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Q: What is an Investment Advisory Firm?

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.

Q: 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.

Q: 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.

Q: 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.

Upcoming IPO Lists and Detailed Analysis of the Company.

March 31, 2025

IPO Listing Time: Key Details on IPO Trading Time

Initial Public Offerings (IPOs) are significant milestones in the stock market, allowing private companies to go public and raise capital. For investors, understanding IPO listing time is crucial to making informed decisions.

A stock market advisor can provide insights into upcoming IPOs, helping investors strategize their trades. The IPO listing process involves regulatory approvals, market conditions, and investor sentiment, all influencing stock performance on the first trading day. Knowing the exact listing time can enhance investment opportunities.

What is IPO Listing Time and Why It Matters for Investors

IPO listing time refers to when a company’s shares start trading on a public stock exchange. This timing is significant for investors because it allows when they can start buying or selling the newly issued shares. The initial trading hours can be particularly volatile, presenting opportunities and risks.

Understanding the Importance of IPO Listing Time in Market Movements

The listing time for IPO can influence market dynamics, including liquidity and price fluctuations. Investors aware of the stock’s listing time can perhaps better strategize their entry or exit points, potentially optimizing their investment outcomes.

What is IPO Listing Time?

IPO listing time refers to the designated moment when a company’s shares begin trading on a stock exchange. This milestone marks the company’s shift from private to public, enabling broader investor participation.

For those tracking current IPOs, understanding listing time is crucial, as it influences trading strategies and price movements on debut. The timing of an IPO plays a crucial role in market dynamics, affecting investor sentiment and demand, ultimately determining the stock’s initial performance in the open market.

How the Stock Exchange Decides When an IPO Gets Listed

In collaboration with regulatory bodies and the issuing company, stock exchanges determine the listing schedule. Factors such as regulatory approvals, market conditions, and logistical considerations play roles in setting the exact time and date for the IPO listing.

IPO Listing Time in Market: How It Works

IPO Listing Time on NSE and BSE

In India, the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE) have a structured process for IPO listings:

New Share Listing Time and Market Reactions

On the listing day, the trading schedule is as follows:

9:00 AM to 9:35 AM: Investors can place, modify, or cancel limit orders for the new listing.
9:35 AM to 9:45 AM: Continuation of limit order placements, with the system randomly closing pending orders within this window.
9:45 AM to 9:55 AM: The exchange matches orders to determine the stock’s opening price.
9:55 AM to 10:00 AM: A buffer period to ensure a smooth transition into the normal trading session.
10:00 AM to 3:30 PM: Regular trading hours commence, during which orders can be placed, modified, or canceled.

This structured approach facilitates an orderly market entry for new IPO shares.

IPO Listing Schedule on NYSE and NASDAQ (USA)

In the United States, the New York Stock Exchange (NYSE) and NASDAQ follow these general guidelines:

9:30 AM ET: Regular trading hours commence.
Post 9:30 AM ET: IPOs typically begin trading after the opening bell, but the exact time can vary based on factors like order book building and regulatory approvals.

It’s common for IPOs to start trading a few hours into the trading day to ensure all processes are in place.

Different IPO Listing Times Across Global Stock Exchanges

Globally, IPO listing times vary based on regional practices and regulations. Each stock exchange has its protocols to ensure a smooth listing process.

Table: IPO Listing Time Across Various Stock Exchanges

Stock Exchange	Pre-open Session	Listing Time	Time Zone
NSE (India)	9:00 – 10:00 AM	10:00 AM	IST
BSE (India)	9:00 – 10:00 AM	10:00 AM	IST
NYSE (USA)	N/A	After 9:30 AM	ET
NASDAQ (USA)	N/A	After 9:30 AM	ET

When Does an IPO Get Listed After Allotment?

IPO Timeline: From Subscription to Listing on the Stock Exchange

The journey of an IPO from subscription to listing typically follows these stages:

Subscription Period: Investors apply for shares during this window.
Allotment Process: Shares are allocated to investors based on demand and regulatory guidelines.
Listing Date: The company’s shares commence trading on the stock exchange.

This process ensures that all regulatory and logistical requirements are met before public trading begins.

What Happens Between IPO Allotment and Stock Listing

Between allotment and listing, several critical activities occur:

Regulatory Filings: Final documentation is submitted to regulatory bodies.
Share Credit: Allotted shares are credited to investors’ demat accounts.
Price Discovery Preparation: Mechanisms are set up to determine the opening price on listing day.

These steps are essential to facilitate a transparent and efficient market debut.

Time of IPO Listing on the Stock Market

1. Pre-Opening Session and Price Discovery Mechanism

The pre-opening session plays a vital role in establishing the opening price of a new stock. During this period:

Order Collection: Investors place buy and sell orders without immediate execution.
Order Matching: Exchanges match orders to determine an equilibrium price.
Price Discovery: The opening price is set based on matched orders, reflecting market sentiment.

This mechanism helps mitigate volatility and ensures a fair starting price.

2. Exact Stock Exchange IPO Listing Time for Trading

The precise listing time varies by exchange:

NSE and BSE: IPOs begin trading at 10:00 AM IST after the pre-open session.
NYSE and NASDAQ: IPOs typically start trading sometime after the market opens at 9:30 AM ET, depending on various factors.

Investors should monitor official announcements for exact timings.

How Market Orders and Limit Orders Affect Early Trading Volumes

The types of orders placed can significantly impact early trading:

Market Orders: Executed immediately at the current market price, contributing to higher initial volatility.
Limit Orders: Executed only at a specified price or better, providing more control but potentially slower execution.

Understanding these order types helps investors strategize their trading approach on listing day.

Factors That Affect IPO Listing Time and Performance

1. Market Volatility and Economic Conditions

Prevailing market conditions can influence both the timing and performance of an IPO. High volatility or unfavorable economic indicators may lead companies to adjust their listing schedules or pricing strategies.

2. Demand and Subscription Levels During the IPO Process

Strong investor demand, indicated by oversubscription, can positively impact the listing price and initial performance. Conversely, under-subscription may lead to subdued market reception.

SEBI and Regulatory Approvals for Final Listing

In India, the Securities and Exchange Board of India (SEBI) plays a pivotal role in the IPO process. Companies must obtain SEBI’s approval before proceeding with an IPO, ensuring compliance with regulatory standards and protecting investor interests. This approval process involves rigorous scrutiny of the company’s financial health, governance practices, and disclosure norms. Once SEBI grants approval, the company can schedule its listing, marking the transition from a private entity to a publicly traded company.

Why Some IPOs List at a Premium While Others List at a Discount

The listing price of an IPO can vary based on several factors:

Market Sentiment: Positive market conditions and investor optimism can drive higher demand, leading to a premium listing.
Company Fundamentals: Strong financials, a robust business model, and growth prospects make an IPO more attractive, potentially resulting in a premium.
Subscription Levels: Oversubscribed IPOs often list at a premium due to high demand, while undersubscribed ones may list at a discount.

Understanding these factors can help investors gauge potential price movements on listing day.

Case Study: IPOs That Saw High Volatility During Listing

Several IPOs have experienced significant volatility on their listing days. For instance, companies with high pre-listing hype but uncertain fundamentals have seen sharp price fluctuations. Such volatility underscores the importance of thorough research and cautious investment strategies during IPO listings.

1. Ola Electric Mobility Ltd. (August 2024):
Ola Electric’s IPO was launched at ₹76 per share but saw high volatility. By March 2025, the stock dropped by 38% to ₹47.4. Financial troubles, including an insolvency case from a creditor, falling sales, regulatory issues, and restructuring efforts caused this decline.

2. Hyundai Motor India Ltd. (October 2024):

Hyundai Motor India’s $3.3 billion IPO was one of the biggest in India. However, the stock fell by 4% on the first trading day. Weak interest from small investors and challenges in quick stock trading affected its debut. Despite this, strong support from big investors ensured the IPO’s success.

Should You Buy on Listing Day or Wait?

Deciding when to invest in an IPO requires careful consideration:

Buying on Listing Day: This approach allows investors to capitalize on initial price movements but comes with higher volatility and risk.
Waiting: Observing the stock’s performance post-listing can provide insights into its stability and long-term potential, albeit possibly at a higher entry price.

How to Plan Trades Around IPO Stock Listing Time

Effective planning involves:

Research: Analyze the company’s fundamentals, industry position, and growth prospects.
Monitoring Market Conditions: Assess overall market sentiment and economic indicators that could influence the stock’s performance.
Setting Clear Objectives: Define your investment horizon and profit targets to guide your trading decisions.

Understanding Limit Orders vs. Market Orders on IPO Listing

Choosing the right order type is crucial:

Limit Orders: Specify the maximum price you’re willing to pay, providing control over your entry point but with the risk of non-execution if the price doesn’t reach your limit.
Market Orders: Ensure immediate execution at the current market price but may result in higher costs due to rapid price changes.

Key Takeaways on IPO Listing Time and Market Trends

Regulatory Oversight: SEBI’s approval is critical in the IPO process, ensuring transparency and investor protection.
Structured Listing Process: The pre-open and regular trading sessions are designed to facilitate orderly trading of new IPO shares.
Market Dynamics: Market sentiment, company fundamentals, and subscription levels significantly influence the listing price and subsequent performance.

How Investors Can Plan for IPO Stock Listings Strategically

To assess IPO performers effectively, understand the company’s business model, financial health, and industry landscape. Stay informed about market trends and economic indicators that may influence stock performance. Evaluate your risk appetite and investment objectives to identify suitable entry and exit points. By taking a strategic approach, investors can navigate the complexities of IPO listings and optimize their investment outcomes.

FAQs

What time does an IPO list on the stock exchange?
In India, on the listing day, the stock begins trading at 10:00 AM, following the pre-open session that starts at 9:00 AM.
Can an IPO listing time be delayed?
Yes, IPO listing times can be delayed due to factors such as regulatory issues, market volatility, or logistical challenges.
How does the stock exchange determine IPO listing time?
The stock exchange, in coordination with the issuing company and regulatory bodies like SEBI, schedules the listing time based on factors such as regulatory approvals, market readiness, and operational considerations to ensure a smooth debut.

March 26, 2025

IPO, News

Groww Aims for $6.5 Bn Valuation with $200M Pre-IPO Fundraise

India’s stockbroking industry has rapidly evolved, with digital platforms expanding market access. Bengaluru-based investment platform Groww has emerged as the country’s largest stockbroker in terms of active clients. As it prepares for a public listing, Groww is in talks to raise $200 million in pre-IPO funding.

According to sources familiar with the matter, Groww is currently evaluating a $200 million fundraising and has held talks with Singapore’s sovereign wealth fund, GIC, and its existing investor, Tiger Global. If this deal materializes, the company’s valuation could reach approximately $6.5 billion, significantly higher than its last valuation of around $3 billion during its previous funding round in 2021. Source: Economic Times

GIC’s involvement highlights its ongoing interest in India’s fintech industry. The sovereign wealth fund has previously invested in several fast-growing Indian startups across various sectors, including Flipkart, Delhivery, Swiggy, Razorpay, and Cred. Source: TimesofIndia

This move comes at a time when Groww’s competitors, including Mumbai-based brokerage firm Dhan, are also in discussions with investors for large funding rounds, indicating a broader trend of fintech firms gearing up for expansion and public listings.

Groww Competing in a Fast-Growing Market

Groww, which started its journey as a direct mutual fund distribution platform, has now evolved into the country’s largest stockbroker in terms of active clients. According to NSE data, as of February, Groww had an active trader base of approximately 13 million users, surpassing other leading brokerage firms like Zerodha, which had around 8 million active users, and Angel One, which had approximately 7.7 million.

AD 4nXdyisBGuCWfxSn0R9ISzxh4Tvde 2ui9beVjJy 3mM79FdPZXu0k9K0reSONMjz2Azmgf4MPuuY5qFN — Source: Economic Times

The Pre-IPO Fundraising Strategy

Groww’s plans for a pre-IPO funding round are crucial as the company looks to strengthen its financial position before entering the public markets.

In January, reports surfaced that Groww was likely to raise around $700 million through its IPO, joining the wave of Indian startups that have opted for local listings in recent years. The pre-IPO fundraising appears to be part of a larger strategy to ensure that the company has sufficient capital to navigate the stock market debut and sustain its operations in the long run. Source: Economic Times

Moving Its Domicile to India

A key development in Groww’s journey towards its IPO was the company’s decision to shift its domicile from the US to India in November last year. The move aimed to facilitate its listing on the Indian stock exchanges, allowing it to align with regulatory requirements and attract domestic investors.

For many Indian startups that initially incorporated abroad, moving their domicile back to India has become a strategic step before an IPO. This relocation helps companies avoid potential legal and tax complexities while also making it easier for Indian investors to participate in their stock offerings.

Financial Performance and Revenue Growth

Despite its rapid growth, Groww has faced financial challenges, including a notable net loss in FY24. The company reported revenues of Rs 3,145 crore for the fiscal year but also recorded a net loss of Rs 805 crore. This loss was largely attributed to a one-time tax payout to US authorities as part of its return to India. Source: Economic Times/ TimesofIndia

Expanding Beyond Stockbroking

In addition to its core stockbroking services, Groww has been actively working towards diversifying its business.

Reports indicate that the company has engaged in discussions to acquire Fisdom, a wealth management platform backed by PayU. This potential acquisition aligns with Groww’s broader strategy of expanding into wealth management and offering its users a wider range of financial products.
Besides wealth management, Groww has also ventured into the consumer durables loan segment. The company has launched financial products aimed at helping users finance big-ticket purchases, further strengthening its position as a comprehensive financial services provider.
To support its diversification plans, Groww has also introduced a new business unit called ‘W,’ which is dedicated to wealth management services. As competition intensifies in the fintech space, companies like Groww are increasingly focusing on expanding their product offerings to cater to a broader audience and create additional revenue streams.

Regulatory Challenges and Market Trends

While Groww has been on an upward trajectory, regulatory developments in the financial markets have posed challenges for new-age brokerage firms. The Securities and Exchange Board of India (Sebi) recently tightened its regulations around futures and options (F&O) trading, a segment that contributes significantly to the revenue of digital brokerage platforms.

With over 70% of revenues coming from F&O trading, many brokerage firms, including Groww, have experienced an impact due to these regulatory changes. In February, the number of active traders on Groww’s platform dropped by more than 200,000, marking the first decline in two years. Competitors like Zerodha and Angel One also witnessed a reduction in their active trader base by around 150,000 users during the same period.

Industry experts have pointed out that these regulatory changes could shift trading patterns, prompting brokerage firms to explore alternative revenue sources. Zerodha’s co-founder and CEO, Nithin Kamath, had previously stated that the new regulations could lead to a 30% decline in trading volumes across the industry. Source: Economic Times

The Road Ahead for Groww

As Groww prepares for its IPO, its ability to navigate regulatory changes, expand its product portfolio, and secure strong investor backing will be crucial. The pre-IPO funding round, if finalized, will provide the company with additional capital to strengthen its operations and scale its business.

In the bustling world of Indian fintech, Groww has rapidly emerged as a standout player. Starting as a direct mutual funds distributor, it has transformed into the country’s largest stockbroker by active clients. The Bengaluru-based startup is reportedly in talks to raise $200 million in a pre-IPO funding round, potentially valuing the company at around $6.5 billion.

Aiming for New Heights

This potential funding round involves discussions with Singapore’s sovereign wealth fund, GIC, and existing investor Tiger Global. If successful, this would double Groww’s valuation from its last fundraising in 2021, pegged the company at approximately $3 billion.

Preparing for Public Listing

The anticipated $200 million infusion is expected to precede Groww’s initial public offering (IPO), with plans to raise around $700 million through the listing. This move aligns Groww with other modern startups venturing into the public markets in recent years.

Dominating the Market

According to data from the National Stock Exchange (NSE), as of February 2025, Groww boasts an active trader base of approximately 13 million users. This positions it ahead of competitors like Zerodha, with 8 million users, and Angel One, with around 7.7 million.

Strategic Moves

In November 2024, Groww relocated its domicile from the US to India, a strategic decision aimed at facilitating its listing on Indian stock exchanges. This move underscores the company’s commitment to strengthening its presence in the Indian market.

Financial Performance

For the fiscal year ending in 2024, Groww reported revenues of ₹3,145 crore. However, the company also recorded a net loss of ₹805 crore, attributed to a one-time tax payout to US authorities related to its domicile shift back to India.

Diversifying Offerings

In a bid to broaden its service portfolio, Groww has been in talks to acquire Fisdom, a wealth management firm backed by PayU. Additionally, the company has introduced consumer durable loans and is establishing a new business unit, ‘W’, to focus on wealth management services.

Navigating Regulatory Changes

These developments occur amid increased scrutiny from the Securities and Exchange Board of India (SEBI) on futures and options (F&O) trading. New-age brokerages, which derive a significant portion of their revenue from F&O trades, have felt the impact of these regulatory changes. In February, Groww experienced a decline of over 200,000 active traders from the previous month, marking its first drop in two years. Competitors like Zerodha and Angel One also saw reductions of approximately 150,000 users each during the same period.

Industry Perspectives

Nithin Kamath, co-founder and CEO of Zerodha, commented on the situation, noting a more than 30% drop in activity across brokers. He highlighted that the industry is experiencing a downturn in business for the first time in 15 years.

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 the performance of the intermediary or provide any assurance of returns to investors.

March 24, 2025

IPO, News

Desco Infratech & 3 SME IPOs Open This Week. Key Details Inside

An eventful week awaits in the SME IPO market with a mix of opportunities for investors. This week features Desco Infratech Ltd., aiming to raise ₹185 crore, along with three other SME IPOs—Shri Ahimsa Naturals Ltd, ATC Energies System Ltd, and Identixweb Ltd—set to launch. These IPOs span multiple sectors, offering investors a chance to participate in emerging Indian businesses. Before diving into the details, let’s examine their objectives, financials, Grey Market Premium (GMP), and other key aspects. Here’s a closer look at what’s in store!

Desco Infratech Limited

Desco Infratech Limited is launching its SME IPO with a fresh issue of 20.50 lakh shares, aggregating to Rs 30.75 crores. The IPO subscription opens on March 24, 2025, and closes on March 26, 2025. The allotment is expected to be finalized by March 27, 2025. Desco Infratech IPO is set to list on the BSE SME platform, with the tentative listing date scheduled for April 1, 2025.

Offer Price	₹147 to ₹150 per share
Face Value	₹10 per share
Opening Date	24 March 2025
Closing Date	26 March 2025
Total Issue Size (in Shares)	20,50,000
Total Issue Size (in ₹)	₹30.75 Cr
Issue Type	Book Built Issue IPO
Lot Size	1,000 Shares
Listing at	BSE, SME

Source: Desco Infratech

The minimum application size is 1,000 shares, requiring a retail investor investment of Rs 1,47,000. However, bidding at the cutoff price of Rs 1,50,000 is recommended to avoid oversubscription risks. HNI investors must bid for at least two lots (2,000 shares), amounting to Rs 3,00,000.

GMP (Grey Market Premium)

As of March 24, 2025, Desco Infratech’s SME IPO is trading at a GMP of Rs 20. Given the price band of Rs 150 per share, the estimated listing price is Rs 170, indicating a potential listing gain of 13.33% per share.

Objectives of the IPO

Funding capital expenditure for setting up a corporate office in Surat, Gujarat – Rs 10.43 million.
Purchasing machinery to enhance operational capabilities – Rs 16.8 million.
Funding working capital requirements – Rs 180 million.
General corporate purposes.

Company Overview

Desco Infratech Limited (Founded in 2011) is an infrastructure company engaged in engineering, planning, and construction across City Gas Distribution (CGD), renewable energy, water management, and power infrastructure. Operating in 55+ cities across 14 states, it has laid over 4,000 km of MDPE pipelines and provided 200,000+ piped natural gas connections. The company also develops water distribution networks, open wells, sump wells, and overhead tanks.

Financials

Desco Infratech Limited has shown steady growth in revenue and profitability. As of September 30, 2024, revenue stood at ₹22.75 crore, following ₹29.49 crore in FY24 and ₹29.28 crore in FY23. Profit After Tax (PAT) reached ₹3.38 crore in H1 FY25, maintaining momentum from ₹3.46 crore in FY24—a sharp rise from ₹1.23 crore in FY23 and ₹0.83 crore in FY22, highlighting improved profitability.

AD 4nXfBVUYjjte1HWsyuUAdbwWTByjObC2LB3LQJYVq 6 — **Source:** **Desco Infratech**

SWOT Analysis of Desco Infratech Limited

STRENGTHS	WEAKNESSES
Established track record in infrastructure development, especially in CGD and renewable energy. Strong execution capabilities with over 4,000 km of MDPE pipelines laid. Presence in multiple states and cities, reducing geographical concentration risk. Robust financial growth with increasing revenue and profit margins.	High working capital requirements necessitating external funding. Exposure to regulatory and environmental approvals can delay projects. Dependence on government contracts and policies for infrastructure development.
OPPORTUNITIES	THREATS
Growing demand for sustainable energy solutions, including CGD and renewable power projects. Expansion into new geographical markets and infrastructure segments. Increased government spending on infrastructure projects can boost contract opportunities.	Market volatility and economic downturns affect infrastructure investments. Rising competition in the infrastructure sector from other large players. Delays in project execution due to external factors like raw material shortages or policy changes.

Shri Ahimsa Naturals Limited

Shri Ahimsa Naturals Limited is launching its SME IPO with a total issue size of ₹ 73.81 crores. The offering consists of a fresh issue of 42.04 lakh shares worth ₹50.02 crores and an offer for sale (OFS) of 19.99 lakh shares amounting to ₹23.79 crores. The IPO will be open for subscription from March 25, 2025, to March 27, 2025.

Offer Price	₹113 to ₹119 per share
Face Value	₹10 per share
Opening Date	25 March 2025
Closing Date	27 March 2025
Total Issue Size (in Shares)	62,02,800
Total Issue Size (in ₹)	₹73.81Cr
Issue Type	Book Built Issue IPO
Lot Size	1,200 Shares
Listing at	NSE, SME

Source: Shri Ahimsa

The allotment is expected to be finalized on March 28, 2025, with a listing scheduled on the NSE SME platform on April 2, 2025. The minimum lot size is 1,200 shares, requiring a retail investor investment of ₹1,35,600. To avoid potential oversubscription risks, bidding at the cutoff price of ₹1,42,800 is recommended. HNI investors must apply for at least two lots (2,400 shares), amounting to ₹ 85,600.

GMP (Grey Market Premium)

As of March 24, 2025, Shri Ahimsa Naturals SME IPO is trading at a GMP of ₹10. With the price band set at ₹119 per share, the estimated listing price is ₹129, indicating a potential listing gain of 8.40% per share.

Objectives of the IPO

Investment in its wholly-owned subsidiary, Shri Ahimsa Healthcare Private Limited (SAHPL), for setting up a manufacturing unit in Sawarda, Jaipur, Rajasthan – Rs 350 million.
General corporate purposes.

Know More:  SEBI Registered Investment Advisory |  Stock Investment Advisory

Company Overview

Shri Ahimsa Naturals Limited (Incorporated in 1990) manufactures and trades Caffeine Anhydrous, Green Coffee Bean Extracts, and Crude Caffeine, serving the food & beverage, nutraceuticals, cosmetics, and pharmaceutical industries. It exports to the USA, Germany, South Korea, the UK, and Thailand. As of September 30, 2024, export revenue was Rs 3,530.91 lakhs, with previous figures of Rs 7,463.71 lakhs (FY23) and Rs 9,988.01 lakhs (FY22). The Jaipur-based manufacturing unit adheres to international standards, including ISO 9001, ISO 22000, ISO 45001, ISO 14001, HACCP, and GMP.

Financials

Shri Ahimsa Naturals Limited has shown steady growth in assets, revenue, and profitability over the years. Revenue for the first half of FY25 is ₹41.37 crore, following ₹78.7 crore in FY24. However, this marks a decline from the ₹106.14 crore revenue reported in FY23. Profit After Tax (PAT) has followed a similar trend, with ₹9.74 crore recorded for the half-year ending September 2024, compared to ₹18.67 crore in FY24 and a peak of ₹38.21 crore in FY23.

AD 4nXeDmDGMfh CvPxTX Zbq3XhSnr 7S5i7M osjDpyQyOuv6cKb8bJcZmRKC1z XDay4vEVBDkL99xshCcyNfqlSU2LzgZplcOXyYZyAvZsCDrLMQ0 — **Source:** **Shri Ahimsa**

SWOT Analysis of Shri Ahimsa Naturals Limited

STRENGTHS	WEAKNESSES
Good presence in the nutraceuticals and herbal extract market with a diverse product portfolio. Well-established export network across major international markets. The manufacturing facility is certified with global quality and safety standards. Consistent revenue generation from international markets, contributing to business stability.	Dependency on export markets exposes the company to forex fluctuations and international trade policies. Declining revenue trend in recent years, indicating potential business challenges. High working capital requirements due to raw material procurement and production costs.
OPPORTUNITIES	THREATS
Growing global demand for natural caffeine and herbal extracts in health-conscious consumer markets. Expansion into new geographies and increasing domestic market penetration. Rising preference for organic and natural ingredients in the food, cosmetics, and pharmaceutical industries.	Competition from domestic and international players offering similar products. Regulatory and compliance challenges in different export markets. Fluctuations in raw material prices may impact profit margins.

ATC Energies System Limited

ATC Energies IPO is a book-built issue worth Rs 63.76 crores, comprising a fresh issue of 43.24 lakh shares aggregating to Rs 51.02 crores and an offer for sale of 10.80 lakh shares amounting to Rs 12.74 crores. The IPO subscription opens on March 25, 2025, and closes on March 27, 2025. The allotment is expected to be finalized on March 28, 2025, with a tentative listing date on NSE SME scheduled for April 2, 2025.

Offer Price	₹112 to ₹118 per share
Face Value	₹10 per share
Opening Date	25 March 2025
Closing Date	27 March 2025
Total Issue Size (in Shares)	54,03,600
Total Issue Size (in ₹)	₹63.76 Cr
Issue Type	Book Built Issue IPO
Lot Size	1,200 Shares
Listing at	NSE, SME

Source: ATC Group

The IPO price band is set between ₹112 and ₹118 per share. Retail investors must invest a minimum of ₹1,34,400 for one lot (1,200 shares). To avoid oversubscription issues, it is advisable to bid at the cutoff price, bringing the investment to ₹1,41,600. HNI investors must purchase at least two lots (2,400 shares) for ₹2,83,200.

GMP (Grey Market Premium)

As of March 24, 2025, the Grey Market Premium (GMP) for ATC Energies SME IPO stands at ₹0. With the price band at ₹118, the estimated listing price remains at ₹118 per share, with no expected gain or loss.

Objectives of the IPO

Repayment and/or pre-payment of borrowings related to the purchase of the Noida factory – ₹95.28 million
Capital expenditure for refurbishment and upgrades at the Noida factory – ₹67.22 million
IT upgradation at the Noida factory, Vasai factory, and the registered office – ₹74.69 million
Funding working capital requirements – ₹95 million
General corporate purposes

Company Overview

ATC Energies System Limited, incorporated in 2020, specializes in energy solutions, focusing on lithium and Li-ion batteries. The company provides energy storage solutions for industries like banking, automobiles, and industrial UPS systems. With factories in Vasai, Thane, and Noida, it manufactures customized battery solutions using advanced equipment. Its products cater to POS machines, ATMs, electric vehicles, and energy storage applications.

Financials

ATC Energies System Limited has shown significant revenue growth, reaching ₹22.57 crore as of September 30, 2024, following ₹51.51 crore in FY24, ₹33.22 crore in FY23, and ₹36.52 crore in FY22. Profit After Tax (PAT) stood at ₹5.77 crore in H1 FY25, after reporting ₹10.89 crore in FY24, ₹7.76 crore in FY23, and ₹11.86 crore in FY22. The company’s financial performance reflects strong revenue expansion and profitability, with steady net worth growth and controlled borrowing levels.

AD 4nXcM5D55kkJCNo4C65HSvyeb1SoocW MFUbmwGTlaOviBcXiiSNwtAY uLRz2SH3f8t C 3isUVe9jLV — **Source:** **ATC Group**

SWOT Analysis of ATC Energies System Limited

STRENGTHS	WEAKNESSES
Strong presence in the energy solutions sector Advanced manufacturing facilities Diverse product portfolio catering to multiple industries Steady revenue growth and improving profitability	Short operational history compared to established competitors High dependency on battery technology advancements Need for continuous investment in R&D
OPPORTUNITIES	THREATS
Rising demand for lithium and Li-ion batteries in various industries Expansion into emerging electric vehicle markets Growing emphasis on energy storage solutions	Competition from established battery manufacturers Fluctuations in raw material prices affecting production costs Regulatory changes in the energy sector

Identixweb Limited

Identixweb IPO is a book-built issue worth Rs 16.63 crores. The issue consists entirely of a fresh issue of 30.80 lakh shares. The subscription for the IPO opens on March 26, 2025, and closes on March 28, 2025. The allotment is expected to be finalized on April 1, 2025. Identixweb Limited is set to be listed on BSE SME, with a tentative listing date of April 3, 2025.

Offer Price	₹51 to ₹54 per share
Face Value	₹10 per share
Opening Date	26 March 2025
Closing Date	28 March 2025
Total Issue Size (in Shares)	30,80,000
Total Issue Size (in ₹)	₹16.63 Cr
Issue Type	Book Built Issue IPO
Lot Size	2000 Shares
Listing at	NSE, SME

Source: Identixweb

The minimum lot size for an application is 2,000 shares. Retail investors are required to invest a minimum of ₹1,02,000. However, due to the possibility of oversubscription, it is suggested to bid at the cutoff price, which amounts to ₹1,08,000. High Net-Worth Individuals (HNI) must apply for at least two lots (4,000 shares), amounting to ₹2,16,000.

GMP (Grey Market Premium)

No major movement has been observed in the Grey Market Premium (GMP). The same trend is expected to continue until the listing day.

Objectives of the IPO

The company intends to utilize the net proceeds from the IPO for the following purposes:

Investment in marketing to support the organization’s growth plans in India and internationally – ₹25 million.
Investment in market research and product development through talent hiring for the issuer company – ₹42 million.
Investment in the subsidiary for product development through talent-hiring – ₹41.58 million.
General corporate purposes.

Company Overview

Incorporated in 2017, Identixweb Limited is a technology company specializing in Shopify app development and custom web solutions. The company offers services, including Shopify app development, web app development using PHP and React, and WordPress plugin development. Identixweb has a team of over 50 professionals and has developed over 35 public Shopify apps while completing over 100 projects. The company serves e-commerce, fashion, fintech, and SaaS industries.

Financials

Identixweb Limited has demonstrated steady growth in its financial performance over the years. Revenue for the first half of FY25 is ₹4.79 crore, following ₹6.66 crore in FY24 and ₹6.27 crore in FY23, indicating stable earnings. Profit After Tax (PAT) has improved, reaching ₹2 crore for the six months ending September 2024, compared to ₹2.77 crore in FY24 and ₹1.35 crore in FY23. Total borrowings remain minimal at ₹0.11 crore, reflecting a strong financial position with low debt dependency.

AD 4nXc5 wH2bxCQ QppUskFnfOg7sZJlxeZJI3Ha8ag98LVxAR9nPHLYospfW7 Ygy1hV lmAt8qw bYXXMZYdk9BkPx24tRAF4cEBQGX1afS DEk7b7qpsaAd — **Source:** **Identixweb**

SWOT Analysis of Identixweb Limited

STRENGTHS	WEAKNESSES
Strong presence in the Shopify app development sector. Experienced development team with a proven track record. Diversified product portfolio catering to multiple industries. Expanding global footprint with an international clientele.	Heavy reliance on Shopify’s ecosystem for revenue. Limited physical assets and infrastructure. Dependence on third-party platforms like WordPress and PHP.
OPPORTUNITIES	THREATS
Increasing demand for e-commerce solutions and SaaS-based products. Expansion into international markets. More businesses are adopting Shopify and WordPress plugins worldwide. Potential for strategic partnerships with e-commerce platforms.	High competition in the technology and SaaS industry. Rapid technological advancements require continuous innovation. Dependency on changing policies of Shopify and other third-party platforms. Cybersecurity threats and data privacy regulations.

March 20, 2025

IPO, News

3 Upcoming SME IPOs Eye ₹196 Crore—Key Details, GMP, SWOT & More!

The Indian stock market is set to witness three upcoming SME IPOs—Grand Continent Hotels Limited, Rapid Fleet Management Services Limited, and Active Infrastructures Limited—aiming to raise ₹196 crore. These companies, operating in distinct sectors, offer retail and institutional investors investment opportunities. Below, we break down the details of each IPO, including issue size, objectives, financials, GMP, and SWOT analysis, helping you make an informed decision.

Grand Continent Hotels Ltd IPO

Grand Continent Hotels Limited is launching an IPO worth ₹74.46 crores. The issue consists of a fresh issuance of 62.60 lakh shares aggregating to ₹70.74 crores and an offer for sale of 3.29 lakh shares totaling ₹3.72 crores. The IPO subscription period begins on March 20, 2025, and closes on March 24, 2025. The allotment is expected to be finalized on March 25, 2025, and the listing will take place on NSE SME on March 27, 2025.

Offer Price	₹107 to ₹113 per share
Face Value	₹10 per share
Opening Date	20 March 2025
Closing Date	24 March 2025
Total Issue Size (in Shares)	65,89,200
Total Issue Size (in ₹)	₹74.46 Cr
Issue Type	Book Built Issue IPO
Lot Size	1200 Shares
Listing at	NSE, SME

Source: Grand Continent Hotels

The minimum lot size is 1200 shares, requiring a retail investor to invest at least ₹1,28,400. Due to potential oversubscription, bidding at the cutoff price of ₹1,35,600 is advisable. High Net-worth Individuals (HNI) must invest in at least two lots (2,400 shares), amounting to ₹2,71,200.

Allocation of Shares

QIBs (Qualified Institutional Buyers): Not Applicable (SME IPO)
NII (Non-Institutional Investors): 50%
Retail Investors: 50%

GMP (Grey Market Premium)
As of March 20, 2025, the GMP for Grand Continent Hotels SME IPO stands at ₹0. With a price band of ₹113, the estimated listing price is expected to remain at ₹113, indicating no premium or discount. The expected percentage gain/loss per share is 0%.

Objectives of the Issue

Repayment and/or prepayment of outstanding borrowings – ₹340.81 million
Expansion of hotel properties in India – ₹167.92 million
General corporate purposes

Company Overview
Founded in 2011, Grand Continent Hotels Limited operates 19 mid-market hotels across six Indian cities, offering over 900 rooms. The company primarily serves business and leisure travelers, focusing on affordability and comfort. As of September 30, 2024, it operates 16 hotels with 753 keys across Karnataka, Tamil Nadu, Goa, Andhra Pradesh, and Telangana.

Financial Strength

Grand Continent Hotels Limited has demonstrated significant financial growth over the past few years. As of September 30, 2024, the company’s total assets stood at ₹97.94 crore, a substantial rise from ₹73.91 crore in March 2024 and ₹42.26 crore in March 2023. Revenue has also shown a consistent upward trend, increasing from ₹6.03 crore in March 2022 to ₹31.86 crore by September 2024. The company’s profitability has strengthened, with its profit after tax (PAT) rising from a loss of ₹0.79 crore in March 2022 to ₹6.81 crore by September 2024. Despite the positive financial trajectory, total borrowings remain high, standing at ₹40.22 crore as of September 2024, up from ₹34.96 crore in March 2024. Source: Grand Continent Hotels

SWOT Analysis of Grant Continent Hotels Ltd.

STRENGTHS	WEAKNESSES
Established brand with over a decade of experience in the hospitality sector. Strategic locations in high-demand urban areas. Strong focus on affordability and value-for-money services. Consistent revenue growth with improving profitability.	High dependency on business and leisure travel trends. Significant borrowing levels (Rs 40.22 crore as of September 2024). Limited presence compared to large hotel chains.
OPPORTUNITIES	THREATS
Expansion into tier-2 and tier-3 cities. Rising demand for budget and mid-market hotels in India. Potential for tie-ups with corporate and travel platforms.	Competition from established hospitality brands. Economic downturns affecting travel and tourism. Fluctuations in operational costs impacting margins.

Rapid Fleet Management Services Ltd IPO

Rapid Fleet Management Services Limited is launching an IPO worth ₹3.87 crores, consisting entirely of a fresh issue of 22.85 lakh shares. The IPO opens for subscription on March 21, 2025, and closes on March 25, 2025. The allotment is expected to be finalized on March 26, 2025, with a tentative listing date on NSE SME scheduled for March 28, 2025.

Offer Price	₹183 to ₹192 per share
Face Value	₹10 per share
Opening Date	21 March 2025
Closing Date	25 March 2025
Total Issue Size (in Shares)	22,84,800
Total Issue Size (in ₹)	₹43.87 Cr
Issue Type	Book Built Issue IPO
Lot Size	600 Shares
Listing at	NSE, SME

Source: Rapid Fleet

The minimum lot size is 600 shares, requiring retail investors to invest at least ₹1,09,800. To avoid oversubscription risks, investors are advised to bid at the cutoff price of ₹1,15,200. High Net-worth Individuals (HNI) must invest in at least 2 lots (1,200 shares), amounting to ₹2,30,400.

Allocation of Shares

QIBs (Qualified Institutional Buyers): Not Applicable (SME IPO)
NII (Non-Institutional Investors): 50%
Retail Investors: 50%

GMP (Grey Market Premium)
As of the latest update on March 20, 2025, Rapid Fleet SME IPO has no GMP movement, holding steady at ₹0. The price band of ₹192 keeps the projected listing price at ₹192.

Objectives of the Issue

Purchase of Vehicles (Goods carriages) – ₹130 million
Working Capital Requirements – ₹191.2 million
General Corporate Purposes

Company Overview
Incorporated in 2006, Rapid Fleet Management Services Limited specializes in logistics and road transportation solutions for B2B and B2C clients. The company operates a fleet of over 200 vehicles, catering to industries such as FMCG, automobile, and electronics. It has developed a mobile app for streamlined business processes, offering 24/7 operations and digital client compliance solutions.

Know More:  SEBI Registered Investment Advisory |  Stock Investment Advisory

Financial Strength

Rapid Fleet Management Services Limited has shown steady financial performance over the years. As of September 30, 2024, the company’s total assets stood at ₹101.3 crore, increasing from ₹70.66 crore in March 2024 but slightly fluctuating compared to previous years. Revenue for the half-year period ending September 2024 was ₹87.39 crore, lower than ₹116.32 crore in March 2024 but still reflecting a strong operational scale. Profit after tax (PAT) stood at ₹7.01 crore as of September 2024, slightly down from ₹8.07 crore in March 2024 but significantly higher than ₹3.4 crore in March 2022. However, total borrowings have increased considerably, reaching ₹34.07 crore in September 2024 compared to ₹14.93 crore in March 2024, which may indicate leveraged expansion or operational funding requirements. Source: Rapid Fleet

SWOT Analysis of Rapid Fleet Management Services Limited

STRENGTHS	WEAKNESSES
Strong logistics and transportation industry presence with nearly two decades of experience. A well-maintained fleet of over 200 vehicles catering to multiple industries. Investment in technology, including a dedicated mobile app for seamless operations. Diversified service offerings, including full/partial load, Exim services, and renewable energy logistics.	Relies heavily on economic and industrial activity for revenue generation. Significant increase in borrowings (₹34.07 crore as of September 2024). Competitive industry with low entry barriers leading to pricing pressures.
OPPORTUNITIES	THREATS
Expansion into renewable energy logistics, particularly in wind turbine transportation. Increasing demand for technology-driven logistics solutions. Growth in India’s logistics sector is driven by e-commerce and manufacturing expansion.	Rising fuel costs impacting operational margins. Intense competition from established logistics companies. Regulatory changes affecting fleet management and transport compliance.

Active Infrastructures Ltd IPO

Active Infrastructures Limited is launching an IPO worth ₹77.83 crores, consisting entirely of a fresh issue of 43.00 lakh shares. The IPO opens for subscription on March 21, 2025, and closes on March 25, 2025. The allotment is expected to be finalized on March 26, 2025, with a tentative listing date on NSE SME scheduled for March 28, 2025.

Offer Price	₹178 to ₹181 per share
Face Value	₹5 per share
Opening Date	21 March 2025
Closing Date	25 March 2025
Total Issue Size (in Shares)	43,00,200
Total Issue Size (in ₹)	₹77.83 Cr
Issue Type	Book Built Issue IPO
Lot Size	600 Shares
Listing at	NSE, SME

Source: Active Infrastructures

The minimum lot size is 600 shares, requiring retail investors to invest at least ₹1,06,800. To avoid oversubscription risks, investors are advised to bid at the cutoff price of ₹1,08,600. High Net-worth Individuals (HNI) must invest in at least 2 lots (1,200 shares), amounting to ₹2,17,200.

Allocation of Shares

QIBs (Qualified Institutional Buyers): Not Applicable (SME IPO)
NII (Non-Institutional Investors): 50%
Retail Investors: 50%

GMP (Grey Market Premium)
The GMP for Active Infrastructures SME IPO as of March 20, 2025, is ₹0, meaning there is no expected deviation from the ₹181 price band at listing.

Objectives of the Issue

Funding Working Capital Requirements of the Company – ₹389.8 million
Repayment/ Prepayment of Certain Borrowings and Margin Money for Bank Guarantee – ₹167.23 million
Capital expenditure towards the purchase of construction equipment -₹70.48 million
General Corporate Purpose

Company Overview

Incorporated in 2007, Active Infrastructures Limited is a civil construction company specializing in infrastructure development and commercial projects. The company operates across India, with projects in Maharashtra, Madhya Pradesh, Uttar Pradesh, and Tripura. Its portfolio includes road construction, flyovers, water supply systems, irrigation, and commercial spaces such as office complexes and retail centers.

Financial Strength

As of September 30, 2024, Active Infrastructures Limited reported total assets of ₹97.16 crore, down from ₹107.58 crore in March 2024. Revenue for the half-year period ending September 2024 stood at ₹33.9 crore, significantly lower than ₹97.43 crore in March 2024. Profit after tax (PAT) was ₹5.55 crore in September 2024, declining from ₹10.45 crore in March 2024 but remaining positive compared to ₹0.09 crore in March 2022. Total borrowings reduced to ₹56.09 crore in September 2024 from ₹109.19 crore in March 2022, indicating improved debt management. Source: Active Infrastructures

STRENGTHS	WEAKNESSES
Established presence in the infrastructure and commercial construction sectors. Ongoing and completed projects across multiple states. Reduction in total borrowings, reflecting financial discipline.	Revenue fluctuations indicating inconsistent project flow. Dependence on government contracts and infrastructure funding.
OPPORTUNITIES	THREATS
Expansion into new infrastructure projects, including smart city initiatives. Growth in the commercial real estate segment.	Economic downturns impacting infrastructure spending. Intense competition from established players in the construction sector.

Conclusion

The three upcoming SME IPOs—Grand Continent Hotels, Rapid Fleet Management Services, and Active Infrastructures—offer diverse investment opportunities across hospitality, logistics, and infrastructure sectors. Each company has its strengths and challenges, making it crucial for investors to evaluate financial performance, growth potential, and industry trends before making an investment decision. With different objectives and business models, these IPOs could play a significant role in shaping their respective industries while providing investors with new avenues for growth.

OTHER IPO RESOURCES: IPO | Current IPO | Upcoming IPO | Listed 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.

March 11, 2025

IPO, News

NSDL’s Upcoming Rs.3,000 Crore IPO Amid Market Slowdown: 4 Key Insights to Know

After a strong run last year, IPO activity in India’s primary markets has tapered off, with no mainboard listings in the past three weeks amid a correction in the secondary market. However, investor interest remains high, with several anticipated public issues—notably, the recently announced NSDL IPO.

If investing in this IPO is what you are considering too, here are four details to know about this upcoming IPO and the company to help you make an informed decision.

NSDL IPO Details

Face Value	Rs. 2 per share
Total Issue Size (in Shares)	5,72,60,001 shares
Total Issue Size (in Rs.)	Rs.3000 crore
Issue Type	Book Building IPO
To be listed on	BSE

Source: SEBI

The upcoming NSDL IPO, valued at an estimated Rs.3,000 crore, will be a complete Offer for Sale (OFS) of 5.72 crore equity shares. Major stakeholders, including IDBI Bank Limited, National Stock Exchange (NSE), State Bank of India (SBI), HDFC Bank, and Union Bank of India, will offload their shares as part of the offering.

While the offer price is yet to be announced, the issue will be structured across different investor categories, with not more than 50% of the net offer allocated to Qualified Institutional Buyers (QIBs), of which 60% is reserved for anchor investors. At least 15% of the net offer will be available for Non-Institutional Investors (NIIs), while Retail Individual Investors (RIIs) will have access to at least 35%.

Objectives of NSDL IPO

NSDL aims to utilize the IPO proceeds to strengthen its market presence, expand its user base, and enhance operational resilience. The company’s strategy is centered around:

Increasing Market Penetration: NSDL plans to attract new investors by growing its network of depository participants, including new-age brokerage firms. It also offers technology-driven incentives such as API integrations and volume-based fee structures.
Expanding Depository Services: The company is working to simplify processes for holding various asset classes in dematerialized form, such as sovereign gold bonds, mutual fund units, and private securities.
Enhancing Investor Participation: Through initiatives like ‘Market Ka Eklavya,’ NSDL actively promotes awareness and accessibility in capital markets.
Strengthening Technological Infrastructure: A strong focus on IT infrastructure ensures seamless operations, scalability, and security, including blockchain-based offerings for security monitoring.
Diversifying Offerings: NSDL is expanding its payments bank business by integrating services such as digital payment cards, zero-balance accounts, mutual fund investments, and insurance products.
Source: DRHP

Know More on  SEBI Registered Investment Advisory

NSDL Company Overview

Established in 1996, National Securities Depository Limited (NSDL) is India’s first and largest central securities depository, playing a crucial role in the country’s financial market infrastructure. In Mumbai, NSDL facilitates electronic holding and securities settlement, eliminating the risks and inefficiencies of physical paper-based transactions.

NSDL provides services to investors, stockbrokers, custodians, and issuer companies through its extensive network of depository participants. NSDL has revolutionized how securities are traded, settled, and held in India with a seamless and secure system for dematerializing securities.

Revenue generation for NSDL primarily comes from custody fees charged to issuers, maintenance fees from depository participants, and transaction fees for facilitating securities transfers. Additionally, NSDL operates through its subsidiaries- NSDL Database Management Limited (NDML) and NSDL Payments Bank Limited (NPBL)- expanding its offerings beyond traditional depository functions. Over the years, NSDL has continued to innovate, introducing new products and services, including blockchain-based solutions, e-voting, and digital payment services, further strengthening India’s securities market ecosystem. Source: Annual Report

Company Finances:

NSDL’s Total Revenue

NSDL’s revenue from operations grew by 17.73% in FY 2023-24, reaching Rs.571.10 crore compared to Rs.485.5 crore the previous year. This increase is largely driven by the surge in demat accounts across India, fueled by greater market participation, rising investor interest, and regulatory mandates promoting dematerialization.

As the country’s largest depository with a dominant position in the securities depository space, NSDL benefits from the prevailing high transaction volumes.

Net Profit

NSDL has demonstrated consistent profitability, with an average net profit of Rs.2,369.61 crore over the last three financial years. In FY 2023-24, the company reported a net profit of Rs.2,580.76 crore, reflecting a 22.4% increase from Rs.2,108.19 crore in FY 2022-23. This growth is attributed to rising demat account registrations, increased transaction volumes, and expanding market participation.

NSDL Payments Bank recorded a Profit After Tax (PAT) of Rs.1.58 crore among its subsidiaries. NSDL Database Management Limited (NDML) reported a PAT of Rs.35.47 crore, contributing to NSDL’s overall financial strength.

Other Facts to Know Before NSDL IPO

NSDL has a significant presence in India’s Foreign Portfolio Investors (FPI) segment, with 11,200 registered FPIs representing 99.99% of FPI holdings. This highlights its role in managing foreign investments in the Indian capital markets.

As of FY 2024, NSDL’s net worth is Rs.1,509 crore, and its debt-to-equity ratio is nil, indicating a debt-free financial position. Plus, the company’s Net Profit Ratio is 54.6%.

The NSDL IPO presents an opportunity to invest in India’s largest securities depository, which is crucial to the country’s financial infrastructure. With a steady increase in revenue, profitability, and market participation, NSDL continues expanding its offerings and technological capabilities.

However, as with any investment, factors such as market conditions, industry trends, and individual risk appetite should be carefully evaluated. So, conduct thorough research and review the company’s financials and growth prospects before making an investment decision. Source: Annual Report

IPO Calendar | Current IPO | Upcoming IPO | Listed 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.

March 10, 2025

IPO, News

₹12.65 Cr. PDP Shipping IPO Opens: Key Insights, GMP, Financials & SWOT

The IPO market has seen a slow start in March 2025, especially in contrast to the active listing spree in February. Unlike the previous month, which witnessed multiple mainboard IPOs, March has been relatively quiet, with no major IPOs hitting the market. PDP Shipping & Projects Limited is only the second IPO of the month, and it comes from the SME segment. This logistics-focused IPO presents an interesting prospect as investors look for new opportunities. Let’s look into the key details, financials, and SWOT analysis to help you make an informed investment decision.

IPO Details

PDP Shipping & Projects Limited is offering a fixed price IPO of ₹12.65 crores, consisting entirely of a fresh issue of 9.37 lakh shares. The IPO subscription opened on March 10, 2025, and will remain open until March 12, 2025. The allotment of shares is expected to be finalized on March 13, 2025, and the company is set to be listed on the BSE SME platform on March 18, 2025 (tentative).

Offer Price	₹135 per share
Face Value	₹10 per share
Opening Date	10 March 2025
Closing Date	12 March 2025
Total Issue Size (in Shares)	9,37,000
Total Issue Size (in ₹)	₹12.65 Cr
Issue Type	Fixed Price Issue IPO
Lot Size	1000 Shares
Listing at	BSE, SME

Source: PDPprojects

The IPO is priced at ₹135 per share, which means investors need to bid in multiples of this price. Since the company is listed in the SME segment, liquidity may be lower than mainboard stocks, but it also offers potential for growth within the logistics industry. Investors should carefully evaluate the fundamentals before subscribing to the issue.

Allocation of Shares

Investors can apply for a minimum of 1 lot (1,000 shares). Below is the investment requirement:

Investor Category	Lots	Shares	Investment Amount
Retail (Min)	1	1,000	₹1,35,000
Retail (Max)	1	1,000	₹1,35,000
HNI (Min)	2	2,000	₹2,70,000

Source: PDPprojects

Grey Market Premium (GMP)

The PDP Shipping IPO GMP is NIL, suggesting no unofficial premium in the grey market. This implies muted demand pre-listing, which has been a trend in recent SME IPOs.

Know More:  SEBI Registered investment advisory |  Stock investment advisory

Objectives of the IPO

The funds raised from the IPO will be utilized for:

Long-term working capital requirements
General corporate purposes

Company Overview

Established in 2009, PDP Shipping & Projects Limited offers end-to-end logistics services, including: Sea & air freight, Customs clearance, and Project Logistics

As an Authorized Economic Operator (AEO), the company provides multi-modal transport services via sea, air, road, and rail, focusing on specialized cargo such as machinery, defense equipment, and automobiles. It primarily serves markets like Brazil, the USA, and South Korea.

Business Model & Service Offerings

Multimodal Transport Operations (MTO): The company holds an MTO license, ensuring seamless cargo movement via rail, road, and air. Services include customs clearance, warehousing, and door-to-door delivery.
Air Freight: Strong partnerships with global airline carriers enable cost-effective, time-efficient cargo transport, including pick-up, customs clearance, and last-mile delivery.
Ocean Freight: Handles LCL, FCL, and cargo consolidation, including customs clearance and shipment tracking.
Packaging, Warehousing, & Distribution: Provides packaging, secure warehousing, transportation, and last-mile distribution for domestic and international shipments.

Financial Strength

PDP Shipping & Projects Limited has shown a dynamic financial performance over the years, reflecting growth and fluctuations across key financial metrics. Below is a breakdown of its economic standing for November 30, 2024, and the last three fiscal years.

Revenue

AD 4nXcJ6GplXYws52MelxwYrCqFp90lffDXMW9Ks65dzWrmXrc8BkrwVfM5CUEyY1VLWx3AA — **Source:** **PDP Projects**

Key Financial Highlights:

Assets: Increased from ₹4.22 Cr. (FY22) to ₹12.32 Cr. (Nov 2024).
Revenue: Declined from ₹28.73 Cr. (FY22) to ₹13.78 Cr. (Nov 2024).
Profit After Tax: Peaked at ₹2.31 Cr. (FY24) but stands at ₹1.57 Cr. (Nov 2024).
Net Worth & Reserves: Grew from ₹1.85 Cr. (FY22) to ₹7.41 Cr. (Nov 2024), strengthening financial stability.
Borrowings: Rose from ₹0.04 Cr. (FY22) to ₹3.57 Cr. (Nov 2024), indicating increased debt.

While asset and net worth growth remain strong, the revenue dip and rising borrowings are key areas to monitor.

AD 4nXes0ugbpzQmLF1xYBxPHsVW3jqgkbXrrAAxG2Yks7uEdPMXnXLnNJ0jzTXvv0qLCPKxbBMSCblykpyNX3vgSOpyos 2ktkQBXM90L6jGkjwIwcnXhk0bZn Wc0kq vS2tAXpYzc?key=yZ3LVrmcKMmvUMd5Q7lrOJtV — **Source:** **PDPprojects**

SWOT Analysis

STRENGTHS	WEAKNESSES
Established Market Presence: Since 2009, the company has built a strong reputation in the logistics industry. Asset-Light Model: PDP Shipping maintains flexibility and costs low by leveraging third-party operators. Diverse Service Offerings: Covers multiple transport modes, making it a one-stop logistics solution. Global Reach: Strong presence in key international markets like the USA, Brazil, and South Korea.	Competitive Industry: The logistics sector is highly fragmented, with established players dominating the market. Economic Slowdowns: Global trade fluctuations and economic downturns can impact freight demand. Regulatory Challenges: Stringent compliance requirements in different countries could pose operational risks.
OPPORTUNITIES	THREATS
Growing Demand for Logistics: The global freight and logistics sector is expanding, providing growth potential. E-commerce & Supply Chain Growth: Increased online trade could drive demand for logistics services. Government Policies: Support for infrastructure and logistics under various schemes could benefit the company.	Competitive Industry: The logistics sector is highly fragmented with established players dominating the market. Economic Slowdowns: Global trade fluctuations and economic downturns can impact freight demand. Regulatory Challenges: Stringent compliance requirements in different countries could pose operational risks.

Final Thoughts

PDP Shipping & Projects Limited has shown stable asset growth but faces challenges such as declining revenue and increasing debt. The company operates with an asset-light model and has a strong global presence, which could be advantageous. However, as with any IPO, market conditions and company fundamentals are crucial in determining its future trajectory. Investors and analysts will closely watch how the listing unfolds and how the company performs in the coming quarters.

OTHER IPO RESOURCES: IPO | Current IPO | Upcoming IPO | Listed 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 & the certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.

March 4, 2025

Upcoming IPOs in March 2025 To Watch For

Introduction:

India’s IPO market has experienced a good start in 2025, with February 2025 witnessing a notable surge in IPO filings. Thirty-four companies submitting their Draft Red Herring Prospectuses (DRHPs) across BSE SME, NSE Emerge, and the mainboard platforms indicate a strong pipeline for upcoming public offerings.

However, the momentum faced headwinds as the month progressed. Despite the temporary slowdown, the overall outlook for upcoming IPOs in 2025 remains optimistic, with projections suggesting that total equity fundraising through upcoming IPOs in India could top $23 billion, up from $19.6 billion in 2024. This optimism is further bolstered by the anticipation of several high-profile IPOs slated for March 2025, offering promising opportunities for investors.

Let’s briefly look at the complete IPO list for March 2025 to understand the projected IPO numbers for this month.

Open IPO: NAPS Global India Ltd IPO

Offer Price	Rs.90 per share
Face Value	Rs.10 per share
Total Issue Size (in Shares)	13,20,000 shares
Total Issue Size (in Rs.)	Rs.11.88 crore
Issue Type	Fixed Price Issue IPO
Lot Size	1600 shares
To be listed on	BSE SME

Source: Prospectus

NAPS Global India Ltd, a leading player in the industrial automation sector, is making its public market debut to raise capital for expansion and technological advancements. The company has established a strong presence in automation solutions, catering to manufacturing, logistics, and energy industries. With its IPO, NAPS Global aims to fund the development of AI-powered automation tools and expand its footprint in international markets.

The IPO is entirely a fresh issue of 13.20 lakh shares. On Day 1 of this IPO, 4th March 2025, the IPO was subscribed 0.23 times.

Closed IPO: Balaji Phosphates Ltd IPO

Offer Price	Rs.66-70 per share
Face Value	Rs.10 per share
Total Issue Size (in Shares)	71,58,000 shares
Total Issue Size (in Rs.)	Rs.50.11 crore
Issue Type	Book Built Issue IPO
Lot Size	2000 shares
To be listed on	NSE SME

Source: Prospectus

Balaji Phosphates Ltd, a prominent manufacturer of phosphate-based fertilizers and industrial chemicals, recently concluded its IPO, attracting significant participation from institutional and retail investors.

Incorporated in 1996, the company produces Single Super Phosphate (SSP), NPK Granulated and Mixed Fertilizers, and Zinc Sulphate, all compliant with India’s Fertilizer Control Order standards. It markets its products under the brands ‘RATNAM’ and ‘BPPL’ to retailers, wholesalers, and cooperatives, with farmers as end users.

The IPO, which aims to scale production capacity and invest in sustainable manufacturing processes, was subscribed to 1.21 times by 4 March 2025. The public issue saw a 1.09 times subscription in the retail category, 1.26 times in the QIB category, and 1.34 times in the NII category. Balaji Phosphates Ltd.’s tentative listing date on the NSE SME is set for 7 March 2025.

IPO Awaiting Listing: Shreenath Paper Products Limited IPO

Shreenath Paper Products Limited, a notable player in the paper and packaging industry, completed its IPO and is now awaiting listing on the stock exchange.

Offer Price	Rs.44 per share
Face Value	Rs.10 per share
Total Issue Size (in Shares)	53,10,000 shares
Total Issue Size (in Rs.)	Rs.53.10 crore
Issue Type	Fixed Price Issue IPO
Lot Size	3000 shares
To be listed on	BSE SME

Source: Prospectus

Incorporated in 2011, the company provides supply chain solutions for industries requiring various paper materials, such as coated, food-grade, machine-glazed, and adhesive papers. It also supplies sublimation base paper, thermal base paper, straw paper, cup stock paper, security PSA sheets, high-strength paper, C2S and C1S papers, and more.

The company sources specialized manufacturers, tests samples, procures materials in required quantities, and supplies different paper grades made from recycled paper, bagasse, and virgin pulp. It serves FMCG, textiles, pharmaceuticals, packaging, food & beverages, and e-commerce industries.

The IPO closed on 28th February 2025 and is awaiting listing tentatively on 5th March 2025. Shreenath Paper Products IPO was subscribed 1.85 times on Day 3. The public issue saw a 3.18 subscription in the retail category and a 0.52 subscription in the NII category.

Know More:  SEBI Registered Investment Advisory |  Stock Investment Advisory

Other Anticipated IPOs Of 2025:

Tata Capital:

The Tata Group’s non-banking financial services arm is expected to launch its IPO with an issue size of around Rs.15,000 crore. The offering includes a fresh issue of 23 crore equity shares and an offer for sale by existing shareholders.

Reliance Jio:

The telecom giant is targeting a record-breaking Rs.40,000 crore IPO, with a potential valuation of approximately $120 billion (Rs.10 lakh crore). Expected in the second or third quarter of 2025, this could be India’s largest IPO to date.

National Securities Depository Ltd (NSDL):

The depository firm is preparing for a Rs.3,000-crore IPO, with additional regulatory approvals pending before the final listing.

LG Electronics:

This Indian arm of the South Korean electronics company is set to go public with a Rs.15,000 crore IPO. The offer includes 10.18 crore equity shares, but no fresh issue component exists.

JSW Cement:

A Rs.4,000 crore IPO is in the pipeline, with proceeds allocated for capacity expansion and debt reduction. The offering includes a fresh issue of Rs.2,000 crore and an offer for sale of Rs.2,000 crore.

Ather Energy:

The electric two-wheeler manufacturer is set to launch an IPO worth Rs.3,100 crore and offer to sell 2.2 crore shares.

Excelsoft Technologies:

The Karnataka-based global vertical SaaS company has filed its draft red herring prospectus (DRHP) with the SEBI for a Rs.700 crore IPO. The IPO offering includes a fresh equity issue of Rs.210 crore and an OFS (offer for sale) of Rs.490 crore.

Bottomline:

The IPO landscape in India is witnessing growth, and March 2025 will introduce promising investment opportunities. As companies across diverse industries tap into the public markets, investors can participate in businesses with strong expansion potential.

While IPO investments offer exciting prospects, thorough research and due diligence remain essential to making informed decisions. With a brief list of current new IPOs and guidance from trusted stock market advisory, investors can confidently navigate the evolving IPO landscape.

OTHER IPO RESOURCES: IPO | Current IPO | Upcoming IPO | Listed IPO

FAQs

What are new IPO stocks?
New IPO stocks are shares of companies that have recently gone public through an initial public offering (IPO) and started trading on stock exchanges.
How to analyze companies before investing in an IPO?
To analyze companies before investing in an IPO, evaluate their financial health, revenue growth, and profitability from the red herring prospectus. Assess the business model, industry outlook, competitive positioning, and IPO valuation compared to peers. Review the use of IPO proceeds and past IPO trends (if any) to gauge potential post-listing performance.
What factors influence an IPO’s listing price?
Market demand, company valuation, industry trends, financial performance, and overall market conditions influence an IPO’s listing price.

February 27, 2025

IPO, News

₹50.11 Cr Balaji Phosphates IPO Opens Feb 28. Issue Details and SWOT Analysis

Balaji Phosphates Limited is set to launch its IPO, attracting attention from investors looking to tap into the growing fertilizer industry. The company, known for its phosphate-based fertilizers and soil enhancement products, has established a strong presence in multiple states. Here’s a complete breakdown of the IPO details, allocation structure, company financials, and SWOT analysis to help you make an informed decision.

IPO Details

Balaji Phosphates IPO is a book-built issue worth ₹50.11 crores. The IPO comprises a fresh issue of 59.40 lakh shares aggregating ₹41.58 crores and an offer for sale (OFS) of 12.18 lakh shares amounting to ₹8.53 crores. The IPO opens for subscription on February 28, 2025, and closes on March 4, 2025. The allotment is expected to be finalized on March 5, 2025, with the company listing on NSE SME on March 7, 2025.

Offer Price	₹66 to ₹70 per share
Face Value	₹10 per share
Opening Date	28 February 2025
Closing Date	4 March 2025
Total Issue Size (in Shares)	71,58,000
Total Issue Size (in ₹)	₹50.11 Cr
Issue Type	Book Built Issue IPO
Lot Size	2000 Shares
Listing at	NSE, SME

Source: Balaji Phosphates DRHP

The IPO price band is set at ₹66 to ₹70 per share. Investors must bid for a minimum of 2000 shares, requiring a minimum investment of ₹1,32,000. Given the potential for oversubscription, bidding at the cutoff price is recommended, amounting to approximately ₹1,40,000. High Net-worth Individuals (HNIs) must invest in at least 2 lots (4,000 shares), requiring an investment of ₹2,80,000.

Allocation of Shares

Investors can bid for a minimum of 2000 shares and in multiples thereof. The table below summarizes the minimum and maximum investment requirements:

Investor Category	Lots	Shares	Investment Amount
Retail (Min)	1	2,000	₹1,40,000
Retail (Max)	1	2,000	₹1,40,000
HNI (Min)	2	4,000	₹2,80,000

Source: Balaji Phosphates DRHP

Grey Market Premium (GMP)

As of February 27, 2025, the Balaji Phosphates SME IPO showed no Grey Market Premium (GMP), suggesting a projected listing price of ₹70, matching the issue price and no anticipated gain or loss.

Objectives of the IPO

The net proceeds from the IPO will be utilized for the following purposes:

Meeting capital expenditure requirements.
Funding the company’s working capital requirements.
General corporate purposes.

Company Overview

Incorporated in 1996, Balaji Phosphates Limited manufactures and supplies phosphate-based fertilizers such as Single Super Phosphate (SSP), NPK Granulated and Mixed Fertilizers, and Zinc Sulphate. These fertilizers comply with India’s Fertilizer Control Order (FCO) standards and are sold to wholesalers, retailers, cooperatives, and farmers under the brands ‘RATNAM’ and ‘BPPL’.

The company’s manufacturing facility is located in Dewas, Madhya Pradesh. As of March 31, 2024, the unit had a manufacturing capacity of 120,000 MT per year for SSP, 3,300 MT for Zinc Sulphate, and 49,500 MT for NPK Granulated & Mix. The company primarily operates in Madhya Pradesh, Chhattisgarh, Maharashtra, Andhra Pradesh, and Telangana.

Know More:  SEBI Registered investment advisory |  Stock investment advisory

Financial Strength

Balaji Phosphates Limited has maintained stable financial growth over recent years. As of August 31, 2024, the company had total assets worth ₹95.28 crore, compared to ₹88.48 crore in March 2024 and ₹96.83 crore in March 2023.

₹50.11 Cr Balaji Phosphates IPO Opens Feb 28. Issue Details and SWOT Analysis 24 — **Source:** **Balaji Phosphates DRHP**

The company recorded revenue of ₹54.85 crore for the five months ending August 2024, while revenue for March 2024 stood at ₹151.68 crore. Revenue in March 2023 was ₹144.64 crore, and in March 2022, it was ₹124.12 crore. The profit after tax (PAT) for August 2024 stood at ₹4.15 crore, compared to ₹6.04 crore in March 2024, ₹6.09 crore in March 2023, and ₹3.19 crore in March 2022.

The company’s net worth has grown, increasing to ₹39.15 crore as of August 2024 from ₹35 crore in March 2024 and ₹28.97 crore in March 2023. Reserves and surplus have grown to ₹21.31 crore in August 2024 from ₹17.17 crore in March 2024. Total borrowings have increased to ₹35.58 crore in August 2024 from ₹33.22 crore in March 2024, reflecting ongoing financial leverage for business expansion.

SWOT Analysis

STRENGTHS	WEAKNESSES
Established presence in the phosphate fertilizer industry since 1996. Strong brand reputation with widely recognized ‘RATNAM’ and ‘BPPL’ products. Diversified product portfolio catering to different agricultural needs. Strategic manufacturing location in Madhya Pradesh, serving multiple states. Consistent financial performance with stable revenue growth.	Dependency on the agriculture sector, which is affected by weather conditions and government policies. Fluctuations in raw material prices could impact profit margins. Moderate reliance on borrowings for business operations.
OPPORTUNITIES	THREATS
Rising demand for fertilizers due to increased focus on agricultural productivity. Potential expansion into new regional markets and exports. Government initiatives supporting the agricultural sector could boost demand. Introduction of new fertilizer products to enhance the company’s market reach.	Competition from larger fertilizer manufacturers and new market entrants. Regulatory and compliance risks in the fertilizer industry. Market volatility affecting investor confidence post-listing.

Conclusion

Balaji Phosphates Limited has built a strong foothold in the agricultural sector with phosphate-based fertilizers and soil enhancement products. The company’s stable revenue growth, expanding market presence, and established brand reputation make it a noteworthy SME IPO. However, before deciding, potential investors should consider industry challenges, raw material dependencies, and market competition. With the IPO listing scheduled for March 7, 2025, on NSE SME, investors will closely watch the stock’s debut performance. Whether you are a retail investor or an HNI, understanding the company’s fundamentals and the IPO structure is crucial before subscribing.

OTHER IPO RESOURCES: IPO | Current IPO | Upcoming IPO | Listed 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.

February 19, 2025

IPO, News

New Entrants on the Exchange: How Hexaware, P S Raj Steels, and Voler Car Performed On Listing

India’s IPO market has witnessed significant expansion in recent years, outpacing several developed markets in terms of capital raised. In FY25 alone, over 75 companies debuted on the exchanges, with nearly 50 still trading above their IPO price. Even amid the broader market slump of the past four months, IPOs have remained a profitable investment avenue, with two-thirds of the newly listed stocks holding above their issue price.

Against this backdrop, three new entrants—Hexaware Technologies, P S Raj Steels, and Voler Car—made their market debut. Let’s look at the listing highlights for the three companies.

Hexaware Technologies Limited:

Hexaware Technologies is a digital and technology services company specializing in Artificial Intelligence (AI)-driven solutions. It provides services across six industries: Financial Services, Healthcare & Insurance, Manufacturing & Consumer, and Travel & Transportation. Hexaware supports clients in digital transformation, automation, and cloud adoption with 39 global delivery centers and AI-powered platforms like RapidX, Tensai, and Amaze.

Hexaware Technologies IPO Details

Offer Price	Rs.674-708 per share
Face Value	Re.1 per share
Opening Date	12th February 2025
Closing Date	14th February 2025
Total Issue Size (in Shares)	12.36 crore
Total Issue Size (in Rs.)	Rs.8,750 crore
Issue Type	Book Built Issue
Lot Size	21 Shares
IPO Listing at	BSE, NSE

Source: RHP

The company launched its IPO, valued at approximately Rs 8,750 crore, through an Offer for Sale (OFS). Despite subdued investor demand, with an overall subscription of 2.66 times, the IPO saw strong interest from Qualified Institutional Buyers (QIBs), who oversubscribed their quota by 9.09 times.

Before listing, the stock traded flat in the grey market at Rs 708. On February 19, 2025, Hexaware debuted at Rs 745.50 on the NSE, a 5.3% premium over the issue price, and Rs 731 on the BSE, reflecting a 3.25% premium. The listing was lackluster, but it performed slightly better than grey market expectations.

PS Raj Steels Limited:

P S Raj Steels Limited, incorporated in 2004, manufactures and supplies stainless steel pipes and tubes in India. The company offers over 250 standard product sizes along with customization options. In FY24, manufacturing contributed 70% to its revenue, while trading accounted for 30%. It entered a co-branding agreement with Jindal Stainless Limited (JSL) in April 2024, allowing it to market products under the Jindal Saathi brand.

PS Raj Steels Limited IPO Details

Offer Price	Rs.132-140 per share
Face Value	Re.10 per share
Opening Date	12th February 2025
Closing Date	14th February 2025
Total Issue Size (in Shares)	20.2 lakh shares
Total Issue Size (in Rs.)	Rs.28.28 crore
Issue Type	Book Built Issue
Lot Size	1000 Shares
IPO Listing at	NSE SME

Source: RHP

The company launched its SME IPO, raising Rs.28.28 crore, with a subscription of 9.89 times. Despite strong investor demand, the Grey Market Premium (GMP) indicated a flat listing.

On 19th February 2025, P S Raj Steels debuted on the NSE SME platform at Rs.145, a 3.57% premium over its issue price of Rs.140. The stock quickly hit a high of Rs.147.90, with 5.76 lakh shares traded and a market capitalization of Rs.109.31 crore. Early investors saw nominal listing gains of Rs.5,000 per lot.

Voler Car Limited:

Voler Cars Limited, incorporated in 2010, provides employee transportation services (ETS) to multinational corporations (MNCs) and corporate clients. Operating across Kolkata, Mumbai, Pune, Bhubaneswar, Delhi-NCR, and Ahmedabad, the company manages over 884 daily trips with a fleet of more than 2,500 vehicles, including electric vehicles, tempo travelers, and buses. It integrates GPS tracking and third-party technology for efficient travel management.

Voler Car Limited IPO Details

Offer Price	Rs.85-90 per share
Face Value	Re.10 per share
Opening Date	12th February 2025
Closing Date	14th February 2025
Total Issue Size (in Shares)	30 lakh shares
Total Issue Size (in Rs.)	Rs.27 crore
Issue Type	Book Built Issue
Lot Size	1600 Shares
IPO Listing at	NSE SME

Source: RHP

The company launched its IPO to raise funds for working capital, general corporate purposes, and issue expenses. The public offering saw strong demand, with an overall subscription of 13.62 times, including 13.94 times by retail investors and 18.56 times by NIIs.

Despite a positive response, Voler Cars debuted on the NSE at Rs.90 per share, reflecting a flat listing with no premium over its issue price. The grey market premium (GMP) last stood at Rs.5 before listing.

The listing performance of Hexaware Technologies, P S Raj Steels, and Voler Cars highlights the mixed sentiment prevailing in the IPO market. While Hexaware Technologies managed a modest premium over its issue price, P S Raj Steels and Voler Cars saw flat-to-marginal gains despite strong subscription figures.

The subdued grey market trends were reflected in the listings, suggesting cautious investor sentiment amid broader market uncertainties. However, the strong demand for these IPOs, particularly in the SME segment, underscores sustained investor interest in new listings. As we advance, post-listing performance and sectoral tailwinds will determine whether these stocks can build momentum beyond their debut day.

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.

February 18, 2025

IPO, News

Busy Week Ahead: 2 SME IPOs and 9 Market Listings – Get the Complete Details Here

The upcoming week promises to be action-packed for the stock market, with two SME IPOs and nine market listings set to make waves. HP Telecom India Limited aims to raise ₹34.23 crore, while Beezaasan Explotech Limited seeks ₹59.93 crore through their respective IPOs. In addition to these fresh issues, investors can look forward to the listing of nine companies, including Ajax Engineering and Hexaware Technologies, making it a crucial week filled with opportunities and market movements. Here’s a complete breakdown of what to expect and how to stay ahead in this bustling market scenario.

HP Telecom India IPO Details

HP Telecom India IPO is a fixed price issue of Rs 34.23 crores. This issue consists entirely of a fresh issue of 31.69 lakh shares. The subscription will open on February 20, 2025, and close on February 24, 2025. The allotment is expected to be finalized on February 25, 2025, and the shares will be listed on NSE SME on February 28, 2025.

Offer Price	₹108 per share
Face Value	₹10 per share
Opening Date	20 February 2025
Closing Date	24 February 2025
Total Issue Size (in Shares)	31,69,200
Total Issue Size (in ₹)	₹34.23 Cr
Issue Type	Book Built Issue IPO
Lot Size	1200 Shares
Listing at	BSE, SME

Source: SEBI

The minimum application lot size is 1,200 shares, requiring a minimum investment of ₹1,29,600 for retail investors. High Net-worth Individuals (HNIs) must apply for a minimum of 2 lots (2,400 shares), amounting to ₹2,59,200.

Objectives of the IPO

Funding the company’s working capital requirements.
General corporate purposes.

Company Overview

Founded in March 2011, HP Telecom India Limited started as a distributor of mobile phones and accessories. The company expanded its operations in 2014-15, securing exclusive distribution rights for Sony products in Gujarat. It is the exclusive distributor of Apple products in Madhya Pradesh, Chhattisgarh, select cities in Uttar Pradesh, and major urban centers in Gujarat.

Financial Strength

HP Telecom India Limited’s revenue for the half-year ending September 2024 stood at ₹594.19 crore, down from ₹1,079.77 crore in March 2024 but higher than ₹638.47 crore in March 2023 and ₹292.55 crore in March 2022. The company reported a PAT of ₹5.24 crore as of September 2024, compared to ₹8.6 crore in March 2024, ₹6.35 crore in March 2023, and ₹2.13 crore in March 2022.

SWOT Analysis of HP Telecom India

STRENGTHS	WEAKNESSES
Intense competition from other distributors and online retailers Market volatility and changing consumer preferences which can affect sales	Highly dependent on Apple for a significant portion of revenue. Increasing borrowings, which could strain financials
OPPORTUNITIES	THREATS
Growing demand for consumer electronics and premium brands like Apple. Potential to expand distribution network to other regions and add more brands	Intense competition from other distributors and online retailers Market volatility and changing consumer preferences, which can affect sales

Beezaasan Explotech Limited IPO Details

Beezaasan Explotech IPO is a book-built issue amounting to Rs 59.93 crores. The entire issue consists of a fresh issuance of 34.25 lakh shares. The IPO opens for subscription on February 21, 2025, and closes on February 25, 2025. The allotment is expected to be finalized on February 27, 2025, and the shares will be listed on the BSE SME platform on March 3, 2025.

Offer Price	₹165 to ₹175 per share
Face Value	₹10 per share
Opening Date	21 February 2025
Closing Date	25 February 2025
Total Issue Size (in Shares)	34,24,800
Total Issue Size (in ₹)	₹59.93 Cr
Issue Type	Book Built Issue IPO
Lot Size	800 Shares
Listing at	BSE, SME

Source: Beezaasan

Objectives of the IPO

Funding the company’s working capital requirements.
General corporate purposes.

Company Overview

Incorporated in August 2013, Beezaasan Explotech Limited manufactures and supplies explosives and explosive accessories, including slurry, emulsion, and detonating explosives. It serves the cement, mining, and defense industries. The company’s manufacturing facility in Gujarat is certified with ISO 9001:2015 for Quality Management, ISO 14001:2015 for Environmental Management, and ISO 45001:2018 for Occupational Health and Safety.

Financial Strength

Beezaasan Explotech Limited has demonstrated steady financial growth over the past few years. The company recorded revenue of ₹101.44 crore for the half-year ending September 2024, lower than ₹187.9 crore in March 2024 and ₹229.17 crore in March 2023 but higher than ₹141.91 crore in March 2022. Profit after tax (PAT) surged to ₹8.33 crore as of September 2024, nearly double the ₹4.87 crore reported in March 2024 and significantly higher than ₹2.94 crore in March 2023 and ₹2.74 crore in March 2022.

SWOT Analysis of Beezaasan Explotech Limited

STRENGTHS	WEAKNESSES
Strong presence in the explosives industry with a focus on quality-certified products. Consistent financial growth with increasing assets and net worth. Diversified client base across cement, mining, and defense industries	High dependency on a few industries for revenue. Fluctuating revenue growth over recent years
OPPORTUNITIES	THREATS
Expansion into new markets and industries Increasing demand for explosives in mining and infrastructure projects.	Stringent regulatory environment in the explosives industry Competition from established and emerging players.

Listings this week

Several companies will list on various stock exchanges in the coming days. Ajax Engineering, Hexaware Technologies, and Chandan Healthcare will debut on February 17, 2025, on the NSE and BSE, while Maxvolt Energy, Voler Car, and PS Raj Steels are slated for listing on February 17 and 19, 2025, on the NSE SME. Shanmuga Hospital will list on BSE SME on February 20, 2025, followed by L.K. Mehta Polymers and Royalarc Electrodes, both on February 21, 2025, on BSE SME and NSE SME, respectively.

Company	Listing Date	Exchange
Ajax Engineering	February 17, 2025	NSE & BSE
Hexaware Technologies	February 19, 2025	NSE & BSE
Chandan Healthcare IPO	February 17, 2025	NSE SME
Maxvolt Energy	February 17, 2025	NSE SME
Voler Car	February 19, 2025	NSE SME
PS Raj Steels	February 19, 2025	NSE SME
Shanmuga Hospital	February 20, 2025	BSE SME
L.K. Mehta Polymers	February 21, 2025	BSE SME
Royalarc Electrodes	February 21, 2025	NSE SME

Conclusion

This week is shaping up to be significant for the stock market, with two SME IPOs and multiple company listings across various exchanges. Investors can expect a bustling atmosphere with fresh opportunities from HP Telecom India and Beezaasan Explotech and the debut of companies like Ajax Engineering and Hexaware Technologies. With new ventures and exciting market movements on the horizon, staying informed and prepared will be key to navigating this dynamic week.

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.

February 10, 2025

IPO, News

₹8,750 Cr Hexaware IPO: Detailed Look at Issue Price, GMP, Financials & SWOT

Hexaware Technologies Ltd is set to enter the stock market with its much-anticipated ₹8,750 crore initial public offering (IPO). Backed by private equity giant Carlyle Group, this IPO isn’t just another public issue—it’s the biggest offering in India’s IT services sector since Tata Consultancy Services’ ₹4,700 crore IPO over two decades ago.

The excitement is already building, with shares trading at a premium in the grey market, signaling strong investor interest. With a solid track record and a growing global presence, Hexaware’s IPO is one to watch. Let’s look into the details and see what it has to offer.

IPO Details

The issue is entirely an offer for the sale of 12.36 crore shares. The IPO of Hexaware Technologies will open for public subscription on Wednesday, February 12, and conclude on Friday, February 14.

Offer Price	₹674 to ₹708 per share
Face Value	₹1 per share
Opening Date	12 February 2025
Closing Date	14 February 2025
Total Issue Size (in Shares)	12,35,87,570
Total Issue Size (in ₹)	₹8,750.00 Cr
Issue Type	Book Built Issue IPO
Lot Size	21 Shares
Listing at	BSE, NSE

Source: SEBI

The bidding for anchor investors will open for a day on Tuesday, February 11, as per the company’s announcement. The company has been valued at over Rs 43,000 crore at the upper end of the price band. The initial share sale of the Mumbai-headquartered company is a complete Offer-for-Sale (OFS) of Rs 8,750 crore by promoter CA Magnum Holdings, part of Carlyle Group. The minimum lot size for an application is 21 shares.

Allocation of Shares

Investors can bid for a minimum of 21 shares and in multiples thereafter. Below are the investment requirements for different categories:

Investor Category	Lots	Shares	Investment Amount
Retail (Min)	1	21	₹14,868
Retail (Max)	13	273	₹1,93,284
S-HNI (Min)	14	294	₹2,08,152
S-HNI (Max)	67	1,407	₹9,96,156
B-HNI (Min)	68	1,428	₹10,11,024

Source: SEBI

50% of the issue size is reserved for Qualified Institutional Buyers (QIBs).
35% is reserved for Retail Investors.
15% is reserved for Non-Institutional Investors (HNIs).

GMP (Grey Market Premium) Update

In the grey market, Hexaware Technologies’ shares are trading at a premium of ₹11. Given the IPO price band of ₹708, the expected listing price is ₹719, reflecting a potential 1.55% gain. GMP fluctuations indicate investor sentiment but do not guarantee actual listing performance.

Company Overview

Hexaware Technologies is a global digital and technology services company with artificial intelligence (AI) at its core. It serves a diverse range of customers, including 31 Fortune 500 organizations, spanning the Americas, Europe, and Asia-Pacific (including India and the Middle East).

The company operates through six business segments: financial services, healthcare and insurance, manufacturing and consumer, hi-tech and professional services, banking, travel, and transportation. Its IT service offerings cover five broad areas: Design and build, Secure and run, Data and AI, Optimize, and Cloud Services. The company delivers services through AI-enabled digital platforms, such as Rapid for digital transformation, Tensai for AI-powered automation, and Amaze for cloud adoption.

AD 4nXeiLPh4YgoUwZEgbNj nY2sGFeTHxJSyDGBlNbILs2h2ngWvyBPrYxaFCu0UjweKqRHgR V4os3QTBLmNrKerYj6YmzJeSVWyQf6gE3rDu1AvQ97PaLW UcDfr3eT6ZrZN05 Lcbw?key=6SQADumDP7ySM6 CbiaqYs7f — **Source:** **SEBI**

Hexaware’s previous promoter, Baring Private Equity Asia, delisted the company in 2020. Nearly a year after the delisting, Carlyle Group acquired Baring Private Equity Asia’s stake in October 2021. For the nine months ended September 2024, the company’s net profit stood at Rs 853.3 crore, with revenues at Rs 8,820 crore. The company has reserved half of the issue size for qualified institutional buyers, 35% for retail investors, and 15% for non-institutional investors.

Financial Strength

Hexaware Technologies Limited has shown consistent financial growth, increasing assets, revenue, and profitability. As of September 30, 2024, the company’s total assets stood at ₹8,594.2 crore, significantly rising from ₹7,202.1 crore in December 2023 and ₹5,673.5 crore in December 2021.

Revenue has also seen a steady increase, reaching ₹8,871.3 crore for the first nine months of 2024, following ₹10,389.1 crore in FY23, ₹9,378.8 crore in FY22, and ₹7,244.6 crore in FY21. The company’s profit after tax (PAT) stood at ₹853.3 crore as of September 2024, compared to ₹997.6 crore in FY23 and ₹884.2 crore in FY22, reflecting stable profitability. The company has demonstrated strong financial health and consistent expansion, positioning itself well for future growth.

AD 4nXekDHa tuQAXXMPpYjaDwN55PfkW95VAksaKvcFU XwBwc0TJieUZOtQ2r8xQpuoawkqrSxbHrQ Tgll3vlOwMI2ZZqW 1goHBY56d 8RU 9TfvjcdLhb9p1M 75GBqrTl90ccL A?key=6SQADumDP7ySM6 CbiaqYs7f — **Source:** **SEBI**

SWOT Analysis

STRENGTHS	WEAKNESSES
Established IT player with global clientele, including 31 Fortune 500 companies. Strong financial performance with consistent revenue and profit growth. AI-driven service offerings position it as an industry innovator. Diverse industry presence across BFSI, Healthcare, Manufacturing, and more.	High dependence on large clients could impact revenue if key clients leave. Limited IPO proceeds for expansion since this is an Offer for Sale (OFS).
OPPORTUNITIES	THREATS
Growing demand for AI-driven IT services in digital transformation and cloud computing. Expansion in untapped global markets, including emerging economies. Increased IT spending by enterprises, boosting demand for Hexaware’s solutions.	Intense competition from major IT firms like TCS, Infosys, and Wipro. Global economic uncertainty affecting IT budgets and outsourcing demand. Regulatory challenges and cybersecurity risks in digital transformation projects.

Conclusion

In conclusion, Hexaware Technologies’ ₹8,750 crore IPO represents a significant milestone in India’s IT services sector. With a strong financial track record, cutting-edge AI-driven services, and a broad global presence, Hexaware may be poised for promising growth in the rapidly evolving tech landscape.

However, potential investors must consider the risks, including reliance on large clients and the competitive nature of the industry. Despite these challenges, the IPO’s strong grey market premium and strategic positioning suggest that Hexaware’s public debut is one to watch closely. As the company continues to innovate and expand, its IPO could be a key opportunity for investors seeking exposure to the booming IT services sector.

Other IPO Resources: IPO | Current IPO | Upcoming IPO | Listed 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.

February 7, 2025

Upcoming IPOs in February 2025

Investors benefitted greatly from 2024’s IPO market when India’s global IPO share rose to 30%. The Indian IPO landscape is again set to make headlines in 2025 with an estimated fundraising of over Rs.2 lakh crore, and January 2025 turned out to be the right start to it, with 22 SMEs listed and 12 mainboard IPO DRHP filed. Is this boom likely to continue in February? Let’s try to understand through a brief overview of upcoming IPOs in India in February 2025.

IPO Market In January 2025:

Over 31 companies filed their DRHP (Draft Red Herring Prospectus) in January 2025, and 7 companies were listed. Companies listed on NSE Emerge raised around Rs.342.28 crore, and those on BSE SME raised around Rs.645.14 crore. The overall performance of the IPOs, in terms of listing day gains, was around an average of 23%, with a few companies turning in negative post-listing profits.

Upcoming IPOs In February 2025:

Upcoming IPOs refer to companies that have submitted their Draft Red Herring Prospectus (DRHP) to SEBI and are set to go public in 2025. Keeping track of these IPOs and their progress provides insights into market trends and sector performance.

The complete IPO list (upcoming) is as follows:

Company Name	Open Date	Close Date	Issue Price	Issue Size	Status
Chamunda Electrical Ltd	4th Feb	6th Feb	Rs.47-50	Rs.14.6 crore	Open IPO
Amwill Health Care Ltd	5th Feb	7th Feb	Rs.105-111	Rs.59.98 crore	Open IPO
Ken Enterprises Ltd	5th Feb	7th Feb	Rs.94	Rs.83.65 crore	Open IPO
Eleganz Interiors Ltd	7th Feb	11th Feb	Rs.123-130	Rs.78.07 crore	Upcoming
Readymix Construction Machinery Ltd	6th Feb	10th Feb	Rs.121-123	Rs.37.66 crore	Upcoming
Solarium Green Energy Ltd	6th Feb	10th Feb	Rs.181-191	Rs.105.04 crore	Upcoming
Ajax Engineering Ltd.	10th Feb	12th Feb	Rs.599-629	Rs.1,269.35 crore	Upcoming
PS Raj Steels Ltd.	12th Feb	14th Feb	Rs.132-140	Rs.28.28 crore	Upcoming

Source: Moneycontrol

Overview Of Current New IPOs (Upcoming):

Eleganz Interiors Limited:

Offer Price	Rs.123-130 per share
Face Value	Rs.10 per share
Total Issue Size (in Shares)	60,05,000 shares
Total Issue Size (in Rs.)	Rs.78.07 crore
Issue Type	Book Built Issue IPO
Lot Size	1000 shares
To be listed on	NSE SME

Source: Prospectus

Eleganz Interiors Limited, incorporated in 1996, specializes in providing interior fit-out solutions for corporate and commercial spaces across India. The company transforms workspaces, offering services from bare-shell construction to fully furnished interiors. Their expertise spans corporate offices, R&D facilities, laboratories, airport lounges, flexible workspaces, and commercial retail spaces, catering to diverse industries such as IT, BFSI, pharmaceuticals, FMCG, and real estate.

The company is raising capital through an IPO to repay certain borrowings, meet working capital needs, and fund general corporate purposes. The IPO is a fresh issue of 60.05 lakh shares. Retail investors must apply for a minimum lot size of 1,000 shares (Rs.1,30,000), while HNIs require at least 2,000 shares (Rs.2,60,000).

Know More:  SEBI Registered investment advisory |  Stock investment advisory

Readymix Construction Machinery Limited:

Offer Price	Rs.121-123 per share
Face Value	Rs.10 per share
Total Issue Size (in Shares)	30,62,000 shares
Total Issue Size (in Rs.)	Rs.37.66 crore
Issue Type	Book Built Issue IPO
Lot Size	1000 shares
To be listed on	BSE SME

Source: Prospectus

Incorporated in 2012, Readymix Construction Machinery Limited is a specialized construction equipment manufacturer and supplier. The company provides engineering-led solutions for designing, fabricating, and installing machinery used in cement, concrete, crushing, and building material industries. It also offers end-to-end turnkey solutions, including installation, testing, maintenance, and business consultancy services.

The company is raising Rs.37.66 crore to support its growth through an IPO. The proceeds 1of this IPO will be used for debt repayment, meeting working capital requirements, and general corporate purposes. The IPO is a fresh issue of 30.62 lakh shares. Retail investors can apply with a minimum investment of Rs.1,23,000, while HNIs must invest in at least two lots, amounting to Rs.2,46,000.

Solarium Green Energy Limited:

Offer Price	Rs.181-191 per share
Face Value	Rs.10 per share
Total Issue Size (in Shares)	54,99,600 shares
Total Issue Size (in Rs.)	Rs.105.04 crore
Issue Type	Book Built Issue IPO
Lot Size	600 shares
To be listed on	BSE SME

Source: Prospectus

Solarium Green Energy Limited, established in 2018, is a solar energy company specializing in turnkey solar solutions and integrated solar products. The company provides end-to-end services, including engineering, procurement, construction, and operations & maintenance (O&M) for residential, commercial, industrial, and government projects. SGEL also supplies solar products like PV modules, inverters, and meters, ensuring quality through BIS and ISO certifications.

The company is raising Rs.105.04 crores through a book-built IPO, consisting of a fresh issue of 55 lakh shares. The proceeds of this IPO will be used to fulfill working capital requirements and for general corporate purposes. Retail investors must invest at least Rs.1,14,600, while HNIs must invest in at least two lots (Rs.2,29,200).

Ajax Engineering Limited:

Offer Price	Rs.599-629 per share
Face Value	Rs.1 per share
Total Issue Size (in Shares)	2,01,80,446 shares
Total Issue Size (in Rs.)	Rs.1,269.35 crore
Issue Type	Book Built Issue IPO
Lot Size	23 shares
To be listed on	BSE, NME

Source: Prospectus

Ajax Engineering Limited, incorporated in July 1992, is a leading concrete equipment manufacturer. It offers a wide range of products and services across the value chain. With 141 equipment variants and over 29,800 units sold in India in the last decade, the company has a strong market presence supported by 51 dealerships across 23 states and an expanding global footprint.

The company is launching an IPO through an Offer for Sale (OFS) of 2.02 crore shares, with a price band of Rs.599 to Rs.629 per share. Retail investors can apply for at least 23 shares, requiring an investment of Rs.14,467. The proceeds from the offer will go to selling shareholders after deductions.

P S Raj Steels Limited:

Offer Price	Rs.132-140 per share
Face Value	Rs.10 per share
Total Issue Size (in Shares)	20,20,000 shares
Total Issue Size (in Rs.)	Rs.28.28 crore
Issue Type	Book Built Issue IPO
Lot Size	1000 shares
To be listed on	NSE SME

Source: Prospectus

Established in November 2004, P S Raj Steels Limited is a growing manufacturer and supplier of stainless steel pipes and tubes in India. With a production capacity of 13,460 metric tons per year in its facility in Hisar, Haryana, the company offers over 250 standard sizes for fabrication and industrial applications such as railways, furniture, and food processing.

The company is raising funds through an IPO to support its working capital requirements, offering a fresh issue of 20.20 lakh shares. In 2024, it reported revenue of Rs.297.76 crore and a profit of Rs.6.36 crore. Retail investors must invest a minimum of Rs.1,40,000 (1,000 shares), while HNIs must apply for at least two lots (2,000 shares).

Apart from the mentioned upcoming IPOs, there are a few IPOs awaited in February, but the subscription dates have not been declared yet; these include-

JSW Cement (Rs.4000 crore IPO)
Hexaware Technologies (Rs.9950 crore IPO)
Ather Energy
Solar91 Cleantech (Rs.106 crore IPO)
Avanse Financials (Rs.3500 crore IPO)

Bottomline:

February 2025 brings a dynamic IPO market, offering opportunities across various sectors. These new listings reflect strong market sentiment and economic growth. Before investing, carefully analyze each IPO’s fundamentals, industry trends, and financials. Consulting a trusted share market advisor can provide valuable insights into company valuations, risk factors, and potential returns. With increasing participation from retail and institutional investors, February’s IPOs could influence market momentum for the year ahead.

OTHER IPO RESOURCES
IPO | Current IPO | Upcoming IPO | Listed IPO

FAQs on Upcoming IPOs in February 2025

What is a book-building issue?
A book-building issue in an IPO is a pricing mechanism where investors bid for shares within a specified price range. The final issue price is determined based on demand, ensuring a market-driven valuation.
What is a DRHP?
A Draft Red Herring Prospectus (DRHP) is a preliminary document submitted to SEBI by a company planning an IPO. It contains details about the business, financials, risks, and the intended use of funds but excludes the final issue price and size.
Who are HNIs?
High Net-Worth Individuals (HNIs) are investors who apply for more than Rs.2 lakh worth of shares in an IPO. They fall under the Non-Institutional Investor (NII) category and have a separate allocation in the IPO process.

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.

February 7, 2025

IPO, News

₹1,269 Crore Ajax Engineering IPO: Issue Details, GMP, Financials, and SWOT Breakdown

The Indian construction industry is booming, and the demand for advanced concrete equipment is rising. Ajax Engineering Limited, one of India’s leading concrete equipment manufacturers, is now set to launch its ₹1,269 crore Initial Public Offering (IPO). Backed by Kedaara Capital, the IPO will open for public subscription from February 10 to 12, 2025, offering investors an opportunity to be part of a well-established player in the sector. However, since this IPO is a pure Offer for Sale (OFS), the company will not receive any proceeds, as existing investors and promoters will sell their stakes.

Before making an investment decision, it’s crucial to analyze the IPO details, Grey Market Premium (GMP), financial performance, and the company’s strengths, weaknesses, opportunities, and threats (SWOT analysis). Let’s break it down to help you understand whether this IPO is worth considering.

IPO Details

Offer Price	₹599 to ₹629 per share
Face Value	₹1 per share
Opening Date	10 February 2025
Closing Date	12 February 2025
Total Issue Size (in Shares)	2,01,80,446
Total Issue Size (in ₹)	₹1,269.35 Cr
Issue Type	Book Built Issue IPO
Lot Size	23 Shares
Listing at	BSE, NSE

Source: SEBI

The minimum lot size for investors is 23 shares, requiring an investment of ₹14,467. Retail investors can apply for a maximum of 13 lots (299 shares), which amounts to ₹1,88,071. Small High Net Worth Individuals (sHNII) need to bid for at least 14 lots (322 shares), totaling ₹2,02,538, while Big High Net Worth Individuals (bHNII) must apply for at least 70 lots (1,610 shares), amounting to ₹10,12,690. The IPO will also see anchor investors bidding on February 7, 2025. The allotment for this IPO is expected to be finalized on February 13, 2025.

Allocation of Shares

Investors can bid for a minimum of 23 shares and in multiples thereof. Here’s a breakdown of the investment requirements:

Investor Category	Lots	Shares	Investment Amount
Retail (Min)	1	23	₹14,467
Retail (Max)	13	299	₹1,88,071
S-HNI (Min)	14	322	₹2,02,538
S-HNI (Max)	69	1,587	₹9,98,223
B-HNI (Min)	70	1,610	₹10,12,690

Source: SEBI

Objectives of the IPO

Since this is an Offer for Sale (OFS), the company will not receive any proceeds from the IPO. Instead, the funds raised will go to Kedaara Capital and other selling shareholders. After deducting IPO-related expenses and applicable taxes, each selling shareholder will receive their respective portion of the proceeds.

Grey Market Premium (GMP):

As of February 7, 2025, the Grey Market Premium (GMP) for Ajax Engineering’s IPO stands at ₹57. With the upper price band at ₹629 per share, the estimated listing price is ₹686, indicating a potential gain of 9.06% per share. The GMP indicates market demand, but it’s essential to conduct a thorough analysis before making investment decisions.

Company Overview:

Ajax Engineering is a top player in India’s concrete equipment sector. According to the Redseer Report, the company has developed over 141 variants of concrete equipment, catering to various needs in the concrete application value chain. Over the last decade, Ajax Engineering has sold more than 29,800 concrete equipment units nationwide.

The Indian concreting equipment market remains fragmented and informal, with a mix of manual and mechanized solutions. However, India’s share of mechanized concreting equipment has grown from 16% in FY 2019 to 25% in FY 2024 (excluding manual mixers), reflecting increasing adoption. As of September 30, 2024, Ajax Engineering operates four manufacturing facilities in Karnataka, specifically in Obadenahalli, Gowribidanur, and Bashettihalli. Each facility focuses on different product categories, particularly Obadenahalli, which specializes in advanced equipment.

The company has also built a loyal and expanding customer base, growing from 11,100 customers in 2022 to 12,100 in 2023, 15,700 in March 2024, and now over 19,000 customers as of September 2024. This strong customer network contributes to repeat business and sustained revenue growth.

₹1,269 Crore Ajax Engineering IPO: Issue Details, GMP, Financials, and SWOT Breakdown 68

Financial Strength

As of September 30, 2024, Ajax Engineering Limited reported total assets of ₹1,348.76 crore, reflecting steady growth from ₹1,236.14 crore in March 2024, ₹966.73 crore in March 2023, and ₹735.31 crore in March 2022. The company’s revenue for the first half of FY25 (April–September 2024) stood at ₹769.98 crore, following a strong ₹1,741.40 crore revenue in FY24, compared to ₹1,151.12 crore in FY23 and ₹763.28 crore in FY22.

Ajax Engineering’s profit after tax (PAT) has shown consistent growth, reaching ₹101.02 crore as of September 2024, following ₹225.15 crore in FY24, ₹135.9 crore in FY23, and ₹66.21 crore in FY22. The company’s net worth increased to ₹995.84 crore as of September 2024, up from ₹917.96 crore in March 2024, ₹713.8 crore in March 2023, and ₹578.27 crore in March 2022.

SWOT Analysis

STRENGTHS	WEAKNESSES
Market Leadership: Ajax holds a significant market share in India’s SLCM segment. Diverse Product Portfolio: Offers a wide range of concrete equipment catering to various needs. Strong Customer Base: Established relationships with over 19,000 customers.	Revenue Concentration: A substantial portion of revenue comes from SLCMs; any decline in demand could impact financials. Geographical Concentration: All manufacturing facilities are located in Karnataka, exposing the company to regional risks.
OPPORTUNITIES	THREATS
Infrastructure Growth: India’s expanding infrastructure sector presents growth opportunities. Product Diversification: Potential to expand into new product lines and markets.	Market Competition: Facing competition from both domestic and international players. Economic Factors: Economic downturns or policy changes could affect the construction industry and, consequently, demand for equipment.

Final Thoughts

The Ajax Engineering IPO presents an opportunity to invest in a leading construction equipment company. With strong financials, a growing customer base, and a well-established market position, the company is in a strong position. However, investors should be mindful of the company’s revenue concentration, competition, and external economic risks before deciding.

OTHER IPO RESOURCES
IPO | Current IPO | Upcoming IPO | Listed 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.

January 27, 2025

IPO, News

Action-Packed Week for Dalal Street: Two IPOs and Six Listings Set the Stage

Dalal Street is set for a busy week as two new initial public offerings (IPOs) debut and six scheduled stock listings. Despite bearish sentiment and volatility in the secondary market, the primary market remains active. Investors will have the chance to explore two new IPOs for subscription, one from the mainboard and the other from the SME segment, starting January 27. Source: Moneycontrol

Adding to the buzz, the Denta Water IPO allotment is happening today. This IPO is entirely a fresh issue of 0.75 crore shares. Founded in 2016, Denta Water and Infra Solutions Ltd has established itself as a key player in water Engineering, Procurement, and Construction (EPC) services. Source: ET Now

Let’s dive into the details to understand what’s in store for investors.

IPO Details of Dr. Agarwal’s Health Care Ltd.

Dr. Agarwal’s Healthcare IPO is a book-built issue valued at ₹3,027.26 crores. It comprises a fresh issue of 0.75 crore shares worth ₹300 crores and an offer for sale of 6.78 crore shares totaling ₹2,727.26 crores.

Offer Price	₹382 to ₹402
Face Value	₹1 per Share
Opening Date	January 29, 2025
Closing Date	January 31, 2025
Total Size (in Shares)	7,53,04,970 shares (Fresh Issue) 6,78,42,284 shares (OFS)
Total Issue Size (in ₹)	₹2,727.26 Cr
Issue Type	Book Built Issue
Lot Size	35 Shares
Listing at	BSE, NSE

Source: Chittorgarh

Company Overview

Dr. Agarwal’s Health Care Ltd. is a leading eye care provider in India, offering a comprehensive range of services, including eye examinations, laser vision correction (LASIK, SMILE), cataract surgery, glaucoma treatment, and more. With a vast network of clinics nationwide, they prioritize patient care and utilize advanced technology and experienced ophthalmologists to deliver high-quality eye care solutions.

Swot Analysis of Dr. Agarwal’s Health Care Ltd IPO

STRENGTHS	WEAKNESSES
Strong Brand Reputation: Dr. Agarwal’s is a well-established and trusted name in the Indian eye care market. Large Network: Extensive clinics across India, ensuring wide reach and accessibility. Experienced Team: A team of highly skilled and experienced ophthalmologists. Growing Market: The Indian eye care market is projected to grow significantly in the coming years.	Competition: Intense competition from other established players and new entrants. Price Sensitivity: Price sensitivity among a significant portion of the Indian population. Reliance on a Few Procedures: Revenue concentration in key procedures like cataract surgery. Geographic Concentration: Revenue concentration in certain regions.
OPPORTUNITIES	THREATS
Expansion into Tier II and Tier III Cities: Further expansion into untapped markets. Diversification of Services: Expanding service offerings to include new specialties like oculoplastics and neuro-ophthalmology. Telemedicine and Digital Health: Leveraging technology for remote consultations and patient care. International Expansion: Exploring opportunities for global expansion.	Government Regulations: Shifts in healthcare-related government policies and regulations. Economic Slowdown: Economic downturn affecting consumer healthcare spending. Technological Disruptions: Introduction of new technologies and treatment alternatives. Changes in Consumer Behavior: Evolving consumer preferences and expectations in healthcare.

IPO Details of Malpani Fitting & Pipes

The price band for Malpani Pipes IPO is between ₹85 and ₹90 per share, with a minimum application size of 1,600 shares. Retail investors need to invest at least ₹1,44,000, while the minimum investment for HNIs is two lots (3,200 shares), amounting to ₹2,88,000.

Offer Price	₹85 to ₹90
Face Value	₹10 per Share
Opening Date	January 29, 2025
Closing Date	January 31, 2025
Total Size (in Shares)	28,80,000 shares
Total Issue Size (in ₹)	₹25.92 Cr
Issue Type	Book Built Issue
Lot Size	1600 Shares
Listing at	BSE, NSE

Source: Chittorgarh

Company Overview

Malpani Pipes & Fittings Ltd. is an Indian manufacturer of high-quality plastic pipes and fittings. Based in Madhya Pradesh, it specializes in many products, including HDPE pipes, MDPE pipes, sprinkler pipes, drip irrigation pipes, and more. The company is known for its commitment to quality and customer satisfaction and adheres to ISO 9001:2015 standards.

SWOT Analysis of Malpani Fitting & Pipes IPO

STRENGTHS	WEAKNESSES
Experienced Management: The company has a seasoned management team with a proven track record in the plastic pipes and fittings industry. Strong Market Presence: Malpani Pipes has a well-established presence in the Indian market, particularly in the northern region. Diverse Product Portfolio: Offers products catering to various applications, including agriculture, irrigation, and infrastructure. Focus on Quality: Adherence to ISO 9001:2015 quality standards ensures consistent product quality.	Geographic Concentration: Revenue concentration in a specific region (Northern India) may limit growth potential. Dependence on a Single Manufacturing Facility: Reliance on a single manufacturing facility could disrupt operations in case of unforeseen events. Competition: The plastic pipes and fittings industry is highly competitive with numerous established players. Raw Material Price Fluctuations: Fluctuations in raw material prices can impact profitability.
OPPORTUNITIES	THREATS
Expand Geographic Reach: Increase market penetration in other regions of India. Diversify Product Portfolio: Explore new product lines and applications to broaden revenue streams. Increase Market Share: Gain market share through strategic partnerships and aggressive marketing. Leverage Government Initiatives: Benefit from government infrastructure development and water management initiatives.	Changes in Government Regulations: Changes in government regulations related to the industry could impact operations. Entry of New Competitors: Entry of new players could intensify competition and erode market share. Environmental Concerns: Growing environmental concerns could lead to stricter regulations and increased costs.

In addition, the Denta Water IPO allotment is taking place today. The IPO is set to be listed on Dalal Street, tentatively on Wednesday, January 29, 2025.

Denta Water IPO shares are trading at a premium of approximately 40% over the upper price band (Rs 294 per share) in the grey market, an unofficial platform for IPO shares trading before the official listing, according to market observers. Source: ET Now

IPO Details of Denta Water and Infra

Offer Price	₹279 to ₹294 per share
Face Value	₹10 per share
Opening Date	22 January 2025
Closed on	24 January 2025
Total Issue Size (in Shares)	75,00,000
Total Issue Size (in ₹)	₹220.50 Cr
Issue Type	Book Built Issue IPO
Lot Size	50 Shares
Listing at	BSE, NSE

Source: SEBI

How to Check Denta Water IPO Allotment Status

To check if you have been allotted shares in the Denta Water public issue IPO, follow these simple steps:

Visit the Integrated Registry Allotment Page

Go to the Integrated Registry’s IPO allotment page via the following link: Integrated Registry IPO Allotment.

Select the IPO

From the drop-down menu, choose “Denta Water” as the company name.

Enter Your Details

You can check your allotment status by entering your PAN number, IPO Application number, or DP client ID/Demat account number.

View Allotment Status

Tap the ‘Search’ button, and the screen will display the status of your IPO allocation, showing both the shares you applied for and those allocated to you.

Check IPO Allotment Status on BSE

Alternatively, you can also check your allotment status on the BSE website:

Visit the BSE IPO Allotment Page

Go to BSE IPO Allotment.

Select the IPO Name

Select the company name for the Denta Water IPO from the drop-down menu.

Enter Your Details

To view your allocation status, enter your application number or PAN number.

IPOs Closing Next Week

CLN Energy’s Rs 72-crore IPO will close on January 27, while the bidding for GB Logistics Commerce and HM Electro Mech public offerings will end on January 28. CLN Energy’s IPO was subscribed 2.68 times in the past two days, while GB Logistics Commerce and HM Electro Mech IPOs were fully subscribed on their first day of bidding, January 24, at 5.44 times and 7.32 times, respectively. Source: Moneycontrol

Six Listings Scheduled for Next Week

In addition to the IPOs, six companies are set to debut on Dalal Street. These include a mix of small and mid-sized firms across various sectors. Each listing brings unique value propositions, offering investors diverse opportunities.

SME Segment Debuts

The remaining five companies, all from the SME segment, will also list this week. Capital Numbers Infotech will debut on the BSE SME platform on January 27, while Rexpro Enterprises shares will begin trading on the NSE Emerge platform on January 29. Source: Moneycontrol

Upcoming SME Listings

Investors will also be able to start trading CLN Energy shares on the BSE SME on January 30, followed by GB Logistics Commerce and HM Electro-Mech, whose shares will be available for trading on January 31.

Source: Moneycontrol

Dalal Street is set for significant market activity with two IPOs and six upcoming listings featuring prominent mainboard and SME players. The week will see heightened activity and increased investor interest as the market readies itself for these listings.

OTHER IPO RESOURCES
IPO | Current IPO | Upcoming IPO | Listed 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.

January 24, 2025

Book Building Process: A Complete Guide to IPO Pricing

Introduction to the Book Building Process

The book-building process of IPOs is a cornerstone of modern equity markets, providing an efficient way to determine the right price for a company’s shares during its Initial Public Offering (IPO). Understanding this mechanism is key to making informed investment decisions for retail and institutional investors.

This comprehensive guide will delve into the book-building method, its benefits, advantages, and steps, helping you master the process for IPO investments.

What is Book Building in IPOs?

The term book building refers to the method by which companies price their shares for an IPO. Unlike the fixed-price method, book building IPOs allow market participants to bid for shares within a specified price range, called the price band. This process reflects real-time demand and helps issuers and underwriters set a fair market price.

Why is the Book Building Method Important for Price Discovery?

The book-building process of IPO plays a crucial role in price discovery by factoring in market demand and investor sentiment. It ensures that shares are neither overpriced nor underpriced, leading to potential losses for the issuing company.

Steps in the Book-Building Process

Determination of the Price Band

How Underwriters Set the Floor and Cap Prices

The Book Building Process steps begin with underwriters assessing the issuing company’s valuation, market conditions, and industry trends. They then set a price band with a lower (floor) and upper (cap) limit, providing investors with a range within which to bid.

Bidding by Investors

Institutional and Retail Investor Participation in Book Building

Both institutional and retail investors submit their bids, specifying the number of shares and the price they are willing to pay within the band. This phase often involves significant participation from qualified institutional buyers (QIBs), as they help gauge market demand.

Compilation of Bids and Price Discovery

Determining the Cut-Off Price Through Demand Analysis

Once bidding concludes, underwriters compile the bids and analyze demand at various price points. The cut-off price, or the final price at which shares are issued, is determined based on the highest demand within the price band.

Allocation of Shares

How Shares Are Distributed Based on Bids

After price discovery, shares are allocated to investors. Retail investors often receive shares at the cut-off price, while institutional buyers may have varying allotments based on their bid prices. The IPO allotment process is guided by SEBI regulations to ensure fairness.

Types of Book Building in IPOs

100% Book Building Process

Definition and Key Characteristics

In a 100% book-building IPO, the entire offering is priced using the book-building method, encouraging wide market participation. Both institutional and retail investors can bid within a set price range, helping determine the share price based on demand.

This process ensures efficient price discovery and makes the IPO allotment process transparent, as shares are allocated based on the strength of bids and overall demand.

75% Book Building Process

How It Differs From the 100% Method

In this method, 75% of the shares are priced through book building, where bids within a price range help set the price based on demand. The remaining 25% are offered at a fixed price, providing a simple option for some investors. This approach balances flexibility and simplicity, appealing to new and experienced investors.

It also encourages broader participation and ensures demand-driven pricing for listed IPOs, boosting their appeal and transparency.

Advantages of the Book Building Method

Efficient Price Discovery Mechanism

The book building process engages market participants to determine the share price based on demand. This ensures the pricing reflects real market interest, minimizing the chances of shares being undervalued or overvalued. Issuers gain insights into investor preferences by collecting bids across a price range. This leads to a fair and efficient price discovery mechanism that benefits both the company raising funds and the investors seeking returns.

Increased Transparency in IPO Pricing

Book building promotes transparency by allowing investors to monitor demand trends during bidding. Participants can adjust their bids based on real-time data, ensuring they are informed about market dynamics. This open approach builds trust in the IPO allotment process, as investors feel confident that shares are allocated fairly based on demand and bidding strength, making the IPO process more reliable and investor-friendly.

Flexibility for Institutional and Retail Investors

The book building method caters to institutional and retail investors by allowing them to bid within a set price range. Institutional investors benefit from the ability to place large bids with detailed analysis, while retail investors enjoy access to a structured process that encourages their participation. This inclusivity ensures diverse representation, fostering a balanced and competitive environment in the IPO market.

Limitations of the Book Building Process

Complexity in Bidding for Retail Investors

The book building process can be challenging for first-time or less-experienced investors. Understanding terms like price bands, cut-off prices, and bid quantities may feel technical and overwhelming. Retail investors also compete with institutional investors with more resources and market insights, discouraging retail participation and reducing their opportunities in IPOs.

Dependence on Market Sentiment for Pricing

The book building method relies heavily on market sentiment, which can distort IPO pricing. Positive sentiment may inflate prices, overvaluing shares, while negative sentiment can suppress valuations. This dependence means prices often reflect market trends rather than a company’s true value, posing risks for both investors and issuers if prices don’t hold long-term.

Risk of Oversubscription and Underpricing

When demand is high, IPOs may become oversubscribed, leaving retail investors with fewer shares than expected. On the other hand, underpricing occurs when demand is underestimated, causing issuers to lose revenue. These imbalances disrupt market dynamics, making it crucial to balance demand and pricing for a successful IPO.

Know More:  
SEBI registers investment advisory ,  Stock investment advisory

Comparison: Book Building vs Fixed Price IPOs

Key Differences in Pricing, Demand, and Transparency

Pricing: Book building relies on demand-driven pricing, while fixed price IPOs have predetermined prices.

Demand: Book building gauges real-time demand, whereas fixed price IPOs estimate demand in advance.

Transparency: The book building method is more transparent, as bids are openly analyzed.

Which Method is Better for Investors?

For retail investors, book building typically offers more accurate pricing, reflecting real-time demand and ensuring that shares are priced based on market interest. However, it can be complex for those new to investing. In contrast, fixed price IPOs are simpler, with a set price for shares, making them easier to understand. Investors can explore a complete IPO list to compare both methods and decide which aligns with their investment strategy.

How to Participate in a Book Building IPO

Step-by-Step Guide for Retail Investors

Choose a broker: Select a brokerage platform offering IPO services.

Submit bids: Place bids within the price band for your desired quantity.

Use ASBA: Ensure funds are blocked using the ASBA (Applications Supported by Blocked Amount) facility.

Monitor allocation: After the IPO closes, check the allotment status.

Understanding the Role of ASBA in the Bidding Process

ASBA (Application Supported by Blocked Amount) streamlines the payment process for IPOs by blocking the required funds in your bank account until shares are allotted. Unlike traditional methods where funds are transferred upfront, ASBA ensures that the money remains in your account and is only deducted when shares are successfully allotted. This approach prevents unnecessary transfers and ensures that funds are only debited if your application is successful in the IPO allotment process.

How Equentis Supports Book Building IPO Investments

Tracking Book Building IPOs

Equentis offers tools that allow investors to track demand and bidding trends during the book building process. This helps investors stay updated on the IPO status, making adjusting their bids and strategies easier based on current market activity.

Conclusion

The book building process is a key component of contemporary IPO pricing, providing an efficient, transparent, and flexible method for price discovery. Investors can make more informed decisions with insights into its steps, benefits, and potential drawbacks. A stock market advisory company can guide you through this process to enhance your investment strategy.

OTHER IPO RESOURCES
IPO | Current IPO | Upcoming IPO | Listed 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.

FAQ

What is the Book Building Process?
The Book Building Process is a method for determining an IPO’s offer price. Investment banks act as intermediaries, gathering bids from potential investors at various price points. This information helps determine the optimal offer price that maximizes demand while ensuring a successful IPO.
How does the Book Building Process work?
Investment banks collect bids from institutional investors and high-net-worth individuals. These bids indicate the quantity of shares they are willing to buy at different prices. Based on this data, the underwriters analyze market demand and recommend an offer price to the issuing company.
What are the advantages of the Book Building Process?
The book building process offers several advantages, starting with price discovery, where it accurately reflects market demand and ensures a fair IPO price. This method also enhances efficiency by streamlining the IPO process, reducing time to market.
Who are the key players in the Book Building Process?
Several key players contribute to the success of the book building process. The issuing company, which is going public, is at the heart of the process. Investment banks act as underwriters, managing the IPO and guiding the pricing. Institutional investors, including mutual funds, pension funds, and insurance companies, play a significant role by placing large bids.

January 24, 2025

Types of IPOs: A Comprehensive Guide to Initial Public Offerings

Understanding the Basics of IPOs

What is an Initial Public Offering (IPO)?

An Initial Public Offering (IPO) is a transformative financial event where a private company offers shares of its stock to the general public for the first time. This process allows the company to transition from private to public ownership, broadening its access to capital markets.

IPOs are a crucial milestone for businesses aiming for long-term growth and sustainability. For investors and companies alike, understanding the nuances of IPOs is essential, and tools like stock market advisory services provide valuable insights. Additionally, exploring the complete IPO list can help investors stay updated on available opportunities, including upcoming IPOs in India and current new IPOs.

Why Companies Choose to Go Public

Companies opt to go public for a variety of reasons, including:

Capital Raising

IPOs enable companies to secure substantial funds, often used for expansion, R&D, or paying off debts.

Market Visibility

Public companies gain credibility and recognition, enhancing their brand reputation.

Liquidity for Existing Stakeholders

Founders, employees, and early investors can liquidate their holdings post-IPO.

Access to Future Financing

Being publicly listed allows access to additional funds through subsequent offerings.

Employee Benefits:

Public companies can offer stock options, making them attractive to top talent.

Overview of IPO Types

Different Types of IPO Offerings Explained
IPOs are not a one-size-fits-all event. Different types of IPO cater to varying needs of companies and investors. These include fixed-price IPOs, book-building IPOs, offer-for-sale (OFS) IPOs, direct listings, and SMEs. Each type of IPO has distinct processes, advantages, and drawbacks.

How Each IPO Type Caters to Different Investor Needs

Fixed Price IPOs

Best suited for retail investors who prefer price certainty and simplicity.

Book-Building IPOs

Appeals to institutional investors seeking market-driven pricing.

OFS IPOs

Designed for existing shareholders to liquidate their holdings without diluting equity.

Direct Listings

Favored by well-established companies, avoiding underwriting costs.

SME IPOs

Tailored for smaller enterprises looking to access public funding efficiently.

Main Types of IPO Issues

Fixed Price IPO

What is a Fixed-price IPO?

A Fixed Price IPO sets a pre-determined price for shares before the IPO opens. Investors know exactly how much they will pay for each share when subscribing.

How Fixed Price IPOs Work

The company, in consultation with underwriters, fixes a price for the shares.
The price is based on the company’s valuation, market potential, and financial performance.
Investors subscribe to shares at this fixed price; allotment is made based on demand.

Pros and Cons of Fixed Price IPOs

Pros: Simplicity, predictable pricing, and easy understanding for retail investors.
Cons: Lack of price flexibility, risk of underpricing or overpricing, and potential for oversubscription issues.

Book-Building IPO

What is a Book-Building IPO?

A Book-Building IPO involves setting a price range (e.g., $100-$120 per share) rather than a fixed price. Investors bid within this range, indicating the number of shares they are willing to buy and at what price.

Process of Book-Building IPOs

The company and underwriters determine a price band based on market conditions.
Investors submit bids specifying the quantity of shares and their bid price within the range.
Once the bidding period closes, the final price is determined based on demand.
Shares are allocated to investors, often prioritizing higher bids.

Advantages of Book-Building Over Fixed Price

Price determination is market-driven, ensuring better alignment with demand.
Greater transparency in gauging investor interest.
Higher chances of fair pricing, minimizing underpricing or overpricing risks.

Other Types of IPOs

Offer for Sale (OFS) IPO

Definition and Purpose of Offer for Sale

In an OFS IPO, existing shareholders, such as promoters, venture capitalists, or private equity firms, sell their shares to the public. The proceeds from the sale go directly to these shareholders rather than the company.

How It Differs From Regular IPOs

Unlike traditional IPOs, an OFS does not involve issuing new shares. It is purely a mechanism for existing stakeholders to exit or reduce their holdings.

Direct Listing IPO

What is a Direct Listing?

Direct Listing bypasses traditional IPO processes like underwriting. Instead, the company lists its existing shares directly on a stock exchange, allowing them to be traded publicly.

When and Why Companies Use Direct Listings

Direct Listings are ideal for companies with significant brand recognition and financial stability. They avoid underwriting fees, reduce dilution, and allow market forces to determine the share price.

SME IPO

What is an SME IPO?

An SME IPO is a specialized public offering tailored for small and medium-sized enterprises. These IPOs are conducted on SME platforms of stock exchanges, like the NSE Emerge and BSE SME.

Eligibility Criteria for Small and Medium Enterprises

Minimum post-issue paid-up capital of ₹1 crore.
A strong operational track record.
Compliance with regulatory norms and financial disclosures.

Benefits and Risks of SME IPOs

Benefits: Access to growth capital, increased market visibility, and credibility.
Risks: Higher volatility, limited investor participation, and potential liquidity challenges.

Factors Influencing IPO Type Selection

Company Goals and Funding Requirements

Companies choose their IPO type based on strategic objectives such as growth, liquidity, or market positioning.

Market Conditions and Investor Sentiment

Favorable market conditions encourage companies to opt for flexible pricing mechanisms like Book-Building IPOs.

Regulatory Guidelines and Compliance

Regulatory requirements often dictate the IPO type, ensuring transparency and investor protection.

How to Choose the Right IPO as an Investor

Assessing the Type of IPO Issue

Understand the structure and pricing mechanism of the IPO to evaluate its suitability for your investment goals. Evaluating the types of IPO issues helps in aligning your financial strategies effectively.

Evaluating Risk and Return Based on IPO Type

Analyze the company’s financial health, growth potential, and market conditions to assess the risk-return tradeoff. Different types of IPO offer varying risk profiles, so aligning with your goals is crucial.

Matching Your Investment Strategy to the IPO Type

Align your portfolio objectives with the specific features of the IPO, whether it’s Fixed Price, Book-Building, or an SME IPO. Knowing the types of IPOs ensures better investment outcomes.

How Equentis Helps You Navigate IPO Types

Expert Analysis of Fixed Price and Book-Building IPOs

Equentis provides detailed insights into pricing mechanisms and demand trends to help you make informed decisions about different types of IPO.

Real-Time Tracking

Equentis’s tools allow you to monitor IPOs in real-time, ensuring you never miss out on lucrative opportunities in various types of IPO offerings.

Conclusion

Understanding the various types of IPOs is essential for making informed investment decisions. By evaluating each IPO type’s unique features, risks, and benefits, investors can align their strategies with their financial goals and market expectations. Knowing the types of initial public offering, from Fixed Price to SME, empowers investors with the knowledge needed to navigate these opportunities.

OTHER IPO RESOURCES
IPO | Current IPO | Upcoming IPO | Listed 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.

January 22, 2025

IPO, News

₹220.50 Cr Denta Water and Infra IPO Begins Today: Issue Details, Financials, GMP, and SWOT Analysis

If you’re interested in the stock market or companies specializing in water solutions and infrastructure development, you might want to learn more about Denta Water and Infra Solutions Ltd’s IPO. As it opens today for subscription, the issue size of ₹220.50 crore has generated significant interest among investors.

Yesterday, it announced that it had secured slightly more than ₹66 crore from anchor investors before its IPO. Here’s a detailed breakdown of everything you need to know about this IPO.

IPO Details of Denta Water and Infra

Offer Price	₹279 to ₹294 per share
Face Value	₹10 per share
Opening Date	22 January 2025
Closing Date	24 January 2025
Total Issue Size (in Shares)	75,00,000
Total Issue Size (in ₹)	₹220.50 Cr
Issue Type	Book Built Issue IPO
Lot Size	50 Shares
Listing at	BSE, NSE

Source: SEBI

Denta Water and Infra Solutions Ltd is launching an IPO worth ₹220.50 crore, consisting of a fresh issuance of 75 lakh equity shares priced at the upper band of ₹294 per share. The shares will be listed on both the BSE and NSE, with the allotment expected to be finalized on Monday, January 27, 2025, and a tentative listing date set for Wednesday, January 29, 2025.

Allocation of Shares

Retail investors can apply for a minimum of 50 shares of Denta Water and Infra IPO, requiring an investment of ₹14,700, with a maximum limit of 650 shares, amounting to ₹1,91,100. Small High-Net-Worth Individuals (S-HNIs) can invest a minimum of 700 shares for ₹2,05,800, with a cap of 3,400 shares, amounting to ₹9,99,600. Large High-Net-Worth Individuals (B-HNIs) have a minimum investment of 3,450 shares, requiring ₹10,14,300.

Application	Lots	Shares	Amount
Retail (Min)	1	50	₹14,700
Retail (Max)	13	650	₹1,91,100
S-HNI (Min)	14	700	₹2,05,800
S-HNI (Max)	68	3,400	₹9,99,600
B-HNI (Min)	69	3,450	₹10,14,300

Source: SEBI

Objectives of the Denta Water and Infra IPO

The net proceeds from the IPO will be utilized for the following purposes:

Working Capital Requirements: To fund the company’s operations and business expansion.

General Corporate Purposes: Utilization as per applicable laws for business growth and development.

Grey Market Premium (GMP)

The Denta Water IPO Grey Market Premium (GMP) currently stands at ₹165, indicating a strong demand. Based on the IPO price of ₹294, the estimated listing price is projected to be ₹459, reflecting a 56.12% premium. The positive GMP suggests strong investor confidence and potential for a solid listing. Source: Mint

Company Overview

Incorporated in 2016, Denta Water and Infra Solutions Ltd is a leading player in water and infrastructure solutions. The company specializes in designing, installing, and commissioning water management projects, focusing on groundwater recharge.

Key projects executed:

Byrapura Project
Hiremagaluru LIS
KC Valley Project

These projects have significantly contributed to Bengaluru’s wastewater management and the Jal Jeevan Mission. The company owns 98 acres of agricultural land in Madikeri, Karnataka, where it cultivates coffee, pepper, and cardamom. Additionally, it operates a beach resort in Udupi, generating revenue through a facility management agreement.

Service Offerings:

Preliminary investigations and reconnaissance
Feasibility studies
Planning and project formulation
Field surveys and soil testing
Design services
Tender bidding consultancy
Project management and construction supervision
Operation and maintenance guidelines
Engineering procurement consultancy
Turnkey projects

As of November 30, 2024, the company has successfully executed 32 water management projects, comprising:

11 as the main contractor
1 in a joint venture
20 as a sub-contractor

Denta Water is also involved in infrastructure projects across railways and highways.

Financials:

Revenue for the period ending September 30, 2024, was recorded at ₹98.51 Cr., which is lower than the previous fiscal year’s figure of ₹241.84 Cr. as of March 31, 2024, but shows a steady upward trend when compared to ₹175.75 Cr. in March 2023 and ₹119.64 Cr. in March 2022. The company’s profitability has also seen an upward trajectory over the years.

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Profit after tax for the half-year ending September 30, 2024, reached ₹24.2 Cr., following ₹59.73 Cr. for the full year ending March 31, 2024, up from ₹50.11 Cr. in March 2023 and ₹38.34 Cr. in March 2022. Net worth has shown consistent growth, reaching ₹188.46 Cr. as of September 30, 2024, up from ₹164.26 Cr. in March 2024, ₹104.55 Cr. in March 2023, and ₹54.43 Cr. in March 2022.

AD 4nXdipvyFuhyyvIZnk2PhaOnkETqMDgtuq8utvJt YODioNUZVdJZAN lyiDvI2FFUcrGbA DTQq dcKjXVP0pECk0G ezL2oBipcbqZhpsvzaU3y73OIhyQ5eRqrj800mDbr IZP?key=kryK2Ou dHIeavaFnyW2BsL2 — **Source:** **SEBI**

SWOT Analysis of Denta Water and Infra Solutions Ltd

STRENGTHS	WEAKNESSES
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. It is 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 an 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.

Denta Water and Infra Solutions Ltd’s IPO India’s growing water infrastructure sector. The company is poised for growth with a solid track record, diversified business model, and promising financial performance. However, investors should consider the company’s dependence on government projects and working capital requirements before investing.

The IPO allotment results are expected on January 27, 2025, and the shares will tentatively list on January 29, 2025, on both the BSE and NSE. Stay tuned for further updates and market trends to make an informed investment decision.

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.

January 16, 2025

IPO, News

Laxmi Dental IPO Oversubscription Hits 114 Times! Allotment, Listing Date & GMP Update

Are you among the many investors who bid for the Laxmi Dental IPO? If so, you’re not alone. The Laxmi Dental IPO has attracted unprecedented attention from investors across categories, leading to an oversubscription of 114 times. This response showcases the strong demand and investor confidence in the company’s prospects.

However, with such high levels of interest, many are left wondering about the next steps. How will the allotment process work? What can investors expect on the listing day? And what role does the grey market premium (GMP) play in shaping expectations? We’ll break down each aspect step by step, helping you navigate through the allotment status, listing details, and market trends with ease.

Laxmi Dental IPO Subscription Details

The Laxmi Dental IPO opened for public subscription on January 13, 2025, and closed on January 15, 2025. It raised ₹698.06 crore, comprising a fresh issue of 32.24 lakh equity shares aggregating ₹138 crore and an offer for sale (OFS) of 1.31 crore shares worth ₹560.06 crore. The IPO price band was set between ₹407 and ₹428 per share.

Investor Category	Subscription (times)	Shares Offered	Sharesbid for	Total Amount (₹ Cr.)*
Anchor Investors	1	73,39,395	73,39,395	314.13
Qualified Institutions	110.38	48,92,931	54,00,81,366	23,115.48
Non-Institutional Buyers	147.69	24,46,464	36,13,21,158	15,464.55
bNII (bids above ₹10L)	167.68	16,30,976	27,34,89,216	11,705.34
sNII (bids below ₹10L)	107.7	8,15,488	8,78,31,942	3,759.21
Retail Investors	75.1	16,30,976	12,24,80,688	5,242.17
Total	114.14	89,70,371	1,02,38,83,212	43,822.20

Source: Mint

The strong response on the final day highlights the high demand across all investor categories.
If you were to look at the day-wise subscription details:

Date	QIB	NII	NII (> ₹10L)	NII (< ₹10L)	Retail	Total
Day 1Jan 13, 2025	0.13	10.89	10.58	11.52	12.61	5.33
Day 2Jan 14, 2025	0.84	37.44	39.38	33.57	29.65	16.06
Day 3Jan 15, 2025	110.38	147.69	167.68	107.7	75.1	114.14

Allotment Details

With bidding now closed, the focus shifts to allotment. Laxmi Dental is expected to finalise the basis of share allotment on Thursday, January 16, 2025. Here’s a step-by-step guide to checking the allotment status:

Laxmi Dental IPO Allotment Status on BSE

Visit BSE website on this link – BSE Allotment Status.
Select ‘Equity’ in the Issue Type.
Choose ‘Laxmi Dental Limited’ in the Issue Name dropdown menu.
Enter either Application No. or PAN.
Verify by ticking on ‘I am not robot’ and click on ‘Search’.

Your Laxmi Dental IPO allotment status will be displayed on the screen.

Laxmi Dental IPO Allotment Status on Link Intime

Visit IPO registrar website on this link – Link Intime Allotment Status.
Choose ‘Laxmi Dental Limited’ in the Select Company dropdown menu.
Select among PAN, App. No., DP ID, or Account No.
Enter the details as per the option selected.
Click on Search.

Your Laxmi Dental IPO allotment status will be displayed on the screen.

Alternatively, you can check allotment status on the BSE or NSE websites.

Key Dates	Event
January 16, 2025	Allotment Finalisation
January 20, 2025	IPO Listing on BSE & NSE

Source: Mint

Refunds and Credit of Shares

For those who do not receive an allotment, refunds will be initiated on the same day as the allotment finalization. Successful bidders will have their equity shares credited to their demat accounts promptly.

Grey Market Premium (GMP) Update

Laxmi Dental shares are already creating a buzz in the grey market. The current GMP stands at ₹127 per share, suggesting strong investor sentiment. Here’s what the numbers indicate:

Issue Price: ₹428 per share
GMP: ₹127 per share
Estimated Listing Price: ₹555 per share
Premium: 29%

This bullish trend signals optimism among unlisted market investors ahead of the official listing.
Source: Mint

Use of IPO Proceeds

According to the Red Herring Prospectus (RHP), the proceeds from the fresh issue will be allocated to:

Debt Repayment: Reducing financial liabilities.
Capital Expenditure: Supporting operational growth.
Subsidiary Investment: Funding Bizdent Devices Pvt Ltd.
General Corporate Expenses: Meeting miscellaneous costs.

Laxmi Dental, a fully integrated dental products company, offers a diverse portfolio ranging from tailor-made crowns and bridges to branded products such as aligner solutions and pediatric dental care items.

Steps to Prepare for the Listing Day

If you’ve been allotted shares, here’s what to keep in mind ahead of the listing on Monday, January 20, 2025:

Monitor Market Trends: Observe pre-listing trends to gauge potential price movements.
Set Realistic Expectations: While the GMP indicates a premium, market dynamics can fluctuate.
Track Listing Details: Shares will be listed on BSE and NSE simultaneously.

Conclusion

The Laxmi Dental IPO’s massive oversubscription reflects robust investor confidence in the company’s growth prospects and market position. With allotment and listing dates fast approaching, all eyes are on how the shares will perform in the public market. Stay informed and check your allotment status to be prepared for the next steps.

OTHER IPO RESOURCES
IPO | Current IPO | Upcoming IPO | Listed 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.

January 13, 2025

IPO, News

Laxmi Dental & 4 SME IPOs Seek ₹943 cr: Objectives, GMP, and Key Details To Know

Get ready for an action-packed week in the IPO market! This week brings a mix of opportunities, with one mainboard IPO, Laxmi Dental, seeking ₹698.06 Cr , and four SME IPOs – Kabra Jewels Ltd, Rikhav Securities Ltd, Landmark Immigration Ltd, and EMA Partners Ltd – scheduled to hit the market.

This wave of IPOs offers investors a chance to explore a diverse range of sectors and get in on the ground floor of promising Indian businesses.

Before diving into the specifics, let’s break down these companies’ objectives, financial health, Grey Market Premium (GMP), and other key details. Here’s a closer look at what each of these IPOs has to offer!

Laxmi Dental Limited

Laxmi Dental’s IPO aims to raise ₹698.06 crores through a book-built issue. This includes a fresh issue of 0.32 crore shares worth ₹138.00 crores and an offer for sale of 1.31 crore shares aggregating to ₹560.06 crores.

Offer Price	₹407 to ₹428 per share
Face Value	₹10 per share
Opening Date	13 January 2024
Closing Date	15 January 2024
Total Issue Size (in Shares)	1,63,09,766
Total Issue Size (in ₹)	₹698.06 Cr
Issue Type	Book Built Issue IPO
Lot Size	33 Shares
Listing at	BSE, NSE

Source: SEBI

The minimum application size is 33 shares, requiring a retail investment of ₹14,124. For small NII (sNII), the minimum is 15 lots (495 shares), amounting to ₹2,11,860, and for big NII (bNII), it is 71 lots (2,343 shares), requiring ₹10,02,804. The allotment is set for January 16, 2025, with listing on BSE and NSE scheduled for January 20, 2025.

GMP (Grey Market Premium)

The latest GMP for Laxmi Dental IPO is ₹161 (as of January 13, 2025). With a price band of ₹428, the estimated listing price is ₹589, reflecting a potential gain of 37.38% per share.

Objectives of the IPO

Repayment/prepayment of certain outstanding borrowings by the company.
Investment in subsidiaries for repayment/prepayment of borrowings.
Capital expenditure for new machinery acquisition.
Investment in Bizdent Devices Private Limited for machinery purchase.
General corporate purposes.

Company Overview

Incorporated in 2004, Laxmi Dental Limited is an integrated dental products company. It’s product offerings include custom crowns, bridges, clear aligners, thermoforming sheets, and pediatric dental products. Operating under the brand Taglus, the company’s thermoforming sheets and 3D printing resins are industry benchmarks.

Laxmi Dental has six manufacturing facilities and five supporting locations in major cities. With a network spanning over 22,000 clinics across 320 cities in India and exports to more than 90 countries, the company holds a significant presence in domestic and global markets.

Financials

In FY24, Laxmi Dental’s assets grew by 40%, from ₹96.54 crores to ₹134.52 crores. Revenue increased from ₹163.84 crores to ₹195.26 crores. The company’s net worth and profit after tax (PAT) showed strong growth during this period. However, borrowings also increased, indicating rising liabilities.

Laxmi Dental & 4 SME IPOs Seek ₹943 cr: Objectives, GMP, and Key Details To Know 89 — **Source:** **SEBI**

SWOT Analysis of Laxmi Dental Limited

STRENGTHS	WEAKNESSES
An integrated business model ensures efficiency and control over production and distribution. A strong network of over 22,000 clinics and dentists. Significant presence in international markets, exporting to 90+ countries.	Rising borrowings could affect financial stability. Dependence on a limited number of manufacturing facilities.
OPPORTUNITIES	THREATS
Growing demand for dental products globally. Potential for innovation in clear aligner technology. Expansion into emerging markets.	Intense competition in the dental industry. Regulatory changes in domestic and international markets. Currency fluctuations may impact export revenue.

SME IPOs launching this week

Kabra Jewels Limited

Kabra Jewels IPO aims to raise ₹40.00 crores through a book-built issue of 31.25 lakh fresh shares. The minimum application size is 1,000 shares, requiring a retail investment of ₹1,28,000.

Offer Price	₹121 to ₹128 per share
Face Value	₹10 per share
Opening Date	15 January 2024
Closing Date	17 January 2024
Total Issue Size (in Shares)	31,25,000
Total Issue Size (in ₹)	₹40 Cr
Issue Type	Book Built Issue IPO
Lot Size	1000 Shares
Listing at	NSE, SME

Source: SEBI

For High Net-worth Individuals (HNIs), the minimum investment is 2 lots (2,000 shares) amounting to ₹2,56,000. The allotment will be finalized on January 20, 2025, and the shares are expected to list on the NSE SME platform on January 22, 2025.

GMP (Grey Market Premium)

The last reported GMP for Kabra Jewels IPO is ₹0 (January 13, 2025), suggesting no premium or discount over the price band of ₹128. The estimated listing price is ₹128, with no anticipated gain or loss percentage per share at this stage.

Objectives of the IPO

Repayment or partial repayment of certain borrowings availed by the company.
To meet working capital requirements.
General corporate purposes.

Company Overview

Incorporated in 2010, Kabra Jewels Limited is a retail jewelry company offering a wide range of gold, diamond, and silver ornaments. The company’s product portfolio spans wedding jewelry—its highest-selling category—and daily-wear ornaments. Kabra Jewels operates six showrooms in Ahmedabad under various brands, including KK Jewels Bridal, KK Jewels Diamond, and KK Jewels Gold. It also has three offices and one exhibition center, reinforcing its presence in the local market.

Financials

Kabra Jewels has shown consistent financial growth. Revenue as of November 2024 was ₹12,548.47 crore, up from ₹11,212.54 crore in FY22. Profit After Tax (PAT) for the latest period stood at ₹880.89 crore, almost double the ₹440.58 crore reported in FY23. The steady increase in revenue and PAT highlights the company’s growing market position and operational efficiency. Source: SEBI

SWOT Analysis of Kabra Jewels Limited

STRENGTHS	WEAKNESSES
Diverse product portfolio catering to various customer needs. Strong presence in Ahmedabad with multiple specialized showrooms. Consistent revenue and profitability growth.	Limited geographical footprint confined to Ahmedabad. Dependence on the wedding segment as a primary revenue driver.
OPPORTUNITIES	THREATS
Expansion into new cities or regions to broaden market presence. Growing demand for affordable and daily-wear jewelry. Potential to leverage e-commerce for wider reach.	Established and unorganized jewelry retailers pose stiff competition. Fluctuations in gold and diamond prices impacting margins. Economic slowdowns or changes in consumer spending patterns.

Rikhav Securities Limited

Rikhav Securities IPO aims to raise ₹88.82 crores through a book-built issue comprising a fresh issue of 83.28 lakh shares aggregating ₹71.62 crores and an offer for sale of 20.00 lakh shares aggregating ₹17.20 crores.

Offer Price	₹82 to ₹86 per share
Face Value	₹5 per share
Opening Date	15 January 2024
Closing Date	17 January 2024
Total Issue Size (in Shares)	1,03,28,000
Total Issue Size (in ₹)	₹71.62 Cr
Issue Type	Book Built Issue IPO
Lot Size	1600 Shares
Listing at	NSE, SME

Source: Rikhav

The minimum lot size for this IPO is 1,600 shares, requiring a retail investment of ₹1,37,600. For High Net-worth Individuals (HNIs), the minimum investment is 2 lots (3,200 shares) amounting to ₹2,75,200. The allotment is scheduled to be finalized on January 20, 2025, with a tentative listing date on the BSE SME platform set for January 22, 2025.

GMP (Grey Market Premium)

The last reported GMP for Rikhav Securities IPO is ₹0 (as of January 13, 2025). With the price band set at ₹86, the estimated listing price is ₹86, indicating no expected gain or loss per share based on current market trends.

Objectives of the IPO

Funding the incremental working capital requirements.
Financing capital expenditures for IT software, computers, and laptops.
General corporate purposes.

Company Overview

Incorporated in 1995, Rikhav Securities Limited provides various financial services, including brokerage, investing, and banking solutions. Registered with SEBI as a stockbroker, the company is a BSE, NSE, and MCX member. Rikhav Securities offers equity broking, intra-day trading, futures, options, and services in derivative and commodity segments. The company acts as a Self-Clearing Member for trade settlements and provides IPO participation and demat account services. It also offers mutual fund advisory services catering to diverse client investment needs.

Financials

Rikhav Securities has demonstrated robust financial performance. As of September 30, 2024, the company’s total assets stood at ₹33,791.49 crore, a significant rise from ₹18,070.69 crore in FY22. Revenue reached ₹9,615.83 crore, up from ₹4,298.31 crore in FY22, while Profit After Tax (PAT) grew to ₹5,037.32 crore, nearly tripling from ₹1,762.47 crore during the same period, reflecting strong profitability and operational growth. Source: Rikhav

SWOT Analysis of Rikhav Securities Limited

STRENGTHS	WEAKNESSES
Established presence in the financial services sector with SEBI registration. Diversified service offerings, including brokerage, IPO participation, and mutual fund advisory. Strong financial growth in recent years.	Heavy reliance on market conditions for revenue generation.Limited brand visibility compared to larger players in the financial sector..
OPPORTUNITIES	THREATS
Expanding into underserved geographical areas. Increasing demand for investment services among retail investors. Leveraging technology to streamline operations and enhance customer experience.	Strong competition from both established and emerging financial service providers. Regulatory shifts influencing operations and profitability. Market fluctuations affecting revenue generation and client acquisition.

Landmark Immigration Consultants Limited

Landmark Immigration Consultants Limited is launching an IPO with a total size of ₹40.32 crores, comprising 56.00 lakh shares. The issue is entirely a fresh issue with no offer for sale. The minimum lot size for retail investors is 1,600 shares, which translates to an investment of ₹1,15,200.

Offer Price	₹70 to ₹72 per share
Face Value	₹10 per share
Opening Date	16 January 2024
Closing Date	20 January 2024
Total Issue Size (in Shares)	56,00,000
Total Issue Size (in ₹)	₹40.32 Cr
Issue Type	Book Built Issue IPO
Lot Size	1600 Shares
Listing at	NSE, SME

Source: BSE

High Net-worth Individuals (HNIs) will need to apply for at least 2 lots, or 3,200 shares, amounting to ₹2,30,400. The IPO’s allotment process will be finalized on January 21, 2025, and it will be listed on the BSE SME on January 23, 2025.

Objectives of the IPO

The company plans to use the net proceeds from the IPO for the following purposes:

Capital expenditure for establishing new branches.
Advertisement expenses to increase brand awareness and visibility.
Acquisitions to drive inorganic growth.
General corporate purposes.

Company Overview

Founded in 2010, Landmark Immigration Consultants Limited specializes in Global Consultancy Services, particularly in global education and immigration consultancy. The company offers services for students seeking to study abroad and provides immigration consultancy for visas, tourism, business, and permanent residency, particularly in Canada.

Landmark operates through 9 fully equipped branches and partners with over 30 Canadian institutions. In addition, the company has entered into franchise agreements at locations in Jammu, Jind, and Karnal.

Financials

Landmark Immigration has shown strong financial growth over the past few years. As of March 31, 2024, the company reported assets of ₹4,431.51 lakhs, a rise from ₹3,625.3 lakhs in 2023 and ₹3,611.51 lakhs in 2022. Revenue surged to ₹3,707.03 lakhs in 2024, up from ₹2,162.62 lakhs in 2023 and ₹1,931.54 lakhs in 2022. Profit After Tax (PAT) also showed a significant increase, reaching ₹1,111.83 lakhs in 2024, compared to ₹443.48 lakhs in 2023 and ₹393.53 lakhs in 2022, reflecting strong financial growth.
Source: BSE

SWOT Analysis of Landmark Immigration Consultants Limited

STRENGTHS	WEAKNESSES
Well-established brand in global education and immigration consultancy. A wide network with 9 branches and 30+ Canadian institution partnerships. Strong financial performance with consistent growth in revenue and profit.	Dependence on the Canadian immigration market could limit diversification. High reliance on physical branches, which may restrict scalability.
OPPORTUNITIES	THREATS
Expansion into new markets with the opening of new branches. Growth potential from inorganic initiatives through acquisitions. Increasing demand for education and immigration services globally.	High competition from local and global consultancy firms. Potential regulatory changes that may influence operations and profitability. The market volatility could affect client acquisition and revenue generation.

EMA Partners Limited

EMA Partners India Limited is launching an IPO with a total issue size of ₹76.01 crores. The issue consists of a fresh issue of 53.34 lakh shares, amounting to ₹66.14 crores, and an offer for sale of 7.96 lakh shares, aggregating ₹9.87 crores.

Offer Price	₹117 to ₹124 per share
Face Value	₹5 per share
Opening Date	17 January 2024
Closing Date	21 January 2024
Total Issue Size (in Shares)	61,30,000
Total Issue Size (in ₹)	₹76.01 Cr
Issue Type	Book Built Issue IPO
Lot Size	1000 Shares
Listing at	NSE, SME

Source: Indorient

Retail investors must invest a minimum of ₹1,24,000 for a lot size of 1,000 shares. The minimum investment for high-net-worth individuals (HNIs) is ₹2,48,000 for 2 lots or 2,000 shares. The IPO allotment will be finalized on January 22, 2025, and the shares are expected to list on the NSE SME on January 24, 2025.

Objectives of the IPO

The company intends to use the funds raised from the IPO for the following purposes:

Strengthening the leadership team for both the company and its subsidiaries.
Upgrading the existing IT infrastructure for both the company and its subsidiaries.
Repaying or pre-paying borrowings taken for the purchase of office premises.
General corporate purposes and potential inorganic acquisitions.

Company Overview

EMA Partners India Limited, established in 2003, is an executive search firm specializing in leadership hiring solutions. The company provides global recruitment services, focusing on C-suite and board-level hiring across various industries. EMA Partners India is headquartered in Mumbai, with a growing international presence in Singapore, Dubai, and James Douglas (Dubai). The company offers two key services: Executive Search and Leadership Advisory. Additionally, MyRCloud, an AI-driven platform, enhances hiring efficiency for entry and middle management positions.

Financials

The company’s financial performance demonstrates fluctuations over the past few periods. For the period ending July 31, 2024, revenue stood at ₹2,632.9 lakh, a decline from ₹6,883.45 lakh in March 2024 but higher than ₹5,106.16 lakh in March 2023 and ₹5,786.52 lakh in March 2022. Profit After Tax (PAT) for July 2024 was ₹437.22 lahks, significantly lower than ₹1,427.3 lahks in March 2024 but up from ₹307.07 lahks in March 2023 and ₹1,127.06 lahks in March 2022. Source: Indorient

SWOT Analysis of EMA Partners India Limited

STRENGTHS	WEAKNESSES
Strong brand reputation in executive search and leadership advisory. Expanding global presence with offices in key international markets. Advanced AI platform, MyRCloud, streamlining recruitment processes.	Dependence on a few key markets for global revenue.Limited diversification in service offerings beyond executive search and leadership advisory.
OPPORTUNITIES	THREATS
Potential for expansion into untapped international markets. Growth prospects in mid-to-senior level recruitment through the James Douglas brand. Further enhancement of AI-powered recruitment tools to improve efficiency.	Fierce competition from other global executive search firms. Economic challenges that could reduce demand for recruitment services. Regulatory changes that could influence the recruitment industry.

OTHER IPO RESOURCES
IPO | Current IPO | Upcoming IPO | Listed 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.

January 9, 2025

IPO, News

Standard Glass Lining IPO Oversubscribed 183.18 Times: How to Check Allotment Status

The Standard Glass Lining IPO has caught investors’ attention with an oversubscription of 183.18 times. This means there was a huge demand for the shares, way more than what was available. Today, the basis of allotment will be finalized, which is crucial in determining which applicants will receive shares and in what quantity.

If you’ve applied for the IPO, you’re probably wondering whether you got an allotment. Don’t worry—it’s easy to check! We’ll walk you through how to check your allotment status and provide you with all the details about the IPO so you know exactly what’s happening.

Overview of Standard Glass Lining IPO

Standard Glass Lining Technology IPO was open for bidding from January 6 to January 8, 2025. The shares were priced in a range of ₹133-₹140 per share, with a minimum lot size of 107 shares. The company raised ₹410.05 crore through this public offering, which included ₹210 crore from a fresh issue and ₹200.05 crore through an offer-for-sale (OFS).

By the end of the subscription period, the IPO had received bids for 3,81,56,56,808 shares against an offer of 2,08,29,567 shares, leading to an oversubscription of 183.18 times.

Subscription Details

The IPO witnessed overwhelming demand across all investor categories:

Investor Category	Subscription (times)	Shares Offered	Shares Bid For	Total Amount (₹ Cr.)
Anchor Investors	1	87,86,809	87,86,809	123.02
Qualified Institutions (QIBs)	327.76	58,57,875	1,91,99,91,629	26,879.88
Non-Institutional Buyers (NIIs)	275.21	43,93,405	1,20,91,09,951	16,927.54
Retail Investors (RIIs)	65.71	1,02,51,278	67,36,54,452	9,431.16

Source: Chittorgarh

The highest demand came from Qualified Institutional Buyers (QIBs), followed by Non-Institutional Investors (NIIs) and Retail Individual Investors (RIIs).

Day-Wise Subscription Details

Here’s a breakdown of how the subscription grew during the three days of bidding:

Date	QIB	NII	NII (> ₹10L)	NII (< ₹10L)	Retail	Total
Day 1: Jan 6	1.8	26.21	23.81	31	15.08	13.67
Day 2: Jan 7	4.63	80.38	78.51	84.14	33.97	35.54
Day 3: Jan 8	327.76	275.21	302.21	221.21	65.71	185.48

Source: Chittorgarh

The sharp increase in demand on Day 3 highlights the interest from institutional and non-institutional investors, driving the oversubscription.

Grey Market Premium (GMP)

Standard Glass Lining’s shares are trading at a grey market premium of ₹91 over the upper price band of ₹140, indicating a potential listing price of ₹231. This suggests a return of 65%, though it’s essential to remember that grey market trends are speculative and unregulated.

Listing Date

The shares are scheduled to list on the BSE and NSE on January 13, 2025. While GMP trends are optimistic, actual listing performance will depend on broader market sentiment.

Checking the Allotment Status

If you participated in this IPO, here’s how you can check your allotment status:

Method 1: Via BSE Website

Visit the BSE Allotment Status Page.
Select “Equity” under the issue type.
Choose “Standard Glass Lining Technology Limited” from the issue name dropdown.
Enter your application number and PAN card details.
Verify by clicking “I am not a Robot.”
Click the search button to view your allotment status.

Method 2: Via KFin Technologies Portal

Visit the KFin IPO Status Page.
Select “Standard Glass Lining Technology Limited” from the dropdown menu (available if the allotment is finalized).
Choose one of the three identification modes: Application number, Demat Account number, or PAN ID.
Select your application type (ASBA or non-ASBA).
Enter the relevant details and solve the captcha.
Click submit to check your allotment.

About Standard Glass Lining Technology

Established in 2012, Standard Glass Lining Technology Limited is a premier manufacturer of specialized engineering equipment for India’s pharmaceutical and chemical industries. The company delivers turnkey solutions with in-house production capabilities, including design, manufacturing, assembly, and operational support.

Product Portfolio:

The company’s offerings cater to diverse industrial needs:

Reaction Systems for controlled chemical processes.
Storage, Separation, and Drying Systems for material handling and purification.
Plant Engineering and Services for complete operational efficiency.

The company uses glass-lined steel, stainless steel, and nickel alloys to ensure its products meet the highest quality and performance standards.

Clientele

Standard Glass Lining serves an impressive client base, including Aurobindo Pharma, Natco Pharma, Laurus Labs, Deccan Fine Chemicals, and CCL Food and Beverages.

Infrastructure

With eight advanced manufacturing units in Hyderabad and sales offices in Vadodara, Mumbai, Ankleshwar, and Visakhapatnam, the company ensures nationwide reach. It also has sales representatives across key cities like Chennai, New Delhi, and Bengaluru.

Financials of Standard Glass Lining Technology

Between the financial years ending March 31, 2023, and March 31, 2024, Standard Glass Lining Technology Limited demonstrated solid financial performance, with a notable 10% increase in revenue. During the same period, the company’s profit after tax (PAT) also significantly improved, rising by 12%. These figures highlight the company’s ability to sustain growth and profitability in a competitive market environment.

OTHER IPO RESOURCES
IPO | Current IPO | Upcoming IPO | Listed IPO

With a record-breaking oversubscription, the Standard Glass Lining IPO has been a significant event in the market. Investors are now eagerly awaiting the allotment results and subsequent listing performance. Following the above steps, you can quickly check if you’ve secured 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.

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IPO

What is IPO Listing Time and Why It Matters for Investors

Understanding the Importance of IPO Listing Time in Market Movements

What is IPO Listing Time?

How the Stock Exchange Decides When an IPO Gets Listed

IPO Listing Time in Market: How It Works

IPO Listing Time on NSE and BSE

New Share Listing Time and Market Reactions

IPO Listing Schedule on NYSE and NASDAQ (USA)

Different IPO Listing Times Across Global Stock Exchanges

Table: IPO Listing Time Across Various Stock Exchanges

When Does an IPO Get Listed After Allotment?

IPO Timeline: From Subscription to Listing on the Stock Exchange

What Happens Between IPO Allotment and Stock Listing

Time of IPO Listing on the Stock Market

1. Pre-Opening Session and Price Discovery Mechanism

2. Exact Stock Exchange IPO Listing Time for Trading

How Market Orders and Limit Orders Affect Early Trading Volumes

Factors That Affect IPO Listing Time and Performance

1. Market Volatility and Economic Conditions

2. Demand and Subscription Levels During the IPO Process

SEBI and Regulatory Approvals for Final Listing

Why Some IPOs List at a Premium While Others List at a Discount

Case Study: IPOs That Saw High Volatility During Listing

Should You Buy on Listing Day or Wait?

How to Plan Trades Around IPO Stock Listing Time

Understanding Limit Orders vs. Market Orders on IPO Listing

Key Takeaways on IPO Listing Time and Market Trends

How Investors Can Plan for IPO Stock Listings Strategically

FAQs

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Groww Competing in a Fast-Growing Market

The Pre-IPO Fundraising Strategy

Moving Its Domicile to India

Financial Performance and Revenue Growth

Expanding Beyond Stockbroking

Regulatory Challenges and Market Trends

The Road Ahead for Groww

Aiming for New Heights

Preparing for Public Listing

Dominating the Market

Strategic Moves

Financial Performance

Diversifying Offerings

Navigating Regulatory Changes

Industry Perspectives

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