bupa Group’s established reputation in healthcare and health insurance lends credibility to Niva Bupa.
Experienced Claims Management: The company brings expertise in handling claims and managing provider relationships, which are critical in health insurance.
Heavy Dependence on Technology: While advantageous, high reliance on digital tools can lead to operational vulnerabilities, particularly in data security and technical issues.
Relatively Young in Market Tenure: Compared to some competitors, Niva Bupa is a younger player, which could impact brand loyalty and customer acquisition in some segments.
OPPORTUNITIES
THREATS
Increasing Demand for Health Insurance: Rising healthcare costs and awareness about health insurance in India present an expanding market opportunity.
Potential to Penetrate Untapped Markets: With a presence in 22 states and four union territories, Niva Bupa can still expand to other regions within India.
Innovation in HealthTech: There is scope to leverage AI, mobile apps, and digital platforms further for personalized health solutions, which could lead to increased customer retention.
High Competition in Health Insurance: The Indian health insurance market is competitive, with established players and new entrants vying for market share.
Regulatory Changes: Any changes in health insurance regulations could impact pricing, operational costs, and growth.
Economic Downturn: Customers may prioritize essential expenditures during financial slowdowns, impacting premium collection and profitability.
Conclusion
With good financial performance, a diversified product portfolio, and a promising Day 1 subscription, Niva Bupa Health Insurance’s IPO has garnered investors’ attention. The absence of a Grey Market Premium may suggest a stable listing, which investors will closely watch in the coming days.
Disclaimer Note: The securities quoted, if any, are for illustration only and are not recommendatory. This article is for education purposes only and shall not be considered as a recommendation or investment advice by Equentis – Research & Ranking. We will not be liable for any losses that may occur. Investments in the securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI, membership of BASL & certification from NISM in no way guarantee the performance of the intermediary or provide any assurance of returns to investors.
One of the renewable energy giants, ACME Solar Holdings Limited, is set to launch its IPO today. The highly anticipated IPO aims to raise Rs.2900 crore from investors. But is the IPO worth considering? Let’s dig into the details of the IPO and the company to determine whether it fits into your investment plans.
The Acme Solar Holdings IPO includes a fresh issue of 8.29 crore shares, raising Rs.2,395 crore, and an offer for sale of 1.75 crore shares, totaling Rs.505 crore. Altogether, the IPO is sized at Rs.2,900 crore.
Kfin Technologies Ltd. has been appointed the issue’s registrar. Meanwhile, Nuvama Wealth Management Ltd., ICICI Securities Ltd., JM Financial Ltd., Kotak Mahindra Capital Company Ltd., and Motilal Oswal Investment Advisors Ltd. are the book-running lead managers.
Allocation of Shares
The ACME Solar Holdings IPO consists of 10,03,46,021 shares. Of these, 3 crore shares (29.9%) are reserved for Qualified Institutional Buyers (QIB), 1.5 crore (14.95%) for Non-Institutional Investors (NII), 1 crore (9.97%) for Retail Individual Investors (RII), 3,46,021 shares (0.34%) for employees, and 4.5 crore (44.84%) for Anchor investors.
On 5th November 2024, a day before the IPO launch, ACME Solar raised Rs.1,300.5 crore from anchor investors. Out of the 4.5 crore shares allocated to anchor investors, 1.5 crore were distributed to eight domestic mutual funds through 17 schemes.
The company has capped the maximum investment for retailers at 663 shares and 3417 shares for smaller HNIs (High-Net-Worth Investors who invest between Rs.2 lakh and Rs.10 lakh in any IPO). For the bigger HNIs (HNIs who invest more than Rs.10 lakh in an IPO), the minimum investment required is 3468 shares.
Qualified Institutional Buyers (QIBs)
Not less than 75% of the Net Issue
Non-Institutional Investors (HNIs)
Not more than 15.00% of the Net Issue
Retail Investors
Not more than 10% of the Net Issue
Anchor Investors
60% of the QIB portion
Eligible Employees
10 crore shares with a discount of Rs.27 per share
According to its red herring prospectus, Acme Solar plans to use the IPO proceeds primarily to reduce debt amounting to Rs.1,795 crore owed by its subsidiaries, either in whole or in part.
The remaining funds will be used for general corporate purposes, such as funding growth opportunities, business development, ongoing needs, or contingencies. The Offer for Sale proceeds will also go to the Promoter Selling Shareholder, ACME Cleantech Solutions Private Limited.
Grey Market Premium (GMP)
As of November 5, 2024, ACME Solar shares were trading at a 9.8% premium in the grey market over the upper price band. By November 6, the grey market premium (GMP) for Acme Solar Holdings’ IPO stood at Rs.10, reflecting a premium of approximately 3.46% over the IPO price of Rs.289.
This suggests the estimated listing price could be around Rs.299 per share. Looking at the past 13 sessions, the GMP has shown a downward trend, with the lowest recorded at Rs.0 and the highest reaching Rs.30. Source: Livemint
Company Overview
ACME Solar Holdings is one of India’s largest renewable energy independent power producers (IPP) and ranks among the top 10 in operational capacity as of June 2024. Established in 2015, the company focuses on renewable energy and has a portfolio that includes solar, wind, hybrid, and firm dispatchable renewable energy (FDRE) projects.
ACME aims to provide sustainable green energy at affordable rates while managing resourceful projects. In October 2024, ACME Solar Holdings signed a Power Purchase Agreement (PPA) with the Solar Energy Corporation of India (SECI) for a 150 MW hybrid project. This project will combine solar power with Energy Storage Solutions (ESS).
The company has become a significant player in India’s renewable energy sector, successfully commissioning 3,668 MWp of solar power across 12 states. ACME’s solar power projects cover various services, including project development, financing, construction, and operation.
For FY2024, the company’s revenue was Rs.1466.2 crore, around 6% more than the FY2023 revenue of Rs.1361.3. However, the revenue trend has been declining since the FY2021 revenue figure of Rs.1910.2 crore and the FY2022 figure of Rs.1892.2 crore.
One reason for such fluctuations is capacity divestment. In FY24, ACME Solar sold 369 MW of capacity to financial investors at approximately Rs.3.8 cr to Rs.4.4 cr per MW. The company used the proceeds to grow its business.
The company’s net profit trend has improved over the past three years. As of FY2024, the company earned Rs.698.2 crore as net profit after incurring a loss in FY2023 (Rs.3.1 crore).
SWOT Analysis:
STRENGTHS
WEAKNESSES
Strong Market Position: ACME Solar is a well-established player in the Indian renewable energy sector, ranking among the top 10 in operational capacity.
Diversified Portfolio: The company has a diversified portfolio of solar, wind, and hybrid projects, reducing its reliance on a single technology.
Financial Performance: The company showed strong financial performance in FY2024, recovering from the previous year’s loss.
Focus on Innovation: ACME Solar is committed to innovation and is actively exploring new technologies, such as energy storage solutions.
Debt Burden: The company has a debt burden, which could impact its financial performance and ability to invest in future growth.
Regulatory Risks: The renewable energy sector is subject to various regulatory risks, which could impact the company’s operations and profitability.
Competition: The renewable energy sector is highly competitive, with several large players vying for market share.
OPPORTUNITIES
THREATS
Growing Renewable Energy Demand: As of August 2024, India’s installed renewable energy capacity has reached approximately 200 GW. The increasing demand for clean and sustainable energy, driven by climate change concerns and government policies, presents significant growth opportunities for ACME Solar.
Emerging Technologies: Technological advancements like energy storage, solar photovoltaic (PV) modules, and wind turbines offer innovation and cost-reduction opportunities.
Intense Competition: The renewable energy sector is highly competitive, with numerous players vying for market share.
Financing Challenges: Securing adequate financing for large-scale renewable energy projects can be challenging, especially in a volatile economic environment.
Grid Integration Issues: Integrating large-scale renewable energy projects into the existing grid can pose technical and regulatory challenges.
Conclusion
A global transition to green and clean energy has supported the growth of companies like ACME Solar, which offers a range of power generation services and products. In FY23, its profits declined due to amortization costs and the sale of certain projects. However, FY24 saw a sharp profit boost from higher income and exceptional items.
While profits may not be the only reason you decide to invest, they can be one factor to consider. Nevertheless, consider the information mentioned and more in-depth research before giving an IPO a chance to be part of your portfolio.
Disclaimer Note: The securities quoted, if any, are for illustration only and are not recommendatory. This article is for education purposes only and shall not be considered as a recommendation or investment advice by Equentis – Research & Ranking. We will not be liable for any losses that may occur. Investments in the securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI, membership of BASL & certification from NISM in no way guarantee the performance of the intermediary or provide any assurance of returns to investors.
Are you ready to see Swiggy make its public debut? Swiggy’s highly anticipated IPO opens on November 6, aiming to raise ₹11,327.43 crore from investors. The IPO includes a fresh issue of 11.54 crore equity shares valued at ₹4,499 crore and an offer-for-sale (OFS) component of 17.51 crore shares worth ₹6,828.43 crore.
Priced within a range of ₹371 to ₹390 per share, this IPO places Swiggy’s valuation at around ₹1,130 Cr. (or $11.3 billion), slightly higher than its valuation in its last funding round in 2022. Here, we’ll break down all the essentials of the Swiggy IPO, covering its structure, objectives, GMP trends, company background, financial performance, and a SWOT analysis to help you make an informed decision.
The Swiggy IPO will be a book-built issue of ₹11,327.43 crore, combining a fresh issue of shares totaling ₹4,499 crore and an OFS component worth ₹6,828.43 crore. With a price band set at ₹371-₹390 per share, the IPO will value Swiggy at around $11.3 billion. Allotments are expected to be finalized on November 11, 2024, with the shares slated for listing on November 13, 2024, on the NSE and BSE.
Allocation of Shares
Swiggy’s IPO offers a 10% reservation for retail investors and allocates 7.5 lakh shares for eligible employees. The minimum investment required for retail investors starts with 38 shares per lot, amounting to a minimum of ₹14,820. High net-worth investors (HNIs) can apply in multiples of 14 lots for a minimum investment of ₹207,480, while large investors can apply for a minimum of 68 lots, amounting to ₹1,007,760.
Qualified Institutional Buyers (QIBs)
Not less than 75% of the Net Issue
Non-Institutional Investors (HNIs)
Not more than 15.00% of the Net Issue
Retail Investors
Not more than 10% of the Net Issue
Employee Reservation
Up to 750,000 shares with a discount of ₹25 per share
Swiggy aims to use the funds raised from this IPO to support various strategic objectives:
Debt Reduction: A portion of the proceeds will be used to repay or prepay borrowings for Scootsy and its subsidiary.
Expansion of Dark Stores: Swiggy plans to invest in its Quick Commerce division, mainly to expand its dark store network, which supports Swiggy Instamart’s quick grocery delivery.
Investment in Technology: Swiggy will fund infrastructure upgrades to improve efficiency and customer experience.
Marketing and Brand Promotion: A portion of the funds will be used for brand promotion to strengthen Swiggy’s presence in various segments.
Acquisitions and Growth: Swiggy also intends to explore inorganic growth opportunities through acquisitions and other corporate activities.
Grey Market Premium (GMP)
The IPO has generated notable interest, although the grey market premium (GMP) has fluctuated amid market volatility. The Swiggy IPO is trading at a GMP of ₹20 per share, suggesting a modest 5.13% potential listing gain above the upper price band of ₹390. It’s worth noting that this premium had reached ₹25 per share before the Muhurat trading session, indicating a degree of speculative interest in the unofficial market. Source: Livemint
Company Overview
Founded in 2014, Swiggy has become one of India’s leading on-demand delivery platforms. The company started with food delivery but has since diversified to include grocery delivery (Instamart), restaurant reservations (Dineout), and event bookings (SteppinOut). Swiggy’s platform also supports B2B logistics through services like Swiggy Genie and offers an extensive supply chain network for retailers.
Today, Swiggy operates in five main areas:
Food Delivery: Core business, connecting customers with thousands of restaurants.
Out-of-Home Consumption: Restaurant reservations, event booking, and dining-out options.
Quick Commerce: Fast grocery delivery via Instamart, facilitated by dark stores.
Supply Chain and Distribution: B2B delivery solutions for retailers and wholesalers.
Platform Innovation: Services like Swiggy Genie offer hyperlocal deliveries and product pickups.
Financial Highlights
Swiggy’s financial growth has shown strong momentum despite its ongoing efforts to reach profitability.
For the fiscal year ending March 2024, Swiggy’s revenue grew by 34%, while its profit after tax (PAT), though still negative, improved by 44% over the prior fiscal year. Quick commerce and logistics have been key revenue drivers, with both segments showing significant promise as Swiggy works to strengthen its core areas and improve its financial stability.
Diverse Service Offering: Swiggy offers more than just food delivery; it also offers grocery, dining-out, and event booking services, appealing to a broad consumer base.
Strong Brand Recognition: Swiggy is a household name in urban India, benefiting from its reputation and extensive user base.
Solid Partnerships and Investors: With SoftBank and other major investors backing, Swiggy has access to resources for expansion and innovation.
Loss-Making Status: Swiggy continues to report net losses, which could pose concerns for investors focused on profitability.
High Dependency on Urban Markets: While Swiggy is prevalent in urban areas, penetration in smaller towns and rural regions remains low, limiting its growth potential in these areas.
High Operating Costs: Delivery infrastructure and dark store operations are costly, which may weigh on profitability in the short term.
OPPORTUNITIES
THREATS
Quick Commerce Growth: India’s quick commerce market is expected to grow at a CAGR of 148-169% from 2018 to 2023, offering significant growth potential for Swiggy Instamart.
Untapped Rural Markets: Expanding services to rural and smaller towns could broaden Swiggy’s customer base.
Inorganic Growth Potential: The IPO funds will provide capital for acquisitions, giving Swiggy options for growth through strategic acquisitions.
Intense Competition: Competitors like Zomato, Dunzo, and Blinkit continue to vie for market share in the food and quick commerce sectors.
Regulatory Risks: Changing regulations in data protection, labor laws, and online services could impact Swiggy’s operations.
Volatile Market Conditions: Economic factors, like inflation and consumer spending shifts, may affect demand for Swiggy’s services.
Conclusion
Swiggy’s upcoming IPO represents a notable event for investors interested in India’s dynamic food tech and quick commerce sectors. With its growing user base, solid financial trajectory, and diverse offerings, Swiggy aims to leverage this public offering to fuel its next growth phase. However, the competitive landscape and Swiggy’s path to profitability will be key factors to monitor as it embarks on this journey.
Disclaimer Note: The securities quoted, if any, are for illustration only and are not recommendatory. This article is for education purposes only and shall not be considered as a recommendation or investment advice by Equentis – Research & Ranking. We will not be liable for any losses that may occur. Investments in the securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI, membership of BASL & the certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.
Sagility India is set to launch its IPO on 5 November. This significant event allows investors to engage with a leading healthcare services provider. With a price band of ₹28 to ₹30 per share and a total issue size of ₹2,106.60 crore, this IPO is expected to draw considerable interest.
As you consider your investment options, it’s essential to understand the key aspects of Sagility India’s financial health and growth potential.
Here’s a lowdown on the IPO details and aspects investors must consider before deciding
Sagility India Limited, earlier called Berkmeer India Private Limited, provides technology-enabled solutions for U.S. healthcare payers and providers, offering services such as claims management, care management, and revenue cycle operations. The company operates across five international service locations, including India, the Philippines, the U.S., Jamaica, and Colombia.
Growth Story
Sagility India has grown significantly, expanding its client base and service offerings. In FY 2024, the company processed 105 million claims and managed 75 million interactions, adding 22 new clients. A skilled global workforce and recognition from industry analysts like Avasant and Everest support this growth.
Financial Growth
Sagility India’s financial performance has been robust, with the total income increasing from ₹423.6 crores in March 2023 to ₹478.15 crores in March 2024. The profit after tax (PAT) also saw a rise from ₹143 crore in FY2023 to ₹228 crore FY2024. The company’s earnings per share (EPS) and return on net worth (RoNW) have also improved, reflecting higher profitability and efficient operations.
Sagility India is raising funds with the aim to list its Equity Shares on Stock Exchanges, enhancing visibility and credibility. The company’s objective also includes facilitating the Offer for Sale of up to 70.2 crore cshares by the promoter selling shareholder, Sagility BV.
GMP
The Grey Market Premium (GMP) for Sagility’s IPO stands at ₹3. Given the price band of ₹30, the estimated listing price is ₹33 (price band + GMP). This indicates a potential gain of 10% per share.
Anchor Investors:
The three main investors in Sagility India include:
360 ONE (through Special Opportunities Fund – Series 8 and Monopolistic Market Intermediaries Fund): 1.07% stake for ₹150 crore.
Avendus Future Leaders Fund II: 0.9% stake for ₹126 crore.
Adani Properties (Adani Group): 0.14% shares for ₹20 crore.
Other investors who acquired 0.5% shares worth ₹70 crore collectively include Elpro International, Jasub Property Holdings, Jaya Chandrakant Gogri and Rashesh Chandrakant Gogri, PAM Family Trust, Shradha Family Trust, Unmaj Ventures, Uma Priyadarshini Kollareddy and Kollareddy Ranganayakamma.
Listing
The shares are expected to be listed on the BSE and NSE on November 12, 2024.
Shares Reservation
75% of the issue is reserved for Qualified Institutional Buyers (QIBs), 15% for Non-Institutional Investors (NIIs), and 10% for retail investors.
SWOT analysis of Sagility India
STRENGTHS
WEAKNESSES
Deep domain expertise in healthcare, particularly revenue cycle management and clinical coding.
Robust technology infrastructure and digital tools to enhance efficiency and accuracy.
A skilled and experienced workforce, including certified medical coders and registered nurses.
Established relationships with US-based healthcare providers and payers.
Significant reliance on the US healthcare market, exposing the company to regulatory changes and economic fluctuations.
Intense competition from other healthcare IT companies, both domestic and international
The risk of data breaches and cyberattacks could damage the company’s reputation and lead to financial losses.
OPPORTUNITIES
THREATS
Leveraging emerging technologies like AI and machine learning to improve efficiency and accuracy.
Expanding service offerings to include value-added services, such as analytics and consulting.
Exploring opportunities for global expansion, particularly in markets with similar healthcare systems
Changes in US healthcare regulations, such as HIPAA and ICD-10.
Increasingly sophisticated cyberattacks could compromise the company’s systems and data.
US economic downturns could reduce healthcare spending and impact the company’s revenue.
With Sagility India launching its IPO, investors can consider investing in the healthcare sector. The company’s focus on technology-enabled solutions and its experienced workforce position it well to capitalize on the evolving healthcare landscape.
However, potential investors should carefully consider the risks associated with the company’s reliance on the US healthcare market and the possible impact of regulatory changes and economic fluctuations. Before making an investment decision, conducting thorough research or consulting with a financial advisor to assess the risks and rewards involved is advisable.
Disclaimer Note: The securities quoted, if any, are for illustration only and are not recommendatory. This article is for education purposes only and shall not be considered as a recommendation or investment advice by Equentis – Research & Ranking. We will not be liable for any losses that may occur. Investments in the securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI, membership of BASL & the certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.
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An investment advisory firm is a company that helps investors make decisions about buying and selling securities (like stocks) in exchange for a fee. They can advise clients directly or provide advisory reports and other publications about specific securities, such as high growth stock recommendations. Some firms use both methods, like Research & Ranking, India’s leading stock advisory company, specializing in smart investments and long-term stocks since 2015.
Do we have SEBI registration as an Investment Advisory?
An investment advisory firm is a company that helps investors make decisions about buying and selling securities (like stocks) in exchange for a fee. They can advise clients directly or provide advisory reports and other publications about specific securities, such as high growth stock recommendations. Some firms use both methods, like Research & Ranking, India’s leading stock advisory company, specializing in smart investments and long-term stocks since 2015.
Why choose a SEBI Registered Investment Advisor?
An investment advisory firm is a company that helps investors make decisions about buying and selling securities (like stocks) in exchange for a fee. They can advise clients directly or provide advisory reports and other publications about specific securities, such as high growth stock recommendations. Some firms use both methods, like Research & Ranking, India’s leading stock advisory company, specializing in smart investments and long-term stocks since 2015.
What is the Role of an Investment/Stock Market Advisory Firm in India?
An investment advisory firm is a company that helps investors make decisions about buying and selling securities (like stocks) in exchange for a fee. They can advise clients directly or provide advisory reports and other publications about specific securities, such as high growth stock recommendations. Some firms use both methods, like Research & Ranking, India’s leading stock advisory company, specializing in smart investments and long-term stocks since 2015.
Is investment advisory the same as wealth management?
