IPO | Business Upturn

OnEMI Technology IPO listing: Shares debut at ₹190, up 11.11% on NSE; retail investors gain ₹1,653 per lot

Aditya Bhagchandani — Fri, 08 May 2026 04:20:29 +0000

OnEMI Technology Solutions Limited, which operates digital lending platform Kissht, made a positive debut on the stock exchanges on May 8, listing at ₹190 per share against its IPO price of ₹171, a premium of ₹19 or 11.11% on the issue price.

Retail investors who applied for the minimum lot of 87 shares pocketed a listing gain of ₹1,653 per lot, while those who applied at the maximum retail category limit of 356 shares earned ₹6,764 on listing. High net worth individuals applying at the minimum HNI lot size of 1,218 shares saw a listing gain of ₹23,142.

How was OnEMI Technology’s IPO subscribed?

The IPO received a strong overall response, with bids for 37.76 crore shares against 3.97 crore shares on offer, implying an overall subscription of approximately 9.51 times. The qualified institutional buyers portion was subscribed 24.87 times, reflecting robust institutional appetite for the digital lending platform. The non-institutional investor category was subscribed 6.57 times, while the retail individual investors quota was subscribed 2.03 times. The company had also raised ₹278 crore from anchor investors ahead of the public issue opening.

What does OnEMI Technology do?

OnEMI Technology Solutions operates Kissht, a consumer-focused digital lending platform that offers buy-now-pay-later and EMI-based credit products to retail borrowers across India. The company sits within the rapidly expanding fintech lending segment, which has seen significant institutional interest as formal credit penetration deepens across tier-2 and tier-3 markets.

The 11.11% listing gain, while positive, came in broadly in line with grey market expectations heading into the listing session, and investors will now watch whether the stock can sustain and build on its debut price in subsequent sessions.

Disclaimer: This article is for informational purposes only and does not constitute investment advice. Investors are advised to consult a registered financial advisor before making any investment decisions. Business Upturn does not hold any position in the securities mentioned.

NSE IPO Bombshell: PSUs Join OFS Race on Last Day — EOI Deadline Closes Today

Markets Desk — Mon, 27 Apr 2026 15:36:02 +0000

In a major development for India’s most-awaited stock market listing, public sector undertakings (PSUs) have formally come forward to participate in the Offer for Sale (OFS) portion of the National Stock Exchange (NSE) IPO, according to an exclusive CNBC-TV18 report citing sources.

Today — April 27, 2026 — was the last date for eligible shareholders to submit their Expressions of Interest (EOI), with a strict 5 PM deadline. Only shareholders who have held fully paid-up NSE shares continuously since June 15, 2025, and whose shares are free from any legal restrictions, were eligible to participate.

Sources telling CNBC-TV18 indicate that the NSE likely received EOIs amounting to 4–5% of equity for the OFS portion — broadly in line with the expected offer size. The offering is expected to cover approximately 4% to 4.5% of NSE’s total equity, with pricing to be finalized through a book-building process.

Why This Matters

The National Stock Exchange’s IPO is expected to raise over ₹20,000 crore, positioning it among the largest IPOs in India’s history. The offering is structured entirely as an offer-for-sale, meaning existing shareholders will sell their holdings and the exchange itself will receive no proceeds.

NSE shares currently trade in the unlisted market at approximately ₹1,925, valuing the exchange at nearly ₹4.7 lakh crore.

What’s Next?

With today’s EOI window now closed, NSE will verify submissions and finalize participating shareholders. NSE has appointed 20 merchant bankers for the issue — the highest number assembled for any IPO in India — alongside multiple law firms and market intermediaries. The Draft Red Herring Prospectus (DRHP) is expected to be filed with SEBI by end of May or early June 2026, after which roadshows and the public issue launch could follow in the latter half of the year.

The NSE IPO, years in the making, is now unmistakably in its final lap.

Temasek-backed Manipal Health Enterprises files DRHP for IPO with fresh issue of ₹8,000 crore

Eva Linoj — Tue, 24 Mar 2026 09:37:14 +0000

Manipal Health Enterprises Limited has filed its Draft Red Herring Prospectus with the Securities and Exchange Board of India to raise funds through an initial public offering, the company announced on March 24.

The IPO comprises a fresh issue of ₹8,000 crore and an offer for sale of up to 4,32,27,668 equity shares by existing promoters, Imperius Healthcare Investments Pte. Ltd and Manipal Education and Medical Group India Private Limited. The equity shares carry a face value of ₹2. Investor shareholders participating in the offer for sale include TPG SG Magazine Pte. Ltd, Seventy Second Investment Company LLC, Ammar Sdn Bhd, Novo Holdings Invest Asia A/S, and Phoenix Bear Investments LLC.

The company intends to utilise ₹5,378 crore from the fresh issue proceeds toward repayment or prepayment of outstanding borrowings of its material subsidiary, Manipal Hospitals Private Limited, and ₹574 crore toward acquisition of a minority stake in its stepdown subsidiary, Sahyadri Hospitals Private Limited. The remainder will be used for general corporate purposes. The company may also consider a pre-IPO placement of up to ₹1,600 crore, which, if completed, would reduce the fresh issue size proportionately.

The offer will be made through the book-building process, with not more than 50% allocated to qualified institutional buyers, at least 15% to non-institutional bidders, and at least 35% to retail individual bidders.

As of September 30, 2025, Manipal Health Enterprises operated 38 hospitals on a standalone basis and 48 hospitals on a pro forma basis, with 10,761 licensed beds across 14 states and union territories. The company is the largest pan-India multispecialty hospital network by bed capacity and the second largest by number of hospitals, according to a CRISIL report. Following its acquisition of Sahyadri Hospitals in October 2025, the network expanded to over 12,600 licensed beds as of December 2025.

The company reported revenue from operations of ₹4,713 crore and a net profit of ₹571.8 crore for the six months ended September 30, 2025. For FY25, revenue from operations stood at ₹8,242.2 crore, with a net profit of ₹1,081.6 crore, compared to revenue of ₹4,839.6 crore and a net profit of ₹414.2 crore in FY23.

Kotak Mahindra Capital Company, Axis Capital, Goldman Sachs (India) Securities, Jefferies India, J.P. Morgan India, UBS Securities India, and DBS Bank India are the book-running lead managers for the offering. KFin Technologies is the registrar. The equity shares are proposed to be listed on BSE and NSE.

CMPDI IPO: Why Buying Just 1 Share of Coal India Could Boost Your Allotment Chances

Aditya Bhagchandani — Wed, 11 Mar 2026 08:32:05 +0000

With Coal India’s subsidiary CMPDI gearing up for its much-anticipated stock market debut, savvy investors are already making a quiet but smart move — buying just one share of Coal India Limited.

Here’s everything you need to know.

What Is CMPDI?

Central Mine Planning & Design Institute Limited (CMPDI) is a wholly owned subsidiary of Coal India Limited (CIL). It provides specialized consultancy services in coal and mineral exploration, mine planning, environmental management, and infrastructure engineering — making it a niche but profitable player in India’s mining sector.

The IPO at a Glance

CMPDI filed its Draft Red Herring Prospectus (DRHP) with SEBI in May 2025, and the IPO has been on investor radars ever since. Here’s what we know so far:

Structure: 100% Offer for Sale (OFS) of up to 7.14 crore equity shares
Stake dilution: Approximately 10% by Coal India
Fresh issue: None — proceeds go entirely to Coal India
Expected listing: BSE and NSE
Allocation breakdown: ~50% for QIBs, 15% for NII/HNI, 35% for retail investors
Status: IPO dates, price band, and lot size are yet to be announced

The One-Share Strategy Every Retail Investor Should Know

Here’s the part most retail investors overlook.

Like several recent PSU subsidiary IPOs — including BCCL — CMPDI’s IPO includes a shareholder quota: a reserved portion of shares exclusively for existing shareholders of the parent company, Coal India Limited.

And the eligibility bar? Just 1 share held in your demat account on the record date.

Why This Matters

You get access to a separate allotment pool not competing with the general retail category
Your allotment odds improve significantly, especially in an oversubscribed IPO
Depending on the DRHP rules, you may be able to apply in both the shareholder quota and the retail category

With Coal India shares currently trading around ₹400–450, the cost of securing eligibility is minimal — roughly ₹400–500 including brokerage.

Is It Worth It?

CMPDI has strong fundamentals — healthy margins, a government-backed business model, and a dominant client base through Coal India. PSU IPOs have historically attracted strong retail interest, and BCCL’s robust listing performance is a recent example of that sentiment.

That said, as an OFS issue, no fresh capital goes to CMPDI itself, which limits its direct growth story. Post-listing performance will ultimately depend on pricing, market conditions, and investor appetite at the time of launch.

What You Should Do Now

If you’re considering this strategy, act before the record date is announced. Steps to follow:

Buy at least 1 share of Coal India (NSE: COALINDIA) via your demat account
Hold it through the record date (to be confirmed in the final prospectus)
Monitor SEBI, Coal India, and BSE/NSE for official IPO dates and RHP release

This article is for informational purposes only and does not constitute investment advice. IPOs carry risks including oversubscription, grey market volatility, and uncertain post-listing performance.

Reliance’s Jio IPO faces delay as regulatory changes remain pending

Aditya Bhagchandani — Fri, 06 Mar 2026 06:01:12 +0000

Plans for the much-anticipated initial public offering of Jio Platforms, the digital arm of Reliance Industries, may face delays as the Indian government has yet to finalize key listing rule changes. According to a Bloomberg report, the regulatory uncertainty could push Mukesh Ambani’s record-breaking India IPO timeline beyond the originally targeted window.

The delay is primarily linked to proposed changes related to minimum public shareholding requirements, which Reliance is waiting for before proceeding with the listing. The company is reportedly considering floating around 2.5% of Jio Platforms, a smaller stake than the current regulatory requirement of 5% for public listings. Approval of such a relaxation from regulators is still under consideration, creating uncertainty around the exact timing of the IPO.

Background on the IPO plans

Mukesh Ambani first indicated plans to list Jio Platforms within five years in 2019, shortly after global investors poured billions into the company during its early growth phase.

Initially, market expectations pointed toward a 2025 listing, but reports in July 2025 suggested Reliance chose to postpone the plan beyond 2025. The delay was strategic, allowing the business to expand further across digital services, artificial intelligence, apps and 5G monetization while increasing revenues and its subscriber base.

By then, Jio had already crossed over 500 million users, strengthening its position as one of the largest digital platforms in India.

At the Reliance Industries annual general meeting in August 2025, Ambani confirmed that preparations were underway for an IPO targeted for the first half of 2026, subject to market conditions and regulatory approvals.

Current status of the listing

The IPO has not been cancelled and remains on track for a potential listing in 2026, though the exact timeline remains uncertain.

Reliance is reportedly exploring a small public float of around 2.5%, which could raise more than $4 billion, potentially making it the largest IPO in India’s history despite the limited stake sale.

Analysts estimate Jio Platforms’ valuation could range between $130 billion and $180 billion, with some projections going as high as $240 billion.

Several global and domestic banks, including Morgan Stanley, Goldman Sachs and Kotak, are believed to be working with Reliance on the potential listing.

The final timeline will largely depend on regulatory approvals and clarity on minimum public shareholding rules, along with broader market conditions. If the regulatory framework is finalized soon, Jio’s IPO could move forward later in 2026 and potentially set a new benchmark for India’s capital markets.

Rajputana Stainless IPO to open on March 9; price band fixed at Rs 116–122 per share

Aditya Bhagchandani — Mon, 02 Mar 2026 09:09:17 +0000

Mumbai, March 2, 2026: Rajputana Stainless Limited has fixed the price band of Rs 116 to Rs 122 per equity share (face value Rs 10 each) for its upcoming initial public offering.

According to the company’s Red Herring Prospectus dated February 27, 2026 , the IPO will open for subscription on Monday, March 9, 2026, and close on Wednesday, March 11, 2026. The anchor investor bidding date is scheduled for Friday, March 6, 2026 .

IPO structure

The public issue comprises:

Fresh issue: Up to 1,46,50,000 equity shares
Offer for sale (OFS): Up to 62,50,000 equity shares by promoter selling shareholder Shankarlal Deepchand Mehta

The total offer size aggregates up to 2,09,00,000 equity shares .

Investors can bid for a minimum of 110 equity shares and in multiples of 110 shares thereafter, as stated in the offer details .

Listing and lead managers

The equity shares are proposed to be listed on BSE Limited and National Stock Exchange of India Limited, with BSE designated as the stock exchange for the offer .

Nirbhay Capital Services Private Limited is the Book Running Lead Manager, while KFin Technologies Limited is the Registrar to the Offer .

The IPO is being made through the book building process in accordance with SEBI ICDR Regulations .

Further details regarding allocation structure, risk factors and financial information are available in the company’s Red Herring Prospectus.

Omnitech Engineering IPO to Open on February 25; Price Band Set at ₹216–227

Riddhima Jain — Tue, 24 Feb 2026 07:18:23 +0000

Omnitech Engineering Limited will open its initial public offering (IPO) on Wednesday, February 25, 2026. The anchor investor bidding will take place on February 24, while the issue will close on February 27.

The company has fixed a price band of ₹216 to ₹227 per equity share of face value ₹5 each. Investors can bid for a minimum of 66 shares and in multiples thereafter. Eligible employees bidding in the reserved portion will receive a discount of ₹11 per share.

The IPO comprises a fresh issue aggregating up to ₹418 crore and an offer for sale worth up to ₹165 crore by promoter Udaykumar Arunkumar Parekh.

Omnitech Engineering manufactures high precision engineered components and assemblies used in safety-critical industrial applications. According to an ICRA report cited in the Red Herring Prospectus, the company recorded revenue growth of 92.45% between FY24 and FY25, with a CAGR of 39.06% between FY23 and FY25.

The company serves over 256 customers across 24 countries including the US, Germany, UAE, UK, France, Australia and Canada.

The issue is being made through the book building process in accordance with SEBI regulations. The equity shares are proposed to be listed on BSE and NSE.

Equirus Capital and ICICI Securities are the book running lead managers to the issue.

Upcoming IPO Analysis: Business Model, Financials & Subscription Demand

News Desk — Tue, 03 Feb 2026 19:27:20 +0000

Upcoming IPO 2026 opportunities can look attractive, but the right approach is to analyse the company like any other investment: how it earns, how it converts profits into cash, and how real demand shows up in subscription data.

This article explains a clean way to review business model strength, financial quality, and IPO subscription status so you can make calmer decisions in the primary market.

How An Upcoming IPO Moves Through The Primary Market

Before analysing numbers, know the sequence from offer documents to listing, so you read the right signals at the right time.

Your inputs come from the offer documents, the issue timetable, and subscription updates during the bidding window.

Key points to track:

Offer documents and updates released during the issue process
Issue purpose and use of proceeds (growth, debt reduction, working capital, or partial exits)
Bid window and finalisation steps (basis of allotment, refunds/unblocking, listing)

Business Model Checks That Matter

A strong business model is usually easy to explain in simple language: who buys, why they buy, and why they keep buying.

For the upcoming IPO 2026 analysis, focus on repeatability, pricing power, and dependence risks.

What to examine:

Revenue Drivers
- What products/services drive sales
- Whether demand looks recurring or one-off
- Seasonality and cyclicality indicators

Customer Quality
- Customer concentration risk (few customers driving a large share)
- Customer stickiness (renewals, repeat orders, long contracts)
- Exposure to a single geography or segment
Competitive Position
- Why customers choose them over alternatives
- Whether the advantage is structural (process, distribution, approvals) or temporary (pricing)
- Switching costs and threat of substitution
Cost Structure
- Key cost buckets and what drives them
- Sensitivity to input costs, logistics, or policy changes
- Ability to pass cost increases to customers
Scalability
- Whether growth needs heavy ongoing spend to sustain
- Operational bottlenecks (capacity, compliance, supply chain)
- Execution complexity of expansion plans

Quick business-model risk flags:

Heavy dependence on one channel, one product line, or one partner
Growth that appears linked mainly to discounts or unusually favourable conditions
Limited clarity on why the company can defend margins over time

Financials Review: What To Look At

Financial analysis is not about perfect forecasting; it is about checking durability and cash discipline.

Use the financial section to see whether the business can fund growth without constant strain.

Focus areas:

Revenue Quality
- Consistency of sales versus sharp spikes
- Mix changes: which segments are growing and why
- Any reliance on a small set of accounts
Margins And Profit Drivers
- What improves margins: pricing, scale, cost control, mix
- What can weaken margins: input inflation, competition, and higher overheads
- Whether margin movements are easy to explain
Cash Flow Versus Profit
- Whether operating cash flow broadly supports reported profitability
- Whether receivables and inventory expand faster than sales
- Whether cash is tied up in working capital as the company grows
Working Capital Discipline
- Collection behaviour and credit terms
- Inventory build-up and obsolescence risk
- Payables strategy and supplier dependence
Balance Sheet Strength
- Debt comfort and repayment visibility
- Contingent liabilities and commitments
- Capital expenditure needs versus internal funding ability
Accounting And One-Offs
- Non-recurring income/expenses that flatter results
- Related-party transactions and their commercial logic
- Changes in accounting policies that affect comparability

A simple financial-quality check:

If profits rise but cash does not, treat it as a deeper-dive signal rather than a quick “pass”.

Interpreting IPO Subscription Status

IPO subscription status shows demand during the bidding window, but it is not a quality certificate.

Use it as a sentiment and participation signal and pair it with your business and financial view.

How to read IPO subscription status sensibly:

What It Reflects
- Demand across investor buckets (retail, non-institutional, institutional)
- Whether the issue is attracting broad interest or narrow interest
- How demand evolves during the window (steady versus last-minute spikes)
What It Does Not Prove
- It does not confirm a fair valuation
- It does not confirm post-listing performance
- It does not replace offer-document analysis

Practical ways to use subscription data:

If the subscription is very strong, expect a lower allotment probability and stay disciplined on expectations.
If the subscription is moderate, focus more on valuation comfort and business strength than on popularity.
If demand is uneven across categories, re-check what is driving interest and whether it matches fundamentals.

Common traps around IPO subscription status:

Applying only because the subscription looks high
Oversizing applications to “compensate” for low allotment probability
Ignoring valuation and governance because sentiment looks supportive

Conclusion

Upcoming IPO 2026 analysis becomes simpler when you stick to three checks: business model strength, financial quality, and what IPO subscription status signals about demand. Read the offer documents for repeatability of revenue, defensibility of margins, and cash conversion, then use subscription updates only as a supporting indicator.

If any one area raises a serious concern, unclear business drivers, weak cash discipline, or valuation discomfort, it is often safer to skip and wait for clearer price discovery after listing.

Here’s why NSE IPO was delayed for years and approved today

Aman Shukla — Fri, 30 Jan 2026 12:33:24 +0000

The long-awaited initial public offering of the National Stock Exchange of India has finally crossed a crucial regulatory milestone, ending years of uncertainty around one of India’s most anticipated listings. According to CNBC-TV18, the Securities and Exchange Board of India has issued a no-objection certificate (NOC) for the NSE IPO, clearing the final regulatory hurdle that had stalled the process since 2016.

SEBI Chairman Tuhin Kanta Pandey has indicated that the NOC was granted by the end of the month, effectively bringing regulatory closure to a process that remained frozen for almost ten years. With this approval in place, NSE can now move forward with formal listing procedures, including the filing of its draft red herring prospectus (DRHP), bringing the exchange significantly closer to a public listing.

Why the NSE IPO Was Delayed for Years

NSE had originally filed its IPO papers in December 2016, but the proposed listing soon ran into intense regulatory scrutiny. The primary trigger for the delay was the co-location controversy, where allegations surfaced that certain algorithmic traders received preferential access to NSE’s trading systems. These concerns raised serious questions around market fairness, transparency, and equal access for all participants.

Beyond the co-location issue, SEBI also flagged multiple governance lapses within the exchange. Concerns were raised about the trading access point (TAP) architecture, network design, and internal controls, all of which are critical to the integrity of market infrastructure. Over the years, these issues resulted in repeated setbacks, with NSE’s attempts to secure regulatory clearance failing in 2019, 2020, and again as recently as August 2024.

As part of the regulatory clean-up, NSE undertook several corrective measures, including governance reforms and the settlement of key disputes. One of the most significant steps was the payment of penalties amounting to ₹643 crore related to the co-location and connectivity violations. These actions played a central role in addressing SEBI’s long-standing concerns.

SEBI gives NOC for NSE IPO, clears key regulatory hurdle

News Desk — Fri, 30 Jan 2026 12:18:22 +0000

According to CNBC-TV18, the Securities and Exchange Board of India has issued a no-objection certificate (NOC) for the National Stock Exchange IPO, clearing a critical regulatory hurdle for the exchange’s long-pending public listing.

SEBI Chairman Tuhin Kanta Pandey has indicated that the NOC has been granted by month-end, effectively bringing regulatory closure to a process that has remained stalled for nearly a decade. The development allows NSE to move ahead with the next stages of its IPO journey, including initiating formal listing procedures and filing its draft red herring prospectus (DRHP).

NSE had first filed its IPO papers in December 2016, but the listing was delayed due to a series of governance and compliance-related issues. These included the co-location controversy, allegations of preferential access to certain traders, concerns around trading access point architecture, and broader governance lapses flagged by the regulator. The exchange has since addressed several of these issues and settled key disputes, including payment of penalties linked to earlier violations.

The regulatory clearance is being viewed as a major milestone, as it removes the final uncertainty around SEBI’s stance on the IPO. With the NOC now in place, the responsibility shifts to NSE to take the listing process forward, bringing one of India’s most anticipated public offerings closer to fruition.

The NSE IPO, once launched, is expected to be among the most significant listings in India’s capital markets, given the exchange’s central role in equity and derivatives trading and its dominance in the domestic market infrastructure.

Amagi Media Labs shares debut at a 12% discount to issue price

Aditya Bhagchandani — Wed, 21 Jan 2026 04:43:08 +0000

Shares of Amagi Media Labs made a muted debut on Dalal Street on Wednesday, January 21, listing at ₹317 per share, which is a 12% discount to the IPO issue price of ₹361.

The company’s ₹1,780 crore initial public offering (IPO) had seen strong demand during the subscription period, getting subscribed 30 times overall. The issue was led by non-institutional investors (NIIs), whose portion was subscribed 37 times, while the qualified institutional buyers (QIBs) category saw a 34x subscription. The retail investors’ portion was subscribed nine times.

Amagi’s IPO consisted of a fresh issue worth ₹816 crore, with the remaining portion coming through an Offer For Sale (OFS) by existing shareholders. The company has stated that proceeds from the fresh issue will be used primarily for inorganic growth opportunities through unidentified acquisitions, along with general corporate purposes.

Founded in 2008, Amagi Media Labs is a global Software-as-a-Service (SaaS) company that provides cloud-based solutions to television networks, content creators, and streaming platforms, helping them distribute, monetize, and optimize video content across markets.

On the financial front, Amagi turned profitable only in the first half of FY26. Its losses had already narrowed significantly in FY25 to ₹69 crore, compared with a loss of ₹245 crore in FY24, reflecting improving operating leverage ahead of its public market debut.

Shadowfax Technologies IPO Opens January 20

Riddhima Jain — Mon, 19 Jan 2026 05:11:05 +0000

Shadowfax Technologies Limited shall open the Bid/Offer in relation to its initial public offer of Equity Shares on Tuesday, January 20, 2026. The Bid/Offer will close on Thursday, January 22, 2026. The Anchor Investor Bid/Offer Period shall be on Monday, January 19, 2026.

The Price Band of the Offer has been fixed at ₹118 to ₹124 per Equity Share of face value ₹10 each. The floor price represents 11.8 times the face value of the Equity Shares, while the cap price represents 12.4 times the face value of the Equity Shares.

Bids can be made for a minimum of 120 Equity Shares and in multiples of 120 Equity Shares thereafter.

The initial public offer of Equity Shares of face value ₹10 per share aggregates up to ₹19,072.69 million (₹1,907.27 crore). The Total Offer Size comprises a fresh issue of equity shares aggregating up to ₹10,000 million (₹1,000 crore) and an offer for sale of equity shares aggregating up to ₹9,072.69 million (₹907.27 crore).

The Equity Shares offered through the Red Herring Prospectus are proposed to be listed on the Stock Exchanges being BSE Limited and National Stock Exchange of India Limited. For the purposes of the Offer, NSE is the Designated Stock Exchange.

ICICI Securities Limited, Morgan Stanley India Company Private Limited and JM Financial Limited are the book running lead managers to the Offer.

The Offer is being made in terms of Rule 19(2)(b) of the Securities Contracts (Regulation) Rules, 1957 read with Regulation 31 of the SEBI ICDR Regulations and through the Book Building Process in compliance with Regulation 6(2) of the SEBI ICDR Regulations. Not less than 75% of the Net Offer shall be available for allocation on a proportionate basis to Qualified Institutional Buyers, subject to allocation to Anchor Investors in accordance with applicable regulations. The Offer will be made through the ASBA process, except for Anchor Investors, as detailed in the Red Herring Prospectus.

Bharat Coking Coal IPO listing postponed to January 19 – Know the reason

Aditya Bhagchandani — Wed, 14 Jan 2026 08:41:58 +0000

The listing of Bharat Coking Coal Limited (BCCL) has been postponed to January 19 on account of the Brihanmumbai Municipal Corporation (BMC) elections, according to market sources. The stock was earlier scheduled to debut earlier, but the revised listing timeline has shifted investor attention squarely to the allotment outcome.

Following the closure of the Bharat Coking Coal IPO on Tuesday with overwhelming demand, investor focus has now moved to the allotment status, which is scheduled for today, January 14. Applicants can check their BCCL IPO allotment status on the BSE, NSE, or via Kfin Technologies, the registrar to the issue.

Subscription details highlight strong demand

The ₹1,071-crore IPO witnessed exceptional interest across categories. At the end of the final day of bidding, the QIB portion was subscribed 310.81 times, while the NII segment saw 258.02 times subscription. The retail investors’ quota closed at 49.25 times, underscoring broad-based participation.

Employee and shareholder categories were also well subscribed at 5.17 times and 87.20 times, respectively. Overall, the issue was subscribed 146.80 times, generating demand of nearly ₹1.17 lakh crore.

The IPO was entirely an offer for sale by Coal India, meaning the proceeds will accrue to the Maharatna PSU and not to BCCL itself. As stated in the prospectus, the listing is aimed at enabling the company to realise the benefits of being publicly traded. The price band was fixed at ₹21–23 per share, with a lot size of 600 shares.

Grey market premium signals strong listing expectations

The BCCL IPO GMP has risen sharply to around ₹13.85, indicating strong unofficial market interest. At this level, shares are implied to list near ₹36.85, translating into a premium of nearly 60% over the upper issue price.

Asset base and operational scale

As of September 30, 2025, BCCL reported a sizeable mining fleet of 507 vehicles. This includes 1 dragline, 65 shovels, 278 dumpers, 89 dozers and 74 drills for opencast operations. In underground mining, the company owns 38 side discharge loaders, one longwall package, two road headers and three miner bolters, highlighting its diversified operational capability.

Investor allocation and risk factors

The IPO allocation was structured with 50% reserved for QIBs, 15% for NIIs, and 35% for retail investors.

However, the prospectus also flags certain risks. A high ash content results in 74% of coking coal offtake being diverted to power generation in FY25, limiting access to premium steel pricing. The company also relies heavily on contractors, with 84% of extraction outsourced, exposing operations to litigation risks and cost overruns. Revenue concentration remains elevated, with the top 10 customers contributing 84–89% of sales, largely PSU-driven. Additionally, EBITDA margins have been volatile, ranging between 3.9% and 14.7%, with compression seen in 1HFY26. ESG and regulatory tightening linked to net-zero commitments may also necessitate higher capex going forward.

With allotment status expected today and the listing now pushed to January 19, investor attention will remain on final allotment numbers and debut-day cues.

Disclaimer: The information provided is for informational purposes only and should not be considered financial or investment advice. Stock market investments are subject to market risks. Always conduct your own research or consult a financial advisor before making investment decisions. Author or Business Upturn is not liable for any losses arising from the use of this information.

Bharat Coking Coal mine collapse in Asansol raises alarm hours before IPO closing

Aditya Bhagchandani — Tue, 13 Jan 2026 09:28:02 +0000

A coal mine collapse at a BCCL open-cast site in Asansol, West Bengal, has triggered fresh concerns just hours before the Bharat Coking Coal Limited (BCCL) IPO is set to close.

According to initial reports, the collapse occurred while coal was allegedly being illegally extracted from an open-cast mine in the Bordila area under Kulti police station limits. Fears remain that several people may be trapped under the debris, though the exact number has not yet been officially confirmed. The incident has led to heightened tension in the locality as news spread rapidly, drawing large crowds to the site.

Officials from Bharat Coking Coal Limited and personnel from Kulti police station rushed to the spot soon after receiving information. Rescue operations are currently underway, with BCCL deploying JCB machines to clear debris and search for anyone trapped. Police authorities have confirmed that an accident has occurred at the open-cast mine and said efforts are ongoing to manage the situation and maintain law and order in the area.

The timing of the incident has drawn market attention as it comes just ahead of the closing of the BCCL IPO, which has witnessed strong investor interest and heavy bidding across categories. The IPO is a book-built issue worth Rs 1,071.11 crore and is entirely an offer for sale of 46.57 crore shares, with no fresh issue component.

While there is no official indication of any immediate financial impact, the development is being closely watched given its proximity to the IPO close and the heightened focus on operational and safety-related matters surrounding the company.

This is a developing story and further updates are awaited as rescue operations continue.

Upcoming IPOs next week: Amagi Media Labs, Avana Electrosystems, INDO SMC and others to open; 5 listings lined up

Aditya Bhagchandani — Fri, 09 Jan 2026 07:10:02 +0000

At least six initial public offerings (IPOs) are scheduled to open for subscription next week, including a mainboard issue from Amagi Media Labs and multiple SME IPOs across BSE SME and NSE SME platforms, as per market schedules.

In addition, five companies are slated to make their stock market debut next week, adding to the action in the primary market.

IPOs opening next week

Amagi Media Labs IPO

Price band: Rs 343 to Rs 361 per share
Issue size: Rs 1,788.62 crore
- Fresh issue: Rs 816 crore
- Offer for sale (OFS): Rs 972.62 crore
Subscription period: January 13 to January 16

The IPO is a combination of fresh equity and an OFS, with existing shareholders including Trudy Holdings, Norwest Venture Partners X (Mauritius), Accel India VI (Mauritius), PI Opportunities Funds, and individual shareholders divesting part of their stake. Proceeds from the fresh issue will be used to strengthen technology and cloud infrastructure, fund inorganic growth, and meet general corporate expenses.

Amagi Media Labs is a cloud-native SaaS company that enables media firms to deliver and monetise video content across connected TVs, smartphones, and digital platforms. The company works with over 45% of the top 50 listed media and entertainment companies in India by revenue.

Avana Electrosystems IPO

Issue size: Rs 35.22 crore (fresh issue + OFS)
Price band: Rs 56 to Rs 59 per share
Subscription period: January 12 to January 14
Listing: January 19 on NSE SME
Retail lot size: 4,000 shares

Narmadesh Brass Industries IPO

Issue size: Rs 44.87 crore (fresh issue + OFS)
Price: Rs 515 per share
Subscription period: January 12 to January 15
Listing: January 20 on NSE SME
Retail lot size: 480 shares

INDO SMC IPO

Issue size: Rs 91.95 crore (fresh issue)
Price band: Rs 141 to Rs 149 per share
Subscription period: January 13 to January 15
Listing: January 20 on BSE SME
Retail lot size: 2,000 shares

GRE Renew Enertech IPO

Issue size: Rs 39.56 crore (fresh issue)
Price band: Rs 100 to Rs 105 per share
Subscription period: January 13 to January 16
Listing: January 21 on BSE SME
Retail lot size: 2,400 shares

Armour Security India IPO

Issue size: Rs 26.51 crore (fresh issue)
Price band: Rs 55 to Rs 57 per share
Subscription period: January 14 to January 19
Listing: January 22 on NSE SME
Retail lot size: 4,000 shares

IPO listings scheduled next week

The following companies are expected to list on stock exchanges next week:

Bharat Coking Coal
Gabion Technologies
Yajur Fibres
Victory Electric Vehicles
Defrail Technologies

With a mix of mainboard and SME offerings, the primary market is set for an active week ahead, featuring companies from media technology, manufacturing, renewable energy, and services sectors.

Bharat Coking Coal IPO fully subscribed within minutes of opening; Check price band, lot size and key dates

Aditya Bhagchandani — Fri, 09 Jan 2026 06:57:50 +0000

The initial public offering of Bharat Coking Coal (BCCL) was fully subscribed within minutes of opening for bidding on Friday, January 9, reflecting strong investor interest in the state-run coking coal producer. The issue, which opened today, will remain available for subscription until Tuesday, January 13.

Bharat Coking Coal, a wholly owned subsidiary of Coal India, has fixed the IPO price band at Rs 21 to Rs 23 per share. The public issue is entirely an offer for sale (OFS) of 46.57 crore equity shares, aggregating to Rs 1,071.11 crore at the upper end of the price band. There is no fresh issue component, which means the company will not receive any proceeds from the IPO. The entire proceeds will go to the promoter, Coal India, which is offloading part of its stake through the offer.

As per consolidated data available on the NSE till 10:29 am on Day 1, the issue was subscribed 1.04 times, with bids received for 35.94 crore shares against 34.69 crore shares on offer. The non-institutional investors (NII) segment saw strong demand and was subscribed 1.88 times, while the retail investors’ portion was booked 1.37 times. The quota reserved for qualified institutional buyers (QIBs) was also witnessing steady participation early in the session.

The IPO lot size has been fixed at 600 shares, and investors can apply in multiples thereafter. Of the net offer, 50% has been reserved for QIBs, 35% for retail investors, and 15% for NIIs, in line with regulatory norms.

Bharat Coking Coal is India’s largest producer of coking coal, a key raw material used in steelmaking. The rapid subscription on the opening day highlights investor appetite for PSU listings, particularly those linked to the core commodities and infrastructure ecosystem.

Hindustan Laboratories Files DRHP With SEBI for Proposed IPO

Riddhima Jain — Tue, 06 Jan 2026 07:57:42 +0000

Hindustan Laboratories Limited has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for its proposed initial public offering.

The IPO comprises a total issue size of up to 14,100,000 equity shares of face value ₹10 each, including a fresh issue of up to 5,000,000 equity shares and an offer for sale of up to 9,100,000 equity shares by existing shareholders. Rajesh Vasantray Doshi, Kunjal C. Dedhia and Krishiv Rajesh Doshi are the promoters of the company.

According to the DRHP, the company proposes to utilise the net proceeds from the fresh issue towards funding working capital requirements and general corporate purposes.

Hindustan Laboratories is primarily engaged in the large-scale manufacturing and supply of generic medicines to government institutions under a business-to-government (B2G) framework. The company supplies medicines under procurement contracts awarded by central government agencies under the Ministry of Health and Family Welfare as well as various state government agencies and bodies.

The company’s products are supplied either under brand names or generic names based on customer requirements. All products, except those manufactured for third parties, carry the company’s logo. During the six months ended September 30, 2025, and in FY25, the company supplied products across 27 states and Union Territories.

The equity shares are proposed to be listed on BSE Limited and the National Stock Exchange of India Limited. Choice Capital Advisors Private Limited is the book running lead manager to the issue.

Neolite ZKW Lightings Files DRHP With SEBI for ₹600-Crore IPO

Riddhima Jain — Mon, 05 Jan 2026 08:08:44 +0000

Neolite ZKW Lightings Limited has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for an initial public offering.

According to the DRHP, the proposed IPO comprises a combination of a fresh issue of equity shares and an offer for sale by existing shareholders, aggregating to a total issue size of ₹600 crore. The equity shares offered have a face value as disclosed in the draft prospectus.

The company proposes to utilise the net proceeds from the fresh issue towards capital expenditure for setting up a new manufacturing facility in Tamil Nadu, repayment or prepayment of certain borrowings, and general corporate purposes.

The equity shares are proposed to be listed on the BSE Limited and the National Stock Exchange of India Limited. The DRHP has been filed subject to regulatory approvals and market conditions.

Neolite ZKW Lightings operates in the automotive lighting segment, supplying lighting systems and solutions to original equipment manufacturers.

WOG Technologies Files DRHP With SEBI for ₹375-Crore IPO

Riddhima Jain — Wed, 31 Dec 2025 09:01:46 +0000

WOG Technologies Limited has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India for a proposed initial public offering.

The IPO will comprise a fresh issue of equity shares worth up to ₹375 crore and an offer for sale of up to 4,328,000 equity shares by selling shareholders. The equity shares have a face value of ₹10 each and are proposed to be listed on BSE Limited and the National Stock Exchange of India Limited.

According to the DRHP, the company intends to use the net proceeds from the fresh issue towards funding working capital requirements estimated at ₹220 crore, acquisition of an additional 50% shareholding in Bell Cooling Towers Private Limited for approximately ₹45 crore, and the balance for general corporate purposes.

WOG Technologies operates as an integrated environmental engineering and technology company offering solutions in water treatment, oil separation, wastewater recycling and supplementary biogas generation for industrial and municipal clients, as per a CRISIL report cited in the filing.

Symbiotec Pharmalab Files DRHP With SEBI for ₹2,180 Crore IPO

Riddhima Jain — Fri, 26 Dec 2025 07:57:37 +0000

Symbiotec Pharmalab Limited has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India to raise up to ₹2,180 crore through an initial public offering.

The proposed IPO comprises a fresh issue of equity shares worth ₹150 crore and an offer for sale of up to ₹2,030 crore by selling shareholders. The equity shares, with a face value of ₹2 each, are proposed to be listed on the BSE and the NSE.

According to the DRHP, the company intends to utilise the net proceeds from the fresh issue towards prepayment or repayment of certain outstanding borrowings and for general corporate purposes.

Symbiotec Pharmalab is a research and development–driven pharmaceutical and biotechnology company with capabilities across organic chemistry, biotechnology and complex injectables. As per the F&S Report cited in the DRHP, the company held a global volume market share of 36.2% in corticosteroid APIs and 44.2% in steroidal-hormone APIs in FY25, and is the only company globally to have a presence across the top 10 corticosteroid and steroidal-hormone APIs.

JM Financial Limited, Avendus Capital Private Limited, Motilal Oswal Investment Advisors Limited and Nomura Financial Advisory and Securities (India) Private Limited are the book-running lead managers to the issue.

Tonbo Imaging Files DRHP With SEBI for IPO Through Offer for Sale

Riddhima Jain — Fri, 26 Dec 2025 07:32:19 +0000

Tonbo Imaging India Limited, a global defence electronics OEM, has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India for an initial public offering (IPO).

The IPO will consist entirely of an Offer for Sale (OFS) of up to 18,085,246 equity shares of face value ₹2 each. The OFS includes 1,960,000 shares by promoter selling shareholders, 339,700 shares by promoter group selling shareholders, and 15,635,046 shares by investor selling shareholders.

Founded in 2003, Tonbo Imaging transitioned into a defence-focused product manufacturing company in 2012 following a promoter buyout. The company is promoted by Arvind Lakshmikumar, Ankit Kumar and Cecilia D’Souza. Marquee investors include Qualcomm Ventures, Artiman, Edelweiss Value, Celesta Capital II LP, HBL Engineering, Tenacity Ventures, India Exim Bank and Florintree.

As per its DRHP, the company was the fastest-growing defence technology player in India in terms of revenue, EBITDA and PAT margin growth (CAGR FY23–FY25) among listed peers and accounted for 93% of India’s thermal imaging exports in FY25.

Park Medi World IPO opens: Company targets debt-free status and plans 1,650-bed expansion by FY28

Aditya Bhagchandani — Wed, 10 Dec 2025 04:45:24 +0000

Haryana-based Park Medi World, which operates the Park Hospitals network across North India, opened its ₹920-crore initial public offering (IPO) for subscription today. The healthcare chain is looking to strengthen its balance sheet and accelerate capacity expansion over the next three years.

The IPO is priced in the range of ₹154–₹160 per share, consisting of a ₹770-crore fresh issue and a ₹150-crore offer for sale. A major portion of the proceeds will be used to pare debt, enabling the company to transition into a debt-free position.

Sanjay Sharma, Group CEO and Whole-Time Director, stated that the company plans to repay ₹380 crore of its outstanding borrowings through the fresh issue. With total debt at about ₹425 crore, Park Medi World is expected to become a net cash company post-listing, saving approximately ₹15 crore per year in interest expenses, which will directly support profitability.

The company has also allocated ₹88 crore for medical equipment capex and ₹302 crore for general corporate purposes, ensuring adequate liquidity for upcoming growth plans.

Park Medi World currently operates 14 hospitals with 3,250 beds across four northern states. It now plans to add 1,650 beds by FY28, expanding its total capacity to 4,900 beds. The additions will be rolled out in phases — 300 beds in FY26, 750 beds in FY27, and 600 beds in FY28.

Aequs shares list at 13% premium after blockbuster 104x subscription

Aditya Bhagchandani — Wed, 10 Dec 2025 04:33:13 +0000

Shares of airplane-parts maker Aequs Ltd. made a positive market debut on Wednesday, December 10, listing at ₹140 on both NSE and BSE, a 13% premium to its issue price. The performance was broadly in line with grey-market indications, which had signaled double-digit listing gains ahead of the debut.

The upbeat listing comes on the back of strong investor demand for the company’s ₹922-crore IPO, which was subscribed 104 times during the December 3–5 bidding window. Aequs operates across consumer durables, plastics and aerospace components, and is positioned as one of India’s only fully integrated aerospace precision-manufacturing platforms housed within a single SEZ.

Market expert Prashanth Tapse of Mehta Equities had projected a listing in the ₹154–₹160 range, citing robust subscription interest and investor appetite for the company’s aerospace capabilities. He expects long-term holders to benefit from Aequs’ competitive positioning, global client relationships and alignment with India’s expanding aerospace-manufacturing ecosystem.

Aequs had set a price band of ₹118–₹124 per share, with the grey market premium hovering around 20% before listing. The IPO included a fresh issue of 5.40 crore shares worth ₹670 crore and an offer for sale of 2.03 crore shares valued at ₹251.81 crore. Promoter entities Melligeri Private Family Foundation and Aequs Manufacturing Investments were among the key sellers.

The company also raised ₹413.9 crore from anchor investors, attracting 33 major domestic and global institutions including SBI MF, HDFC MF, ICICI MF, Axis MF, Motilal Oswal MF, BlackRock Global Funds, Steadview Capital and Citigroup.

Proceeds from the fresh issue will be deployed toward debt repayment at subsidiaries AeroStructures Manufacturing India and Aequs Consumer Products, along with machinery purchases, acquisitions, strategic initiatives and general corporate purposes.

Aequs’ investor base includes Amicus Capital, Amansa Investments, Steadview Capital Mauritius, Catamaran Ekam and Sparta Group, which together held 25.54% of pre-IPO equity. The company is led by Founder Aravind Shivaputrappa Melligeri, who serves as executive chairman and CEO.

Financially, Aequs reported a significant improvement for the six months ended September 2025, with losses narrowing to ₹17 crore from ₹71.7 crore a year earlier and revenue rising 17% to ₹537.2 crore. However, for FY25, losses widened to ₹102.3 crore, compared to ₹10.8 crore in the previous year, while revenue dipped to ₹924.6 crore from ₹965 crore.

JM Financial, IIFL Capital and Kotak Mahindra Capital acted as the book-running lead managers for the issue.

Vidya Wires shares make quiet debut; list at par with IPO price despite strong subscription

Aditya Bhagchandani — Tue, 09 Dec 2025 15:15:25 +0000

Shares of Vidya Wires made a muted market debut on Wednesday, listing at par with their issue price despite the company’s ₹300-crore IPO drawing robust investor interest and closing 26.59 times subscribed on the final day.

The stock opened at ₹52 per share on the NSE, matching its IPO price. On the BSE, it saw a marginally stronger start at ₹52.13 per share. While the listing was flat, sentiment ahead of the debut had been upbeat, with the grey market indicating a premium of nearly 7%.

The public offer, which ran from December 3 to 5 in a price band of ₹48–52, was fully subscribed within hours of opening and ended the first day with 2.89 times subscription. Prior to the issue opening, the company mobilised ₹90 crore from anchor investors, including Bandhan MF, LIC MF, Bank of India MF, Maybank Securities, Alchemy Emerging Leaders of Tomorrow Series 2 and the MAIQ Growth Scheme.

The IPO comprised a fresh issue of ₹274 crore and an offer for sale of 50.01 lakh shares worth ₹26 crore. The company plans to deploy the proceeds towards capex at subsidiary ALCU, debt repayment and general corporate purposes.

Vidya Wires is among India’s largest manufacturers of winding and conductivity products used across power generation and transmission, electrical systems, motors, clean energy, electric mobility and railways. Its portfolio includes enameled wires, paper-insulated copper conductors, copper strips, busbars, specialised winding wires, PV ribbon and aluminium paper-covered strips.

Park Medi World announces ₹920 crore IPO opening on December 10

Riddhima Jain — Mon, 08 Dec 2025 05:24:14 +0000

Park Medi World Limited will open its Initial Public Offering (IPO) on December 10, 2025, to raise up to ₹920 crore. The offer comprises a fresh issue of ₹770 crore and an Offer for Sale (OFS) of ₹150 crore by promoter Dr. Ajit Gupta. The Anchor Investor bidding will open on December 9.

The price band has been fixed at ₹154–₹162 per equity share, and investors can bid for a minimum of 92 shares and in multiples thereafter. The company plans to use the fresh issue proceeds for debt repayment, capital expenditure for a new hospital under Park Medicity (NCR), purchase of medical equipment for subsidiaries Blue Heavens and Ratangiri, and for inorganic acquisitions and general corporate purposes.

Nuvama, CLSA India, DAM Capital and Intensive Fiscal are the book-running lead managers. The shares are proposed to list on BSE and NSE.

NephroPlus to Launch IPO on December 10; Price Band Set at ₹438–₹460

Riddhima Jain — Thu, 04 Dec 2025 12:20:24 +0000

Asia’s largest dialysis services provider, NephroPlus, is set to launch its Initial Public Offering (IPO) on Wednesday, December 10, 2025, with the issue closing on Friday, December 12, 2025. The Hyderabad-based company, which is also the world’s fifth-largest dialysis service provider by number of treatments performed in Fiscal 2025, has fixed the price band at ₹438–₹460 per equity share. Eligible employees will receive a discount of ₹41 per share.

The IPO consists of a fresh issue of equity shares aggregating up to ₹353.4 crore and an offer for sale (OFS) of up to 1,12,53,102 equity shares by existing shareholders.

NephroPlus plans to use ₹129.1 crore from the fresh issue proceeds for capital expenditure to open new dialysis clinics across India. An additional ₹136 crore will go toward pre-payment or scheduled repayment of certain borrowings.

Founded in 2009, NephroPlus is India’s largest organised dialysis network, operating clinics across 288 cities in 21 states and 4 Union Territories. The company has a global footprint of 519 clinics, including 51 centres in the Philippines, Uzbekistan and Nepal. Its 165-bedded dialysis clinic in Tashkent, Uzbekistan, is currently the largest standalone dialysis clinic in the world.

NephroPlus offers a full suite of haemodialysis services, including home haemodialysis, hemodiafiltration, holiday dialysis, dialysis on call, and dialysis on wheels, enabling patients to choose flexible and specialised treatment options.

India’s dialysis services market, valued at USD 818 million in Fiscal 2024, is projected to grow to USD 1,979 million by 2029, driven by rising burden of chronic kidney disease and expanding demand for quality dialysis care.

Imagine Marketing (boAt) Files Updated DRHP With SEBI for ₹1,500-Crore IPO

Riddhima Jain — Tue, 02 Dec 2025 07:27:25 +0000

Imagine Marketing Limited, the parent company of consumer-tech brand boAt, has filed its Updated Draft Red Herring Prospectus (UDRHP I) with the Securities and Exchange Board of India (SEBI) for its proposed ₹1,500-crore Initial Public Offering (IPO).

The IPO consists of a ₹500-crore fresh issue and an offer for sale (OFS) of ₹1,000 crore by existing shareholders. The OFS includes equity sales of ₹75 crore by Sameer Mehta, ₹225 crore by Aman Gupta, ₹500 crore by South Lake Investment Limited, ₹150 crore by Fireside Ventures Investment Fund-I, and ₹50 crore by Qualcomm Ventures LLC.

According to the Redseer Report, boAt was the largest branded personal audio company in India in FY2025, with a 26% market share by value and 34% by volume. It also ranked as India’s third-largest digital-first brand by revenue and fourth globally in the branded personal audio category by volume in FY2025.

The company plans to utilise the fresh issue proceeds to fund ₹225 crore towards working capital, ₹150 crore towards brand and marketing, and the remainder for general corporate purposes.

Launched in 2015, boAt has built a strong presence across audio, wearables, and charging products, offering more than 250 models as of June 30, 2025. In FY2025, boAt sold over 34 million units in India and reported ₹3,070.38 crore in revenue from operations, led primarily by the audio segment which contributed 84.23% of total sales. The company reported a profit of ₹61.08 crore for FY2025 and an EBITDA of ₹142.52 crore with a 4.64% margin, marking a significant turnaround from the previous year.

The brand’s omnichannel distribution strategy includes leading e-commerce marketplaces, its D2C website, and a fast-growing offline network of 12,000+ retail outlets, 112 distributors, and presence across 25 states and 5 union territories. Online channels contributed 70.55% of revenue in FY2025, while offline channels accounted for 29.45%.

boAt continues to strengthen domestic manufacturing, with 75.83% of its units produced in India in Q1 FY2026, up from 39.65% in FY2023. The company also exports to the Middle East, Nepal, and other South Asian markets and operates over 115 third-party service centres across India.

The IPO is being managed by ICICI Securities, Goldman Sachs (India), JM Financial, and Nomura Financial Advisory and Securities (India).

The UDRHP is available on SEBI’s website:
https://www.sebi.gov.in/filings/public-issues/oct-2025/imagine-marketing-limited-udrhp_97510.html

SAEL Industries Files DRHP with SEBI to Raise ₹4,575 Crore via IPO

Riddhima Jain — Tue, 02 Dec 2025 06:57:58 +0000

SAEL Industries Limited has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to raise ₹4,575 crore through an Initial Public Offering. According to the CRISIL Report, the Company is counted among the top five renewable energy independent power producers (IPPs) in India with vertically integrated operations and in-house solar module manufacturing, based on operational capacity as of June 30, 2025.

The IPO comprises a Fresh Issue of ₹3,750 crore and an Offer for Sale (OFS) of ₹825 crore by selling shareholders. The equity shares of face value ₹5 are proposed to be listed on BSE and NSE.

The issue is being managed by ICICI Securities, Kotak Mahindra Capital, JM Financial, and Ambit Private Limited as the Book Running Lead Managers (BRLMs).

SAEL Industries is also recognised as a pioneer and India’s largest AgWTE (Agricultural Waste-to-Energy) operator, with a diversified presence across the renewable value chain. The Company develops, builds, owns, and operates utility-scale solar and AgWTE plants that supply power to central government entities, state DISCOMs, and private consumers.

The DRHP, filed with SEBI and stock exchanges, includes detailed risk factors. Potential investors have been advised to refer to the Red Herring Prospectus (RHP), once filed, before making investment decisions.

Aequs Limited to Open IPO on December 3; Price Band Fixed at ₹118–₹124

Riddhima Jain — Tue, 02 Dec 2025 06:39:47 +0000

Aequs Limited has confirmed that its Initial Public Offer (IPO) will open for subscription on Wednesday, December 03, 2025, with the issue closing on Friday, December 05, 2025. The Anchor Investor bidding window will be held on December 02, 2025.

The Company has established a price band of ₹118 to ₹124 per equity share of face value ₹10. This reflects a floor price 11.80 times and a cap price 12.40 times the face value. Bids will begin at a minimum lot of 120 shares, extendable in multiples thereof.

The IPO consists of a fresh issue totalling ₹6,700 million (₹670 crore) and an Offer for Sale (OFS) of up to 2,03,07,393 equity shares. The shares are proposed to list on BSE and NSE, with NSE as the designated stock exchange.

The offer will be managed by JM Financial, IIFL Capital Services, and Kotak Mahindra Capital as the Book Running Lead Managers (BRLMs).

Under the Book Building Process, at least 75% of the net offer is reserved for QIBs, with up to 60% of this portion eligible for discretionary allocation to Anchor Investors. One-third of the Anchor portion is specifically reserved for domestic mutual funds.

If the Anchor portion is not fully subscribed, the remaining shares flow back into the Net QIB Portion. Of this Net QIB Portion, 5% is earmarked for mutual funds only, with the remainder available to all QIBs. If the full 75% QIB allocation cannot be met, all investor funds must be refunded.

A maximum of 15% of the net offer will be allotted to Non-Institutional Investors, distributed across two application-size categories. Retail Individual Investors will receive not more than 10% of the net offer. Eligible employees will also receive reserved allocations.

All non-anchor applicants must use the ASBA payment mechanism, including UPI-based applications where applicable.

Aequs Limited is the only company within a single SEZ in India to offer fully vertically integrated aerospace precision manufacturing. Its client roster includes Airbus, Boeing, Collins Aerospace, Honeywell, Safran, and consumer brands such as Hasbro, Spinmaster, Wonderchef, and Tramontina.

Vidya Wires IPO to Open on December 3; Price Band at ₹48–₹52

Riddhima Jain — Tue, 02 Dec 2025 05:35:25 +0000

Vidya Wires Limited has announced that its Initial Public Offer (IPO) will open for subscription on December 03, 2025 and close on December 05, 2025. The Anchor Investor bidding will take place a day earlier, on December 02, 2025.

The company has fixed the price band at ₹48 to ₹52 per equity share, with bids required for a minimum of 288 shares and in multiples thereafter. The floor price is 48 times and the cap price is 52 times the face value of each equity share.

The IPO comprises a fresh issue of up to ₹2,740 million (₹274 crore) and an offer for sale of up to 5,001,000 equity shares. Proceeds from the fresh issue will be used for:
• ₹1,400 million to fund capital expenditure for a new project under its subsidiary ALCU,
• ₹1,000 million for repayment or prepayment of borrowings,
• and general corporate purposes.

The equity shares will be listed on both BSE and NSE, with BSE as the designated stock exchange. Pantomath Capital Advisors Pvt. Ltd. and IDBI Capital Markets & Securities Ltd. are the book-running lead managers to the offer.

The IPO will be conducted through the Book Building Process in line with SEBI ICDR Regulations. Up to 50% of the offer is reserved for Qualified Institutional Buyers (QIBs), with a provision to allocate up to 60% of the QIB portion to Anchor Investors.
At least 15% of the offer is earmarked for Non-Institutional Investors, and 35% for Retail Individual Investors. All bidders except Anchor Investors must apply through the ASBA process.

Vidya Wires is the fourth-largest player in its sector, holding a 5.7% market share by installed capacity in FY25, according to CareEdge. The company manufactures a wide range of winding and conductivity products used across energy generation, transmission, clean energy, electric mobility, and industrial systems. It caters to 318+ customers, including 19 international clients across 18 countries, with long-standing relationships with companies such as Adani Wilmar, Schneider Electric Infrastructure, Suzlon Energy, Hammond Power Solutions, among others.

Capillary Technologies IPO makes a weak debut: Lists at ₹571.90, down 0.88%

Aditya Bhagchandani — Fri, 21 Nov 2025 04:24:22 +0000

Capillary Technologies made a discouraging stock market debut on Friday, listing at ₹571.90, a 0.88% discount to its issue price. On the BSE, the stock opened even lower at ₹560, reflecting broader weakness after yesterday’s US market sell-off, which weighed heavily on sentiment for this SaaS company’s listing.

Market watchers noted that the risk “did not pay off” for investors who were expecting a stronger debut.

Capillary Technologies IPO: Key Details

The IPO opened for subscription on November 14 and closed on November 18, with allotments finalised on November 19. Shares listed today, Friday, November 21, on both BSE and NSE.

The company had set a price band of ₹549–₹577 per share.
The total issue size was ₹877.50 crore, comprising:

Fresh issue: 59.79 lakh shares worth ₹345 crore
Offer for sale (OFS): 92.28 lakh shares worth ₹532.50 crore

Despite a well-received subscription phase, the global market downturn impacted today’s listing performance.

Tenneco Clean Air India IPO lists at 27% premium; stock debuts at ₹505 on NSE

Aditya Bhagchandani — Wed, 19 Nov 2025 04:23:24 +0000

Tenneco Clean Air India made a solid debut on Wednesday, listing at ₹505 on NSE, a sharp 27.2% premium over its issue price of ₹397. The pre-open settlement confirmed strong buying interest, and the stock listed above the expected premium range, indicating robust investor sentiment.

The upbeat listing comes after the IPO saw massive interest during the subscription window, which closed on November 14.

Strong Subscription Backing the Listing

The Tenneco Clean Air IPO was subscribed 58.83× on the final day, reflecting strong demand across investor categories. This strong subscription momentum translated into a favourable listing today.

Below is the recap of the IPO timeline:

IPO Opened: November 12
IPO Closed: November 14
Allotment Finalised: November 17
Refunds Initiated: November 18
Shares Credited to Demat: November 19
Listing Date: November 19

Investors who received allotment saw their shares credited this morning, while non-allottees had their refunds initiated on Tuesday.

Allotment Status Already Finalised

The allotment for the Tenneco Clean Air IPO was completed on November 17. Applicants were able to check their status through the registrar MUFG Intime India Pvt Ltd, along with BSE and NSE platforms.

Methods to check allotment included:

Registrar’s allotment portal (MUFG Intime India Pvt Ltd) using application number, PAN, or demat details
BSE allotment page under the Equity section
NSE IPO dashboard after PAN-based login

The allotment update was one of the most tracked developments this week due to the high subscription levels.

Listing Day Reaction

The stock opened at ₹505, significantly above the issue price of ₹397, delivering 27.2% listing gains. It listed as per premiums indicated in the grey market but also slightly above expectations, signalling confidence in the company’s clean air systems business.

The listing marks the final step in the IPO journey, which saw heavy participation from retail, institutional, and non-institutional investors.

Lenskart IPO: Stock likely to list nearly 2% below issue price amid weak grey market premium

Aditya Bhagchandani — Mon, 10 Nov 2025 04:17:03 +0000

Mumbai, Monday, Nov 10 (9:40 AM IST) — Shares of Lenskart are set to debut on the stock exchanges today, with indications suggesting a discount listing to the IPO price of Rs 402 per share. The company’s grey market premium (GMP), which once hovered above Rs 100 before the issue opened, has now fallen sharply to between 2% and zero, according to early market trackers.

Potential listing scenario

If Lenskart lists at Rs 350 per share, it would command a market capitalization of Rs 60,720 crore, translating to a one-year forward P/E multiple of 174x. At the IPO price of Rs 402, the company’s market cap would stand at Rs 69,741 crore, implying a P/E multiple of 200x, as per analysts.

About the issue

The eyewear retailer raised Rs 7,278 crore through the IPO, comprising a fresh issue of Rs 2,150 crore and an offer for sale (OFS) worth Rs 5,128 crore from promoters and existing investors. Post-listing, promoter shareholding will fall from 19.9% to 17.7%, with a post-issue market capitalization of Rs 69,741 crore.

Ambit’s view and valuation concern

Brokerage firm Ambit issued a “sell” recommendation on the stock ahead of its debut, setting a price target of Rs 337 per share, implying a potential downside of 16% from the issue price. The brokerage expects 20% revenue CAGR between FY25–FY28, driven by domestic expansion and global growth, while cautioning on valuation risks at over 200x P/E.

Peyush Bansal on the company’s vision

Ahead of the listing, Lenskart Co-founder and CEO Peyush Bansal shared a letter titled “It’s Still Day Zero,” describing the listing as a “new beginning” rather than a culmination. “Lenskart was not built to reach a valuation but to reach people,” Bansal wrote, reflecting on the company’s 15-year journey and its mission to bring clear vision to millions — “from India, to the world.”

He also recalled one of Lenskart’s earliest customers — a schoolteacher who had stopped reading her students’ notebooks due to poor eyesight — underscoring how access to quality eyewear inspired the company’s founding mission.

Strong institutional demand, retail traction moderate

The IPO was subscribed 28 times overall, driven by strong institutional demand. The QIB portion, which comprised 75% of the offer, was subscribed 40 times, while the retail segment, accounting for 10%, saw 7.5x subscription. The non-institutional investor category was subscribed 18 times.

Groww IPO fully subscribed on day 2; retail investors show strong demand

Aditya Bhagchandani — Thu, 06 Nov 2025 07:08:02 +0000

The initial public offering (IPO) of Billionbrains Garage Ventures, the parent company of Groww, India’s largest stock broking platform by active users, was fully subscribed on the second day of bidding on Thursday, according to data from the National Stock Exchange (NSE).

The IPO received bids for 39.16 crore shares against 36.47 crore shares on offer, translating to 1.07 times subscription as of 11:45 AM.

Strong retail participation

The Retail Individual Investors (RIIs) category was the most active, receiving 3.62 times subscription, while the Non-Institutional Investors (NIIs) segment was 1.32 times subscribed. The Qualified Institutional Buyers (QIBs) portion saw 10% subscription so far, data showed.

Issue details

The Bengaluru-based company, backed by Peak XV Partners and Tiger Global, is looking to raise Rs 6,632 crore through the issue, which closes on Friday. The price band has been set between Rs 95 and Rs 100 per share, implying a valuation of over Rs 61,700 crore (approximately USD 7 billion).

The IPO comprises a fresh issue of equity shares worth Rs 1,060 crore and an Offer for Sale (OFS) of 55.72 crore shares by existing shareholders, including early investors Tiger Global and Peak XV Partners.

On Monday, Groww had already raised Rs 2,984 crore from anchor investors, signalling strong institutional confidence in the issue.

High investor interest amid IPO boom

Groww’s issue comes amid a busy IPO season in India, with strong investor demand for tech-driven and consumer-facing businesses. Analysts note that Groww’s platform-based business model and rapid user expansion have made it one of the most sought-after IPOs this year.

Nithin Kamath’s witty dig at Groww IPO: “20% of Groww applications are from Zerodha customers”

News Desk — Tue, 04 Nov 2025 11:19:41 +0000

Zerodha co-founder and CEO Nithin Kamath took a light-hearted jibe at rival brokerage Groww as the latter’s much-awaited initial public offering (IPO) opened for subscription on November 4, 2025. In a post on X (formerly Twitter), Kamath congratulated Groww co-founder Lalit Keshre and his team on the milestone — but added a cheeky remark that quickly caught attention across market circles.

“Congrats on the IPO @lkeshré & team, and best of luck. Btw, about 20% of all @_groww IPO applications are from @zerodhaonline customers,” Kamath wrote, ending his post with a playful emoji. The comment, while congratulatory, carried a friendly competitive undertone as Zerodha and Groww remain two of India’s leading online brokerage rivals vying for dominance in the retail investing space.

Congrats on the IPO @lkeshre & team, and best of luck.

Btw, about 20% of all @_groww IPO applications are from @zerodhaonline customers. 😛

— Nithin Kamath (@Nithin0dha) November 4, 2025

Groww’s IPO opened on November 4 and will close on November 7, 2025. The issue is priced between ₹95 and ₹100 per share, with a face value of ₹2. The book-built issue includes a fresh issue of 10.6 crore shares aggregating up to ₹1,060 crore and an offer for sale (OFS) of 55.72 crore shares worth around ₹5,572 crore, taking the total issue size to ₹6,632.3 crore.

According to the tentative timeline, allotment is expected on November 10, refunds and demat credit on November 11, and the listing on the BSE and NSE on November 12, 2025. The cut-off for UPI mandate confirmation is 5 PM on November 7.

The Groww IPO has drawn significant interest from investors, symbolizing the fintech sector’s growing prominence in India’s capital markets. Kamath’s remark added a humorous twist to the occasion, subtly highlighting how intertwined competition and collaboration have become in India’s booming retail investing landscape.

Disclaimer: This article is for informational purposes only and does not constitute investment advice or a recommendation to subscribe to any IPO.

Midwest shares debut with 9% listing gain after Rs 451 crore IPO sees strong demand

Aditya Bhagchandani — Fri, 24 Oct 2025 04:33:52 +0000

Shares of Midwest made a strong debut on Thursday, opening at ₹1,165, up 9.39% from the issue price, following overwhelming investor demand during its initial public offering (IPO).

The ₹451-crore IPO of the Black Galaxy granite leader was subscribed nearly 92 times, underscoring robust institutional and retail interest. The issue, which opened between October 15 and 17, drew ₹135 crore in anchor demand, signaling high pre-listing confidence from marquee investors.

According to Harshal Dasani, Business Head at INVasset PMS, the company’s “strong operating metrics and visible leadership in the Black Galaxy granite segment” helped drive investor enthusiasm. “Near term, a positive debut appears likely; over the medium term, performance will hinge on execution discipline and expansion strategy,” he added.

The issue was managed by Dam Capital Advisors as the book-running lead manager, while Kfin Technologies acted as the registrar.

At the close of debut trading, Midwest’s shares were priced at ₹1,165, marking a ₹100 or 9.39% gain over the issue price, aligning closely with grey market premium (GMP) expectations that hinted at a 9–10% listing gain ahead of the IPO.

Rubicon Research IPO: Shares list with 27.8% premium, lists at ₹620 on NSE

Aditya Bhagchandani — Thu, 16 Oct 2025 04:30:27 +0000

Shares of Rubicon Research Ltd. made a strong debut on Thursday, listing at ₹620 per share, up ₹135 or 27.84% over the IPO price of ₹485. The stellar listing delivered impressive listing gains for investors, marking one of the stronger debuts of the recent IPO season.

Retail investors who were allotted one lot (30 shares) saw a profit of ₹4,050, while high net-worth investors (HNIs) booking the minimum HNI lot size of 420 shares gained ₹56,700 on listing day.

IPO structure and proceeds

The Rubicon Research IPO comprised both a fresh issue and an offer-for-sale (OFS) component:

Fresh issue: ₹500 crore
Offer-for-sale: ₹877.5 crore by promoter General Atlantic Singapore RR Pte Ltd.

The company plans to use ₹310 crore from the fresh issue to repay debt, with the remaining proceeds earmarked for strategic acquisitions, expansion, and general corporate purposes.

Listing details and management

The stock was listed on both BSE and NSE, with a lot size of 30 shares for retail investors and 420 shares for HNIs. The IPO price band was set at ₹470–₹485 per share.

Lead managers and registrar

The IPO was jointly managed by JM Financial, Axis Capital, IIFL Capital, SBI Capital Markets, and MUFG Intime India Pvt. Ltd.

The robust debut reflects strong investor confidence in the company’s growth outlook and its focus on innovation-driven pharmaceutical research.

LG Electronics IPO: Shares settle at Rs 1,710 on NSE, signaling a 50% premium over issue price

Aditya Bhagchandani — Tue, 14 Oct 2025 04:18:27 +0000

Shares of LG Electronics India made a strong debut on Monday, listing at ₹1,710.10 per share on the NSE, marking a 50% premium over the IPO issue price of ₹1,140. The stock witnessed heavy investor participation during its debut session following a record-breaking subscription in its initial public offering.

The IPO had received bids worth nearly ₹4.5 lakh crore, becoming the most subscribed IPO in Indian market history, surpassing Bajaj Housing Finance’s ₹3.2 lakh crore record. The issue was subscribed 54 times overall, led by institutional investors who bid for over 160 times the shares on offer. Retail and non-institutional categories also saw robust demand.

At the listing price, retail investors earned a listing gain of ₹7,411 per lot, while high-net-worth individuals (HNIs) booked gains of over ₹1.03 lakh per application.

Brokerages remain optimistic on the company’s long-term prospects. Motilal Oswal has projected a 58% upside, while Antique and ICICI Securities initiated coverage with ‘Buy’ ratings, setting price targets of ₹1,725 and ₹1,700, respectively. Analysts cited LG’s market leadership, innovation, distribution strength, and strong return ratios as key drivers of sustainable growth.

BVG India Files DRHP for ₹300 Crore Fresh Issue and OFS of 2.85 Crore Shares

Riddhima Jain — Wed, 08 Oct 2025 06:56:25 +0000

BVG India Limited, the country’s largest integrated facility management (IFM) services provider, has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to launch its Initial Public Offering (IPO).

The proposed IPO comprises a fresh issue of equity shares aggregating up to ₹300 crore and an offer for sale (OFS) of up to 2.85 crore equity shares by existing shareholders. Of the net proceeds from the fresh issue, ₹250 crore will be utilized for repayment or prepayment of borrowings, while the remaining funds will be allocated toward general corporate purposes.

Operating through three verticals — Integrated Facility Management (IFM), Emergency Response Services (ERS), and Environment & Sustainability Services (ESS) — BVG India caters to a wide range of clients spanning industrial, commercial, healthcare, education, government, and transport infrastructure sectors.

Under its IFM division, the company provides both soft and hard services, including mechanized housekeeping, manpower and security services, MEP operations, infrastructure maintenance, and specialized services like catering, logistics management, and EV fleet operations. BVG India is also a key partner to Indian Railways, managing station facility operations, rolling stock and track maintenance, and onboard housekeeping.

Through its Emergency Response Services (ERS) division, BVG India pioneered India’s police emergency response model and introduced doctor-staffed ambulances equipped with advanced medical devices, setting new standards for emergency healthcare delivery. Meanwhile, its Environment & Sustainability Services (ESS) vertical undertakes projects in waste management, landscaping, afforestation, smart city development, and solar module production and installation.

As of March 31, 2025, the company employed over 85,000 personnel across 2,218 active sites nationwide, making it one of the largest employers in the facility management sector. For FY25, BVG India reported revenue from operations of ₹3,301.8 crore, total income of ₹3,319.5 crore, and a profit after tax of ₹207.2 crore, reflecting a healthy Return on Equity (ROE) of 17.44%.

The IPO will be managed by ICICI Securities Limited, JM Financial Limited, and Motilal Oswal Investment Advisors Limited, with MUFG Intime India Private Limited acting as the registrar.

Globally, the outsourced Facility Management (FM) market — valued at USD 1,030 billion in 2024 — is projected to grow at a CAGR of 7.7% to reach USD 1,495.1 billion by 2029. Rising infrastructure investments, rapid industrialization, the adoption of smart building solutions, and increasing government contracts for sustainable infrastructure are expected to drive the sector’s growth.

With its diversified service portfolio, leadership position, and proven execution capabilities, BVG India is strategically positioned to capitalize on the expanding FM market and strengthen its role as a pioneer in integrated facility management and sustainability-driven services in India.

Glottis shares lists 35% lower on NSE despite full subscription

Aditya Bhagchandani — Tue, 07 Oct 2025 04:30:28 +0000

Shares of Glottis Limited made a weak debut on the stock exchanges on Monday, listing at ₹84 on the NSE, a steep 34.88% discount to its issue price of ₹129 per share. On the BSE, the stock opened at ₹88, down 31.78%, disappointing investors despite a fully subscribed IPO.

At the listing price, investors incurred a loss of ₹5,130 per lot on the NSE and ₹4,674 per lot on the BSE, based on the retail lot size of 114 shares.

The Glottis IPO had seen moderate demand, being subscribed 2 times overall by the close of bidding on October 1, driven mainly by non-institutional investors (NIIs) and qualified institutional buyers (QIBs), followed by retail participation. The allotment was finalised on October 3, while shares were credited to investors’ demat accounts on October 6.

Despite steady investor interest during the subscription phase, the weak listing suggests muted market sentiment and profit-booking in SME IPOs after a string of volatile debuts.

Use of Proceeds

The company stated that the funds raised will be utilised for:

Purchasing commercial vehicles and containers to support capital expenditure requirements.
General corporate purposes, aimed at strengthening overall operations.

Glottis Limited’s disappointing market debut underscores the ongoing caution among investors in newly listed SME stocks, where even fully subscribed issues are witnessing sharp listing-day corrections.

Tata Capital IPO subscribed 17% in first hour of bidding; GMP eases as India’s biggest issue of 2025 opens

Aditya Bhagchandani — Mon, 06 Oct 2025 05:46:32 +0000

Tata Capital Limited’s much-awaited initial public offering (IPO), the largest in India’s history, opened for subscription on Monday, October 6, and received a 17% subscription in the first hour of bidding, as per early data from stock exchanges.

The ₹15,511 crore public issue surpasses HDB Financial’s ₹12,500 crore IPO to become the biggest of 2025. The offering comprises a fresh issue worth ₹6,846 crore and an offer for sale (OFS) of ₹8,665 crore by promoters Tata Sons and International Finance Corporation (IFC).

Subscription details and anchor round

Retail investors can apply for a minimum of one lot of 46 shares, amounting to ₹14,996, and bid in multiples of 46 thereafter. Of the total issue size, 35% is reserved for retail investors, 50% for qualified institutional buyers (QIBs), and 15% for non-institutional investors.

Before the IPO opened, Tata Capital raised ₹4,642 crore from 68 anchor investors, including marquee names such as Life Insurance Corporation of India (LIC), Goldman Sachs, Nomura, and Morgan Stanley.

Analysts’ views

Most brokerages have recommended subscribing to the Tata Capital IPO for long-term investors, citing its strong brand, diversified portfolio, and solid credit profile.

Aditya Birla Capital assigned a “subscribe for long term” rating, stating that Tata Capital benefits from the strong Tata brand and robust domestic and international credit ratings, ensuring a low cost of funds. However, it warned of key risks such as rising delinquencies, high unsecured loan exposure, and potential asset-liability mismatches.

Anand Rathi echoed the sentiment, also giving a “subscribe for long term” call. The brokerage highlighted Tata Capital’s diversified loan portfolio and increased share of secured lending, minimizing concentration risks.

Canara Bank Securities rated the issue “subscribe”, noting that Tata Capital has been profitable since 2007 and has demonstrated resilience post-pandemic. It added that the company is well-positioned to tap India’s expanding retail and SME lending markets.

LKP Securities maintained a “subscribe” recommendation, citing the company’s strong governance, diversified liabilities, and consistent profitability.

However, Deven Choksey Research offered a “neutral” rating, observing that while Tata Capital’s growth outlook is healthy, its current valuation is “fully priced” relative to peers, and its return profile remains slightly lower than other listed NBFCs.

Grey Market Premium dips

In the unlisted market, Tata Capital’s grey market premium (GMP) has moderated to around ₹7.5 per share, down from the earlier range of ₹15–₹18. Analysts cautioned that GMP levels are purely speculative and do not always reflect the actual listing price.

Outlook

As India’s largest NBFC IPO, Tata Capital’s issue is being closely watched by investors and market participants. With a strong anchor book, diversified portfolio, and credible management, analysts expect steady participation through the subscription window despite the initial dip in GMP.

LG Electronics seeks $8.7 billion valuation for India unit IPO: Report

Aditya Bhagchandani — Tue, 30 Sep 2025 16:44:54 +0000

LG Electronics is reportedly targeting a valuation of up to 774 billion rupees ($8.71 billion) for its India unit as it prepares to launch an initial public offering (IPO) next week, Bloomberg News reported on Tuesday, citing people familiar with the matter.

According to the report, the South Korean electronics giant plans to sell up to 101.8 million shares, representing a 15% stake in the India unit. The price band has been set between 1,080 rupees and 1,140 rupees per share.

The IPO will mark one of the largest listings by a consumer electronics company in India, reflecting the country’s growing role as a key market for global consumer brands.

Reuters noted it could not immediately verify the Bloomberg report. At the current exchange rate, $1 equals 88.8310 Indian rupees

Seshaasai Technologies IPO lists at 2.13% premium

Aditya Bhagchandani — Tue, 30 Sep 2025 04:30:54 +0000

Seshaasai Technologies Ltd made a modest debut on the exchanges, listing at ₹432 per share, a 2.13% premium over its issue price of ₹423.

The ₹813.07 crore IPO included a fresh issue of ₹480 crore and an offer for sale of ₹333.07 crore. The issue was priced in the band of ₹402–423 per share and received healthy demand across investor categories.

The company plans to utilise the proceeds for expansion of existing manufacturing units, repayment of borrowings, and general corporate purposes.

Seshaasai Technologies, a technology-driven solutions provider, caters primarily to the BFSI sector with offerings across payment solutions (cards, cheques, RFID tags), communication & fulfilment solutions, and IoT-enabled services.

Financially, it reported a revenue of ₹1,463.2 crore in FY25 with a PAT of ₹222.3 crore.

Anand Rathi Shares & Stock Brokers IPO: Shares lists at 4% premium

Aditya Bhagchandani — Tue, 30 Sep 2025 04:30:05 +0000

Anand Rathi Shares & Stock Brokers made a modest entry on Dalal Street on Tuesday as its shares listed at ₹432.10 on the BSE, a 4.37% premium over the issue price of ₹414 apiece. On the NSE, the stock opened at ₹432, also up 4.35% from its issue price.

At the listing price, retail investors who received a single lot of 36 shares booked a profit of ₹651 on an investment of ₹14,904. High-net-worth investors (HNIs) who were allotted 14 lots, or 504 shares, made a profit of ₹9,122.4 on an investment of ₹2,08,566.

The debut fell short of expectations as the stock was commanding a grey market premium (GMP) of ₹30–32 per share ahead of listing, indicating a potential 7–8% pop. During the bidding period, GMP had touched ₹40 per share.

The ₹745 crore IPO, open between September 23 and 25, was priced in a band of ₹393–414 per share with a lot size of 36 shares. The issue was entirely a fresh sale of 1.8 crore equity shares and saw an overall subscription of 20.66 times, with bids worth close to ₹11,500 crore. The QIB category was subscribed 43.80 times, NIIs 28.60 times, retail investors 4.78 times, and employees 2.56 times.

Founded in 1991, Mumbai-based Anand Rathi Shares & Stock Brokers is a full-service broking company offering equity, derivatives, commodities, and currency services, along with margin trading and financial product distribution. The company is part of the Anand Rathi group, which provides a wide range of financial services.

DAM Capital, Nuvama Wealth Management, and Rathi Advisors were the book-running lead managers, while MUFG Intime India acted as the registrar to the issue.

Solarworld Energy makes strong debut, lists at 11% premium on NSE

Aditya Bhagchandani — Tue, 30 Sep 2025 04:30:02 +0000

Solarworld Energy Limited shares made a robust stock market debut on Tuesday, listing at ₹388.50 on the NSE, a 10.68% premium over its issue price of ₹351.

The company’s ₹490 crore IPO garnered significant investor demand, with an overall subscription of 68.49 times. During the subscription window from September 23 to 25, bids were received for 52.58 crore shares against 76.78 lakh shares on offer, making it one of the most heavily subscribed mainboard IPOs of September and among the largest so far in 2025.

The issue comprised a fresh issue of 1.25 crore shares worth ₹440 crore and an offer for sale of 0.14 crore shares worth ₹50 crore. Proceeds will be used to invest in its subsidiary, Kartik Solarworld, for partially funding a 1.2 GW Solar PV TopCon manufacturing facility in Pandhurana, Madhya Pradesh, besides general corporate purposes.

Positioning itself as one of India’s leading solar energy solution providers, Solarworld Energy specializes in engineering, procurement, and construction (EPC) services for solar power projects.

Atlanta Electricals IPO: Shares debut 13.66% premium at ₹857 per share on NSE

Aditya Bhagchandani — Mon, 29 Sep 2025 04:30:25 +0000

Atlanta Electricals Limited made a strong debut on the stock exchanges on Monday, with its shares listing at ₹857 on the NSE, a 13.66% premium over the issue price of ₹754. On the BSE, the stock opened at ₹858.10, reflecting a 13.80% gain.

The three-day IPO of Atlanta Electricals witnessed robust demand, being subscribed 72.16 times overall. The Qualified Institutional Buyers (QIBs) category, excluding anchor investors, led the rush with a subscription of 194 times. The non-institutional investor portion was subscribed 56 times, while the retail investor quota saw 11x subscription. The shares were offered in a price band of ₹718–₹754 per share, with a discount of ₹70 for eligible employees.

The ₹687 crore IPO comprised a fresh issue of ₹400 crore, with the balance being an offer for sale (OFS). Each share carries a face value of ₹2.

Atlanta Electricals is among India’s largest manufacturers of power, auto, and inverter duty transformers by production volume in FY25. With the acquisition of BTW-Atlanta Transformers India Pvt. Ltd., the company has expanded its manufacturing capacity to produce transformers of up to 500 MVA and voltages as high as 765 kV.

As of March 31, 2025, the company’s order book stood at ₹1,642 crore, of which over 80% came from PSU companies, with the rest from private players.

Dev Accelerator IPO lists flat at Rs 61 on NSE and BSE

Aditya Bhagchandani — Wed, 17 Sep 2025 04:30:38 +0000

Dev Accelerator Limited made a flat debut on Wednesday, September 17, as its shares listed at Rs 61.0 on NSE, the same as its issue price. The IPO had a price band fixed at Rs 61 per share.

The Rs 143.35 crore public issue was entirely a fresh issue of 2.35 crore equity shares. The IPO bidding window was open from September 10 to September 12, 2025, with allotments finalized on September 15, 2025.

For retail investors, the minimum application size was set at 235 shares, requiring an investment of Rs 14,335. For non-institutional investors, the small NII category required a minimum of 14 lots (3,290 shares) amounting to Rs 2,00,690, while the big NII category required 70 lots (16,450 shares) amounting to Rs 10,03,450.

Pantomath Capital Advisors Pvt. Ltd. acted as the book-running lead manager, while Kfin Technologies Ltd. was the registrar to the issue.

Despite the flat listing, the IPO attracted attention as Dev Accelerator looks to deploy fresh capital for its growth initiatives following the Rs 143.35 crore fundraise.

Shringar House IPO: Shares list at 14.24% premium at Rs 188.5 on NSE

Aditya Bhagchandani — Wed, 17 Sep 2025 04:30:08 +0000

Shringar House of Mangalsutra Limited made a strong debut on Wednesday, September 17, as its shares listed at Rs 188.5 on the NSE, a 14.24% premium over the IPO issue price of Rs 165. The public issue had a price band of Rs 155–165 per share.

The IPO, valued at Rs 400.95 crore, consisted entirely of a fresh issue of 2.43 crore equity shares of face value Rs 10 each. The minimum application size was set at 90 shares, requiring a retail investment of Rs 14,850 at the upper price band. Choice Capital Advisors Private Limited acted as the book-running lead manager, while MUFG Intime India Private Limited served as registrar.

According to the company, the net proceeds from the issue will be utilised to fund working capital requirements and for general corporate purposes.

Founded in 2009, Shringar House of Mangalsutra Limited is a Mumbai-based designer, manufacturer, and marketer of premium mangalsutras crafted in 18k and 22k gold, often studded with American diamonds, pearls, cubic zirconia, and semi-precious stones. The company is a significant player in the organised mangalsutra market with a 6% share.

Shringar has established a strong domestic presence across 24 states and 4 union territories, and also exports to international markets including the UK, USA, UAE, New Zealand, and Fiji.

Financially, the company reported healthy growth in FY25, with revenue rising 29.8% to Rs 1,429.8 crore from Rs 1,101.5 crore in FY24. Profit after tax more than doubled to Rs 61.1 crore in FY25, compared to Rs 31.1 crore in the previous year.

Urban Company IPO: Shares list on 57% premium at Rs Rs 162.25 today after blockbuster IPO

Aditya Bhagchandani — Wed, 17 Sep 2025 04:30:05 +0000

Shares of Urban Company made a stellar debut on Wednesday, September 17, surging 57.52% to Rs 162.25 on the NSE, marking one of the strongest listings of 2025. The stock jumped Rs 59.25 from its issue price in early trade, signaling strong investor demand for the home services marketplace.

According to its financials disclosed in the Red Herring Prospectus, Urban Company reported a net profit of Rs 290 crore for the year ended March 2025, a massive 2,690.9% growth year-on-year. Revenue for the same period stood at Rs 910 crore, reflecting a 32.4% annual growth.

The IPO was managed by leading book running lead managers (BRLMs) — Goldman Sachs (India) Securities, Kotak Mahindra Capital, JM Financial, and Morgan Stanley India.

Urban Company has marked several milestones in its journey: launching home services in Dubai in 2018, signing an MoU with NSDC in 2019, rebranding in 2020, introducing Native Water Purifiers in 2023, and forming a JV with Saneem Investment Company in Saudi Arabia in 2024. The company also partnered with NITI Aayog last year to scale women-led MSMEs across India.

However, the company has flagged key risks in its prospectus, including competition from offline service providers and low online penetration in its target markets, which could affect demand.

At the time of writing, Urban Company shares were trading at Rs 162.25, up 57.52% in early trade, giving investors a strong listing gain.

Disclaimer

The information provided is for informational purposes only and should not be considered financial or investment advice. Stock market investments are subject to market risks. Always conduct your own research or consult a financial advisor before making investment decisions. Author or Business Upturn is not liable for any losses arising from the use of this information.

SEBI approves IPO of Pine Labs, Hero Motors, and Canara Robeco Asset Management Co

Aditya Bhagchandani — Mon, 15 Sep 2025 10:30:21 +0000

India’s capital markets regulator, the Securities and Exchange Board of India (SEBI), has given its approval for the initial public offerings (IPOs) of Pine Labs, Hero Motors, and Canara Robeco Asset Management Co, as per the latest SEBI document.

The move clears a major regulatory hurdle for the companies as they look to tap into public markets in the coming months. Pine Labs, a leading digital payments and merchant commerce platform, has been among the most anticipated listings from India’s fintech space. Hero Motors, a key player in the two-wheeler industry, and Canara Robeco AMC, one of the country’s established mutual fund houses, will also now move forward with their IPO plans.

The exact issue sizes, timelines, and valuation targets are yet to be officially confirmed, but market watchers expect these offerings to generate strong interest given the companies’ scale and sectoral relevance. The approvals come at a time when India’s primary market is witnessing heightened activity with several large companies preparing for listings.

This remains a developing story, and further details regarding the structure of the issues and launch timelines are awaited.

Disclaimer: The information provided is based on regulatory filings and is for informational purposes only. It should not be considered financial or investment advice. Stock market investments are subject to market risks. Always conduct your own research or consult a financial advisor before making investment decisions.