IPO Diary Feb'2022

IPO Monitor
February 2022
IPO Updates
Listing Gain and Price Movement for FY 2020-21 and onwards

Initial Bid
Listing Current Current Gain
Face Issue Issue Minimum Amount - Listing
Sr Issue size Listing Day Price (as on
Name Value Opening Price Bid Lot Retail Price
No. Date Gain as on 31-01-22)
Date Category
31-01-22
(`) (` Cr) (`) (No.) (`) (`) (`) (%) (`) %
FY 21-22
48 AGS Transact Technologies 10 21-01-22 680.00 175 85 14,875 31-01-22 176 85 1% 161 -1,165 -8%
47 CMS Info Systems 10 21-12-21 1,100.00 216 69 14,904 31-12-21 219 173 1% 256 2,746 18%
46 Supriya Life Sciences 2 16-12-21 700.00 265 54 14,310 28-12-21 425 8,640 60% 462 10,614 74%
45 HP Adhesives 10 15-12-21 125.96 274 50 13,700 27-12-21 319 2,250 16% 388 5,688 42%
44 Data Patterns (India) 2 14-12-21 601.20 555 25 13,875 24-12-21 864 7,725 56% 723 4,206 30%
43 Medplus Health Services 2 13-12-21 1,398.30 796 18 14,328 23-12-21 1,015 3,942 28% 1,085 5,206 36%
42 Metro Brands 5 10-12-21 1,367.51 500 30 15,000 22-12-21 436 -1,920 -13% 608 3,234 22%
41 C E Info Systems (MapmyIndia) 2 09-12-21 1,039.60 1,033 14 14,462 21-12-21 1,581 7,672 53% 1,359 4,565 32%
40 Shriram Properties 10 08-12-21 600.00 118 125 14,750 20-12-21 94 -3,000 -20% 101 -2,163 -15%
39 Rategain Travels 1 07-12-21 1,335.74 425 35 14,875 17-12-21 365 -2,107 -14% 372 -1,843 -12%
38 Anand Rathi Wealth 5 02-12-21 659.38 550 27 14,850 14-12-21 602 1,405 9% 585 932 6%
37 Tega Industries Ltd 10 01-12-21 619.23 453 33 14,949 13-12-21 753 9,900 66% 499 1,533 10%
36 Star Health and Alliecd Insurance Co Ltd 10 30-11-21 6,400.44 900 16 14,400 10-12-21 849 -819 -6% 769 -2,089 -15%
35 Go Fashion (India) 10 17-11-21 1,014.00 690 21 14,490 30-11-21 1,316 13,146 91% 953 5,525 38%
34 Tarsons Products 2 15-11-21 1,024.00 662 22 14,564 26-11-21 700 836 6% 704 923 6%
33 Latent View Analytics 1 10-11-21 600.00 197 76 14,972 23-11-21 530 25,308 169% 499 22,944 153%
32 Sapphire Fods 10 09-11-21 2,073.00 1,180 12 14,160 18-11-21 1,311 1,572 11% 1,347 2,009 14%
31 One97 Communications 1 08-11-21 18,300.00 2,150 6 12,900 18-11-21 1,955 -1,170 -9% 917 -7,398 -57%
30 SJS Enterprises 10 01-11-21 800.00 542 27 14,634 15-11-21 540 -54 0% 397 -3,915 -27%
29 Sigachi Industries 10 01-11-21 125.00 163 90 14,670 15-11-21 575 37,080 253% 337 15,660 107%
28 PB Fintech 2 01-11-21 5,709.72 980 15 14,700 15-11-21 1,150 2,550 17% 796 -2,765 -19%
27 Fino Payments Bank 10 29-10-21 1,200.00 577 25 14,425 12-11-21 548 -725 -5% 392 -4,635 -32%
26 FSN E-Commerce Ventures 1 28-10-21 5,350.00 1,125 12 13,500 10-11-21 2,001 10,512 78% 1,651 6,310 47%
25 Aditya Birla Sun Life AMC 5 29-09-21 2,768.00 712 20 14,240 01-10-21 712 0 0% 520 -3,843 -27%
24 Paras Defence and Space Technologies 10 21-09-21 171.00 175 85 14,875 01-10-21 475 25,500 171% 712 45,679 307%
23 Sansera Engineering 2 14-09-21 1,282.52 744 20 14,880 24-09-21 811 1,347 9% 745 21 0%
22 Vijaya Diagnostic Centres 1 01-09-21 1,894.26 531 28 14,868 14-09-21 542 316 2% 516 -430 -3%
21 Ami Organics Ltd 10 01-09-21 569.64 610 24 14,640 14-09-21 902 7,008 48% 989 9,084 62%
20 Chemplast Sanmar 5 10-08-21 3,850.00 541 27 14,607 24-08-21 525 -432 -3% 553 329 2%
19 Aptus Value Housing Finance India 2 10-08-21 2,790.17 353 42 14,826 24-08-21 330 -968 -7% 359 258 2%
18 Cartrade Tech 10 09-08-21 2,998.51 1,618 9 14,562 20-08-21 1,600 -162 -1% 724 -8,043 -55%
17 Nuvoco Vistas Corporation 10 09-08-21 5,000.00 570 26 14,820 23-08-21 471 -2,574 -17% 451 -3,103 -21%
16 Windlas Biotech 5 04-08-21 405.95 460 30 13,800 16-08-21 439 -630 -5% 261 -5,982 -43%
15 Exxaro Tiles 10 04-08-21 161.00 120 125 15,000 16-08-21 126 750 5% 132 1,463 10%
14 Krsnaa Diagnostics 5 04-08-21 1,222.34 954 15 14,310 16-08-21 1,025 1,065 7% 661 -4,397 -31%
13 Devyani Internatinal 1 04-08-21 1,858.47 90 165 14,850 16-08-21 141 8,415 57% 168 12,903 87%
12 Rolex Rings 10 28-07-21 731.10 900 16 14,400 09-08-21 1,249 5,584 39% 1,208 4,922 34%
11 Glenmark Life Sciences 2 27-07-21 1,513.60 720 20 14,400 06-08-21 751 620 4% 575 -2,906 -20%
10 Tatva Chintan Pharma Chem 10 16-07-21 500.00 1,083 13 14,079 29-07-21 2,112 13,374 95% 2,444 17,698 126%
9 Zomato 1 14-07-21 9,375.00 76 195 14,820 23-07-21 115 7,605 51% 90 2,808 19%
8 G R Infraprojects 5 07-07-21 962.33 837 17 14,229 19-07-21 1,700 14,671 103% 1,912 18,269 128%
7 Clean Science and Technology 1 07-07-21 1,546.62 900 16 14,400 19-07-21 1,784 14,150 98% 2,227 21,226 147%
6 India Pesticides 1 23-06-21 800.00 296 50 14,800 05-07-21 360 3,200 22% 302 285 2%
5 Dodla Dairy 10 16-06-21 520.18 428 35 14,980 28-06-21 528 3,500 23% 523 3,330 22%
4 Krishna Institute Of Medical Sciences 10 16-06-21 2,143.74 825 18 14,850 28-06-21 1,009 3,310 22% 1,344 9,338 63%
3 Sona BLW Precision Forgings 10 14-06-21 5,550.00 291 51 14,841 24-06-21 302 581 4% 642 17,919 121%
2 Shyam Metalics & Energy 10 14-06-21 908.80 306 45 13,770 24-06-21 367 2,745 20% 327 929 7%
1 Macrotech Developers 10 07-04-21 2,500.00 486 30 14,580 19-04-21 439 -1,410 -10% 1,295 24,270 166%
6,96,720 2,30,567 33% 2,28,150 33%
FY 20-21
30 Barbeque-Nation Hospitality 5 24-03-21 452.87 500 30 15,000 07-04-21 492 -240 -2% 1,385 26,546 177%
29 Suryoday Small Finance Bank 10 17-03-21 580.84 305 49 14,945 26-03-21 293 -588 -4% 139 -8,144 -54%
28 Nazara Technologies 4 17-03-21 582.69 1,101 13 14,313 30-03-21 1,971 11,310 79% 2,123 13,292 93%
27 Kalyan Jewellers India 10 16-03-21 1,174.82 87 172 14,964 26-03-21 74 -2,253 -15% 67 -3,509 -23%
26 Craftsman Automation 5 15-03-21 823.70 1,490 10 14,900 25-03-21 1,350 -1,400 -9% 2,045 5,546 37%
25 Laxmi Organic Industries 2 15-03-21 600.00 130 115 14,950 25-03-21 156 3,013 20% 436 35,213 236%
IPO Updates
Initial Bid
Listing Current Current Gain
Face Issue Issue Minimum Amount - Listing
Sr Issue size Listing Day Price (as on
Name Value Opening Price Bid Lot Retail Price
No. Date Gain as on 31-01-22)
Date Category
31-01-22
(`) (` Cr) (`) (No.) (`) (`) (`) (%) (`) %
24 Anupam Rasayan India 10 12-03-21 760.00 555 27 14,985 24-03-21 535 -548 -4% 960 10,931 73%
23 Easy Trip Planners 2 08-03-21 510.00 187 80 14,960 19-03-21 206 1,520 10% 555 29,432 197%
22 MTAR Technologies 10 03-03-21 596.41 575 26 14,950 15-03-21 1,064 12,711 85% 2,165 41,344 277%
21 Heranba Industries 10 23-02-21 625.24 627 23 14,421 05-03-21 900 6,279 44% 716 2,056 14%
20 Railtel Corp Of India 10 16-02-21 819.24 94 155 14,570 26-02-21 105 1,643 11% 116 3,333 23%
19 Nureca 10 15-02-21 100.00 400 35 14,000 25-02-21 635 8,223 59% 1,742 46,958 335%
18 Stove Kraft 10 25-01-21 412.63 385 38 14,630 05-02-21 467 3,116 21% 859 18,027 123%
17 Home First Finance Co(India) 2 21-01-21 1,153.72 518 28 14,504 03-02-21 612 2,636 18% 753 6,590 45%
16 Indigo Paints 10 20-01-21 1,169.12 1,490 10 14,900 02-02-21 2,608 11,175 75% 2,023 5,326 36%
15 Indian Railway Finance Corp 10 18-01-21 4,633.38 26 575 14,950 29-01-21 25 -575 -4% 23 -1,524 -10%
14 Antony Waste Handling Cell 5 21-12-20 299.99 315 47 14,805 01-01-21 430 5,405 37% 321 284 2%
13 Mrs Bectors Food Specialities 10 15-12-20 540.54 288 50 14,400 24-12-20 501 10,650 74% 366 3,918 27%
12 Burger King India 10 02-12-20 810.00 60 250 15,000 14-12-20 115 13,838 92% 134 18,475 123%
11 Gland Pharma 1 09-11-20 6,479.55 1,500 10 15,000 20-11-20 1,701 2,010 13% 3,427 19,274 128%
10 Equitas Small Finance Bank 10 20-10-20 517.60 33 450 14,850 02-11-20 31 -900 -6% 55 9,923 67%
9 Likhitha Infrastructure 10 29-09-20 61.20 120 125 15,000 15-10-20 130 1,263 8% 349 28,588 191%
8 UTI Asset Management Co 10 29-09-20 2,159.88 554 27 14,958 12-10-20 490 -1,721 -12% 898 9,289 62%
7 Mazagon Dock Shipbuilders 10 29-09-20 443.69 145 103 14,935 12-10-20 216 7,339 49% 271 12,957 87%
6 Angel One 10 22-09-20 600.00 306 49 14,994 05-10-20 275 -1,519 -10% 1,393 53,285 355%
5 Computer Age Management Services 10 21-09-20 2,243.12 1,230 12 14,760 01-10-20 1,518 3,456 23% 2,698 17,615 119%
4 Chemcon Speciality Chemicals 10 21-09-20 318.00 340 44 14,960 01-10-20 731 17,202 115% 342 103 1%
3 Route Mobile 10 09-09-20 600.00 350 40 14,000 21-09-20 708 14,320 102% 1,796 57,844 413%
2 Happiest Minds Technologies 2 07-09-20 702.02 166 90 14,940 17-09-20 351 16,650 111% 1,151 88,628 593%
1 Rossari Biotech 2 13-07-20 496.25 425 35 14,875 23-07-20 670 8,575 58% 1,196 26,994 181%
4,43,419 1,52,589 34% 5,78,592 130%
Lead Managed by Axis Capital
Current price source: BSE Website
Recent IPOs – Listing Gain and Price Movement

IPOs at a Glance
Face Issue Subscription- No. of Listing Current Current

Issue Issue size Listing Gain Price as on
Sr Value Opening Price times Listing Price Gain
Name
No. Date 31-01-2022
Date
(BSE)
(`) (` Cr) (`) QIB~ NII Retail (`) (`) (%) (`) %
FY 21-22
48 AGS Transact Technologies 10 21-01-21 680.00 175 2.80 27.00 3.25 31-01-22 176 1 1% 161 -14 -8%
47 CMS Info Systems 10 21-12-21 1,100.00 216 2.09 1.52 2.26 31-12-21 219 3 1% 256 40 18%
46 Supriya Life Sciences 2 16-12-21 700.00 265 32.91 166.69 57.91 28-12-21 425 160 60% 462 197 74%
45 HP Adhesives 10 15-12-21 125.96 274 1.82 19.04 81.24 27-12-21 319 45 16% 388 114 42%
44 Data Patterns (India) 2 14-12-21 601.20 555 185.90 259.83 23.65 24-12-21 864 309 56% 723 168 30%
43 Medplus Health Services 2 13-12-21 1,398.30 796 114.19 87.08 5.34 23-12-21 1,015 219 28% 1,085 289 36%
42 Metro Brands 5 10-12-21 1,367.51 500 8.49 3.02 1.13 22-12-21 436 -64 -13% 608 108 22%
41 C E Info Systems (MapmyIndia) 2 09-12-21 1,039.60 1,033 196.36 424.69 15.20 21-12-21 1,581 548 53% 1,359 326 32%
40 Shriram Properties 10 08-12-21 600.00 118 1.93 5.04 13.28 20-12-21 94 -24 -20% 101 -17 -15%
39 Rategain Travels 1 07-12-21 1,335.74 425 8.42 42.04 8.08 17-12-21 365 -60 -14% 372 -53 -12%
38 Anand Rathi Wealth 5 02-12-21 659.38 550 2.50 25.42 7.76 14-12-21 602 52 9% 585 35 6%
37 Tega Industries Ltd 10 01-12-21 619.23 453 215.45 666.19 29.44 13-12-21 753 300 66% 499 46 10%
36 Star Health and Alliecd Insurance Co 10 30-11-21 6,400.44 900 1.03 0.18 1.09 10-12-21 849 -51 -6% 769 -131 -15%
35 Go Fashion (India) 10 17-11-21 1,013.61 690 100.27 259.01 42.26 30-11-21 1,316 626 91% 953 263 38%
34 Tarsons Products 2 15-11-21 1,023.47 662 74.68 183.36 8.89 26-11-21 700 38 6% 704 42 6%
33 Latent View Analytics 1 10-11-21 600.00 197 149.59 875.55 106.09 23-11-21 530 333 169% 499 302 153%
32 Sapphire Fods 10 09-11-21 2,073.25 1,180 7.53 3.12 6.65 18-11-21 1,311 131 11% 1,347 167 14%
31 One97 Communications 1 08-11-21 18,300.00 2,150 3.04 0.23 1.27 18-11-21 1,955 -195 -9% 917 -1,233 -57%
30 SJS Enterprises 10 01-11-21 800.00 542 1.48 1.82 0.77 15-11-21 540 -2 0% 397 -145 -27%
29 Sigachi Industries 10 01-11-21 125.00 163 79.86 163.23 68.94 15-11-21 575 412 253% 337 174 107%
28 PB Fintech 2 01-11-21 5,709.72 980 28.97 8.02 2.65 15-11-21 1,150 170 17% 796 -184 -19%
27 Fino Payments Bank 10 29-10-21 1,200.00 577 1.64 0.15 3.78 12-11-21 548 -29 -5% 392 -185 -32%
26 FSN E-Commerce Ventures 1 28-10-21 5,350.00 1,125 92.29 110.16 10.28 10-11-21 2,001 876 78% 1,651 526 47%
25 Aditya Birla Sun Life AMC 5 29-09-21 2,768.00 712 10.30 2.71 2.36 11-10-21 712 0 0% 520 -192 -27%
IPO Updates
Face Issue Subscription- No. of Listing Current Current

Issue Issue size Listing Gain Price as on
Sr Value Opening Price times Listing Price Gain
Name
No. Date 31-01-2022
Date
(BSE)
(`) (` Cr) (`) QIB~ NII Retail (`) (`) (%) (`) %
24 Paras Defence and Space Technologies 10 21-09-21 171.00 175 181.90 954.88 100.80 01-10-21 475 300 171% 712 537 307%
23 Sansera Engineering 2 14-09-21 1,282.52 744 26.47 11.12 2.34 24-09-21 811 67 9% 745 1 0%
22 Vijaya Diagnostic Centres 1 01-09-21 1,894.26 531 13.07 0.87 0.70 14-09-21 542 11 2% 516 -15 -3%
21 Ami Organics Ltd 10 01-09-21 569.64 610 85.12 155.42 11.30 14-09-21 902 292 48% 989 379 62%
20 Chemplast Sanmar 5 10-08-21 3,850.00 541 2.75 1.02 1.64 24-08-21 525 -16 -3% 553 12 2%
19 Aptus Value Housing Finance India 2 10-08-21 2,790.17 353 32.39 32.71 1.04 24-08-21 330 -23 -7% 359 6 2%
18 Cartrade Tech 10 09-08-21 2,998.51 1,618 35.32 39.85 2.30 20-08-21 1,600 -18 -1% 724 -894 -55%
17 Nuvoco Vistas Corporation 10 09-08-21 5,000.00 570 4.30 0.60 0.53 23-08-21 471 -99 -17% 451 -119 -21%
16 Windlas Biotech 5 04-08-21 405.95 460 23.77 14.80 20.59 16-08-21 439 -21 -5% 261 -199 -43%
15 Exxaro Tiles 10 04-08-21 161.00 120 17.64 4.56 32.20 16-08-21 126 6 5% 132 12 10%
14 Krsnaa Diagnostics 5 04-08-21 1,222.34 954 49.72 114.47 37.15 16-08-21 1,025 71 7% 661 -293 -31%
13 Devyani Internatinal 1 04-08-21 1,858.47 90 95.09 212.03 34.00 16-08-21 141 51 57% 168 78 87%
12 Rolex Rings 10 28-07-21 731.10 900 143.12 355.67 21.67 09-08-21 1,249 349 39% 1,208 308 34%
11 Glenmark Life Sciences 2 27-07-21 1,513.60 720 37.12 124.82 12.98 06-08-21 751 31 4% 575 -145 -20%
10 Tatva Chintan Pharma Chem 10 16-07-21 500.00 1,083 188.87 503.11 31.37 29-07-21 2,112 1,029 95% 2,444 1,361 126%
9 Zomato 1 14-07-21 9,375.00 76 54.76 34.44 6.34 23-07-21 115 39 51% 90 14 19%
8 G R Infraprojects 5 07-07-21 962.33 837 168.77 236.95 11.11 19-07-21 1,700 863 103% 1,912 1,075 128%
7 Clean Science and Technology 1 07-07-21 1,546.62 900 65.42 206.03 8.09 19-07-21 1,784 884 98% 2,227 1,327 147%
6 India Pesticides 1 23-06-21 800.00 296 43.67 52.96 9.66 05-07-21 360 64 22% 302 6 2%
5 Dodla Dairy 10 16-06-21 520.18 428 84.67 73.33 9.70 28-06-21 528 100 23% 523 95 22%
4 Krishna Institute Of Medical Sciences 10 16-06-21 2,143.74 825 5.26 1.81 2.13 28-06-21 1,009 184 22% 1,344 519 63%
3 Sona BLW Precision Forgings 10 14-06-21 5,550.00 291 3.53 0.36 1.21 24-06-21 302 11 4% 642 351 121%
2 Shyam Metalics & Energy 10 14-06-21 908.80 306 157.07 334.48 10.00 24-06-21 367 61 20% 327 21 7%
1 Macrotech Developers 10 07-04-21 2,500.00 486 3.06 1.02 0.24 19-04-21 439 -47 -10% 1,295 809 166%
FY 20-21
30 Barbeque-Nation Hospitality 5 24-03-21 452.87 500 5.11 3.06 9.22 07-04-21 492 -8 -2% 1,385 885 177%
29 Suryoday Small Finance Bank 10 17-03-21 580.84 305 2.18 1.18 2.35 26-03-21 293 -12 -4% 139 -166 -54%
28 Nazara Technologies 4 17-03-21 582.69 1,101 103.93 387.66 67.76 30-03-21 1,971 870 79% 2,123 1,022 93%
27 Kalyan Jewellers India 10 16-03-21 1,174.82 87 2.87 1.35 2.18 26-03-21 74 -13 -15% 67 -20 -23%
26 Craftsman Automation 5 15-03-21 823.70 1,490 5.36 2.28 2.73 25-03-21 1,350 -140 -9% 2,045 555 37%
25 Laxmi Organic Industries 2 15-03-21 600.00 130 176.73 218.79 18.03 25-03-21 156 26 20% 436 306 236%
24 Anupam Rasayan India 10 12-03-21 760.00 555 65.97 97.70 9.42 24-03-21 535 -20 -4% 960 405 73%
23 Easy Trip Planners 2 08-03-21 510.00 187 78.07 383.34 62.95 19-03-21 206 19 10% 555 368 197%
22 MTAR Technologies 10 03-03-21 596.41 575 165.10 643.47 25.30 15-03-21 1,064 489 85% 2,165 1,590 277%
21 Heranba Industries 10 23-02-21 625.24 627 67.45 266.77 10.52 05-03-21 900 273 44% 716 89 14%
20 Railtel Corp Of India 10 16-02-21 819.24 94 65.09 72.48 14.76 26-02-21 105 11 11% 116 22 23%
19 Nureca 10 15-02-21 100.00 400 3.12 30.19 140.53 25-02-21 635 235 59% 1,742 1,342 335%
18 Stove Kraft 10 25-01-21 412.63 385 8.01 31.64 21.05 05-02-21 467 82 21% 859 474 123%
17 Home First Finance Co(India) 2 21-01-21 1,153.72 518 53.11 37.68 5.76 03-02-21 612 94 18% 753 235 45%
16 Indigo Paints 10 20-01-21 1,169.12 1,490 189.75 261.93 13.74 02-02-21 2,608 1,118 75% 2,023 533 36%
15 Indian Railway Finance Corp 10 18-01-21 4,633.38 26 3.86 2.34 2.88 29-01-21 25 -1 -4% 23 -3 -10%
14 Antony Waste Handling Cell 5 21-12-20 299.99 315 9.65 18.49 13.72 01-01-21 430 115 37% 321 6 2%
13 Mrs Bectors Food Specialities 10 15-12-20 540.54 288 177.92 619.66 25.44 24-12-20 501 213 74% 366 78 27%
12 Burger King India 10 02-12-20 810.00 60 86.45 355.48 56.92 14-12-20 115 55 92% 134 74 123%
11 Gland Pharma 1 09-11-20 6,479.55 1,500 6.40 0.49 0.19 20-11-20 1,701 201 13% 3,427 1,927 128%
10 Equitas Small Finance Bank 10 20-10-20 517.60 33 3.87 0.16 1.53 02-11-20 31 -2 -6% 55 22 67%
9 Likhitha Infrastructure 10 29-09-20 61.20 120 21.00 1.45 19.48 15-10-20 130 10 8% 349 229 191%
8 UTI Asset Management Co 10 29-09-20 2,159.88 554 3.40 0.58 1.97 12-10-20 490 -64 -12% 898 344 62%
7 Mazagon Dock Shipbuilders 10 29-09-20 443.69 145 89.87 64.25 7.15 12-10-20 216 71 49% 271 126 87%
6 Angel One 10 22-09-20 600.00 306 5.75 0.51 3.36 05-10-20 275 -31 -10% 1,393 1,087 355%
5 Computer Age Management Services 10 21-09-20 2,243.12 1,230 73.25 111.31 4.85 01-10-20 1,518 288 23% 2,698 1,468 119%
4 Chemcon Speciality Chemicals 10 21-09-20 318.00 340 109.49 445.91 35.79 01-10-20 731 391 115% 342 2 1%
3 Route Mobile 10 09-09-20 600.00 350 91.69 193.78 11.54 21-09-20 708 358 102% 1,796 1,446 413%
2 Happiest Minds Technologies 2 07-09-20 702.02 166 78.40 348.43 60.30 17-09-20 351 185 111% 1,151 985 593%
1 Rossari Biotech 2 13-07-20 496.25 425 85.26 236.79 6.20 23-07-20 670 245 58% 1,196 771 181%
Lead Managed by Axis Capital

Subscription - No of Times after Technical Rejection, QIB figures excluded Anchor Subscription
IPO Updates
Current / On-going IPOs

Issue Issue Category
Sl. Issue Closing Price Band
Company Size Opening Allocation Lead Managers
No Date (`)
(` Cr) Date QIB:HNI:Ret
Vedant Fashions 3,149 04-02-2022 08-02-2022 824 - 866 50:15:35 Axis Capital and others
1
Offer for Sale of upto 36,364, 838 Equity Shares by Selling Shareholder
Issues Where SEBI Observations Received & Still Valid

Promo-
Est. Issue Category
Sl. Issue Date of SEBI ter & Dilution
Company Date of Filing Size Allocation Lead Managers
No Type Approval Pr. Gr %
Holding (` Cr) QIB:HNI:Ret
Fresh + Kotak Mahindra Capital,
Delhivery 02-11-2021 13-01-2022 NA - 6, 250 75:15:10
OFS Morgan Stanley, BofA
1
Securities, Citigroup
Fresh Issue of Equity Shares aggregating upto ₹ 6,250 Cr; Pre-IPO placement of ₹ 1,250 Cr.
Global, JM Financial
Veranda
Systematix Corporate
Learning Fresh 11-11-2021 11-01-2022 97.71% - 200 75:15:10
2 Services
Solutions
Fresh Issue of Equity Shares aggregating upto ₹ 200 Cr; Pre IPO Placement of ₹ 50 Cr.
Radiant Cash Fresh + IIFL Securities, Motilal
11-10-2021 11-01-2022 62.79% - 60^ 50:15:35
3 Management OFS Oswal, Yes Securities
Fresh Issue of Equity Shares aggregating upto ₹ 60 Cr and Offer for Sale of 30,125,000 Equity Shares by Selling Shareholder
Five Star
Business OFS 10-11-2021 07-01-2022 44.31% - 2,751.95 50:15:35 ICICI Securities, Edelweiss
4 Finance Securities Kotak Mahindra
Capital, Nomura
Offer of Sale of Equity Shares aggregating upto ₹ 2,751.95
Waaree Fresh +
28-09-2021 03-01-2022 95.74% - 1,350^ 50:15:35 Axis Capital and others
Energies OFS
5
Fresh Issue of Equity Shares aggregating upto ₹ 1,350 Cr and Offer for Sale of upto 4,007,500 Equity Shares by Selling
Shareholder, Reservation for Employee, Pre IPO Placement of ₹ 270 Cr.
GPT Fresh + DAM Capital, SBI Capital
18-10-2021 29-12-2021 99.97% - 17.50^ 50:15:35
6 Healthcare OFS Markets
Fresh Issue of Equity Shares aggregating upto ₹ 17.50 Cr and Offer for Sale of 29,887,486 Equity Shares.
Veeda Clinical Fresh + SBI Capital Markets, ICICI
28-09-2021 21-12-2021 52.42% - 831.61 50:15:35
Research OFS Securities, JM Financial,
7
Fresh Issue of Equity Shares aggregating upto ₹ 331.60 Cr and Offer for Sale of Equity Shares Systematix Corporate
aggregating upto ₹ 500 Cr by Selling Shareholder, Reservation of Employee Services
Kotak Mahindra Capital,
Fresh +
Global Health 30-09-2021 21-12-2021 35.04% - 500^ 50:15:35 Credit Suisse, Jefferies
8 OFS
India, JM Financial
Fresh Issue of Equity Shares aggregating upto ₹ 500 Cr and Offer for Sale of 48,440,000 Equity Shares.
Sahajanand
Fresh +
Medical 28-09-2021 17-12-2021 44.97% - 1,500 75:15:10 Axis Capital and others
OFS
9 Technologies
Fresh Issue of Equity Shares aggregating upto ₹ 410.33 Cr and Offer for Sale of Equity Shares aggregating upto ₹ 1,089.67 by
Selling Shareholder, Pre IPO Placement of ₹ 185 Cr.
Keventer Fresh +
10-08-2021 16-12-2021 93.84% - 350^ 75:15:10 Axis Capital and others
Agro OFS
10
Fresh Issue of Equity Shares aggregating upto ₹ 350 cr and Offer for Share of upto 10,767,664 Equity Shares., Pre IPO Placement
of ₹ 50 Cr., Reservation for Employees
LE Travenues
Fresh +
Technology 13-08-2021 16-12-2021 - - 1,600 75:15:10 Axis Capital and others
OFS
11 (ixigo)
Fresh Issue of Equity Shares aggregating upto ₹ 750 Cr and Offer for Share of Equity Shares aggregating upto ₹ 850 Cr by Selling
Shareholders -Aloke Bajpai, Rajnish Kumar, Saif Partners India IV Ltd, Micromax Informatics Ltd, Reservation for Employees.
Emcure
Fresh +
12 Pharmaceu- 18-08-2021 08-12-2021 81.59% - 1,100^ 50:15:35 Axis Capital and others
OFs
ticals
IPO Updates
Fresh Issue of Equity Shares aggregating upto ₹ 1,100 Cr and Offer for Sale of upto 18,168,356 Equity Shares by Promoter,
Promoter Group Selling Shareholders and Investor Selling Shareholder-BC Investments IV Ltd, Pre IPO Placement of ₹ 200 Cr,
Reservation for Employees.
Sterlite Power
Fresh 17-08-2021 02-12-2021 74.43% - 1,250 75:15:10 Axis Capital and others
13 Transmission
Fresh Issue of Equity Shares aggregating upto ₹ 1,250 Cr, Reservation for Employee, Pre IPO Placement of ₹ 220 Cr
ESDS
Fresh +
Software 03-09-2021 03-12-2021 90.76% - 322^ 50:15:35 Axis Capital and others
OFS
14 Solution
Fresh Issue of Equity Shares aggregating upto ₹ 322 Cr and Offer for Sale of upto 21,525,000 Equity Shares by Selling
Shareholders. Pre IPO Placement of ₹ 60 Cr.
Godavari Fresh +
24-09-2021 26-11-2021 81.06% - 370^ 50:15:35 Equirus Capital, JM Financial
Biorefineries OFS
15
Fresh Issue of Equity Shares aggregating upto ₹ 370 Cr and Offer for Sale of upto 6,558,278 Equity Shares by Selling Shareholder,
Pre IPO Placement of ₹ 100 Cr.
VLCC Health Fresh + ICICI Securities, DAM
14-08-2021 25-11-2021 82.38% - 300^ 75:15:10
Care OFS Capital, IIFL Securities
16
Shareholders-Mukesh Luthra, OIH Mauritius Ltd, Leon International Ltd., Pre IPO Placement of ₹ 100 Cr
India1 Fresh + JM Financial, Edelweiss
07-09-2021 24-11-2021 51.05% - 150^ 75:15:10
Payments OFS Financial, IIFL Securities
17
Shareholders; Pre IPO Placement of ₹ 30 Cr, Reservation for Employees.
ICICI Securities, CLSA, Credit
Healthium Fresh +
06-09-2021 24-11-2021 99.79% - 390^ 50:15:35 Suisse Securities, Nomura
Medtech OFS
18 Financial
Fresh Issue of Equity Shares aggregating upto ₹ 390 Cr and Offer for Sale of upto 39,100,000 Equity Shares by Promoter Selling
Shareholders – Quinag Acquisition (FDI) Ltd and Individual Selling Shareholder.
Gemini
Edibles & OFS 09-08-2021 23-11-2021 68.40% - 2,500 50:15:35 Axis Capital and others
19
Fats India
Offer for Sale of Equity Shares aggregating upto ₹ 2,500 Cr by Selling Shareholders
Electronics
Mart India
Fresh 22-09-2021 22-11-2021 99.99% - 500 50:15:35
(Bajaj Anand Rathi, IIFL Securities,
20
Electronics) JM Financial
Fresh Issue of Equity Shares aggregating upto ₹ 500 Cr
Puranik Fresh +
21-09-2021 18-11-2021 100.00% - 510^ 50:15:35 Elara Capital, Yes Securities
Builders OFS
21
Fresh Issue of Equity Shares aggregating upto ₹ 510 Cr and Offer for Sale of upto 945,000 Equity Shares by Selling Shareholder,
Pre IPO Placement of ₹ 150 Cr, Reservation for Employees.
Prudent
Corporate
OFS 17-08-2021 18-11-2021 56.94% - - 50:15:35 Axis Capital and others
Advisory
22
Services
Offer for Sale of 8,549,340 Equity Shares by Selling Shareholders (8,281,340 equity shares by Wagner Ltd and 268,000 Equity
Shares by Shirish Patel), Reservation for Employee
Tracxn
OFS 17-08-2021 17-11-2021 52.06% - - 75:15:10 IIFL Securities
23 Technologies
Offer for Sale of upto 38,672,208 Equity Shares by Selling Shareholders
Fusion Micro Fresh + ICICI Sec, CLSA India, IIFL
11-08-2021 16-11-2021 85.57% - 600^ 50:15:35
Finance OFS Sec, JM Financial
24
Fresh Issue of Equity Shares aggregating upto ₹ 600 Cr and Offer for Sale of 21,966,841 Equity Shares. Pre IPO Placement of ₹
120 Cr
Inspira
Fresh +
Enterprise 17-08-2021 01-11-2021 100.00% - 800 75:15:10 Axis Capital and others
OFS
25 India
Fresh Issue of Equity Shares aggregating upto ₹ 300 Cr and Offer for Sale of Equity Shares aggregating upto ₹ 500 Cr by Selling
Shareholders, Pre-IPO Placement of ₹ 75 Cr., Reservation for Employee
ESAF Small Fresh +
26-07-2021 20-10-2021 74.43% - 997.78 50:15:35 Axis Capital and others
Finance Bank OFS
26 Fresh issue of Equity Shares aggregating upto ₹ 800 Cr and Offer for sale of Equity Shares aggregating upto ₹197.78 Cr by
Promoters and other Selling Shareholders-PNB Metlife, Bajaj Allinz Life, PI Ventures, Pre IPO Placement of ₹ 300 Cr, Reservation
for Employee
IPO Updates
Penna Cement Fresh
14-05-2021 14-10-2021 98.04% - 1,550 50:15:35 Axis Capital and others
27 Industries + OFS
Fresh Issue aggregating upto ₹ 1,300 Cr and Offer for sale aggregating upto ₹ 250 Cr by Selling Shareholder
Skanray Fresh Motilal Oswal, Nomura,
27-06-2021 08-10-2021 63.76% - 400^ 75:15:10
28 Technologies + OFS ICICI Sec
Fresh Issue of Equity Shares aggregating upto ₹ 400 Cr and Offer for Sale of 14,106,347 Equity Shares
ICICI Sec, BNP Paribas,
One Mobikwik Fresh
12-07-2021 07-10-2021 64.62% - 1,900 75:15:10 Credit Suisse, IIFL Sec,
Systems + OFS
29 Jefferies India
Fresh issue of Equity Shares aggregating upto ₹ 1,500 Cr and Offer for sale of equity shares aggregating upto ₹ 400 Cr. Pre- IPO
placement of ₹ 400 Cr. Reservation of Employee.
Popular VehiclesFresh
& Services + OFS
30
Fresh Issue of Equity Shares aggregating upto ₹ 150 Cr and Offer for sale of 4,266,666 Equity shares by Selling Shareholders.
Reservation of Employe
Paradeep Fresh
16-08-2021 22-09-2021 100.00% - 1,255^ 50:15:35 Axis Capital and others
31 Phosphates + OFS
Fresh Issue of Equity Shares aggregating upto ₹ 1,255 Cr and Offer for Sale of 120,035,800 Equity Shares by Selling Shareholders
Northern Arc Fresh
Capital + OFS
32
Fresh issue of Equity Shares aggregating upto ₹ 300 Cr and Offer for sale of 36,520,585 equity shares. Pre IPO placement of ₹
150 Cr., Reservation of Employee.
Chemspec
OFS 14-07-2021 30-08-2021 100.00% - 700 50:15:35 Axis Capital and others
33 Chemicals
Offer for sale of equity shares aggregating upto ₹ 700 Cr
Go Airlines I-Sec, Citigroup, Morgan
Fresh 14-05-2021 26-08-2021 100.00% - 3,600 75:15:10
34 (India) Stanley
Fresh Issue of Equity Shares aggregating upto ₹ 3,600 Cr
Shri Bajrang
Equirus Capital, SBI Cap
Power and Fresh 13-07-2021 26-08-2021 93.58% - 700 50:15:35
35 Markets
Ispat
Fresh issue of Equity Shares aggregating upto ₹ 700 Cr
Ruchi Soya
FPO 13-06-2021 13-08-2021 98.90% - 4,300 50:15:35 Axis Capital and others
36 Industries
Follow on Offer of Equity Shares aggregating upto ₹ 4,300 Cr. Reservation for Employees.
Fincare Small Fresh
10-05-2021 28-07-2021 78.58% - 1,330 75:15:10 Axis Capital and others
Finance Bank + OFS
37
Fresh Issue aggregating upto ₹ 330 Cr and Offer for Sale aggregating upto ₹ 1,000 Cr by Promoters. Pre IPO Placement of ₹ 200
Cr
Jana Small Fresh
Finance Bank + OFS
38
Fresh Issue aggregating upto ₹ 700 Cr and Offer for Sale of 9,253,659 by Bajaj Allianz, Enam Securities, ICICI Prudential Life,
Vallabh Bhansali and other selling shareholders. Reservation for Employees, Pre-IPO Placement of ₹ 500 Cr.
Utkarsh Small Fresh
04-03-2021 03-06-2021 100.00% - 1,350 75:15;10 I-Sec, IIFL Sec, Kotak
Finance Bank + OFS
39
Fresh Issue aggregating upto ₹ 750 Cr and Offer for Sale aggregating upto ₹ 600 Cr by Promoter Selling Shareholder,
Reservation for Employees, Pre-IPO Placement of ₹ 250 Cr
Arohan
Fresh Edelweiss, I-Sec, Nomura,
Financial 15-02-2021 23-04-2021 34.32% - 850^ 50:15:35
+OFS SBICap
Services
40
Fresh Issue aggregating upto ₹ 850 Cr and Offer for Sale of 27,055,893 Equity Shares by Selling Shareholders (Maj Invest
Financial, Michael & Susan Dell Foundation, Tano India Private Equity Fund II, TR Capital Mauritius and Aavishkaar Goodwell
India Microfinance Development Company II Ltd), Reservation for Employees, Pre-IPO Placement of ₹ 150 Cr.
Seven Islands Fresh
15-02-2021 22-03-2021 99.54% - 600 50:15:35 JM, IIFL Sec
Shipping + OFS
41
Fresh Issue aggregating upto ₹ 400 Cr and Offer for Sale aggregating upto ₹ 200 Cr by Selling Shareholders (FIH Mauritius
Investment Ltd, Thomas Wilfred Pinto and Leena Metylda Pinto), Reservation for Employees.
IPO Updates
Issues Offer Documents Filed & Awaiting SEBI Observations

Promoters Est. Issue Category
Sl. Dilution
Issue Type Date of Filing & Pr. Gr. Size Allocation Lead Managers
No Company (%)
Holdings (₹ Cr) QIB:HNI:Ret
Elara Capita, Monarch
Dharmaj Crop Guard 29-01-2022 100.00% - 216^ 50:15:35
Networth
1
Fresh Issue of Equity Shares aggregating upto ₹ 216 Cr and Offer for Sale of 1,483,000 Equity Shares; Employee Reservation of
Equity Shares,
Imagine Marketing Fresh + Axis Capital and others
27-01-2022 80.10% - 2,000 50:15:35
(“BoAt”) OFS
2
Fresh Issue of Equity Shares aggregating upto ₹ 900 Cr and Offer for Sale of Equity Shares aggregating upto ₹ 1,100 Cr;
Employee Reservation of Equity Shares aggregating upto Rs.1.50 Cr; Pre-IPO Placement of ₹ 180 Cr
Dreamfolk Services OFS 24-01-2022 100.00% 41.75% - 75:15:10 Equirus Capital, Motilal
3 Oswal
Offer for Sale of 21,814,200 Equity Share
Fresh + Emkay Global, Incred
Ethos 24-01-2022 82.32% - 400^ 50:15:35
OFS Capital
4
Fresh Issue of Equity Shares aggregating upto ₹ 400 Cr and Offer for Sale of 1,108,037 Equity Shares; Pre-IPO Placement of ₹ 50
Cr
Fresh + ICICI Limited, Credit
FabIndia 24-01-2022 55.06% - 500^ 50:15:35
OFS Suisse, J.P.Morgan,
5
Fresh Issue of Equity Shares aggregating upto ₹ 500 Cr and Offer for Sale of 25,050,543 Equity Nomura, SBI Capital
Shares; Reservation for Employees; Pre-IPO Placement of ₹ 100 Cr. Markets, Equirus
Fresh + Axis Capital and others
Landmark Cars 19-01-2022 60.24% - 762 50:15:35
OFS
6
Fresh Issue of Equity Shares aggregating upto ₹ 150 Cr and Offer for Sale of of Equity Shares aggregating upto ₹ 612 Cr;
Reservation for Employees; Pre-IPO Placement of ₹ 131 Cr
Course5 Intelligence 12-01-2022 74.27% - 600 75:15:10
OFS
7
Fresh Issue of Equity Shares aggregating upto ₹ 300 Cr and Offer for Sale of Equity Shares aggregating upto ₹ 300 Cr;
Sresta Natural Fresh + Axis Capital and others
11-01-2022 23.97% - 50^ 75:15:10
8 Bioproducts OFS
Fresh + Edelweiss Financial, JM
Sanathan Textiles 10-01-2022 100.00% - 500^ 50:15:35
OFS Financial
9
Fresh Issue of Equity Shares aggregating upto ₹ 500 Cr and Offer for Sale of 11,400,000 Equity
Shares; Pre-IPO Placement of ₹ 100 Cr
Fresh + HDFC Bank, Kotak
Aether Industries 29-12-2021 98.71% - 757^ 50:15:35
OFS Mahindra Capital
10
Fresh Issue of Equity Shares aggregating upto ₹ 757 Cr and Offer for Sale of 2,751,000 Equity Shares; Reservation for Employees;
Pre-IPO Placement of ₹ 131 Cr
Protean eGov ICICI Securities, Equirus
OFS 28-12-2021 - - - 50:15:35
11 Technologies Capital, IIFL Securities,
Offer for sale of 12,080,140 Equity Shares by Selling Shareholders. Nomura Financial
Capillary Fresh + ICICI Securities, Kotak
27-12-2021 98.06% - 850 75:15:10
Technologies OFS Mahindra Capital,
12
Fresh Issue of Equity Shares aggregating upto ₹ 200 Cr and Offer for Sale of Equity Shares Nomura Financial
aggregating upto ₹ 650 Cr; Pre-IPO Placement of ₹ 40 Cr.
Campus Activewear OFS 27-12-2021 78.21% - - 50:15:35 JM Financial, BofA
13 Securities, CLSA India,
Offer for sale of 51,000,000 Equity Shares by Selling Shareholders; Reservation for Employee. Kotak Mahindra Capital
Rainbow Children’s Fresh + Kotak Mahindra Capital,
27-12-2021 63.70% - 280^ 50:15:35
Medicare OFS JP Morgan, IIFL Securities
14
Fresh Issue of Equity Shares aggregating upto ₹ 280 Cr and Offer for Sale of 24,000,900 Equity
Shares; Reservation for Employees.
TBO Tek 25-12-2021 51.26% - 2,100 75:15:10
OFS
15
Fresh Issue of Equity Shares aggregating upto ₹ 900 Cr and Offer for Sale of Equity Shares aggregating upto ₹ 1,200 Cr by Selling
Shareholder.
Venus Pipes and SMC Capital
Fresh 25-12-2021 64.27% - - N.A.
16 Tubes
Fresh Issue of 5,074,100 Equity Shares
IPO Updates

Sl. Dilution
No Company (%)
Kotak Mahindra Capital,
Fresh +
Bharat FIH 24-12-2021 100.00% - 5,003.80 75:15:10Citigroup Global, BNP
OFS
17 Paribas, HSBC Securities
Fresh Issue of Equity Shares aggregating upto ₹ 2,501.90 Cr and Offer for Sale of Equity Shares aggregating upto ₹ 2,501.90 Cr
by Promoter Group Selling Shareholder.
Fresh + Equirus Capital, SBI
Hexagaon Nutrition 24-12-2021 99.44% - 100^ 50:15:35
18 OFS Capital Markets
Fresh Issue of Equity Shares aggregating upto ₹ 100 Cr and Offer for Sale of 30,113,918 Equity Shares
Snapdeal 24-12-2021 99.99% - 1,250^ 75:15:10
OFS
19
Fresh Issue of Equity Shares aggregating upto ₹ 1,250 Cr and Offer for Sale of 30,769,600 Equity Shares. Pre-IPO placement of ₹
250 Cr
Asianet Satelite Fresh + Axis Capital and others
22-12-2021 87.67% - 765 50:15:35
Communications OFS
20
Fresh Issue of Equity Shares aggregating upto ₹ 300 Cr and Offer for Sale of Equity Shares aggregating upto ₹ 465 Cr by
Promoter Group Selling Shareholder.
Syrma SGS Fresh + DAM Capital, ICICI
14-12-2021 62.89% - 926 50:15:35
Technology OFS Securities, IIFL Securities
21
Fresh Issue of Equity Shares aggregating upto ₹ 926 Cr and Offer for Sale of 3,369,360 Equity Shares; Pre IPO Placement of ₹ 80
Cr
Maini Precision Fresh + ICICI Securities, IIFL
14-12-2021 77.13% - 150^ 75:15:10
22 Products OFS Securities
Nandan Terry Fresh 10-12-2021 79.65% - 254.96 50:15:35 Holani Consultants, BOI
23
Fresh Issue of Equity Shares aggregating upto ₹ 254.96 Cr; Pre-IPO of ₹ 40 Cr Merchant Bankers
JK Files &
OFS 09-12-2021 100.00% - 800 50:15:35
Engineering SBI Capital Markets, DAM
24
Offer for Sale of Equity Shares aggregating upto ₹ 800 Cr; Reservation for employees. Capital, HDFC Bank
Fresh +
Jesons Industries 20-11-2021 100.00% - 120^ 50:15:35 Axis Capital and others
OFS
25
Fresh Issue of Equity Shares aggregating upto ₹ 120 Cr and Offer for Sale of 12,157,000 Equity Shares. Employee Reservation of
upto 77,000 Equity shares, Pre-IPO Placement of ₹ 24 Cr.
Fresh +
Elin Electronics 17-11-2021 53.98% - 760 50:15:35 Axis Capital and others
26 OFS
Fresh Issue of Equity Shares aggregating upto ₹ 175 Cr and Offer for Sale of Equity Shares aggregating upto ₹ 585 Cr.
Fresh +
eMudhra 12-11-2021 81.00% - 200^ 50:15:35 IIFL Securities, Yes
OFS
27 Securities, Indorient
Financial
Pre-IPO Placement of ₹ 39 Cr.
Fresh +
Droom Technology 12-11-2021 100.00% 3,000 75:15:10 Axis Capital and others
OFS
28
Fresh Issue of Equity Shares aggregating upto ₹ 2,000 Cr and Offer for Sale of Equity Shares aggregating upto ₹ 1,000 Cr. Pre-IPO
Placement of ₹ 400 Cr.
API Holdings Fresh 10-11-2021 NA - 6, 250 75:15:10 Kotak Mahindra Capital,
Morgan Stanley, BofA
29
Fresh Issue of Equity Shares aggregating upto ₹ 6,250 Cr; Pre-IPO placement of ₹ 1,250 Cr. Securities, Citigroup
Global, JM Financial
Capital Small Finance Fresh +
01-11-2021 23.57% - 450^ 50:15:35 Axis Capital and others
Bank OFS
30
Fresh Issue of Equity Shares aggregating upto ₹ 450 Cr and Offer for Sale of 3,840,087 Equity Shares by Selling Shareholder;
Reservation for Employee, Pre-IPO Placement of ₹ 90 Cr
Wellness Forever Fresh + IIFL Securities, Ambit,
01-10-2021 - 400^ 75:15:10
31 Medicare OFS DAM Capital, HDFC Bank
Fresh Issue of Equity Shares aggregating upto ₹ 400 Cr and Offer for Sale of 16,044,709 Equity Shares by Selling Shareholder
Fresh + ICICI Securities, JM
BVG India 30-09-2021 67.01% - 200^ 50:15:35
OFS Financial, HSBC Securities
32
Fresh Issue of Equity Shares aggregating upto ₹ 200 Cr and Offer for Sale of 7,196,214 Equity Shares by Selling Shareholder. Pre
IPO Placement of ₹ 40 Cr.
Fresh + Kotak, J P Morgan, Citi-
33 Oravel Stays (OYO) 30-09-2021 94.94% - 8,430 75:15:10
OFS group, ICICI Securities,
IPO Updates

Sl. Dilution
No Company (%)
Nomura, JM Financial
Fresh Issue of Equity Shares aggregating upto ₹ 7,000 Cr and Offer for Sale of Equity Shares aggregating upto ₹ 1,430 Cr by
Selling Shareholder. Reservation of Employee, Pre-IPO Placement of ₹ 1,400 Cr
Fresh +
Abans Holding 29-09-2021 97.42% 25.53% - 50:15:35 Aryaman Financial
OFS
34
Fresh Issue of 3,800,000 Equity Shares and Offer for Sale of 9,000,000 Equity Shares by Promoter Selling Shareholder, Pre-IPO
Placement of 250,000 Equity Shares.
Fresh +
Lava International 28-09-2021 89.61% - 500^ 50:15:35 Axis Capital and others
OFS
35
Shareholder, Reservation for Employee, Pre IPO Placement of ₹ 100 Cr.
CMR Green Fresh +
27-09-2021 86.58% - 300^ 75:15:10 Axis Capital and others
Technologies OFS
36
Shareholder, Pre IPO Placement of ₹ 60 Cr
Hariom Pipe
Fresh 20-09-2021 99.10% - - 50:15:35 ITI Limited
37 Industries
Fresh Issue of 8,500,000 Equity Shares
Tamilnadu Fresh +
04-09-2021 - - - 75:15:10 Axis Capital and others
Mercantile Bank OFS
38
Initial public offering of 15,840,000 Equity Shares (Fresh Issue of upto 15,827,495 Equity Shares and Offer for Sale of upto 12,505
Equity Shares by Selling Shareholders).
Infinion Biopharma Fresh 01-09-2021 76.29% 30.10% 75:15:10 Aryaman Financial
39
Fresh Issue of 4,500,000 Equity Shares. Pre-IPO placement of 700,000 Equity Shares.
Aadhar Housing Fresh I-Sec, Citigroup, Nomura,
24-01-2021 98.72% - 7,300 50:15:35
Finance + OFS SBICap
40
Fresh Issue aggregating upto ₹ 1,500 Crore and Offer for sale aggregating upto ₹ 5,800 Crore (BCP Topco VII Pte. Ltd.-The
Promoter Selling Shareholder. (Pre IPO Placement of ₹ 75 Cr)
4
IPO Updates
BRIEF SUMMARY OF CURRENT /ONGOING IPOS

01. Vedant Fashions Limited (Manyavar)
Offer Details: Offer for Sale of upto 36,364, 838 Equity Shares by Selling Shareholder
Promoters: Ravi Modi, Shilpi Modi and Ravi Modi Family Trust (acting thro’ its trustee Modi Fiduciary Services Pvt Ltd)
Date of opening: 04-02-2022 Date of Closing: 08-02-2022 Face value: ₹ 1/-
Approx. Issue Size ( ₹ Cr): - BRLMs: Axis Capital, Edelweiss Financial, ICICI Securities, IIFL
Securities, Kotak Mahindra Capital
Category Allocation: QIB:HNI:Retail: 50:15:35
Company: Vedant Fashions Limited (“VFL”) was incorporated on May 24, 2002. VFL is the largest company in India in the
men’s Indian wedding and celebration wear segment in terms of revenue, OPBDIT and PAT for the Financial Year 2020.
VFL’s ‘Manyavar’ brand is a category leader in the branded Indian wedding and celebration wear market with a pan-
India presence, as of Financial Year 2020. VFL offers a one-stop destination with a wide-spectrum of product offerings for
every celebratory occasion and aim to deliver an aristocratic yet seamless purchase experience to customers.
VFL has their dominance in the premium and value segments of the men’s Indian wedding and celebration wear market
through their brands, Twamev and Manthan, respectively, and in the women’s Indian wedding and celebration wear
market through their brand, Mohey, launched in 2015; and in the women’s Indian wedding and celebration wear market
through their brand, Mohey, launched in 2015. VFL is asset-light in respect of their plant, property and equipment
which enable them to achieve a high return on capital employed, primarily due to the nature of their sourcing and
manufacturing operations, with a substantial majority of their sales being generated through EBOs.
As of September 30, 2021, VFL had a retail footprint of 1.2 msf covering 535 EBOs (including 58 shop-in-shops) spanning
across 212 cities and towns in India, and 11 EBOs overseas across the United States, Canada and the UAE.
Industry: CRISIL estimates the Indian wedding and celebration wear apparel market to grow at a 15% to 17% over
Financial Years 2022 to 2025, with an estimated 9.5 million to 10 million weddings per year. The average expenditure on
Indian weddings ranges from ₹1 million to ₹2 million for a single-day function, with multi-day and multi-event weddings
now an increasing trend in urban India. Consumers are also increasingly prefer ready-to-wear Indian wedding and
celebration wear with the branded celebration wear market expected to grow at 18% to 20% as consumers migrate
towards branded Indian wedding and celebration wear.
BRIEF FINANCIAL DETAILS* (₹ IN CRS)

As at Sep’30 As at March 31,
Particulars
2021(06) 2020(06) 2021(12) 2020(12) 2019(12)
Equity Share Capital 24.24 24.79 24.79 25.05 25.05
Net worth 858.59 939.89 1,090.65 1,065.25 882.01
Revenue from Operations 359.84 71.71 564.82 915.55 800.74
EBITDA 175.95 29.35 281.71 398.77 337.95
Net Profit/Loss for the Period 98.41 (17.65) 132.90 236.64 176.43
EPS (₹) 4.01^ (0.71)^ 5.36 9.45 7.04
RoNW (%) as stated 11.46%^ (1.88)%^ 12.19% 22.21% 20.00%
Net Asset Value (₹) 35.45 37.95 44.03 42.56 35.25
Source: DRHP, *Restated Consolidated, ~Reserve excluding Capital Reserve; ^Not annualised; Net Profit (%) on Total Income.
IPO Updates
ISSUES WHERE SEBI OBSERVATIONS RECEIVED & STILL VALID

01. Delhivery Limited
Offer Details: Fresh Issue of Equity Shares aggregating upto ₹ 5,000 Cr and Offer for Sale of Equity Shares aggregating
upto ₹ 2,460. Reservation for Employee.
Promoters: The company is a professionally managed company and does not have an identifiable promoter.
Date of Filing: 02-11-2021 Date of SEBI Approval: 13-01-2022 Face value: ₹ 1/-
Approx. Issue Size ( ₹ Cr): 7,460 BRLMs: : Kotak Mahindra Capital, Morgan Stanley, BofA Securities,
Citigroup Global
Company: Delhivery Limited is largest and fastest growing fully integrated logistics player in India by revenue as of Fiscal
2021. They provide a full-range of logistics services, including express parcel delivery, heavy goods delivery, part-
truckload freight, truckload freight, warehousing, supply chain solutions, cross border express and freight services and
supply chain software. This is achieved through their high-quality logistics infrastructure and network engineering, a vast
network of domestic and global partners and significant investments in automation, all of which are orchestrated by
their self-developed logistics operating system that is guided in real-time by deep sources of proprietary network and
environmental data.
Industry: The Indian logistics sector had a direct spend of US$216 billion in Fiscal 2020, which is expected to grow to
US$365 billion by Fiscal 2026, driven by strong underlying economic growth, favourable regulatory environment,
improvements in India’s transportation infrastructure and growth of domestic manufacturing and the digital economy.
The industry is fragmented with organized players accounting for approximately 3.5% of the market for road
transportation, warehousing and supply chain services in Fiscal 2020. This is expected to reach 12.5-15.0% in Fiscal 2026,
implying a CAGR of approximately 35% between Fiscal 2020 and Fiscal 2026.

As at Jun’30 As at March 31,
Particulars
2021(03) 2021(12) 2020(12) 2019(12)
Equity Share Capital 1.64 1.63 0.98 0.96
Net worth 4,743.63 2,836.80 3,170.41 3,388.28
Revenue from Operations 1,317.72 3,646.53 2,780.58 1,653.90
EBITDA (36.44) (100.38) (172.05) (137.07)
Adj EBITDA (51.01) (253.28) (253.19) (187.64)
Net Loss for the Period (129.58) (415.74) (268.93) (1783.30)
Net Asset Value (₹) 82.57 54.79 61.51 65.94
Source: DRHP, * Restated Consolidated
IPO Updates
02. Veranda Learning Solutions Limited
Offer Details: Fresh Issue of Equity Shares aggregating upto ₹ 200 Cr; Pre IPI Placement of ₹ 50 Cr.
Promoters: Kalpathi S. Aghoram, Kalpathi S. Ganesh and Kalpathi S. Suresh
Approx. Issue Size ( ₹ Cr): 200 BRLMs: Systematix Corporate Services
Company: Veranda Learning Solutions Limited is engaged in the business of offering diversified and integrated learning
solutions in online, offline hybrid and offline blended formats to students, aspirants, and graduates (collectively
"Students") professionals and corporate employees ("Learners") enrolled with their courses through multitude of career-
defining competitive exams, professional courses, exam-oriented courses, short term up-skilling and reskilling courses.
They provide comprehensive long term and short term preparatory courses in a simple and lucid manner for their
Students preparing for competitive exams.
Industry: Online education in India offers a variety of course categories, including curriculum-based coaching, test
preparatory coaching, higher education degree courses, reskilling and skill enhancement programs, and language and
casual learning. Before the pandemic, online education was mostly preferred by non-traditional students – students who
were working fulltime or raising families, though it was gaining popularity due to wider access to internet and lack of
quality coaching centres in Tier-2/ Tier-3 cities.

Particulars
2021(03)~ 2021(12)~ 2020(12) 2019(12)#
Net worth (3.68) (0.06) (0.29) (0.10)
Revenue from Operations 4.87 2.54 - -
EBITDA (4.57) (7.63) (0.20) (0.10)
Net Profit/Loss for the Period (5.15) (8.28) (0.20) (0.10)
Net Asset Value (₹) (1.31) (0.02) (732.50) (242.50)
Source: DRHP, * Restated Statement.~ Consolidated, # Proforma, Equity Shares outstanding prior to the Offer is ₹ 37.60 Cr
IPO Updates
03. Radiant Cash Management Limited
Offer Details: Fresh Issue of Equity Shares aggregating upto ₹ 60 Cr and Offer for Sale of 30,125,000 Equity Shares by
Selling Shareholder.
Promoters: Col. David Devasahayam and Dr. Renuka David
Approx. Issue Size ( ₹ Cr): 60^ BRLMs: IIFL Securities, Motilal Oswal, Yes Securities
Company: Radiant Cash Management Limited is an integrated cash logistics player with leading presence in retail cash
management (“RCM”) segment of the cash management services industry in India and is one of the largest players in the
RCM segment in terms of network locations or touch points served as of July 31, 2021. The Company provides services
across 12,150 pin codes in India covering all districts (other than Lakshadweep) with about 42,420 touch points serving
more than 4,700 locations as of July 31, 2021. Their marquee clients includes some of the largest foreign, private and
public sector banks, and the end user of their services include some of the largest e-commerce companies, retail chains,
NBFCs, insurance firms, ecommerce logistics players, railways and retail petroleum distribution outlets. For the four
months ended July 31, 2021 and Fiscals 2021, 2020 and 2019, the total annual currency movement, or the total value of
the currency passing through their RCM business, amounted to ₹ 368.39 billion, ₹ 912.22 billion, ₹ 1,290.77 billion and ₹
1,131.34 billion. They operates their business across 5 verticals, namely 1) cash pick-up and delivery; 2) network currency
management (also known as cash burial in industry parlance); 3) cash processing; 4) cash vans /cash in transit and 5)
other value added services.
Industry: Cash in Circulation (CIC) is the sum of cash held by banks and currency held by the general public. In the last
decade (FY 11- FY 21), CIC has almost increased 3 folds (at a CAGR of 9.85%), showing a positive growth rate for the
period. A growth in CIC is essential for higher economic activity in the country and augurs well for the companies
engaged in cash management industry. While demonetization had a significant impact on CIC, the release of pentup
demand after re-monetization, wealth redistribution, and lower lending rates, led to a v-shaped recovery of the total
cash in circulation, which has since then almost doubled (in FY 21). As on August 20, 2021, CIC in India stood at a value of
₹ 29.5 trillion. CIC is predicted to reach ₹ 41.5 trillion by FY25, growing at a CAGR of 9.95%.

Particulars
2021(03) 2021(12) 2020(12) 2019(12)
Net worth 109.14 127.10 119.57 105.72
Revenue from Operations 59.54 221.67 248.28 220.92
EBITDA 11.61 49.76 55.77 41.20
Net Profit/Loss for the Period 7.44 32.43 36.50 25.02
EPS (₹) 0.73^ 3.20 3.60 2.47
RoNW (%) as stated 6.82%^ 25.52% 30.53% 23.66%
Net Asset Value (₹) 10.78 12.55 11.80 10.43
Source: DRHP, * Restated Statement. ^ not annualised, Equity Shares outstanding prior to the Offer is ₹ 10.13 Cr
IPO Updates
04. Five Star Business Finance Limited
Offer Details: Offer of Sale of Equity Shares aggregating upto ₹ 2,751.95.
Promoters: Lakshmipathy Deenadayalan, Hema Lakshmipathy, Shritha Lakshmipathy, Matrix Partners India Investment
Holdings II, LLC and SCI Investments V
Approx. Issue Size ( ₹ Cr): 2,751.95 BRLMs: ICICI Securities, Edelweiss Financial, Kotak Mahindra Capital,
Nomura Financial
Company: Five Star Business Finance Limited is an NBFC providing secured business loans to micro-entrepreneurs and
self-employed individuals, each of whom is largely excluded by traditional financing institutions. They are headquartered
in Chennai, Tamil Nadu with a strong presence in south India and all of their loans are secured by their borrowers’
property, predominantly being self–occupied residential property. They have developed a business model that is
predicated on arriving at an appropriate risk framework, with the optimal instalment to income ratio to ensure that their
customers have the necessary means to repay the loan after meeting their regular obligations and other event-based
capital requirements.
Industry: The Company operates in the small business finance industry. Customers in small business finance segment are
generally self-employed non-professionals (carpenter, plumber, vegetable vendor, small shop keepers, etc.) and micro-
entrepreneurs, people who may not have income proofs. Given the lack of income proofs, the underwriting process
typically requires detailed personal discussion with the borrower as well as acquaintances and neighbours to assess the
source of income and pattern of cash inflows and outflows as well as the stability and behavioural aspects of the
customer.

Particulars
2021(06) 2021(12) 2020(12) 2019(12)
Net worth 3,453.31 2,318.17 1,944.58 1,364.89
Revenue from Operations 610.69 1,049.74 786.72 408.91
EBITDA 458.01 813.02 576.30 302.69
EPS – Basic (₹) 7.96^ 14.01 10.32 6.88
RoNW (%) as stated 14.53% 16.85% 15.35% 15.11%
Net Asset Value (₹) 119.02 85.26 71.68 57.11
Source: DRHP, * Restated Statement. ^ not annualised,
IPO Updates
05. Waaree Energies Limited
Offer Details: Fresh Issue of Equity Shares aggregating upto ₹ 1,350 Cr and Offer for Sale of upto 4,007,500 Equity Shares
by Selling Shareholder, Reservation for Employee, Pre IPO Placement of ₹ 270 Cr.
Promoters: Hitesh Chimanlal Doshi, Virenkumar Chimanlal Doshi and Mahavir Thermoequip Pvt Ltd
Approx. Issue Size ( ₹ Cr): 1,350^ BRLMs: Axis Capital, HSBC Securities, ICICI Securities, Intensive Fiscal
Services
Company: Waaree Energies Limited is one of the major players in the solar energy industry in India focused on PV
module manufacturing, with an aggregate installed capacity of 2 GW as of March 31, 2021. Their solar energy product
portfolio consists of the following PV modules: (i) multicrystalline modules; and (ii) monocrystalline modules, comprising
Merlin flexible modules and monocrystalline passivated emitter and rear cell modules, which include bifacial modules
(framed and unframed), building integrated photo voltaic modules. They operate three manufacturing facilities
comprising four factories at Surat, Tumb and Nandigram in Gujarat, India.
Industry: Renewable energy sources are a cleaner source of energy than conventional ones. Renewable energy capacity
additions have seen strong growth over the past 5 years, increasing to approximately 140 GW in Fiscal 2021 from
approximately 31.6 GW in Fiscal 2014. Solar energy potential is the greatest in India amongst all the commercially
available renewable energy sources. CRISIL Research expects 62-64 GW of solar capacity additions over Fiscals 2022 to
2026 and domestic module manufacturers to benefit from a demand potential stemming from various schemes, solar
rooftop and in-house solar project development, along with export potential of 1.8-2.4 GW.

As at March 31,
Particulars
2021 2020# 2019#
Equity Share Capital 197.14 197.14 197.14
Net worth 344.69 297.72 256.42
Revenue from Operations 1,952.78 1,995.78 1,591.04
EBITDA as stated 125.42 117.78 165.36
Net Profit for the Year 48.19 39.02 82.34
EPS (₹) 2.50 2.12 4.18
RoNW (%) as stated 14.28% 14.01% 32.11%
Net Asset Value (₹) 17.48 15.10 13.01
Source: DRHP, * Restated Summary
IPO Updates
06. GPT Healthcare Limited
Offer Details: Fresh Issue of Equity Shares aggregating upto ₹ 17.50 Cr and Offer for Sale of 29,887,486 Equity Shares by
Promoters: GPT Sons Pvt Ltd, Dwarika Prasad Tantia, Dr. Om Tantia and Shree Gopal Tantia
Approx. Issue Size ( ₹ Cr): 17.50^ BRLMs: DAM Capital, SBI Capital Markets
Company: GPT Healthcare Limited is one of the leading regional corporate healthcare companies in Eastern India in
terms of number of beds and hospitals commissioned by them. They operates a chain of mid-sized hospitals under the
“ILS Hospitals” brand and provide integrated healthcare services, with a focus on secondary and tertiary care. As of
September 30, 2021, they operate 4 multi-specialty hospitals, with a total capacity of 556 beds, offering a
comprehensive range of healthcare services across over 35 specialties and super specialties.
Industry: The healthcare delivery market in India is expected to grow at a CAGR of 15%-17% between Fiscal Years 2021
and 2025 and reach ₹ 7.67 trillion in Fiscal Year 2025. The share of treatments (in value terms) by private players is
expected to increase from 58% in Fiscal Year 2021 to nearly 73% in Fiscal Year 2025. North-eastern states have ranked
lower on Niti Ayog health index indicating under penetration of healthcare facilities.

Particulars
2021(03) 2021(12) 2020(12) 2019(12)
Net worth 143.50 132.64 125.60 114.60
EBITDA 25.90 55.10 40.03 39.83
EPS (₹) 2.02^ 2.64 1.37 1.87
RoNW (%) as stated 11.25%^ 15.90% 8.72% 13.05%
Net Asset Value (₹)~ 18.11 16.75 15.87 14.50
Source: DRHP, * Restated Consolidated; ~ As adjusted for the Bonus Issue and outstanding CCPS. ^ not annualised
IPO Updates
07. Veeda Clinical Research Limited
Offer Details: Fresh Issue of Equity Shares aggregating upto ₹ 331.60 Cr and Offer for Sale of Equity Shares aggregating
upto ₹ 500 Cr by Selling Shareholder, Reservation of Employee
Promoters: Basil Pvt Ltd
Approx. Issue Size ( ₹ Cr): 831.60 BRLMs: SBI Capital Markets, ICICI Securities, JM Financial, Systematix
Corporate Services
Company: Veeda Clinical Research Limited is one of the largest independent full service clinical research organization
(“CRO”) in India as of March 31, 2020, on the basis of revenue. With over 16 years of experience, they have partnered
with members of the pharmaceutical fraternity globally, to deliver efficacious clinical research solutions such as
bioavailability and bioequivalence studies, as well as a full suite of clinical trials including pre-clinical, early phase and late
phase clinical trials, together with related services across most aspects of the drug development and drug launch value
chain, across the global markets particularly North America, Europe and Asia.
Industry: CROs are key constituent of drug development process, providing services to pharmaceutical, biotechnology
and medical device companies, governments, academic institutions and research entities. Global CRO market is
projected to reach USD 90.8 Bn by 2026 from USD 63.9 Bn in 2021. Indian CRO market captures about 3% of the global
market share by value, estimated at USD 2 Bn in 2021 and is expected to be the fastest growing market with a CAGR of
about 12% from 2021 to 2026.

As at March 31,
Particulars
2021 2020 2019#
Instruments in the nature of equity 35.23 35.23 35.23
Net worth 169.44 88.00 87.97
Revenue from Operations 195.81 151.27 218.44
EBITDA as stated 66.72 19.39 88.20
Net Profit for the Year 62.97 (0.04) 44.16
EPS (₹) 15.39 (0.01) 12.17
RoNW (%) as stated 37.16% (0.05)% 50.20%
Net Asset Value (₹) 41.41 21.53 24.24
Source: DRHP, * Restated Summary. #Proforma, Equity Shares outstanding prior to the Offer is ₹ 9.26 Cr
IPO Updates
08. Global Health Limited
Promoters: Dr. Naresh Trehan
Approx. Issue Size ( ₹ Cr): 500^ BRLMs: Kotak Mahindra Capital, Credit Suisse, Jefferies India,
JM Financial
Company: Global Health Limited is one of the largest private multi-speciality tertiary care providers operating in the
North and East regions of India, with key specialties of cardiology and cardiac science, neurosciences, oncology, digestive
and hepatobiliary sciences, orthopaedics, liver transplant, and kidney and urology. They were founded by Dr. Naresh
Trehan, a world-renowned cardiovascular and cardiothoracic surgeon, and under the “Medanta” brand, they have a
network of four hospitals currently in operation (Gurugram, Indore, Ranchi and Lucknow), a hospital which is under
construction with an operational outpatient facility (Patna), and one hospital (Noida) planned for development.
Industry: The Indian healthcare delivery industry is estimated to post a healthy 15-17% CAGR between fiscals 2021 and
2025, driven by pent up demand, strong fundamentals, increasing affordability and Ayushman Bharat Yojana. India’s bed
density (bed count per 10,000 population) of 15 beds is below the global median (29 beds, as of 2018) and other
developing countries. Amongst the underpenetrated micro-markets in India, Lucknow and Patna had an estimated total
of 978 and 455 beds, respectively, in key private hospitals for a population of approximately 2.8 million and 1.7 million,
respectively.

As at March 31,
Particulars
2021 2020 2019#
Net worth 1,382.34 1,349.54 1,295.50
EBITDA as stated 222.85 230.45 217.90
EPS (₹) 1.15 1.45 2.06
RoNW (%) as stated 2.08% 2.69% 3.96%
Net Asset Value (₹) 55.76 54.70 52.73
Source: DRHP, * Restated Summary. #Proforma, Equity Shares outstanding prior to the Offer is ₹ 9.26 Cr
IPO Updates
09. Sahjanand Medical Technologies Limited
Offer Details: Fresh Issue of Equity Shares aggregating upto ₹ 410.33 Cr and Offer for Sale of Equity Shares aggregating
upto ₹ 1,089.67 by Selling Shareholder, Pre IPO Placement of ₹ 185 Cr.
Promoters: Bhargav Dhirajlal Kotadia and Shree Hari Trust
Approx. Issue Size ( ₹ Cr): 1,500 BRLMs: Axis Capital, BofA Securities, Edelweiss Financial, UBS Securities
Company: Sahajanand Medical Technologies Limited is a leading medical devices company that researches, designs,
develops, manufactures and markets vascular devices globally. They differentiate their product offering by providing
customers with high quality products at market appropriate prices supported by strong clinical data. They have a leading
market share of 21%, 25% and 31% in Fiscals 2019, 2020 and 2021, respectively, of the total DES sales volume in India.
They are among the Top-5 companies in terms of market share (by sales volume of DES) in each of Germany,
Netherlands, Italy and Poland, as of March 31, 2021
Industry: Global prevalence of cardiovascular diseases almost doubled from 27.1 crore in 1990 to 52.3 crore in 2019.
Growing disease prevalence combined with heightened awareness, diagnosis and treatment, has triggered the growth of
the global vascular device market, which is expected to reach USD 23.0 billion by 2026. The global vascular devices
market can be segmented into interventional cardiology, structural heart and peripheral vascular on the basis of therapy
areas.

As at March 31,
Particulars
2021 2020# 2019#
Net worth 343.33 414.60 390.19
Adj. EBITDA as stated 47.80 55.73 54.65
Net Profit for the Year (72.34) 25.44 33.43
EPS – Basic (₹) (8.13) 2.76 4.00
RoNW (%) as stated (21.06)% 5.92% 8.57%
Net Asset Value (₹) 38.62 46.64 46.63
Source: DRHP, * Restated Consolidated. As per the Board Resolution the company has approved and issue 4,200,000 Equity Shares to the SMT ESOP Trust prior to the filing of
RHP.
IPO Updates
10. Keventer Agro Limited
Offer Details: Fresh Issue of Equity Shares aggregating upto ₹ 350 Cr and Offer for Share of upto 10,767,664 Equity
Shares., Pre IPO Placement of ₹ 50 Cr., Reservation for Employees.
Promoters: Mayank Jalan, Keventer Global Pvt Ltd, MKJ Developers Ltd, Edward Keventer Pvt Ltd, Keventer Capital Ltd,
Sarvesh Housing Projects Pvt Ltd and Speedage Trade Ltd
Approx. Issue Size ( ₹ Cr): 350^ BRLMs: Axis Capital, ICICI Securities, JM Financial
Company: Keventer Agro Limited is a leading fast-moving consumer goods (“FMCG”) company headquartered out of
Kolkata with interests in packaged, dairy and fresh food products. Their comprehensive range of products span across
various brands and categories with more than 90 SKUs as of March 31, 2021, and a presence across the value chain in
fresh, frozen and ambient long shelf life food product categories. Their products cater to ‘needs’ and the ‘wants’ of their
consumers by satisfying their daily nutrition needs and delighting them with their range of indulgent and “on-the-go”
products. Their “ready-to- eat” and “ready-to-cook” products facilitate ease of cooking for their consumers.
Industry: The Fast-Moving Consumer Goods (FMCG) Industry is currently the fourth largest contributor to the Indian
economy. In FY20, the FMCG market in India was estimated at ₹ 6.75 lakh crores expected to reach ₹ 11.20 lakh crores
by Fiscal 2025. At an aggregate level, the FMCG market is expected to grow at a CAGR of 11% in the period Fiscal 2020
and Fiscal 2025. Packaged food segment forms major share of the FMCG market in India. The Eastern and the North
Eastern Region of India contribute approximately ~11.5% of the total FMCG Market share in Fiscal 2020. The
contribution of various subsegments within FMCG, mirrors the national trend. However, Eastern and North Eastern
regions is expected to grow at a faster rate than the overall market and contribute ~12.75% of total FMCG market by the
Fiscal 2025.

As at March 31,
Particulars
2021 2020
Equity Share Capital 13.11 13.11
Net worth 96.10 173.14
Adj. Net worth 327.32 336.54
Revenue from Operations 830.20 945.11
EBITDA (20.86) 52.27
Profit/Loss Before Tax (78.81) 1.68
Net Profit/Loss for the Year (76.18) 3.42
EPS-Basic (₹) (29.05) 1.30
EPS-Diluted (₹) (29.05) (0.87)
RoNW (%) as stated (79.27)% 1.97%
Net Asset Value (₹) 38.69 68.07
Source: DRHP, * Unconsolidated Financial Statement
IPO Updates
11. LE Travenues Technology Limited (ixigo)
Offer Details: Fresh Issue of Equity Shares aggregating upto ₹ 750 Cr and Offer for Share of Equity Shares aggregating upto ₹
850 Cr by Selling Shareholders -Aloke Bajpai, Rajnish Kumar, Saif Partners India IV Ltd, Micromax Informatics Ltd, Reservation
for Employees
Promoters: The company is a professionally managed company and does not have an identifiable promoter
Approx. Issue Size ( ₹ Cr): 1,600 BRLMs: Axis Capital, ICICI Securities, Kotak Mahindra Capital, Nomura
Financial
Company: Le Travenues Technology Limited is a technology company focused on empowering Indian travelers to plan,
book and manage their trips across rail, air, buses and hotels. They assist travelers in making smarter travel decisions by
leveraging AI, machine learning and data science led innovations on their OTA platforms, comprising their websites and
mobile applications. Travelers can book train, flight and bus tickets, hotels and cabs, while accessing utility tools and
services including train PNR status and confirmation predictions, train seat availability alerts, train running status
updates and delay predictions, bus running status, personalized recommendations, instant fare alerts and automated
customer support services.
Industry: The total Indian travel market grew at a CAGR of 10% reaching ₹ 3.90 trillion in 2020 when the travel industry
was impacted by COVID-19. This market size is expected to grow by 7% and reach ₹ 5.01 trillion by 2024. The 'next billion
users' travel market accounts for 90% of the train and bus segments each, 50% of the flights segment and 55% of the
hotels segment in 2020. This weighs in at over 62% of the overall travel market and amounts to ₹ 2,430 billion in 2020.

As at March 31,
Particulars
2021 2020 2019#
Instruments entirely equity in nature 232.57 - -
Net worth 29.94 (225.05) (199.38)
EBITDA as stated 6.14 (23.10) (51.71)
Adj. EBITDA as stated 8.21 (3.66) (38.99)
Net Profit/Loss for the Year 7.53 (26.61) (57.35)
EPS - Basic (₹)~ 99.25 (367.88) (793.12)
Net Asset Value (₹)~ 413.56 (3,111.07) (2,757.23)
Source: DRHP, * Restated Consolidated # Proforma, ~ EPS ( Nominal Value per Share – ₹ 1/-) and Net Asset Value as stated. Equity share capital before the offer is ₹36.84 Cr
IPO Updates
12. Emcure Pharmaceuticals Limited
Offer Details: Fresh Issue of Equity Shares aggregating upto ₹ 1,100 Cr and Offer for Sale of upto 18,168,356 Equity Shares
by Promoter, Promoter Group Selling Shareholders and Investor Selling Shareholder-BC Investments IV Ltd, Pre IPO Placement
of ₹ 200 Cr, Reservation for Employees.
Promoters: Satish Mehta and Sunil Mehta
Approx. Issue Size ( ₹ Cr): 1,100^ GCBRLMs: Axis Capital, BofA Securities, Credit Suisse Sec, JM Financial
Category Allocation: QIB:HNI:Retail: 50:15:35 BRLMs: BOB Capital
Company: Emcure Pharmaceuticals Limited is one of the leading Indian pharmaceutical companies engaged in
developing, manufacturing and globally marketing a broad range of pharmaceutical products across several major
therapeutic areas. They were ranked as (i) the 12 th largest pharmaceutical company in India and (ii) the largest
pharmaceutical company in India in the gynecology, blood related and HIV antivirals therapeutic areas, based on sales in
India in the financial year 2021. They are an R&D driven company with a differentiated product portfolio that includes
orals, injectables and biologics, as well as an mRNA platform through which they are currently developing a COVID-19
vaccine that has enabled them to reach a range of target markets across over 70 countries with a strong presence in
Europe and Canada.
Industry: The global pharmaceutical market has grown at a CAGR of around 4.5% to 5% from approximately US$1,090
billion in the calendar year 2016 to approximately US$1,270 billion in the calendar year 2020. It is expected to sustain
this growth over the next five years to reach approximately US$1,650 to US$1,700 billion in the calendar year 2026. New
product launches, widespread population aging and sedentary lifestyles leading to increased chronic disease prevalence,
technological advances, new methods for drug discovery, and an increase in pharmaceutical drug usage have been some
of the key growth drivers for the industry.

As at March 31,
Particulars
2021 2020 2019
Net worth 2,273.02 1,911.95 1,829.26
EBITDA as stated 1,178.77 682.77 858.77
Adj. EBITDA as stated 1,267.36 786.25 882.23
Profit/Loss before Tax 657.33 105.34 322.64
Net Profit/Loss for the Year 418.59 100.61 202.97
EPS (₹) 21.68 4.62 10.47
RoNW (%) as stated 17.25% 4.37% 10.35%
Net Asset Value (₹) 125.68 105.72 101.15
IPO Updates
13. ESDS Software Solution Limited
Offer Details: Fresh Issue of Equity Shares aggregating upto ₹ 322 Cr and Offer for Sale of upto 21,525,000 Equity Shares
by Selling Shareholders. Pre IPO Placement of ₹ 60 Cr.
Promoters: Piyush Prakashchandra Somani
Approx. Issue Size ( ₹ Cr): 322^ BRLMs: Axis Capital, IIFL Securities
Company: ESDS Software Solutions Limited is amongst India’s leading managed cloud service and end to end multi-cloud
requirements provider. They have built a comprehensive cloud platform which their customers rely on, consisting of
cloud infrastructure, well-architected solutions aimed at reducing cost and providing safety, flexibility, scalability and
reliability to enterprises compared with the traditional on-premise IT models. As part of their portfolio, they offers (i)
cloud computing infrastructure as a service (IaaS) which includes their patented vertically auto scalable cloud technology
platform and (ii) software as a service (SaaS) and managed services.
Industry: Indian cloud services market has grown at a CAGR of 27.8% during Fiscal 2015 to 2020 and is expected to grow
at a CAGR of 34.7%, from ₹ 284.4 billion in Fiscal 2020 to ₹ 1,261.7 billion in Fiscal 2025. The cloud services market in
India was undergoing a cloud transition phase, which got accelerated by the perpetuation of the pandemic in 2020. The
third wave of IT adoption led by cloud computing has allowed firms to transform backend operations, resulting in
enhanced value proposition for the customers. In India, the industry has gained momentum with over 200 data centers.
The global SaaS market is expected to grow multifold in next few years owing to increased awareness among enterprises
for its usage, advancement in technologies etc.

As at March 31,
Particulars
2021 2020 2019
Net worth 180.55 144.85 103.89
EPS - Basic (₹) 1.03 0.04 2.49
EPS - Diluted (₹) 0.96 0.04 2.39
RoNW (%) as stated 2.99% 0.14% 12.53%
Net Asset Value (₹) 34.57 27.74 19.89
Source: DRHP, * Restated Consolidated, Equity Shares outstanding prior to offer (post conversion of the Preference Shares and CCDs) ₹ 8.46 Cr
IPO Updates
14. Sterlite Power Transmission Limited
Offer Details: Fresh Issue of Equity Shares aggregating upto ₹ 1,250 Cr, Reservation for Employee, Pre IPO Placement of ₹
220 Cr
Promoters: Twin Star Overseas Limited and Anil Agarwal
Approx. Issue Size ( ₹ Cr): 1,250 BRLMs: Axis Capital, ICICI Securities, JM Financial
Company: Sterlite Power Transmission Limited has two business lines: Global Infrastructure and Solutions. Their Global
Infrastructure business line bids for, designs, constructs, owns and operates power transmission assets and currently has
operations in India and Brazil. Their Solutions business line consists of the products sub-segment, which manufactures
and supplies a wide range of products including high performance power conductors, optical ground wire and extra-high
voltage cables; and the Master System Integration subsegment, which provides solutions for the upgrade, uprate and
fiberization of existing transmission infrastructure projects. They also operate the Convergence business line, which
leverages existing power utility infrastructure for telecommunications purposes by building optical fibre infrastructure
on top of existing utilities networks.
Industry: The power sector in India is governed by central and state regulatory agencies including the CERC, the CEA and
the state electricity regulatory commissions. Robust generation capacity addition over the years and government’s focus
on 100% rural electrification through last mile connectivity has led to extensive expansion of the transmission and
distribution system across the country. The total length of domestic transmission lines rose from 3,39,737 ckm in fiscal
2016 to 4,41,821 ckm in fiscal 2021. Brazil’s power sector is set to see robust growth over the coming decade, in which
Fitch forecasts total electricity capacity will increase from 181.6GW in year-end 2020 to 238.5GW in 2030. Subsequently,
electricity generation will reach 785TWh in 2030—up from 601TWh in 2020.

As at March 31,
Particulars
2021 2020 2019
Net worth 1,097.24 64.04 (675.68)
Adj. EBITDA as stated 1,793.22 2,405.63 459.63
Profit/Loss before Tax 1,159.78 1,338.28 (483.67)
Net Profit/Loss for the Year 870.12 942.97 (524.80)
EPS (₹) 142.22 154.13 (85.78)
RoNW (%) as stated 68.42% 234.64% 97.00%
Net Asset Value (₹) 207.85 65.69 (88.43)
Source: DRHP, * Restated Consolidated,
IPO Updates
15. Godavari Biorefineries Ltd
by Selling Shareholder, Pre IPO Placement of ₹ 100 Cr.
Promoters: Samir Shantilal Somaiya and Somaiya Agencies Pvt Ltd
Approx. Issue Size ( ₹ Cr): 370^ BRLMs: Equirus Capital, JM Financial
Company: Godawari Biorefineries Limited is one of the largest producers of ethanol and a pioneer in manufacturing
ethanol-based chemicals in India. Their diversified product portfolio comprises of bio-based chemicals, sugar, rectified
spirits, ethanol, other grades of alcohol and power, They are the only company in India to have such a vast portfolio of
bio-based products and are also the largest manufacturer of MPO worldwide, one of only 2 manufacturers of natural 1,3
butylene glycol globally, the 4th largest manufacturer of ethyl acetate in India, and the only company in India to produces
bio ethyl acetate
Industry: The bio-based chemicals market has been growing exponentially owing to the increasing need for
environmentally sustainable solutions and the market for bio-based chemicals in 2020 was valued at USD 72 billion
growing at a CAGR of 10-12%. The global ethyl acetate market is expected to grow at a CAGR of more than 4.5% over the
next decade in terms of volume. Further, the global ethanol market was valued at USD 93.7 Bn in 2020 with a steady
growth rate in past of CAGR ~6.5% since 2015, while the Indian ethanol market is projected to grow from USD 3.6 Bn in
2020 to USD 8.9 Bn by 2025, exhibiting a CAGR of 19.8% during 2020-2025.

As at March 31,
Particulars
2021 2020 2019
Net worth 213.49 186.70 117.37
EBITDA as stated 165.83 116.98 146.16
EPS (₹) 6.47 1.00 1.46
RoNW (%) as stated 12.72% 2.18% 4.71%
Net Asset Value (₹) 50.90 45.89 30.89
Source: DRHP, * Restated Consolidated.
IPO Updates
16. VLCC Health Care Limited
by Selling Shareholders-Mukesh Luthra, OIH Mauritius Ltd, Leon International Ltd., Pre IPO Placement of ₹ 100 Cr
Promoters: Vandana Luthra and Mukesh Luthra
Approx. Issue Size ( ₹ Cr): 300^ BRLMs: ICICI Securities, DAM Capital, IIFL Securities
Company: VLCC Health Care Limited operates VLCC branded Wellness & Beauty clinics, and VLCC branded institutes for
skill development in beauty and nutrition, as well as manufacture and sell VLCC branded personal care products. The
company was among the first multi-outlet corporate operations in the Wellness & Beauty Industry, which was at the
time mostly composed of individually operated, small scale businesses. Since inception, the Company’s mission has been
to transform lives by making Wellness & Beauty accessible to women and men. In over 30 years of operation, the VLCC
brand has grown to become synonymous with Wellness & Beauty in Indian households.
Industry: The Company operates in the Wellness & Beauty industry. There is a huge opportunity in the fast-growing
wellness sector, which in the post-COVID-19 era will become even more relevant for consumers of all ages, given the
heightened awareness towards proactive and preventive healthcare and wellness. The pandemic has also led to digital
health and wellness as a new emerging global theme, with customer’s also actively consuming wellness and health
related options available on-line. There is immense potential of new opportunities as spending on health and wellness
has become a necessity rather than discretionary making business highly scalable.

As at March 31,
Particulars
2021 2020 2019
Net worth 70.97 66.10 73.22
EBITDA as stated 150.12 147.89 123.30
Profit/Loss before Tax 5.14 (16.53) (53.25)
EPS -Basic (₹) 1.63 (4.09) (12.93)
RoNW (%) as stated 8.6% (23.3)% (66.5)%
Net Asset Value (₹) 18.84 17.55 19.44
IPO Updates
17. India1 Payments Limited
by Selling Shareholders; Pre IPO Placement of ₹ 30 Cr, Reservation for Employees.
Promoters: David Scott Glen, The Banktech Group and BTI Payments Singapore.
Approx. Issue Size ( ₹ Cr): 150^ BRLMs: JM Financial, Edelweiss Financial, IIFL Securities
Company: India1 Payments Limited is the largest independent non-bank ATM operator in India, based on the number of
ATM transactions in Fiscal 2021 and installed base as of March 31, 2021. As of June 30, 2021, they operated a network of
8,520 ATMs across 14 states and union territories in India, which they brand as “india1ATM”. Their ATM business is
focused on semi urban regions and rural regions in India, where 7,619 ATMs (89.42% of their ATMs) were located as of
June 30, 2021.
Industry: As of March 31, 2021, the total number of ATMs deployed in India was 238,588 (excluding cash recyclers), and
the number of installed ATMs has grown at a CAGR of 2.4% between Fiscal 2016 to Fiscal 2021. CRISIL Research projects
the number of ATMs installed in India to reach approximately 296,000 by March 2026, translating into net addition of
approximately 57,000 deployments over a 5-year period ending Fiscal 2026. Most of these new deployments are
expected by CRISIL Research to take place in the SURU regions.

As at March 31,
Particulars
2021 2020# 2019#
Instruments entirely equity in nature 4.94 3.84 1.25
Net worth 196.32 148.55 49.56
EBITDA as stated 145.52 111.35 87.94
EPS- Basic (₹) 1.80 (3.17) (13.07)
RoNW (%) as stated 1.70% (3.95)% (48.79)%
Net Asset Value (₹) 106.13 80.31 26.79
Source: DRHP, * Restated Statement., #Proforma, Equity Shares outstanding prior to the Offer is ₹ 16.21 Cr
IPO Updates
18. Healthium Medtech Limited
by Promoter Selling Shareholders – Quinag Acquisition (FDI) Ltd and Individual Selling Shareholder.
Promoters: Quinag Acquisition (FDI) Ltd.
Approx. Issue Size ( ₹ Cr): 390^ BRLMs: ICICI Securities, CLSA India, Credit Suisse Securities, Nomura
Financial
Company: Healthium Medtech Limited is a global medtech company focused on products used in surgical, post-surgical
and chronic care. Their vision is to deliver access to precision medtech products to every patient globally. They operate
across 3 key markets, India, UK and rest of the world and 4 focus areas, namely, advanced surgery, urology, arthroscopy
and wound care.
Industry: The global market for surgical consumables, arthroscopy and urology is expected to grow at a CAGR of 4.99 %
between 2021 and 2025 and estimated to be USD 28.75 billion in 2025. The demand for surgical consumables and
arthroscopy is based on the volume of inpatient treatment and surgical procedures which are expected to grow at
5.11% CAGR between 2021 and 2025. The market for surgical consumables and arthroscopy in India is estimated to be
USD 455.84 million in 2021 and estimated to grow at a CAGR of 9.60% between 2021 and 2025. The demand for surgical
consumables and arthroscopy is based on the volume of inpatient treatment and surgical procedures which are expected
to grow at 9.83% CAGR between 2021 and 2025. The Indian surgical consumables market is expected to grow at a CAGR
of 15.47% over the next two calendar years, driven by surgery volumes growing at a CAGR of 9.83% (2021- 25). The
urology consumables market in the UK is expected to grow at a CAGR of 4.60% between 2021 and 2025.
As at March 31,
Particulars
2021 2020 2019
Net worth 981.47 918.96 961.64
EPS (₹) 18.47 7.95 2.97
RoNW (%) as stated 8.70% 4.00% 1.43%
Net Asset Value (₹) 211.68 198.75 207.98
Source: DRHP, * Restated Consolidated, Equity Shares outstanding prior to the Offer is ₹ 9.78 Cr
IPO Updates
19. Gemini Edibles & Fats India Limited
Offer Details: Offer for Sale of Equity Shares aggregating upto ₹ 2,500 Cr by Selling Shareholders.
Promoters: Pradeep Chowdhry, Alka Chowdhry, GAIE and GAI
Approx. Issue Size ( ₹ Cr): 2,500 BRLMs: Axis Capital, Credit Suisse, Kotak Mahindra Capital, Nomura
Financial
Company: Gemini Edibles & Fats India Limited is one of the leading and the fastest growing edible oils and fats
companies in India. The company is engaged in the business of manufacturing, distribution and branding of edible oils
and specialty fats in India. They are the market leaders in the sunflower oil category with their ‘Freedom’ brand, in the
states of Telangana, Andhra Pradesh, and Odisha, and hold the 3rd largest market share in the state of Karnataka. They
were ranked 2nd by market share in the sunflower segment of the Refined Oil in Consumer Packs category in India, as of
March 31, 2021.
Industry: The Company operates in the edible oils and fats industry. They are one of the leading and the fastest growing
edible oils and fats companies in India. As of March 31, 2021, in the sunflower segment of the ROCP category, their
market share was 17.6%, ranking them as #2 in India. They were ranked 5th by market share in the branded edible oil
market in India for Fiscal 2020. They are one of the largest players in specialty fats in south India with a 16% market
share in the region.

As at March 31,
Particulars
2021 2020 2019
Net worth 1,624.56 1,055.10 870.07
Profit/Loss Before Tax 765.10 243.66 169.54
EPS (₹) 55.48 18.07 11.78
RoNW (%) as stated 35.1% 17.6% 12.6%
Net Asset Value (₹) 157.92 102.56 84.57
IPO Updates
20. Electronics Mart India Ltd (Bajaj Electronics)
Offer Details: Fresh Issue of Equity Shares aggregating upto ₹ 500 Cr
Promoters: Pavan Kumar Bajaj and Karan Bajaj
Date of Filing:22-09-2021 Date of SEBI Approval: 22-11-2021 Face value: ₹ 10/-
Approx. Issue Size ( ₹ Cr): 500 BRLMs: Anand Rathi Advisors, IIFL Securities, JM Financial
Company: Electronics Mart India Limited is the 4th largest consumer durable and electronics retailer in India and as of
Financial Year 2020. They are the largest player in the Southern region in revenue terms with dominance in the states of
Telangana and Andhra Pradesh. They offer a diversified range of products with includes more than 6,000 SKUs across
product categories like large appliances, mobiles, small appliances, IT and other from more than 70 consumer durable
and electronic brands. As on August 15, 2021, they operated 99 stores with 88 Multi-Brand Outlets (MBOs) and 11
Exclusive Brand Outlets (EBOs) across 31 cities / urban agglomerates with a retail business area of 0.99 million sq. ft.
They are one of the fastest growing consumer durable & electronics retailers in India with revenue CAGR of 25.60% from
Financial Year 2015 to Financial Year 2020. They have consistently demonstrated profitability with a robust operating
performance. They have the highest EBITDA margins in Financial Year 2020 amongst its peers.
Industry: Despite short-term impact, long-term industry growth story remains intact. India’s retail industry clocked a
healthy 9.5% compound annual growth rate between fiscals 2016 and 2020, backed by rising urbanisation,
nuclearisation, increased disposable incomes, and improving affordability and consumer sentiment. CRISIL Research
estimates the size of India’s consumer durables industry, including large consumer durables mobile phones, and smaller
appliances, at ~ Rs 2.4 trillion as of Financial Year 2021. The industry recorded ~12% CAGR between fiscal 2015 and 2019
backed by increasing disposable incomes, lower penetration, widening product base, competitive pricing, lowering
replacement cycles, etc. However, the industry recorded a decline of 20% in fiscal 2021 on account of pandemic. The
consumer durables industry has to log an accelerated 13-15% CAGR during fiscals 2021-2026 to reach ₹ 4.5-5 trillion.

As at March 31,
Particulars
2021 2020 2019
Net worth 491.92 433.08 340.50
EBITDA as stated 203.88 227.64 215.99
EPS (₹) 1.95 2.72 2.57
RoNW (%) as stated 11.92% 18.84% 22.64%
Net Asset Value (₹) 16.40 14.44 11.35
IPO Updates
21. Puranik Builders Ltd
Offer Details: Fresh Issue of Equity Shares aggregating upto ₹ 510 Cr and Offer for Sale of upto 945,000 Equity Shares by
Selling Shareholder, Pre IPO Placement of ₹ 150 Cr, Reservation for Employees.
Promoters: Shailesh Puranik, Shrikant Puranik, Yogesh Puranik, Nilesh Puranik, Puranik Business Private Trust and
Puranik Family Private Trust.
Approx. Issue Size ( ₹ Cr): 510^ BRLMs: Elara Capital, Yes Securities
Company: Puranik Builders Limited is among the prominent residential real estate developers in Mumbai Metropolitan
Region (“MMR”) and Pune Metropolitan Region (“PMR”) based on number of units currently being marketed in these
regions. They are also among the leading residential real estate developers in the growing Thane region of MMR based
on the projects currently being marketed and corresponding units sold. They have a longstanding presence of over 31
years in the real estate market in India, developing residential projects in the mid-income affordable housing segment in
the MMR and the PMR real estate markets.
Industry: India’s current population provides a huge base for India’s real estate sector, especially in tier 1 cities such as
Mumbai and Pune owing to rapid urbanization. The affordable and mid-income housing continue to account for the
largest share in new unit launches and accounted for 88% of the share in 2020. The increase in share can be attributed to
the government’s efforts towards affordable and mid-income (AMI) housing coupled with consistent demand in the
segment, especially from the end-users. The AMI segment is the largest segment and is expected to continue to be the
largest segment in the coming years.

As at Jul’31 As at March 31,
Particulars
2021(04) 2020(04) 2021(12) 2020(12) 2019(12)
Net worth 352.97 303.26 336.73 302.91 258.86
EBITDA 51.31 8.57 164.27 192.29 209.26
Net Profit/Loss for the Period 17.53 0.39 36.30 51.23 71.27
EPS (₹) 2.97^ 0.14^ 6.08 7.72 10.70
RoNW (%) as stated 4.85%^ 0.27%^ 10.41% 14.69% 23.83%
Net Asset Value (₹) 61.23 52.61 58.41 52.54 44.90
Source: DRHP, * Restated Consolidated, ^not annualised
IPO Updates
22. Prudent Corporate Advisory Services Limited
Offer Details: Offer for Sale of 8,549,340 Equity Shares by Selling Shareholders (8,281,340 equity shares by Wagner Ltd and
268,000 Equity Shares by Shirish Patel), Reservation for Employee
Promoter: Sanjay Shah
Approx. Issue Size ( ₹ Cr): - BRLMs: Axis Capital, ICICI Securities, Equirus Capital
Company: Prudent Corporate Advisory Services Limites is one of the largest independent retail wealth management
services group (excluding banks) in India and is amongst the top mutual fund distributors in terms of average assets
under management (“AAUM”) and commission received. They offers a technology enabled, comprehensive investment
and financial services platform with end-to-end solutions critical for financial products distribution and presence across
both online and offline channels. They provides wealth management services to 772,899 unique retail investors through
17,583 MFDs on their B2B2C platform and are spread across branches in 105 locations in 20 states in India, as on May
31, 2021.
Industry: The financial distribution industry in India has grown rapidly. In the long term, i.e. between March 2021 and
March 2026, the overall industry’s AUM is projected to sustain a high growth trajectory of 11-13% CAGR, reaching ₹ 57
trillion. National distributors (“NDs”), among others offer services such as execution of trades, account administration,
in-depth investment research and custodian services. Typically, Independent financial advisors (“IFAs”) and insurance
agents cater to retail investors. So far, banks and NDs have dominated the mutual fund distribution industry, together
accounting for ₹ 6.55 trillion of average AUM, as per AMFI’s Commission Report of 2020-21.

As at March 31,
Particulars
2021 2020 2019
Net worth 157.65 112.52 83.10
EPS -Basic (₹)~ 10.96 6.74 5.08
RoNW (%) as stated 28.73% 24.75% 25.30%
Net Asset Value (₹)~ 38.13 27.21 20.10
Source: DRHP, * Restated Consolidated, ~ EPS and NAV calculated on increased Share capital of ₹ 20.67 Cr
IPO Updates
23. Tracxn Technologies Limited
Offer Details: Offer for Sale of upto 38,672,208 Equity Shares by Selling Shareholders
Promoters: Neha Singh and Abhishek Goyal
Approx. Issue Size ( ₹ Cr): - BRLM: IIFL Securities
Company: Tracxn Technologies Limited is among the leading global market intelligence providers for private company
data and rank among the top five players globally in terms of number of companies profiled offering data of private
market companies across sectors and geographies. They have one of the largest global coverage of private companies in
emerging technology sectors. They operate a Software as a Service-based platform, Tracxn, that scanned over 550
million web domains, and profiled over 1.4 million entities across 1,805 Feeds categorized across industries, sectors, sub-
sectors, geographies, affiliations and networks globally, as of May 31, 2021.
Industry: The global B2B information services market which was close to around USD 140 billion in 2020 is estimated to
be a USD 190 billion market in 2025 growing at compound annual growth rate of around 6.16% according to Frost and
Sullivan estimates. The total available market for private market data service industry is expected to grow at a rate of
close to 6.79%. The growth of the market is expected to be mainly dependent on the growth of number of PE, VC and
other investment firms, large corporates and other entities who will be willing to invest in private companies.

As at March 31,
Particulars
2021 2020 2019
Net worth 22.22 (135.24) (82.90)
EBITDA as stated 17.06 (22.45) (20.60)
Net Profit/Loss for the Year (5.35) (54.03) 12.40
EPS - Basic (₹) (0.55) (5.54) 1.27
EPS - Diluted (₹) (1.52) (5.54) (1.75)
Net Asset Value (₹) 2.28 (13.87) (8.50)
Source: DRHP, * Restated Statement, Ratios calculated on increased Equity share capital of ₹ 10.03 Cr, being outstanding prior to the offer, assuming conversion of CCPS into
equity shares and issuance of bonus shares.
IPO Updates
24. Fusion Micro Finance Limited
Selling Shareholders. Pre IPO Placement of ₹ 120 Cr
Promoters: Devesh Sachdev, Creation Investments Fusion, LLC, Creation Investments Fusion II, LLC and Honey Rose
Investment Ltd.
Approx. Issue Size ( ₹ Cr): 600^ BRLMs: ICICI Sec, CLSA India, IIFL Sec, JM Financial
Company: Fusion Micro Finance Limited is a microfinance company providing financial services to underserved women
across India in order to facilitate their access to greater economic opportunities. They had the 3rd fastest gross loan
portfolio growth of 44% among the top NBFC-MFIs in India between the financial year 2018 and 2021, and they were
one of the youngest companies among the top 10 NBFC-MFIs in India in terms of AUM as of March 31, 2021. As of March
31, 2021, 2020 and 2019, the total AUM was ₹4,637.84 crore, ₹3,606.52 crore and ₹2,641.39 crore, respectively. As of
March 31, 2021, they had 2.12 million active borrowers which were served by their 725 branches and 6,351 employees
spread across 326 districts in 18 states and union territories in India.
Industry: The microfinance industry has recorded healthy growth in the past few years. The industry’s gross loan
portfolio increased at a CAGR of 28% since the financial year 2017 to reach approximately ₹2.7 trillion in the financial
year 2021, despite the impact of various events such as demonetisation, farm loan waivers, natural calamities and the
IL&FS crisis. The demand for microfinance products and services has increased due to improving awareness and reach
leading to increased volumes.

As at March 31,
Particulars
2021 2020 2019
Net worth 1,246.36 1,198.89 625.85
EBITDA 435.79 440.24 324.78
EPS - Basic (₹) 5.56 10.47 10.49
EPS - Diluted (₹) 5.49 10.32 10.35
RoNW (%) as stated 3.53% 5.81% 8.10%
Net Asset Value (₹) 150.92 145.32 97.23
Source: DRHP, * Restated Statement
IPO Updates
25. Inspira Enterprise India Limited
Offer Details: Fresh Issue of Equity Shares aggregating upto ₹ 300 Cr and Offer for Sale of Equity Shares aggregating upto
₹ 500 Cr by Selling Shareholders, Pre-IPO Placement of ₹ 75 Cr., Reservation for Employee
Promoters: Prakash Jain, Chetan Jain, Vishal Jain, Manjula Jain Family Trust and Prakash Jain Family Trust
Approx. Issue Size ( ₹ Cr): 800 BRLMs: Axis Capital, JM Financial, Nomura Financial, SBI Capital
Markets, Yes Securities
Company: Inspira Enterprise India Limited is a leading digital transformation company in India with a focus on cyber-
security, and a global presence across several verticals. They provide cyber security and digital transformation services to
their clients and have executed large cyber-security transformation projects, infrastructure and digital transformation
projects for various institutions in India. They have been ranked among the top 250 MSSP providers globally by MSSP
Alert in the year 2020, and mentioned among 35 MSSP providers in Forrester’s Now Tech: Managed Security Services in
Asia Pacific, Q4 2020 report. Through their wide range of offerings across multiple verticals and geographies, they
possess capabilities spanning the digital lifecycle of services ranging from consultation, architecture, solution design and
implementation, to monitoring and providing managed services.
Industry: Cyber security has become the top priority for CIOs as businesses look out for the best-in-class security tools
and partners who could build improved cyber security architecture for them. Countries have also been improving their
national cyber-security commitment. Technical measures are being designed to build implementation frameworks,
technical mechanisms and national cyber-security strategies. Countries are also taking tangible action against cybercrime
and encouraging public-private partnerships to develop best practices. Globally, countries have started to realize the
importance of cyber-security. Despite tighter IT budgets during the on-going pandemic, the global cyber security market
is estimated to have grown by 7.9% in 2020 to be valued at $127.3 billion.

As at March 31,
Particulars
2021 2020 2019#
Net worth 114.30 72.40 53.04
EPS -Basic (₹) 4.98 2.72 0.59
RoNW (%) as stated 31.63% 27.22% 8.03%
Net Asset Value (₹) 15.76 9.98 7.31
Source: DRHP, * Restated Consolidated, #Proforma
IPO Updates
26. ESAF Small Finance Bank Limited
Offer Details: Fresh issue of Equity Shares aggregating upto ₹ 800 Cr and Offer for sale of Equity Shares aggregating up
to ₹197.78 Cr by Promoter Selling Shareholders and other Selling shareholders-PNB Metlife, Bajaj Allinz Life, PI
Ventures etc.; Pre IPO Placement of ₹ 300 Cr., Offer includes Employee Reservation.
Promoters: Kadambelil Paul Thomas and ESAF Financial Holdings Pvt Ltd
Approx. Issue Size ( ₹ Cr): 997.78 BRLMs: Axis Capital, Edelweiss Financial, ICICI Securities, IIFL Securities
Bank: ESAF Small Finance Bank is one of the leading small finance banks in India in terms of client base size, yield on
advances, Net Interest Margin, assets under management CAGR, total deposit CAGR, loan portfolio concentration in
rural and semi-urban areas and ratio of micro loan advances to gross advances. Along with their Promoters, they have a
history of more than 25 years of primarily serving the unserved and underserved, with a focus on financial inclusion. As
at May 31, 2021, they had over 4.68 million customers in 21 states and 2 union territories.
Industry: On November 27, 2014, the RBI released guidelines for a new class of banking entity called “Small Finance
Banks” that will cater to the diverse needs of low income groups. The objective of SFBs is to extend banking services to
the underserved and un-served population of India through savings instruments, and supplying credit to small business
units, small and marginal farmers, micro and small industries, and other unorganised sector/lending through informal
channels. SFBs take deposits, which provide them with a lower cost of funds compared with NBFCs. The RBI has awarded
SFB licenses to 11 players.

As at March 31,
Particulars
2021 2020 2019
Net worth 1,352.06 1,084.08 893.69
Interest Earned 1,641.17 1,413.25 1031.64
EBITDA 284.96 415.36 336.46
EPS - (₹) 2.46 4.45 2.37
RoNW (%) as stated 7.80% 17.56% 10.10%
Net Asset Value (₹) 30.08 25.34 20.89
Source: DRHP, * Restated Statement
IPO Updates
27. Penna Cement Industries Limited
Offer Details: Issue of Equity Shares aggregating upto ₹ 1,550 Cr (Fresh Issue of Equity Shares aggregating upto ₹ 1,300 Cr
and Offer for Sale of Equity Shares aggregating upto ₹ 250 Cr). The company may consider a Pre-IPO placement of ₹500 Cr
Promoters: P. Prathap Reddy, Pioneer Builders and P R Cement Holdiings Ltd
Date of Filing: 14-05-2021 Date of SEBI Approval: 14-10-2021 Face Value: ₹ 10/-
Approx. Issue Size ( ₹ Cr): 1,550 BRLMs: Axis Capital, Edelweiss Financial, ICICI Securities,
JM Financial, Yes Securities
Company: Penna Cement Industries is one of the largest privately held cement companies in India and a leading
integrated cement player in terms of cement production capacity, as of March 31, 2021, with a strong brand recall in the
southern and western states of India. With over 25 years of operations, they have been able to leverage their brand,
strategically located integrated manufacturing facilities and extensive distribution network to successfully expand their
business in west and east India markets and Sri Lanka, and intend to further expand into north, central and other east
India markets through a phased expansion plan.
Industry: The cement demand in India is expected to grow at a CAGR of 6%-7% from Fiscal 2021 to Fiscal 2026 in
comparison to a CAGR of 4% during Fiscal 2015 and Fiscal 2020, primarily on account of a number of infrastructure
investments and a healthy revival in housing demand. In particular, the cement demand in central India, north India,
south India, east India and west India is expected to grow at a CAGR of 6.5%-7.5%, 4.5%-5.5%, 5%-6%, 8%-8.5% and
5.5%- 6.5%, respectively, between Fiscal 2021 and Fiscal 2026.

As at March 31,
Particulars
2021 2020 2019
Net worth 1,157.12 1,068.71 1,062.84
EBITDA 479.85 338.36 308.95
EPS - Basic (₹) 11.36 1.72 6.36
RoNW (%) as stated 13.14% 2.16% 8.01%
Net Asset Value (₹) 86.48 79.87 79.43
Source: DRHP, * Restated Consolidated Summary
IPO Updates
28. Skanray Technologies Limited
Offer Details: Fresh Issue of Equity Shares aggregating upto ₹ 400 Cr and Offer for Sale of 14,106,347 Equity Shares. Pre
IPO Placement of ₹ 350 Cr
Promoters: V0ishwaprasad Alva, Agnus Capital LLP, Chayadeep Properties Pvt Ltd and Skanray Healthcare Partners LLP
Date of Filing: 27-06-2021 Date of SEBI Approval: 08.10.2021 Face value: ₹ 10/-
Approx. Issue Size ( ₹ Cr): 400^ BRLMs: Motilal Oswal, Nomura Financial, ICICI Securities
Company: Skanray Technologies Limited is among the key Indian medical device players engaged in designing,
development, manufacturing and marketing of medical devices. They are a multi-product company offering a diversified
portfolio of products, including patient monitoring systems, cardiology devices, respiratory management systems and
radiology/ imaging systems, to hospitals, OEMs and for personal medical use/ retail sale globally. Company’s products
are designed and developed in-house based on intellectual property that they own.

As at Dec’31 As at March 31,
Particulars
2020(9) 2020(12) 2019(12) 2018(12)
Net worth 172.06 39.27 33.56 60.98
EBITDA 191.90 (5.05) (8.19) (7.72)
Profit/Loss Before Tax 175.02 (28.85) (29.42) (23.32)
Net Profit/Loss for the Period 132.73 3.76 (29.42) (23.32)
EPS (₹) 45.75 1.34 (10.32) (8.98)
RoNW (%) as stated 77.10% 12.29% (84.77)% (37.96)%
Net Asset Value (₹) 59.57 13.60 11.62 24.66
IPO Updates
29. One Mobikwik Systems Limited
Offer Details: Fresh issue of Equity Shares aggregating upto ₹1,500 Cr and Offer for sale of equity shares aggregating
upto ₹ 400 Cr Pre IPO placement of ₹ 400 Cr. Reservation of Employee.
Promoters: Bipin Preet Singh, Upasana Rupkrishan Taku, Koshur Family Trust and Narinder Singh Family Trust
Date of Filing: 12-07-2021 Date of SEBI Approval: 07.10.2021 Face value: ₹ 2/-
Approx. Issue Size ( ₹ Cr): 1,900 BRLMs: ICICI Sec, BNP Paribas, Credit Suisse, IIFL Sec, Jefferies India
Company: One Moobikwik Systems Limited is a fintech company - one of the largest mobile wallets (MobiKwik Wallet)
and Buy Now Pay Later (BNPL) players in India based on mobile wallet GMV and BNPL GMV, respectively, in Fiscal 2021.
They are focused on addressing the unmet credit needs of the fast growing online transactors by combining the
convenience of everyday mobile payments with the benefits of Buy Now Pay Later (BNPL). They are a technology-first
company leveraging big data analytics and deep data science (including machine learning) to continuously delight users
and merchants on their platform.
Industry: India’s online transacting users have rapidly grown at a CAGR of approximately 15% from 180 million in Fiscal
2018 to over 250 million in Fiscal 2021. However, India had only 30-35 million unique credit card users resulting in a low
credit card penetration of 3.5%, as of March 31, 2021. In addition, India’s online BNPL market has rapidly grown to reach
US$ 3-3.5 billion in disbursals in Fiscal 2021 and is expected to grow to US$ 45-50 billion by Fiscal 2026 driven by user
growth.

As at March 31,
Particulars
2021 2020 2019
Instruments entirely Equity in nature 14.43 13.33 12.73
Net worth (20.01) (30.85) (1.57)
EBITDA (101.81) (84.64) (141.87)
Profit/Loss Before Tax (110.26) (98.05) (151.20)
Net Profit/Loss for the Period (111.30) (99.92) (147.97)
Net Asset Value (₹) (3.88) (6.24) (0.33)
Source: DRHP, * Restated Consolidated, Equity share capital before the offer is ₹ 11.12 Cr
IPO Updates
30. Popular Vehicles And Services Limited
Offer Details: Fresh Issue of Equity Shares aggregating upto ₹ 150 Cr and Offer for Sale of upto 4,266,666 Equity Shares by
Selling Shareholder-Banyan Tree Growth Capital II, LLC. Reservation for Employee.
Promoters: John K. Paul, Francis K. Paul and Naveen Philip
Approx. Issue Size ( ₹ Cr): 150^ BRLMs: Axis Capital, Dam Capital, Centrum Capital
Company: Popular Vehicles and Services Limited is a leading diversified automotive dealership in India in terms of
revenue, with a presence across the automotive retail value chain, including sale of new passenger and commercial
vehicles, services and repairs, spare parts distribution, sale of pre-owned passenger vehicles and facilitation of sale of
third-party financial and insurance products. The company operates passenger vehicle dealerships of Maruti Suzuki,
Honda and JLR and the commercial vehicle dealership of Tata Motors (Commercial).
Industry: Dealership forms an intrinsic part of the automobile sector playing the role of an intermediary between the
customers and the manufacturers. There are more than 17,000 dealerships with nearly 27,000 touch points across India
catering to customers of two-wheelers, passenger vehicles, CVs, three-wheelers and tractors. These dealerships employ
4-4.5 million people at sales outlets and associated service centres combined. Two-wheelers dominate the number of
dealerships with nearly 60% share, followed by the passenger vehicles segment with ~15% share and CVs forming
another ~10%. The remaining is formed by 3-wheelers and tractor dealers. Presence of three-wheelers and tractor
distributorships is relatively limited.

As at March 31,
Particulars
2021 2020 2019
Net worth 246.00 212.77 197.85
EBITDA 174.85 138.98 142.47
EPS (₹) 25.88 9.96 17.42
RoNW (%) as stated 13.19% 5.87% 10.80%
Net Asset Value (₹) 196.17 169.67 157.77
IPO Updates
31. Paradeep Phosphates Limited
Offer Details: Fresh Issue of Equity Shares aggregating upto ₹ 1,255 Cr and Offer for Sale of 120,035,800 Equity Shares by
Selling Shareholders
Promoters: ZMPPL, ZACL, OCP and Government of India
Approx. Issue Size ( ₹ Cr): 1,255^ BRLMs: Axis Capital, ICICI Securities, JM Financial, SBI Capital Markets
Company: Paradeep Phosphates Limited is the 3rd largest private sector manufacturers of non-urea fertilizers in India
and 2nd largest in terms of DAP volume sales as of March 2021. They are primarily engaged in manufacturing, trading,
distribution and sales of a variety of complex fertilizers such as DAP, three grades of NPK, Zypmite, Phospho-gypsum and
HFSA. Their fertilizers are marketed under some of the key brand names in the market ‘Jai Kisaan - Navratna’ and
‘Navratna’. The company was incorporated in 1981. Zuari Maroc Phosphates Pvt Ltd (“ZMPPL”), a joint venture of Zuari
Agro Chemicals Ltd (“ZACL”) and OCP Group S.A. (“OCP”), currently holds 80.45% of the equity share capital of the
company, with the balance being held by the GoI.
Industry: Fertilisers are composed of the following basic nutrients: the primary nutrients are nitrogen, phosphorous and
potassium, which are required in large quantities and are normally supplied through chemical fertilizers; secondary
nutrients and micronutrients. In addition, operations in the fertilizer industry are capital intensive due to high costs of
land acquisition, construction of manufacturing facilities and high costs of equipment and machinery. Due to certain
factors such as increase in crop intensity, increase in per capita food consumption and dietary changes, per capita rise in
income and ease of credit availability and high subsidy support from the Government. The Company expects to continue
witnessing growth in the Indian fertilizer industry.

As at March 31,
Particulars
2021 2020 2019#
Net worth 1,827.51 1,603.53 1,482.71
EBITDA as stated 561.26 493.83 480.75
EPS (₹) 3.88 3.36 2.76
RoNW (%) as stated 12.22% 12.05% 10.72%
Net Asset Value (₹) 31.76 27.87 25.77
Source: DRHP, * Consolidated Statement
IPO Updates
32. Northern Arc Capital Limited
Offer Details: Fresh issue of Equity Shares aggregating upto ₹300 Cr and Offer for sale of 36,520,585 equity shares. Pre
IPO placement of ₹ 150 Cr., Reservation of Employee.
Promoters: The company is a professionally managed company and has no identifiable promoter.
Approx. Issue Size ( ₹ Cr): 300^ BRLMs: Axis Capital, Credit Suisse, IIFL Securities, SBI Capital Markets
Company: Northern Arc Capital Limited is a platform in the financial services sector set up primarily with the mission of
catering to the diverse credit requirements of under-served households and businesses by providing efficient and
reliable access to debt finance. Registered with the RBI as an NBFC not accepting public deposits, they have been
operating in the financial inclusion space for over a decade with a business model diversified across offerings, sectors,
products, geographies and borrower segments. The company provides access to credit to under-served households and
businesses directly and indirectly through their Originator Partners.
Industry: The Indian financial system includes banks and NBFCs. Though the banking system dominates financial services,
NBFCs have grown in importance by carving a niche for themselves by catering to customers in under-banked regions or
those who were unable to access traditional financial institutions, due to absence of credit history or collateral. Over the
last decade, NBFCs have witnessed phenomenal growth. The market share of NBFCs in overall systemic credit has
increased from 16% in fiscal 2015 to 20% in fiscal 2021, the reason for which is their ability to offer differentiated
solutions to tap into the large unmet demand of various sectors.

As at March 31,
Particulars
2021 2020 2019
Net worth 1,582.32 1,506.43 1,167.52
EBITDA 429.70 460.43 481.61
Profit Before Tax 99.99 144.49 174.80
EPS - Basic (₹) 7.71 11.05 12.66
EPS - Diluted (₹) 5.35 7.92 10.91
RoNW (%) as stated 4.27% 6.16% 8.49%
Net Asset Value (₹) 179.97^ 172.21 148.98
Source: DRHP, * Restated Consolidated ^ before conversion of CCPS
IPO Updates
33. Chemspec Chemicals Limited
Offer Details: Offer for sale of equity shares aggregating upto ₹ 700 Cr
Promoters: Jayant Vora, Mitul Vora, Rushabh Vora and BACS LLP
Approx. Issue Size ( ₹ Cr): 700 BRLMs: Axis Capital, JM Financial
Company: Chemspec Chemicals Limited is one of the leading manufacturers globally of critical additives for FMCG
ingredients used in skin and hair care products and intermediates for pharmaceutical APIs used in anti-hypertension
drugs. They are one of the largest manufacturers of UV absorbers globally and are among the top- 2 global
manufacturers of personal care ingredients catering to skin and hair care. They manufacture their products at their
production facility at Taloja, Maharashtra, and their global distribution network in the last 3 Fiscals was spread across 43
countries in North America, Europe, the APAC region (including Japan), the Middle East and Africa.
Industry: The global chemicals market is expected to grow at 6.2% CAGR; reaching USD 6,780 billion by 2025. The Indian
chemicals market is valued at USD 166 billion (approximately 4% share in the global chemical industry) with the
commodity chemicals accounting for almost 46% of such share. The specialty chemical industry forms approximately
47% of the domestic chemical market, which is expected to grow at a CAGR of around 11 to 12% over the same period.
Pharmaceutical API make up for the 2nd largest share of around 20% of the specialty chemical market with an anticipated
growth of over 11% by 2025 (forecast).

As at March 31,
Particulars
2021 2020 2019
Net worth 183.33 102.25 58.48
EBITDA 123.83 102.53 24.54
Net Profit/Loss for the Period 81.08 60.75 5.12
EPS (₹) 16.11 10.40 0.79
RoNW (%) as stated 44.23% 59.41% 8.75%
Net Asset Value (₹) 36.43 20.32 9.02
IPO Updates
34. Go Airlines (India) Limited
Offer Details: Fresh Issue of Equity Shares aggregating upto ₹ 3,600 Cr
Promoters: Nusli Neville Wadia, Jehangir Nusli Wadia , Ness Nusli Wadia and Go Investment
Approx. Issue Size ( ₹ Cr): 3,600 BRLMs: ICICI Securities, Citigroup Global, Morgan Stanley
Company: Go Airlines (India) Limited is an ultra-low-cost carrier ("ULCC") and one of the fastest growing airlines in India,
increasing domestic market share from 8.8% in fiscal 2018 to 10.8% in fiscal 2020. They are focused on maintaining low
unit costs and delivering compelling value to customers that drives their unit revenues. Their target customers are young
Indians and MSME businesses, and their product and service offerings are uniquely attractive to these large and growing
segments of the Indian population.
Industry: The primary business of the industry in which the company operates, is the aviation business.

Particulars
2020(9) 2020(12) 2019(12) 2018(12)
Net worth (1,961.50) (1,490.70) (1,012.80) (625.84)
EBITDA 417.94 339.20 941.97 1024.25
Profit/Loss Before Tax (724.62) (1876.92) (717.85) (37.06)
Net Profit/Loss for the Period (470.69) (1270.74) (386.60) (31.21)
Net Asset Value (₹) (124.50) (94.60) (67.50) (41.70)
Source: DRHP, * Restated Consolidated Summary
IPO Updates
35. Shri Bajrang Iron and Ispat Limited
Offer Details: Fresh issue of Equity Shares aggregating upto ₹ 700 Cr
Promoters: Suresh Goel, Rajendra Goel, Narendra Goel, Anand Goel, Atlanta Securities Pvt Ltd and Banka Finance &
Securities Pvt Ltd
Approx. Issue Size ( ₹ Cr): 700 BRLMs: Equirus Capital, SBI Cap Markets
Company: Shri Bajrang Power and Ispat Limited (“SBPIL”) has emerged as one of the leading integrated steel companies
based out of central India and is one of the top 10 players in India in terms of capacity for iron ore pellets, iron ore
beneficiation and sponge iron. They utilizes their captive iron mine with an approval to mine 1.2 MTPA and manganese
ore mines to manufacture intermediate and long steel products, such as, TMT Bars, ERW pipes manufactured through
tubular section mill (“ERW Pipes”), wire rods, HB wires including binding wires, ferro alloys, steel billets, iron pellets and
sponge iron. The company has a consistent track record of delivering operating profitability, and since Fiscal 2005, they
have remained profitable in each of the Fiscal.
Industry: Steel has contributed immensely towards India’s economic growth. This is evident from the similar growth
patterns of India’s GDP and steel consumption in the country, which also highlights the economy’s dependence on steel.
A gradual expansion in GDP and rise in income has led to robust growth in auto, consumer durables, railways, affordable
housing, and rural housing along with low base effect of Fiscal 2017 (demonetisation). As the backbone of the economy,
the steel sector continues to play a pivotal role in India’s journey towards the ambitious target to achieve a ₹371.0tn
economy goal by Fiscal 2025. Despite unprecedented challenges due to Covid-19 and subsequent lockdowns, the
government’s vision of ramping up steelmaking capacity to 300mn tonnes by 2030 remains unaltered.

As at March 31,
Particulars
2021 2020 2019
Net worth 1,143.73 831.35 685.59
EBITDA 629.07 396.55 532.22
Net Profit/Loss for the Period 298.93 141.05 237.47
EPS (₹) 57.30 26.87 45.39
RoNW (%) as stated 26.14% 16.97% 34.64%
Net Asset Value (₹) 218.75 159.00 131.13
IPO Updates
36. Ruchi Soya Industries Limited
Offer Details: Follow on Offer of Equity Shares aggregating upto ₹ 4,300 Cr. Reservation for Employees.
Promoters: Acharya Balkrishna, Ram Bharat, Snehlata Bharat, Ruchi Soya Industries Ltd Beneficiary Trust, Patanjali
Ayurved Ltd, Vedic Broadcasting Ltd, Patanjali Peya Pvt Ltd, Patanjali Natural Biscuits Pvt Ltd, Divya Packmaf Pvt Ltd,
Divya Yog Mandir Trust, Patanjali Gramudyog Nayas, Patanjali Parivahan Pvt Ltd, Vedic Ayurmed Pvt Ltd, Sanskar Info
TV Pvt Ltd, Patanjali Agro India Pvt Ltd, SS Vitran Healthcare Pvt Ltd, Patanjali Paridhan Pvt Ltd, Gangotri Ayurveda Ltd,
Swasth Aahar Pvt Ltd, Patanjali Renewable Energy Pvt Ltd and Yogakshem Sansthan.
Approx. Issue Size ( ₹ Cr): 4,300 BRLMs: Axis Capital, SBI Capital Markets, ICICI Securities
Company: Ruchi Soya Industries Limited is a diversified FMCG and FMHG focused company, with strategically located
manufacturing facilities and well recognised brands having pan India presence. They are one of the largest FMCG
companies in the Indian edible oil sector and one of the largest fully integrated edible oil refining companies in India.
Being the pioneers and largest manufacturers of soya foods has aided their brand ‘Nutrela’ in becoming a household and
generic name in India. They are across the entire value chain in palm and soya segment, with a healthy mix of upstream
and downstream business.
Ruchi Soya is the largest player in terms of allocated zones for palm Plantation by GoI. Their integration also extends
downstream to the oleochemicals and other by-product and derivatives business. They are pioneers in soya chunks
which are associated with nutrition and good health. Leveraging upon the brand ‘Nutrela’, they have launched a range of
premium edible oils and blended edible oils and ‘Nutrela High Protein Chakki Atta’ and ‘Nutrela Honey’ in Fiscal 2021.
Further they have expanded their packaged food portfolio by acquiring the ‘Patanjali’ product portfolio of biscuits,
cookies, rusks, noodles, and breakfast cereals. In Fiscal 2022, they forayed into a niche and a high growth FMHG segment
with the launch of their Nutraceutical business. They are also into the wind power generation business.
Industry: Edible oils are indispensable to Indian cooking. Growing population, changing tastes and preferences of
consumers, shifting consumption pattern towards branded oils and consistent marketing and distribution initiatives by
leading edible oil brands is leading to rising consumption of edible oils in the country. The total consumption of edible oil
in Indian in FY 2020 has been estimated to be 22 Mn MT. Out of the total requirement, it is estimated that ~10 Mn MT is
produced domestically from primary (Soybean, Rapeseed & Mustard, Groundnut, Sunflower, Safflower & Niger) and
secondary sources (Oil palm, Coconut, Rice Bran, Cotton seeds & Tree Borne Oilseeds) and remaining 60%, is met
through import. Out of 10 Mn MT, almost 7 Mn MT is available for sale in B2B and B2C markets.

As at June’30 As at March 31,
Particulars
2021(3)# 2021(12) 2020(12) 2019(12)
Other equity excluding Revaluation Reserve 4,003.26 4,062.41 3,311.75 (4,543.49)
Profit/Loss Before Tax 238.62 5,144.00 7,658.02 76.72
Net Profit/Loss for the Period 173.53 680.77 7,672.02 76.72
EPS (₹) 5.87~ 23.02 872.04 229.63
Source: Company WebSite, * Restated Standalone, #unaudited ~ Not annualised
IPO Updates
37. Fincare Small Finance Bank Limited
Offer Details: Fresh Issue of Equity Shares aggregating upto ₹330 Cr and Offer for Sale of Equity Shares aggregating
upto ₹ 1,000 Cr by Promoter Selling Shareholder. Reservation for Employees, Pre IPO Placement of ₹ 200 Cr.
Promoter: Fincare Business Services Ltd
Approx. Issue Size ( ₹ Cr): 1,330 BRLMs: Axis Capital, ICICI Securities, IIFL Securities, SBI Capital
Markets, Ambit Pvt. Ltd.
Bank: Fincare Small Finance Bank Limited (“FSFB”) is a "digital-first" SFB with a focus on unbanked and under-banked
customers, especially in rural and semi-urban areas. According to CRISIL, among comparable SFB peers in India, FSFB had
the highest growth rate in advances over Fiscal 2018 to Fiscal 2020. They follow a business model focused on financial
inclusion and aim to provide individuals and businesses with affordable financial products and services that meet their
needs. Their business objective is to enhance access to savings, credit and other financial products for unbanked and
under-banked individuals, MSMEs and unorganized entities, especially in rural areas, by leveraging technology and last-
mile distribution.
Industry: SFBs' AUM clocked a 30% CAGR from Fiscal 2017 to Fiscal 2020. The top three SFBs accounted for
approximately 61% of the aggregate AUM as of fiscal 2020, up from 55% in fiscal 2017. These three players logged a 35%
CAGR during the period. The top six players account for approximately 86% of the market share. CRISIL Research expects
the sector's loan portfolio to see a strong 22% CAGR in the near-term as most of the SFBs have completed the transition
phase and are likely to benefit from the operating leverage.

Particulars
2020(9) 2020(12) 2019(12) 2018(12)
Net worth 1,008.59 903.77 665.99 337.54
Interest Earned 939.55 1,070.26 605.15 313.96
EBITDA 147.11 219.63 122.50 (82.81)
Profit/Loss Before Tax 134.89 202.73 110.30 (89.84)
Net Profit/Loss for the Period 103.93 143.45 101.98 (97.55)
EPS - Basic (₹) 16.34~ 24.43 22.41 (26.04)
RoNW (%) 10.33%~ 15.87% 15.31% (28.90)%
Net Asset Value (₹) 158.56 142.08 118.01 90.11
Source: DRHP, * Summary Statement, ~ Not annualised
IPO Updates
38. Jana Small Finance Bank Ltd.
Offer Details: Fresh Issue aggregating upto ₹ 700 Cr and Offer for Sale of 9,253,659 by Bajaj Allianz, Enam Securities,
ICICI Prudential Life, Vallabh Bhansali and other selling shareholders. Reservation for Employees, Pre-IPO Placement of
₹ 500 Cr.
Promoters: Jana Capital Ltd and Jana Holdings Ltd
Approx. Issue Size ( ₹ Cr): 700^ BRLMs: Axis Capital, ICICI Securities, SBI Capital Markets
Bank: Jana Small Finance Bank is one of the top four SFBs in India in terms of AUM and deposit size and have the second
most geographically diversified portfolio with a pan-India presence as at the end of Fiscal 2020. They have the fastest
growing deposit franchise among the SFBs in Fiscal 2020. They offer a range of digital products, services and platforms
and their core banking is supported by integrated multi-channel operations. Their deep understanding of the financial
needs of the under-banked and underserved customers allows them to continue focusing on serving their financial
needs.
Industry: SFBs offer basic banking services such as payment, accepting deposits and lending to the unserved and the
underserved segments of the Indian economy, including small businesses, marginal farmers, micro and small industries,
and the unorganised sector. SFBs are focused on serving the unbanked and under-banked customers at the bottom of
the pyramid to drive financial inclusion. The growth in the SFB industry in the recent years is illustrated by the
exponential growth in both advances and deposits as well as the growth of SFBs’ share in total banking industry in terms
of its credit and deposit.

Particulars
2020(6) 2019(6) 2020(12) 2019(12) 2018(12)
Net worth 1,110.89 605.17 1,027.32 660.88 1,523.69
Interest earned 1,256.52 872.67 1,991.52 1,250.54 1,554.79
EBITDA 124.48 (7.16) 122.67 (1,849.68) (2,327.19)
Net Profit for the Period 82.44 (55.34) 30.13 (1,949.07) (2,503.80)
EPS - Basic (₹) 16.25~ (11.74)~ 6.21 (471.84) (787.88)
EPS - Diluted (₹) 15.42~ (11.74)~ 5.90 (471.84) (787.88)
RoNW (%) as stated 7.42%~ (9.15)%~ 2.93% (294.92)% (164.32)%
Net Asset Value (₹) 218.99 128.33 202.55 140.14 387.82
Source: DRHP, * Restated summary, ~ Not annualised
IPO Updates
39. Utkarsh Small Finance Bank Ltd.
Offer Details: Fresh Issue of Equity Shares aggregating upto ₹ 750 Cr and Offer for Sale of Equity shares aggregating
upto ₹ 600 Cr by Promoter Selling Shareholder, Reservation for Employees, Pre-IPO Placement of ₹ 250 Cr
Promoter: Utkarsh CoreInvest Ltd
Approx. Issue Size ( ₹ Cr): 1,350 BRLMs: ICICI Securities, IIFL Securities, Kotak Mahindra Capital
Bank and Industry: Utkarsh Small Finance Bank Limited is among the most profitable SFBs in India and among the
leading SFBs in terms of return on assets and had the highest return on equity among SFBs in India in Fiscal 2020. They
are headquartered in Varanasi, Uttar Pradesh. Their operations are spread across India and are present in 18 States and
Union Territories with 528 Banking Outlets and 8,729 employees, as of September 30, 2020. As of September 30, 2020,
27.08% of their Banking Outlets were located in Unbanked Rural Centres (“URCs”) as against the regulatory requirement
of 25% of banking outlets of SFBs to be located in URCs. Their operations are focused in rural and semi-urban areas and
as of September 30, 2020, they had 2.74 million customers (both deposit and credit). Small finance banks’ AUM
registered a growth rate at a CAGR of 30% during Fiscal 2017 and Fiscal 2020. The top three SFB’s accounted for
approximately 61% of the aggregate AUM as of March 31, 2020, which increased from 55% as of March 31, 2017.

Particulars
2020(06) 2020(12) 2019(12) 2018(12)
Net worth as stated 1,097.37 1,019.50 772.76 394.89
Interest Earned 786.73 1,307.69 900.20 501.06
EBITDA 124.92 275.89 184.27 (95.27)
Net Profit for the period 77.87 186.74 110.87 (77.42)
EPS (₹ ) 1.03~ 2.49 1.62 (2.13)
RONW (%) 7.10%~ 18.32% 14.35% (19.61)%
NAV (₹ ) 14.45 13.43 10.48 8.40
Source: DRHP, * Restated summary,~ not annualized
IPO Updates
40. Arohan Financial Services Ltd.
Offer Details: Fresh Issue of Equity Shares upto ₹ 850 Cr and Offer for Sale of 27,055,893 Equity Shares by Selling
Shareholders (Maj Invest Financial, Michael & Susan Dell Foundation, Tano India Private Equity Fund II, TR Capital
Mauritius and Aavishkaar Goodwell India Microfinance Development Co II Ltd), Reservation for Employees, Pre-IPO
Placement of ₹ 150 Cr.
Promoters: AVMS and I-Cap
Approx. Issue Size ( ₹ Cr): 850^ BRLMs: Edelweiss Financial, ICICI Securities, Nomura Financial,
SBI Capital Markets
Company: Arohan Financial Services Limited is a leading NBFC-MFI with operations in financially under-penetrated Low
Income States of India. The company provides income generating loans and other financial inclusion related products to
customers who have limited or no access to financial services. As of September 30, 2020, their GLP was ₹4,857 crore.
They were the largest NBFC-MFI in Eastern India and the 5th largest NBFC-MFI in India based on GLP as of September 30,
2020. Between Fiscal 2017 to Fiscal 2020, they had the 2nd highest GLP CAGR of 68% among the top 5 NBFC-MFIs in India,
as well as the highest customer growth among the top 5 NBFC-MFIs at 49% CAGR between Fiscal 2018 to Fiscal 2020.
Industry: MFIs have a significant role to play in furthering financial inclusion in India. As of March 31, 2020, the largest
share of microfinance was held by 84 NBFC-MFIs with a gross loan portfolio of ₹737 billion. The microfinance industry in
India has recorded healthy growth in the past few years. The microfinance industry’s gross loan portfolio increased at a
CAGR of 24% to reach approximately ₹3.20 trillion in Fiscal 2020 from approximately ₹1.70 trillion in Fiscal 2017. The
business of NBFC-MFIs (including SFBs) has grown sharply in recent years and, reached ₹2,317 billion as of the end of
Fiscal 2020.

Particulars
2020(06) 2020(12) 2019(12) 2018(12)
Net worth as stated 1,015.27 962.63 697.16 381.86
EBITDA 322.55 556.48 437.19 175.58
Profit Before Tax 81.51 167.59 177.14 47.43
Net Profit for the period 62.56 126.80 127.64 30.98
EPS – Basic (₹ ) 5.75~ 12.07 14.05 3.52
RONW (%) 6.16%~ 13.17% 18.31% 8.11%
NAV (₹ ) 91.32 87.26 67.90 43.17
Source: DRHP, * Restated summary ~ not annualized
IPO Updates
41. Seven Islands Shipping Ltd.
Offer Details: Fresh Issue of Equity Shares upto ₹ 400 Cr and Offer for Sale of shares aggregating upto ₹ 200 Cr by
Selling Shareholders (FIH Mauritius Investment, Thomas Wilfred Pinto and Leena Metylda Pinto, Employee reservation.
Approx. Issue Size ( ₹ Cr): 600 BRLMs: JM Financial, IIFL Securities
Company and Industry: As of December 2020, Seven Islands Shipping Limited is the 3rd largest seaborne logistics
company in India by deadweight tonnage. In 2020, the company held a significant market share in Indian time charters of
crude oil imports. They are among the few Indian shipping companies that have delivered positive net profits in each of
the past 3 Fiscals and their Return on Average Equity and Return on Average Capital Employed is among the highest in
the seaborne logistics industry in India. All their 20 vessels are registered and flagged in India and operate as Indian
owned and Indian flagged vessels. The Company is present in the liquid products trade where liquid products like white
oils, black oils, lube oil and liquid chemicals are transported in product vessels classified as Small vessels, Medium Range
or MR vessels and Long Range or LR vessels. They are also engaged in the crude oil logistics business where crude oil is
transported in vessels classified as Aframax, Suezmax and Very Large Crude Carriers or VLCCs.

Particulars
2020(09) 2020(12) 2019(12) 2018(12)
Net worth as stated 919.89 800.97 720.67 484.50
EBITDA 445.70 272.13 167.26 209.23
EPS (₹ ) as stated 20.88~ 14.03 8.13 18.50
RONW (%) 13.90%~ 10.60% 6.40% 19.90%
NAV (₹ ) 160.74 139.96 150.87 101.86
Source: DRHP, * Summary Statement, ~ not annualized
IPO Updates
ISSUES OFFER DOCUMENTS FILED & AWAITING SEBI OBSERVATIONS

01. Imagine Marketing Limited (“BoAt”)
Offer Details: Fresh Issue of Equity Shares aggregating upto ₹ 900 Cr and Offer for Sale of Equity Shares aggregating
upto ₹ 1,100 Cr; Employee Reservation for Equity Shares aggregating upto ₹ 1.50 Cr; Pre-IPO Placement of ₹ 180 Cr
Promoters: Sameer Mehta and Aman Gupta
Date of Filing: 24-01-2022 Date of SEBI Approval: N.A. Face value: ₹ 1/-
Approx. Issue Size ( ₹ Cr): 2,000 BRLMs: Axis Capital, BofA Securities, Credit Suisse, ICICI Securities
Company: Imagine Marketing Limited is a digital-first consumer products company and one of the largest Indian digital-
first brands in terms of revenue from operations for the financial year 2021. They have an attractive offering of wide-
ranging, high-quality and aspirational lifestyle-focused consumer products at accessible price points, under their multiple
brands. Founded in 2013 and led by their flagship brand “boAt” launched in 2014, they have established leading market
positions in volume and value terms in India across multiple, high-growth consumer categories such as audio and smart-
watch as of September 30, 2021.
Industry: The Company operates in the consumer devices market in India and based on their current suite of offerings,
the addressable market comprises of the hearables and wearables, home audio, gaming accessories, personal care
appliances, mobile accessories categories of the consumer devices market. They have a large addressable market of
approximately ₹660 billion in 2020 in India for the categories in which they are present, and which is projected to grow
to approximately ₹1,400 billion to ₹1,800 billion by 2025.

Particulars
2021(06) 2021(12) 2020(12) 2019(12)
Net worth 632.97 464.17 71.53 23.10
Revenue from Operations 1,547.87 1,313.72 609.11 225.85
Adj. EBITDA 173.37 134.48 76.24 14.14
EPS (₹) 11.17^ 8.53 4.78 0.80
RoNW (%) as stated 18.69%^ 18.64% 66.82% 34.80%
Net Asset Value (₹) 62.97 46.18 7.15 2.31
Source: DRHP, * Restated Consolidated. ^ not annualised;
IPO Updates
02. Dreamfolks Services Limited
Offer Details: Offer for Sale of 21,814,200 Equity Share
Promoters: Liberatha Peter Kallat, Mukesh Yadav and Dinesh Nagpal
Approx. Issue Size ( ₹ Cr): - BRLMs: Equirus Capital, Motilal Oswal
Company: Dreamfolk Services Limited is a dominant player and India's largest airport service aggregator platform
facilitating an enhanced airport experience to passengers leveraging a technology driven platform. Their asset-light
business model integrates Card Networks, Card Issuers and other Corporate Clients with various airport lounge operators
and other airport related service providers (collectively, the Operators) on a unified technology platform. They facilitate
customers of Clients’ (Consumers) access to the following airport related services (i) lounges, (ii) food and beverage (iii)
spa, (iv) meet and assist, (v), airport transfer (vi) transit hotels /nap room access, and (vii) baggage transfer (collectively,
the Services).
Industry: Airport lounges have grown steadily in India over the past 5 years. Any airport with a passenger movement of
around 5-6 million a year can accommodate a successful lounge. The top 24 Global Airports average at around 7 lounges
per airport. Indian Airports average at around 2 lounges per airport. The Indian lounge market is expected to grow at 4X
times of the current market size. India issued Credit/ Debit cards are a primary mode of access the domestic lounges and
it accounts to around 80%. In this segment Dreamfolks holds almost 95%-97% of the domestic India market lounge
share.

Particulars
2021(06) 2021(12) 2020(12) 2019(12)
Net worth 64.66 64.30 65.51 34.17
EBITDA 3.00 2.10 45.85 23.62
Net Profit/Loss for the Period 1.11 (1.45) 31.68 15.27
EPS (₹) 0.21^ (0.28) 6.06 2.92
RoNW (%) as stated 1.72%^ (2.25)% 48.36 44.70
Net Asset Value (₹) 12.38 12.31 12.54 6.54
IPO Updates
03. Ethos Limited
Offer Details: Fresh Issue of Equity Shares aggregating upto ₹ 400 Cr and Offer for Sale of 1,108,037 Equity Shares; Pre-
Promoters: Yashovardhan Saboo, KDDL Limited and Mahen Distribution Ltd
Approx. Issue Size ( ₹ Cr): 400^ BRLMs: Emkay Global, Incred Capital
Company: Ethos Limited is India’s largest luxury and premium watch retail player delivering a content-led luxury retail
experience to customers through their online and physical presence. In addition to their chain of 50 physical retail stores
in 17 cities in India in a multi store format, they offers an Omni-channel experience to their customers through their
website and social media platforms. They have the largest portfolio of premium and luxury watches in India enabling
them to retail 50 premium and luxury watch brands like Omega, IWC Schaffhausen, Jaeger LeCoultre, Panerai, Bvlgari, H.
Moser & Cie, Rado, Longines, Baume & Mercier, Oris SA, Corum, Carl F. Bucherer, Tissot, Raymond Weil, Louis Moinet
and Balmain. They enjoy a healthy market share of 20% in the luxury watch retail segment and 13% in the premium and
luxury watch retail segment in India.
Industry: Watch Market in India was valued at ~₹ 13,500 crores in Fiscal 2020 and is expected to grow at a CAGR of
10.6% to reach ~ ₹ 22,300 crores by FY 2025, on back of factors like increased discretionary spend on watches category,
opening of more organized channels of purchase like MBOs and online marketplaces & vertical specialists, increased
penetration of smart-watches in mid to premium category and Omni-channel market organization.

Particulars
2021(06) 2021(12) 2020(12) 2019(12)
Net worth 160.49 155.60 149.85 130.39
EBITDA 27.01 56.44 54.40 58.26
Net Profit/Loss for the Period 3.75 5.79 (1.33) 9.89
EPS (₹) 2.06^ 3.18 (0.75) 5.22
RoNW (%) as stated 2.34%^ 3.72% (0.89)% 7.58%
Net Asset Value (₹) 87.61 85.43 82.28 77.14
IPO Updates
04. Fabindia Limited
Offer Details: Fresh Issue of Equity Shares aggregating upto ₹ 500 Cr and Offer for Sale of 25,050,543 Equity Shares;
Reservation for Employees; Pre-IPO Placement of ₹ 100 Cr.
Promoters: Bimla Nanda Bissell, William Nanda Bissell, Monsoon Latane Bissell, Madhukar Khera and JLB Partners
Holding Inc.
Approx. Issue Size ( ₹ Cr): 500^ BRLMs: ICICI Limited, Credit Suisse, J.P.Morgan, Nomura, SBI Capital
Markets, Equirus
Company: Fabindia Limited is a consumer lifestyle platform with an established legacy focused on authentic, sustainable
and Indian traditional lifestyle products. Their brands, ‘Fabindia’ and ‘Organic India’ are well recognized brands in India,
with focus on the core principles of “Celebrating India” and “Healthy Conscious Living”, respectively. Their business
model is focused on sustainability by design and they have sought to create a differentiated supply-side community with
their model of engaging a network of vendors (which in turn engage artisans) and farmers across India.
Industry: The ethnic apparel market in India was estimated at ₹1,418 billion for Fiscal 2020. The branded ethnic apparel
category is expected to grow at a higher rate of approximately 15.8% p.a. between Fiscal 2022 and Fiscal 2026 driven by
increasing share of the branded segment in the overall ethnic apparel market. Similarly, the organic food and wellness
market in India was estimated at ₹14.3 billion in Fiscal 2020 and is expected to grow at a rate of approximately 18.1%
p.a. to reach ₹38.7 billion by Fiscal 2026

Particulars
2021(06) 2021(12) 2020(12) 2019(12)
Net worth 601.83 648.21 735.41 743.31
Revenue from Operations 556.04 1,059.64 1,508.05 1,474.31
EBITDA 55.10 100.65 272.38 350.42
Net Profit/Loss for the Period (51.73) (117.14) 30.69 84.36
EPS -Basic (₹)# (3.10)^ (7.45) 2.88 5.77
RoNW (%) as stated (7.58)%^ (16.65)% 5.67% 11.21%
Net Asset Value (₹) 40.72 43.99 50.84 51.46
Source: DRHP, * Restated Consolidated. ^ not annualised; # for continued and dis-continued operations
IPO Updates
05. Landmark Cars Limited
upto ₹ 612 Cr; Reservation for Employees; Pre-IPO Placement of ₹ 131 Cr
Promoters: Sanjay Karsandas Thakker
Approx. Issue Size ( ₹ Cr): 762 BRLMs: Axis Capital, ICICI Securities
Company: Landmark Cars Limited is a leading premium automotive retail business in India with dealerships for
Mercedes-Benz, Honda, Jeep, Volkswagen and Renault. They also cater to the commercial vehicle retail business in India.
They have a presence across the automotive retail value chain, including sales of new vehicles, after-sales service
(including sales of spare parts, lubricants and accessories), sales of pre-owned passenger vehicles and facilitation of sales
of third-party financial and insurance products. They have a network of 112 outlets in 8 Indian states, comprised of 61
sales showrooms and outlets and 51 after-sales service and spares outlets, as of September 30, 2021.
Industry: In the last 5 years, the premium vehicle segment in India has grown at a healthy 8% CAGR, expanding its
contribution from 38% in Fiscal 2016 to 56% in Fiscal 2021. For a passenger vehicle dealer, revenue from new vehicle
sales forms a dominant 65-75% share of total revenue. Income from the service segment is another major source of
revenue for the dealer, and CRISIL Research expects the share of revenue from services to expand going forward due to
the technical expertise needed to repair the latest advanced vehicles that only organised dealerships can provide.

Particulars
2021(06) 2021(12) 2020(12) 2019(12)
Net worth 208.55 181.78 169.13 187.96
EBITDA 77.65 120.06 83.20 88.63
Net Profit/Loss for the Period 27.95 11.15 (28.94) (24.43)
EPS -Basic (₹) 7.58^ 3.09 (7.84) (7.01)
RoNW (%) as stated 13.32%^ 6.23% (16.99)% (13.44)%
Net Asset Value (₹) 56.93 49.62 46.17 52.14
IPO Updates
06. Course5 Intelligence Limited
upto ₹ 300 Cr; Reservation for Employees; Pre-IPO Placement of ₹ 60 Cr
Promoters: Ashwin Ramesh Mittal, Riddhymic Technologies Pvt Ltd, Riddhymic Technoserve LLP and AM Family Private
Trust
Company: Course5 Intelligence Limited is one of the leading pure-play data analytics and insights companies among the
entities incorporated in India, in terms of revenue in Fiscal 2020. They are an independent digital, marketing and
customer analytics company. They have significant expertise in analytics for digital, D2C and omni-channel models. Their
AI driven products and their solutions and IP-led solutions are supported by industry specific domain experience and the
latest technologies and aim at enabling organizations to solve complex issues relating to their customers, markets and
competition at speed and scale.
Industry: Data and analytics is expected to account for 13.9% of the estimated total digital spend (US$2.3 trillion) by
2024. Globally, there is a rising acknowledgement in the market of the niche capabilities being developed by pure play
analytics players and as a result, the overall analytics and AI-led analytics services market size for pure play analytics
firms is expected to grow at CAGR of 24.8% and 32.7%, respectively, during 2020 to 2024. Moreover, the COVID-19
pandemic has further accelerated digital adoption resulting in the majority of the companies globally determining to
digitize their core business model to remain economically viable.

Particulars
2021(06) 2020(06) 2021(12) 2020(12) 2019(12)
Net worth 123.46 116.42 133.54 103.72 87.21
EBITDA 37.97 21.63 48.21 31.08 27.53
EPS - Basic (₹) 2.41^ 1.11^ 2.57 1.46 1.30
RoNW (%) as stated 21.73%^ 10.99%^ 22.26^ 16.32^ 20.56^
Net Asset Value (₹) 12.17 10.05 11.53 8.96 7.53
Source: DRHP, * Restated Statement ^ not annualised
IPO Updates
07. Sresta Natural Biopropducts Limited
Offer Details: Fresh Issue of Equity Shares aggregating upto ₹ 50 Cr and Offer for Sale of 7,030,962 Equity Shares.
Promoters: Rajashekar Reddy Seelam, Renuka Seelam and Balasubramanian Narayanan
Approx. Issue Size ( ₹ Cr): 50^ BRLMs: Axis Capital, JM Financial
Company: Sresta Natural Bioproducts Limited’s brand, ‘24 Mantra’, is the largest brand in the packaged organic food
segment (excluding organic packaged food market beverage and packaged tea and coffee) by market share with
approximately 29% market share in Fiscal 2020ort). They are engaged in the business of procuring, processing,
manufacturing, marketing and research and development of organic food products. They are also one of the leading
Indian organic food brands in the USA with presence in 39 states across Indian Ethnic Stores and Mainstream Stores and
have a presence in 34 countries as of September 30, 2021. They offer all types of grocery staples, spices and condiments,
edible oils, packaged food, beverages, meal accompaniments, etc.
Industry: Packaged organic food market includes packaged and processed organic food (and grocery) products sold
through any retail channel. This will include products like processed dairy, fruits and vegetables, meat sold in packaged
form. The penetration of organic food in the total packaged food is estimated at 0.4% (in Fiscal 2020 and is estimated to
increase to 0.6% by the year Fiscal 2025. The organic food market has grown at CAGR 21.4% from Fiscal 2015-2020 and is
expected to grow at approximately 24% from Fiscal 2020 to 2025.

Particulars
2021(06) 2020(06) 2021(12) 2020(12) 2019(12)
Net worth 77.36 73.45 18.26 18.26 18.25
EBITDA 8.83 16.43 24.91 23.70 6.20
Net Profit/Loss for the Period 1.14 7.32 10.39 9.46 (3.47)
EPS-Basic (₹) 0.62^ 4.01^ 5.69 5.18 (1.93)
RoNW (%) as stated 1.47%^ 9.97% 13.61% 14.22% (6.11)%
Net Asset Value (₹) 42.33 40.23 41.82 36.43 31.11
Source: DRHP, * Restated Statement ^ not annualised;
IPO Updates
08. Sanathan Textiles Limited
Offer Details: Fresh Issue of Equity Shares aggregating upto ₹ 500 Cr and Offer for Sale of 11,400,000 Equity Shares; Pre-
Promoters: Nimbus Trust, D&G Family Trust, A&J Family Trust, P&B Family Trust, Pareshkumar Dattani, Ajaykumar
Dattani, Anilkumar Dattani, and Dineshkumar Dattani
Approx. Issue Size ( ₹ Cr): 500^ BRLMs: Edelweiss Financial, JM Financial
Company: Sanathan Textiles Limited is one of the few companies in India with presence across the polyester, cotton and
technical textile sectors. All the three yarn verticals are housed under a single corporate entity. This has facilitated their
diversification into new segments which in turn has helped them in serving a large number of customers across various
sectors. As on September 30, 2021, they have a diversified product portfolio with capability to manufacture more than
12,900 varieties of yarn products with more than 100,000 SKUs that are used in various forms and for varied end uses.
Industry: Indian textile and apparel industry plays an important role in development of economic activity in India. The
spinning industry is organized when compared to weaving segment of the industry which is majorly dominated by the
decentralized power looms, handlooms, and hosiery production units. The yarn manufacturing industry in India primarily
comprises of cotton yarn and man-made fibres yarn (comprising of ~91% polyester). The size of the cotton yarn industry
is expected to increase by 5-7% CAGR over FY22-26 reaching ₹1,100-1,200 billion by FY26 from ₹905-910 billion in FY22.
In FY21, the polyester filament yarn (PFY) and the polyester staple fibre (PSF) industries were worth ₹225 billion and
₹102 billion respectively.

Particulars
2021(06) 2021(12) 2020(12) 2019(12)
Net worth 801.03 630.91 444.37 399.51
EBITDA 261.21 327.94 212.66 234.67
EPS (₹) 23.75^ 25.80 6.40 7.68
RoNW (%) as stated 21.32%^ 29.42% 10.36% 13.82%
Net Asset Value (₹) 111.34 87.70 61.77 55.53
Source: DRHP, * Restated Summary, ^ not annualised;
IPO Updates
09. Aether Industries Limited
Promoters: Ashwin Desai, Purnima Desai, Rohan Ashwin Desai, Dr. Aman Desai, AJD Family Trust, PAD Family Trust,
RAD Family Trust, AAD Family Trust and AAD Business Trust.
Approx. Issue Size ( ₹ Cr): 757^ BRLMs: HDFC Bank, Kotak Mahindra Capital
Company: Aether Industries Limited is a speciality chemical manufacturer in India producing advanced intermediates
and speciality chemicals involving complex and differentiated chemistry and technology core competencies. Their
business started in 2013, with a vision to create a niche in the global chemical industry. In their first phase through Fiscal
2017, they focused on building their team and infrastructure and on their R&D centred around building their core
competencies. Revenue generation commenced with the second phase in Fiscal 2018. They are one of the fastest
growing specialty chemical companies in India, growing at CAGR of ~60% between Fiscals 2018 and 2021.
Industry: From CY2020 to CY2025, the speciality chemical market is expected to grow globally by CAGR of 6.2% and in
India by CAGR of 5.2%. This growth is expected to be led by sustained demand in end-use customer segments for Athers’
intermediate and speciality chemical products, which are experiencing consumption-led growth in India and key global
markets. For example, from CY2020 to CY2025, agrochemicals and fertilizers speciality chemical segment in India is
forecasted to grow from $32.9 billion to $53.3 billion, and the pharmaceuticals speciality chemical segment from $16.6
billion to $28.5 billion respectively.

Particulars
2021(06) 2020(06) 2021(12) 2020(12) 2019(12)
Net worth 231.64 111.25 174.33 78.28 38.55
EBITDA 91.16 52.61 116.13 73.73 49.60
EPS (₹) 5.18^ 3.51^ 7.36 4.24 2.48
RoNW (%) as stated 24.83%^ 29.67%^ 40.79% 51.04% 60.54%
Net Asset Value (₹) 20.85 11.81 15.69 8.31 4.09
IPO Updates
10. Protean eGov Technologies Limited
Offer Details: Offer for sale of 12,080,140 Equity Shares by Selling Shareholders.
Promoters: The Company is a professionally managed company and does not have any identifiable promoter.
Approx. Issue Size ( ₹ Cr): - BRLMs: ICICI Securities, Equirus Capital, IIFL Securities, Nomura
Financial
Company: Protean eGov Technologies Limited is a key IT-enabled solutions company in India engaged in conceptualizing,
developing and executing nationally critical and population scale greenfield technology solutions. They partner with the
government and have over 25 years of experience in creating digital public infrastructure and developing innovative
citizen-centric e-governance solutions. They are among the leading Indian companies in the e-governance sector in terms
of profitability, operating income, operating profit and operating profit margin in Fiscal 2020. They have been the chief
architect and implementer of various critical and large-scale technology infrastructure projects in India.
Industry: E-governance is the use of ICT to conduct government business and provide public services. The strategic
objective of e-governance is to support and simplify governance for all parties: government, citizens and businesses.
CRISIL Research expects domestic IT services' revenue to log a compounded annual growth rate of 6% - 8%. The growth
will be led by technology and platform upgradation, and e-governance initiatives of the central and state governments.

Particulars
2021(03) 2020(03) 2021(12) 2020(12) 2019(12)
Net worth 678.23 764.05 667.46 753.41 665.41
EBITDA 16.50 18.38 133.74 186.25 210.28
EPS (₹) 2.54^ 2.92^ 23.02 30.48 30.90
RoNW (%) as stated 1.50%^ 1.53%^ 13.81% 16.17% 18.56%
Net Asset Value (₹) 168.97 166.65 190.98 188.33 166.35
IPO Updates
11. Capillary Technologies India Limited
upto ₹ 650 Cr; Pre-IPO Placement of ₹ 40 Cr.
Promoters: Capillary Technologies International Pte. Ltd.
Approx. Issue Size ( ₹ Cr): 850 BRLMs: ICICI Securities, Kotak Mahindra Capital, Nomura Financial
Company: Capillary Technologies India Limited is a technology-first company and offer artificial intelligence (“AI”)-based
cloud-native Software-as-a-Solution (“SaaS”) products and solutions such as automated loyalty management and
customer data platforms (“CDP”) that enable their large enterprise customers (i.e., customers that typically contribute
more than ₹ 3.50 million a year in terms of revenues) to develop loyalty of their consumers and channel partners. Their
diversified product suite and technology platform allows their customers to run end-to-end loyalty programs, get a
comprehensive view of consumers and offer unified, cross-channel strategies that deliver a real-time omni-channel,
personalized, and consistent experience for consumers. They are the market leader in Asia-Pacific region with a 39%
market share in terms of loyalty management capabilities in 2020 based on the geographies in which they operate
(includes customer loyalty only and customer segments that they serve but does not include employee loyalty)
Industry: The global loyalty management market size is estimated to be ₹ 810 billion in 2021 and is expected to cross ₹
1,190 billion by 2024. With the evolution of digital technologies, legacy transactional systems are becoming obsolete and
new-age technologies such as artificial intelligence, analytics, and augmented reality /virtual reality are being adopted by
companies to enhance customer engagement. The global loyalty management market is witnessing significant growth as
companies across various industries are adopting loyalty solutions to increase sales and customer retention.

Particulars
2021(03) 2021(12) 2020(12)# 2019(12)#
Net worth 38.00 32.50 11.93 6.62
EBITDA 3.62 22.23 8.99 (1.71)
EPS (₹) 0.53^ 3.54 0.04 (2.44)
RoNW (%) as stated# 6.65%^ 52.13% 1.73% (176.23)%
Net Asset Value (₹) 7.94 6.79 2.49 1.38
Source: DRHP, * Restated Summary ^ not annualised; #Adjusted figures; Equity capital is ₹10.00 Cr before the issue.
IPO Updates
12. Campus Activewear Limited
Offer Details: Offer for sale of 51,000,000 Equity Shares by Selling Shareholders; Reservation for Employee.
Promoters: Hari Krishan Agarwal and Nikhil Aggarwal
Approx. Issue Size ( ₹ Cr): - BRLMs: JM Financial, BofA Securities, CLSA India, Kotak Mahindra
Capital
Company: Campus Activewear Limited is the largest sports and athleisure footwear brand in India in terms of value and
volume in Fiscal 2021. They introduced their brand ‘CAMPUS’ in 2005 and are a lifestyle-oriented sports and athleisure
footwear company that offers a diverse product portfolio for the entire family. They offer multiple choices across styles,
color palettes, price points and an attractive product value proposition.
Industry: India is mirroring the global trend with respect to sports and athleisure and outpaced the global growth rate of
the segment. It is estimated to be ₹ 19,500 crore in FY 2020 and is expected to grow at a rate of approximately 16% by FY
2025, almost doubling in size. The domestic footwear retail market in India estimated at ₹ 72,000 crore in FY 2020 is
projected to grow at a CAGR of ~8% to reach ₹ 1,05,000 crore by FY 2025. Footwear industry in India has grown at a
CAGR of ~9% over FY2015 to FY20.

Particulars
2021(06) 2020(06) 2021(12) 2020(12) 2019(12)
Net worth 344.13 263.41 312.64 284.75 201.77
EBITDA 71.90 (20.17) 119.81 138.33 101.86
Net Profit/Loss for the Period 30.87 (21.99) 26.87 61.60 38.41
EPS (₹) 1.02^ (0.72)^ 0.88 2.05 1.28
RoNW (%) as stated 8.97%^ (8.35)% 8.60% 21.63% 19.04%
Net Asset Value (₹) 11.33 8.67 10.29 9.45 6.72
IPO Updates
13. Rainbow Children’s Medicare Limited
Reservation for Employees.
Promoters: Dr. Ramesh Kancharla, Dr. Dinesh Kumar Chirla and Dr. Adarsh Kancharla
Approx. Issue Size ( ₹ Cr): 280^ BRLMs: Kotak Mahindra Capital, J P Morgan, IIFL Securities
Company: Rainbow Children’s Medicare Limited is a leading multi-specialty pediatric and obstetrics and gynecology
hospital chain in India, operating 14 hospitals and 3 clinics in 6 cities, with a total bed capacity of 1,500 beds, as of
September 30, 2021. Their core specialties are pediatrics, which includes newborn and pediatric intensive care, pediatric
multi-specialty services, pediatric quaternary care (including multi organ transplants); and obstetrics and gynecology,
which includes normal and complex obstetric care, multi-disciplinary fetal care, perinatal genetic and fertility care.
Industry: The total hospital market size in India in financial year 2020 was expected to be approximately ₹4,270 billion
growing at a CAGR of 13% between the financial years 2016 and 2020. The maternity market has seen a growth of 8%
between the financial years 2016 and 2020 and is expected to grow at 7-8% between the financial years 2020 and 2026
supported by strong growth in private segment of 11-12% CAGR. Pediatric market which has grown at 14% CAGR
between financial years 2016 and 2020 is expected to grow at the same growth going forward.

Particulars
2021(06) 2020(06) 2021(12) 2020(12) 2019(12)
Net worth 517.83 428.30 445.47 404.51 371.26
Adj. EBITDA 167.47 81.72 162.83 197.03 148.51
EPS-Basic (₹) 8.78^ 2.56^ 4.36 5.98 4.83
RoNW (%) as stated 15.68%^ 5.44%^ 8.88% 13.68% 12.01%
Net Asset Value (₹) 56.82 47.13 48.82 44.57 40.52
IPO Updates
14. TBO Tek Limited
upto ₹ 1,200 Cr by Selling Shareholder.
Promoters: Ankush Nijhawan, Gaurav Bhatnagar, LAP Travel Private Limited and Manish Dhingra.
Approx. Issue Size ( ₹ Cr): 2,100 BRLMs: Axis Capital, Credit Suisse Securities, Jefferies India, JM
Financial
Company: TBO Tek Limited is one of the leading global travel distribution platforms. They simplify the business of travel
for Suppliers and Buyers through their 2-sided technology platform that enables Suppliers and Buyers to transact
seamlessly with each other. They aggregate supply from hotels, airlines, rail, car rental companies, transfer providers,
cruise companies and other via direct connectivity or through third part aggregators. Buyers use their platform to search,
book and pay for global travel supply. Their platform settles payments on both the Buyer and Supplier fronts, managing
for multiple currencies on both ends.
Industry: The direct global travel and tourism market defined as global airlines, hotels and ancillary spending, stands at
US$ 1.9 trillion and grew at a CAGR of 6.1% between 2016 and 2019. New age travel distribution companies provide the
entire global travel inventory under one roof with very limited or no additional effort for Buyers and Suppliers. With the
rise of new age travel distribution companies, the path to serve the end customer has become much smoother. Buyers
and suppliers gain significantly greater visibility across the travel and tourism spectrum.

Particulars
2021(06) 2021(12) 2020(12) 2019(12)
Net worth 222.43 204.07 240.34 160.95
Adj. EBITDA 15.76 (22.69) 84.95 43.78
Net Profit/Loss for the Period 17.74 (34.14) 72.93 26.33
EPS (₹) 1.70^ (3.28) 7.00 2.53
RoNW (%) as stated# 7.98%^ (16.73)% 30.34% 16.36%
Net Asset Value (₹) 21.34 19.58 23.06 15.44
Source: DRHP, * Restated Consolidated. ^ not annualised; Equity Capital stands Rs.10.42 Cr before the offer.
IPO Updates
15. Venus Pipes & Tubes Limited
Offer Details: Fresh Issue of 5,074,100 Equity Shares
Promoters: Megharam Sagramji Choudhary, Jayantiram Motiram Choudhary, Dhruv Mahendrakumar Patel and Arun
Kothari.
Approx. Issue Size ( ₹ Cr): - BRLMs: SMC Capital
Category Allocation: QIB:HNI:Retail: N.A.
Company: Venus Pipes & Tubes Limited is one of the growing stainless-steel pipes and tubes manufacturer and exporter in
India having approximately 6 years of experience in manufacturing of stainless-steel tubular products in 2 broad
categories: (i) seamless tubes/pipes; and (ii) welded tubes/pipes. They are currently manufacturing 5 product lines,
namely, (i) stainless steel high precision & heat exchanger tubes; (ii) stainless steel hydraulic & instrumentation tubes;
(iii) stainless steel seamless pipes; (iv) stainless steel welded pipes; and (v) stainless steel box pipes (“Products”). Under
their brand name “Venus”, they supply their Products for applications in diverse sectors including (i) chemicals, (ii)
engineering; (iii) fertilizers; (iv) pharmaceuticals; (v) power; (vi) food processing; (vii) paper; and (viii) oil and gas.
Industry: The Company operates in the stainless-steel products industry. Stainless steel is a value-added product with
high corrosion resistant properties, superior aesthetic finish and higher life span. These features have helped in
increasing the popularity of stainless steel across the world. Despite being one of the largest producers as well as
consumers of stainless steel, the per capita stainless-steel consumption in India remains low. India’s per capital stainless
steel consumption has increased from 1.2 kg in 2010 to 2.5 kg in 2019, however, its consumption is much lower
compared to the world average of 6 kg per capita. This low consumption pattern is an indication of the inherent
opportunities existing in the sector.

Particulars
2021(03) 2021(12) 2020(12) 2019(12)
Net worth 46.75 39.93 16.28 12.17
EBITDA 9.35 34.78 11.64 8.29
EPS (₹) 5.20^ 18.04 3.15 2.86
RoNW (%) as stated# 14.56%^ 59.18% 25.36% 30.80%
Net Asset Value (₹) 35.69 30.48 12.43 9.29
Source: DRHP, * Restated Consolidated. ^ not annualised; Ratios adjusted for bonus issue.
IPO Updates
16. Bharat FIH Limited
Offer Details: Fresh Issue of Equity Shares aggregating upto ₹2,501.90 Cr and Offer for Sale of Equity Shares aggregating
upto ₹ 2,501.90 Cr by Promoter Group Selling Shareholder.
Promoters: Wonderful Stars and FIH Mobile
Approx. Issue Size ( ₹ Cr): 5,003.80 BRLMs: Kotak Mahindra Capital, Citigroup Global, BNP Paribas, HSBC
Securities
Company: Bharat FIH Limited is the largest EMS provider in India, with approximately 15% market revenue share in
Financial Year 2021. In addition to their EMS services, which mainly comprise manufacturing services, they are building
the capabilities to provide OEMs with a comprehensive, vertically integrated “one-stop solution” comprising a range of
ODM services including product design and development, component manufacturing and sourcing, logistics, and after-
sales services. They have also been expanding their business into high-growth industries other than mobile phones,
including mechanics, electric vehicles, televisions and hearables. They conduct their operations across their campuses
based in South India.
Industry: The EMS industry includes domestic electronics production and imports of electronic finished goods. OEMs
engage EMS providers for manufacturing services, product design and development, testing, and after-sales services
such as repair, remanufacturing, marketing and product lifecycle management. OEMs benefit by outsourcing
manufacturing and design activities, enabling them to focus on brand development, customer service and diversification.
The Indian market opportunity is driven by the expected increase in electronics usage in the country from the current
levels of under-penetration, geographical diversification by OEMs of their manufacturing needs, and the availability of
government incentives and other schemes, according to the F&S Report.

Particulars Consolidated Unconsolidated Unconsolidated Unconsolidated Unconsolidated
2021(06) 2020(06) 2021(12) 2020(12) 2019(12)
Equity Share Capital 2,380.95 2,380.95 2,380.95 2,380.95 1,665.95
Net worth 2,925.49 2,762.41 2,835.74 2,673.88 1,567.80
Revenue from Operations 10,155.79 6,394.58 15,854.86 26,635.56 34,345.39
EBITDA 245.83 179.32 386.93 693.28 (26.92)
Net Profit/Loss for the Period 89.17 88.19 161.92 389.71 (222.87)
EPS (₹) 0.37^ 0.37^ 0.68 2.08 (1.57)
RoNW (%) as stated 3.05%^ 3.19% 5.71% 14.57% (14.22)%
Net Asset Value (₹) 12.29 11.60 11.91 14.26 11.1
Source: DRHP, * Restated Statement. ^ not annualised
IPO Updates
17. Hexagon Nutrition Limited
Offer Details: Fresh Issue of Equity Shares aggregating upto ₹ 100 Cr and Offer for Sale of 30,113,918 Equity Shares
Promoters: Arun Purushottam Kelkar, Subhash Purushottam Kelkar, Vikram Arun Kelkar and Dr. Nikhil Arun Kelkar
Approx. Issue Size ( ₹ Cr): 100^ BRLMs: Equirus Capital, SBI Capital Markets
Company: Hexagon Nutrition Limited is a differentiated and research oriented pure-play nutrition company. They are the
only holistic nutrition player that offers products across clinical products, micronutrient premixes and therapeutic
products. They focus on holistic nutrition products encompassing a wide range of nutritional and nutrition enhancing
products. Their product portfolio addresses a broad spectrum of aspects such as fortification of foods, therapeutic
nutrition, clinical nutrition and alleviation of malnutrition. They are a fully integrated company engaged, right from
product development to marketing including research and development and manufacturing, with a focus on quality.
They have developed their brands “PENTASURE”, “OBESIGO” and “PEDIAGOLD” which are leading names in the health,
wellness, and clinical nutrition space. They have presence across India and their products have been exported to around
70 countries.
Industry: India’s positive per capita GDP growth, 4% inflation rate, access to traditional and modern nutraceutical
ingredients, and increasing consumer awareness of deficiency disease incidence and prevention are driving rapid growth
of the clinical nutrition sector. The demand for functional nutrition is expected to witness significant growth driven in
part, by younger professionals with intense lifestyles. Further, the functional beverages sector is driven by young
population of dual income household, with a rising income, and growing awareness of healthy eating. India’s health and
wellness nutrition market was worth USD 10.5 billion in CY 2020 and is estimated to grow at a CAGR of 11.9% till CY
2025. The Indian food fortification premix market was valued at USD 80.0 million in CY 2020 and is expected to reach
USD 149.6 million in CY 2026. The global premix industry grew from USD 4.4 billion in CY 2018 to around USD 5 billion in
CY2020 and is expected to grow at a CAGR of 4.4% from CY2021 till CY2026.

Particulars
2021(06) 2021(12) 2020(12) 2019(12)
Net worth 153.06 138.03 116.74 99.25
EBITDA 23.39 34.40 29.66 25.74
EPS - Basic (₹) 1.38^ 2.07 1.68 1.34
RoNW (%) as stated# 9.94%^ 16.56% 15.91% 14.94%
Net Asset Value (₹) 12.47 11.24 9.51 8.07
Source: DRHP, * Restated Consolidated. ^ not annualised;, Ratios post conversion of CCPS
IPO Updates
18. Snapdeal Limited
Offer Details: Fresh Issue of Equity Shares aggregating upto ₹ 1,250 Cr and Offer for Sale of 30,769,600 Equity Shares.
Pre-IPO placement of ₹ 250 Cr
Promoters:
Approx. Issue Size ( ₹ Cr): 1,250^ BRLMs: Axis Capital, BofA Securities, CLSA India, JM Financial
Company: Snapdeal Limited is India’s largest pure-play value eCommerce platform, in terms of revenue for the FY2020.
Further, with over 20 crore app installations on Google Play Store, they are the most installed pure-play value
eCommerce application and one of the Top-4 online lifestyle shopping destinations in terms of total app installations in
India, as of August 31, 2021. Founded in 2007, they started their business as a coupon booklet business, which they
transformed into an online deals platform in 2010 and an online eCommerce marketplace in 2012. Snapdeal’s value
proposition meets the distinct buying needs of ‘Bharat’ shoppers. Their platform was also ranked by App Annie (a mobile
market data and analytics platform) in the ‘Top Publisher Award 2020’ as among the top 10 shopping apps in India in
terms of monthly active users (“MAUs”) for the year 2019
Industry: Value lifestyle retail market’s size is expected to grow from US$88 billion in the financial year 2021 to US$175
billion by the financial year 2026, at a CAGR of approximately 15%. The sizable presence of online value shoppers is
expected to grow at an increasing rate, as the Indian eCommerce shopper base is projected to grow to 350 million
people by financial year 2026 (as compared to 140-160 million users in financial year 2021). India’s Value eCommerce
market was worth US$7.4 billion in the financial year 2021, and projected to reach approximately US$39.4 billion by the
financial year 2026. This growth will be spearheaded by “emerging shoppers” from the mid-income segment of Indian
Tier 2+ cities.

Particulars
2021(06) 2021(12) 2020(12) 2019(12)
Equity Share Capital^ 39.44 39.44 39.44 39.44
Net worth 312.97 519.05 653.33 644.97
Adj. EBITDA (170.46) (99.87) (320.06) (244.39)
Net Profit/Loss for the Period# (177.08) (125.44) (273.54) (187.03)
Net Asset Value (₹) 7.94 13.16 16.57 16.35
Source: DRHP, * Restated Consolidated. ^post Bonus Equity Capital, # from continued and discontinued operations.
IPO Updates
19. Asianet Satellite Communications Limited
upto ₹ 465 Cr by Promoter Group Selling Shareholder.
Promoters: Viren Rajan Raheja and Akshay Rajan Raheja
Approx. Issue Size ( ₹ Cr): 765 BRLMs: Axis Capital, Nomura Financial
Company: Asianet Satellite Communications Limited is one of the leading internet service providers offering broadband
internet services and multi system operator offering digital cable television services. They are predominantly present in
Kerala, amongst other southern states. They were among the Top-3 fixed broadband providers in the Kerala market and
had a market share of approximately 19% in fiscal 2021 with 0.28 million wired broadband subscribers in the Kerala
market. In respect of their cable television business, they were among the Top-13 MSOs/HITS operators in India as of
June 2021.
Industry: India’s fixed broadband industry was valued at approximately ₹145-155 billion as of fiscal 2021 with average
monthly pricing of ₹ 500-550 per connection. In Kerala, fixed broadband connections grew to 1.48 million in fiscal 2021.
Growth in per capita and increase demand for high speed and high data consumption are expected to increase fixed
broadband penetration in Kerala. Rising TV penetration in India and focus on HD channels are likely to boost TV
subscription revenue growth of 1% CAGR between fiscals 2021 and 2025 amid pressure on subscriber additions with
customers shifting focus to DD free and OTT platforms.

Particulars
2021(06) 2021(12) 2020(12) 2019(12)
Net worth 230.64 212.30 179.91 179.46
Adj. EBITDA 77.18 138.02 111.01 102.53
EPS (₹) 1.66^ 3.08 0.03 0.92
RoNW (%) as stated# 7.23%^ 14.62 0.16 5.16
Net Asset Value (₹) 22.91 21.08 17.87 17.82
Source: DRHP, * Restated Consolidated. ^ not annualised, #RONWdoes not include preference share capital
IPO Updates
20. Syrma SGS Technology Limited
Offer Details: Fresh Issue of Equity Shares aggregating upto ₹ 926 Cr and Offer for Sale of 3,369,360 Equity Shares; Pre
Promoters: Sandeep Tandon, Jasbir Singh Gujral, Veena Kumari Tandon and Tancom Electronics Pvt Ltd
Approx. Issue Size ( ₹ Cr): 926^ BRLMs: DAM Capital, ICICI Securities, IIFL Securities
Company: Syrma SGS Technology Limited is a technology-focussed engineering and design company engaged in turnkey
electronics manufacturing services, specialising in precision manufacturing for diverse end-use industries. Among the
large bouquet of EMS players in India, they are one of the fastest growing Indian-headquartered ESDM companies. The
company has a track record of technical innovation which involves working with the engineering teams of their marquee
customers, and over the years, they have evolved to provide integrated services and solutions to OEMs, from the initial
product concept stage to volume production through concept co-creation and product realization.
Industry: Electronics production in India is estimated at ₹ 4,975 Billion in FY21, and is expected to grow at a CAGR of
32.3% to reach ₹ 20,133 Billion by FY26. India has the potential to be one of the most attractive manufacturing
destinations and support the objective of ‘Make in India for the World’. Government and Industry needs to collaborate
and drive initiatives to help India move among top 5 countries in electronics production and among top 3 in electronics
consumption.

Particulars
2021(03) 2021(12) 2020(12) 2019(12)
Net worth 244.01 238.17 101.71 57.19
EBITDA 12.18 52.93 69.90 43.08
EPS (₹) 0.64^ 3.32 6.19 2.93
RoNW (%) as stated 2.31%^ 16.92 55.81 45.45
Net Asset Value (₹) 28.28 27.61 14.34 8.07
Source: DRHP, * Restated Standalone. ^ not annualised,
IPO Updates
21. Maini Precision Products Limited
Promoters: Sandeep Kumar Maini, Gautam Maini and Chetan Kumar Maini
Approx. Issue Size ( ₹ Cr): 150^ BRLMs: ICICI Securities, IIFL Securities
Company: Maini Precision Products Limited is an end-to-end solutions provider engaged in process design, engineering,
manufacturing, testing, and supply of a variety of precision products and assemblies. They are capable of diverse and
critical manufacturing and finishing processes, including machined castings, die castings, machined forgings, bar route
machining, plate machining, surface treatment, heat treatment, critical assembly, as well as ancillary activities such as
end of line testing, export packing and warehousing, which helps them provide end-to-end solutions for the customer
requirements.
Industry: Industrial sector which is the second largest contributor maintained its share in GDP as the sector grew 7%
CAGR over fiscal 2015 to 2019. Industrial contribution contracted in fiscal 2020 with the slowdown in economic
development. Before the overall economic activity slowed down in fiscal 2020, growth in India’s industrial sector output
was supported by Government’s make in India initiative, rising domestic consumption and implementation of GST. The
government initiatives improved India’s ranking in World Bank’s ease of doing business ranking by from 142 in 2014 to
63 in 2019.

Particulars
2021(03) 2020(03) 2021(12) 2020(12) 2019(12)
Net worth (84.46) (51.91) (82.48) (34.43) (10.93)
Adj. EBITDA 20.13 (2.76) 41.80 82.71 85.40
Net Profit/Loss for the Period (2.77) (14.99) (46.88) (22.65) (18.36)
Net Asset Value (₹)# (6.22) 1.66 (5.74) 5.89 11.58
Source: DRHP, * Restated Summary. ^ not annualised, #Net Asset Value includes the revaluation reserves.
IPO Updates
22. Nandan Terry Limited
Offer Details: Fresh Issue of Equity Shares aggregating upto ₹ 254.96 Cr; Pre-IPO of ₹ 40 Cr
Promoters: Vedprakash Chiripal, Brijmohan D. Chiripal, Chiripal Exim LLP and Devkinandan Corporation LLP.
Approx. Issue Size ( ₹ Cr): 254.96 BRLMs: Holani Consultants, BOI Merchant Bankers
Category Allocation: QIB:HNI:Retail:50:15:35
Company: Nandan Terry Limited is a fully vertically integrated company engaged in principle business of manufacturing
terry towels & toweling products. They procure cotton from domestic and international markets and manufacture cotton
yarns which are in turn used as a raw material. Additionally, they sell yarn manufactured in their units to ensure full
utilization of their installed capacity. They also, at times, sell woven fabric cloth manufactured in their units that is not
suitable as per quality requirements of their customers.
Industry: Indian Domestic Textile and Apparel Industry is worth US$ 106 Billion comprising of Apparels (US$ 74 Bn),
Home Textiles (US$ 7 Bn) and Technical Textiles (US$ 19 Bn) in 2018. It is expected to grow at a CAGR of 12% to reach
US$ 220 Billion by 2025-26. The company operates in home furnishing which is a sub-sector of the textile industry.

Particulars
2021(06) 2021(12) 2020(12) 2019(12)
Net worth 149.09 116.95 92.90 93.73
EPS (₹) 6.69^ 5.11 0.27 (0.11)
Net Asset Value (₹) 32.58 25.56 20.30 20.48
Source: DRHP, * Restated Statement. ^ not annualised,
IPO Updates
23. JK Files & Engineering Limited
Offer Details: Offer for Sale of Equity Shares aggregating upto ₹ 800 Cr; Reservation for employees.
Promoters: Raymond Limited
Approx. Issue Size ( ₹ Cr): 800 BRLMs: SBI Capital Markets, DAM Capital, HDFC Bank
Company: JK Files & Engineering Limited is engaged in the manufacturing of precision engineered components for tools
and hardware (files and drills) and marketing of hand tools, power tool accessories and power tool machines and
manufacturing of auto components and engineering products (ring gears, flexplates and water pump bearings). The
company has the largest installed manufacturing capacity and was the second largest supplier globally of steel files
(2020) RPAL is amongst the key global ring gear players and has the highest volume share in terms of supply to OEMs for
domestic production of PV and CV in Fiscal 2021
Industry: The domestic market for files is expected to grow at a CAGR of 4%-5% between Fiscals 2022 and 2027, while
the global files market size is expected to grow at a CAGR of 3%-4% during 2021 and 2026 (in volume). The domestic
demand for drills, hand tools and power tools markets are expected to grow at a CAGR of 5%-7%, 6%-8% and 5%-6%,
respectively, between Fiscals 2022 and 2027.

Particulars
2021(03) 2021(12) 2020(12) 2019(12)
Net worth 112.17 102.63 78.83 64.45
EBITDA 16.05 47.76 39.02 47.30
EPS -Basic (₹) 1.83^ 4.85 2.68 3.16
RoNW (%) as stated 8.55%^ 24.81% 17.85% 25.72%
Net Asset Value (₹) 18.21 16.66 12.80 10.46
Source: DRHP, * Restated Consolidated. ^ not annualised,
IPO Updates
24. Jesons Industries Limited
Employee Reservation of upto 77,000 Equity shares, Pre-IPO Placement of ₹ 24 Cr.
Promoters: Dhiresh Shashikant Gosalia
Approx. Issue Size ( ₹ Cr): 120^ BRLMs: Axis Capital, JM Financial
Company: Jeson Industries Limited is one of the leading manufacturers of specialty coating emulsions (“SCE”) and water based
pressure sensitive adhesives (“PSA”) in tape and label segments (in terms of sales value), in India. Their products are
used in various end user industries, such as paints, packaging, and chemicals for construction, textiles, leather, carpet
and paper. Amongst the Indian manufacturers, they have one of the largest range of products in SCEs and PSAs product
categories. They are one of the leading SCE suppliers to the Indian paint sector with about 30% market share in the
segment in Fiscal 2021, in terms of sales value.
Industry: The emulsions market was valued at $ 4,018 million in 2020, and is projected to reach $ 5,617 million by 2025
growing at a CAGR of 7.45% from 2020 to 2025. The global adhesives and sealants market is set to gain traction from the
increasing adoption of adhesive tapes by engineers from numerous fields, especially aviation and automotive. These
tapes can be drawn into films and can be formulated with multiple viscosities. The global Adhesives market is valued at
around $ 47 billion in 2020. The global adhesives market is expected to grow at 5.9% CAGR; reaching $ 63 billion by 2025.

Particulars
2021(03) 2021(12) 2020(12) 2019(12)
Net worth 317.15 262.84 168.92 142.75
Revenue from Operations 438.43 1,085.72 901.37 917.69
EBITDA 73.72 128.82 47.49 47.87
EPS (₹) 10.13^ 17.55 5.51 4.62
RoNW (%) as stated 17.12%^ 35.80% 17.49% 17.34%
Net Asset Value (₹) 59.16 49.03 31.51 26.63
IPO Updates
25. Elin Electronics Limited
upto ₹ 585 Cr.
Promoters: Mangi Lall Sethia, Kamal Sethia, Kishore Sethia, Gaurav Sethia, Sanjeev Sethia, Sumit Sethia, Suman Sethia,
Vinay Kumar Sethia and Vasudha Sethia
Company: Elin Electronics Limited is a leading electronics manufacturing services (“EMS”) manufacturer of end-to end
product solutions for major brands of lighting, fans, and small/ kitchen appliances in India, and are one of the largest
fractional horsepower motors manufacturers in India. They manufacture and assemble a wide array of products and
provide end-to-end product solutions. Their product portfolio includes LED lighting, fans and switches; small appliances;
fractional horsepower motors; medical diagnostic cartridges; plastic moulded and sheet metal parts and components;
and other miscellaneous products such as terminal block, stainless steel blade, die casting and radio sets.
Industry: The total addressable EMS market in India was valued at ₹ 2,654 billion in Fiscal 2021, and is expected to grow
to ₹ 9,963 billion in Fiscal 2026 with a CAGR of 30.3%. However, the contribution of Indian EMS companies is around
40%, which is valued at ₹ 1,069 billion in Fiscal 2021, which is expected to grow at 41.1% CAGR to reach ₹ 5,978 billion in
Fiscal 2026.

Particulars
2021(06) 2021(12) 2020(12) 2019(12)
Net worth 282.45 262.27 227.77 199.02
EBITDA 38.46 69.00 56.24 58.21
EPS (₹) 4.73^ 8.53 6.73 7.12
RoNW (%) as stated 6.84%^ 13.29% 12.07% 14.61%
Net Asset Value (₹) 69.16 64.22 55.77 48.73
IPO Updates
26. eMudhra Limited
Offer Details: Fresh Issue of Equity Shares aggregating upto ₹ 200 Cr and Offer for Sale of 8,510,638 Equity Shares. Pre-
IPO Placement of ₹ 39 Cr.
Promoters: Venkatraman Srinivasan and Taarav Pte. Ltd.
Approx. Issue Size ( ₹ Cr): 200^ BRLMs: IIFL Securities, Yes Securities, Indorient Financial
Company: eMudhra Limited is the largest licensed Certifying Authority in India with a market share of 37.9% in the digital
signature certificates market space in Financial Year 2021 having grown from 36.5% in Financial Year 2020. They are
engaged in the business of providing Digital Trust Services and Enterprise Solutions to individuals and organisations
functioning in various industries. The company is a ‘one stop shop’ player in secure digital transformation and provides a
wide spectrum of services and solutions from issuance of certificates as a certifying authority to offering identity,
authentication and signing solutions.
Industry: The rise of COVID-19 forced organizations to move to “Work from Home” resulting in the need for adoption of
digital solutions that facilitate remote fulfillment of transactions. eMudhra is the only Indian company to be directly
recognized by renowned browsers and document processing software companies such as like Microsoft, Mozilla, Apple
and Adobe allowing eMudhra to sell digital identities to individual/organization and issue SSL/TLS certificates for website
authentication, globally. It is the largest licensed CA in India with strong DSC expertise which would make eMudhra
penetrate into the market much easily than its competitors.

Particulars
2021(06) 2021(12) 2020(12) 2019(12)
Net worth 128.61 107.36 92.14 75.64
EBITDA 32.69 40.79 32.29 32.31
EPS (₹) 2.84^ 2.49 2.37 2.48
RoNW (%) as stated 15.51%^ 16.26^ 18.07^ 23.05^
Net Asset Value (₹) 18.33 15.30 13.13 10.78
IPO Updates
27. Droom Technology Limited
upto ₹ 1,000 Cr. Pre-IPO Placement of ₹ 400 Cr.
Promoters: Sandeep Aggarwal and Droom Pte. Ltd.
Approx. Issue Size ( ₹ Cr): 3,000 BRLMs: Axis Capital, ICICI Securities, Edelweiss Financial, HSBC
Securities, Nomura Financial
Company: Droom Technology Limited is a technology and data science company that facilitates automobile buying and
selling online through a combination of their asset-light automobile e-commerce platform along with a technology-
driven vertically integrated proprietary ecosystem of products and services for the automobile industry. Their
automobile ecommerce platform, which includes their website and mobile apps, offers users convenience and a curated
experience to buy and sell new and used vehicles and encompasses every element of automobile buying from searching
for a vehicle, creating buying requirements, price discovery, booking, certification to purchase and financing and
doorstep delivery.
Industry: The entire vehicle purchasing journey is undergoing digital transformation and online platforms play an
important role across the value chain by connecting different stakeholders across the stages of the transaction. The
Indian auto e-commerce market is estimated at ₹ 207 billion in Fiscal 2020. This is expected to grow at a CAGR of 48.3%
over the next 5 years to reach ₹ 2,200 billion in Fiscal 2026. The Indian online used vehicle market was valued at ₹ 154
billion in Fiscal 2020 and is projected to reach ₹ 1,994 billion by Fiscal 2026, registering a CAGR of 53.2%.

Particulars
2021(03) 2021(12) 2020(12) 2019(12)
Net worth 80.39 18.92 59.26 74.11
EBITDA (30.80) (58.79) (79.49) (101.71)
Net Loss for the Period (32.59) (68.88) (89.60) (105.37)
Net Asset Value (₹) 4.97 1.43 4.48 7.11
IPO Updates
28. API Holdings Limited
Offer Details: Fresh Issue of Equity Shares aggregating upto ₹ 6,250 Cr; Pre-IPO placement of ₹ 1,250 Cr
Promoters: The company is a professionally managed company and does not have an identifiable promoter.
Approx. Issue Size ( ₹ Cr): 6,250 BRLMs: Kotak Mahindra Capital, Morgan Stanley, BofA Securities,
Citigroup Global, JM Financial
Company: API Holdings Limited is India’s largest digital healthcare platform (based on GMV of products and services sold for
the year ended March 31, 2021). Their integrated, end-to-end business aims to provide solutions for consumers’
healthcare needs, including information on illness and wellness, tele-consultation, diagnostics and treatment through
pharmaceutical products and devices. Their custom-built proprietary technology, unified data platforms, supply chain
capabilities, and deep understanding of the dynamic interplay of the healthcare value chain enable them to serve each
stakeholder viz. channel (wholesalers, retailers and chemists/institutions), consultants, consumers, diagnostic labs, and
company (pharmaceutical, nutraceutical, medical devices).
Industry: The company has a target addressable market of ~ ₹10.4 trillion (~$139 billion) as of 2020, corresponding to
the size of the entire Indian Healthcare market in 2020. The Target Addressable Market is expected to grow at 14% CAGR
to reach ~₹ 20 trillion (~$266 billion) by 2025. Based on the company’s current suite of product and service offerings, the
serviceable addressable portion of the Target Addressable Market is expected to be ~₹ 7.5 trillion (~US$100 billion) in
2025, which includes the pharma, diagnostics, OTC, consultation and hospital supplies segments of the Indian healthcare
market.

Particulars
2021(03) 2021(12) 2020(12) 2019(12)
Net worth 4,518.03 3,439.38 246.24
Revenue from Operations 1,196.81 2,335.27 667.54
EBITDA (292.59) (569.33) (386.21)
Adj. EBITDA (282.81) (512.52) (362.29)
Net Loss for the Period (313.89) (641.34) (335.28)
Net Asset Value (₹) 8.91 8.00 0.85
IPO Updates
29. Capital Small Finance Bank Limited
Selling Shareholder; Reservation for Employee, Pre-IPO Placement of ₹ 90 Cr
Promoters: Sarvjit Singh Samra, Amarjit Singh Samra, Navneet Kaur Samra, Surinder Kaur Samra and Dinesh Gupta
Approx. Issue Size ( ₹ Cr): 450^ BRLMs: Axis Capital, Edelweiss Financial, SBI Capital Markets
Company: Capital Small Finance Bank commenced operations as India’s first small finance bank in 2016, and is among
the leading SFBs in India in terms of asset quality, cost of funds, retail deposits and CASA deposits for Fiscal 2021. They
have the most diversified portfolio with sizeable book in multiple asset classes as compared to other SFBs with a highest
proportion of secured lending of 99% as of Fiscal 2021 among the SFBs. They have the best asset quality among the SFBs
represented by lowest GNPA and NNPA of 2.08% and 1.13% respectively as of Fiscal 2021. They have an experience of
over 2 decades in the banking industry having operated as the largest local area bank prior to their conversion into a
small finance bank.
Industry: Small finance banks’ AUM clocked 26% CAGR during fiscals 2016 -2021. With their localised past experience,
SFBs, especially the ones which were existing as local area banks have the ability to manage local stakeholders and
maintain operational efficiency more effectively. CRISIL Research expects the sector’s loan portfolio to see a strong ~22%
CAGR in the near term as most of the SFBs have completed the transition phase and likely to get benefit from the
operating leverage. The share of SFBs in deposits as well as credit has seen a steady rise over the years and is expected
to reach 1% and 1.5% respectively by fiscal 2024 from the current 0.6% and 1.0% in deposits and credits in fiscal 2021.

Particulars
2021(03) 2020(03) 2021(12) 2020(12) 2019(12)
Net worth 464.20 414.02 450.79 406.78 250.32
Interest Earned 136.44 124.20 511.44 458.14 346.29
EBITDA 20.29 12.91 70.23 49.92 38.69
EPS – Basic (₹) 3.59^ 2.01^ 12.04 8.18 6.82
EPS – Diluted (₹) 3.57^ 2.01^ 11.98 8.16 6.82
RoNW (%) as stated 2.62 1.64 9.05 6.24 7.75
Net Asset Value (₹)~ 136.52 122.46 132.93 120.32 87.89
Source: DRHP, * Summary Restated; ^ not annualised
IPO Updates
30. Wellness Forever Medicare Limited
Promoters: Ashraf Mohammed Biran, Gulshan Haresh Bakhtiani, and Mohan Ganpat Chavan
Approx. Issue Size ( ₹ Cr): 400^ BRLMs: IIFL Securities, Ambit Pvt Ltd, DAM Capital, HDFC Bank
Company: Wellness Forever Medicare Limited is India’s 3rd largest retail pharmacy and wellness network by number of
stores, with a leading position in Western India in terms of total revenues. They operate a large omni-channel, hyperlocal
retail network under their “Wellness Forever” brand, serving as a one-stop solution for their customers’ wellness needs
with most of their stores operating 24x7. The company focuses on providing their customers with a retail experience that
goes beyond purchasing medicines. They offer a wide assortment of merchandise including fast-moving consumer goods,
fast-moving health goods, nutraceuticals and medical equipment, among other products, alongside over-the-counter
and prescription medicines.
Industry: The Indian pharmacy retail sector has been witnessing healthy growth over the past few years due to an
increasing consumer base and rising healthcare expenditure. The modern pharmacy retail has been registering healthy
growth largely because of rising demand for OTC and prescription drugs, wellness products and private label products.
Modern pharmacy retail is estimated to grow at a CAGR of 25% in the coming 5 years growing significantly faster than
other categories. Entry of new players, investments in e-commerce and omni-channels platforms is aiding this transition.

As at March 31,
Particulars
2021 2020 2019#
Net worth 266.69 168.72 111.08
Net Loss for the Year (34.85) (5.32) (1.33)
EPS (₹) (7.11) (1.16) (0.31)
Net Asset Value (₹) 54.43 36.64 26.86
IPO Updates
31. BVG India Limited
Selling Shareholder. Pre IPO Placement of ₹ 40 Cr.
Promoters: Hanmantrao Ramdas Gaikwad and Umesh Gautam Mane
Approx. Issue Size ( ₹ Cr): 200^ BRLMs: ICICI Securities, JM Financial, HSBC Securities
Company: BVG India Limited is one of India’s largest integrated services companies with more than 54,000 employees as
of June 30, 2021. They offer a wide range of integrated services including soft services such as mechanized house-
keeping, industrial housekeeping, manpower supply, security services and janitorial services, hard services such as
electro-mechanical works and highway maintenance, and specialized services such as paint-shop cleaning and logistics
management. They offer these services to a diverse base of clients operating across sectors including industrial and
consumer sector, transport and transit infrastructure sector, hospitals and healthcare sector, and to government
establishments.
Industry: The outlook of facility management services in India is optimistic due to rising awareness of associated benefits
of using facility management services among end users and need for improved safety, comfort and professional
maintenance of assets. The facility management market in India is estimated to grow at a CAGR of 27.0% between Fiscal
2021 and Fiscal 2023. Majority of the growth is expected from commercial, retail and industrial sectors. In addition,
increasing preference for professional facility management in the residential sector coupled incidence of high rise
residences that require facility management solutions is expected to drive growth.

As at March 31,
Particulars
2021 2020 2019#
Net worth 781.13 699.49 580.49
EPS - Basic (₹) 33.16 47.19 32.55
RoNW (%) as stated 11.02% 17.51% 14.56%
Net Asset Value (₹) 303.82 272.07 225.78
IPO Updates
32. Oravel Stays Limited (OYO)
upto ₹ 1,430 Cr by Selling Shareholder. Reservation of Employee, Pre-IPO Placement of ₹ 1,400 Cr
Promoters: Ritesh Agarwal, RA Hospitality Holdings (Cayman) and SVF India Holdings (Cayman) Ltd
Approx. Issue Size ( ₹ Cr): 8,430 GCBRLMs: Kotak Mahindra Capital, J P Morgan, Citigroup Global
Category Allocation: QIB:HNI:Retail: 75:15:10 BRLMs: ICICI Securities, Nomura Financial, JM Financial
Company: Oravel Stays Limited (OYO) is a leading, new-age technology platform empowering the large yet highly
fragmented global hospitality ecosystem1. They have been focused on reshaping the short-stay accommodation space
since their incorporation in 2012. Their unique business model helps their Patrons transform fragmented, unbranded
and underutilized hospitality assets into branded, digitally-enabled storefronts with higher revenue generation potential
and provides their customers (being travellers and guests who book storefronts on their platform) with access to a broad
range of high-quality storefronts at a compelling price point.
Industry: Within the travel and tourism industry, the short-stay accommodation market is one of the fastest growing
segments. The short-stay accommodation segment refers to stays of up to 1 month. Going forward, the total short-stay
accommodation market is projected to reach US$1.9 trillion in 20302. Most of the global short-stay accommodation
supply is independent, unorganised and fragmented. Company’s global total addressable market opportunity as of
December 31, 2019 consisted of 54 million storefronts that their full-stack technology platform could have potentially
empowered.

As at March 31,
Particulars
2021 2020 2019#
Net worth 3,384.80 6,505.13 6,323.70
EBITDA as stated (1,869.45) (6,124.08) (1,854.59)
Net Profit/Loss for the Year^ (3,943.84) (13,122.78) (2,364.53)
Net Asset Value (₹)~ 5.63 10.83 13.11
Source: DRHP, * Restated Summary. Equity Shares outstanding prior to the Offer prior to conversion of Issued Preference Shares is ₹ 129.45 Cr
^Restated loss for the year from continuing and discontinued operations. ~NAV post issuance of Bonus shares, Sub-division and conversion ratio of Preference shares.
IPO Updates
33. Lava International Limited
by Selling Shareholder, Reservation for Employee, Pre IPO Placement of ₹ 100 Cr.
Promoters: Hari Om Rai, Shailendra Nath Rai, Sunil Bhalla and Vishal Sehgal.
Approx. Issue Size ( ₹ Cr): 500^ BRLMs: Axis Capital, BOB Capital Markets, DAM Capital, SBI Capital
Markets
Company: Lava International Limited is one of the largest feature phone manufactures in both India and in the global
market. They also manufacture smart phones with a focus on the sub-US$ 200 mobile handset market. The range of
products they offer include feature phones, smart phones, tablets and other electronic accessories. In addition, they
offer mobile handset solutions to OEMs globally. As a leading end-to-end focused mobile handset and mobile handset
solutions Company based in India, they also have presence in many emerging markets.
Industry: In the fiscal year 2021, there were 10.43 crore units of feature phones and 17.06 crore of smartphones in the
mobile phone market of India. While the mobile phone subscription market in India keeps growing, users have been
shifting from feature phones to entry level smartphones. The company is expanding in the African market, which shares
similarities with the Indian market. The mobile phone market in the United States is dominated by smartphones. The
company faces competitions from both Indian companies and foreign mobile handset manufacturers.

As at March 31,
Particulars
2021 2020# 2019#
Instruments in the nature of equity 5.10 5.00 5.00
Net worth 1,589.12 1,408.06 1,255.28
EBITDA as stated 251.22 199.26 183.20
EPS - Basic (₹) 3.46 2.16 1.47
RoNW (%) as stated 10.86% 7.65% 5.83%
Net Asset Value (₹)# 31.82 28.19 25.13
Source: DRHP, * Restated Consolidated. #Adjusted for the impact of bonus issue and stock split after the end of the year but before the date of filing the DRHP.
IPO Updates
34. CMR Green Technologies Ltd
Offer Details: Fresh Issue of Equity Shares aggregating upto ₹ 300 Cr and Offer for Sale of upto 33,414,138 Equity
Shares by Selling Shareholder, Pre IPO Placement of ₹ 60 Cr.
Promoters: Gauri Shankar Agarwala, Mohan Agarwal, Kalawati Agarwal and Pratibha Agarwal.
Approx. Issue Size ( ₹ Cr): 300^ BRLMs: Axis Capital, ICICI Securities, JM Financial
Company: CMR Green Technologies Limited is the largest metal recycler in the domestic aluminium recycling industry and
amongst the largest in the world. They are primarily focused on the recycling of aluminium, which involves the
processing of aluminium based metal scrap to manufacture aluminium alloys and supplying them both in liquid form as
well as solid ingots, and on the manufacturing of zinc alloys. Additionally, they focus on segregation and recycling of
other metals including stainless steel, copper and brass, and recycling of end-of-life vehicles where they undertake
dismantling, shredding and sorting of ELV parts.
Industry: Total aluminium (primary and secondary) demand in India in Fiscal 2020 is estimated at 3.7 million tonnes,
logging a CAGR of 5-6% over Fiscals 2015 to fiscal 2020. The demand for secondary aluminium in India zoomed at a CAGR
of 9-10% from Fiscal 2015 to 2020, while primary aluminium demand registered a CAGR of 3-4% only. Demand for
primary and secondary aluminium is estimated at 2.4 and 1.3 million tonnes, respectively, in Fiscal 2020. The demand for
secondary aluminium is primarily led by healthy demand from the auto sector. Rising demand from packaging, consumer
durables and construction sectors also led to increased demand. Due to better cost dynamics the share of secondary
aluminium in aggregate aluminium market in India rose to 35-36% as of Fiscal 2020 from 29-30% in Fiscal 2015.

As at March 31,
Particulars
2021 2020# 2019#
Equity Share capital Suspense Account 870.29 - -
Net worth 762.31 21.68 21.55
Revenue from Operations 2,913.19 - -
EBITDA as stated 336.53 (0.01) (0.01)
EPS (₹) 0.98 0.05 0.02
RoNW (%) as stated 2.84% 0.57% 0.23%
Net Asset Value (₹) 34.45 9.19 9.14
Source: DRHP, * Restated Consolidated. #Proforma, Net profit inFY2020 and FY2019 due to the share in profit of Associates and Joint Venture, Equity Shares outstanding
prior to the Offer is ₹ 44.25 Cr
IPO Updates
35. Tamilnadu Mercantile Bank Limited
Offer Details: Initial public offering of 15,840,000 Equity Shares (Fresh Issue of upto 15,827,495 Equity Shares and Offer
for Sale of upto 12,505 Equity Shares by Selling Shareholders).
Promoters: The Bank is a professionally managed bank and does not have an identifiable promoter or promoter group.
Approx. Issue Size ( ₹ Cr): - BRLMs: Axis Capital, Motilal Oswal, SBI Capital Markets
Company: Tamilnadu Mercantile Bank Limited is one of the oldest and leading old private sector banks in India with a
history of almost 100 years. They offer a wide range of banking and financial services primarily to micro, small and
medium enterprises, agricultural and retail customers. As of June 30, 2021, they have 509 branches, of which 106
branches are in rural, 247 in semi-urban, 80 in urban and 76 in metropolitan centres. As of June 30, 2021, their overall
customer base was approximately 4.93 million of which 69.96% comprised customers who had been associated with
them for over 5 years.
Industry: The Indian banking sector is significantly under-penetrated which provides immense opportunities for banks
and other financial institutions. The banking sector enjoyed healthy deposit growth of ~10% CAGR between Fiscals 2015
and 2020. Traditionally, public banks have accounted for the major proportion of the banking credit outstanding.
However, low profitability, weak capital position, low operational efficiency, and increase in stressed loans in the past
few years led to slowdown in their loan growth. As a result, public banks gradually lost market share to private banks,
which were relatively well capitalised and had higher degree of operational efficiency.
As at March 31,
Particulars
2021 2020 2019
Net worth 4,579.98 3,979.65 3,618.26
Interest earned 3,609.05 3,466.11 3,224.46
EBITDA as stated 1,251.62 1,030.10 966.81
EPS (₹) 42.34 28.61 18.14
RoNW (%) as stated 13.17% 10.24% 7.15%
Net Asset Value (₹) 321.38 279.25 253.89
Source: DRHP, * Restated Consolidated,
IPO Updates
36. Aadhar Housing Finance Ltd.
Offer Details: Fresh Issue of Equity sha.res aggregating upto ₹ 1,500 Cr and Offer for sale of equity shares aggregating
upto ₹ 5,800 Cr (BCP Topco VII Pte. Ltd-The Promoter Selling Shareholder.
Promoter: BCP Topco VII Pte Ltd
Approx. Issue Size ( ₹ Cr): 7,300 BRLMs: ICICI Securities, Citigroup Global, Nomura Financial, SBI Cap
Markets
Company: Aadhar Housing Finance Limited is the largest Affordable HFC in India in terms of AUM, as of March 31, 2020.
They are approximately 1.5 times larger than the 2nd largest peer set company based on AUM as on March 31, 2020.
Compared to their peers, they have the largest customer base as on March 31, 2020 and have the highest disbursement
for financial year ended March 31, 2020. Further as at March 31, 2020, they have the most geographically diversified
AUM as well as the highest efficiency in terms of operating expenditure ratios. They are an entirely retail-focused
affordable housing finance company, serving economically weaker and low-to-middle income customers.
Industry: India’s mortgage market is divided into two segments by ticket size of the housing loan at the time of
disbursement - loans with ticket size of more than ₹ 1.5 million, and loans with ticket size of ₹ 1.5 million and below. The
former can be called normal mortgage market, which is prominent in the metro/urban areas, and the latter which
generally includes houses in the outskirts of these areas and semi-urban and rural areas can be defined as affordable
housing market. The overall size of the affordable housing finance market was around ₹ 4 trillion as of March 2020.

Particulars
2020(06) 2020(12) 2019(12) 2018(12)
Net worth as stated 2,506.61 2,347.27 858.87 717.72
Revenue from Operations 748.15 1,387.67 1,265.61 815.00
EBITDA 618.68 1035.98 989.27 630.27
EPS - Basic (₹ ) 3.96^ 5.86 6.44 5.32
EPS - Diluted (₹ ) 3.85^ 5.83 6.39 5.32
RONW (%) 6.24%^ 8.07% 18.85% 15.91%
NAV - Basic (₹ ) 63.50 59.48 34.15 28.54
NAV -Diluted (₹ ) 61.66 57.74 33.91 28.54
Source: DRHP, * Consolidated summary, ~ Not annualised
Note: ^ Issue Size is indicative, excluding OFS, if specified in terms of shares

IPO Updates
AXIS CAPITAL LIMITED

Registered office: Axis House, 8th Floor, Wadia International Center, Pandurang Budhkar Marg, Worli, Mumbai 400 025. Tel: +91 22
4325 2525; Fax: +91 22 4325 3000
www.axiscapital.co.in
This document has been prepared by Axis Capital Limited. Affiliates of Axis Capital Limited may have issued other reports that are inconsistent with and reach different conclusion from the
information presented in this report. The views and opinions expressed in this document may or may not match or may be contrary with the views, estimates, rating and target price of the Affiliates
research report.
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This report and information herein is solely for informational purpose and may not be used or considered as an offer document or solicitation of offer to buy or sell or subscribe for securities or other
financial instruments. Nothing in this report constitutes investment, legal, accounting and tax advice or a representation that any investment or strategy is suitable or appropriate to your specific
circumstances. The securities discussed and opinions expressed in this report may not be suitable for all investors, who must make their own investment decisions, based on their own investment
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Each recipient of this document should make such investigations as it deems necessary to arrive at an independent evaluation of an investment in the securities of companies referred to in this
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completeness or fairness of the information and opinions contained in this document. The Disclosures of Interest Statement incorporated in this document is provided solely to enhance the
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IPO Monitor

Listing Gain and Price Movement for FY 2020-21 and onwards

Recent IPOs – Listing Gain and Price Movement

Face Issue Subscription- No. of Listing Current Current

Face Issue Subscription- No. of Listing Current Current

Lead Managed by Axis Capital

Current / On-going IPOs

Issues Where SEBI Observations Received & Still Valid

Issues Offer Documents Filed & Awaiting SEBI Observations

Promoters Est. Issue Category

Promoters Est. Issue Category

BRIEF SUMMARY OF CURRENT /ONGOING IPOS

Date of opening: 04-02-2022 Date of Closing: 08-02-2022 Face value: ₹ 1/-

BRIEF FINANCIAL DETAILS* (₹ IN CRS)

ISSUES WHERE SEBI OBSERVATIONS RECEIVED & STILL VALID

BRIEF FINANCIAL DETAILS* (₹ IN CRS)

02. Veranda Learning Solutions Limited

Promoters: Kalpathi S. Aghoram, Kalpathi S. Ganesh and Kalpathi S. Suresh

Approx. Issue Size ( ₹ Cr): 200 BRLMs: Systematix Corporate Services

Category Allocation: QIB:HNI:Retail: 75:15:10

BRIEF FINANCIAL DETAILS* (₹ IN CRS)

03. Radiant Cash Management Limited

Promoters: Col. David Devasahayam and Dr. Renuka David

Category Allocation: QIB:HNI:Retail: 50:15:35

BRIEF FINANCIAL DETAILS* (₹ IN CRS)

04. Five Star Business Finance Limited

Offer Details: Offer of Sale of Equity Shares aggregating upto ₹ 2,751.95.

BRIEF FINANCIAL DETAILS* (₹ IN CRS)

05. Waaree Energies Limited

BRIEF FINANCIAL DETAILS* (₹ IN CRS)

06. GPT Healthcare Limited

Category Allocation: QIB:HNI:Retail: 50:15:35

BRIEF FINANCIAL DETAILS* (₹ IN CRS)

07. Veeda Clinical Research Limited

Promoters: Basil Pvt Ltd

BRIEF FINANCIAL DETAILS* (₹ IN CRS)

08. Global Health Limited

Promoters: Dr. Naresh Trehan

BRIEF FINANCIAL DETAILS* (₹ IN CRS)

09. Sahjanand Medical Technologies Limited

Promoters: Bhargav Dhirajlal Kotadia and Shree Hari Trust

Category Allocation: QIB:HNI:Retail: 75:15:10

BRIEF FINANCIAL DETAILS* (₹ IN CRS)

10. Keventer Agro Limited

Category Allocation: QIB:HNI:Retail: 75:15:10

BRIEF FINANCIAL DETAILS* (₹ IN CRS)

11. LE Travenues Technology Limited (ixigo)

BRIEF FINANCIAL DETAILS* (₹ IN CRS)

12. Emcure Pharmaceuticals Limited

Promoters: Satish Mehta and Sunil Mehta

Category Allocation: QIB:HNI:Retail: 50:15:35 BRLMs: BOB Capital

BRIEF FINANCIAL DETAILS* (₹ IN CRS)

13. ESDS Software Solution Limited

Promoters: Piyush Prakashchandra Somani

Category Allocation: QIB:HNI:Retail: 50:15:35

BRIEF FINANCIAL DETAILS* (₹ IN CRS)

14. Sterlite Power Transmission Limited

Promoters: Twin Star Overseas Limited and Anil Agarwal

Category Allocation: QIB:HNI:Retail: 75:15:10

BRIEF FINANCIAL DETAILS* (₹ IN CRS)