IPO MarketUpdate Sep 2022

IPO Market Update
September 2022
IPO Monitor – September 2022
2
Recent IPOs – Listing Gain and
Price Movement
Recent IPOs – Listing Gain and Price Movement (1/6)
Face Issue Listing As on 30-08-2022
Issue Issue size Listing Gain
Sr Value Price Listing Price
Name Opening Closing Price Gain
No. Date
Date
(₹) (₹ Cr) (₹) (₹) (₹) (%) (₹) (₹) %
FY 22-23
12 Dreamfolks Services 2 24-Aug 562 326 06-Sep
11 Syrma SGS Technology 10 12-Aug 840 220 26-Aug 262 42 19% 310 90 41%
10 Aether Industries 10 24-May 808 642 03-Jun 706 64 10% 864 222 35%
9 eMudhra 5 20-May 413 256 01-Jun 271 15 6% 359 103 40%
8 Ethos 10 18-May 402 878 30-May 830 -48 -5% 1,028 150 17%
7 Paradeep Phosphates 10 17-May 1,502 42 27-May 44 2 4% 54 12 29%
6 Venus Pipes & Tubes 10 11-May 165 326 24-May 335 9 3% 407 81 25%
5 Delhivery 1 10-May 5,235 487 24-May 493 6 1% 569 82 17%
4 Prudent Corporate Advisory Services 5 10-May 538 630 20-May 660 30 5% 610 -20 -3%
3 Life Insurance Corporation of India 10 04-May 20,557 949 17-May 867 -82 -9% 674 -275 -29%
2 Rainbow Children's Medicare 10 27-Apr 1,581 542 10-May 506 -36 -7% 609 67 12%
1 Campus Activewear 5 26-Apr 1,400 292 09-May 355 63 22% 494 202 69%
Lead Managed by Axis Capital

4
No. Date
Date
(₹) (₹ Cr) (₹) (₹) (₹) (%) (₹) (₹) %
FY 21-22
54 Hariom Pipes Industries 10 30-Mar 130 153 13-Apr 214 61 40% 274 121 79%
53 Veranda Learning Solutions 10 29-Mar 200 137 11-Apr 157 20 15% 302 165 120%
52 Uma Exports 10 28-Mar 60 68 07-Apr 80 12 18% 52 -16 -24%
51 Patanjali Foods 2 24-Mar 4,300 650 08-Apr 850 200 31% 1,221 571 88%
50 Vedant Fashions 1 04-Feb 3,149 866 16-Feb 936 70 8% 1,288 422 49%
49 Adani Wilmar 1 27-Jan 3,600 230 08-Feb 221 -9 -4% 692 462 201%
48 AGS Transact Technologies 10 21-Jan 680 175 31-Jan 176 1 1% 87 -88 -50%
47 CMS Info Systems 10 21-Dec 1,100 216 31-Dec 219 3 1% 260 44 20%
46 Supriya Life Sciences 2 16-Dec 700 265 28-Dec 425 160 60% 355 90 34%
45 HP Adhesives 10 15-Dec 126 274 27-Dec 319 45 16% 459 185 68%
44 Data Patterns (India) 2 14-Dec 601 555 24-Dec 864 309 56% 1,068 513 92%
43 Medplus Health Services 2 13-Dec 1,398 796 23-Dec 1,015 219 28% 735 -61 -8%
42 Metro Brands 5 10-Dec 1,368 500 22-Dec 436 -64 -13% 793 293 59%
41 C E Info Systems (MapmyIndia) 2 09-Dec 1,040 1,033 21-Dec 1,581 548 53% 1,356 323 31%
40 Shriram Properties 10 08-Dec 600 118 20-Dec 94 -24 -20% 85 -33 -28%
39 Rategain Travels 1 07-Dec 1,336 425 17-Dec 365 -60 -14% 299 -126 -30%
38 Anand Rathi Wealth 5 02-Dec 659 550 14-Dec 602 52 9% 658 108 20%
37 Tega Industries Ltd 10 01-Dec 619 453 13-Dec 753 300 66% 550 97 21%

5
No. Date
Date
(₹) (₹ Cr) (₹) (₹) (₹) (%) (₹) (₹) %
FY 21-22
36 Star Health and Alliecd Insurance Co 10 30-Nov 6,400 900 10-Dec 849 -51 -6% 731 -169 -19%
35 Go Fashion (India) 10 17-Nov 1,014 690 30-Nov 1,316 626 91% 1,159 469 68%
34 Tarsons Products 2 15-Nov 1,023 662 26-Nov 700 38 6% 768 106 16%
33 Latent View Analytics 1 10-Nov 600 197 23-Nov 530 333 169% 368 171 87%
32 Sapphire Fods 10 09-Nov 2,073 1,180 18-Nov 1,311 131 11% 1,348 168 14%
31 One97 Communications 1 08-Nov 18,300 2,150 18-Nov 1,955 -195 -9% 718 -1,432 -67%
30 SJS Enterprises 10 01-Nov 800 542 15-Nov 540 -2 0% 482 -60 -11%
29 Sigachi Industries 10 01-Nov 125 163 15-Nov 575 412 253% 292 129 79%
28 PB Fintech 2 01-Nov 5,710 980 15-Nov 1,150 170 17% 503 -477 -49%
27 Fino Payments Bank 10 29-Oct 1,200 577 12-Nov 548 -29 -5% 262 -315 -55%
26 FSN E-Commerce Ventures 1 28-Oct 5,350 1,125 10-Nov 2,001 876 78% 1,391 266 24%
25 Aditya Birla Sun Life AMC 5 29-Sep 2,768 712 11-Oct 712 0 0% 460 -252 -35%
24 Paras Defence and Space Technologies 10 21-Sep 171 175 01-Oct 475 300 171% 716 541 309%
23 Sansera Engineering 2 14-Sep 1,283 744 24-Sep 811 67 9% 724 -20 -3%
22 Vijaya Diagnostic Centres 1 01-Sep 1,894 531 14-Sep 542 11 2% 356 -175 -33%
21 Ami Organics 10 01-Sep 570 610 14-Sep 902 292 48% 993 383 63%
20 Chemplast Sanmar 5 10-Aug 3,850 541 24-Aug 525 -16 -3% 423 -118 -22%
19 Aptus Value Housing Finance India 2 10-Aug 2,790 353 24-Aug 330 -23 -7% 360 7 2%

6
No. Date
Date
(₹) (₹ Cr) (₹) (₹) (₹) (%) (₹) (₹) %
FY 21-22
18 Cartrade Tech 10 09-Aug 2,999 1,618 20-Aug 1,600 -18 -1% 645 -973 -60%
17 Nuvoco Vistas Corporation 10 09-Aug 5,000 570 23-Aug 471 -99 -17% 359 -211 -37%
16 Windlas Biotech 5 04-Aug 406 460 16-Aug 439 -21 -5% 224 -236 -51%
15 Exxaro Tiles 10 04-Aug 161 120 16-Aug 126 6 5% 116 -4 -4%
14 Krsnaa Diagnostics 5 04-Aug 1,222 954 16-Aug 1,025 71 7% 481 -473 -50%
13 Devyani Internatinal 1 04-Aug 1,858 90 16-Aug 141 51 57% 184 94 105%
12 Rolex Rings 10 28-Jul 731 900 09-Aug 1,249 349 39% 1,861 961 107%
11 Glenmark Life Sciences 2 27-Jul 1,514 720 06-Aug 751 31 4% 440 -280 -39%
10 Tatva Chintan Pharma Chem 10 16-Jul 500 1,083 29-Jul 2,112 1,029 95% 2,425 1,342 124%
9 Zomato 1 14-Jul 9,375 76 23-Jul 115 39 51% 58 -18 -24%
8 G R Infraprojects 5 07-Jul 962 837 19-Jul 1,700 863 103% 1,359 522 62%
7 Clean Science and Technology 1 07-Jul 1,547 900 19-Jul 1,784 884 98% 1,743 843 94%
6 India Pesticides 1 23-Jun 800 296 05-Jul 360 64 22% 284 -12 -4%
5 Dodla Dairy 10 16-Jun 520 428 28-Jun 528 100 23% 513 85 20%
4 Krishna Institute Of Medical Sciences 10 16-Jun 2,144 825 28-Jun 1,009 184 22% 1,203 378 46%
3 Sona BLW Precision Forgings 10 14-Jun 5,550 291 24-Jun 302 11 4% 522 231 79%
2 Shyam Metalics & Energy 10 14-Jun 909 306 24-Jun 367 61 20% 302 -4 -1%
1 Macrotech Developers 10 07-Apr 2,500 486 19-Apr 439 -47 -10% 1,093 607 125%

7
No. Date
Date
(₹) (₹ Cr) (₹) (₹) (₹) (%) (₹) (₹) %
FY 20-21
30 Barbeque-Nation Hospitality 5 24-Mar 453 500 07-Apr 492 -8 -2% 1,137 637 127%
29 Suryoday Small Finance Bank 10 17-Mar 581 305 26-Mar 293 -12 -4% 103 -203 -66%
28 Nazara Technologies 4 17-Mar 583 1,101 30-Mar 1,971 870 79% 1,318 217 20%
27 Kalyan Jewellers India 10 16-Mar 1,175 87 26-Mar 74 -13 -15% 82 -5 -6%
26 Craftsman Automation 5 15-Mar 824 1,490 25-Mar 1,350 -140 -9% 2,613 1,123 75%
25 Laxmi Organic Industries 2 15-Mar 600 130 25-Mar 156 26 20% 332 202 155%
24 Anupam Rasayan India 10 12-Mar 760 555 24-Mar 535 -20 -4% 773 218 39%
23 Easy Trip Planners 2 08-Mar 510 187 19-Mar 206 19 10% 781 594 317%
22 MTAR Technologies 10 03-Mar 596 575 15-Mar 1,064 489 85% 1,645 1,070 186%
21 Heranba Industries 10 23-Feb 625 627 05-Mar 900 273 44% 556 -71 -11%
20 RailTel Corp Of India 10 16-Feb 819 94 26-Feb 105 11 11% 101 7 8%
19 Nureca 10 15-Feb 100 400 25-Feb 635 235 59% 998 598 150%
18 Stove Kraft 10 25-Jan 413 385 05-Feb 467 82 21% 611 226 59%
17 Home First Finance Co(India) 2 21-Jan 1,154 518 03-Feb 612 94 18% 970 452 87%
16 Indigo Paints 10 20-Jan 1,169 1,490 02-Feb 2,608 1,118 75% 1,679 189 13%
15 Indian Railway Finance Corp 10 18-Jan 4,633 26 29-Jan 25 -1 -4% 21 -5 -18%
14 Antony Waste Handling Cell 5 21-Dec 300 315 01-Jan 430 115 37% 342 27 8%
13 Mrs Bectors Food Specialities 10 15-Dec 541 288 24-Dec 501 213 74% 348 60 21%

8
No. Date
Date
(₹) (₹ Cr) (₹) (₹) (₹) (%) (₹) (₹) %
FY 20-21
12 Restaurant Brands Asia 10 02-Dec 810 60 14-Dec 115 55 92% 132 72 121%
11 Gland Pharma 1 09-Nov 6,480 1,500 20-Nov 1,701 201 13% 2,368 868 58%
10 Equitas Small Finance Bank 10 20-Oct 518 33 02-Nov 31 -2 -6% 46 13 39%
9 Likhitha Infrastructure 10 29-Sep 61 120 15-Oct 130 10 8% 337 217 181%
8 UTI Asset Management Co 10 29-Sep 2,160 554 12-Oct 490 -64 -12% 825 271 49%
7 Mazagon Dock Shipbuilders 10 29-Sep 444 145 12-Oct 216 71 49% 391 246 170%
6 Angel One 10 22-Sep 600 306 05-Oct 275 -31 -10% 1,307 1,001 327%
5 Computer Age Management Services 10 21-Sep 2,243 1,230 01-Oct 1,518 288 23% 2,305 1,075 87%
4 Chemcon Speciality Chemicals 10 21-Sep 318 340 01-Oct 731 391 115% 414 74 22%
3 Route Mobile 10 09-Sep 600 350 21-Sep 708 358 102% 1,517 1,167 334%
2 Happiest Minds Technologies 2 07-Sep 702 166 17-Sep 351 185 111% 1,032 866 522%
1 Rossari Biotech 2 13-Jul 496 425 23-Jul 670 245 58% 981 556 131%

Subscription - No. of Times after Technical Rejection, QIB figures excluded Anchor Subscription,
Figures in Italic form are from exchanges 9
Listing Gain and Price Movement –
Retail Bucket – Minimum Bid Lot
Listing Gain and Price Movement – Retail Bucket – Minimum Bid Lot (1/6)
Initial Bid
Face Issue Issue Minimum Amount - Subscription- No. of Listing Listing Day Current Current Gain
Issue
Sr Value Opening size Price Bid Lot Retail times Listing Price Gain Price as (as on 30-08-
Name 2022)
No. Category Date on 30-08-
Date
2022
(₹) (₹ Cr) (₹) (No.) (₹) QIB~ NII Retail (₹) (₹) (%) (₹) %
FY 22-23
12 Dreamfolks Services 2 24-Aug 562 326 46 14,996 70.53 37.66 43.66 06-Sep
11 Syrma SGS Technology 10 12-Aug 840 220 68 14,960 98.07 18.34 5.79 26-Aug 262 2,856 19% 310 6,096 41%
10 Aether Industries 10 24-May 808 642 23 14,766 19.35 2.48 0.59 03-Jun 706 1,475 10% 864 5,100 35%
9 eMudhra 5 20-May 413 256 58 14,848 3.93 0.70 1.45 01-Jun 271 870 6% 359 5,991 40%
8 Ethos 10 18-May 402 878 17 14,926 1.86 1.93 0.24 30-May 830 -816 -5% 1,028 2,553 17%
7 Paradeep Phosphates 10 17-May 1,502 42 350 14,700 3.40 0.67 0.86 27-May 44 542 4% 54 4,288 29%
6 Venus Pipes & Tubes 10 11-May 165 326 46 14,996 11.90 14.76 13.33 24-May 335 414 3% 407 3,721 25%
5 Delhivery 1 10-May 5,235 487 30 14,610 2.80 0.04 0.32 24-May 493 180 1% 569 2,472 17%
4 Prudent Corporate Advisory Services 5 10-May 538 630 23 14,490 1.26 0.74 0.37 20-May 660 690 5% 610 -469 -3%
3 Life Insurance Corporation of India 10 04-May 20,557 949 15 14,235 2.82 2.38 1.61 17-May 867 -1,227 -9% 674 -4,132 -29%
2 Rainbow Children's Medicare 10 27-Apr 1,581 542 27 14,634 38.78 3.81 0.78 10-May 506 -972 -7% 609 1,821 12%
1 Campus Activewear 5 26-Apr 1,400 292 51 14,892 151.87 21.54 6.22 09-May 355 3,213 22% 494 10,297 69%
1,62,057 7,226 4% 37,739 23%
Lead Managed by Axis Capital Current price source: BSE Website 11

Initial Bid
Issue
Name 2022)
Date
2022
FY 21-22
54 Hariom Pipes Industries 10 30-Mar 130 153 98 14,994 1.91 6.80 6.94 13-Apr 214 5,978 40% 274 11,887 79%
53 Veranda Learning Solutions 10 29-Mar 200 137 100 13,700 2.13 3.81 4.40 11-Apr 157 2,000 15% 302 16,460 120%
52 Uma Exports Ltd 10 28-Mar 60 68 220 14,960 2.95 1.39 5.81 07-Apr 80 2,640 18% 52 -3,553 -24%
51 Patanjali Foods 2 24-Mar 4,300 650 21 13,650 1.83 12.00 0.67 08-Apr 850 4,200 31% 1,221 11,983 88%
50 Vedant Fashions 1 04-Feb 3,149 866 17 14,722 7.49 0.81 0.16 16-Feb 936 1,190 8% 1,288 7,182 49%
49 Adani Wilmar 1 27-Jan 3,600 230 65 14,950 5.90 57.75 7.66 08-Feb 221 -585 -4% 692 30,027 201%
48 AGS Transact Technologies 10 21-Jan 680 175 85 14,875 2.82 24.60 1.88 31-Jan 176 85 1% 87 -7,493 -50%
47 CMS Info Systems 10 21-Dec 1,100 216 69 14,904 2.08 0.86 1.26 31-Dec 219 173 1% 260 3,029 20%
46 Supriya Life Sciences 2 16-Dec 700 265 54 14,310 32.74 162.87 49.31 28-Dec 425 8,640 60% 355 4,844 34%
45 HP Adhesives 10 15-Dec 126 274 50 13,700 1.89 18.21 47.27 27-Dec 319 2,250 16% 459 9,258 68%
44 Data Patterns (India) 2 14-Dec 601 555 25 13,875 185.88 254.89 20.21 24-Dec 864 7,725 56% 1,068 12,826 92%
43 Medplus Health Services 2 13-Dec 1,398 796 18 14,328 114.02 86.27 4.17 23-Dec 1,015 3,942 28% 735 -1,097 -8%
42 Metro Brands 5 10-Dec 1,368 500 30 15,000 8.48 2.69 0.63 22-Dec 436 -1,920 -13% 793 8,790 59%
41 C E Info Systems (MapmyIndia) 2 09-Dec 1,040 1,033 14 14,462 196.53 423.61 13.18 21-Dec 1,581 7,672 53% 1,356 4,516 31%
40 Shriram Properties 10 08-Dec 600 118 125 14,750 1.93 2.52 8.05 20-Dec 94 -3,000 -20% 85 -4,138 -28%
39 Rategain Travels 1 07-Dec 1,336 425 35 14,875 8.42 41.63 5.46 17-Dec 365 -2,107 -14% 299 -4,394 -30%
38 Anand Rathi Wealth 5 02-Dec 659 550 27 14,850 2.47 24.40 5.62 14-Dec 602 1,405 9% 658 2,921 20%
37 Tega Industries Ltd 10 01-Dec 619 453 33 14,949 214.71 661.87 25.84 13-Dec 753 9,900 66% 550 3,213 21%

Initial Bid
Issue
Name 2022)
Date
2022
FY 21-22
36 Star Health and Alliecd Insurance Co 10 30-Nov 6,400 900 16 14,400 1.08 0.13 0.64 10-Dec 849 -819 -6% 731 -2,700 -19%
35 Go Fashion (India) 10 17-Nov 1,014 690 21 14,490 100.27 259.01 42.26 30-Nov 1,316 13,146 91% 1,159 9,856 68%
34 Tarsons Products 2 15-Nov 1,024 662 22 14,564 74.68 183.36 8.89 26-Nov 700 836 6% 768 2,335 16%
33 Latent View Analytics 1 10-Nov 600 197 76 14,972 149.59 875.55 106.09 23-Nov 530 25,308 169% 368 13,007 87%
32 Sapphire Fods 10 09-Nov 2,073 1,180 12 14,160 7.53 3.12 6.65 18-Nov 1,311 1,572 11% 1,348 2,017 14%
31 One97 Communications 1 08-Nov 18,300 2,150 6 12,900 3.04 0.23 1.27 18-Nov 1,955 -1,170 -9% 718 -8,594 -67%
30 SJS Enterprises 10 01-Nov 800 542 27 14,634 1.48 1.82 0.77 15-Nov 540 -54 0% 482 -1,623 -11%
29 Sigachi Industries 10 01-Nov 125 163 90 14,670 79.86 163.23 68.94 15-Nov 575 37,080 253% 292 11,583 79%
28 PB Fintech 2 01-Nov 5,710 980 15 14,700 28.97 8.02 2.65 15-Nov 1,150 2,550 17% 503 -7,161 -49%
27 Fino Payments Bank 10 29-Oct 1,200 577 25 14,425 1.64 0.15 3.78 12-Nov 548 -725 -5% 262 -7,881 -55%
26 FSN E-Commerce Ventures 1 28-Oct 5,350 1,125 12 13,500 92.29 110.16 10.28 10-Nov 2,001 10,512 78% 1,391 3,196 24%
25 Aditya Birla Sun Life AMC 5 29-Sep 2,768 712 20 14,240 10.30 2.71 2.36 01-Oct 712 0 0% 460 -5,045 -35%
24 Paras Defence and Space Technologies 10 21-Sep 171 175 85 14,875 181.90 954.88 100.80 01-Oct 475 25,500 171% 716 45,972 309%
23 Sansera Engineering 2 14-Sep 1,283 744 20 14,880 26.47 11.12 2.34 24-Sep 811 1,347 9% 724 -391 -3%
22 Vijaya Diagnostic Centres 1 01-Sep 1,894 531 28 14,868 13.06 0.87 0.70 14-Sep 542 316 2% 356 -4,906 -33%
21 Ami Organics Ltd 10 01-Sep 570 610 24 14,640 85.12 155.42 11.30 14-Sep 902 7,008 48% 993 9,184 63%
20 Chemplast Sanmar 5 10-Aug 3,850 541 27 14,607 2.75 1.02 1.64 24-Aug 525 -432 -3% 423 -3,185 -22%
19 Aptus Value Housing Finance India 2 10-Aug 2,790 353 42 14,826 32.39 32.71 1.04 24-Aug 330 -968 -7% 360 279 2%

Initial Bid
Issue
Name 2022)
Date
2022
FY 21-22
18 Cartrade Tech 10 09-Aug 2,999 1,618 9 14,562 35.32 39.83 2.30 20-Aug 1,600 -162 -1% 645 -8,759 -60%
17 Nuvoco Vistas Corporation 10 09-Aug 5,000 570 26 14,820 4.30 0.59 0.53 23-Aug 471 -2,574 -17% 359 -5,485 -37%
16 Windlas Biotech 5 04-Aug 406 460 30 13,800 23.77 14.80 20.59 16-Aug 439 -630 -5% 224 -7,082 -51%
15 Exxaro Tiles 10 04-Aug 161 120 125 15,000 17.64 4.56 32.20 16-Aug 126 750 5% 116 -544 -4%
14 Krsnaa Diagnostics 5 04-Aug 1,222 954 15 14,310 49.72 114.47 37.15 16-Aug 1,025 1,065 7% 481 -7,089 -50%
13 Devyani Internatinal 1 04-Aug 1,858 90 165 14,850 95.09 210.56 34.00 16-Aug 141 8,415 57% 184 15,518 105%
12 Rolex Rings 10 28-Jul 731 900 16 14,400 143.12 355.67 21.67 09-Aug 1,249 5,584 39% 1,861 15,369 107%
11 Glenmark Life Sciences 2 27-Jul 1,514 720 20 14,400 37.12 124.82 12.98 06-Aug 751 620 4% 440 -5,606 -39%
10 Tatva Chintan Pharma Chem 10 16-Jul 500 1,083 13 14,079 188.87 503.11 31.37 29-Jul 2,112 13,374 95% 2,425 17,451 124%
9 Zomato 1 14-Jul 9,375 76 195 14,820 54.75 34.37 6.34 23-Jul 115 7,605 51% 58 -3,510 -24%
8 G R Infraprojects 5 07-Jul 962 837 17 14,229 168.77 236.95 11.11 19-Jul 1,700 14,671 103% 1,359 8,871 62%
7 Clean Science and Technology 1 07-Jul 1,547 900 16 14,400 162.05 205.10 8.09 19-Jul 1,784 14,150 98% 1,743 13,481 94%
6 India Pesticides 1 23-Jun 800 296 50 14,800 43.67 52.96 9.66 05-Jul 360 3,200 22% 284 -620 -4%
5 Dodla Dairy 10 16-Jun 520 428 35 14,980 84.67 73.33 9.70 28-Jun 528 3,500 23% 513 2,973 20%
4 Krishna Institute Of Medical Sciences 10 16-Jun 2,144 825 18 14,850 5.26 1.81 2.13 28-Jun 1,009 3,310 22% 1,203 6,802 46%
3 Sona BLW Precision Forgings 10 14-Jun 5,550 291 51 14,841 3.53 0.36 1.21 24-Jun 302 581 4% 522 11,781 79%
2 Shyam Metalics & Energy 10 14-Jun 909 306 45 13,770 157.07 334.48 10.00 24-Jun 367 2,745 20% 302 -185 -1%
1 Macrotech Developers 10 07-Apr 2,500 486 30 14,580 3.06 1.01 0.24 19-Apr 439 -1,410 -10% 1,093 18,200 125%
7,83,696 2,45,990 31% 2,33,772 30%

Initial Bid
Issue
Name 2022)
Date
2022
FY 20-21
30 Barbeque-Nation Hospitality 5 24-Mar 453 500 30 15,000 5.11 3.06 9.22 07-Apr 492 -240 -2% 1,137 19,119 127%
29 Suryoday Small Finance Bank 10 17-Mar 581 305 49 14,945 2.18 1.18 2.35 26-Mar 293 -588 -4% 103 -9,923 -66%
28 Nazara Technologies 4 17-Mar 583 1,101 13 14,313 103.93 387.66 67.76 30-Mar 1,971 11,310 79% 1,318 2,818 20%
27 Kalyan Jewellers India 10 16-Mar 1,175 87 172 14,964 2.87 1.35 2.18 26-Mar 74 -2,253 -15% 82 -920 -6%
26 Craftsman Automation 5 15-Mar 824 1,490 10 14,900 5.36 2.28 2.73 25-Mar 1,350 -1,400 -9% 2,613 11,226 75%
25 Laxmi Organic Industries 2 15-Mar 600 130 115 14,950 176.73 218.79 18.03 25-Mar 156 3,013 20% 332 23,230 155%
24 Anupam Rasayan India 10 12-Mar 760 555 27 14,985 65.97 97.70 9.42 24-Mar 535 -548 -4% 773 5,877 39%
23 Easy Trip Planners 2 08-Mar 510 187 80 14,960 78.07 383.34 62.95 19-Mar 206 1,520 10% 781 47,496 317%
22 MTAR Technologies 10 03-Mar 596 575 26 14,950 165.10 643.47 25.30 15-Mar 1,064 12,711 85% 1,645 27,817 186%
21 Heranba Industries 10 23-Feb 625 627 23 14,421 67.45 266.77 10.52 05-Mar 900 6,279 44% 556 -1,631 -11%
20 Railtel Corp Of India 10 16-Feb 819 94 155 14,570 65.09 72.48 14.76 26-Feb 105 1,643 11% 101 1,116 8%
19 Nureca 10 15-Feb 100 400 35 14,000 3.12 30.19 140.53 25-Feb 635 8,223 59% 998 20,942 150%
18 Stove Kraft 10 25-Jan 413 385 38 14,630 8.01 31.64 21.05 05-Feb 467 3,116 21% 611 8,582 59%
17 Home First Finance Co (India) 2 21-Jan 1,154 518 28 14,504 53.11 37.68 5.76 03-Feb 612 2,636 18% 970 12,660 87%
16 Indigo Paints 10 20-Jan 1,169 1,490 10 14,900 189.75 261.93 13.74 02-Feb 2,608 11,175 75% 1,679 1,886 13%
15 Indian Railway Finance Corp 10 18-Jan 4,633 26 575 14,950 3.86 2.34 2.88 29-Jan 25 -575 -4% 21 -2,616 -18%
14 Antony Waste Handling Cell 5 21-Dec 300 315 47 14,805 9.65 18.49 13.72 01-Jan 430 5,405 37% 342 1,255 8%
13 Mrs Bectors Food Specialities 10 15-Dec 541 288 50 14,400 177.92 619.66 25.44 24-Dec 501 10,650 74% 348 3,018 21%

Initial Bid
Issue
Name 2022)
Date
2022
FY 20-21
12 Restaurant Brands Asia 10 02-Dec 810 60 250 15,000 86.45 355.48 56.92 14-Dec 115 13,838 92% 132 18,100 121%
11 Gland Pharma 1 09-Nov 6,480 1,500 10 15,000 6.40 0.49 0.19 20-Nov 1,701 2,010 13% 2,368 8,680 58%
10 Equitas Small Finance Bank 10 20-Oct 518 33 450 14,850 3.87 0.16 1.53 02-Nov 31 -900 -6% 46 5,850 39%
9 Likhitha Infrastructure 10 29-Sep 61 120 125 15,000 21.00 1.45 19.48 15-Oct 130 1,263 8% 337 27,075 181%
8 UTI Asset Management Co 10 29-Sep 2,160 554 27 14,958 3.40 0.58 1.97 12-Oct 490 -1,721 -12% 825 7,304 49%
7 Mazagon Dock Shipbuilders 10 29-Sep 444 145 103 14,935 89.87 64.25 7.15 12-Oct 216 7,339 49% 391 25,369 170%
6 Angel One 10 22-Sep 600 306 49 14,994 5.75 0.51 3.36 05-Oct 275 -1,519 -10% 1,307 49,042 327%
5 Computer Age Management Services 10 21-Sep 2,243 1,230 12 14,760 73.25 111.31 4.85 01-Oct 1,518 3,456 23% 2,305 12,902 87%
4 Chemcon Speciality Chemicals 10 21-Sep 318 340 44 14,960 109.49 445.91 35.79 01-Oct 731 17,202 115% 414 3,249 22%
3 Route Mobile 10 09-Sep 600 350 40 14,000 91.69 193.78 11.54 21-Sep 708 14,320 102% 1,517 46,692 334%
2 Happiest Minds Technologies 2 07-Sep 702 166 90 14,940 78.40 348.43 60.30 17-Sep 351 16,650 111% 1,032 77,922 522%
1 Rossari Biotech 2 13-Jul 496 425 35 14,875 85.26 236.79 6.20 23-Jul 670 8,575 58% 981 19,472 131%
4,43,419 1,52,589 34% 4,73,609 107%

Current/Ongoing Issues
List of IPO’s
Current/Ongoing Issues
Date of Promoter Category
Sr. Date of Estimated Issue Size
Company Issue Type SEBI & Group Allocation Lead Managers
No Filing (₹ Cr. / No. of Shares)
Approval Holding QIB:HNI:Ret
Tamilnad Mercantile 05-09- 07-09- Fresh: 15,840,000 Shares

1 Fresh - 75:15:10 Axis Capital and others
Bank 2022 2022 (Issue Size: 792 - 832 Cr)
18
Issues Where SEBI Observations
Received & Still Valid
List of IPO’s (1/6)
Issues Where SEBI Observations Received & Still Valid
Fresh: 250 Cr
1 Prasol Chemical Fresh + OFS 13-04-2022 23-08-2022 92.07% 50:15:35 JM Financial, DAM Capital
OFS: 9,000,000 Shares
Fresh: 1,500 Cr
2 Vikram Solar Fresh + OFS 24-03-2022 10-08-2022 93.08% 50:15:35 JM Financial, Kotak Mahindra Capital
Yatharth Hospital and Fresh: 610 Cr Intensive Fiscal Services, Ambit Pvt
3 Fresh + OFS 01-04-2022 02-08-2022 96.91% 50:15:35
Truma Care Services OFS: 6,551,690 Shares Ltd, IIFL Securities
Fresh: 18,258,427 Shares
4 PKH Ventures Fresh + OFS 24-03-2022 22-07-2022 100.00% 50:15:35 IDBI Capital, BOB Capital Markets
Gujarat Polysol Fresh: 87 Cr
5 Fresh + OFS 29-03-2022 18-07-2022 100.00% 50:15:35 Inga Ventures
Chemicals OFS: 327 Cr
Fresh: 150 Cr
6 HMA Agro Industries Fresh + OFS 24-03-2022 07-07-2022 100.00% 50:15:35 Aryaman Financial Services
OFS: 330 Cr
Fresh: 325 Cr IIFL Securities, Ambit Pvt Ltd, SBI
7 Senco Gold Fresh + OFS 18-04-2022 05-07-2022 95.23% 50:15:35
OFS: 200 Cr Capital Markets
Fresh: 500 Cr
8 DCX Systems Fresh + OFS 05-04-2022 05-07-2022 98.20% 75:15:10 Axis Capital and others
OFS: 100 Cr
Fresh: 350 Cr
9 Corrtech International Fresh + OFS 17-03-2022 01-07-2022 100.00% 50:15:35 Equirus Capital
Fresh: 450 Cr
10 India Exposition Mart Fresh + OFS 08-03-2022 16-06-2022 100.00% 75:15:10 Emkay Global
Fresh: 2,501.90 Cr Kotak Mahindra Capital, Citigroup
11 Bharat FIH Fresh + OFS 24-12-2021 10-06-2022 100.00% 75:15:10
OFS: 2,501.90 Cr Global, BNP Paribas, HSBC Securities
20
Fresh: 150 Cr
12 Cogent E-Services Fresh + OFS 09-02-2022 23-05-2022 100.00% 50:15:35 DAM Capital, IIFL Securities
Kotak Mahindra Capital, Citigroup
Macleods
13 OFS 15-02-2022 20-05-2022 100.00% OFS: 60,482,040 Shares 50:15:35 Gobal, Edelweiss, ICICI Securities,
Pharmaceuticals
Nomura Financial
Fresh: 900 Cr
14 TBO Tek Fresh + OFS 27-12-2021 19-05-2022 51.26% 75:15:10 Axis Capital and others
OFS: 1,200 Cr
Suraj Estate Centrum Capital, Anand Rathi
15 Fresh 07-03-2022 17-05-2022 100.00% Fresh: 500 Cr 75:15:10
Developers Advisors
Fedbank Financial Fresh: Rs.900 Cr ICICI Securities, Equirus Capital, IIFL
16 Fresh + OFS 21-02-2022 13-05-2022 73.31% 50:15:35
Services OFS: 16,497,973 Shares Securities, JM Financial
Archean Chemical Fresh: 1,000 Cr IIFL Securities, ICICI Securities, JM

17 Fresh + OFS 21-02-2022 12-05-2022 70.30% 75:15:10
Industries OFS: 19,071,288 Shares Financial
Aadhar Housing Fresh: 1,500 Cr

18 Fresh + OFS 24-01-2021 05-05-2022 98.72% 50:15:35 I-Sec, Citigroup, Nomura, SBICap
Finance OFS: 5,800 Cr
Fresh: 300 Cr
19 KIDs Clinic India Fresh + OFS 11-02-2022 04-05-2022 - 75:15:10 Axis Capital and others
Bikaji Foods
20 OFS 23-02-2022 04-05-2022 77.97% OFS: 29,373,984 Shares 50:15:35 Axis Capital and others
International
TVS Supply Chain Fresh:2,000 Cr
21 Fresh + OFS 12-02-2022 04-05-2022 52.29% 75:15:10 Axis Capital and others
Solutions OFS: 59,477,497 Shares
Fresh: 150 Cr
22 Landmark Cars Fresh + OFS 19-01-2022 02-05-2022 60.24% 50:15:35 Axis Capital and others
OFS: 612 Cr
21
Imagine Marketing Fresh: 900 Cr
(“BoAt”) OFS: 1,100 Cr
Harsha Engineers Fresh: 455 Cr
International OFS: 300 Cr
Fresh: 500 Cr ICICI Securities, Credit Suisse,
25 FabIndia Fresh + OFS 24-01-2022 30-04-2022 55.06% 50:15:35 J.P.Morgan, Nomura, SBI Capital
OFS: 25,050,543 Shares Markets, Equirus
Fresh: 200 Cr ICICI Securities, Kotak Mahindra
26 Capillary Technologies Fresh + OFS 27-12-2021 30-04-2022 98.06% 75:15:10
OFS: 650 Cr Capital, Nomura Financial
Fresh: 500 Cr
27 Sanathan Textiles Fresh + OFS 12-01-2022 30-04-2022 100.00% 50:15:35 Edelweiss Financial, JM Financial
Asianet Satelite Fresh: 300 Cr
Communications OFS: 465 Cr
Fresh: 216 Cr
29 Dharmaj Crop Guard Fresh + OFS 28-01-2022 29-03-2022 100.00% 50:15:35 Elara Capita, Monarch Networth
Maini Precision Fresh: 150 Cr
30 Fresh + OFS 14-12-2021 17-03-2022 77.13% 75:15:10 ICICI Securities, IIFL Securities
Products OFS: 25,481,705 Shares
Sresta Natural Fresh: 50 Cr
Bioproducts OFS: 7,030,962 Shares
Fresh: 100 Cr
32 Hexagaon Nutrition Fresh + OFS 24-12-2021 04-03-2022 99.44% 50:15:35 Equirus Capital, SBI Capital Markets
33 Abans Holding Fresh + OFS 29-09-2021 25-02-2022 97.42% 50:15:35 Aryaman Financial
22
Fresh: 175 Cr
34 Elin Electronics Fresh + OFS 17-11-2021 23-02-2022 53.98% 50:15:35 Axis Capital and others
OFS: 585 Cr
SBI Capital Markets, DAM Capital,
35 JK Files & Engineering OFS 09-12-2021 23-02-2022 100.00% OFS 800 Cr 50:15:35
HDFC Bank
Wellness Forever Fresh: 400 Cr IIFL Securities, Ambit, DAM Capital,
36 Fresh + OFS 01-10-2021 16-02-2022 48.89% 75:15:10
Medicare OFS: 16,044,709 Shares HDFC Bank
CMR Green Fresh: 300 Cr

Technologies OFS: 33,414,138 Shares
Capital Small Finance Fresh: 450 Cr
Bank OFS: 3840087 shares
Fresh: 120 Cr
39 Jesons Industries Fresh + OFS 20-11-2021 08-02-2022 100.00% 50:15:35 Axis Capital and others
OFS: 12,157,000 shares
Radiant Cash Fresh: 60 Cr IIFL Securities, Motilal Oswal, Yes
40 Fresh + OFS 11-10-2021 11-01-2022 62.79% 50:15:35
Management Services OFS: 30,125,000 Shares Securities
Five Star Business ICICI Securities, Edelweiss Securities
41 OFS 10-11-2021 07-01-2022 44.31% Fresh:2,751.95 Cr 50:15:35
Finance Kotak Mahindra Capital, Nomura
Fresh: 1,350 Cr
42 Waaree Energies Fresh + OFS 28-09-2021 03-01-2022 95.74% 50:15:35 Axis Capital and others
OFS:4,007,500 shares
Fresh: 17.50 Cr
43 GPT Healthcare Fresh + OFS 18-10-2021 29-12-2021 99.97% 50:15:35 DAM Capital, SBI Capital Markets
Veeda Clinical Fresh: 331.60 Cr SBI Capital Markets, ICICI Securities,
44 Fresh + OFS 28-09-2021 21-12-2021 52.42% 50:15:35
Research OFS: 500 Cr JM Financial, Systematix
23
Fresh: 500 Cr Kotak Mahindra Capital, Credit Suisse,
45 Global Health Fresh + OFS 30-09-2021 21-12-2021 35.04% 50:15:35
OFS: 48,440,000 Shares Jefferies India, JM Financial
Fresh: 350 Cr
46 Keventer Agro Fresh + OFS 10-08-2021 16-12-2021 93.84% 75:15:10 Axis Capital and others
LE Travenues Fresh: 750 Cr
47 Fresh + OFS 13-08-2021 16-12-2021 - 75:15:10 Axis Capital and others
Technology (ixigo) OFS: 850 Cr
Emcure Fresh: 1,100 Cr
48 Fresh + OFs 18-08-2021 08-12-2021 81.59% 50:15:35 Axis Capital and others
Pharmaceuticals OFS: 18,168,356 Shares
ESDS Software Fresh: 322 Cr
Solution OFS: 21,525,000 Shares
Sterlite Power
50 Fresh 17-08-2021 02-12-2021 74.43% Fresh: 1,250 Cr 75:15:10 Axis Capital and others
Transmission
Fresh: 370 Cr
51 Godavari Biorefineries Fresh + OFS 24-09-2021 26-11-2021 81.06% 50:15:35 Equirus Capital, JM Financial
Fresh: 300 Cr ICICI Securities, DAM Capital, IIFL
52 VLCC Health Care Fresh + OFS 14-08-2021 25-11-2021 82.38% 75:15:10
OFS: 8,922,672 Shares Securities
Fresh: 150 Cr JM Financial, Edelweiss Financial, IIFL
53 India1 Payments Fresh + OFS 07-09-2021 24-11-2021 51.05% 75:15:10
OFS: 10,305,180 Shares Securities
Fresh: 390 Cr ICICI Securities, CLSA, Credit Suisse
54 Healthium Medtech Fresh + OFS 06-09-2021 24-11-2021 99.79% 50:15:35
OFS: 39,100,000 Shares Securities, Nomura Financial
Gemini Edibles & Fats
55 OFS 09-08-2021 23-11-2021 68.40% OFS: 2,500 Cr 50:15:35 Axis Capital and others
India
24
Electronics Mart India Anand Rathi, IIFL Securities, JM
56 Fresh 22-09-2021 22-11-2021 99.99% Fresh: 500 Cr 50:15:35
(Bajaj Electronics) Financial
Fresh: 510 Cr
57 Puranik Builders Fresh + OFS 21-09-2021 18-11-2021 100.00% 50:15:35 Elara Capital, Yes Securities
OFS: 945,000 Shares
58 Tracxn Technologies OFS 17-08-2021 17-11-2021 52.06% OFS: 38,672,208 Shares 75:15:10 IIFL Securities
Fresh: 600 Cr ICICI Sec, CLSA India, IIFL Sec, JM
59 Fusion Micro Finance Fresh + OFS 11-08-2021 16-11-2021 85.57% 50:15:35
OFS: 021,966,841 Shares Financial
Inspira Enterprise Fresh: 300 Cr

India OFS: 500 Cr
ESAF Small Finance Fresh: 800 Cr
Bank OFS: 197.78 Cr
Penna Cement Fresh: 1,300 Cr
Industries OFS: 250 Cr
Fresh:400 Cr
63 Skanray Technologies Fresh + OFS 27-06-2021 08-10-2021 63.76% 75:15:10 Motilal Oswal, Nomura, ICICI Sec
One Mobikwik Fresh: 1,500 Cr ICICI Sec, BNP Paribas, Credit Suisse,
64 Fresh + OFS 12-07-2021 07-10-2021 64.62% 75:15:10
Systems OFS: 400 Cr IIFL Sec, Jefferies India
Popular Vehicles & Fresh: 150 Cr

Services OFS: 4,266,666 Shares
Fresh: 300 Cr
66 Northern Arc Capital Fresh + OFS 15-07-2021 03-09-2021 99.42% 50:15:35 Axis Capital and others
25
Issues Offer Documents Filed &
Awaiting SEBI Observations
Issues Offer Documents Filed & Awaiting SEBI Observations
Promoter Category
Sr . Date of Estimated Issue Size
Company Issue Type & Group Allocation Lead Managers
No. Filing (₹ Cr. / No. of Shares)
Holding QIB:HNI:Ret
Go Digit General Fresh: 1,250 Cr

1 Fresh + OFS 17-08-2022 83.66% 75:15:10 Axis Capital and others
Insurance OFS: 109,445,561 Shares
Fresh: 120 Cr
2 Balaji Solutions Fresh + OFS 17-08-2022 99.99% 50:15:35 IDBI Capital Markets, Affinity Global Capital Market
Kotak Mahindra Capital, Citigroup Global Markets,
3 Concord Biotech OFS 17-08-2022 44.08% OFS: 20,925,652 Shares 50:15:35
Jefferies India
Balaji Speciality Fresh: 250 Cr

4 Fresh + OFS 12-08-2022 97.98% 75:15:10 HDFC Bank, JM Financial
Chemicals OFS: 26,000,000 Shares
Fresh: 400 Cr JM Financial, DAM Capital, IIFL Securities, Nomura
5 Avalon Technologies Fresh + OFS 10-08-2022 75.16% 75:15:10
Fresh: 625 Cr Financial
Fincare Small Fresh: 625 Cr

Finance Bank OFS: 17,000,000 Shares
Utkarsha Small
7 Fresh 02-08-2022 84.79% Fresh: 500 Cr 75:15:10 ICICI Securities, Kotak Mahindra Capital
Finance Bank
Sai Silk (Kalamandir) Fresh: 175 Cr

8 Fresh + OFS 22-07-2022 95.24% 50:15:35 Motilal Oswal, Edelweiss Financial, HDFC Bank
Ltd OFS: 3,569,180 Shares
9 Sula Vineyards OFS 18-07-2022 29.34% OFS: 25,546,186 Shares 50:15:35 Kotak Mahindra Capital, CLSA India, IIFL Securities
Signatureglobal Fresh: 750 Cr

(India) OFS: 250 Cr
11 Mitsu Chem Plast FPO 07-07-2022 73.03% FPO: 125 Cr 50:15:35 IDBI Capital
27
Promoter Category
Holding QIB:HNI:Ret
Concord Enviro Fresh: 175 Cr

12 Fresh + OFS 01-07-2022 72.39% 75:15:10 DAM Capital, Equirus Capital
Systems OFS: 3,569,180 Shares
Fresh: 200 Cr
13 Healthvista India Fresh + OFS 01-07-2022 - 75:15:10 SBI Capital Markets, IIFL Securities, JM Financial
Fresh: 400 Cr
14 Innova Captab Fresh + OFS 29-06-2022 69.75% 50:15:35 ICICI Securities, JM Financial
Allied Blenders and Fresh: 1,000 Cr

Distillers OFS: 1,000 Cr
16 Global Surfaces Fresh + OFS 27-06-2022 99.35% 50:15:35 Unistone Capital
Inox Green Energy Fresh: 370 Cr Edelweiss Financial, DAM Capital, Equirus Capital,
17 Fresh + OFS 20-06-2022 93.84% 75:15:10
Services OFS: 370 Cr IDBI Capital, Systematix Corporate Services
Fresh:300 Cr
18 Deltatech Gaming Fresh + OFS 17-06-2022 100.00% 75:15:10 Axis Capital and others
OFS: 250 Cr
Fresh:700 Cr
19 Keystone Realtors Fresh + OFS 13-06-2022 96.71% 50:15:35 Axis Capital and others
OFS: 150 Cr
Fresh: 1,125 Cr ICICI Securities, HSBC Securities, JM Financial, SBI
20 Paymate India Fresh + OFS 30-05-2022 66.70% 75:15:10 Capital Markets
OFS: 375 Cr
Firstmeridian Fresh: 50 Cr JM Financial, DAM Capital, Edelweiss Financial,

21 Fresh + OFS 12-05-2022 87.38% 75:15:10
Business Services OFS: 750 Cr IIFL Securities
28
Promoter Category
Holding QIB:HNI:Ret
Pristine Logistics Fresh: 250 Cr

22 Fresh + OFS 11-05-2022 40.48% 50:15:35 ICICI Securities, HSBC Securities, JM Financial
and Infraprojects OFS: 20,066,269 Shares
23 Plaza Wires Fresh 05-05-2022 100.00% Fresh: 16,452,000 Shares 75:15:10 Pantomath Capital
24 Uniparts India OFS 26-04-2022 75.54% OFS: 15,731,942 Shares 50:15:35 Axis Capital and others
25 Sah Polymers Fresh 22-04-2022 100.00% N.A. 75:15:10 Pantomath Capital
Kaynes Technology Fresh: 650 Cr

26 Fresh + OFS 18-04-2022 88.39% 50:15:35 DAM Capital, IIFL Securities
India OFS: 7,200,000 Shares
Fresh: 90 Cr JM Financial, Ambit Pvt Ltd, DAM Capital, Equirus
27 Biba Fashion Fresh + OFS 12-04-2022 64.75% 75:15:10
OFS: 27,762,010 Shares Capital, HSBC Securities
Gold Plus Glass Fresh: 300 Cr

Industry OFS: 12,826,224 Shares
ICICI Securities, Kotak Mahindra Capital,
29 KFin Technologies OFS 01-04-2022 75.90% OFS: 2,400 Cr 75:15:10
J.P.Morgan, IIFL Securities, Jefferies India
Fresh: 500 Cr
30 Hemani Industries Fresh + OFS 29-03-2022 100.00% 50:15:35 JM Financial, Kotak Mahindra Capital
OFS: 1,500 Cr
Edelweiss Financial, Haitong Securities, Motilal
31 Joyalukkas India Fresh 28-03-2022 99.99% Fresh: 2,300 Cr 50:15:35
Oswal, SBI Capital Markets
Fresh: 750 Cr
32 Yatra Online Fresh + OFS 25-03-2022 98.55% 75:15:10 SBI Capital Markets, DAM Capital, IIFL Securities
33 Mukka Proteins Fresh 21-03-2022 64.77% Fresh: 80,000,000 Shares 50:15:35 Finshore Management Services
34 Navi Technologies Fresh 14-03-2022 97.77% Fresh: 3,350 Cr 75:15:10 Axis Capital and others
29
Promoter Category
Holding QIB:HNI:Ret
Motilal Oswal, Equirus Capital, ICICI Securities, SBI
35 EbixCash Limited Fresh 10-03-2022 100.00% Fresh: 6,000 Cr 50:15:35
Capital Markets, Yes Securities
Protean eGov ICICI Securities, Equirus Capital, IIFL Securities,
36 OFS 27-12-2021 - OFS: 12,080,140 Shares 50:15:35
Technologies Nomura Financial
Fresh: 1,250 Cr
37 Snapdeal Fresh + OFS 27-12-2021 99.99% 75:15:10 Axis Capital and others
Fresh: 2,000 Cr
38 Droom Technology Fresh + OFS 12-11-2021 100.00% 75:15:10 Axis Capital and others
OFS: 1,000 Cr
Fresh: 7,000 Cr Kotak, J P Morgan, Citi-group, ICICI Securities,
39 Oravel Stays (OYO) Fresh + OFS 30-09-2021 94.94% 75:15:10
OFS: 1,430 Cr Nomura, JM Financial
Fresh: 200 Cr
40 BVG India Fresh + OFS 30-09-2021 67.01% 50:15:35 ICICI Securities, JM Financial, HSBC Securities
Fresh: 500 Cr
41 Lava International Fresh + OFS 28-09-2021 89.61% 50:15:35 Axis Capital and others
30
Current / Ongoing IPOs
Tamilnad Mercantile Bank Limited
Promoters: The Bank is a professionally managed bank and does not have an identifiable promoter or promoter group.
Offer Details: Initial public offering of 15,840,000 Equity Shares
Issue Opening Date : 05-09-2022 Issue Closing Date : 07-09-2022 Face Value: ₹10/-
Approx Issue Size (₹ Cr): 832
BRLMs: Axis Capital, Motilal Oswal, SBI Capital Markets Registrar: Link Intime
Category Allocation - QIB:HNI:Retail: 75:15:10
Objects of the Offer: Augmentation of the Bank’s Tier-I capital base to meet the Bank’s future capital requirements.
Company Overview Business/Product Overview

• Tamilnad Mercantile Bank Ltd is one of the oldest and leading old private sector banks TMB’s current account and savings account deposits to total deposits are
in India with a history of almost 100 years. The bank reported deposits of ₹ 44,930 also competitive among peers at 30.50%. TMB’s net profits increased at a
crore and advances of ₹ 33,490 crore as of March 2022.As of June 30, 2021, they CAGR of 41.99% during fiscal 2020-22, with the bank reporting second
have 509 branches, of which 106 branches are in rural, 247 in semi-urban, 80 in urban highest net profit at ₹ 820 crore during fiscal 2022 amongst the peers.
and 76 in metropolitan centres.
In fiscal 2022, TMB also reported a comparatively low credit cost ratio of
0.27%. The Bank’s return on assets (RoA) was at 1.66% compared with
• During fiscals 2020-22, TMB’s deposits increased at a healthy CAGR of 10.46%
peers that have a median RoA of 0.80%. The trend is similar in the Return
(compared with peer median:7.90%), falls in Top-5 amongst its peers; while its
on Equity ratio, where the company outperformed peers at 16.58% in fiscal
advances increased at a CAGR of 9.93% (compared with peer median: 8%).
2022, while its peers reported a median of 8.30%. TMB is also well-
capitalised with a tier-1 capital adequacy ratio of 20.44%.
Brief Financials ₹ in Cr
As of March 31,
Particulars
2022 2021 2020 Key Strengths
Equity Share Capital 142.51 142.51 142.51
• Strong legacy, loyal customer base and focus on improving servicing
Net worth 5,335.71 4,579.98 3,979.65
framework;
Interest earned 3,833.86 3,609.05 3,466.11
• Strong presence in Tamil Nadu with focus to increase presence in other
EBITDA as stated 1,566.74 1,251.62 1,030.10 strategic regions;
Net Profit for the Year 821.91 603.33 407.69
• Advances with focus on MSME, agricultural and retail segments;
EPS (₹) 57.67 42.34 28.61
• Consistently growing deposit base with focus on low-cost retail CASA;
RoNW (%) as stated 15.40% 13.17% 10.24%
• Strong asset quality, underwriting practices and risk management policies.
Net Asset Value (₹) 374.41 321.38 279.25
Source: Source: RHP *Restated Statement

Back 32
Brief summary of Issues – SEBI
Observation Received & Still Valid
Note: Issue Size is indicative, excluding OFS,
if specified in terms of shares
Prasol Chemicals Limited
Promoters: Nishith R Shah, Gaurang N Parikh, Dhaval N Parikh, Pankil N Dharia, Sachin J Parikh, Rakesh Gupta, Nishith R Dharia, Kunal T Dharia, and Suketu Parikh
Offer Details: Fresh issue of Equity Shares aggregating upto ₹ 250 Cr and Offer for Sale of 9,000,000 Equity Shares aggregating upto ₹ Cr. Pre-IPO Placement
of ₹ 50 Cr
Date of SEBI Filing: 13-04-2022 Date of SEBI Approval: 23-08-2022 Face Value: ₹ 2/-
Approx Issue Size (₹ Cr): 250^
BRLMs: JM Financial, DAM Capital Registrar: KFin Technologies
Objects of the Offer: Repayment/ prepayment, in full or part, of certain borrowings; Funding working capital requirements.

• Prasol Chemicals Ltd is among the leading forward integrated manufacturers of • As of December 31, 2021, they manufactured 75+ specialty products which
acetone derivatives and phosphorous derivatives in India. formed part of their portfolio and they have 32 products which are in the
• Their products have end uses in 4 segments namely pharmaceuticals, agrochemicals, pipeline.
home and personal care and performance chemicals. • They have 2 manufacturing facilities, at Khopoli and Mahad located in
• They are a GoI certified Two Star Export House Company with the global distribution Maharashtra which cater to the domestic as well as export markets.
network spread across 45 countries across Asia, North America and the European
Union as on December 31, 2021.
As at Dec’31 As of March 31, Key Strengths

Particulars
2021(09) 2021(12) 2020(12) 2019 (12)
• Among the leading forward integrated manufacturers of acetone derivatives
Equity Share Capital 2.90 2.90 2.90 2.90 and phosphorous derivatives in India;
Net worth 229.52 180.21 155.39 118.75 • Focus on research and development enabling diversified product portfolio
Revenue from Operations 626.93 595.54 531.24 498.30 and customised customer solutions;
EBITDA 89.64 58.17 62.91 51.70 • Long standing relationships with a diversified customer base;
Net Profit for the Period 50.10 25.08 37.77 23.72 • Strong global presence;
EPS (₹) 34.55^ 17.30 26.05 16.39 • Focus on long term sustainability through various environmentally friendly
RoNW (%) as stated 21.83%^ 13.92% 24.31% 19.97% initiatives.
Net Asset Value (₹) 158.29 124.29 107.17 81.90
Source: DRHP, * Restated Statement , ^not annualised Back 34

Vikram Solar Limited
Promoters: Hari Krishna Chaudhary, Gyanesh Chaudhary, Hari Krishna Chaudhary Family Trust, Gyanesh Chaudhary Family Trust, Vikram Financial Services Ltd and
Vikram Capital Management Pvt Ltd
Offer Details: Fresh issue of Equity Shares aggregating upto ₹ 1,500 Cr and Offer for Sale of 5,000,000 Equity Shares; Reservation for Employees; Pre-IPO
Placement of ₹ 300 Cr
Approx Issue Size (₹ Cr): 1,500^
BRLMs: JM Financial, Kotak Mahindra Capital Registrar: Link Intime
Objects of the Offer: Funding capital expenditure for setting up of a 2,000 MW integrated solar cell and solar module manufacturing facility

• Vikram Solar Ltd is one of India’s largest module manufacturers, in terms of • The company has been operating in the business of solar PV module
operational capacity, producing solar photo-voltaic (“PV”) modules. technologies for the last 12 years.
• The company had a domestic market share of approximately 19.00 with 2,500 MW • The company expanded their global footprint through a sales office in the
(inclusive of trial production). United States of America and a procurement office in China and have
• The company strive to deliver reliable solar solutions through innovative products, and supplied solar PV modules to customers in 32 countries, as of December
they achieve this through their specialized high efficiency PV module manufacturing, 31, 2021.
comprehensive EPC solutions and O&M services. • Their products and services cater to multiple business divisions viz.
Domestic solar PV module sales; EPC and O&M services and Exports.
As at Sep’30 As of March 31,

Particulars Key Strengths
2021(06) 2021(12) 2020(12) 2019 (12)
Equity Share Capital 23.53 23.53 27.93 27.93 • One of the largest Indian solar module manufacturer with 2,500 MW;
Net worth 390.42 412.91 364.10 339.23 • Ability to provide EPC and O&M services as a supplemental value add to
Revenue from Operations 597.85 1,610.14 1,639.68 2,016.84 their solar PV module manufacturing business;
EBITDA 35.29 194.50 162.18 182.82 • Strong brand recognition with an established track record;
Net Profit/(Loss) for the Period (18.96) 38.19 22.52 40.82 • The business and operations are supported by macroeconomic factors
EPS (₹) (0.73)^ 1.48 0.86 1.55 and a favourable regulatory landscape;
RoNW (%) as stated (4.86)%^ 9.25% 6.19% 12.03% • Track record of being an early adopter in technology with manufacturing
Net Asset Value (₹) 15.25 16.05 13.75 13.13 facilities based on global best practices.
Source: DRHP, * Restated Consolidated , ^not annualised Back 35

Yatharth Hospital & Trauma Care Services Limited
Promoters: Ajay Kumar Tyagi and Kapil Kumar
Offer Details: Fresh issue of Equity Shares aggregating upto ₹ 610 Cr and Offer for Sale of 6,551,690 Equity Shares. Pre-IPO Placement of ₹ 122 Cr
BRLMs: Intensive Fiscal, Ambit, IIFL Securities Registrar: Link Intime
Category Allocation - QIB:HNI:Retail:
Objects of the Offer: Repayment/ prepayment, in full or part, of certain borrowings availed by the company, and subsidiaries; Funding capital expenditure expenses for 2
hospitals and subsidiaries; Funding inorganic growth initiatives.

• Yatharth Hospital & Truma Care Services Ltd is among the top 10 largest private • Company’s critical care program comprises 318 critical care beds, as of
hospitals in the National Capital Region of Delhi (“Delhi NCR”) in terms of number of January 31, 2022. All of their hospitals based in Delhi NCR are accredited
beds in Fiscal 2021. by the NABH.
• Currently, they operate 3 super specialty hospitals in Delhi NCR, i.e., at Noida, • As of January 31, 2022, they engaged 370 doctors and offer healthcare
Greater Noida and Noida Extension, Uttar Pradesh. Their total bed capacity was 1,405 services across several specialties and super specialties.
beds. • To assist their patient care, Yatharth has introduced ‘Mitra Robot’, an
• They have recently acquired a 305-bedded multi-speciality hospital in Orchha, Madhya artificial intelligence humanoid, in their Noida Extension hospital.
Pradesh near Jhansi, Uttar Pradesh.

2021(06) 2021(12) 2020(12) 2019 (12)
Equity Share Capital 16.38 16.38 16.38 16.38 • Among the leading super-specialty hospital in Delhi NCR with diverse
specialty and payer mix;
Net worth 99.51 72.46 54.29 55.60
• Advanced and high-end medical equipment and technology;
Revenue from Operations 210.97 228.67 146.04 101.83
• Ability to attract quality doctors, nurses, paramedical, and other staff;
EBITDA 63.75 67.01 37.57 19.45
• Experienced and qualified professional management team with strong
Net Profit/(Loss) for the Period 26.98 19.59 (2.05) 3.98
execution track record;
EPS (₹) 4.12^ 2.77 (0.20) 0.63
• Track record of stable operating and financial performance and growth.
RoNW (%) as stated 27.11%^ 25.06% (2.40)% 7.15%
Net Asset Value (₹) 60.76 44.24 33.16 33.96

PKH Ventures Limited
Promoters: Pravin Kumar Agarwal.
Offer Details: Fresh issue of upto 18,258,427 Equity Shares and Offer for Sale of upto 9,831,461Equity Shares; Pre-IPO Placement of 1,500,000 Equity Shares
Approx Issue Size (₹ Cr): -
BRLMs: IDBI Capital, BOB Capital Markets Registrar: Link Intime
Objects of the Offer: Investment in the subsidiary, Halaipani Hydro Project Pvt Ltd; Funding long-term working capital requirements in Garuda Construction; and Pursuing
inorganic growth through acquisitions and other strategic initiatives.

• PKH Venture Ltd is in the business of Construction & Development, Hospitality and • The Civil Construction business is executed by their subsidiary and
Management Services. construction arm, Garuda Construction.
• The company is managing and operating restaurants, lounges, retail outlets, food • The Hospitality vertical is in the business of owning, managing and
stalls, bars, staff canteens and food supply at various airports across the country. The operating hotels, restaurants, QSRs, spas and sale of food products.
company developed 2 hotels in Mumbai viz., Golden Chariot Hotel & Spa, Vasai and • The Management Services currently provides miscellaneous MEP works
Golden Chariot, the Boutique Hotel near Mumbai International Airport. services such as annual maintenance of their projects and certain third
• The company has executed Civil Construction works for Third Party Developer party O&M contracts.
projects and have also been awarded 2 Government Projects.

Particulars
2021(06) 2021(12) 2020(12) 2019 (12) Key Strengths
Equity Share Capital 32.00 8.00 7.51 7.51
Net worth • Established Track Record;
211.04 184.72 149.40 135.32
Revenue from Operations • Visible growth through increasing Third Party Developer Order Book,
110.84 241.51 165.89 160.41
Development Projects and Government Projects;
EBITDA 81.44 78.62 22.62 9.90
• Diverse Business Model;
Net Profit for the Period 26.32 30.57 14.09 2.44
• Asset light model of the Civil Construction business;
EPS (₹) 4.11^ 5.06 2.35 0.41
• Strong financial performance and robust balance sheet.
RoNW (%) as stated 12.47%^ 16.55% 9.43% 1.80%
Net Asset Value (₹) 32.98 28.87 24.88 22.54

Gujarat Polysol Chemicals Limited
Promoters: Shaileshkumar Balvantrai Desai and Umang Shailesh Desai
Offer Details: Fresh issue of Equity Shares aggregating upto ₹ 87 Cr and Offer for Sale of Equity Shares aggregating upto ₹ 327 Cr.
BRLMs: Inga Ventures Registrar: Link Intime
Category Allocation - QIB:HNI:Retail:50:15:35
Objects of the Offer: Repayment/prepayment, in full or part, of certain borrowings availed of by the Company.

• Gujarat Polysol Chemicals Ltd is amongst the leading chemicals manufacturers for the • The vast majority of products that they manufacture use the aromatic
Infra-tech (Construction), agro, dyes and leather industries in India. They are amongst organic compounds. The wide range of chemicals and intermediates that
the leading suppliers of dispersing agents in the Infra-tech, dye and pigments, and they manufacture can be classified as Infra-tech (construction) chemicals;
textile and leather industries and a leading supplier of powder surfactants in India. Agro-chemicals (pesticide formulations); Dyes, pigments and textile
• They are amongst the leading manufacturers of poly carboxylate ether (PCE) liquid in chemicals; and Leather chemicals.
India. • During the 6-month period ended September 30, 2021, they manufactured
• They are one of the few manufacturers of PCE powder globally and the only an aggregate of 130 products.
manufacturer of PCE powder in India. • The company has 3 Manufacturing Facilities located in Gujarat and a unit
located in the Union Territory of Dadra & Nagar Haveli and Daman and
Diu.
As at Sep’30 As of March 31, Key Strengths

Particulars
2021(06) 2021(12) 2020(12) 2019 (12)
• Strong and diversified customer base;
• Leading chemical manufacturer of large and diverse bouquet of products;
Net worth 139.72 124.41 76.10 55.85
• Strong focus on R&D;
• Extensive manufacturing capabilities of products with stringent quality
EBITDA 26.36 64.30 38.68 31.86 norms and procedures;
Net Profit for the Period 15.52 39.84 20.19 12.80 • Strong promoters and experienced management team;
EPS – Diluted (₹) 7.70^ 19.77 10.02 6.38 • Strong and consistent financial performance.
RoNW (%) as stated 11.11%^ 32.02 26.53 22.92
Net Asset Value (₹) 69.32 65.50 57.67 42.65

HMA Agro Industries Limited
Promoters: Wajid Ahmed, Gulzar Ahmad, Mohammad Mehmood Qureshi, Mohammad Ashraf Qureshi and Zulfiqar Ahmad Qurashi
Offer Details: Fresh issue of Equity Shares aggregating upto ₹ 150 Cr and Offer for Sale of Equity Shares aggregating upto ₹ 330 Cr
BRLMs: Aryaman Financial Services Registrar: Bigshare Services
Objects of the Offer: Funding working capital requirements of the company

• HMA Agro Industries Ltd is a star export house and one of the largest exporters of • Company’s products are mainly packaged under the brand name “Black
buffalo meat in India accounting for more than 10% of India’s export of frozen buffalo Gold”, “Kamil” & “HMA” and exported to over 40 countries all over the
meat. The company only deals in buffalo meat and allied products. globe.
• Company’s products are self-branded, packaged and exported to over 40 countries. • They own 4 fully integrated packaged meat processing plants which are
• Currently they are one of the Top-3 market leaders in export of Packaged Frozen located at Aligarh, Mohali, Agra and Parbhani and are in the process of
Buffalo Meat Products from India and they have recently begun product diversification setting up 5th at Haryana. They are also in advanced stages to acquire an
process and exports of products such as Frozen Fish and Basmati Rice. additional plant at Unnao.
• Company’s facilities are approved for export to UAE, Iraq, Saudi Arabia,
Oman, Bahrain, Jordan, Algeria, Egypt, Angola, Vietnam, Indonesia,
Georgia, Malaysia, Combodia and other Middle East, CIS, African
Countries etc. Approximately 90% of their sales are in form of exports.

Particulars
2021(06) 2021(12) 2020(12) 2019 (12) Key Strengths
Net worth 321.87 259.71 187.05 141.45 • Production Quality and well-established Set up
Revenue from Operations 1,462.21 1,707.50 2,372.79 2,742.15 • Well educated and experienced team
EBITDA 93.25 110.02 88.96 62.71 • Long standing relations with their customer base and well-established
marketing set up
• Well established brand
EPS (₹) 13.15^ 15.28 9.66 6.56
• Global Presence
RoNW (%) as stated 38.78%^ 27.96 24.54% 22.03%
Net Asset Value (₹) 67.74 54.66 39.37 29.77

Senco Gold Limited
Promoters: Suvankar Sen, Jai Hanuman Shri Siddhivinayak Trust and Om Gaan Ganpataye Bajrangbali Trust
Offer Details: Fresh issue of Equity Shares aggregating upto ₹325 Cr and Offer for Sale of Equity Shares aggregating upto ₹200 Cr.Pre-IPO Placement of ₹65 Cr
BRLMs: IIFL Securities, Ambit Pvt Ltd, SBI Capital Markets Registrar: KFin Technologies
Category Allocation - QIB:HNI:Retail: 50:15:.35
Objects of the Offer: Funding working capital requirements of the Company.

• Senco Gold Ltd is a pan-India jewellery retail player with a history of more than 5 • Senco’s other offerings also include costume jewellery, gold and silver
decades. coins and utensils made of silver.
• They are the largest organized jewellery retail player in the eastern region of India. • Their products are sold under the “Senco Gold & Diamonds” tradename,
They have the widest geographical footprint in non-eastern states. through multiple channels, including 70 Company Operated Showrooms
• Senco primarily sell gold and diamond jewellery and also sell jewellery made of silver, and 57 Franchisee Showrooms and various online platforms, including their
platinum and precious and semi-precious stones and other metals. website www.sencogoldanddiamonds.com.
• Senco offers more than 108,000 designs for gold jewellery and more than
46,000 designs for diamond jewellery.
As at Nov’30 As of March 31, Key Strengths

Particulars 2021(08) 2021(12) 2020(12) 2019 (12) • Strong brand name with heritage / legacy of over 5 decades;
Consolidate Consolidate Standalone Standalone • Largest organized jewellery retail player in the eastern region of India;
Equity Share Capital 53.19 53.19 53.19 53.19 • Strong ‘Company Operated Showroom’ base complemented by an
Revenue from Operations 2,467.26 2,660.38 2,420.34 2,484.26 established asset-light ‘franchise’ model leading to operating leverage;
Adj EBITDA 183.13 174.85 205.45 164.01 • Calibrated focus on light, affordable jewellery with the intention to cater to
Net Profit for the Period 101.57 64.48 90.93 72.06 the upwardly mobile and younger generation;
EPS (₹) 15.28^ 9.25 13.68 10.84 • Established Systems and Procedures to mitigate risk and improve
RoNW (%) as stated 15.62%^ 10.65% 17.86% 16.66% efficiencies;
Net Asset Value (₹) 105.02 90.64 83.00 70.20

DCX Systems Limited
Promoters: Dr. H.S. Raghavendra Rao, NCBG Holdings Inc and VNG Technology Pvt Ltd
Offer Details: Fresh issue of Equity Shares aggregating upto ₹500 Cr and Offer for Sale of Equity Shares aggregating upto ₹100 Cr. Pre-IPO Placement of ₹50
Cr
BRLMs: Axis Capital, Edelweiss Financial, Saffron Capital Registrar: Link Intime
Objects of the Offer: Repayment/ prepayment, in full or part, of certain borrowings; Funding working capital requirements; Investment in wholly owned Subsidiary.

• DCX Systems Ltd is primarily engaged in system integration and manufacturing a • DCX classify their operations under the following business verticals:
comprehensive array of cables and wire harnesses assemblies and is also involved in • System Integration: DCX undertake system integration in areas of radar
kitting and is among the leading Indian players for the manufacture of electronic sub- systems, sensors, electronic warfare, missiles, and communication
systems and cable and wire harness in terms of manufacturing capability systems.
• DCX commenced operations in 2011 and is the Indian Offset Partner for foreign • Cable and Wire Harness Assemblies: DCX manufactures
original equipment manufacturers for executing defence manufacturing projects. comprehensive array of cables and wire harnesses assemblies.
• Kitting: DCX supply assembly ready kits of electronic and electro-
mechanical parts and undertake all aspects of procurement.
As at Dec’31 As of March 31,

2021(09) 2020(09) 2021(12) 2020(12) 2019 (12)
Equity Share Capital 3.50 3.50 3.50 3.50 3.50 • Among the preferred Indian Offset Players for the defence and aerospace
industry with global accreditations;
Net worth 79.94 45.49 46.79 17.17 7.45
• Technology enabled and scalable end-to-end capabilities;
Revenue from Operations 728.24 548.49 641.16 449.26 299.87
• Business model with visibility of cash flows and ability to mitigate
Adj. EBITDA 59.78 27.10 32.48 45.20 19.73
operational and technology risk;
Net Profit for the Period 33.20 28.29 29.56 9.74 4.59
• Strategically located in Special Aerospace Economic Zone;
EPS – Diluted (₹) 4.74^ 4.04^ 4.22 1.39 0.66
• Well-positioned to capitalize on industry tailwinds;
RoNW (%) as stated 41.53%^ 62.19%^ 63.18% 56.75% 61.54%
• Track record of consistent financial performance.
Net Asset Value (₹) 11.42 6.50 6.68 2.45 1.06

Corrtech International Limited
Promoters: Amit Indrasen Mittal, Sandeep Indrasen Mittal and IEC Projects Ltd.
Offer Details: Fresh issue of Equity Shares aggregating upto ₹ 350 Cr and Offer for Sale of 4,000,000 Equity Shares
BRLMs: Equirus Capital Registrar: Link Intime
Objects of the Offer: Redemption of debentures; Repayment or pre-payment, in full or in part, of certain borrowings; Financing the capital expenditure; Infusion of equity
into subsidiary company; Funding incremental working capital requirements.

• Corrtech International Ltd is one of the leading focused providers of pipeline laying • Company’s customers in O&G Services Business include large players in
solutions including hydrocarbon pipeline laying works in India. the Indian oil and gas sector.
• The company has also emerged as amongst the leading player in horizontal • CEL is engaged in providing EPC solutions towards process facilities for
directional drilling (“HDD”) and cathodic protection solutions (“CPS”) over the years. material and feed handling in oil and gas refineries and petrochemical
• They, through their subsidiary, Corrtech Energy Ltd (“CEL”), manufacture precision complexes.
components and provide products and services to the gas turbines and steam turbines • Order Book for the O&G Services Business as of December 31, 2021, was
operators along with services to the aerospace and defence sectors. over ₹2,440 crore.
• Their Manufacturing Business caters to diverse industry segments
including energy, defence and general manufacturing.

Particulars
2021(06) 2021(12) 2020(12) 2019 (12) Key Strengths
Net worth • Long term relationship with clients and pre-qualification experience;
160.67 142.52 118.03 91.26
Revenue from Operations • Established track record of completed projects and geographical footprint
479.27 990.93 778.22 560.73
EBITDA 45.94 95.62 97.87 74.11 • Large order book;
Net Profit for the Period 15.48 28.56 34.95 24.47 • Diverse fleet of equipment;
EPS (₹) 3.28^ 6.06 7.42 5.19 • Experienced promoters and management with efficient project execution
team.
RoNW (%) as stated 9.61%^ 20.06% 29.46% 26.67%
Net Asset Value (₹) 126.11 116.26 97.77 75.14

India Exposition Mart Limited
Promoters: Company is a professionally managed company and does not have an identifiable promoter
Offer Details: Fresh Issue of Equity Shares aggregating upto ₹450 Cr and Offer for Sale of 11,210,659 Equity Shares. Reservation for Employee, Pre-IPO
Placement of ₹75 Cr
BRLMs: Emkay Global Registrar: KFin Technologies
Objects of the Offer: Funding capital expenditure requirements for expansion of the existing infrastructure facilities; Prepayment or repayment of all or a portion of certain
outstanding borrowings.

• India Exposition Mart Ltd is one of the leading venue planner and provider in India, • Their Expo Centre & Mart is strategically located at Greater Noida which
offering technology driven, world-class facilities and safety standards suitable for is a prominent MICE destination in India. It is a world class venue with
hosting international business-to-business exhibitions, conferences, congresses, facilities for all kinds of business events in a covered area of 2,34,453.29
product launches, and promotional events, amongst others. sq mtr.
• As on December 31, 2021, they have an order book aggregating to a value of • As of December 31, 2021, India Expo Centre & Mart houses over 800
₹ 121.52 crore from different exhibitions. permanent show rooms of Indian exporters, and has 14 multi-purpose
• They have approximately 15 years of operating experience in the management and halls,
• organization of exhibitions and trade fairs. • 29 meeting rooms, 4 open areas, 4 speciality restaurants and an ongoing
guest house project (under-construction) with 128 rooms and amenities.

Particulars
2021(06) 2021(12) 2020(12) 2019 (12) Key Strengths
• Established track record and brand recognition;
Net worth 130.34 135.52 150.95 115.44
• Domain knowhow and execution track record;
• World class infrastructure and onsite amenities including ability to provide
EBITDA (2.54) (13.40) 65.84 48.61
a bouquet of services required for organizing exhibitions;
Net Profit/(Loss) for the Period (5.33) (16.46) 44.90 29.63
• Strong relationships with exhibition organisers;
EPS (₹) (0.70)^ (2.22) 6.07 4.00
• Well-connected into the Indian and Global exhibition ecosystem.
RoNW (%) as stated (3.97)%^ (12.13)% 29.74% 25.66%
Net Asset Value (₹) 17.61 18.31 20.40 15.60
Source: DRHP, *Restated Statement, ^not annualised Back 43

Bharat FIH Limited
Promoters: Wonderful Stars and FIH Mobile
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
Approx Issue Size (₹ Cr): 5,003.80
BRLMs: Kotak Mahindra Capital, Citigroup Global, BNP Paribas, HSBC Securities Registrar: KFin Technologies
Objects of the Offer: Funding capital expenditure requirements towards upgradation and expansion; Investment in the subsidiary for financing its capital expenditure
requirements; Funding working capital requirements.

• Bharat FIH Ltd (a Foxconn Technology Group Company) is the largest EMS provider The company had organized their business into 7 strategic business units
in India, with approximately 15% market revenue share in Financial Year 2021. (SBUs). Company’s end products of their manufacturing operations
• In addition to their EMS services, which mainly comprise manufacturing services, they comprise:
are building the capabilities to provide OEMs with a comprehensive, vertically • Mobile phone modules and systems;
integrated “one-stop solution” comprising a range of ODM services including product • Electric vehicle components (dashboards, head units, vehicle control units
design and development, component manufacturing and sourcing, logistics, and after- and Battery management systems);
sales services. • Television systems, hearables (true wireless stereos/headsets);
• They have also been expanding their business into high-growth industries. • Mechanics (metal parts, plastic polycarbonate materials and enclosures).
• They conduct their operations across their campuses based in South India.
The EMS services principally comprise manufacturing services:
• PCB assembly and testing;
Brief Financials ₹ in Cr • Final assembly, testing and packing.
As of March 31,
Particulars 2022 2021 2020 Key Strengths
Consolidated Standalone Standalone
Equity Share Capital 2,380.95 2,380.95 2,380.95 • Largest EMS provider in India by revenue market share;
• Availability of PLIs;
Other Equity 3,031.57 2,835.74 2,673.88
• Long-term, strategic relationships with industry leading OEM customers;
Revenue from Operations 18,149.20 15,854.86 26,635.56 • Large-scale, high quality and state-of-the-art manufacturing and assembly
EBITDA 492.78 386.93 693.28 capabilities;
Net Profit for the Period 195.06 161.92 389.71 • In-house capabilities across the ODM value chain, enabling vertical
integration;
EPS (₹) 0.82 0.68 2.08
• Ability to drive innovation through advanced research and development
ROCE (%) as stated 9.95% 9.72% 26.55% capabilities.
Source: DRHP, * Restated Statement Back 44

Cogent E-Services Limited
Promoters: Abhinav Singh, Arunabh Singh, Pranjal Kumar, Gaurav Abrol, Boomerang and TSSR.
Offer Details: Fresh Issue of Equity Shares aggregating upto ₹ 150 Cr and Offer for Sale of 9,468,297 Equity Shares. Pre-IPO Placement of ₹ 30 Cr
BRLMs: DAM Capital, IIFL Securities Registrar: Link Intime
Objects of the Offer: Funding investment in IT assets for expansion and existing IT infrastructure; funding working capital requirements.

• The company is an end-to-end omnichannel customer experience (“CX”) solutions • Leveraging on their insights on customer behaviour and preferences
provider that enables businesses and brands to connect with their end customers, across industry verticals derived from their analysis of data collected from
transform CX across all their touchpoints and channels, and improve response times, customer interactions over the years, together with their industry and
business outcomes and performance. technology expertise, they help evaluate, customize and execute CX
• The company offers omnichannel solutions for a variety of touchpoints along the strategies and programs for their clients to address their clients’ needs at
customer interaction value chain from customer sales and support. all stages of their CX journey.
• Since 2016, they have processed more than 1 billion transactions (including calls, • The company is present in seven cities in India (being, Noida, Vadodara,
chats, emails etc.). Bengaluru, Mangaluru, Meerut, Bareilly and Thane) and had 9,022 full-
time equivalent (“FTE”) Customer Service Associates (“CSA”) and 7,609
seats located across 14 sites.

Particulars
2021(06) 2021(12) 2020(12) 2019 (12)
• One stop shop CX solutions provider with omnichannel capabilities
Equity Share Capital 1.00 1.00 0.81 0.81 providing customized solutions to the clients;
Net worth 89.04 64.70 45.12 35.89 • Strong domain intelligence across industry verticals in the Indian market,
Revenue from Operations 180.55 273.94 248.13 159.41 enabling them to be agile in the process;
EBITDA 43.72 50.42 30.81 17.36 • Integration across geographies and sites reduces the time to market;
Net Profit for the Period 24.31 20.12 8.90 4.64 • Demonstrated financial performance.
EPS (₹) 7.51^ 6.22 2.75 1.43
RoNW (%) as stated 27.30%^ 31.09% 19.72% 12.92%
Net Asset Value (₹) 27.52 20.00 13.95 11.10
Source: DRHP, *Restated Statemdent, ^not annualised Back 45

Macleods Pharmaceuticals Limited
Promoters: Girdharilal Bawri, Banwarilal Bawri, and Dr. Rajendra Agarwal.
Offer Details: Offer of sale of 60,482,040 Equity Shares; Reservation for Employees,
Approx Issue Size (₹ Cr): - BRLMs: Kotak Mahindra Capital, Citigroup Global, Edelweiss Financial, ICICI
Registrar: KFin Technologies
Category Allocation - QIB:HNI:Retail: 50:15:35 Securities, Nomura Financial
Objects of the Offer: Achieve the benefits of listing the Equity Shares on the Stock Exchanges

• Established in 1989, Macleods Pharmaceuticals is the 7th largest in the Indian • The company is engaged in developing, manufacturing, and marketing a
pharmaceutical market (“IPM”) by Domestic Sales . wide range of formulations across several major therapeutic areas
• They have the highest number of WHO pre-qualified products globally with 65 including anti-infectives, cardiovascular, anti-diabetic, dermatology, and
registrations, and the highest number of WHO pre-qualified anti-TB product hormone treatment.
registrations with 32 registrations, as at December 31, 2021. • They had a portfolio of 595 brands in the IPM from Fiscal 2017 to Fiscal
• They were ranked amongst the top 10 companies in 8 out of top 10 therapies in the 2021.
Covered Market (by Domestic Sales) in Fiscal 2021. • Based on Domestic Sales in Fiscal 2021, they had 2 brands in the top 100
Indian brands, and 7 brands in the top 300 Indian brands.
• Their brand Panderm++, crossing ₹ 1 billion in Domestic Sales in Fiscal
2021 and ranking 1st in the molecular group of Clobetasol+Miconazole+
Neomycin in the IPM

2021(06) 2021(12) 2020(12) 2019 (12)
Equity Share Capital 19.96 19.96 19.96 19.96 • Leading and fast-growing company with significant presence in the IPM;
Net worth 4,413.14 3,794.77 7,566.64 6,014.28
• Proven track record of building brands;
Revenue from Operations 4,080.16 7,199.42 6,902.82 5,870.44
• Diversified presence across global markets with calibrated business
EBITDA 769.89 2,096.66 1,724.32 1,340.89 model;
Net Profit for the Period 638.05 2,022.84 1,572.12 1,423.46 • Environmental, social and governance focused, including extensive
EPS (₹) 10.56^ 33.74 26.18 23.72 involvement in global access;
RoNW (%) as stated 14.46%^ 53.31% 20.78% 23.67% • R&D-led differentiated portfolio of products;
Net Asset Value (₹) 73.70 63.37 126.36 100.44 • Diversified and quality-compliant manufacturing capabilities.
Source: DRHP, * Restated Consolidated; ^not annualised Back 46

TBO Tek Limited
Promoters: Ankush Nijhawan, Gaurav Bhatnagar, LAP Travel Private Limited and Manish Dhingra
Offer Details: Fresh Issue of Equity Shares aggregating upto ₹ 900 Cr and Offer for Sale of Equity Shares aggregating upto ₹ 1,200 Cr by Selling Shareholder
Approx Issue Size (₹ Cr): 2,100
BRLMs: Axis Capital, Credit Suisse Securities, Jefferies India, JM Financial Registrar: KFin Technologies
Objects of the Offer:Growth and strengthening of their platform by adding new Buyers and Suppliers; Strategic acquisitions and investments towards inorganic growth.

• TBO Tek Ltd is one of the leading global travel distribution platforms. They simplify the • The company solves problems of discovery, reliability, transactions, and
business of travel for Suppliers and Buyers through their 2-sided technology platform service by aggregating global travel supply and global travel demand on
that enables Suppliers and Buyers to transact seamlessly with each other. one platform and enable them to transact seamlessly.
• They aggregate supply from hotels, airlines, rail, car rental companies, transfer • They enable Suppliers to get instant access to a global Buyer base
providers, cruise companies and other via direct connectivity or through third part without any additional investments in technology or manpower.
aggregators.
• Their integrated web and mobile-based platform allows retail travel
• Buyers use their platform to search, book and pay for global travel supply. Their
buyers (travel agencies and independent travel advisors) to operate their
platform settles payments on both the Buyer and Supplier fronts, managing for
business through their platform.
multiple currencies on both ends.

Particulars
2021(06) 2021(12) 2020(12) 2019 (12) Key Strengths
Net worth 222.43 204.07 240.34 160.95 • Platform creating network effect with interlinked flywheels to enhance
Revenue from Operations 171.79 141.81 570.79 440.86 value proposition for partners;
Adj. EBITDA 15.76 (22.69) 84.95 43.78 • Modular and scalable proprietary technology platform;
Net Profit/(Loss) for the Period 17.74 (34.14) 72.93 26.33 • Ability to generate and leverage large data assets;
EPS (₹) 1.70^ (3.28) 7.00 2.53 • Data driven decision making across the enterprise;
RoNW (%) as stated 7.98%^ (16.73)% 30.34% 16.36% • Capital efficient business model.
Net Asset Value (₹) 21.34 19.58 23.06 15.44
Source: DRHP, * Restated Consolidated. ^ not annualised; Equity Capital stands ₹10.42 Cr before the offer. Back 47
Suraj Estate Developers Limited
Promoters: Rajan Meenathakonil Thomas
Offer Details: Fresh Issue of Equity shares aggregating to ₹500 Cr
BRLMs: Centrum Capital, Anand Rathi Advisors Registrar: Link Intime
Objects of the Offer: Repayment/Prepayment of the aggregate outstanding borrowings of the company and the subsidiaries; Acquisition of land or land development
rights.

• Suraj Estate Developers is among the Top 2 developers with 15.25% market share as • In residential portfolio, they are present across the “value luxury” and
per supply (in number of units) and rank 3rd with 13.50% market share for calendar “luxury” segments across multiple price points.
years 2016 to 2021 (till Q3). • In Commercial portfolio, they have constructed and sold built-to-suit
• The company has been involved in the real estate business since 1986, and develop corporate headquarters to their institutional clientele namely, Saraswat
real estate across the residential and commercial sectors in the South Central Mumbai Cooperative Bank Ltd (Prabhadevi) and Clearing Corporation of India Ltd
region. (Dadar).
• They are one of the market leaders in the redevelopment projects in South Central • They have completed 42 projects with a developed area of more than
Mumbai sub markets. From 2016 to 2021(till Q3), they had launched 14 residential 1,046,543 sq.ft in the South Central Mumbai region. In addition to the
projects out of which 12 projects (~86%) are redevelopment projects. Completed Projects, they have 9 Ongoing Project with a developable area
of
Brief Financials ₹ in Cr • 1,970,445 sq.ft and saleable RERA carpet area 442,616 sq.ft and 21
Upcoming Projects with an estimated carpet area of 928,400 sq.ft.
As at Oct’31 As of March 31,
Particulars
2021(07) 2021(12) 2020(12) 2019 (12) Key Strengths
• Established brand having a long standing presence in Value Luxury
Net worth 24.48 29.15 23.01 21.70
Segment and Luxury Segment in the residential real estate market of
Revenue from Operations 109.62 239.99 86.93 34.58 South Central Mumbai region;
EBITDA 68.56 86.63 66.56 54.35 • Strong expertise in tenant settlement in the redevelopment projects;
Net Profit for the Period 11.90 6.28 1.52 1.62 • Strong project pipeline providing near term cash flow visibility;
EPS (₹) 3.75^ 1.98 0.48 0.51 • Innovative marketing and sales strategies at low cost;
RoNW (%) as stated 48.59%^ 21.54% 6.59% 7.48% • Proven track record of efficient execution, project management skills,
Net Asset Value (₹) 7.71 45.90 36.24 34.17 ability to deliver projects at competitive cost.
Source: DRHP, *Restated Consolidated, ^not annualised Back 48

Fedbank Financial Services Limited
Promoters: The Federal Bank Limited
Offer Details: Fresh Issue of Equity Shares aggregating upto ₹900 Cr and Offer for Sale of 16,497,973 Equity Shares. Reservation for Employee, Pre-IPO
Date of SEBI Filing: 22-02-2022 Date of SEBI Approval: 13-05-2022 Face Value: ₹10/-
BRLMs: ICICI Securities, Equirus Capital, IIFL Securities, JM Financial Registrar: Link Intime
Objects of the Offer: Augmenting Tier – I capital base to meet the future capital requirements, arising out of the growth of the business and assets.

• Fedbank Financial Services Ltd is a retail focused NBFC promoted by The Federal • The company operates a “twin engine” business model, two 2
Bank Ltd. complementary products, namely gold loans and instalment loans to
• They are the fastest growing gold loan NBFC among the gold loan peer set in India as MSMEs and emerging self-employed individuals (“ESEIs”). They also
of March 31, 2021. have a “Phygital” door-step model, a combination of digital and physical
initiatives, for providing customized services to customers across all of the
• They are one among five private bank-promoted NBFCs in India.
products.
• They have the lowest cost of borrowing among the MSME and gold loan peer set in • They have a well-tailored suite of products targeted to match their
India in Fiscal 2021. customers’ needs, which includes housing loans, small ticket loan against
• As on March 31, 2021, they are the NBFC with the 3rd fastest AUM growth in the last property (“LAP”), medium ticket LAP, unsecured business loans, and gold
3 fiscal years in India with a CAGR of 49% between Fiscals 2018 and 2021. loans.
• As of September 30, 2021, they are present in 15 states and union
Brief Financials ₹ in Cr territories with a strong presence in Southern and Western regions of
India.
Particulars
2021(06) 2021(12) 2020(12) 2019 (12)
Key Strengths
Net worth 1,069.63 834.73 691.16 458.63 • Presence in large, underpenetrated markets with strong growth potential;
Revenue from Operations 405.67 691.83 453.74 253.21 • “twin engine” business model which ensures growth and risk insulation;
EBITDA 229.59 417.39 276.31 172.50 Focus on retail loan products with a collateralized lending model;
Net Profit for the Period 33.57 61.68 39.14 36.13 • Strong underwriting capability and presence in select customer segment;
EPS - Basic (₹) 1.10^ 2.19 1.61 1.76 • Experienced, cycle tested management team;
RoNW (%) as stated 3.14%^ 7.39 5.66 7.88 • Well diversified funding profile with an advantage of lower cost of funds;
Net Asset Value (₹) 33.58 28.79 25.28 19.94 • Technology driven company with scalable operating model.
Source: DRHP, *Restated Summry, ^not annualised Back 49

Archean Chemical Industries Limited
Promoters: Chemikas Speciality LLP, Ravi Pendurthi and Ranjit Pendurthi.
Offer Details: Fresh Issue of Equity Shares aggregating upto ₹ 1,000 Cr and Offer for Sale of 19,071,288 Equity Shares. Pre-IPO Placement of ₹ 180 Cr
Approx Issue Size: (₹ Cr): 1,000^
BRLMs: IIFL Securities, ICICI Securities, JM Financial Registrar: Link Intime
Objects of the Offer: Redemption or earlier redemption, in part or full, of NCDs issued by the company.

• Archean Chemical Industries Ltd is a leading specialty marine chemical manufacturer • Company’s integrated manufacturing facility is structured around 3
in India and focused on producing and exporting bromine, industrial salt, and sulphate products: bromine, industrial salt, and sulphate of potash.
of potash to customers around the world. • Bromine is the only non-metallic element that is a liquid at standard
• The company produce their products from their brine reserves in the Rann of Kutch, conditions. Bromine is widely distributed in nature but in relatively small
located on the coast of Gujarat, and they manufacture their products at their facility amounts, mainly as soluble salts.
near Hajipir in Gujarat. • Industrial salt is the principal material in chlorine and caustic soda
• As of September 30, 2021, they marketed their products to 13 global customers in 13 production (together, known as chloralkali) and is widely used in the
countries and to 29 domestic customers. chemical and food and beverage industries.
• Sulphate of potash, also known as potassium sulphate, is a high-end,
specialty fertilizer for chlorine-sensitive crops.
Brief Financials ₹ in Cr • They are the largest exporter of Bromine from India.

2021(06) 2021(12) 2020(12) 2019 (12)
Equity Share Capital 19.27 19.27 19.27 19.27 • Leading market position, expansion and growth in bromine and industrial
Net worth 130.25 72.37 5.97 42.37 salt;
Revenue from Operations 450.51 740.76 608.17 565.51 • High entry barriers in the specialty marine chemicals industry;
EBITDA 192.72 276.25 156.81 194.34 • Established infrastructure and integrated production with cost efficiencies;
Net Profit/(Loss) for the Period 58.06 66.61 (36.24) 39.97 • Focus on environment and safety;
EPS (₹) 5.62^ 6.45 (3.51) 5.44 • Largest Indian exporter of bromine and industrial salt with global customer
RoNW (%) as stated 44.58%^ 92.04 (60.70) 94.34 base;
Net Asset Value (₹) 12.61 7.01 0.58 5.76 • Strong and consistent financial performance.

Aadhar Housing Finance Limited
Promoters: BCP Topco VII Pte 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
BRLMs: ICICI Securities, Citigroup Global, Nomura Financial, SBI Cap Markets Registrar: KFin Technologies
Objects of the Offer: Augmenting its capital base to meet the future capital requirements.

• Aadhar Housing Finance Ltd is the largest Affordable HFC in India in terms of AUM, • The company targeting primarily first-time home buyers in economically
as of March 31, 2020. They are approximately 1.5 times larger than the 2nd largest weaker and low-to-middle income customers. They serve formal and
peer set company based on AUM as on March 31, 2020. informal customers in salaried and self-employed segments. As of
• Compared to their peers, they have the largest customer base as on March 31, 2020 September 30, 2020, salaried customers accounted for 64.83% of their
and have the highest disbursement for financial year ended March 31, 2020. Further Gross AUM and self-employed customers account for 35.17% of Gross
as at March 31, 2020, they have the most geographically diversified AUM as well as AUM.
the highest efficiency in terms of operating expenditure ratios. • As of September 30, 2020, they have 165,000+ loan accounts. Apart from
home loans, they also offer loans against property, loans for renovation
and property extension and loans for purchase of commercial property.
• As of September 30, 2020, home loans and non-home loans (including
respective insurance portion) accounted for 85% and 15% of their Gross
Brief Financials ₹ in Cr AUM, respectively.
Particulars
2020(06) 2020(12) 2019(12) 2018(12) Key Strengths
• Largest affordable housing finance company with best-in-class metrics in
Net worth as stated 2,506.61 2,347.27 858.87 717.72
the fastest growing sub-segment of the Indian mortgage market;
Revenue from Operations 748.15 1,387.67 1,265.61 815.00
• Extensive branch network, geographical penetration and sales channels;
EBITDA 618.68 1,035.98 989.27 630.27
Robust, comprehensive systems and processes for underwriting,
Net Profit for the period 198.77 230.91 234.92 160.83 collections and monitoring asset quality;
EPS - Basic (₹) 3.96^ 5.86 6.44 5.32
• Access to diversified and cost-effective long-term financing with a
EPS - Diluted (₹) 3.85^ 5.83 6.39 5.32 disciplined approach to asset liability and liquidity management;
RONW (%) 6.24%^ 8.07% 18.85% 15.91%
• Social objectives are one of the core components of the business model.
NAV -Diluted (₹) 61.66 57.74 33.91 28.54
Source: DRHP, * Consolidated summary, ~ Not annualised Back 51

Kids Clinic India Limited (Cloudnine)
Promoters: The Company is a professionally managed company and does not have an identifiable promoter.
Offer Details: Fresh Issue of Equity Shares aggregating upto ₹ 300 Cr and Offer for Sale of 13,293,514 Equity Shares. Reservation for Employee, Pre-IPO
BRLMs: Axis Capital, JM Financial, ICICI Securities Registrar: KFin Technologies
Objects of the Offer: Repayment and/or pre-payment, in full or part, of certain borrowings; Setting up new centers at various locations; Acquisition of further shareholding
in the subsidiary - Acquity Labs.

• Incorporated on December 15, 2005, Kids Clinic India Ltd provides their customers • Cloudnine is the leading brand in the super-speciality mother and baby-
world-class medical expertise, advanced facilities, and staff dedicated to the holistic care space in Fiscal 2021, based on the highest revenue and highest
well-being of mother and baby, for a pregnancy journey filled with love and laughter. number of hospitals as of Fiscal 2021 among the super-specialty mother
• As of Fiscal 2019, 2020, 2021 and September 30, 2021, they had assisted with and baby care hospitals 18 centres and at 23 centres as of September 30,
13,532, 15,975, 16,801 and 9,155 deliveries, respectively, and had provided 6,238, 2021.
6,166, 5,994 and 3,782 fertility services, respectively. • They provides expectant mothers with quality medical expertise,
medically-advanced facility infrastructure and a bespoke motherhood
journey covering most of their needs.
• The company rely on digitization and leverage technology to enhance the
quality of their clinical services, while targeting significant wallet share of
customers and managing customer relationships.
Particulars
2021(06) 2020(06) 2021(12) 2020(12) 2019 (12) Key Strengths
Equity Share Capital 6.69 6.59 6.62 6.59 6.59
• Leading specialised mother and baby care chain;
Net worth 224.47 215.73 203.83 233.51 240.97 • Differentiated, comprehensive and customer-focused approach;
Revenue from Operations 371.65 260.26 554.59 516.30 418.18 • Clinical excellence and advanced medical technologies;
• Integrated digital ecosystem and proprietary technology stack;
EBITDA -Operating 33.28 11.22 30.09 23.34 (17.55)
• Ability to attract, train and retain high-quality doctors and staff;
Net Profit/(Loss) for the Period (9.86) (18.30) (34.71) (29.62) (65.47) • Scalable model and disciplined approach for growth;
Net Asset Value (₹) 52.31 50.95 48.14 55.15 57.41 • Stable and robust financial performance with greater predictability.
Source: DRHP, Restated Consolidated Back 52

Bikaji Foods International Limited
Promoters: Shiv Ratan Agarwal, Deepak Agarwal, Shiv Ratan Agarwal (HUF) and Deepak Agarwal (HUF)
Offer Details: Offer for Sale of 29,373,984 Equity Shares. Reservation for employees.
Approx Issue Size (₹ Cr):
BRLMs: Axis Capital, JM Financial, IIFL Securities, Intensive Fiscal, Kotak Mahindra Capital Registrar: Link Intime
Objects of the Offer: To achieve the benefits of listing the Equity Shares on the Stock Exchanges.

• Bikaji Foods International Ltd is one of India’s largest fast-moving consumer goods • Product range includes 6 principal categories: bhujia, namkeen, packaged
(“FMCG”) brands with an international footprint, selling Indian snacks and sweets, and sweets, papad, western snacks as well as other snacks which primarily
are among the fastest growing companies in the Indian organised snacks market. includes gift packs (assortment), frozen food, mathri range and cookies.
• The product range includes 6 principal categories: bhujia, namkeen, packaged sweets, • Largest manufacturer of Bikaneri bhujia with annual production of 26,690
papad, western snacks and other snacks which primarily includes gift packs tonnes.
(assortment), frozen food, mathri range and cookies. • The 2nd largest manufacturer of handmade papad with an annual
• In the 6 months ended September 30, 2021, they sold more than 250 products under production capacity of 9,000 tonnes in Fiscal 2021.
the Bikaji brand. • One of the largest manufacturers of rasgulla, soan papdi and gulab jamun
with annual capacity of 24,000 tonnes, 23,040 tonnes and 12,000 tonnes
respectively.

Particulars
2021(06) 2021(12) 2020(12) 2019 (12)
• Well-established brand with pan-India recognition;
• Diversified product portfolio focused on various consumer segments;
Net worth 795.49 604.10 529.17 469.77
• Strategically located, large scale sophisticated manufacturing facilities with
Revenue from Operations 771.73 1310.75 1074.55 901.36 stringent quality standards;
EBITDA 71.67 144.77 94.60 93.27 • Extensive pan-India and global distribution network, arrangements with
Net Profit for the Period 40.93 90.34 56.37 50.93 reputed retail chains and growing e-commerce and exports channel;
EPS (₹) 1.71^ 3.71 2.32 2.11 • Extensive distribution network in India;
RoNW (%) as stated 5.27%^ 14.93% 10.65% 10.84% • Strategic arrangements with retail chains in India and international
Net Asset Value (₹) 31.83 24.85 21.76 19.32 markets.
Source: DRHP, *Restated Summry, ^not annualised Back 53

TVS Supply Chain Solutions Limited
Promoters: TVS Mobility Pvt Ltd, T.S. Rajam Rubbers Pvt Ltd, Dhinrama Mobility Solution Pvt Ltd and Ramachandhran Dinesh
Offer Details: Fresh Issue of Equity Shares aggregating upto ₹ 2,000 Cr and Offer for Sale of 59,477,497 Equity Shares. Pre-IPO Placement of ₹ 400 Cr
Approx Issue Size (₹ Cr): 2,000^ BRLMs: Axis Capital, JM Financial, J P Morgan, BNP Paribas, Edelweiss Financial,
Registrar: Link Intime
Category Allocation - QIB:HNI:Retail: 75:15:10 Equirus Capital
Objects of the Offer:Prepayment or repayment of all or a portion of certain outstanding borrowings; Purchasing minority stake from existing shareholders of the
Subsidiary; Capitalisation of strategically important step-down Subsidiaries.

• Promoted by the erstwhile TVS Group, TVS Supply Chain Solutions Ltd is among • Company’s solutions spanning the entire value chain from sourcing to
India’s largest and fastest growing integrated supply chain solutions provider in India. consumption can be divided into 2 segments:
• For the last 15 years, they have managed large and complex supply chains across • Integrated supply chain solutions (“ISCS”): Their capabilities
multiple industries in India and select global markets through customized tech- includes sourcing and procurement, integrated transportation, logistics
enabled solutions. operation centers, in-plant logistics operations, finished goods,
• Globally, they provided integrated supply chain solutions to 8,956 customers during aftermarket fulfillment and supply chain consulting
the 6 months ended September 30, 2021, while in India, they provided their solutions • Network solutions (“NS”): The capabilities includes Global forwarding
to 827 customers in the same period. solutions (“GFS”), which involves managing end-to-end freight
forwarding and distribution across ocean, air and land, warehousing and
at port storage and value added services, and time critical final mile
solutions (“TCFMS”).

Particulars
2021(06) 2021(12) 2020(12) 2019 (12)
• Critical scale in a fast-growing and fragmented third-party logistics market;
• Leader in end-to-end solutions enabled by domain expertise, global
Net worth 324.75 490.69 510.80 619.55 network;
Revenue from Operations 4,240.13 6,933.60 6,604.55 6,779.92 • Robust in-house technology differentiation;
Adj. EBITDA 309.49 442.34 295.82 541.14 • Long and consistent track-record of successful integration of acquisitions;
• Long-term customer relationship in diversified and attractive industries
Net Loss for the Period (58.71) (76.34) (248.00) (32.55)
through encirclement;
Net Asset Value (₹) 9.80 14.89 15.93 19.50 • Resilient business model with multiple drivers of profitable growth.
RoCE (%) 2.48% (4.56)% (3.99)% 6.02%
Source: DRHP, *Restated Consolidated, Back 54

Landmark Cars Limited
Promoters: Sanjay Karsandas Thakker
Offer Details: Fresh Issue of Equity Shares aggregating upto ₹ 150 Cr and Offer for Sale of Equity Shares aggregating upto ₹ 612 Cr; Reservation for
Employees; Pre-IPO Placement of ₹ 131 Cr
BRLMs: Axis Capital, ICICI Securities Registrar: Link Intime
Objects of the Offer: Repayment/pre-payment, in full or in part, of certain borrowings availed by the company and Subsidiaries.

• Landmark Cars Ltd is a leading premium automotive retail business in India with • In the 6 months ended September 30, 2021 and in Fiscal 2021, they sold
dealerships for Mercedes-Benz, Honda, Jeep, Volkswagen and Renault. They also 8,295 and 13,282 new vehicles, respectively, including new passenger
cater to the commercial vehicle retail business in India. vehicles of Mercedes-Benz, Honda, Volkswagen, Jeep and Renault and
• They have a presence across the automotive retail value chain, including sales of new new commercial vehicles of Ashok Leyland.
vehicles, after-sales service (including sales of spare parts, lubricants and • Their after-sales service and spare parts offerings at each of the
accessories), sales of pre-owned passenger vehicles and facilitation of sales of third- dealerships comprise repair and collision repair services and include both
party financial and insurance products. warranty work, insurance claim work and customer paid services.
• They have a network of 112 outlets in 8 Indian states, comprised of 61 sales
• They operates on two business models: (1) they facilitate the sale of used
showrooms and outlets and 51 after-sales service and spares outlets, as of September
vehicles through their agents on a commission basis; and (2) they also
30, 2021.
take the vehicles on their books for sale after any needed refurbishment.
• They facilitates the sale of third-party financial products including
insurance policies and vehicle finance through their dealerships.
Particulars
2021(06) 2021(12) 2020(12) 2019 (12)
Equity Share Capital 18.31 18.31 18.31 18.31 Key Strengths
Net worth 208.55 181.78 169.13 187.96
• Leading automotive dealership for major OEMs with a strong focus on high
Revenue from Operations 1,412.84 1,956.10 2,218.61 2,826.52 growth segments;
EBITDA 77.65 120.06 83.20 88.63 • Growing presence in after-sales segment leading predictable growth in
Net Profit/(Loss) for the Period 27.95 11.15 (28.94) (24.43) revenues and superior margins;
• Comprehensive business model capturing entire customer value-chain;
EPS (₹) 7.58^ 3.09 (7.84) (7.01)
and
RoNW (%) as stated 13.32%^ 6.23% (16.99)% (13.44)% • Robust business processes leveraging technological innovation and
Net Asset Value (₹) 56.93 49.62 46.17 52.14 digitalization.
Source: DRHP, * Restated Consolidated. ^ not annualised; Back 55

Imagine Marketing Limited (“BoAt”)
Promoters: Sameer Mehta and Aman Gupta
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
BRLMs: Axis Capital, BofA Securities, Credit Suisse, ICICI Securities Registrar: Link Intime India
Objects of the Offer::. Repayment/prepayment, in full or part, of certain borrowings

• Imagine Marketing Ltd is a digital-first consumer products company and one of the The company offers products, which comprise:
largest Indian digital-first brands in terms of revenue from operations for the financial • Audio (wired headphones and earphones, wireless headphones and
year 2021. earphones (neckbands), true wireless stereo (“TWS”), Bluetooth speakers
• Founded in 2013 and led by their flagship brand “boAt” launched in 2014, the and home theatre systems and sound bars),
company has established leading market positions in volume and value terms in India • Wearables (smartwatches),
across multiple, high-growth consumer categories such as audio and smart-watch. • Gaming accessories (wired & wireless headsets, mouse and keyboards),
• As of September 30, 2021, for the 2nd quarter of Financial Year 2022, they were • Personal care appliances (trimmers and grooming kits) and Mobile
ranked #1 in India among the wireless hearables brands by value and volume and #2 accessories (chargers, cables, power banks and other accessories).
among smart-watch brands in India in terms of volume.
• The company benefited from their relationships with industry participants:
Qualcomm, Bharat FIH Ltd, Google, Dolby International AB, Dolby
Brief Financials ₹ in Cr Laboratories Licensing Corp., Airoha Technology Corp. and Realtek
Semiconductor Corp and integrate components and technology.
Particulars
2021(06) 2021(12) 2020(12) 2019 (12) Key Strengths
Net worth • One of the largest Indian digital-first brands with leading market positions
632.97 464.17 71.53 23.10
across multiple fast-growing product categories;
Revenue from Operations 1,547.87 1,313.72 609.11 225.85
• The flagship brand “boAt” is a consumer brand with strong market
EBITDA 173.37 134.48 76.24 14.14 positioning and a clear value proposition;
• The digital-first platform capabilities are targeted to enable growth and
EPS (₹) 11.17^ 8.53 4.78 0.80 continue to allow to build a presence across multiple consumer categories;
RoNW (%) as stated 18.69%^ 18.64% 66.82% 34.80% • Professional, founder-driven management team.
Net Asset Value (₹) 62.97 46.18 7.15 2.31
Source: DRHP, * Restated Consolidated. ^ not annualised Back 56

Harsha Engineers International Limited
Promoters: Rajendra Shah, Harish Rangwala,Vishal Rangwala, and Pilak Shah.
Offer Details: : Fresh Issue of Equity Shares aggregating upto ₹ 455 Cr and Offer for Sale of Equity Shares aggregating upto ₹ 300 Cr, Pre-IPO Placement of
₹ 90 Cr
BRLMs: Axis Capital, Equirus Capital, JM Financial Registrar: Link Intime
Objects of the Offer:Pre-payment or scheduled repayment of a portion of the existing borrowing; Funding capital expenditure; Infrastructure repairs and renovation of the
existing production facilities.

• Incorporated on, Harsha Engineers International Ltd is the largest manufacturer of • Company’s business comprises:
precision bearing cages, in terms of revenue, in organised sector in India, and • Engineering business: Manufactures bearing cages (in brass, steel
amongst the leading manufacturers of precision bearing cages in the world. and polyamide materials), complex and specialised precision stamped
• The company offers diversified suite of precision engineering products across components, welded assemblies and brass castings and cages &
geographies and end-user industries. bronze bushings; and
• They have ~ 50% of the market share in the organised segment of the Indian bearing • Solar EPC business: Provides complete comprehensive turnkey
cages market and 5.2% of the market share in the global organised bearing cages solutions to all solar photovoltaic requirements.
market for brass, steel and polyamide cages in CY 2020. • They offers a wide range of bearing cages starting from 20 mm to 2,000
mm in diameter and their bearing cages find its application in the
Brief Financials ₹ in Cr automotive, railways, aviation & aerospace, construction, mining,
agriculture, electrical and electronics, renewables sectors etc.
Particulars
2021(06) 2021(12) 2020(12) 2019 (12)
Net worth 478.84 433.22 378.02 1.41 • Comprehensive solution provider offering diversified suite of precision
Revenue from Operations 629.46 873.75 885.85 122.52 engineering products across geographies and end-user industries;
EBITDA 88.60 124.96 100.06 (27.48) • Long standing relationships with leading clientele;
Net Profit/(Loss) for the Period 43.71 45.44 21.91 (27.41) • Strategically located domestic and international production facilities and
EPS (₹) 8.74^ 9.09 6.26 (13.70) warehouses;
RoNW (%) as stated 9.13%^ 10.49% 5.80% (1946.52)% • Expertise in Tooling, design development and automation;
Net Asset Value (₹) 95.77 86.64 75.60 0.70 • Consistent track record of growth and financial performance.

Fabindia Limited
Promoters: Bimla Nanda Bissell, William Nanda Bissell, Monsoon Latane Bissell, Madhukar Khera and JLB Partners Holding Inc.
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.
Approx Issue Size (₹ Cr): 500^ BRLMs: ICICI Securities, Credit Suisse, J.P.Morgan, Nomura, SBI Capital Markets,
Category Allocation - QIB:HNI:Retail: Equirus
Objects of the offer: Voluntary redemption of NCDs issued by the company and the accrued interest thereon; Prepayment or scheduled re-payment of a portion of certain
outstanding borrowings and the accrued interest thereon.

• Fabindia Ltd is a consumer lifestyle platform with an established legacy focused on • The company offers a diverse portfolio of lifestyle products to the
authentic, sustainable and Indian traditional lifestyle products. Their brands, ‘Fabindia’ customers across Apparel and Accessories, Home and Lifestyle, Personal
and ‘Organic India’ are well recognized brands in India, with focus on the core Care and Organic Food categories.
principles of “Celebrating India” and “Healthy Conscious Living”, respectively. • The primary business verticals includes:Apparel and accessories, Home
and lifestyle, Personal care, Organic food.
• Their business model is focused on sustainability by design and they have sought to • They deliver an omnichannel experience with the pan-India network of 309
create a differentiated supply-side community with their model of engaging a network Fabindia stores and Experience Centers, 74 Organic India stores and a
of vendors (which in turn engage artisans) and farmers across India. network of retail touchpoints for Organic India (including general trade
stores, modern trade stores and chemists), as of September 30, 2021, and
their online platforms www.fabindia.com, www.organicindia.com, their
Brief Financials ₹ in Cr mobile application, ‘Fabindia’ and third party marketplaces.

Particulars
2021(06) 2021(12) 2020(12) 2019 (12)
• Leading consumer lifestyle platform focused on authentic craft-based and
organic products;
Net worth 601.83 648.21 735.41 743.31
• Positioned to address growth in demand for high quality Indian lifestyle
Revenue from Operations 556.04 1,059.64 1,508.05 1,474.31 and organic products;
EBITDA 55.10 100.65 272.38 350.42 • ‘Sustainable-by-design’ business model;
Net Profit/(Loss) for the Period (51.73) (117.14) 30.69 84.36 • Established sourcing base and supply chain infrastructure;
EPS (₹) (3.10)^ (7.45) 2.88 5.77 • Omni-Channel Presence;
RoNW (%) as stated (7.58)%^ (16.65)% 5.67% 11.21% • Capital efficient business model, with track record of delivering growth and
Net Asset Value (₹) 40.72 43.99 50.84 51.46 return on capital.
Source: DRHP, * Restated Consolidated. ^ not annualised; # for continued and dis-continued operations Back 58
Capillary Technologies India Limited
Promoters: Capillary Technologies International Pte. Ltd.
Offer Details: Fresh Issue of Equity Shares aggregating upto ₹ 200 Cr and Offer for Sale of Equity Shares aggregating upto ₹ 650 Cr;
Pre-IPO Placement of ₹40 Cr
BRLMs: ICICI Securities, Kotak Mahindra Capital, Nomura Financial Registrar: Lin Intime
Objects of the Offer: Repayment/prepayment of all or certain portion of outstanding borrowings; Investment in product development, investments in technology and other
growth initiatives; Strategic investments and acquisitions.

• Capillary Technologies India Ltd is a technology-first company and offer artificial • Company’s all products are powered by Artificial Intelligence Retail
intelligence (“AI”)-based cloud-native Software-as-a-Solution (“SaaS”) products and Analytics (“aiRA”).
solutions such as automated loyalty management and customer data platforms • As of October 31, 2021, they had 8 offices and they served over 250
(“CDP”). brands across more than 30 countries.
• Their diversified product suite and technology platform allows their customers to run
• They had presence across the United States, India, Middle East, and Asia,
end-to-end loyalty programs.
in particular, South East Asia.
• 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. • As of October 31, 2021, they had served more than 875 million users and
in Fiscal 2021, they processed 1,975.27 million transactions.

2021(06) 2021(12) 2020(12) 2019 (12)
Equity Share Capital 2.33 2.33 2.33 2.33 • Market leader in consumer engagement and loyalty management in Asia;
Net worth 38.00 32.50 11.93 6.62 • High growth and high margin United States operations;
Revenue from Operations 33.17 114.90 166.12 173.15 • Strong partnerships and high recall in the loyalty industry;
EBITDA 3.62 22.23 8.99 (1.71) • Quality and diverse customer relationships;
Net Profit/(Loss) for the Period 2.53 16.94 0.21 (11.67) • Scalable cloud-based infrastructure;
EPS (₹) 0.53^ 3.54 0.04 (2.44) • Platform that supports multiple use-cases;
RoNW (%) as stated 6.65%^ 52.13% 1.73% (176.23)% • Innovative analytics and AI-driven SaaS solutions;
Net Asset Value (₹) 7.94 6.79 2.49 1.38 • Healthy growth with demonstrated operating leverage.
Source: DRHP, * Restated Summary ^ not annualised; #Adjusted figures; Equity capital is ₹10.00 Cr before the issue. Back 59
Sanathan textiles Limited
Promoters: Nimbus Trust, D&G Family Trust, A&J Family Trust, P&B Family Trust, Pareshkumar Dattani, Ajaykumar Dattani, Anilkumar Dattani, and Dineshkumar Dattani
Offer Details: 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
Approx Issue Size (₹ Cr): 500^ Registrar: Kfin
BRLMs: Edelweiss Financial, JM Financial
Category Allocation - QIB:HNI:Retail: 50:15:35 Technologies
Objects of the Offer: Prepayment or scheduled repayment of all, or a portion, of certain outstanding borrowings; Funding working capital requirements.

• Sanathan Textiles Ltd is one of the few companies in India with presence across the • Company’s business is divided into 3 separate yarn business verticals,
polyester, cotton and technical textile sectors. All the three yarn verticals are housed consisting of: a) Polyester yarn products; b) Cotton yarn products; and c)
under a single corporate entity. Yarns for technical textiles and industrial uses.
• This has facilitated their diversification into new segments which in turn has helped • They have recently set up a new business – recycled yarn, where they buy
them in serving a large number of customers across various sectors. chips made from recycled materials and convert them into yarns for
• As on September 30, 2021, they have a diversified product portfolio with capability to fabrics.
manufacture more than 12,900 varieties of yarn products with more than 100,000 • The company manufactures their products at their facility at Silvassa. As of
SKUs that are used in various forms and for varied end uses. September 30, 2021, this manufacturing facility has a production capacity
of 221,050 MTPA.
• For Fiscal 2021, they exported its products to more than 41 countries with
more than 50% of the revenue from export sales. As on September 30,
2021, they had more than 295 distributors in more than 37 countries.
Particulars
2021(06) 2021(12) 2020(12) 2019 (12) Key Strengths
Net worth 801.03 630.91 444.37 399.51 • One of the few companies in India with presence across the polyester,
Revenue from Operations 1,430.94 1,918.36 2,116.60 2,340.39 cotton and technical textile sectors;
Adj. EBITDA 261.21 327.94 212.66 234.67 • Focus on the product development of new products;
Net Profit for the Period 170.78 185.63 46.02 55.23 • Fully integrated yarn manufacturing set up at a strategic location;
EPS (₹) 23.75^ 25.80 6.40 7.68 • Long standing association with leading consumer brands;
RoNW (%) as stated 21.32%^ 29.42% 10.36% 13.82% • Deep knowledge and understanding of optimal product assortment;
Net Asset Value (₹) 111.34 87.70 61.77 55.53 • Healthy financial performance.
Source: DRHP, * Restated Summary, ^ not annualised; Back 60

Asianet Satellite Communications Limited
Promoters: Viren Rajan Raheja and Akshay Rajan Raheja
Offer Details: 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
BRLMs: Axis Capital, Nomura Financial Registrar: Link Intime
Objects of the Offer: Repayment/ prepayment, in full or part, of certain borrowings availed of by the company and subsidiary; Capital expenditure towards continued
expansion of network infrastructure.

• Asianet Satellite Communications Ltd is one of the leading internet service providers • As of September 30, 2021, they had approximately 1.14 million active
offering broadband internet services and multi system operator offering digital cable digital cable television subscribers and their digital cable television
television services. services reached 734 cities, towns and villages in Southern State of India.
• They are predominantly present in Kerala, amongst other southern states. • In respect of their cable television business, they were among the Top-13
• They were among the Top-3 fixed broadband providers in the Kerala market and had MSOs/ HITS operators in India as of June 2021.
a market share of approximately 19% in fiscal 2021 with 0.28 million wired broadband • Apart from subscription fees from subscribers for the cable television
subscribers in the Kerala market. services, They also receive placement fees from the free-to-air channels
for placing such channels at a particular logical channel number, and
incentive/promotional fees from broadcasters of pay channels for
promoting their channels/bouquets of channels.

Particulars
2021(06) 2021(12) 2020(12) 2019 (12) Key Strengths
Net worth 230.64 212.30 179.91 179.46 • One of the leading ISPs and MSO with significant market share in the fixed
line broadband and digital cable television market in Kerala;
• Underpinned by technologically advanced infrastructure and network;
Adj. EBITDA 77.18 138.02 111.01 102.53
• Well-positioned to capitalize on the growth in the fixed broadband market;
• Strong brand identity in the markets they operates;
EPS (₹) 1.66^ 3.08 0.03 0.92
• Strong financial metrics.
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 Back 61
Dharmaj Crop Guard Limited
Promoters: Rameshbhai Ravajibhai Talavia, Jamankumar Hansarajbhai Talavia, Jagdishbhai Ravjibhai Savaliya and Vishal Domadia
Offer Details: Fresh Issue of Equity Shares aggregating upto ₹ 216 Cr and Offer for Sale of 1,483,000 Equity Shares, Reservation for Employees
BRLMs: Elara Capital, Monarch Networth Capital Registrar: Link Intime
Objects of the Offer: Funding capital expenditure; Funding incremental working capital requirements; Repayment and/or pre-payment, in full and/or part, of certain
borrowings.

• Dharmaj Crop Guard Ltd is an agrochemical company engaged in the business of • The company classify their agrochemicals business into the brands
manufacturing, distributing, and marketing of a wide range of agro chemicals such as business, the domestic institutional business and the exports
insecticides, fungicides, herbicides, plant growth regulator, micro fertilizers and institutional business.
antibiotic to the B2C and B2B customers. • The agrochemical formulations are sold as branded products to farmers.
• They export their products to more than 20 countries in Latin America, East African They sell bulk products and pack-to-pack products to their institutional
Countries, Middle East and Far East Asia. They sell their agrochemical products in customers.
granules, powder and liquid forms. • The main products manufactured and sold by the company:
• They manufacture and sell general insect and pest control chemicals for Public Health • Insecticides: Padgham, Lubrio, Nilaayan, Prudhar, Remora
protection.
• Fungicides: Gagandip, Sajaag, Lokraj, Rishmat, Kaviraj
• Herbicides: Dharozar, Aatmaj, Rodular, Mohak, Sadavirum
Brief Financials ₹ in Cr • Plant Growth Regulator: Rujuta, Greenoka, Surisva, Stabilizer
As at Oct’30 As of March 31,
Particulars
2021(07) 2021(12) 2020(12) 2019 (12)
Net worth 74.46 56.14 35.22 10.46 • Diversified portfolio of the products and consistent focus on quality and
Revenue from Operations 227.26 302.41 198.22 139.36 innovation;
EBITDA 29.18 32.04 18.58 11.01 • Strong R&D capabilities with focus on innovation and sustainability;
Net Profit for the Period 18.67 20.96 10.76 5.02 • Established distribution network with strong branded products and stable
EPS (₹) 7.56^ 8.49 5.75 3.35 relationship with the institutional customers;
RoNW (%) as stated 25.07%^ 37.33% 30.55% 48.03% • Experienced Promoters and management team.
Net Asset Value (₹) 30.16 22.75 18.82 6.97
Source: DRHP, *Restated Summary, ^not annualised Back 62

Maini Precision Products Limited
Promoters: Sandeep Kumar Maini, Gautam Maini and Chetan Kumar Maini
Offer Details: Fresh Issue of Equity Shares aggregating upto ₹ 150 Cr and Offer for Sale of 25,481,705 Equity Shares.
BRLMs: ICICI Securities, IIFL Securities Registrar: Link Intime
Objects of the Offer:Repayment / prepayment, in part or full, of all or certain borrowings of the company;

• Maini Precision Products Ltd is an end-to-end solutions provider engaged in process • Company’s products are classified into two business, being
design, engineering, manufacturing, testing, and supply of a variety of precision
products and assemblies. (a) Aerospace, which comprises precision products manufactured for
• Company7’s Top-5 products for Fiscal 2021 were machined and ground shafts, PF aerospace and defense, and
pumps, bearing housings, heavy duty engine parts, and the GDI pump body. (b) Automotive and industrial, which comprises precision products
manufactured for clean internal combustion engines, fuel injections
• They had a diverse portfolio of over 126 product families, and more than 50 customers
and transmissions (internal combustion engines, fuel injections and
as of June 30, 2021.
transmissions collectively referred to as “Clean Powertrain”),
hydraulics and industrial, agriculture and legacy automotive.
• They are capable of diverse and critical manufacturing and finishing

Brief Financials ₹ in Cr processes, as well as ancillary activities which helps them provide end-to-
end solutions for the customer requirements
As at Jun’30 As of March 31,
Particulars
2021(03) 2021(03) 2021(12) 2020(12) 2019 (12)
Equity Share Capital 8.26 8.26 8.26 8.26 8.26 Key Strengths
Net worth (84.46) (51.91) (82.48) (34.43) (10.93) • Advanced manufacturing processes, engineering expertise and quality
assurance;
• Strategic supplier with a diversified business and product portfolio;
Adj. EBITDA 20.13 (2.76) 41.80 82.71 85.40 • Diversified customer base with long-term relationships with customer;
Net Loss for the Period (2.77) (14.99) (46.88) (22.65) (18.36) • Global delivery model, with “end-to-end” capabilities;
• Robust technological, innovation and R&D capabilities.
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 Back 63
Sresta Natural Bioproducts Limited
Promoters: Rajashekar Reddy Seelam, Renuka Seelam and Balasubramanian Narayanan
Offer Details: Fresh Issue of Equity Shares aggregating upto ₹ 50 Cr and Offer for Sale of 7,030,962 Equity Shares
BRLMs: Axis Capital, JM Financial Registrar: KFin Technologies
Objects of the Offer: Funding the working capital requirements; Repayment or pre-payment in full or part, of certain outstanding unsecured / secured borrowings.

• Sresta Natural Bioproducts Limited’s brand, ‘24 Mantra’, is the largest brand in the • The company has diversified product portfolio that can be classified under
packaged organic food segment (excluding organic packaged food market beverage 4 key categories comprising products:
and packaged tea and coffee) by market share with approximately 29% market share • Basic staples: offers variants of rice, flours, cereals and pulses;
in Fiscal 2020ort). They are engaged in the business of procuring, processing,
• Speciality staples: offers oils, salts, sweeteners, grains, speciality flours
manufacturing, marketing and research and development of organic food products.
etc.
• One of the leading Indian organic food brands in the USA with presence in 39 states
• Spices and condiments: offer processed spices
across Indian Ethnic Stores and Mainstream Stores and have a presence in 34
countries as of September 30, 2021. • Processed food beverages and value added products: offers a wide
variety of processed food, beverages and value added products.
• They function under an ‘asset light’ model under which they own 3
secondary processing units in India.

Particulars
2021(06) 2020(06 2021(12) 2020(12) 2019 (12) Key Strengths
Net worth • Market leader and one of the pioneers in the rapidly growing organic foods
77.36 73.45 18.26 18.26 18.25
industry in India with a diversified and innovative product portfolio;
Revenue from Operations 160.01 155.61 312.07 262.28 205.51 • Pan-India presence and market leadership fostered by an omni-channel
Adj. EBITDA 8.83 16.43 24.91 23.70 6.20 distribution network;
Net Profit/(Loss) for the Period 1.14 7.32 10.39 9.46 (3.47) • One of the leading Indian organic food brands in the USA with exports to a
EPS (₹) 0.62^ 4.01^ 5.69 5.18 (1.93) total of 34 countries;
• Large scale and efficient sourcing and procurement network;
RoNW (%) as stated 1.47%^ 9.97% 13.61% 14.22% (6.11)% • Asset-light model with strategically located processing facilities.
Net Asset Value (₹) 42.33 40.23 41.82 36.43 31.11
Source: DRHP, * Restated Statement ^ not annualised Back 64

Hexagon Nutrition Limited
Promoters: Arun Purushottam Kelkar, Subhash Purushottam Kelkar, Vikram Arun Kelkar and Dr. Nikhil Arun Kelkar
Offer Details: Fresh Issue of Equity Shares aggregating upto ₹ 100 Cr and Offer for Sale of 30,113,918 Equity Shares
BRLMs: Equirus Capital, SBI Capital Markets Registrar: KFin Technologies
Objects of the Offer: Repayment and/or pre-payment, in full and/or part, of certain borrowings; Funding the incremental working capital; Funding capital expenditure;
Investment in the subsidiary.

• Hexagon Nutrition Ltd is a differentiated and research oriented pure-play nutrition • Company’s product portfolio addresses a broad spectrum of aspects such
company. They are the only holistic nutrition player that offers products across clinical as fortification of foods, therapeutic nutrition, clinical nutrition and
products, micronutrient premixes and therapeutic products. alleviation of malnutrition.
• They focus on holistic nutrition products encompassing a wide range of nutritional and • Fully integrated company engaged, right from product development to
nutrition enhancing products. They have developed their brands “PENTASURE”, marketing including research and development and manufacturing, with a
“OBESIGO” and “PEDIAGOLD” which are leading names in the health, wellness, and focus on quality.
clinical nutrition space. • They have 3 manufacturing facilities, in Nasik, Chennai and Thoothukudi
• Had presence across India and products have been exported to around 70 countries.

Particulars
2021(06) 2021(12) 2020(12) 2019 (12) Key Strengths
Net worth • Pioneer in micronutrient premix formulations business in the South Asia
153.06 138.03 116.74 99.25
and the market leader in customised premix formulations in India;
• A leading brands in wellness and clinical nutrition
EBITDA 23.39 34.40 29.66 25.74
• Long standing relationships with marquee clients;
• Strong R&D capabilities with focus on innovation;
EPS (₹) 1.38^ 2.07 1.68 1.34
• Extensive manufacturing capabilities of products;
RoNW (%) as stated 9.94%^ 16.56% 15.91% 14.94%
• Well established pan India omni-channel distribution.
Net Asset Value (₹) 12.47 11.24 9.51 8.07
Source: DRHP, * Restated Consolidated. ^ not annualised;, Ratios post conversion of CCPS Back 65
Elin Electronics Limited
Promoters: Mangi Lall Sethia, Kamal Sethia, Kishore Sethia, Gaurav Sethia, Sanjeev Sethia, Sumit Sethia, Suman Sethia, Vinay Kumar Sethia and Vasudha Sethia
Offer Details: Fresh Issue of Equity Shares aggregating upto ₹ 175 Cr and Offer for Sale of Equity Shares aggregating upto ₹ 585 Cr
Date of SEBI Filing:17-11-2021 Date of SEBI Approval: 23-02-2022 Face Value: ₹ 5/-
Objects of the Offer: Repayment/ prepayment, in full or part, of certain borrowings; Funding capital expenditure towards upgrading and expanding the existing facilities.

• Elin Electronics Ltd is a leading electronics manufacturing services (“EMS”) • They manufacture and assemble a wide array of products and provide
manufacturer of end-to end product solutions for major brands of lighting, fans, and end-to-end product solutions.
small/ kitchen appliances in India, and are one of the largest fractional horsepower • Their product portfolio includes LED lighting, fans and switches; small
motors manufacturers in India. appliances; fractional horsepower motors; medical diagnostic cartridges;
• They serve under both original equipment manufacturer (“OEM”) and original design plastic moulded and sheet metal parts and components; and other
manufacturer (“ODM”) business models. miscellaneous products such as terminal block, stainless steel blade, die
• They offer innovative solutions to their customers, which include leading international casting and radio sets.
and national consumer electronics brands. • The company has 3 manufacturing facilities which are strategically
located in Ghaziabad (Uttar Pradesh), Baddi (Himachal Pradesh) and
Verna (Goa).

Particulars
2021(06) 2021(12) 2020(12) 2019 (12)
Equity Share Capital 20.42 6.81 6.81 4.96 • Established market position in key verticals including leadership in
fractional horsepower motors;
Net worth 282.45 262.27 227.77 199.02
• Diversified products resulting in a de-risked business model;
• Entrenched relationships with a marquee customer base;
EBITDA 38.46 69.00 56.24 58.21
• High degree of backward integration resulting in higher efficiencies,
enhanced quality of products and customer retention capability;
EPS (₹) 4.73^ 8.53 6.73 7.12
• Consistent and strong track record of financial performance.
RoNW (%) as stated 6.84%^ 13.29% 12.07% 14.61%
Net Asset Value (₹) 69.16 64.22 55.77 48.73
Source: DRHP, * Restated Consolidated. ^ not annualised, Back 66

JK Files & Engineering Limited
Promoters: Raymond Limited
Offer Details: Offer for Sale of Equity Shares aggregating upto ₹ 800 Cr; Reservation for employees
BRLMs: SBI Capital Markets, DAM Capital, HDFC Bank Registrar: KFIn Technologies
Objects of the Offer: To achieve the benefits of listing the Equity Shares on the Stock Exchanges

• JK Files & Engineering Ltd is engaged in the manufacturing of precision engineered • The company primarily sell and market their tools and hardware products
components for tools and hardware (files and drills) and marketing of hand tools, in India through their umbrella brand, ‘JK SuperDrive’, and in the
power tool accessories and power tool machines and manufacturing of auto international markets, through various subbrands including ‘JK Sun
components and engineering products (ring gears, flexplates and water pump Flower’, ‘JK Eye’, ‘JK Three Files’, ‘JK Two Files’, ‘Premium Scissors’, ‘JK
bearings). Sher’, ‘JK
• 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.
Brief Financials ₹ in Cr Key Strengths

Particulars • Leadership position in complex and high-quality precision engineered and
2021(03) 2021(12) 2020(12) 2019 (12) automotive components;
Equity Share Capital 8.74 8.74 8.74 8.74 • Comprehensive product portfolio;
Net worth 112.17 102.63 78.83 64.45 • De-risked business model with diversification;
Revenue from Operations 110.48 344.26 375.99 401.33 • Long term and well established relationships with distributors and marquee
EBITDA 16.05 47.76 39.02 47.30 domestic and global OEMs;
Net Profit for the Period 9.61 25.57 14.30 16.79 • Strong engineering capabilities with strategically located manufacturing
EPS (₹) 1.83^ 4.85 2.68 3.16 facilities;
RoNW (%) as stated 8.55%^ 24.81% 17.85% 25.72% • Consistent financial performance;
Net Asset Value (₹) 18.21 16.66 12.80 10.46 • Strong parentage of the Raymond group.
Source: DRHP, * Restated Consolidated. ^ not annualised, Back 67

Wellness Forever Medicare Limited
Promoters: Ashraf Mohammed Biran, Gulshan Haresh Bakhtiani, and Mohan Ganpat Chavan
Offer Details: Fresh Issue of Equity Shares aggregating upto ₹ 400 Cr and Offer for Sale of 16,044,709 Equity Shares by Selling Shareholder.
BRLMs: IIFL Securities, Ambit Pvt Ltd, DAM Capital, HDFC Bank Registrar: Link Intime
Objects of the Offer:Funding capital expenditure for setting up of new stores; Repayment/prepayment, in part or full, of all or certain of their borrowings; Funding
incremental working capital requirements.

• Wellness Forever Medicare Ltd is India’s 3rd largest retail pharmacy and wellness • The company has expanded their retail footprint to a total 236 stores in 23
network by number of stores, with a leading position in Western India in terms of total cities across the Indian states of Maharashtra, Karnataka and Goa serving
revenues. They operate a large omni-channel, hyperlocal retail network under their a registered customer base of 6.7 million customers as of June 30, 2021
“Wellness Forever” brand, serving as a one-stop solution for their customers’ wellness • Their business is technology-focused and supported by the IT-enabled
needs with most of their stores operating 24x7. distribution, fulfilment and other logistics capabilities.
• The company focuses on providing their customers with a retail experience that goes
• The retail network encompasses both their owned stores as well as their
beyond purchasing medicines. They offer a wide assortment of merchandise including
franchise network.
fast-moving consumer goods, fast-moving health goods, nutraceuticals and medical
equipment, among other products, alongside over-the-counter and prescription • They have added 116 new stores to their network during the past three
medicines. fiscal years.
As of March 31,
Particulars
2021 2020 2019# Key Strengths
• Unique retail platform within India’s fast-growing pharmaceutical retail
Net worth 266.69 168.72 111.08 sector;
Revenue from Operations 924.02 863.25 676.98 • Demonstrated track record of retail footprint expansion;
EBITDA as stated 76.18 87.92 71.13 • Omni-channel, hyper-local presence increasing customer touch points;
Net Loss for the Year • Valuable and trusted “Wellness Forever” brand;
(34.85) (5.32) (1.33)
• Growth-ready, technology-backed infrastructure platform.
EPS (₹) (7.11) (1.16) (0.31)
Net Asset Value (₹) 54.43 36.64 26.86
Source: DRHP, * Restated Consolidated , #Proforma Back 68

CMR Green Technologies Limited
Promoters: Gauri Shankar Agarwala, Mohan Agarwal, Kalawati Agarwal and Pratibha Agarwal.
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.
Approx Issue Size (₹ Cr): 300^ Registrar: Kfin
BRLMs: Axis Capital, ICICI Securities, JM Financial
Category Allocation - QIB:HNI:Retail: 75:15:10 Technologies
Objects of the Offer: Repayment / prepayment, in full or in part, of certain borrowings availed by the company.

• CMR Green Technologies Ltd is the largest metal recycler in the domestic aluminium • The company produce following alloys:
recycling industry and amongst the largest in the world. • ADC12 - This alloy has high mechanical properties and good castability.
• They are primarily focused on the recycling of aluminium, which involves the • ADC6 - This alloy offers good corrosion resistance and elasticity for
processing of aluminium based metal scrap to manufacture aluminium alloys and various safety applications,
supplying them both in liquid form as well as solid ingots, and on the manufacturing of • HS1H - This alloy has high resistance to corrosion.
zinc alloys. • DAA1 – This alloy has good castability and corrosion resistance.
• Additionally, they focus on segregation and recycling of other metals including • LM6 - This alloy has a high resistance to corrosion and excellent
stainless steel, copper and brass, and recycling of end-of-life vehicles. castability.
• LM4 - This alloy is suitable for general engineering purposes.
• They currently operate through 12 manufacturing facilities.
• Company’s customers primarily include OEMs and Tier 1 companies in the
Brief Financials ₹ in Cr automotive manufacturing sector. Tier 1 companies are companies that
directly supply to OEMs.
As of March 31,
Particulars
2021 2020# 2019# Key Strengths
Equity Share capital Suspense Account 870.29 - - • The leading recycler in the domestic aluminium recycling industry in India;
Net worth 762.31 21.68 21.55 • The long-standing relationships with the customers;
Revenue from Operations 2,913.19 - - • Leading supplier of liquid aluminium;
EBITDA as stated 336.53 (0.01) (0.01) • Strategic alliances through joint ventures;
Net Profit for the Year 40.73 0.12 0.05 • Strong and diversified supplier base for sourcing raw materials;
EPS (₹) 0.98 0.05 0.02 • Operates an environment friendly business that is supported by green
RoNW (%) as stated 2.84% 0.57% 0.23% technologies and processes;
Net Asset Value (₹) 34.45 9.19 9.14 • The facilities, technology, quality processes and engineering expertise;
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 Back 69
Capital Small Finance Bank Limited
Promoters: Sarvjit Singh Samra, Amarjit Singh Samra, Navneet Kaur Samra, Surinder Kaur Samra and Dinesh Gupta
Offer Details: 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
BRLMs:Axis Capital, Edelweiss Financial, SBI Capital Markets Registrar: Link Intime
Objects of the Offer: Augmentation of the Bank’s Tier-I capital base to meet the Bank’s future capital requirements.

• Capital Small Finance Bank commenced operations as India’s first small finance bank • The Bank currently offer a variety of credit and deposit products and
in 2016, and is among the leading SFBs in India in terms of asset quality, cost of services to their customers and are a one stop solution for their financial
funds, retail deposits and CASA deposits for Fiscal 2021. needs, providing a range of diverse offerings.
• They have the most diversified portfolio with sizeable book in multiple asset classes as • The Bank operates on a branch-based model. Headquartered in
compared to other SFBs with a highest proportion of secured lending of 99% as of Jalandhar, Punjab, they have over the years expanded their SFB
Fiscal 2021 among the SFBs. operations strategically in the north Indian states.
• They have the best asset quality among the SFBs represented by lowest GNPA and • They have also created a strong asset liability franchise and offer suite of
NNPA of 2.08% and 1.13% respectively as of Fiscal 2021. They have an experience of products and services beyond credit and deposits.
over 2 decades in the banking industry having operated as the largest local area bank • The loan portfolio comprises agricultural, MSME and trading, mortgage
prior to their conversion into a small finance bank. lending, retail loans and loans to large corporates.

Particulars
2021(03) 2021(03) 2021(12) 2020(12) 2019 (12) Key Strengths
• Strong retail liability franchise with a high share of CASA;
Net worth 464.20 414.02 450.79 406.78 250.32
Revenue from Operations 136.44 124.20 511.44 458.14 346.29 • Secured and diversified advances portfolio;
EBITDA 20.29 12.91 70.23 49.92 38.69 • Robust credit assessment processes and risk management practices;
Net Profit for the Period 12.18 6.80 40.78 25.38 19.41 • Customer centric approach and deep understanding of target customers;
EPS –Basic (₹) 3.59^ 2.01^ 12.04 8.18 6.82 • Consistent track record of growth with constantly improving operational
EPS – Diluted (₹) 3.57^ 2.01^ 11.98 8.16 6.82 and profitability metrics.
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 Back 70

Jesons Industries Limited
Promoters: Dhiresh Shashikant Gosalia
Offer Details: 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.
BRLMs: Axis Capital, JM Financial Registrar: Link Intime
Objects of the Offer: Repayment/ prepayment, in full or part, of certain borrowings availed of by the company and their Subsidiary, Jesons Techno Polymers LLP.

• Jeson Industries Ltd is one of the leading manufacturers of specialty coating • SCE: The company manufactured a wide variety of emulsion binders of
emulsions (“SCE”) and water based pressure sensitive adhesives (“PSA”) in tape and different chemistries, such as, Pure Acrylic, Styrene Acrylic, VAM Acrylic,
label segments (in terms of sales value), in India. VAM Veova, PVA Homopolymers.
• Their products are used in various end user industries, such as paints, packaging, and • PSAs are a type of non-reactive adhesive which forms a bond when upon
chemicals for construction, textiles, leather, carpet and paper. application of pressure against a surface. They supply PSA to the tape and
• Amongst the Indian manufacturers, they have one of the largest range of products in label manufacturing industries.
SCEs and PSAs product categories. • They have 6 strategically located manufacturing facilities, comprising 2
• They are one of the leading SCE suppliers to the Indian paint sector with about 30% facilities at the Daman 1 at Roorkee, 1 at chennai, 1 at Mundra and 1 at
market share in the segment in Fiscal 2021, in terms of sales value Vapi.

Particulars • Diversified product portfolio and customised customer solutions;
2021(03) 2021(12) 2020(12) 2019 (12)
• One of the leading players in SCEs and PSAs with diversified geographical
Equity Share Capital 8.94 8.94 8.94 8.94 presence spanning key regions;
Net worth 317.15 262.84 168.92 142.75 • Strategically located production facilities;
Revenue from Operations 438.43 1,085.72 901.37 917.69 • Diversified customer base with long term relationships with marquee
EBITDA 73.72 128.82 47.49 47.87 customers both domestically as well as globally;
Net Profit for the Period 54.27 92.88 29.65 24.75 • Innovation and R&D led product offering.
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
Source: DRHP, * Restated Consolidated. ^ not annualised Back 71

Radiant Cash Management Services Limited
Promoters: Col. David Devasahayam and Dr. Renuka David
Offer Details: Fresh Issue of Equity Shares aggregating upto ₹ 60 Cr and Offer for Sale of 30,125,000 Equity Shares by Selling Shareholder
Date of SEBI Filing: 12-10-2021 Date of SEBI Approval:.10-01-2022 Face Value: ₹1/-
BRLMs: IIFL Securities, Motilal Oswal, Yes Securities Registrar: Link Intime
Category Allocation: QIB: HNI: Retail: 50:15:35
Objects of the Offer: Funding working capital requirements; Funding of capital expenditure requirements for purchase of specially fabricated armoured vans.

• Radiant Cash Management Services Ltd incorporated on March 23, 2005. • Company’s services include cash pickup & delivery, beat & call points,
• The company is an integrated cash logistics player with leading presence in retail cash cash vaulting & processing, network currency management, inter-city /
management (“RCM”) segment of the cash management services industry in India and intra-city movement, cash vans dedicated and ad hoc requests, bullion
is one of the largest players in the RCM segment in terms of network locations or movement, currency chest operations and man behind counter.
touch points served as of July 31, 2021. • The Company provides services across 12,150 pin codes in India covering
• Their marquee clients includes some of the largest foreign, private and public sector all districts (other than Lakshadweep) with about 42,420 touch points
banks, and the end user of their services include some of the largest e-commerce serving more than 4,700 locations as of July 31, 2021.
companies, retail chains, NBFCs, insurance firms, ecommerce logistics players, • As on July 31, 2021, they had 1,761 employees and 6,056 contractual
railways and retail petroleum distribution outlets workers in addition to guards and drivers hired on ad-hoc or contractual
basis through their Group Company, RPFPL and third parties.
Brief Financials ₹ in Cr • As on July 31, 2021, they had a fleet of 694 fabricated vans.
As at Jun’30 As of March 31, Key Strengths

Particulars
2021(03) 2021(12) 2020(12) 2019 (12)
Equity Share Capital 1.03 1.03 1.11 1.11 • Leading integrated cash logistics player in a consolidating industry present
across the value chain of retail cash management
Net worth 109.14 127.10 119.57 105.72
• Pan India presence with strong network in Tier 2 and Tier 3+ locations and
fast growing end user segments
EBITDA 11.61 49.76 55.77 41.20
• Diversified client base with long standing relationship and ability to cross-
Net Profit for the Period 7.44 32.43 36.50 25.02 sell value added services
EPS (₹) 0.73^ 3.20 3.60 2.47
• Robust Operational Risk Management
RoNW (%) as stated 6.82%^ 25.52% 30.53% 23.66%
• Significantly built up technology to optimise operational profitability.
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 , Back 72
Five Star Business Finance Limited
Promoters: Lakshmipathy Deenadayalan, Hema Lakshmipathy, Shritha Lakshmipathy, Matrix Partners India Investment Holdings II, LLC and SCI Investments V
Offer Details: Offer of Sale of Equity Shares aggregating upto ₹ 2,751.95.
Date of SEBI Filing: 10-11-2021 Date of SEBI Approval:.07-01-2022 Face Value: ₹ 1/-
Approx Issue Size (₹ Cr): 2,751.95 BRLMs: ICICI Securities, Edelweiss Financial, Kotak Mahindra Capital, Nomura
Category Allocation: QIB: HNI: Retail: 50:15:35 Financial
Objects of the Offer:.To achieve the benefits of listing the Equity Shares

• Five Star Business Finance Ltd was incorporated on Mary 7, 1984. • The company is a lender that provide secured loans to small business
• The company is an NBFC providing secured business loans to micro-entrepreneurs owners and self-employed individuals, as well as small mortgage loans to
and self-employed individuals, each of whom is largely excluded by traditional meet certain personal needs of their customers.
financing institutions. They are headquartered in Chennai, Tamil Nadu with a strong • They target customers in urban and semi-urban locations in India, as well
presence in south India and all of their loans are secured by their borrowers’ property, as rural markets who typically derive income from “everyday” cash and
predominantly being self–occupied residential property. carry businesses with a focus on services; with household cash-flows of
• They have developed a business model that is predicated on arriving at an appropriate approx. ₹25,000 to ₹40,000 per month; who can provide collateral and
risk framework, with the optimal instalment to income ratio to ensure that their whose family will act as co-applicants on the loan.
customers have the necessary means to repay the loan after meeting their regular • Over 95% of their loan portfolio comprises loans from between ₹0.1 million
obligations and other event-based capital requirements. to ₹1.0 million in disbursed value, with an at the time of disbursement
across their portfolio of ₹0.26 million, ₹0.31 million and ₹0.34 million in
Financial Years 2021, 2020 and 2019, respectively.
Key Strengths
As of March 31,
Particulars
2022 2021 2020 • Fastest AUM growth with more than ₹30,000 million in AUM;
Equity Share Capital 29.13 25.65 25.58 • Develop an underwriting model that evaluates the cash-flows of small
Net worth 3,710.35 2,318.17 1,944.58 business owners and self-employed individuals;
Revenue from Operations 1,254.06 1,049.74 786.72 • Strong on-ground collections infrastructure to maintain a robust asset
EBITDA 917.05 813.02 576.30 quality;
Net Profit for the Period 453.55 358.99 261.95 • Ability to successfully expand to new underpenetrated geographies;
EPS – Basic (₹) 16.09 14.01 10.32 • 100% in-house sourcing, comprehensive credit assessment and robust
Return on Equity (%) as stated 13.86% 16.85% 15.35% risk management and collections framework;
Net Asset Value (₹) 127.35 85.26 71.68 • Access to diversified and cost-effective long-term financing.
Source: DRHP and Addendum, * Restated Statement Back 73

Waaree Energies Limited
Promoters: Hitesh Chimanlal Doshi, Virenkumar Chimanlal Doshi and Mahavir Thermoequip Pvt Ltd
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.
Date of SEBI Filing: 28-09-2021 Date of SEBI Approval:. 03-01-2022 Face Value: ₹10/-
BRLMs: Axis Capital, HSBC Securities, ICICI Securities, Intensive Fiscal Services Registrar: Link Intime
Objects of the Offer: Proposing to finance the cost of establishing (a) 2 GW p.a.solar cell manufacturing facility (“Solar Cell Facility”), and (b) 1 GW p.a. solar PV module
manufacturing facility (“Solar Module Facility”),

• Waaree Energies Ltd was incorporated on December 18, 1990. • Their solar energy product portfolio consists of the following PV modules:
• The company is one of the major players in the solar energy industry in India focused • Multicrystalline modules; and
on PV module manufacturing, with an aggregate installed capacity of 2 GW as of • Monocrystalline modules, comprising Merlin flexible modules and
March 31, 2021. monocrystalline passivated emitter and rear cell modules, which include
• They operate three manufacturing facilities comprising 4 factories at Surat, Tumb and bifacial modules (framed and unframed), building integrated photo voltaic
Nandigram in Gujarat, India.In Fiscal 2021, modules.
• Their products were sold across India, and they made export sales to 19 International • The company manufactures and sell their PV modules under the “Waaree”
jurisdictions. As of June 30, 2021, they had 388 franchisees in 25 states and 2 Union brand. Their products are differentiated on the basis of module technology
Territories across India. and type as well as cell size and sold across different ranges.
• Leveraging their expertise in manufacturing high quality solar modules and
substantial experience in the solar industry, they provides EPC solutions
Brief Financials ₹ in Cr as a contractor.
As of March 31, Key Strengths

Particulars
2021(12) 2020(12) 2019 (12)
Equity Share Capital 197.14 197.14 197.14 • Leading solar PV module manufacturer in India well positioned to capture
strong industry tailwinds and growth prospects for solar energy
Net worth 344.69 297.72 256.42
• Marquee customer base in India and globally
Revenue from Operations 1,952.78 1,995.78 1,591.04
• Deep penetration into the rooftop segment through their pan-India
EBITDA as stated 125.42 117.78 165.36 franchisee network
Net Profit for the Year 48.19 39.02 82.34 • Consistent track record of financial performance leading to strong balance
EPS (₹) 2.50 2.12 4.18 sheet position
RoNW (%) as stated 14.28% 14.01% 32.11% • High quality manufacturing with stringent quality control and global
Net Asset Value (₹) 17.48 15.10 13.01 accreditations
Source: DRHP, *Restated Summary Back 74

GPT Healthcare Limited
Promoters: GPT Sons Pvt Ltd, Dwarika Prasad Tantia, Dr. Om Tantia and Shree Gopal Tantia
Offer Details: Fresh Issue of Equity Shares aggregating upto ₹ 17.50 Cr and Offer for Sale of 29,887,486 Equity Shares by Selling Shareholder.
Approx Issue Size (₹ Cr): 17.50^
BRLMs: DAM Capital, SBI Capital Markets Registrar: Link Intime
Objects of the Offer: Purchase of medical equipment.
• GPT Healthcare Ltd was incorporated on August 17, 1989. • The company offers a comprehensive range of healthcare services across
• The company is one of the leading regional corporate healthcare companies in over 35 and super specialties, including internal medicine and diabetology,
Eastern India in terms of number of beds and hospitals commissioned by them. nephrology, laparoscopic and general surgery, gynaecology and obstetrics,
critical care, gastroenterology, orthopaedics and joint replacements,
• They operates a chain of mid-sized hospitals under the “ILS Hospitals” brand and pro
interventional cardiology, neurology, neurosurgery etc.
vide integrated healthcare services, with a focus on secondary and tertiary care.
• Each of their hospitals also provides integrated diagnostic services and
• They own, operate and manage a network of 4 multispecialty hospitals, of which 3
pharmacies that cater to their patients.
hospitals are located in West Bengal and 1 hospital in Tripura; with a total capacity of
556 beds, offering a comprehensive range of healthcare services across over 35 • The few of their key specialties are:Laparoscopic and general surgery,
specialties and super specialties. Nephrology, Gastroenterology, and Interventional cardiology.

As at Sep’30 As of March 31, • Well-positioned in under-penetrated healthcare delivery markets in
Particulars
2021(06) 2021(12) 2020(12) 2019 (12) prominent locations with dense population
Equity Share Capital 57.94 57.94 57.94 57.94 • Diversified speciality mix and location mix
Net worth 143.50 132.64 125.60 114.60 • Track record of operating and financial performance and growth
Revenue from Operations 90.19 242.75 211.84 171.87 • Mid-sized hospitals leading to high return on capital
EBITDA 25.90 55.10 40.03 39.83 • Ability to attract, train and retain quality medical professionals
Net Profit for the Period 16.15 21.09 10.96 14.95 • Clinical excellence and affordability creating value proposition to patients
and attendants
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 Back 75
Veeda Clinical Research Limited
Promoters: Basil Pvt Ltd
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
Approx Issue Size (₹ Cr): 831.60^
BRLMs: SBI Capital Markets, ICICI Securities, JM Financial, Systematix Corporate Services Registrar: Link Intime
Objects of the Offer:. Repayment/prepayment of certain indebtedness availed by the subsidiary-Bioneeds; Funding capital expenditure requirements of the company; Investment in the
Bioneeds for financing capital expenditure requirements; Funding further acquisition of equity shares of Bioneeds; Investment in the Joint Venture; Funding working capital requirements.

• Veeda Clinical Research Ltd was incorporated on April 23, 2004. • The company offers a full suite of clinical trials together with related
• Is one of the largest independent full service clinical research organization (“CRO”) in services and pre-clinical studies. In particular, they have with expertise in
India as of March 31, 2020, on the basis of revenue. PK studies as well as trials in generic molecules, NCEs and
• With over 16 years of experience, they have partnered with members of the biopharmaceuticals.
pharmaceutical fraternity globally, to deliver efficacious clinical research solutions such • They recently acquired pre-clinical trial capabilities with their recent
as bioavailability and bioequivalence studies, as well as a full suite of clinical trials acquisition of Bioneeds. Bioneeds has strong capabilities in preclinical
including pre-clinical, early phase and late phase clinical trials, together with related services, drug research and development, chemistry services –analytical
services across most aspects of the drug development and drug launch value chain, studies and regulatory compliances.
across the global markets particularly North America, Europe and Asia. • They offer a range of clinical development programs and services to small,
mid-size and global pharmaceutical, biotech, generic and medical device
companies with fully ICH-GCP compliant operations.
Particulars
2021 2020 2019#
Equity Share Capital 0.60 0.59 0.59 • One of the largest independent full service CROs in India;
Instruments in the nature of equity 35.23 35.23 35.23 • Extensive scientific competence to service a global clientele;
Net worth 169.44 88.00 87.97 • Successful track record of stringent compliance culture;
Revenue from Operations 195.81 151.27 218.44 • Ongoing investments to provide technology driven CRO solutions;
EBITDA as stated 66.72 19.39 88.20
• Increase the presence across regulated markets in the US and the EU;
Net Profit for the Year 62.97 (0.04) 44.16
• Increased focus on pre-clinical services to facilitate innovator drug
EPS (₹) 15.39 (0.01) 12.17
development and discovery;
RoNW (%) as stated 37.16% (0.05)% 50.20%
Net Asset Value (₹) 41.41 21.53 24.24 • Expanding the presence in biosimilars;
Source: DRHP, * Restated Summary. #Proforma, Equity Shares outstanding prior to the Offer is ₹ 9.26 Cr Back 76
Global Health Limited
Promoters: Dr. Naresh Trehan
Date of SEBI Filing: 30-09-2021 Date of SEBI Approval:. 21-12-2021 Face Value: ₹ 2/-
BRLMs: Kotak Mahindra Capital, Credit Suisse, Jefferies India, JM Financial Registrar:KFin Technologies
Objects of the Offer:. Repayment/prepayment of borrowings, in full or part, of their subsidiaries, GHPPL and MHPL.
• Global Health Ltd was incorporated on • The company operates and provide a broad range of speciality services,
• The company is one of the largest private multi-speciality tertiary care providers divided into the following areas: The Heart Institute; The Institute of
operating in the North and East regions of India, with key specialties of cardiology and Neurosciences; The Institute of Digestive and Hepatobiliary Sciences;
cardiac science, neurosciences, oncology, digestive and hepatobiliary sciences, The Institute of Liver Transplantation and Regenerative Medicine etc.
orthopaedics, liver transplant, and kidney and urology. • They operates 5 multi-speciality clinics and out-patient facilities across
• They were founded by Dr. Naresh Trehan, a world-renowned cardiovascular and northern and eastern India.
cardiothoracic surgeon, and under the “Medanta” brand, they have a network of 4
• As at March 31, 2019, they had 1,722 installed beds, which grew to 2,176
hospitals currently in operation (Gurugram, Indore, Ranchi and Lucknow), a hospital
installed beds as at March 31, 2021, representing a growth of 26.36%.
which is under construction with an operational outpatient facility (Patna), and one
hospital (Noida) planned for development.

As of March 31, • Leading tertiary and quaternary care provider in India, well recognised for
Particulars clinical expertise in dealing with complicated cases;
2022 2021 2020
• Focus on clinical research and academics;
• ‘Doctor-led’ hospitals driven by skilled and experienced doctors;
Total Equity 1,616.01 1,382.34 1,349.54
• Large-scale hospitals with world-class infrastructure and high-end medical
Revenue from Operations 2,166.59 1,446.74 1,500.42 equipment and technology;
EBITDA as stated 489.76 222.85 230.45 • Track record of strong operational and financial performance;
Net Profit for the Year 196.20 28.81 36.33 • Focus on under-served areas with dense population and presence in top
or capital cities of large states (NCR, Lucknow and Patna).
EPS (₹) 7.78 1.15 1.45
Source: DRHP and Addendum, *Restated Consolidated Back 77

Keventer Agro Limited
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
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.
BRLMs: Axis Capital, ICICI Securities, JM Financial Registrar: Link Intime
Objects of the Offer: Repayment and/ or pre-payment, in full or part, of certain borrowings; Funding capital expenditure requirements of the company;
• Keventer Agro Ltd is a leading fast-moving consumer goods (“FMCG”) company • Company’s business primarily comprises of the (i) packaged foods &
headquartered out of Kolkata with interests in packaged, dairy and fresh food beverage; and (ii) dairy & fresh segments.
products. • The packaged foods & beverage segment primarily involves the
• Their comprehensive range of products span across various brands and categories manufacturing, packaging, marketing, distribution of products which
with more than 90 SKUs as of March 31, 2021, and a presence across the value chain include (i) “Frooti” or “Appy” or “B Fizz” or “Appy Fizz” or “Bailley” or
in fresh, frozen and ambient long shelf life food product categories. “Smoodh” which are licensed to them pursuant to various franchisee
• Their products cater to ‘needs’ and the ‘wants’ of their consumers by satisfying their agreements entered into with Parle Agro Private Ltd (“Parle Agro”); and
daily nutrition needs and delighting them with their range of indulgent and “on-the-go” (ii) “ready-to-cook” and frozen food under “Keventer” brand.
products. • Their dairy & fresh segment primarily involves (i) sourcing, processing,
• Their “ready-to- eat” and “ready-to-cook” products facilitate ease of cooking for their marketing, distribution and sale of pouch milk, pouch curd, ice-cream, set-
consumers. curd, UHT milk, milkshakes and lassi under the “Metro” and “Keventer”
brands; and (ii) sourcing, ripening, distribution, branding and sale of
Brief Financials ₹ in Cr bananas under the “Keventer” brand.
Particulars
2021 2020 2019
Equity Share Capital 13.11 13.11 13.11 • One of the leading players in the East and North East of India, across a
Net worth 96.10 173.14 170.04 wide and varied product range that serves a cross section of different
Adj. Net worth 327.32 336.54 342.35 customers;
Revenue from Operations 830.20 945.11 881.72 • Robust multi-channel distribution platform and use of technology to derive
Adj. EBITDA 48.69 43.55 63.64 distribution efficiencies;
Net Profit/(Loss) for the Year (76.18) 3.42 (0.12) • Strong track record of introducing new products and innovation supported
EPS-Diluted (₹) (29.05) (0.87) (0.04) by successful placement through established distribution platform;
RoNW (%) as stated (79.27)% 1.97% (0.07)% • State-of-the-art manufacturing infrastructure, superior sourcing and
Net Asset Value (₹) 38.69 68.07 66.888 stringent quality and food safety procedures.
Source: DRHP, * Unconsolidated Financial Statement Back 78

Le Travenues Technology Limited (ixigo)
Promoters: The company is a professionally managed company and does not have an identifiable promoter
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;
Reservation for Employees
BRLMs: Axis Capital, ICICI Securities, Kotak Mahindra Capital, Nomura Financial Registrar: Link Intime
Objects of the Offer: Organic and inorganic growth initiatives.

• Le Travenues Technology Ltd (“ixigo”) incorporated on June 3, 2006. • Ixigo is the leading travel ecosystem for the ‘next billion users’, with their
• The company is a technology company focused on empowering Indian travellers to focus on localized content and app features that aim at solving problems of
plan, book and manage their trips across rail, air, buses and hotels. travelers.
• They assist travellers in making smarter travel decisions by leveraging AI, machine • They are the largest Indian OTA in the online train bookings segment and
learning and data science led innovations on their OTA platforms, comprising their their train-centric mobile applications, ixigo trains and ConfirmTkt, were
websites and mobile applications. collectively the leading B2C distribution platforms for IRCTC with 42%
• Travellers can book train, flight and bus tickets, hotels and cabs, while accessing utility market share, in terms of rail bookings among the OTAs and B2C
tools and services including train PNR status and confirmation predictions, train seat distributors of IRCTC in Fiscal 2021.
availability alerts, train running status updates and delay predictions, bus running • Their bus-focused app, AbhiBus, was the 2nd largest bus-ticketing OTA in
status, personalized recommendations, instant fare alerts and automated customer India, with a 10% market share in online bus ticket bookings, in Fiscal
support services. 2021.
• They are also the 3rd largest flight OTA in India with a market share of 12%
Brief Financials ₹ in Cr in online air bookings in Fiscal 2021.
• They have the highest app usage among OTAs with 37.48 million users,
As of March 31, based on MAUs in March 2021.
Particulars
2021 2020 2019#
Instruments entirely equity in nature 232.57 - - Key Strengths
Net worth 29.94 (225.05) (199.38)
Revenue from Operations 135.57 111.60 40.37 • Market leader with deep penetration in the underserved ‘next billion user’
EBITDA as stated 6.14 (23.10) (51.71) segment;
Adj. EBITDA as stated 8.21 (3.66) (38.99) • AI and technology driven operations;
Net Profit/(Loss) for the Year 7.53 (26.61) (57.35) • Strong consumer travel brand built with user-first approach;
EPS - Basic (₹)~ 99.25 (367.88) (793.12) • Strong unit economics with high operating leverage and organic flywheel;
Net Asset Value (₹)~ 413.56 (3,111.07) (2,757.23) • Experienced management team with lean organization structure.
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 C Back 79
Emcure Pharmaceuticals Limited
Promoters: Satish Mehta and Sunil Mehta
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.
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
Objects of the Offer: Prepayment or scheduled repayment of all or a portion of certain outstanding borrowings availed by the company.

• Emcure Pharmaceuticals Ltd was incorporated on April 16, 1981. • Emcure develop, manufacture and market a broad range of
• Emcure is one of the leading Indian pharmaceutical companies engaged in pharmaceutical products globally. They seek to establish a presence in
developing, manufacturing and globally marketing a broad range of pharmaceutical several and diverse markets and, for the FY2021, no single product or
products across several major therapeutic areas. country outside India contributed to more than 13% of their proforma
revenue from operations.
• They were ranked as (i) the 12th largest pharmaceutical company in India and (ii) the
largest pharmaceutical company in India in the gynecology, blood related and HIV • In India, they have a focus on chronic (including sub-chronic) therapeutic
antivirals therapeutic areas, based on sales in India in the financial year 2021. areas, such as the gynecology, cardiovascular, oncology/anti-neoplastics,
HIV, blood-related therapeutic areas. As of June 30, 2021, they were
• They are an R&D driven company with a differentiated product portfolio that includes present in a total of 19 therapeutic areas viz. Gynecology, Cardiovascular,
orals, injectables and biologics, as well as an mRNA platform through which they are Vitamins, minerals and nutrients, Anti-infectives, Gastrointestinal, Pain and
currently developing a COVID-19 vaccine. analgesics, HIV antivirals, Respiratory etc.
• As of June 30, 2021, they sold over 350 brands across the above
Brief Financials ₹ in Cr therapeutic areas in India.
As of March 31,
Particulars
2021 2020 2019
Equity Share Capital 180.85 180.85 180.85 Key Strengths
Net worth 2,273.02 1,911.95 1,829.26
Revenue from Operations 6,056.41 5,048.55 4,717.18 • Well-placed to Leverage Leading Position in the Domestic Market Large,
EBITDA as stated 1,178.77 682.77 858.77 Diversified and Fast-Growing Product Portfolio in International Markets;
Adj. EBITDA as stated 1,267.36 786.25 882.23 • Strong R&D Capabilities Driving Differentiated Portfolio of Products
Net Profit for the Year 418.59 100.61 202.97 Demonstrated Capabilities of Building Brands;
EPS (₹) 21.68 4.62 10.47 • Extensive and Diversified Manufacturing Capacity;
RoNW (%) as stated 17.25% 4.37% 10.35% • De-Risked Business Model with Diversified Income Base;
Net Asset Value (₹) 125.68 105.72 101.15 • Environmental, Social and Governance (“ESG”) Focused Business.
Source: DRHP, *Restated Consolidated Back 80

ESDS Software Solution Limited
Promoters: Piyush Prakashchandra Somani
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
BRLMs: Axis Capital, IIFL Securities Registrar: Link Intime
Objects of the Offer: Purchase cloud computing equipment for data centers; Funding long-term working capital requirements; Repayment/pre-payment of certain term loans.

• ESDS Software Solutions Ltd is amongst India’s leading managed cloud service and • Cloud computing is the on-demand availability of computer system
end to end multi-cloud requirements provider. resources, especially data storage (cloud storage) and computing power,
• They have built a comprehensive cloud platform which their customers rely on, without direct active management by the user.
consisting of cloud infrastructure, well-architected solutions aimed at reducing cost • The IaaS model specializes in delivering cloud computing infrastructure as
and providing safety, flexibility, scalability and reliability to enterprises compared with an on-demand service. IaaS are self-service models.
the traditional on-premise IT models. • Public cloud is a public, hyperscale, multi-tenant platform where
• As part of their portfolio, they offers (i) cloud computing infrastructure as a service computing services can be reserved or rented on demand.
(IaaS) which includes their patented vertically auto scalable cloud technology platform • Private cloud is cloud infrastructure operated solely for a single
and (ii) software as a service (SaaS) and managed services. organization and operates on a dedicated infrastructure.
• Virtual public cloud functions like a private cloud that run on public or
Brief Financials ₹ in Cr shared infrastructure.
As of March 31, • Hybrid cloud model includes a combination of private and public cloud
Particulars offerings.
2021 2020 2019
Key Strengths
Net worth 180.55 144.85 103.89
Revenue from Operations 171.93 158.57 135.58 • The “one stop shop” for managed cloud solutions to a diversified and
EBITDA as stated 63.81 51.72 47.15 marquee clientele;
Net Profit for the Year 5.49 0.94 13.81 • Robust and scalable business model with multiple levers of growth;
EPS - Basic (₹) 1.03 0.04 2.49
• The innovative billing solutions that derive value to customers;
EPS - Diluted (₹) 0.96 0.04 2.39
• Leadership position in the industry with a proven track record;
RoNW (%) as stated 2.99% 0.14% 12.53%
Net Asset Value (₹) • Strength and experience of their senior management team.
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 Back 81
Sterlite Power Transmission Limited
Promoters: Twin Star Overseas Limited and Anil Agarwal
Offer Details: Fresh Issue of Equity Shares aggregating upto ₹1,250 Cr, Reservation for Employee, Pre IPO Placement of ₹220 Cr
BRLMs: Axis Capital, ICICI Securities, JM Financial Registrar: KFin Technologies
Objects of the Offer: Repayment or pre-payment, in full or part, of certain borrowings availed by the company and KTL.

• Sterlite Power Transmission Ltd has two business lines: Global Infrastructure and • In India, the company typically outsource the construction of their projects
Solutions. to external contractors. In Brazil, they partner with external construction
• Their Global Infrastructure business line bids for, designs, constructs, owns and companies to develop projects on a BOOT basis.
operates power transmission assets and currently has operations in India and Brazil. • Currently, they have completed 10 power transmission projects in India
• Their Solutions business line consists of the products sub-segment, which and one in Brazil, which they have sold.
manufactures and supplies a wide range of products including high performance • Further, they currently have 11 projects in various stages of construction
power conductors, optical ground wire and extra-high voltage cables; and the Master and development (5 in India and 6 in Brazil). As of March 31, 2021, their
System Integration sub-segment. current and sold projects comprised 25 projects.
• They also operate the Convergence business line, which leverages existing power • Their 10 completed projects and 5 ongoing projects in India span 9,246
utility infrastructure for telecommunications purposes by building optical fibre ckm with a total capital expenditure of INR 24,486 crore.
infrastructure on top of existing utilities networks.

As of March 31,
Particulars • Leadership position in the Indian power transmission sector;
2021 2020 2019
Equity Share Capital 12.24 12.24 12.24 • Track record of executing complex projects successfully;
Net worth 1,097.24 64.04 (675.68) • An integrated player offering solutions across the entire transmission
Revenue from Operations 2,092.39 3,004.32 3,555.01 infrastructure value chain, with high growth potential for the solutions and
Adj. EBITDA as stated 1,793.22 2,405.63 459.63 convergence segments;
Profit/Loss before Tax 1,159.78 1,338.28 (483.67) • High ROCE and an efficient capital structure with access to multiple
Net Profit/(Loss) for the Year 870.12 942.97 (524.80) funding sources;
EPS (₹) 142.22 154.13 (85.78) • Highly experienced Board, management and technical team;
RoNW (%) as stated 68.42% 234.64% 97.00%
• Purpose driven organization, with a strong focus on ESG.
Net Asset Value (₹) 207.85 65.69 (88.43)

Godvari Biorefineries Limited
Promoters: Samir Shantilal Somaiya and Somaiya Agencies Pvt Ltd
Offer Details: 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
BRLMs: Equirus Capital, JM Financial Registrar: Link Intime
Objects of the Offer: Repayment/pre-payment, in full or in part, of certain borrowings; Funding capital expenditure for expansion of sugarcane crushing capacity ; and Funding capital
expenditure for establishing a potash manufacturing unit at the Sameerwadi Manufacturing Facility.

• Godavari Biorefineries Ltd was incorporated on January 12, 1956. • Company’s Sameerwadi Manufacturing Facility is among the Top-10 sugar
• The company is one of the largest producers of ethanol and a pioneer in complexes in India and they are one of the largest producers of ethanol in
manufacturing ethanol-based chemicals in India. India with an installed capacity of 380 KLPD as at June 30, 2021.
• Their diversified product portfolio comprises of bio-based chemicals, sugar, rectified • The company utilise sugarcane as a feedstock to manufacture a wide
spirits, ethanol, other grades of alcohol and power, range of products, including sugar, ethanol, bio-based chemicals and
• They are the only company in India to have such a vast portfolio of bio-based products power and were among the first few companies in India to utilise
and are also the largest manufacturer of MPO worldwide, one of only 2 manufacturers sugarcane juice and syrup for the production of ethanol.
of natural 1,3 butylene glycol globally, the 4th largest manufacturer of ethyl acetate in • The chemicals manufactured by them comprise of ethanol-based
India, and the only company in India to produces bio ethyl acetate. chemicals such as ethyl acetate, bio-ethyl acetate, MPO, 1,3 butylene
• for increasing fuel ethanol blending, they intend to expand the capacity for glycol, crotonaldehyde, acetaldehyde, acetic acid, bio- acetic acid and
manufacturing ethanol from 380 KLPD (as at June 30, 2021) to 570 KLPD. paraldehyde
• (collectively, the “Bio-based Chemicals”).

Particulars
2021 2020 2019
Equity Share Capital 41.94 41.94 38.38 • One of the largest producers of ethanol and a pioneer in manufacturing
Net worth 213.49 186.70 117.37 ethanol based chemicals in India;
Revenue from Operations 1,538.17 1,459.15 1,552.23 • Fully integrated biorefinery company with good relationships with farmers;
EBITDA as stated 165.83 116.98 146.16 • Diversified product portfolio and well-established relationships with a
Net Profit for the Year 27.16 4.06 5.53 diversified customer base acrossindustries;
EPS (₹) 6.47 1.00 1.46 • Well developed in-house research and development capabilities; and
RoNW (%) as stated 12.72% 2.18% 4.71% • Member of the Somaiya group and experienced promoter, board of
Net Asset Value (₹) 50.90 45.89 30.89 directors and key managerial personnel

VLCC Health Care Limited
Promoters: Vandana Luthra and Mukesh Luthra
Offer Details: Fresh Issue of Equity Shares aggregating upto ₹ 300 Cr and Offer for Sale of upto 8,922,672 Equity Shares by Selling Shareholders-Mukesh
Luthra, OIH Mauritius Ltd, Leon International Ltd., Pre IPO Placement of ₹ 100 Cr
BRLMs: ICICI Securities, DAM Capital, IIFL Securities Registrar: KFin Technologies
Objects of the Offer:To set up VLCC Wellness Clinics, VLCC Institute and refurbishment of certain existing clinics; Repayment and/or pre-payment of certain borrowings; investment for
brand development; Investment in digital and information technology infrastructure.

• VLCC Health Care Ltd operates VLCC branded Wellness & Beauty clinics, and VLCC • VLCC Wellness Clinics: VLCC, having the most diverse portfolio and
branded institutes for skill development in beauty and nutrition, as well as manufacture presence in all service areas, has among the largest scale and breadth of
and sell VLCC branded personal care products. operations within the Wellness & Beauty Industry in India. In India, they
• The company was among the first multi-outlet corporate operations in the Wellness & have an extensive reach with 191 Wellness Clinics spread across 106
Beauty Industry, which was at the time mostly composed of individually operated, cities in 23 states, 88 of which are franchisee operated.
small scale businesses. • Personal Care Products: VLCC is focused on building a carefully curated
• Since inception, the Company’s mission has been to transform lives by making portfolio of innovative and differentiated Personal Care Products. They
Wellness & Beauty accessible to women and men. In over 30 years of operation, the have diversified portfolio of natural skincare, hair-care, and body-care
VLCC brand has grown to become synonymous with Wellness & Beauty in Indian products in-house, under the VLCC Natural SciencesTM brand through
households. their subsidiary VLCC Personal Care Limited. As of March 31, 2021, they
marketed over 118 products in skin care, hair care, and body care
categories in India.
As of March 31, • VLCC Institutes: VLCC has opened their Institutes to teach entry-level
Particulars and advanced level skill enhancement courses in beauty and nutrition.
2021 2020 2019
Net worth 70.97 66.10 73.22
Revenue from Operations 532.92 769.57 852.43 • VLCC’s stature as a leading brand in the Indian Wellness & Beauty
EBITDA as stated 150.12 147.89 123.30 Industry
Profit/Loss before Tax 5.14 (16.53) (53.25) • Bespoke integrated business model and capability to leverage scale,
Net Profit/(Loss) for the Year 6.24 (15.31) (52.71) scope, and breadth
EPS -Basic (₹) 1.63 (4.09) (12.93) • Capability to identify and innovate a differentiated product portfolio
RoNW (%) as stated 8.6% (23.3)% (66.5)% • Attractive financial structure
Net Asset Value (₹) 18.84 17.55 19.44 • Experienced promoters and strong management capability

India1 Payment Limited
Promoters: David Scott Glen, The Banktech Group and BTI Payments Singapore.
Offer Details: Fresh Issue of Equity Shares aggregating upto ₹ 150 Cr and Offer for Sale of upto 10,305,180 Equity Shares by Selling Shareholders; Pre IPO-
Placement of ₹ 30 Cr, Reservation for Employees.
BRLMs: JM Financial, Edelweiss Financial, IIFL Securities Registrar: Link Intime
Objects of the Offer: Repayment and/ or pre-payment, in full or part, of certain borrowings; Funding capital expenditure requirements for setting up of ATMs.

• India1 Payments Ltd was incorporated on June 30, 2006. • Company’s operating model aims to maximize customer availability of their
• They are the largest independent non-bank ATM operator in India, based on the ATMs and to yield a better local customer experience.
number of ATM transactions in Fiscal 2021 and installed base as of March 31, 2021. • An important part of their model has been to franchise some of their ATMs,
• As of June 30, 2021, they operated a network of 8,520 ATMs across 14 states and primarily to local entrepreneurs in the SURU regions.
union territories in India, which they brand as “india1ATM”. • As of June 30, 2021, they had over 900 franchisees assisting the
• Their ATM business is focused on semi urban regions and rural regions in India, operations of over 2,000 ATMs.
where 7,619 ATMs (89.42% of their ATMs) were located as of June 30, 2021. • The company deploy their ATMs on leased premises. These leases are
generally for a period of 5 years, but are terminable by the Company upon
30 days’ notice.
As of March 31,
2021 2020# 2019#
• Focused presence in under-banked semi-urban and rural areas
Instruments entirely equity in nature 4.94 3.84 1.25
• Largest white label ATM operator with growing ATM network
Net worth 196.32 148.55 49.56
Revenue from Operations 317.60 256.06 229.28 • ATM operating model enriching the local customer experience and yielding
higher customer availability
EBITDA as stated 145.52 111.35 87.94
• Favourable regulatory environment
Net Profit/(Loss) for the Year 3.34 (5.87) (24.18)
EPS- Basic (₹) • Growing profitability and cash flows through focus on unit economics and
1.80 (3.17) (13.07)
active cost management
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 Back 85
Healthium Medtech Limited
Promoters: Quinag Acquisition (FDI) Ltd.
Offer Details: 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.
BRLMs: ICICI Securities, CLSA India, Credit Suisse Securities, Nomura Financial Registrar: KFin Technologies
Objects of the Offer: Repayment and/or pre-payment, in full or part, of certain borrowings; Investment into their subsidiaries; and Acquisitions and other strategic initiatives.

• Healthium Medtech Ltd was incorporated on December 28, 1992. • The company is a global medtech company focused on products used in
• They are largest independent medical device company and 2nd largest company surgical, post-surgical and chronic care.
overall, in the surgical consumables market in India with a 7.91% share based on • They operate across 3 key markets, India, UK and rest of the world and 4
value; focus areas, namely, advanced surgery, urology, arthroscopy and wound
• The largest non-captive surgical needles manufacturer, with a 22.30% share in overall care.
volume sales globally, and 45.41% share of the non-captive market; • Their portfolio includes: Surgical Consumables, Urology, Arthroscopy.
• One of the largest independent medical device companies and the 3rd largest • The company manages their business across 3 key markets, namely,
company overall in the urology collection devices market in the UK, with a 13.96% India, UK and the rest of the world.
market share.
• Since Fiscal 2018, they have sold 30 new products and looks to expand
• Their vision is to deliver access to precision medtech products to every patient their product portfolio by introducing new products in their focus areas and
globally. in adjacent areas.
Particulars
2021 2020 2019
Equity Share Capital 9.26 9.25 9.25 • Leading medtech company with global reach;
Net worth 981.47 918.96 961.64 • An innovative and comprehensive product suite;
Revenue from Operations 713.36 639.18 584.02 • Extensive sales network and market access across the focus areas;
EBITDA as stated 153.93 95.57 54.43
Net Profit for the Year 85.43 36.76 13.73 • High precision, integrated and scaled manufacturing facilities;
EPS (₹) 18.47 7.95 2.97 • The proven track record of driving inorganic growth;
RoNW (%) as stated 8.70% 4.00% 1.43% • A proven track record of robust financial performance.
Net Asset Value (₹) 211.68 198.75 207.98
Source: DRHP, * Restated Consolidated, Equity Shares outstanding prior to the Offer is ₹ 9.78 Cr, Back 86
Gemini Edible & Fats India Limited
Promoters: Pradeep Chowdhry, Alka Chowdhry, GAIE and GAI
Offer Details: Offer for Sale of Equity Shares aggregating upto ₹ 2,500 Cr by Selling Shareholders.
BRLMs: Axis Capital, Credit Suisse, Kotak Mahindra Capital, Nomura Financial Registrar: KFin Technologies
Objects of the Offer: To achieve the benefits of listing the Equity Shares on the Stock Exchanges.

• Gemini Edibles & Fats India Ltd is one of the leading and the fastest growing edible • Branded retail consumer: In the branded retail consumer vertical, they
oils and fats companies in India. manufacture and market oils such as sunflower oil, rice bran oil, mustard
• The company is engaged in the business of manufacturing, distribution and branding oil, groundnut oil, palm kernel oil and palmolein oil, under their own brands.
of edible oils and specialty fats in India. Premium oils such as sunflower, rice bran, mustard and groundnut are
sold under the ‘Freedom’ brand while palm oil is sold under the ‘First Klass’
• They are the market leaders in the sunflower oil category with their ‘Freedom’ brand, in
brand. As of June 30, 2021, they have a distribution network which
the states of Telangana, Andhra Pradesh, and Odisha, and hold the 3rd largest market
consists of over 30 depots and over 1,100 distributors and wholesalers
share in the state of Karnataka.
through which their products reach retail outlets in approximately 640
• They were ranked 2nd by market share in the sunflower segment of the Refined Oil in towns in the states of Telangana, Andhra Pradesh, Odisha and Karnataka.
Consumer Packs category in India, as of March 31, 2021.
• Industrial consumer: In the industrial consumer vertical, they produce
and market oils and fats such as high stability frying oils, palm oils, cocoa
butter substitutes, inter-esterified vegetable fats and shortenings to
Brief Financials ₹ in Cr companies in the food industry,
As of March 31,
Particulars
2021 2020 2019
Net worth 1,624.56 1,055.10 870.07
Revenue from Operations 7,765.96 6,500.25 5,422.75 • Leading and reputable consumer brands in the edible oil sector.
Profit/Loss Before Tax 765.10 243.66 169.54 • One of the leading manufacturers of specialty fats and oils.
Net Profit for the Year 570.77 185.85 109.35 • Modern and strategically located manufacturing facilities.
EPS (₹) 55.48 18.07 11.78 • Extensive and well-established sales and distribution network.
RoNW (%) as stated 35.1% 17.6% 12.6% • Technology-enabled distribution capability.
Net Asset Value (₹) 157.92 102.56 84.57 • An experienced and professional senior management team.
Source: DRHP, * Restated Summary Back 87

Electronics Mart India Limited (Bajaj Electronics)
Promoters: Pavan Kumar Bajaj and Karan Bajaj
Offer Details: Fresh Issue of Equity Shares aggregating upto ₹ 500 Cr
BRLMs: Anand Rathi Advisors, IIFL Securities, JM Financial Registrar: KFin Technologies
Objects of the Offer: Funding of capital expenditure for expansion and opening of stores and warehouses; Funding incremental working capital requirements; Repayment
/ prepayment, in full or part, of all or certain borrowings.

• Electronics Mart India Ltd was originally formed as a sole proprietorship under the • The company offers a diversified range of products with focus on large
name of ‘M/s Bajaj Electronics’ at Hyderabad in 1980. appliances (air conditioners, televisions, washing machines and
• The company is the 4th largest consumer durable and electronics retailer in India and refrigerators), mobiles and small appliances, IT and others.
as of Financial Year 2020. They are the largest player in the Southern region in • As on August 15, 2021, the company had 99 stores across 31 cities / urban
revenue terms with dominance in the states of Telangana and Andhra Pradesh. agglomerates with a retail business area of 0.99 million sq. ft.
• They offers a diversified range of products with includes more than 6,000 SKUs across • The company operates their business activities across 3 channels of retail,
product categories like large appliances, mobiles, small appliances, IT and other from wholesale and e-commerce.
more than 70 consumer durable and electronic brands. • They operates 85 MBOs under the name “Bajaj Electronics”, 1 MBO under
• As on August 15, 2021, they operated 99 stores with 88 Multi-Brand Outlets (MBOs) the name “Tirupati Electronics” and 2 specialized stores under the name
and 11 Exclusive Brand Outlets (EBOs) across 31 cities / urban agglomerates with a “Kitchen Stories” which caters to the kitchen specific demands of their
retail business area of 0.99 million sq. ft. customers. Further, they are in the process of setting up another
specialised store format under the name “Audio & Beyond” focusing on
Brief Financials ₹ in Cr high end home audio and home automation solutions.
As of March 31,
2021 2020 2019
Net worth 491.92 433.08 340.50 • The 4th largest consumer durable and electronics retailer in India with a
Revenue from Operations 3,201.88 3,172.48 2,823.65 leadership position in South India.
EBITDA as stated 203.88 227.64 215.99 • One of the fastest growing consumer durable and electronics retailer with
Net Profit for the Year 79.56 112.18 123.56 consistent track record of growth and industry leading profitability.
EPS (₹) 1.95 2.72 2.57 • Market presence and geographic reach with cluster-based expansion.
RoNW (%) as stated 11.92% 18.84% 22.64% • The business model provide operational flexibility to create long term
Net Asset Value (₹) 16.40 14.44 11.35 sustainable footprint.
Source: DRHP, * Restated Consolidated Back 88

Puranik Builders Limited
Promoters: Shailesh Puranik, Shrikant Puranik, Yogesh Puranik, Nilesh Puranik, Puranik Business Private Trust and Puranik Family Private Trust.
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.
BRLMs: Elara Capital, Yes Securities Registrar: KFin Technologies
Objects of the Offer: Prepayment or repayment of all or a portion of certain outstanding borrowings availed by the company on a consolidated basis.

• Puranik Builders Ltd was incorporated on May 8, 1990. • Company’s projects primarily cater to certain research-based strategic
• They are among the prominent residential real estate developers in Mumbai price ranges within the mid-income affordable housing market segment. In
Metropolitan Region (“MMR”) and Pune Metropolitan Region (“PMR”) based on terms of overall awareness for real estate brands in Thane, Puraniks was
number of units currently being marketed in these regions. third, in the order of awareness, among the 30 brands for evaluation in
Thane
• They are also among the leading residential real estate developers in the growing
• As of July 31, 2021, they had completed 35 projects in the MMR and PMR.
Thane region of MMR based on the projects currently being marketed and
The key completed and ongoing theme-based projects includes Rumah
corresponding units sold.
Bali, Puraniks City Reserva and Tokyo Bay in the MMR, and Aldea
• They have a longstanding presence of over 31 years in the real estate market in India, Espanola and Abitante in the PMR.
developing residential projects in the mid-income affordable housing segment in the • As of July 31, 2021, theyhad 23 Ongoing Projects with an aggregate
MMR and the PMR real estate markets. Developable Area of 1,305,632 sq.mtr. In addition, they had 17
Forthcoming Projects with an aggregate estimated Developable Area of
Brief Financials ₹ in Cr 1,263,526 sq.mtr.
As at Jul’31 As of March 31,

Key Strengths
Particulars
2021(04) 2021(04) 2021(12) 2020(12) 2019(12)
• Longstanding operations in the real estate markets of MMR and PMR;
Equity Share Capital 57.65 57.65 57.65 57.65 57.65 • Focus on and experience in the mid-income affordable housing segment;
Net worth 352.97 303.26 336.73 302.91 258.86 • Strategic pricing for the MMR and PMR micro-markets;
Revenue from Operations 190.61 41.72 502.27 720.61 715.19 • Differentiated and diversified product offerings;
EBITDA 51.31 8.57 164.27 192.29 209.26 • Integrated project execution and management capabilities;
Net Profit for the Period 17.53 0.39 36.30 51.23 71.27 • Established brand and customer goodwill in the MMR and the PMR
EPS (₹) 2.97^ 0.14^ 6.08 7.72 10.70 markets;
RoNW (%) as stated 4.85%^ 0.27%^ 10.41% 14.69% 23.83% • Strong pipeline of projects;
Net Asset Value (₹) 61.23 52.61 58.41 52.54 44.90 • Asset-light model for development of projects.
Source: DRHP, * Restated Consolidated, ^not annualised Back 89

Traxcn Technologies Limited
Promoters: Neha Singh and Abhishek Goyal
Offer Details: Offer for Sale of upto 38,672,208 Equity Shares by Selling Shareholders
BRLMs: IIFL Securities Registrar: Link Intime
Objects of the Offer: To achieve the benefits of listing the Equity Shares on the Stock Exchanges

• Incorporated on August 11, 2012, Tracxn Technologies Ltd is among the leading The company provide a detailed private market intelligence platform for their
global market intelligence providers for private company data and rank among the top global customer base:
five players globally in terms of number of companies profiled offering data of private • Private Company Data: provide an extensive global database of private
market companies across sectors and geographies. companies across sectors, geographies and stages. Customers use this
• They have one of the largest global coverage of private companies in emerging database for sourcing, diligence and tracking private companies across
technology sectors. They operate a Software as a Service-based platform, Tracxn, that various sets of criteria to address their requirements. As of May 31, 2021,
scanned over 550 million web domains, and profiled over 1.4 million entities across theyprofiled over 1.40 million entities across 1,805 Feeds categorized
1,805 Feeds categorized across industries, sectors, sub-sectors, geographies, across industries, sectors, sub-sectors, geographies, affiliations and
affiliations and networks globally, as of May 31, 2021. networks globally.
• Emerging Technology Sector Data: They provide one of the largest
coverage of private companies in emerging technology sectors globally. As
Brief Financials ₹ in Cr of May 31, 2021, they covered 1,805 Feeds and 35 practice areas globally.
As of March 31,
Particulars
2021 2020 2019
Key Strengths
Net worth 22.22 (135.24) (82.90) • Leading global provider of differentiated private market data and
Revenue from Operations 43.78 37.33 33.19 intelligence
EBITDA as stated 17.06 (22.45) (20.60) • Diverse, longstanding and growing global customer base
Net Profit/(Loss) for the Year (5.35) (54.03) 12.40 • Scalable and secure technology platform conceptualized and developed in-
house
EPS - Basic (₹) (0.55) (5.54) 1.27 • Significant cost advantages from India-based operations; and
EPS - Diluted (₹) (1.52) (5.54) (1.75) • Experienced Promoters, Board of Directors and senior management team,
Net Asset Value (₹) 2.28 (13.87) (8.50) backed by marquee investors.
Source: DRHP, * Restated Statement, Ratios calculated on increased Equity share capital of ₹10.03 Cr, being outstanding prior to
Back 90
the offer, assuming conversion of CCPS into equity shares and issuance of bonus shares.
Fusion Micro Finance Limited
Promoters: Devesh Sachdev, Creation Investments Fusion, LLC, Creation Investments Fusion II, LLC and Honey Rose Investment Ltd.
Offer Details: Fresh Issue of Equity Shares aggregating upto ₹ 600 Cr and Offer for Sale of 21,966,841 Equity Shares by Selling Shareholders. Pre IPO
BRLMs: ICICI Sec, CLSA India, IIFL Sec, JM Financial Registrar: Link Intime
Objects of the Offer: To utilize the Net Proceeds towards augmenting its capital base

• Fusion Micro Finance Ltd is a microfinance company providing financial services to • Company’s microfinance lending business is based on a group lending
underserved women across India in order to facilitate their access to greater economic model, catering exclusively to women. A joint liability group (typically
opportunities. comprising five to seven members) provides joint and several guarantees
• They had the 3rd fastest gross loan portfolio growth of 44% among the top NBFC-MFIs for loans obtained by each member of the group.
in India between the financial year 2018 and 2021, and they were one of the youngest • Company’s wide range of financial products is designed according to
companies among the top 10 NBFC-MFIs in India in terms of AUM as of March 31, various life-cycle needs of their customers.
2021.
• Income-generating loans : Agriculture-allied and agriculture;
• As of March 31, 2021, 2020 and 2019, the total AUM was ₹4,637.84 crore, ₹3,606.52
Manufacturing and production; Trade and retail; Services; and others. This
crore and ₹2,641.39 crore, respectively. As of March 31, 2021, they had 2.12 million
also includes top-up loans and cross-sell loans.
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. • They also offers MSME loans to eligible enterprises.
• They also grant emergency loans to existing customers to fund urgent
Brief Financials ₹ in Cr financial requirements arising out of unforeseen events
As of March 31,
2022 2021 2020
Equity Share Capital 82.76 79.04 78.95 • Well diversified and extensive pan-India presence;
Net worth 1,337.95 1,246.36 1,198.89
• Proven execution capabilities with strong rural focus;
Revenue from Operations 1,151.27 855.81 720.26
• Diversified sources of capital and effective asset liability management;
Profit/Loss Before Tax 24.43 56.79 100.00
Net Profit for the Year 21.76 43.94 69.61 • Robust underwriting process and risk management policies;
EPS - Basic (₹) 2.67 5.56 10.47 • Technologically advanced operating model; and
EPS - Diluted (₹) 2.64 5.49 10.32 • Stable and experienced management team supported by marquee
Net Asset Value (₹) 161.67 150.92 145.32 investors.
Source: DRHP, *Restated Statement Back 91

Inspira Enterprise India Limited
Promoters: Prakash Jain, Chetan Jain, Vishal Jain, Manjula Jain Family Trust and Prakash Jain Family Trust
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
Approx Issue Size (₹ Cr): 800 BRLMs: Axis Capital, JM Financial, Nomura Financial, SBI Capital Markets, Yes
Category Allocation: QIB: HNI: Retail: 75:15:10 Securities
Objects of the Offer: Funding working capital requirements; Prepayment or repayment of all or a portion of certain outstanding borrowings availed by the company.

• Inspira Enterprise India Ltd is a leading digital transformation company in India with a The company classifies their business into the following lines of business:
focus on cyber-security, and a global presence across several verticals. • Cyber Security: They offers integrated portfolio of enterprise security
• They provide cyber security and digital transformation services to their clients and services to deliver large-scale cyber security transformation projects,
have executed large cyber-security transformation projects, infrastructure and digital enabling their clients to effectively manage risk and defend against
transformation projects for various institutions in India. emerging threats.
• They have been ranked among the top 250 MSSP providers globally by MSSP Alert in • Digital Solutions: offered through ANKIOS®, a converged architecture
the year 2020, and mentioned among 35 MSSP providers in Forrester’s Now Tech: designed to create opportunities through disruptive digital technologies.
Managed Security Services in Asia Pacific, Q4 2020 report. Through their wide range • Integrated Enterprise Solutions: This comprises (i) network engineering
of offerings across multiple verticals and geographies, they possess capabilities services that includes network infrastructure solutions, (ii) infrastructure
spanning the digital lifecycle of services ranging from consultation, architecture, platform as a service involving traditional infrastructure solutions and
solution design and implementation, to monitoring and providing managed services. hosted data centre solutions, and (iii) infrastructure management services
Key Strengths
As of March 31,
Particulars • Leading provider of cyber-security solutions in an industry with high entry
2021 2020 2019#
Equity Share Capital 6.04 6.04 6.04 barriers;
Net worth 114.30 72.40 53.04 • Integrated digital transformation service provider with end-to-end
Revenue from Operations 802.76 762.33 624.77 capabilities across verticals;
EBITDA as stated 52.20 39.92 26.28 • Consulting led business and delivery model with an extensive footprint
Profit/Loss before Tax 48.94 30.03 19.85 across India and internationally;
• Global client base with longstanding relationships;
EPS -Basic (₹) 4.98 2.72 0.59
RoNW (%) as stated 31.63% 27.22% 8.03% • Diversified vertical-experience with a proven track record for BFSI
Net Asset Value (₹) 15.76 9.98 7.31 solutions;
Source: DRHP, * Restated Consolidated, #Proforma Back 92

ESAF Small Finance Bank Limited
Promoters: Kadambelil Paul Thomas and ESAF Financial Holdings Pvt Ltd
Offer Details: Fresh issue of Equity Shares aggregating upto ₹ 800 Cr and Offer for sale of Equity Shares aggregating up to ₹197.78 Cr; Pre IPO Placement of
₹ 300 Cr., Offer includes Employee Reservation.
Approx Issue Size (₹ Cr): 997.78
BRLMs: Axis Capital, Edelweiss Financial, ICICI Securities, IIFL Securities Registrar: Link Intime
Objects of the Offer: Augmentation of Bank’s Tier-I capital base to meet the future capital requirements.

• Incorporated on May 5, 2016, ESAF Small Finance Bank is one of the leading small • Company’s asset products comprise (a ) micro loans, (b) retail loans, (c)
finance banks in India in terms of client base size, yield on advances, Net Interest MSME and corporate loans and (d) agricultural loans.
Margin, assets under management CAGR, total deposit CAGR, loan portfolio • Their target customers for their micro loans are women in unserved and
concentration in rural and semi-urban areas and ratio of micro loan advances to gross underserved households in India. As at May 31, 2021, they had over 2.28
advances. million micro loan customers, all of whom were women.
• Along with their Promoters, they have a history of more than 25 years of primarily • The Retail loans target customers for their retail loans are salaried
serving the unserved and underserved, with a focus on financial inclusion. individuals, the self -employed, businesses and customers who have
graduated from micro loans.
• As at May 31, 2021, they had over 4.68 million customers in 21 states and 2 union
• MSME and corporate loans target customers for their MSME and
territories.
corporate loans are MSMEs, NBFCs, MFIs and their existing micro loan
customers who want to grow their business.
• For Agricultural loans, the target customers are individual farmers and
Brief Financials ₹ in Cr joint borrowers engaged in agriculture and allied activities.
As of March 31,
2021 2020 2019
Net worth 1,352.06 1,084.08 893.69 • Deep understanding of the microfinance segment
Interest Earned 1,641.17 1,413.25 1031.64 • Strong rural and semi-urban banking franchise;
EBITDA 284.96 415.36 336.46 • Fast growing retail deposit portfolio with low concentration risk;
Net Profit for the Year 105.40 190.39 90.28 • Strong customer connections driven by the customer centric products and
EPS - (₹) 2.46 4.45 2.37 processes and other non -financial services for micro loan customers;
RoNW (%) as stated 7.80% 17.56% 10.10% • Technology driven model with an advanced information technology
Net Asset Value (₹) 30.08 25.34 20.89 platform.

Penna Cement Industries Limited
Promoters: P. Prathap Reddy, Pioneer Builders and P R Cement Holdiings Ltd
Offer Details: Fresh Issue of Equity Shares aggregating upto ₹1,300 Cr and Offer for Sale of Equity Shares aggregating upto ₹250 Cr. Pre-IPO placement of
₹500 Cr
Approx Issue Size: (Rs.Cr): 1,550 BRLMs: Axis Capital, Edelweiss Financial, ICICI Securities, JM Financial, Yes
Category Allocation: QIB: HNI: Retail: 50:15:35 Securities
Objects of the Offer: Repayment/pre-payment, in full or part, of certain borrowings; Funding of capital expenditure requirements towards the KP Line II project; Funding of the capital
expenditure requirements towards upgrading the raw grinding and cement mill at Talaricheruvu; and setting up waste heat recovery plant.

• Penna Cement Industries is one of the largest privately held cement companies in • The company produce different varieties of cement by mixing different
India and a leading integrated cement player in terms of cement production capacity, proportions of gypsum, flyash, slag and other additives to clinker, a semi-
as of March 31, 2021, with a strong brand recall in the southern and western states of finished product produced from heating limestone through a rotary kiln
India. process.
• With over 25 years of operations, they have been able to leverage their brand, • They currently produce three cement variants:OPC; PPC; and PSC.
strategically located integrated manufacturing facilities and extensive distribution • Ordinary Portland Cement (“OPC”):Penna Premium OPC 53 Grade
network to successfully expand their business in west and east India markets and Sri Cement’, ‘Penna Premium OPC 43 Grade Cement’ a nd ‘Penna
Lanka, and intend to further expand into north, central and other east India markets Premium OPC 42.5 N Grade Cement ’.
through a phased expansion plan. • Portland Pozzolana Cement (“PPC”): PPC is a special blended
cement and they manufacture PPC by inter-grinding clinker with high-
quality processed fly ash along with gypsum.
Brief Financials ₹ in Cr • Portland Slag Cement (“PSC”): They manufacture PSC, which is a
slag-based blended cement as per BIS specification.
As of March 31,
2021 2020 2019#
Net worth 1,157.12 1,068.71 1,062.84 • One of the market leaders in south India with a strong brand recall and
Revenue from Operations 2,476.40 2,167.61 2,156.18 extensive distribution network;
EBITDA 479.85 338.36 308.95 • Strategically located integrated manufacturing facilities and packing
Profit/Loss Before Tax 229.95 36.44 55.43 terminals which provide access to south, west and east India markets;
Net Profit for the Year 152.07 23.02 85.13 • Access to quality raw materials and coal;
EPS - Basic (₹) 11.36 1.72 6.36 • Well positioned to benefit from the growth in the cement industry;
RoNW (%) as stated 13.14% 2.16% 8.01% • Experienced promoter and management team with an established track
Net Asset Value (₹) 86.48 79.87 79.43 record of project and timely execution .
Source: DRHP, * Restated Consolidated Summary Back 94

Skanray Technologies Limited
Promoters: Vishwaprasad Alva, Agnus Capital LLP, Chayadeep Properties Pvt Ltd and Skanray Healthcare Partners LLP
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
BRLMs: Motilal Oswal, Nomura Financial, ICICI Securities Registrar: Link Intime
Objects of the Offer: Funding inorganic growth; Funding working capital requirements; Investment in the subsidiaries; Funding capital expenditure.

• Skanray Technologies Ltd is among the key Indian medical device players engaged in • The company designs, develops, and manufactures a range of medical
designing, development, manufacturing and marketing of medical devices. devices across various modalities.
• They are a multi-product company offering a diversified portfolio of products, including • Their portfolio of products can broadly be classified into 2 categories:
patient monitoring systems, cardiology devices, respiratory management systems and • 1. Products that they develop and manufacture that are marketed and sold
radiology/ imaging systems, to hospitals, OEMs and for personal medical use/ retail under the “Skan”, “Cardia”, “CEI” brands with related sub-brands
sale globally. (“Skanray Products”); and
• Company’s products are designed and developed in-house based on intellectual • 2. Products they design, develop and manufacture that are sold to third
property that they own. parties, including multinational corporations that market and sell these
products under their own brands as own-branded labelled products (“OEM
Products”).
• Their portfolio of Skanray Products can be classified into 3 broad
Brief Financials ₹ in Cr categories: (i) critical care products, (ii) radiology products and (iii)
respiratory management systems.
As at Dec’ 31, As at March 31,
Particulars
2020(09) 2021(12) 2020(12) 2019(12)
Key Strengths
Net worth 172.06 39.27 33.56 60.98 • Well-positioned to capitalize on a growing market, being a major player in
Revenue from Operations 346.93 145.61 162.51 131.92 the Indian medical industry;
EBITDA 191.90 (5.05) (8.19) (7.72) • Well-diversified and globally certified portfolio of products;
Net Profit/(Loss) for the Period 132.73 3.76 (29.42) (23.32) • Proven research and development capabilities;
EPS (₹) 45.75 1.34 (10.32) (8.98) • Strong manufacturing and infrastructure capabilities;
RoNW (%) as stated 77.10% 12.29% (84.77)% (37.96)% • Strategic go-to-market approach with an extensive distribution network and
Net Asset Value (₹) 59.57 13.60 11.62 24.66 longstanding customer relationships.

One Mobikwik Systems Limited
Promoters: Bipin Preet Singh, Upasana Rupkrishan Taku, Koshur Family Trust and Narinder Singh Family Trust
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.
BRLMs: ICICI Sec, BNP Paribas, Credit Suisse, IIFL Sec, Jefferies India Registrar: Link Intime
Objects of the Offer: Funding organic growth initiatives; and Funding inorganic growth.

• One Moobikwik Systems Ltd is a fintech company - one of the largest mobile wallets • Company’s business operations are divided into 3 distinct business
(MobiKwik Wallet) and Buy Now Pay Later (BNPL) players in India based on mobile segments: (i) BNPL; (ii) Consumer Payments (MobiKwik Wallet); and (iii)
wallet GMV and BNPL GMV, respectively, in Fiscal 2021. Payment Gateway (Zaakpay).
• They are focused on addressing the unmet credit needs of the fast growing online • They had acquired Clearfunds, an online mutual fund platform, in 2018 to
transactors by combining the convenience of everyday mobile payments with the offer wealthtech products. As of March 31, 2021, they have partnered with
benefits of Buy Now Pay Later (BNPL). 36 asset management companies, including UTI Mutual Fund, DSP and
• They are a technology-first company leveraging big data analytics and deep data Aditya Birla Sun Life Mutual Fund.
science (including machine learning) to continuously delight users and merchants on • They have received an approval to act as a ‘Corporate Agent’ from the
their platform. IRDAI.
• To further enhance their value proposition to their online merchants, they introduced • They have partnered with 4 insurance companies, including SBI General
their payment gateway,Zaakpay, in 2012. Insurance, Aegon Life and Chola MS to offer a wide range of micro
Insurance products.
As of March 31,
Particulars
2021 2020 2019
Key Strengths
Instruments entirely Equity in nature 14.43 13.33 12.73 • Strong network effects resulting in growth across business verticals;
Net worth (20.01) (30.85) (1.57) • Large engaged user base with low CAC;
Revenue from Operations 288.57 355.68 148.48 • MobiKwik is a strong consumer brand recognised across India;
EBITDA (101.81) (84.64) (141.87)
Loss Before Tax (110.26) (98.05) (151.20) • Technology and product first approach to business.
Net 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 Back 96
Popular Vehicles and Services Limited
Promoters: John K. Paul, Francis K. Paul and Naveen Philip
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.
BRLMs: Axis Capital, Dam Capital, Centrum Capital Registrar: Link Intime
Objects of the Offer: Repayment and/or pre-payment, in full or part, of certain borrowings; availed by the company and their subsidiaries.

• Popular Vehicles and Services Ltd was incorporated on July 5, 1983. • The company categorises its business into 4 key segments, namely
• The company is a leading diversified automotive dealership in India in terms of passenger cars, luxury vehicles, commercial vehicles and others.
revenue, with a presence across the automotive retail value chain, including sale of • As a diversified and fully integrated automotive dealership company, the
new passenger and commercial vehicles, services and repairs, spare parts company caters to the complete life-cycle of vehicle ownership, right from
distribution, sale of pre-owned passenger vehicles and facilitation of sale of third-party operating driving schools, retailing new vehicles, servicing and repairing
financial and insurance products. vehicles, distributing spare parts, to facilitating sale or exchange of pre-
• The company operates passenger vehicle dealerships of Maruti Suzuki, Honda and owned vehicles and facilitation of sale of third-party financial and insurance
JLR and the commercial vehicle dealership of Tata Motors (Commercial). products.
• As of March 31, 2021, they operates through their expansive network of 59 • In addition to benefiting from the inherent synergies arising out of such
showrooms, 99 sales outlets and booking offices, 83 authorised service centres, 29 complementary business verticals, their diversified income streams also
retail outlets, and 25 warehouses located across State in India. contribute to higher profitability margins at their dealerships.
Particulars
2021 2020 2019
Equity Share Capital 12.54 12.54 12.54 • Strong capabilities in high volume and high margin services and repair
Net worth 246.00 212.77 197.85 offerings leading to business stability;
Revenue from Operations 2,893.53 3,171.62 3,901.96 • Long standing presence in the automotive industry and established
EBITDA 174.85 138.98 142.47 relationships with leading OEMs;
Profit Before Tax 47.25 8.00 31.65 • Deep penetration in markets and Strong presence in pre-owned passenger
Net Profit for the Year 32.46 12.49 21.37 vehicle sales segment contributing to higher margin growth.
EPS (₹) 25.88 9.96 17.42 • Presence across the complete life cycle of vehicle ownership leading to
RoNW (%) as stated 13.19% 5.87% 10.80% greater customer retention and diversified revenue streams;
Net Asset Value (₹) 196.17 169.67 157.77

Brief summary of Issues –
Offer Documents Filed &
Awaiting SEBI Observations
Note: Issue Size is indicative, excluding OFS,

if specified in terms of shares
Go Digit General Insurance Limited
Promoters: Kamesh Goyal, Go Digit Infoworks Services Pvt. Ltd. Oben Ventures LLP and FAL Corporation.
Offer Details: Fresh issue of Equity Shares aggregating upto ₹1,250 Cr and Offer for Sale of 109,445,561 Equity Shares, Pre-IPO Placement of ₹ 250 Cr;
Reservation for Employees.
Date of SEBI Filing: 17-08-2022 Date of SEBI Approval: N.A. Face Value: ₹ 10/-
Approx Issue Size (₹ Cr): 1,250^ BRLMs: Axis Capital, ICICI Securities, Morgan Stanley, Edelweiss Financial,
Category Allocation - QIB:HNI:Retail: 75:15:10 HDFC Bank, IIFL Securities
Objects of the Offer: Augment the company’s capital base and maintain solvency levels.

• Go Digit General Insurance Ltd is one of the leading digital full stack insurance • The company deploys a combination of insurance and technology solutions
companies, leveraging their technology to power what to be an innovative approach to to assist in enrolment, insurance claims processing, underwriting, policy
product design, distribution, and customer experience for non-life insurance products. administration, data insights and fraud detection.
• The company offers motor insurance, health insurance, travel insurance, property • Key aspects of the business model includes:
insurance and other non-life insurance products, which the customer can customize to • Focus on accuracy of assessment and pricing of risk;
meet his or her needs.
• Efficient, scalable operating platform;
• The company caters for approximately 82.9% of the GWPs written by these digital full
• Strong, stable portfolio returns generated by a conservative investment
stack insurance players (₹ 52.68 billion in terms of GWP in Fiscal 2022) making it the
approach.
largest digital full stack insurance player in India.
As at March 31, Key Strengths

Particulars
2022 2021 2020 • High-quality Customer Experience;
Equity Share Capital 859.01 824.69 816.84 • Focus on Empowering the Distribution Partners;
Net worth 1,866.87 1,134.57 1,122.34
• Predictive Underwriting Models;
Total Income 3,840.96 2,251.99 1,419.20
• Appeal to younger customers;
EBITDA (283.41) (113.79) (168.70)
• Advanced Technology Platform;
Net Profit for the Period (295.86) (122.76) (175.24)
• A nimble organization with a skilled and experienced management team.
EPS (Rs.) (3.55) (1.50) (2.41)
RONW (%) (15.85)% (10.60)% (15.61)%
Net Asset Value - Diluted (₹) 21.36 13.53 13.63

Balaji Solutions Limited
Promoters: Rajendra Seksaria
Offer Details: Fresh issue of Equity Shares aggregating upto ₹120 Cr and Offer for Sale of 7,500,000 Equity Shares, Pre-IPO Placement of ₹ 24 Cr; Reservation
for Employees.
BRLMs:IDBI Capital Markets, Affinity Global Capital Market Registrar: KFin Technologies
Objects of the Offer: Funding incremental working capital requirements of the company.

• Balaji Solutions Ltd is an IT hardware & peripherals and mobile accessories company • They carry out the business of manufacturing of products under their
engaged in the business of (i) manufacturing and branding of products under their flagship brand “Foxin” such as:
flagship brand i.e. “Foxin” ; (ii) original equipment manufacturers (“OEMs”) ranging • mobile accessories (USB data cables, power bank, mobile chargers),
from sourcing of components, designing, manufacturing, quality testing as per the
• hearables and audio products (earphones, true wireless stereo, etc).
specifications provided by certain brand owners; and (iii) distribution of various IT
hardware & peripherals, mobile accessories, consumables and surveillance products • They carry out the business of marketing and selling of their products which
of certain brand owners.. are manufactured and sourced from third parties across India such as:
• hearables and audio products (multi-media bluetooth speakers, TWS,etc.
• IT hardware & peripherals (monitor, CPU cabinets, keyboards etc.

Particulars
2022 2021 2020 • Established presence with over two decades of operations in the electronic
Equity Share Capital 60.00 15.78 15.78 industry;
Net worth 75.92 63.86 47.61 • Diversified business vertical with wide range of product portfolio and
Revenue from Operations 482.25 483.48 452.16 consistent focus on quality;
EBITDA 23.69 23.90 10.81 • Established distribution network and stable relationship with the customers;
Net Profit for the Period 15.39 16.25 3.33 • Integrated Manufacturing Facility to deliver quality products.
EPS (Rs.) 2.56 10.29 2.11
RONW (%) 20.27% 25.45% 6.99%
Net Asset Value (₹) 12.65 40.46 30.16

Concord Biotech Limited
Promoters: Sudhir Vaid and Ankur Vaid.
Offer Details: Offer for Sale of 20,925,652 Equity Shares, Reservation for Employees
BRLMs: Kotak Mahindra Capital, Citigroup Global Markets, Jefferies India Registrar: Link Intime

• Concord Biotech Ltd is an India-based biopharma company and one of the leading • They commanded a market share of over 20% by volume in 2021 across
global developers and manufacturers of select fermentation-based APIs across identified fermentation-based API products, including dactinomycin,
immunosuppressants and oncology in terms of market share, based on volume in sirolimus, tacrolimus, mycophenolate sodium and cyclosporine.
2021. • In 2016, they launched their formulation business in India as well as
• They had (i) 22 APIs across immunosuppressants, oncology and anti-infectives, and emerging markets, including Nepal, Mexico, Indonesia, Thailand, Ecuador,
(ii) 43 formulations across immunosuppressants, nephrology drugs, anti-infectives for Kenya, Singapore and Paraguay, and have further expanded to the US.
critical care and other therapeutic areas. They had over 200 customers in over 70 • As of March 31, 2022, they had 6 fermentation-based immunosuppressant
countries as of March 31, 2022 for their APIs and formulations. APIs, including tacrolimus, mycophenolate mofetil, mycophenolate
sodium,cyclosporine, sirolimus and pimecrolimus.

Particulars
2022 2021 2020 • Established presence across the complex fermentation value chain;
Equity Share Capital 9.51 9.51 9.51 • Global leadership in immunosuppressant APIs along with a wide spectrum
Net worth 1,103.22 999.37 770.23 of complex fermentation-based APIs across multiple therapeutic areas;
Revenue from Operations 712.93 616.94 512.33 • Scaled manufacturing facilities with a consistent regulatory compliance
EBITDA 269.64 327.10 204.32 track record and supported by strong R&D capabilities;
Net Profit for the Period 174.93 234.89 169.11 • Diversified global customer base with long-standing relationships with key
EPS (Rs.) 16.72 22.45 16.17 customers;
RONW (%) 16.64% 26.55% 23.28% • Financial track record of rapid growth and consistent profitability with
healthy cash flows and strong shareholder returns
Net Asset Value (₹) 105.45 95.53 73.62

Balaji Speciality Chemicals Limited
Promoters: Balaji Amines Ltd., Ande Prathap Reddy, Ande Srinivas Reddy, Ram Reddy Dundurapu, Rajeshwar Reddy Nomula, and Gaddam Hemanth Reddy.
Offer Details: Fresh issue of Equity Shares aggregating upto ₹250 Cr and Offer for Sale of 26,000,000 Equity Shares, Pre-IPO Placement of ₹50 Cr, Reservation
for Employee and Shareholders of Balaji Amines
BRLMs: HDFC Bank, JM Financial Registrar: Link Intime
Objects of the Offer: Repayment/pre-payment, in full or in part, of certain outstanding borrowings; Funding working capital requirements of the company.

• Balaji Speciality Chemicals Ltd is the sole manufacturer in India of niche chemicals • The company focuses on products based on certain criteria:
such as Ethylenediamine, Piperazine (Anhydrous), Diethylenetriamine, Amino Ethyl (i) manufactured for the first time in India; (ii) import substitutes; (iii)
Ethanol Amines and Amino Ethyl Piperazine, using the Monoethanol Amine process. continuous process technology, (iv) high export potential; (v) multiple high
• They are a subsidiary of Balaji Amines Ltd, one of the leading manufacturers of growth application areas such as speciality chemicals, pharma and
aliphatic amines in India. agrochemicals; and (vi) commodity raw materials.
• As of March 31, 2022, their product portfolio comprised 5 niche chemicals catering to a • They have consistently increased their production volume, from 4,428.39
diverse range of end user industries, including speciality chemicals, agrochemicals; MT in Fiscal 2020 to 16,851.72 MT in Fiscal 2022.
and pharmaceuticals across multiple applications. • In Fiscal 2022, they sold their products to 182 customers, enabling them to
cater to the growing market opportunity.

Particulars
2022 2021 2020 • Sole manufacturer of niche chemicals in India, with significant export
Equity Share Capital 40.00 40.00 40.00 potential.
Net worth 187.48 78.53 68.13 • Well positioned to capture industry tailwinds.
Revenue from Operations 514.28 174.40 53.88 • Rapidly developed a diversified global and Indian customer base.
EBITDA 180.62 43.84 0.44 • Ability to leverage research and development capabilities
Net Profit for the Period 108.95 10.40 (15.87) • Manufacturing Facility with stringent quality norms and procedures.
EPS (Rs.) 5.45 0.52 (0.79) • Improving, profitability and enhancement of market share.
RONW (%) 81.91% 14.18% (20.86)%
Net Asset Value (₹) 9.37 3.93 3.41

Avalon Technologies Limited
Promoters: Kunhamed Bicha and Bhaskar Srinivasan
Offer Details: Fresh issue of Equity Shares aggregating upto ₹400 Cr and Offer for Sale of Equity Shares aggregating upto ₹625 Cr Equity Shares, Pre-IPO
BRLMs: JM Financial, DAM Capital, IIFL Securities, Nomura Financial Registrar: Link Intime
Objects of the Offer: Prepayment or repayment of all or a portion of certain outstanding borrowings availed by the company and one of their Material Subsidiaries;
Funding the working capital requirements of the company.

• Avalon Technologies Ltd is one of the leading fully integrated electronic manufacturing • Company’s other capabilities include cable assembly and wire harnesses,
services companies with end-to-end capabilities in delivering box build solutions in sheet metal fabrication, machining, magnetics and injection molded
India in terms of revenue in Fiscal 2022, with a focus on high value precision plastics.
engineered products. • They provide a full stack product and solution suite, right from printed
• Through a unique global delivery model, they provide a full stack product and solution circuit board (“PCB”) design and assembly to the manufacture of complete
suite, right from printed circuit board design and assembly to end-to-end box build of electronic systems (“Box Build”), to certain global original equipment
electronic systems, to certain global original equipment manufacturers. manufacturers (“OEMs”), including OEMs located in the United States,
China, Netherlands and Japan.

Particulars
2022 2021 2020 • End – to – end integrated solutions, providing a “One Stop Shop” for
Equity Share Capital 1.60 1.60 1.53 electronics and electro – mechanical design and manufacturing services.
Net worth 87.19 28.21 3.45 • High entry barriers to business
Revenue from Operations 840.72 690.47 641.87 • Well-diversified business leading to strong growth avenues
EBITDA 97.55 66.14 64.48 • Established relationships with marquee customer base
Net Profit for the Period 68.16 23.08 12.33 • Global delivery footprint with high quality standards and advanced
EPS (Rs.) 11.30 4.01 2.21 manufacturing and assembly capabilities
RONW (%) 85.86% 40.36% 25.19%
Net Asset Value (₹) 15.60 11.19 8.93
Source: DRHP, * Restated consolidated; Equity capital prior to issue stands at ₹11.20 Cr Back 103
Fincare Small Finance Bank Limited
Promoters: Fincare Business Services Ltd
Offer Details: Fresh issue of Equity Shares aggregating upto ₹625 Cr and Offer for Sale of 17,000,000 Equity Shares, Pre-IPO Placement of ₹125 Cr, Reservation
for Employees.
Approx Issue Size (₹ Cr): 625^ BRLMs: Axis Capital, ICICI Securities, IIFL Securities, SBI Capital Markets, Amit
Category Allocation - QIB:HNI:Retail: 50:15:35 Pvt Ltd

• Fincare Small Finance Bank is a "digital-first" SFB with a focus on unbanked and • The Bank has over 15 years of experience in providing microloans. Bank’s
under-banked customers, especially in rural and semi-urban areas. Among Gross Loan Portfolio grew from ₹ 5,341.83 crore to ₹ 7,599.58 crore,
comparable SFB peers in India, they had the highest growth rate in advances over registering a CAGR of 19.28%, from Fiscal 2020 to Fiscal 2022.
Fiscal 2018 to Fiscal 2020. • For Fiscal 2022, they onboarded over 99.49% of their new customers
• The bank follows a business model focused on financial inclusion and aim to provide (borrowers and depositors) using employee-assisted digital processes
individuals and businesses with affordable financial products and services that meet (including 99.86% for asset accounts and 99.47% for liability accounts),
their needs. Their business objective is to enhance access to savings, credit and other and all of their loan disbursement for microloans, loans against property
financial products for unbanked and underbanked individuals, MSMEs etc. and affordable housing loans were cashless.

Particulars
2022 2021 2020 • Customer-centric approach driven by digital banking and automation;
Equity Share Capital 220.78 63.61 63.61 • Strong commitment to financial inclusion with extensive rural franchise and
Net worth 1108.84 951.40 863.58 expanding urban presence;
Interest earned 1,445.87 1,251.03 1,070.26 • Multi-channel, low cost distribution network with diversified geographic
EBITDA 25.86 163.43 219.63 presence;
Net Profit for the Period 8.87 113.14 143.45 • Fast-growing stable deposit base with a growing CASA franchise;
EPS (Rs.) 0.38 5.55 7.03 • Stable and experienced professional leadership team;
RONW (%) 0.80% 11.89% 16.61% • Robust risk management policies, leading to healthy asset quality.
Net Asset Value (₹) 50.22 149.57 135.76

Utkarsh Small Finance Bank Limited
Promoters: Utkarsh Coreinvest Ltd.
Offer Details: Fresh issue of Equity Shares aggregating upto ₹500 Cr, Pre-IPO Placement of ₹100 Cr, Reservation for Employees
BRLMs: ICICI Securities, Kotak Mahindra Capital Registrar: KFin Technologies

• Utkarsh Small Finance Bank is an SFB in India and recorded the 2nd fastest AUM • Bank’s operations are spread across India and are present in 22 States and
growth between Fiscal 2019 and Fiscal 2022 among SFBs with AUM of more than ₹ 50 Union Territories with 686 Banking Outlets and 12,617 employees, as of
billion. March 31, 2022.
• They had the 3rd highest provision coverage ratio among SFBs with AUM of more than • As of March 31, 2022, they had 3.14 million customers (both deposit and
₹ 50 billion in Fiscal 2022. Their operations are focused in rural and semi-urban areas credit) majorly located in rural and semi-urban areas primarily in the states
and as of March 31, 2022, they had 3.14 million customers (both deposit and credit) of Bihar, Uttar Pradesh and Jharkhand.
majorly located in rural and semi-urban areas primarily in the states of Bihar, Uttar • As of March 31, 2022, they had tie-ups with 10 Business Correspondents
Pradesh and Jharkhand to source customers and 187 DSAs to grow their asset portfolio.

Particulars
2022 2021 2020 • Sound understanding of microfinance segment and presence in rural and
Equity Share Capital 895.52 848.33 759.27 semi-urban areas;
Net worth 1,572.30 1,368.35 1,019.50 • Growing deposits with focus on retail deposits;
Interest earned 1,848.81 1,580.99 1,307.69 • Diversified distribution network with significant cross-selling opportunities;
Net Profit for the Period 6.15 11.18 18.67 • Focus on risk management and effective operations;
EPS (Rs.) 0.70 1.46 2.49 • Stable growth with cost efficient operational performance;
• Leadership complementing the strengths.
RONW (%) 3.91% 8.17% 18.32%
Net Asset Value (₹) 17.56 16.13 13.43

Sai Silks (Kalamandir) Limited
Promoters: Nagakanaka Durga Prasad Chalavadi and Jhansi Rani Chalavadi
Offer Details: Fresh issue of Equity Shares aggregating upto ₹600 Cr and Offer for Sale of 18,048,440 Equity Shares, Pre-IPO Placement of ₹120 Cr
BRLMs: Motilal Oswal, Edelweiss Financial, HDFC Bank Registrar: Bigshare Services
Objects of the Offer: Funding capital expenditure towards setting-up of 25 new stores; Funding capital expenditure and working capital requirements; Repayment or pre-
payment, in full or part, of certain borrowings.

• Sai Silk (Kalamandir) Ltd is one of the largest retailers of ethnic apparel, particularly • Company’s ethnic wear and value-fashion products are available through
sarees, in south India in terms of revenues and PAT in Fiscal 2019, 2020 and 2021. their stores under 4 different format stores as well as through e-commerce
• Through their 4 store formats, i.e., Kalamandir, VaraMahalakshmi Silks, Mandir, and channels comprising their own website and other online e-commerce
KLM Fashion Mall, they offer their products to various segments of the market that marketplaces.
include premium ethnic fashion, ethnic fashion for middle income and value-fashion. • The company, over the years expanded to 46 stores in 4 south Indian
• As of May 31, 2022, they operated 46 stores in 4 major south Indian states states, i.e., Andhra Pradesh, Telangana, Karnataka and Tamil Nadu, with
an aggregate area of approx. 550,815 square feet, as of May 31, 2022.
Their customer base, as of May 31, 2022, exceeded over 5 million
customers.

Particulars
2022 2021 2020 • Among the leading ethnic and value-fashion retail company in south India;
Equity Share Capital 24.07 24.07 23.46 • Portfolio of established formats with focused sales and marketing strategy.
Net worth 300.66 242.99 231.51
• Well positioned to leverage growth in the ethnic and value-fashion apparel
Revenue from Operations 1,129.32 677.25 1,175.56 industry in India;
EBITDA 133.05 62.36 103.71 • Leading ethnic wear retail brand in India with a scalable model;
Net Profit for the Period 57.69 5.13 42.10 • Strong presence in marketplace with an omni-channel network;
EPS (Rs.) 4.79 0.43 3.59 • Track record of growth, profitability and unit economics with an efficient
RONW (%) 19.19% 2.11% 18.18% operating model.
Net Asset Value (₹) 24.99 20.19 19.74

Sula Vineyards Limited
Promoters: Rajeev Samant
Offer Details: Offer for Sale of 25,546,186 Equity Shares
Approx Issue Size (₹ Cr): NA
BRLMs: Kotak Mahindra Capital, CLSA India, IIFL Securities Registrar: KFin Technologies
Objects of the Offer: To carry out the Offer for Sale and achieve the benefits of listing the Equity Shares on the Stock Exchanges.

• Sula Vineyards Ltd is India’s largest wine producer and seller as of March 31, 2021. • Company’s business can be broadly classified under two categories (i) the
They have been a consistent market leader in the Indian wine industry in terms of production of wine, the import of wines and spirits, and the distribution of
sales volume and value (on the basis of the total revenue from operations) since Fiscal wines and spirits (the “Wine Business”); and (ii) the sale of services from
2009. ownership and operation of wine tourism venues, including vineyard resorts
• The company focuses on providing their consumers extensive varieties of wine at and tasting rooms (the “Wine Tourism Business”).
varying price points, with 56 labels to choose from their portfolio of 13 distinct Own • The company distributes wines under a bouquet of popular brands. In
Brands and 20 international labels (18 wine labels and 2 spirit labels) that they import addition to the flagship brand “Sula,” popular brands include “RASA,”
and distribute as of March 31, 2022. “Dindori”, “The source,” “Satori”, “Madera” & “Dia” with its flagship brand
“Sula” being the “category creator” of wine in India

Particulars
2022 2021 2020 • High barriers of entry;
Equity Share Capital 15.72 15.08 15.04 • Established market leader in the Indian wine industry with the leading
Net worth 395.26 304.74 299.95 brand “Sula”;
Revenue from Operations 453.92 417.96 521.63 • Largest wine producer in India with the widest and innovative product
EBITDA 116.07 64.51 50.49 offering supported by an efficient production mechanism;
Net Profit/(Loss) for the Period 52.14 3.01 (15.94) • Largest wine distribution network and sales presence;
EPS (Rs.) 6.79 0.40 (2.09) • Secured supply of raw material with long term contracts exclusive to Sula;
RONW (%) 13.19% 0.98% (5.23)% • Leader and pioneer of the wine tourism business in India;
Net Asset Value (₹) 50.29 40.42 39.88 • Early adoption and focus on sustainability.

Signatureglobal (India) Limited
Promoters: Pradeep Kumar Aggarwal, Lalit Kumar Aggarwal, Ravi Aggarwal, Devender Aggarwal, Pradeep Kumar Aggarwal HUF, Lalit Kumar Aggarwal HUF, Ravi
Aggarwal HUF, Devender Aggarwal HUF and Sarvpriya Securities Pvt Ltd.
Offer Details: Fresh issue of Equity Shares aggregating upto ₹750 Cr and Offer for Sale of Equity Shares aggregating upto ₹250 Cr
BRLMs: Axis Capital, ICICI Securities, Kotak Mahindra Capital Registrar: Link Intime
Objects of the Offer: Re-payment or pre-payment, in full or in part, of certain borrowings; Infusion of funds in certain of their Subsidiaries.

• Signatureglobal (India) Ltd is the largest real estate development company in the • The company provides “value homes” with attractive designs and
National Capital Region of Delhi (“Delhi NCR”) focusses on affordable and mid amenities. They proactively seek to enhance the value of their projects by
segment housing in terms of units supplied (in the below ₹ 8 million price category) creating a better living environment through the provision of comprehensive
between 2019 and 2021 with a market share of 19%. community facilities and by engaging renowned architects.
• They were also the largest real estate developer under the DDJAY – APHP in the • Most of their Completed Projects, Ongoing Projects and Forthcoming
Gurugram and Sohna region, with a market share of 49% of the total supply of units Projects are located in Gurugram and Sohna in Haryana, with 84.58% of
developed under DDJAY – APHP floors in the period from 2019 to 2021. their Saleable Area located in this region, and almost all of their projects
have been, or are being, undertaken under the AHP or the DDJAY - APHP.

Particulars
2022 2021 2020 • Largest affordable and mid segment real estate developer in Delhi NCR;
Equity Share Capital 11.38 5.69 5.69 • Well-established brand, strong distribution network and digital marketing
capabilities translating into faster sales;
Net worth (352.22) (206.87) (93.07)
• Fast growing with ability to scale up rapidly;
Revenue from Operations 901.30 82.06 241.55 • Ability to provide aspirational lifestyle and amenities at affordable pricing
Adj. EBITDA 27.38 (58.29) 9.51 and at strategic locations;
• Standardized product offerings, quick turnaround and end-to-end in-house
Net Loss for the Period (115.50) (86.28) (56.57) project execution expertise.
Net Asset Value (₹) (30.96) (18.18) (8.18)
Source: DRHP, * Restated Consolidated; ^not annualised; Back 108

Mitsu Chem Plast Limited
Promoters: Jagdish Dedhia, Sanjay Dedhia and Manisha Dedhia
Offer Details: Further issue of Equity Shares aggregating upto ₹125 Cr
BRLMs: IDBI Capital Registrar: Bigshare Services
Objects of the Offer: Repayment/Pre-payment, in full or part, of certain borrowings; Funding Working Capital requirement

• Mitsu Chemplast Ltd is a packaging solutions provider engaged in the business of • Company’s product verticals includes:
manufacturing polymer based molded products mainly used for industrial packaging for Molded Industrial Packaging – Blow molding products such as jerry cans,
industries like chemicals, agrochemicals, pharmaceuticals, lubricants, food and edible bottles, drums, barrels, carboys, drums, jars, Injection molding products.
oil. The company also manufactures polymer based molded hospital furniture parts
• Hospital Furniture Parts - Head bows, side railings, planks commonly
which are supplied to hospital furniture manufacturing companies and caters to the
known as ABS panels, over bed tabletop, bed side locker parts, spine
polymer-based product requirements of various other industries.
boards, CPR boards, etc.
• They use blow molding and injection molding technologies for manufacturing their
• Others - Plastic parts of chairs used in school, bus and sports stadiums
products. Their product verticals include Molded Industrial Packaging, Hospital
etc.
Furniture Parts and others.

Particulars
2022 2021 2020 • Diverse customer base;
Equity Share Capital 120.73 120.73 120.73 • Comprehensive product portfolio;
Net worth 509.17 396.49 301.76 • Product design & development;
Revenue from Operations 2,577.17 1,783.33 1,385.48 • Strategic location of manufacturing units;
EBITDA 256.76 230.87 158.56
• Quality Standard Certifications & Quality Tests;
Net Profit for the Period 115.00 96.88 39.75
• Experienced Promoters and senior management team.
EPS (₹) 9.53 8.02 3.29
ROCE(%) 17.87% 18.35% 12.52%
Net Asset Value (₹) 42.18 32.84 25.00

Concord Enviro Systems Limited
Promoters: Prayas Goel and Prerak Goel
Offer Details: Fresh issue of Equity Shares aggregating upto ₹175 Cr and Offer for Sale of 3,569,180 Equity Shares; Pre-IPO Placement of ₹35 Cr
BRLMs: DAM Capital, Equirus Capital Registrar: Link Intime
Objects of the Offer: Investment in their Material Subsidiaries, Prepayment or repayment of all or a portion of certain outstanding borrowings.

• Concord Enviro Systems Ltd is an integrated solutions provider of industrial • The company provides their solutions to customers on a turnkey basis or
wastewater reuse and zero liquid discharge (“ZLD”) solutions, with an inhouse position on rental basis under their “pay per use/pay as you treat” model.
across the value chain including design, component manufacturing, installation and • Company’s integrated solutions includes effluent treatment plants and
commissioning and operation and maintenance including digitalization solutions membrane-based systems.
including IoT technology for analysis of customer data. • As of March 31, 2022, they had been awarded 3 patents in India and had
• They were the 2nd largest Indian solutions provider in Fiscal 2021 for industrial water filed 3 additional patent applications. They have 2 manufacturing facilities,
recycle and reuse systems in terms of revenue. Further, in Fiscal 2021 they were the one located at Vasai in Maharashtra, and the other at Sharjah in the UAE.
largest ZLD solutions provider in India in revenue terms.
As at Dec’31 As at March 31, Key Strengths

Particulars
2021(09) 2021(12) 2020(12) 2019 (12) • Poised to capitalise on opportunities in wastewater reuse and zero liquid
Equity Share Capital 0.43 0.31 0.31 0.31 discharge;
Net worth 252.06 (12.44) (21.92) (36.76) • Integrated solutions provider supported by backward integrated
Revenue from Operations 219.38 347.60 383.21 297.68 manufacturing facilities;
EBITDA 33.51 62.07 73.52 70.55 • Diversified customer base across industry sectors and geographies;
Net Profit for the Period 3.03 19.81 7.86 15.85 • Strong focus on innovation supported by R&D and design capabilities;
EPS (₹) 29.93^ 321.57 127.58 257.29 • Healthy financial performance to support growth.
RoNW (%) 1.20%^ (159.32) (32.85) (43.12)
Net Asset Value (₹) 2,510.00 (173.67) (327.66) (568.48)
Source: DRHP, * Restated Consolidated; ^not annualised; Back 110

Healthvista India Limited
Promoters: The company is a professionally managed company and does not have an identifiable promoter.
BRLMs: SBI Capital Markets, IIFL Securities, JM Financial Registrar: Link Intime
Objects of the Offer: Funding the working capital requirements of the Material Subsidiary; Re-payment/ pre-payment of certain indebtedness; Purchase of medical
equipment; Marketing and brand building activities; Inorganic growth initiatives.

• Healthvista India Ltd is the leading out-of-hospital healthcare provider in India, based • The company also distribute specialty pharmaceuticals and provide “point
on revenue and highest market share of 21% in Fiscal 2021, as well as cities covered of care” medical equipment for sale and rental.
as of December 31, 2021. • As of March 31, 2022, they had established 40 offices across India, entered
• Under their well-established brand Portea, they provide a comprehensive range of out- into agreements with 63 hospitals, 80 corporates, 8 insurers and 11
of-hospital healthcare services, including primary care, geriatric (elderly) and palliative insurance third party administrators (“TPAs”).
(end-of-life) care, intensive care unit care, post-operative and post-hospitalization care, • As of March 31, 2022, they had developed relationships with 3,058
chronic care, mother and baby care and cancer care, all at home. clinicians and had established formal arrangements with over 14 key
opinion leaders across India.

Particulars
2021(09) 2021(12) 2020(12) 2019 (12) • Comprehensive offerings for patients leading to customer stickiness across
Equity Share Capital 0.06 0.06 0.06 0.06 a lifetime journey;
• In-depth medical expertise and comprehensive clinical protocols to deliver
Net worth (18.28) (685.91) (650.57) (605.75)
quality healthcare;
Revenue from Operations 113.60 127.60 150.55 144.18 • Sophisticated technology stack and digital portfolio leveraging proprietary
technology to broaden range of offerings;
EBITDA (7.85) (16.56) (52.59) (72.73)
• Ability to attract, train and retain high-quality medical personnel;
Net Loss for the Period (34.86) (37.02) (48.01) (71.76) • Stable financial performance with improved margins;
Net Asset Value (₹) (0.88) (109.13) (103.51) (96.43)
Source: DRHP, * Restated Consolidated. Back 111

Innova Captab Limited
Promoters: Manoj Kumar Lohariwala and Vinay Kumar Lohariwala
BRLMs: ICICI Securities, JM Financial Registrar: KFin Technologies
Objects of the Offer: Repayment and / or prepayment in part or in full, of certain outstanding loans; Investment in the subsidiary; Funding working capital requirements.

• Innova Captab Ltd is an integrated pharmaceutical company in India with a presence • Innova manufactures their diverse generics product portfolio of over 400
across the pharmaceuticals value chain including research and development, products and market them under their own brands in the Indian market
manufacturing, drug distribution and marketing and exports. through a developed network of approximately 3,400 distributors and
• Company’s business includes (i) a CDMO business providing research, product stockists and over 96,000 retail pharmacies.
development and manufacturing services, (ii) a domestic branded generics business • Their CDMO product portfolio spans across both acute and chronic
and (iii) an international branded generics business. therapeutic areas.
• They were the 3rd fastest growing CDMO in India in terms of operating income over the • During the 9 months ended December 31, 2021, they exported their
period Fiscal 2019 to Fiscal 2021. branded generic products to 17 countries.

Particulars
2021(09) 2021(12) 2020(12) 2019 (12) • Leading presence and one of the fastest growing CDMOs in the Indian
Equity Share Capital 12.00 12.00 12.00 12.00 pharmaceutical formulations market;
Net worth# 195.49 144.78 110.35 82.49 • Well established relationships with the marquee CDMO customer base;
Revenue from Operations 584.12 410.66 373.32 355.81 • Highly efficient operations, including their world class manufacturing
EBITDA 78.38 55.86 52.23 41.01 facilities and supply chain;
Net Profit for the Period 50.88 34.50 27.89 19.88 • Rapidly growing domestic and international export branded generics
EPS (₹) 10.60^ 7.19 5.81 4.14 businesses;
RoNW (%) 26.03%^ 23.83% 25.27% 24.10% • Strong R&D focus to build an increasingly complex product portfolio and
attract and retain customers.
Net Asset Value (₹) 40.73 30.16 22.99 17.18
Source: DRHP, * Restated Consolidated; ^not annualised; #excluding Capital Reserve Back 112
Allied Blenders and Distilleries Limited
Promoters: Kishore Rajaram Chhabria, Bina Kishore Chhabria, Resham Chhabria Jeetendra Hemdev, Bina Chhabria Enterprises Pvt Ltd, BKC Enterprises Pvt Ltd,
Oriental Radios Pvt Ltd, and Officer’s Choice Spirits Pvt Ltd.
Offer Details: Fresh issue of Equity Shares aggregating upto ₹1,000 Cr and Offer for Sale of Equity Shares aggregating upto ₹1,000 Cr; Pre-IPO Placement of
₹200 Cr
Approx Issue Size (₹ Cr): 2,000 BRLMs: Axis Capital, ICICI Securities, JM Financial, Kotak Mahindra Capital,
Category Allocation - QIB:HNI:Retail: 50:15:35 Equirus Capital
Objects of the Offer: Prepayment or scheduled re-payment of a portion of certain outstanding borrowings availed by the company.

• Allied Blenders and Distillers Ltd is the largest Indian-owned Indian-made foreign • Company’s flagship brand, Officer’s Choice Whisky was launched in
liquor (“IMFL”) company and the 3rd largest IMFL company in India, in terms of annual 1988 with their entry into the mass premium whisky segment. Officer’s
sales volumes between Fiscal 2014 and Fiscal 2021. They have over the years Choice Whisky has been among the top selling whisky brands globally in
established market leadership in the alcoholic beverages market with a market share terms of annual sales volumes between calendar year 2016 and 2019.
of 8.2% in IMFL market by sales volumes in Fiscal 2021, with sales across 30 States • As of March 31, 2022, their product portfolio comprised 10 major brands of
and Union Territories, as of December 31, 2021. IMFL across whisky, brandy, rum and vodka. Certain of their brands, such
• As of December 31, 2021, their products were retailed across over 64,000 outlets. as, Officer’s Choice Whisky, Sterling Reserve and Officer’s Choice Blue,
are ‘Millionaire Brands’ or brands that have sold over a million 9-litre cases
in one year.

Particulars
2021(09) 2021(12) 2020(12) 2019 (12)
• Among the largest IMFL company in India with a diversified and
contemporary product portfolio;
Net worth 406.10 381.78 379.62 291.82
• Strong brand recognition;
Revenue from Operations 5,444.98 6,378.78 8,119.07 8,934.60
• Strategically located, large scale and advanced manufacturing facilities with
EBITDA 158.60 213.00 250.04 316.97 a sophisticated research and development center;
Net Profit for the Period 3.30 2.51 12.79 15.20 • Access to extensive pan-India distribution network with ability to scale;
EPS (₹) 0.14^ 0.11 0.54 0.65 • Well-positioned to capture tailwinds in the Indian IMFL industry.
RoNW (%) 0.81%^ 0.66% 3.37% 5.21%
Net Asset Value (₹) 16.64 15.75 15.66 12.39

Inox Green Energy Services Limited
Promoters: Inox Wind Ltd
Offer Details: Fresh issue of Equity Shares aggregating upto ₹370 Cr and Offer for Sale of Equity Shares aggregating upto ₹370 Cr;Pre-IPO Placement of ₹70 Cr
Approx Issue Size (₹ Cr): 740 BRLMs: Edelweiss Financial, DAM Capital, Equirus Capital, IDBI Capital,
Category Allocation - QIB:HNI:Retail: 75:15:10 Systematix Corporate Services
Objects of the Offer: Repayment and/ or pre-payment, in full or part, of certain borrowings including redemption of Non-Convertible Debentures in full.

• Inox Green Energy Services Ltd is one of the major wind power operation and • They have stable annual income owing to long-term O&M contracts.
maintenance (“O&M”) service providers within India which was incorporated in 2012. Pursuant to an exclusivity agreement between IWL and the company, they
The company is engaged in the business of providing long-term O&M services for wind provide exclusive O&M services for all WTGs sold by IWL through the entry
projects, specifically the provision of O&M services for wind turbine generators and the of long-term O&M contracts.
common infrastructure facilities such as pooling stations and transmission lines which • Due to this exclusivity agreement, IWL’s order book is an important
support power evacuation from such WTGs. indicator of future revenue and growth for the company.
• They are a subsidiary of Inox Wind Ltd (“IWL”) with whom they enjoy a synergistic • As of March 31, 2022, IWL had entered into binding contracts for the supply
relationship with and a part of the Inox GFL group of companies. of 2 MW capacity WTGs with an aggregate capacity of 780 MW.

As of March 31, • Strong and diverse existing portfolio base;
Particulars
2022(12) 2021(12) 2020 (12) • Established track record, favourable national policy support and visibility for
Equity Share Capital 235.02 128.62 116.21 future growth;
Net worth 806.63 42.96 96.54 • Reliable cash flow supported by long-term O&M contracts with high credit
Revenue from Operations 172.17 172.25 165.32 quality counterparties;
EBITDA 100.26 77.27 95.35 • Supported and promoted by the parent company, IWL;
Net Profit/(Loss) for the Period# (4.95) (27.73) 1.68 • Established supply chain in place.
EPS – Diluted (₹)# (0.25) (2.29) 0.20
RoNW (%) (0.61)% (64.54)% 1.74%
Net Asset Value (₹) 34.32 3.34 8.31
Source: DRHP, * Restated Summary; # Continued Operations. Back 114

Deltatech Gaming Limited
Promoters: Delta Corp Ltd.
Offer Details: Fresh issue of Equity Shares aggregating upto ₹300 Cr and Offer for Sale of Equity Shares aggregating upto ₹250 Cr; Pre-IPO Placement of ₹50
Cr; Reservation for Employee and Shareholders.
Objects of the Offer: Organic growth, through marketing and business promotion activities; Strengthen the technology infrastructure to develop new capabilities.

• Deltatech Gaming Ltd is a digitally native, technology led gaming platform, delivering a • The company offers real money gaming through their platforms,
gamer-centric gaming experience across their various offerings. Adda52.com - offering poker and Adda.games - offering multi-games,
• They are one of the earliest companies in the real money gaming segment in India and which will include their rummy offering, Adda52Rummy.
Adda52 is India’s first online poker platform offering multiple poker variants. • Company’s core competencies has been their investment in building their
• They have been considered as a ‘category pioneer’ in India having a large gamer base own in-house platforms and developing data intelligence capabilities.
and have had more than 34.5% of market share for over 7 years till Fiscal 2021. • In line with their growth strategy, in April 2021, they acquired multi-gaming
technology under the brand ‘Faboom’ and re-branded it as the Adda.games
platform, thereby expanding their footprint in the gaming industry.

As of March 31, • Category pioneer with more than a decade of experience and market
Particulars
2022(12) 2021(12) 2020 (12) leadership by revenue;
Equity Share Capital 0.06 0.04 0.04 • In-house technology and ability to leverage gamer data;
Net worth 9.75 0.60 (22.34) • Demonstrated capabilities of building a real money gaming business with
Revenue from Operations 137.23 155.37 131.65 consistent positive operating cash flows and EBIDTA;
EBITDA 3.49 28.25 42.72 • Strength of the ‘DELTIN’ brand and strong parentage of the Promoter,
Delta Corp Ltd, a leading company in the gaming industry in India.
Net Profit/(Loss) for the Period (4.40) 15.95 30.07
EPS – Diluted (₹) (0.53) 3.13 5.92
RoNW (%) (45.11)% 2662.77% (134.59)%
Net Asset Value (₹) 1.19 0.12 (4.40)

Keystone Realtors Limited
Promoters: Boman Rustom Irani, Percy Sorabji Chowdhry, and Chandresh Dinesh Mehta
Offer Details: Fresh issue of Equity Shares aggregating upto ₹700 Cr and Offer for Sale of Equity Shares aggregating upto ₹150 Cr; Pre-IPO Placement of ₹140
Cr
BRLMs: Axis Capital, Credit Suisse Securities Registrar: Link Intime
Objects of the Offer: Repayment/ prepayment, in full or part, of certain borrowings availed by the company and/or certain of their ssubsidiaries; Funding acquisition of
future real estate projects

• Keystone Realtors Ltd is one of the prominent real estate developers (in terms of • The company has experience in developing lifestyle projects, high value
absorption in number of units) in the micro markets that they are present in. standalone buildings, gated communities and fully integrated townships, re-
• As of March 31, 2022, they had 32 Completed Projects, 12 Ongoing Projects and 19 developments projects.
forthcoming Projects across the Mumbai Metropolitan Region (“MMR”). • Some of the notable projects includes Rustomjee Elements, a large gated
• As of March 31, 2022, they have developed 20.05 msf of high-value and affordable community in Upper Juhu, Mumbai; Rustomjee Paramount, a signature
residential buildings, premium gated estates, townships, corporate parks, retail spaces, complex in Khar, Mumbai; Rustomjee Seasons, a 3.82 acres gated
schools, iconic landmarks and various other real estate projects. community in Bandra Annexe, Mumbai; Rustomjee Crown, a 5.75 acres
land parcel for high-end development at Prabhadevi, South Mumbai,
consisting of 3 high-rise towers.
As at Dec’31 As of March 31, • Well established customer-centric brand in the MMR;
Particulars
2021(09) 2021(12) 2020(12) 2019 (12) • Among the leading residential real estate development companies in MMR
Equity Share Capital 100.03 100.03 100.03 100.03 with a well-diversified portfolio and strong pipeline;
Net worth 881.14 789.81 416.20 392.79 • Asset-light and scalable model resulting in profitability and stable financial
Revenue from Operations 1035.58 848.72 1211.47 2116.99 performance;
Adj. EBITDA 143.98 149.45 193.43 328.25 • Demonstrated project execution capabilities with in-house expertise;
Net Profit for the Period 95.82 231.82 14.49 137.74 • Robust stakeholder management capabilities across the spectrum of
project;
EPS (₹) 9.76^ 31.04 2.20 15.25
• Technology focused operations resulting in operational efficiency;
RoNW (%) 10.94%^ 38.77% 5.14% 25.18%
• Strong focus on sustainable development.
Net Asset Value (₹) 89.20 80.06 42.71 40.37

Paymate India Limited
Promoters: Ajay Adiseshan and Vishvanathan Subramanian
Offer Details: Fresh issue of Equity Shares aggregating upto ₹1,125 Cr and Offer for Sale of Equity Shares aggregating upto ₹ 375 Cr; Pre-IPO Placement of
₹225 Cr; Reservation for Employee.
BRLMs: ICICI Securities, HSBC Securities, JM Financial, SBI Capital Markets Registrar: Link Intime
Objects of the Offer: Investment for expanding the business into new geographies; Pursuing inorganic initiatives; Placing cash as collateral with the financial institution.

• Paymate India Ltd (“Paymate”) is a leading* B2B payments and services provider that • Company’s platform has been adopted by 480 enterprises which
digitizes, automates and streamlines B2B payments in supply chains. They are the subscribed to the enterprise plan on their platform (“Enterprise Customers”)
pioneer in the digital technology-based B2B payment services market. such as rompton Greaves Consumer Electricals Ltd, Kansai Nerolac Paints
• Their platform is an integrated platform which includes multiple payment categories, Ltd, SBI Cards and Payment Services Ltd and Jay Bharat Maruti Ltd to
providing a “fully-integrated” B2B payments stack to their customers. receive payments from their buyers, dealers and distributors.
• As on December 31, 2021, they had 49,953 Customers, of which 480 were Enterprise • As on December 31, 2021, they had 49,953 Customers, of which 480 were
Customers and 49,473 were SME Customers. Enterprise Customers and 49,473 were small and medium enterprises.
• They had a Transaction processing volume of ₹7,773.15 crore in Dec’2021.

Particulars
2021(09) 2021(12) 2020(12) 2019 (12)
• Leading B2B payments solutions provider;
Equity Share Capital 5.61 0.04 0.04 0.04 • Long term Customer relationships and deep focus on User engagement;
Instruments in nature of Equity 169.50 141.38 139.07 82.65 • Relationships with key stakeholders in the payment automation ecosystem;
Net worth 39.33 17.20 34.90 (3.81) • Scalable and data-centric technology enabled platform;
Revenue from Operations 843.44 348.40 216.14 235.85 • Strong focus on processes and risk management.
EBITDA (40.93) (25.60) (24.96) (6.91)
Net Asset Value (₹) 7.36 3.31 6.80 (0.75)

Firstmeridian Business Services Limited
Promoters: Manpower Solutions Ltd
Offer Details: Fresh issue of Equity Shares aggregating upto ₹50 Cr and Offer for Sale of Equity Shares aggregating upto ₹750Cr.
BRLMs: JM Financial, DAM Capital, Edelweiss Securities Registrar: Link Intime
Objects of the Offer: Repayment and/ or prepayment of all or certain portion of outstanding borrowing (including accrued interest) availed by one of the subsidiaries.

• Firstmeridian Business Services Ltd is India’s 3rd largest staffing company, in terms of • Firstmeridian has a pan-India presence with over 50 branch offices for
revenues for FY2021. The services they provide include (1) general staffing and allied sourcing and recruitment in 75 cities with 118,082 Associates deployed at
services, (2) global technology solutions and (3) other HR services, including over 3,500 locations as of March 31, 2022.
permanent recruitment, recruitment process outsourcing, pharmaceutical and • They have developed sector-specific capabilities that have enabled them to
healthcare staffing and facility management. serve a diverse client base in a wide range of industries, including tele-
• The number of their Associates increased to 118,082 as of March 31, 2022. Their communications, retail, banking, financial services and insurance,
Associates operate in various functional roles, such as sales and marketing, customer construction and infrastructure, IT and ITES, e-commerce, etc.
services, warehouse management, delivery and factory staff. • As of March 31, 2022, they had a total of 1,212 clients.

Particulars
2021(09) 2021(12) 2020(12) 2019 (12)
• India’s 3rd largest staffing company in an industry characterized by
Equity Share Capital 72.22 72.22 72.22 72.22 economies of scale;
Net worth 256.99 228.60 260.68 280.26 • Diversified business across multiple end user industries and clients;
Revenue from Operations 2,069.41 2,110.29 2,058.44 1,398.44 • Excellent track record of organic and inorganic growth and integration;
Adj. EBITDA 50.35 39.41 35.50 9.82 • Technological capabilities and streamlined operations;
Net Profit/(Loss)for the Period 21.40 (33.66) (19.61) (38.53) • Strong and proven track record of sustained growth;
EPS – Diluted (₹) 2.83^ (4.66) (2.72) (5.34) • Highly qualified, experienced and entrepreneurial management team.
RoNW (%) as stated 8.33%^ (14.72)% (7.52)% (13.75)%
Net Asset Value (₹) 35.58 31.65 36.09 38.81

Pristine Logistics & Infraprojects Limited
Promoters: Amit Kumar, Durgesh Govil, Rajnish Kumar, Sanjay Mawar
Offer Details: Fresh issue of Equity Shares aggregating upto ₹ 250 Cr and Offer for Sale of 20,066,269 Equity Shares; Employee Reservation ₹ 1.5 Cr; Pre-IPO
BRLMs: ICICI Securites, HSBC Securities, JM Financial Registrar: Link Intime
Objects of the Offer: Investment in the subsidiaries for the purpose of repayment or pre-payment, in full or part, of certain borrowings availed by the subsidiaries.

• Pristine Logistics & Infraprojects Ltd is one of the leading Indian multi-modal integrated • Pristine currently operate 5 logistics parks, that include rail linked logistics
logistics players. They provide logistics infrastructure and services, pivoted around rail park, comprising of PFTs, ICDs and one dry port operated through their
transportation networks. subsidiaries, in various districts of Kanpur, Ludhiana, Siliguri and Patna.
• Pristine provides synergetic logistics infrastructure and services across the spectrum, The dry port is operated at Birgunj (Nepal) and is authorised to handle both
including non-container, container, rail transportation and road transportation services. containers as well as cargo carried on Indian railway wagons. They are
They also provide integrated logistics solutions by offering, (i) warehousing, storage also constructing 2 more terminals, 1 at Mansi (Bihar) and 1 linked to the
and cargo handling, (ii) rail transportation, (iii) road transportation, and (iv) third-party dedicated freight corridor (“DFC”) at New Rewari.
logistics (“3PL”) services. • The installed capacity of their ICDs and PFTs has to 648,000 TEU between
Fiscal year 2010 to Fiscal year 202

Particulars
2021(09) 2021(12) 2020(12) 2019 (12)
• Integrated logistics service provider with diversified business offerings;
Equity Share Capital 26.84 26.84 26.84 26.84 • Synergistic value proposition by leveraging the complementary business
Net worth 375.15 384.72 376.37 382.15 verticals creating significant entry barriers and scale of operations;
Revenue from Operations 494.75 556.93 469.27 365.08 • Track record of executing projects successfully and efficiently;
EBITDA 96.58 102.20 47.56 44.02 • Innovation capabilities and optimum utilisation of latest IT tools and
Net Profit/(Loss) for the Period (16.54) 4.83 (8.50) 11.40 infrastructure to manage operations;
EPS – Diluted (₹) (1.79)^ 1.62 (1.65) 2.03 • Efficient capital structure with access to multiple funding sources.
RoNW (%) as stated (2.57)%^ 2.26% (2.35)% 2.85%
Net Asset Value (₹) 69.65 145.45 144.37 145.97

Uniparts India Limited
Promoters:Gurdeep Soni and Paramjit Singh Soni
Offer Details: Offer for Sale of 15,731,942 Equity Shares
BRLMs: Axis Capital, DAM Capital, JM Financial Registrar: Link Intime
Objects of the Offer: Listing of the Equity Shares will enhance the visibility and brand image.

• Uniparts India Ltd is a global manufacturer of engineered systems and solutions and is • Most of company’s products are structural and load bearing parts of the
one of the leading suppliers of systems and components for the off-highway market in equipment and are subject to strict tolerances, specifications and process
the agriculture and construction, forestry and mining and aftermarket sectors on controls.
account of their presence across over 25 countries. • They had an estimated 14.45% market share of the global 3PL market in
• They are a concept-to-supply player for precision products for off-highway vehicles. Fiscal 2021 in terms of value and an estimated 5.87% market share in the
• Company’s product portfolio includes core product verticals of 3-point linkage systems global PMP market in the CFM sector in Fiscal 2021 in terms of value.
and precision machined parts as well as adjacent product verticals of power take off, • Uniparts also cater to the aftermarket segment especially for 3PL product
fabrications and hydraulic cylinders or components thereof. range. They provide replacements of 3PL parts to organized aftermarket
retailers and distributors in North America, Europe, South Africa and
Australia.

Particulars
2021(09) 2021(12) 2020(12) 2019 (12)
• Leading market presence in global off-highway vehicle systems and
Equity Share Capital 44.62 44.62 44.62 44.62 components segment;
Net worth 665.96 559.38 464.17 421.98 • Engineering driven, vertically integrated precision solutions provider;
Revenue from Operations 880.89 903.14 907.22 1,060.57 • Global business model optimizing cost-competitiveness and customer
EBITDA 201.35 163.93 127.81 139.85 supply chain risks;
Net Profit for the Period 122.34 92.39 62.64 69.60 • Long-term relationships with key global customers, including major OEMs,
EPS – Diluted (₹) 27.11^ 20.47 13.88 15.42 resulting in a well-diversified revenue base;
RoNW (%) as stated 18.37%^ 16.52% 13.50% 16.49% • Strategically located manufacturing and warehousing facilities;
Net Asset Value (₹) 147.55 123.94 102.84 93.50 • Strong financial position with robust financial performance metrics.

Kaynes Technology India Limited
Promoters: Ramesh Kunhikannan, Savitha Ramesh and RK Family Trust
Offer Details: Fresh issue of Equity Shares aggregating upto ₹ 650 Cr and Offer for Sale of 7,200,000 Equity Shares; Employee Reservation ₹ 1.5 Cr; Pre-IPO
BRLMs: DAM Capital, IIFL Securities Registrar: Link Intime
Objects of the Offer: Repayment /Prepayment of certain Borrowings, Funding Capital Expenditure/ Working capital requirements, Investment in Wholly owned subsidiary,

• Kaynes Techonology India Ltd is a leading end-to-end and IoT solutions enabled • Kaynes is among the first companies in India to offer design-led electronics
integrated electronics manufacturing player, having capabilities across the entire manufacturing to original equipment manufacturers (“OEMs”) using their
spectrum of electronics system design and manufacturing services. mature embedded design capabilities.
• Kaynes has over 3 decades of experience in providing conceptual design, process • They classify their operations under the following business verticals: OEM
engineering, integrated manufacturing and life-cycle support for major players in the – Box Build; OEM – Turnkey Solutions; ODM: Product Engineering and IoT
automotive, industrial, aerospace and defence, outer-space, nuclear, medical, IOT etc. Solutions.
• Their advanced manufacturing infrastructure enables them to undertake a high mix • They operates 8 strategically located manufacturing facilities across India.
and high value addition of products across industry verticals. It also includes one design facility and two service centres.

Particulars
2021(09) 2021(12) 2020(12) 2019 (12)
• Internet of Things (“IoT”) solutions enabled integrated electronics
Equity Share Capital 7.69 6.80 6.80 6.80 manufacturing player;
Net worth 181.61 136.51 95.76 84.63 • Diversified business model with portfolio having applications;
Revenue from Operations 467.78 420.63 368.24 364.23 • Long-standing relationships with marquee customer base;
EBITDA 53.65 40.89 41.33 35.05 • Global certifications for each industry vertical catered to;
Net Profit for the Period 21.82 9.73 9.36 9.73 • Strong supply chain and sourcing network;
EPS – Diluted (₹) 4.66^ 2.15 2.32 2.38 • Track record of consistent financial performance.
RoNW (%) as stated 11.89%^ 6.87% 9.90% 11.46%
Net Asset Value (₹) 35.33 29.57 23.47 20.74

Biba Fashions Limited
Promoters: Siddharath Bindra, Meena Bindra, Shradha Bindra, Kaveri Tradex Pvt Ltd and Dhanvan Impex LLP.
Offer Details: Fresh issue of Equity Shares aggregating upto ₹ 90 Cr and Offer for Sale of 27,762,010 Equity Shares aggregating upto ₹ Cr. Pre-IPO Placement
of ₹ 18 Cr
BRLMs: JM Financial, Ambit, DAM Capital, Equirus Capital, HSBC Securities Registrar: Link Intime
Objects of the Offer: Repayment and /or prepayment of certain borrowings availed by the company;

• Biba Fashions Ltd (“Biba”) is one of India’s largest consumer lifestyle brands with a • Biba offers their customers well-designed and high-quality products across
leading position in the women’s Indian wear category in terms of market share. segments and have one of the widest portfolios of products amongst
• Launched in 1986, their flagship brand ‘BIBA’ is a ‘category creator’ in the women’s women’s apparel brands in India in terms of SKUs, as of February 2022.
Indian wear segment, benefiting from a rich legacy, leading market position across the • Their range of products include salwar kameez dupattas, Mix-n-Match
category and an industry-leading online presence. wear, Ready-to-Stitch wear, kids wear, bottom-wear and accessories;
• Biba develop, design, source, market and sell a wide portfolio of Indian wear for range of products across jewelry, footwear, wallets and fragrances.
women and girls across their multiple brands. • As of December 31, 2021, they had 427 EBOs, comprising 308 BIBA-
branded outlets and 119 Rangriti-branded outlets across 27 states and 160
cities in India, 930 LFSs across 29 states and 267 cities in India and 30
MBOs.

Particulars
2021(09) 2021(12) 2020(12) 2019 (12) Key Strengths
• Leading market position and strong brand equity across a diverse set of
Net worth 334.58 316.14 287.94 286.84 consumers across the value chain;
Revenue from Operations 487.68 525.82 757.21 729.41 • Diversified pan-India distribution with a strong foothold on both offline and
EBITDA 84.84 62.31 135.28 129.71 online channels;
Net Profit/(Loss) for the Period 18.24 (11.84) 8.91 20.24 • Significant investments in digital capabilities;
EPS – Diluted (₹) 1.46^ (0.96) 0.74 1.69 • Strong in-house design and tech-first supply chain capabilities;
RoNW (%) as stated 5.45%^ (3.74)% 3.07% 7.31% • Well positioned to capitalise on the strong industry growth profile.
Net Asset Value (₹) 26.75 25.28 24.05 23.96

Gold Plus Glass Industry Limited
Promoters:Subhash Tyagi, Suresh Tyagi, Jimmy Tyagi, and Aashish Tyagi
Offer Details: Fresh issue of Equity Shares aggregating upto ₹ 300 Cr and Offer for Sale of 12,826,224 Equity Shares
BRLMs: Axis Capital, IIFL Securities, Jefferies India, SBI Capital Markets Registrar: KFin Technologies
Objects of the Offer: Repayment/prepayment of all or certain of the borrowings; Funding incremental working capital requirements of the company.

• Gold Plus Glass Industry Ltd is the 2nd largest float glass manufacturer in India with • Company’s product portfolio comprises clear glass, 22 kinds of value-
16% share of manufacturing capacity for float glass in Fiscal 2021. added glass products and 11 kinds of processed glass products, of varying
• Their significant operations and focus on value-added glass segment have led them to thickness between 2 mm and 12 mm.
become one of the leading players in India with 30% market share of sales volume for • Their products cater to a range of end use industries including construction,
value-added glass and 15% market share of sales volume for clear glass in Fiscal automotive, and industrial sectors, with a variety of applications.
2021. Company’s products cater to a range of end use industries including automotive, • Gold Plus operates a single manufacturing facility for all of their clear and
construction and industrial sectors, with a variety of applications. value-added glass, located at Roorkee, Uttarakhand.

2021(09) 2021(12) 2020(12) 2019 (12)
Equity Share Capital 75.66 75.66 75.66 75.66 • Leading player in the high-growth Indian glass industry with significant
Net worth barriers to entry;
384.22 211.86 154.12 234.00
Revenue from Operations • Comprehensive product portfolio catering to a wide range of industries;
1,029.98 852.55 628.65 780.38
EBITDA 334.98 157.32 37.67 47.03 • Extensive distribution network with a large business associate base;
Net Profit/(Loss) for the Period 172.50 57.65 (79.91) (79.08) • Strategically located manufacturing facility with large capacity and
advanced infrastructure;
EPS – Diluted (₹) 18.47^ 6.17 (10.56)% (10.45)%
• Well established brand with targeted sales and marketing initiatives;
RoNW (%) as stated 44.90%^ 27.21% (51.85)% (33.79)%
• Improving financial performance.
Net Asset Value (₹) 50.78 28.00 20.37 30.92

KFin Technologies Limited
Promoters: General Atlantic Singapore Fund Pte. Ltd.
Offer Details: Offer for Sale of Equity Shares aggregating upto ₹ 2,400 Cr
Approx Issue Size (₹ Cr): 2,400 BRLMs: ICICI Securities, Kotak Mahindra Capital, J P Morgan, IIFL Securities,
Registrar: Bigshare Services
Category Allocation - QIB:HNI:Retail: Jefferies India

• KFin Technologies Ltd (“KFin”) is a leading technology driven financial services • KFin signed on 2 new AMCs that are yet to launch operations as on
platform providing comprehensive services and solutions to the capital markets January 31, 2022.
ecosystem including asset managers and corporate issuers across asset classes in • Through their acquisition of Hexagram, KFin serves 6 AMCs in India on
India and provide several investor solutions including transaction origination and fund accounting, of which, 3 are their existing AMC clients in India for
processing for mutual funds and private retirement schemes in Malaysia, Philippines investor solutions.
and Hong Kong.
• As on January 31, 2022, they are the only investor and issuer solutions
• As on January 31, 2022, they are India’s largest investor solutions provider to Indian provider in India that offers services to asset managers such as mutual
mutual funds, based on number of AMC clients serviced. funds, alternative investment funds, wealth managers and pension as well
• They are servicing 270 funds of 157 asset managers in India as on January 31, 2022. as corporate issuers in India, besides servicing overseas clients in South
East Asia and Hong Kong.

Particulars
2021(09) 2020(09) 2021(12) 2020(12) 2019 (12) • Scaled platform with strong track record of growth and market leadership;
Equity Share Capital 167.57 150.84 150.84 150.84 165.83 • They diverse multi-asset class platform is well-positioned to benefit from
Net worth 589.95 434.43 346.40 409.58 519.28 strong growth across large markets in India and South East Asia;
Revenue from Operations 458.66 338.83 481.14 449.87 162.43 • Unique “platform-as-a-service” business model providing comprehensive
EBITDA 208.97 145.01 217.45 164.02 67.94 end-to-end solutions enabled by proprietary technology solutions;
Net Profit/(Loss) for the Period 97.69 23.60 (64.51) 4.52 8.96 • Deeply entrenched, long-standing client relationships with a diversified and
EPS (₹) 6.34^ 1.56^ (4.28) 0.28 1.46 expanding client base;
RoNW (%) as stated 16.56%^ 5.43%^ (18.62)% 1.10% 1.72% • Asset-light business model with recurring revenue model, high operating
leverage, profitability and cash generation.
Net Asset Value (₹) 35.21 28.80 22.96 27.15 31.31

Hemani Industries Limited
Promoters: Jayesh Mohan Dama, Mohan Sunderji Dama and Minal Mohan Dama
Offer Details: Fresh issue of Equity Shares aggregating upto ₹ 500 Cr and Offer for Sale of Equity Shares aggregating upto ₹ 1,500 Cr; Pre-IPO Placement of ₹
100 Cr.
BRLMs: JM Financial, Kotak Mahindra Capital Registrar: Link Intime
Objects of the Offer: Funding the capital expenditure requirements for the capacity expansion; Repayment/prepayment of certain borrowings; Investment in the wholly
owned Subsidiary, HCCP; Funding the long-term working capital requirement.

• Hemani Industries Ltd is an Indian chemical company focused on the manufacturing • The company operates 3 modern manufacturing facilities in Gujarat,
and marketing of a range of agrochemicals and specialty chemicals. They have a located in Dahej, Ankleshwar and Saykha, which are strategically located
presence across the entire value chain, Technicals, Formulations and Intermediates. near the Hazira Port.
• The end uses of their products includes crop protection (insecticides, herbicides and • They have a R&D laboratory at their Ankleshwar Facility.
fungicides) as well as products used for wood protection, veterinary, household and
• Company’s product portfolio was sold to over 1,700 total customers during
public health applications.
the last 10 years.
• They are an export-focused business and sold their products in over 60 countries in
Fiscal 2021. • They added 166 new customers and served 665 total customers during the
9-month ended December 31, 2021.

Particulars
2021(06) 2020(06) 2021(12) 2020(12)
• Leading market positions across their major agrochemical and specialty
Equity Share Capital 9.01 9.01 9.01 9.01 chemical products;
Net worth 711.17 497.68 597.83 427.13 • Global presence in a market with high entry barriers;
Revenue from Operations 714.40 495.04 1,171.92 1,000.02 • Large customer base with long lasting relationships;
EBITDA 154.78 104.84 247.76 188.80 • Strong R&D capabilities;
Net Profit after Tax for the Period 112.71 68.33 169.41 133.47 • Operational excellence with focus on quality and vertical integration;
EPS (₹) 12.52^ 7.59^ 18.81 14.82 • Robust financial performance.
RoNW (%) as stated 15.86%^ 14.10%^ 28.34% 31.25%
Net Asset Value (₹) 78.97 55.27 66.39 47.43

Joyalukkas India Limited
Promoters: Alukkas Varghese Joy
Offer Details: Fresh issue of Equity Shares aggregating upto ₹2,300 Cr
BRLMs: Edelweiss Financial, Haitong Securities, Motilal Oswal, SBI Capital Markets Registrar: Link Intime
Objects of the Offer: Repayment or pre-payment, in full or part, of certain borrowings; Financing the opening of 8 new showrooms

• Joyallukkas India Ltd is one of the leading jewellery companies in India in terms of • Company’s jewellery products consist of 4 main products: • Gold jewellery;
revenue in Fiscal 2021. Their jewellery business includes sale of jewellery made of • Diamond jewellery; • Silver jewellery; and • Platinum and other precious
gold, studded and other jewellery products that include diamond, platinum, silver and metal/stones-based jewellery.
other precious stones. • They offers gold jewellery, diamond and other studded jewellery, jewellery
• They operates 85 showrooms under the “Joyalukkas” brand across 68 cities in India made from silver, platinum and other precious metal-based jewellery.
with an area aggregating approximately 344,458 square feet, as of January 31, 2022. • They have 8 sub-brands, namely “Pride”, “Eleganza”, “Apurva”, “Ratna”,
• Their product profile includes traditional, contemporary and combination designs “Veda”, “Zenina”, “Masaaki pearls” and “Li’l Joy”.
across jewellery lines, usages and price points. • As of January 31, 2022, they operated 85 showrooms spread across 68
cities in India, with an entrenched presence towards south India.
Key Strengths
Particulars
2021(06) 2020(06) 2021(12) 2020(12) 2019 (12) • Established homegrown brand with robust sales and marketing strategy;
Equity Share Capital 70.03 70.03 70.03 70.03 70.03 • Leading jewellery company in India and well positioned to capitalize on
Net worth industry growth;
1,916.70 1,426.90 1,650.72 1,177.82 1,117.54
Revenue from Operations • Presence across India with a strong foothold in South India;
4,012.26 2,088.77 8,066.29 8,023.79 8,091.84
EBITDA 498.44 495.49 946.25 648.56 587.68 • Diversified product portfolio across categories and price points;
Net Profit for the Period 268.95 248.61 471.75 40.71 116.14 • Strong track record of growth, profitability and unit economics.
EPS (₹) 3.49^ 3.23^ 6.12 0.53 1.51
RoNW (%) as stated 13.54%^ 16.61%^ 27.42% 3.26% 9.78%
Net Asset Value (₹) 283.68 213.74 245.70 178.18 169.57
Source: DRHP, * Restated Statement, ^not annualised Back 126

Yatra Online Limited
Promoters: THCL Travel Holding Cyprus Ltd and Asia Consolidated DMC Pte. Ltd.
Offer Details: Fresh issue of Equity Shares aggregating upto ₹ 750 Cr and Offer for Sale of 9,328,358 Equity Shares; Pre-IPO placement of ₹145 Cr
BRLMs: SBI Capital Markets, DAM Capital, IIFL Securities Registrar: Link Intime
Objects of the Offer: Strategic investments, acquisitions and inorganic growth; Investment in customer acquisition and retention, technology, and organic growth
initiatives.
• Yatra Online Ltd is India’s largest corporate travel services provider and the 2nd largest • The company is the leading corporate travel service provider in India with
online travel company in India among key OTA players in terms of gross booking approximately 700 large corporate customers and over 46,000 registered
revenue and operating revenue, for Fiscal 2020. SME customers.
• Yatra Online, Inc., a Cayman Islands limited company with shares listed in the United • Company’s business is based on a common technology platform that
States of America on NASDAQ Capital Market under the symbol “YTRA”, is the serves their customers through multiple mobile applications as well as
holding company of company’s Promoters, THCL and Asia Consolidated DMC Pte. their website www.yatra.com.
Ltd. • Company’s products and services are organized primarily in the following
• It has largest number of hotel and accommodation tie-ups amongst key OTA players segments: (i) Airline Tickets, (ii) Hotels and Holiday packages, and (iii)
of over 2,094,000 tie-ups, as on October 29, 2021. Other Services.
Key Strengths
As at Sep’30 As at March 31,
Particulars
2021(06) 2021(12) 2020(12) 2019 (12) • Trusted brand with a proven track record and targeted marketing strategy;
Equity Share Capital 11.19 11.09 10.62 10.23 • Synergistic Multi-Channel Platform for Business and Leisure Travelers;
• Comprehensive Selection of Service and Product Offerings;
Net worth 112.74 123.49 212.43 234.05
• Large and Loyal Customer Base;
• Integrated Technology Platform;
EBITDA 0.86 (49.69) (24.57) (129.24)
• Experienced management team with an established track record;
Adj. EBITDA 15.67 2.23 28.65 (101.62) • Largest inventory of Domestic Hotels; and
Net Loss for the Period (19.03) (118.86) (69.86) (212.50) • Corporate relationships.
Net Asset Value (₹) 10.12 11.51 20.13 25.41

Navi Technologies Limited
Promoters: Sachin Bansal
Offer Details: Fresh issue of Equity Shares aggregating upto ₹3,350 Cr; Pre-IPO Placement of ₹ 670 Cr
Approx Issue Size (₹ Cr): 3,350 BRLMs: Axis Capital, BofA Securities, Credit Suisse Securities, Edelweiss Financial, ICICI
Category Allocation - QIB:HNI:Retail: 75:15:10 Securities
Objects of the Offer: Investment into the subsidiaries – NFPL and NGIL

• Navi Technologies Ltd is a technology-driven financial products and services company • Personal Loan: During the 9 months ended December 31, 2021, they
focusing on the digitally connected young middle-class population of India. disbursed 308,383 personal loans amounting to ₹1,572.44 crore, with an
• The company has adopted a mobile-first approach, utilizing their strong in-house average ticket size of ₹50,990.
technology and product expertise to build customer-centric products. • Home Loan: As of December 31, 2021, they had an AUM of ₹177.71
• They have expanded offerings under the “Navi” brand to include personal loans, home crore and have disbursed 604 loans with an average ticket size of ₹0.39
loans, general insurance and mutual funds. They also offer microfinance loans, crore.
through a wholly-owned Subsidiary, under the “Chaitanya” brand. • General Insurance: Launched through the acquisition of DHFL General
Insurance Ltd in February 2020.
• Health Insurance: As of December 31, 2021, 61.17% of their health
Brief Financials ₹ in Cr insurance policies sold were approved without any human assistance.
As at Dec’31 As at March 31,

Particulars
2021(09) 2021(12) 2020(12) 2019 (12) Key Strengths
Equity Share Capital 2,881.39 2,881.39 2,874.93 51.00
Net worth • Mobile first approach driving better customer engagement and experience;
3,731.10 3,933.25 3,951.29 53.07
Revenue from Operations • End-to-end ownership of product;
96.58 136.66 55.95 12.57
EBITDA (77.82) 234.22 47.73 4.57 • In-house full-stack technology capabilities;
Net Profit/(Loss) for the Period (206.43) 71.19 (8.07) 2.07 • Risk management, data science and machine learning leveraged
operating model;
EPS (₹) (7.16)^ 2.45 (2.09) 7.31
• Network effect, cross-sell and up-sell.
RoNW (%) as stated (5.53)%^ 1.81% (0.20)% 3.90%
Net Asset Value (₹) 129.49 136.51 137.44 104.06

EBIXCASH Limited
Promoters: Ebix Inc. and Ebix Singapore Pte. Ltd.
Offer Details: Fresh issue of Equity Shares aggregating upto ₹6,000 Cr; Reservation for Employees; Pre-IPO Placement of ₹1,200 Cr
BRLMs: Motilal Oswal, Equirus Capital, ICICI Securities, SBI Capital Markets, Yes Securities Registrar: Link Intime
Objects of the Offer: Funding the working capital requirements of the subsidiaries, Ebix Travels Pvt Ltd and EbixCash World Money Ltd; Purchase of outstanding
compulsorily convertible debentures from Ebix Asia Holdings Inc, Mauritius (“Ebix Mauritius”).

• Ebixcash Ltd is a technology enabled provider of digital products and services in the • The company provides a variety of products in India and in over 75
B2C, B2B and financial technology arena, through an integrated business model. international jurisdictions, including (i) front-end focused domestic and
• They organize their business along 4 primary business segments, (i) payment international money remittance, foreign exchange, pre-paid gift cards,
solutions, (ii) travel, (iii) financial technologies and (iv) BPO services and start-up utility payments, Aadhaar Enabled Payment Services, PoS services,
initiatives. ticketing services; and (ii) back-end focused SaaS and self-hosted
solutions for the financial sector.
• They bring together the advantages of B2B, B2C and B2B2C models within a single
omni-channel platform. • They also provides BPO call centre services to companies in the financial,
insurance, telecommunications and travel industries, among others.
• They utilize a “Phygital” that combines over 650,000 physical agent distribution outlets.
• As of December 31, 2021, they had grown the employee count of the BPO
business to over 2,850 employees, while also adding 21 new clients, and
Brief Financials ₹ in Cr had converted it into a profitable business.
As at Sep’30 As at March 31, Key Strengths

Particulars
2021(06) 2020(06) 2021(12) 2020(12) 2019 (12)
• Integrated business model offering one-stop-shop for B2B, B2C and
Equity Share Capital 0.23 0.23 0.23 0.23 0.23 B2B2C;
Net worth 4,195.21 3,756.00 4,013.27 3,769.97 3,364.52 • Operating in regulated industries with a large network, resulting in a high
Revenue from Operations 2,653.42 1,140.83 4,152.53 2,170.02 1,888.33 barrier to entry;
EBITDA 339.60 188.49 511.73 496.50 624.52 • Multiple cross-selling opportunities, synergies, network effect and wide
reach for customer acquisition;
Net Profit/(Loss) for the Period 191.10 (19.09) 230.05 243.34 459.53 • Proprietary technology offering that is flexible and customizable for wide
EPS (₹)# 2.14^ (0.12)^ 2.66 2.97 4.67 application across a variety of customer requirements;
RoNW (%) as stated 4.57%^ (0.43)%^ 5.92% 7.61% 13.45% • Successfully acquired complementary businesses, integrated them into
Net Asset Value (₹) 44.64 39.97 42.71 39.15 34.34 their ecosystem, and turned them profitable.
Source: DRHP, * Restated Consolidated , #continued operations, ^not annualised Back 129
Protean eGov Technologies Limited
Promoters: The Company is a professionally managed company and does not have any identifiable promoter
Offer Details: Offer for sale of 12,080,140 Equity Shares by Selling Shareholders
BRLMs: ICICI Securities, Equirus Capital, IIFL Securities, Nomura Financial Registrar: Link Intime
Objects of the Offer::To Achieve the benefits of listing the Equity Shares on the Stock Exchange.

• Protean eGov Technologies Ltd is a key IT-enabled solutions company in India • The company has been instrumental in establishing public digital
engaged in conceptualizing, developing and executing nationally critical and infrastructure and creating e-governance interventions impacting multiple
population scale greenfield technology solutions. sectors of the Indian economy.
• They partner with the government and have over 25 years of experience in creating • Since inception, they have implemented and managed 18 projects spread
digital public infrastructure and developing innovative citizen-centric e-governance across seven ministries and autonomous bodies.
solutions. They are among the leading Indian companies in the e-governance sector in • These projects have resulted in reduction of turnaround time by digitizing
terms of profitability, operating income, operating profit and operating profit margin in processes, ensuring better compliance with government policies.
Fiscal 2020.
As at Dec’31 As at March 31,

Particulars
2021(09) 2020(09) 2021(12) 2020(12) 2019 (12) Key Strengths
Net worth 711.60 782.15 667.75 753.55 665.47 • Pioneer and market leader in universal, citizen centric and population
scale e-governance solutions;
• Secure, scalable and advanced technology infrastructure;
Adj. EBITDA 85.07 71.85 84.84 147.75 177.02
• Large physical infrastructure with pan-India network and scale;
Adj EBITDA Margin (%) 16.78% 17.05% 14.07% 20.63% 23.44%
• Diversified, granular and annuity based service offerings;
Net Profit for the Period 73.93 70.42 92.19 121.85 123.53
• Track record of healthy financial performance.
EPS - Diluted (₹) 18.36^ 17.44^ 23.00 30.41 30.86
RoNW (%) as stated 10.39%^ 9.00%^ 13.81% 16.17% 18.56%
Source: DRHP & Addendum, * Restated Consolidated. ^ not annualised Back 130
Snapdeal Limited
Promoters: Company is a professionally managed company and does not have an identifiable promoter
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
BRLMs: Axis Capital, BofA Securities, CLSA India, JM Financial Registrar: Link Intime
Objects of the Offer:Funding organic growth initiatives;

• Founded in 2007, Snapdeal Ltd is India’s largest pure-play value eCommerce • The company offers an eCommerce platform for the value-seeking yet
platform, in terms of revenue for the FY2020. Further, with over 20 crore app aspirational users that can be conveniently accessed on their mobile
installations on Google Play Store, they are the most installed pure-play value phones through their application or through their mobile-optimised website.
eCommerce application and one of the Top-4 online lifestyle shopping destinations in • Company’s platform hosts a wide selection of merchandise across lifestyle
terms of total app installations in India, as of August 31, 2021. categories: fashion; home and general merchandise; beauty and personal
• Snapdeal’s value proposition meets the distinct buying needs of ‘Bharat’ shoppers. care; and others.
• Their platform was also ranked by App Annie (a mobile market data and analytics • They primarily derive revenues through marketing fees and freight and
platform) in the ‘Top Publisher Award 2020’ as among the top 10 shopping apps in collection fees that they charge from their sellers.
India in terms of monthly active users (“MAUs”) for the year 2019
As at Sep’30 As at March 31, Key Strengths

Particulars
2021(06) 2021(12) 2020(12) 2019 (12)
• India’s largest pure-play value eCommerce platform;
Equity Share Capital 39.44 39.44 39.44 39.44 • Wide selection of value merchandize at affordable prices from a network of
Net worth 312.97 519.05 653.33 644.97 quality-focused sellers;
• Discovery-led and personalized buying journey driven by artificial
Revenue from Operations 238.59 471.76 846.40 839.43 intelligence;
Adj. EBITDA (170.46) (99.87) (320.06) (244.39) • Asset-light and technology-backed logistics and UniMove Logistics
Platform; High touch, easy-to-reach and multi-lingual user support;
• Proprietary technology stack custom-built for the needs of value
Net Asset Value (₹) 7.94 13.16 16.57 16.35 eCommerce.
Source: DRHP, * Restated Consolidated. ^post Bonus Equity Capital, # from continued and discontinued operations Back 131
Droom Technology Limited
Promoters: Sandeep Aggarwal and Droom Pte. Ltd.
Offer Details: 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.
Date of SEBI Filing: 12-11-2021 Date of SEBI Approval: N.A. Face Value: ₹1/-
Approx Issue Size (₹ Cr): 3,000 BRLMs: Axis Capital, ICICI Securities, Edelweiss Financial, HSBC Securities,
Category Allocation - QIB:HNI:Retail: 75:15:10 Nomura Financial
Objects of the Offer:Funding organic growth initiatives; Funding inorganic growth initiatives.

• Droom Technology Ltd is a technology and data science company that facilitates • Their automobile ecommerce platform, which includes their website and
automobile buying and selling online through a combination of their asset-light mobile apps, offers users convenience and a curated experience to buy
automobile e-commerce platform along with a technology-driven vertically integrated and sell new and used vehicles and encompasses every element of
proprietary ecosystem of products and services for the automobile industry. automobile buying from searching for a vehicle, creating buying
• The company offers a 21st-century e-commerce experience for automobiles and is requirements, price discovery, booking, certification to purchase and
one of the leading e-commerce platforms for used cars sales in India. financing and doorstep delivery.
• Over 1.15 million vehicles listed that includes both used, new cars and 2-wheelers and • As a pure-play automobile e-commerce company, they are able to reach
other vehicles, as of September 30, 2021. out to a potential buyer online, they offers an end-to-end e-commerce
solution including technology platform, digital catalogue, online payment,
vehicle inspection and certification service, and vehicle delivery service.
As at Jun’30 As at March 31, Key Strengths

Particulars
2021(03) 2021(12) 2020(12) 2019 (12)
• Market leader in pure-play automobile e-commerce platform;
• Technology and data science company offering superior value proposition
Net worth 80.39 18.92 59.26 74.11 to entire automobile value chain;
• Diverse range of proprietary technology-driven ecosystem products and
Revenue from Operations 79.08 125.33 172.17 135.97 solutions;
EBITDA (30.80) (58.79) (79.49) (101.71) • Scale driving network effect;
• Robust unit economics, high operating leverage and sound financial
Net Loss for the Period (32.59) (68.88) (89.60) (105.37) profile;
Net Asset Value (₹) • Founder-led experienced management team.
4.97 1.43 4.48 7.11

Oravel Stays Limited (OYO)
Promoters: Ritesh Agarwal, RA Hospitality Holdings (Cayman) and SVF India Holdings (Cayman) Ltd
Offer Details: 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
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
Objects of the Offer:Funding organic and inorganic growth initiatives; Prepayment or repayment, in part, of certain borrowings availed by subsidiaries.

• Oravel Stays Ltd (OYO) is a leading, new-age technology platform empowering the • Company’s Patrons are owners, lessors and/or operators of storefronts
large yet highly fragmented global hospitality ecosystem. They have been focused on listed on their platform. The company power their Patrons’ hotel and home
reshaping the short-stay accommodation space since their incorporation in 2012. operations with their integrated, full-stack technology suite and focus on
• Their unique business model helps their Patrons transform fragmented, unbranded designing technology solutions.
and underutilized hospitality assets into branded, digitally-enabled storefronts with • They have an asset-light business model and a lean cost structure.
higher revenue generation potential and provides their customers (being travellers and • Company’s Patrons choose to engage with them primarily due to their 5
guests who book storefronts on their platform) with access to a broad range of high- core value propositions:
quality storefronts at a compelling price point • Integrated full-stack technology suite;
• Enabling digital presence;
• Access to a large Customer base through their D2C channels;
• Increased revenue generation potential;
Brief Financials ₹ in Cr • OYO brand affiliation.
As at March 31,
Particulars
2021 2020 2019 Key Strengths
Equity Share Capital 0.03 0.03 0.01 • Scaled footprint with leadership in Core Growth Markets;
Net worth 3,384.80 6,505.13 6,323.70 • Full-stack technology platform driving strong value proposition for the
patrons and Customers;
• High degree of engagement with their Patron and Customer community;
EBITDA as stated (1,869.45) (6,124.08) (1,854.59) • Virtuous flywheel driven by strong network effects;
Net Loss for the Year^ (3,943.84) (13,122.78) (2,364.53) • Strong and trusted consumer brand;
• Inherent financial strength with strong unit economics.
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-
Back 133
division and conversion ratio of Preference shares
BVG India Limited
Promoters: Hanmantrao Ramdas Gaikwad and Umesh Gautam Mane
Pre IPO Placement of ₹ 40 Cr.
BRLMs: ICICI Securities, JM Financial, HSBC Securities Registrar: Link Intime
Objects of the Offer: Repayment and/or pre-payment of certain borrowings of the company.

• BVG India Ltd is one of India’s largest integrated services companies with more than • The company provides 20 services under the integrated services segment,
54,000 employees as of June 30, 2021. They offer a wide range of integrated services comprising various soft services, hard services, and specialized services.
including soft services such as mechanized house-keeping, industrial housekeeping, Soft services comprise housekeeping, horticulture and landscaping, pantry
manpower supply, security services and janitorial services, hard services such as and cleaning, manpower supply, coach cleaning, security services, pest
electro-mechanical works and highway maintenance, and specialized services such as control, janitorial and front office support services.
paint-shop cleaning and logistics management. • Hard services comprise electro-mechanical works, engineering,
• They offer these services to a diverse base of clients operating across sectors procurement and construction services for solar plants, turnkey facility
including industrial and consumer sector, transport and transit infrastructure sector, management etc.
hospitals and healthcare sector, and to government establishments. • Specialized services comprise logistics, production support, system
cleaning, paint-shop cleaning, bus maintenance, factory relocation and
other services.
As at March 31,
Particulars
2021 2020 2019# Key Strengths
• One of the largest integrated services companies in India;
• Diverse base of clients with longstanding relationships;
Net worth 781.13 699.49 580.49
• Comprehensive portfolio of services across sectors;
• Differentiated business model and strong financial track record;
• Quality oriented delivery of services.
EPS (₹) 33.16 47.19 32.55
RoNW (%) as stated 11.02% 17.51% 14.56%
Net Asset Value (₹) 303.82 272.07 225.78

Lava International Limited
Promoters: Hari Om Rai, Shailendra Nath Rai, Sunil Bhalla and Vishal Sehgal.
Offer Details: Fresh Issue of Equity Shares aggregating upto ₹ 500 Cr and Offer for Sale of upto 43,727,603 Equity Shares by Selling Shareholder, Reservation
for Employee, Pre IPO Placement of ₹ 100 Cr.
BRLMs: Axis Capital, BOB Capital Markets, DAM Capital, SBI Capital Markets Registrar: Link Intime
Objects of the Offer: Marketing and brand building activities; Funding acquisition and other strategic initiatives; Investment in Material Subsidiaries for funding their
working capital requirements.
• Lava International Ltdd is one of the largest feature phone manufactures in both India • The company manufacture and assemble their mobile handsets at their
and in the global market. They also manufacture smart phones with a focus on the own manufacturing facility located in Noida, India (the “Noida Facility”),
sub-US$ 200 mobile handset market. using surface-mount technology (“SMT”) which is a leading technology in
• The range of products they offer include feature phones, smart phones, tablets and mobile handset manufacturing.
other electronic accessories. In addition, they offer mobile handset solutions to OEMs • As of August 31, 2021, they had 4 SMT lines and 12 assembly lines
globally. operated by 3,105 workers, with a production capacity of 42.52 million
Feature Phone Equivalent handsets per annum.
• As a leading end-to-end focused mobile handset and mobile handset solutions
• The company sell mobile handsets, tablets and other electronic
Company based in India, they also have presence in many emerging markets.
accessories internationally through strategic collaborations with domestic
telecommunications companies and local distributors and retailers.
Brief Financials ₹ in Cr • The company owns a significant portfolio of intellectual property rights,
including 98 trademark registrations in India, 12 trademarks overseas and
As at March 31, three registered copyrights.
Particulars
2021 2020 2019
Instruments in the nature of equity 5.10 5.00 5.00
• A leading end-to-end focused mobile handset and mobile handset
Net worth 1,589.12 1,408.06 1,255.28 solutions company in India with growing international presence;
Revenue from Operations 5,512.87 5,264.33 5,108.35 • Robust research and development capabilities with a strong track record in
EBITDA as stated 251.22 199.26 183.20 product innovation and design;
Net Profit for the Year 172.61 107.76 73.18 • Large-scale state-of-the-art manufacturing and quality service capabilities;
EPS - Basic (₹) 3.46 2.16 1.47 • Extensive distribution network supported by advanced information
Net Asset Value (₹)# 31.82 28.19 25.13 technology capabilities.
Source: DRHP, * Restated Consolidated. # Adjusted for the impact of bonus issue and stock split after the end of the
year but before filing DRHP Back 135
Disclaimer
 The presentation is only for restricted circulation to the addressed parties. This presentation does not constitute an engagement or offer for the engagement from Axis Capital Limited
or any of its affiliates (“Axis Group”) to any party and the information contained herein will not form the basis of any contract.
 Neither Axis Capital nor any of their respective affiliates, shareholders, directors, employees, agents or representatives makes any warranty or representation as to the accuracy or
completeness of the information contained herein (including statements of opinion and expectation, whether communicated in written, oral, visual or electronic form) or as to the
reasonableness of any assumptions contained herein. In particular, no representation or warranty is given as to the achievement or reasonableness of, any information.
 Consequently, neither Axis Capital nor any of their respective affiliates, shareholders, directors, employees, agents or advisors shall be liable for any loss or damage (direct or indirect)
suffered as a result of reliance upon any statements contained in, or any omission from this presentation and expressly disclaim any and all liability relating to or resulting from the use
of this presentation.
 This presentation should not be distributed, reproduced, or used without the express consent of Axis Capital.
 Nothing contained in this presentation should be relied upon as a promise or representation as to the future. The pro forma and information contained herein was prepared expressly
for use herein and is based on certain assumptions and management's analysis of information available at the time this presentation was prepared. There is no representation,
warranty or other assurance in this regard.
Thank You

IPO MarketUpdate Sep 2022

Uploaded by

Copyright:

Available Formats

IPO MarketUpdate Sep 2022

Uploaded by

Document Information

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

IPO MarketUpdate Sep 2022

Uploaded by

Copyright:

Available Formats

IPO Market Update

12 Dreamfolks Services 2 24-Aug 562 326 06-Sep

9 eMudhra 5 20-May 413 256 01-Jun 271 15 6% 359 103 40%

7 Paradeep Phosphates 10 17-May 1,502 42 27-May 44 2 4% 54 12 29%

5 Delhivery 1 10-May 5,235 487 24-May 493 6 1% 569 82 17%

Lead Managed by Axis Capital

52 Uma Exports 10 28-Mar 60 68 07-Apr 80 12 18% 52 -16 -24%

Lead Managed by Axis Capital

Lead Managed by Axis Capital

15 Exxaro Tiles 10 04-Aug 161 120 16-Aug 126 6 5% 116 -4 -4%

13 Devyani Internatinal 1 04-Aug 1,858 90 16-Aug 141 51 57% 184 94 105%

9 Zomato 1 14-Jul 9,375 76 23-Jul 115 39 51% 58 -18 -24%

Lead Managed by Axis Capital

27 Kalyan Jewellers India 10 16-Mar 1,175 87 26-Mar 74 -13 -15% 82 -5 -6%

20 RailTel Corp Of India 10 16-Feb 819 94 26-Feb 105 11 11% 101 7 8%

15 Indian Railway Finance Corp 10 18-Jan 4,633 26 29-Jan 25 -1 -4% 21 -5 -18%

Lead Managed by Axis Capital

10 Equitas Small Finance Bank 10 20-Oct 518 33 02-Nov 31 -2 -6% 46 13 39%

9 Likhitha Infrastructure 10 29-Sep 61 120 15-Oct 130 10 8% 337 217 181%

Lead Managed by Axis Capital

Lead Managed by Axis Capital Current price source: BSE Website 11

Lead Managed by Axis Capital Current price source: BSE Website 12

Lead Managed by Axis Capital Current price source: BSE Website 13

Lead Managed by Axis Capital Current price source: BSE Website 14

Lead Managed by Axis Capital Current price source: BSE Website 15

Lead Managed by Axis Capital Current price source: BSE Website 16

Tamilnad Mercantile 05-09- 07-09- Fresh: 15,840,000 Shares

Archean Chemical Fresh: 1,000 Cr IIFL Securities, ICICI Securities, JM

Aadhar Housing Fresh: 1,500 Cr

CMR Green Fresh: 300 Cr

Inspira Enterprise Fresh: 300 Cr

Popular Vehicles & Fresh: 150 Cr

Go Digit General Fresh: 1,250 Cr

Balaji Speciality Fresh: 250 Cr

Fincare Small Fresh: 625 Cr

Sai Silk (Kalamandir) Fresh: 175 Cr

Signatureglobal Fresh: 750 Cr

Concord Enviro Fresh: 175 Cr

Allied Blenders and Fresh: 1,000 Cr

Firstmeridian Fresh: 50 Cr JM Financial, DAM Capital, Edelweiss Financial,

Pristine Logistics Fresh: 250 Cr

Kaynes Technology Fresh: 650 Cr

Gold Plus Glass Fresh: 300 Cr

Company Overview Business/Product Overview

Source: Source: RHP *Restated Statement

Company Overview Business/Product Overview

As at Dec’31 As of March 31, Key Strengths

Source: DRHP, * Restated Statement , ^not annualised Back 34

Company Overview Business/Product Overview

As at Sep’30 As of March 31,

Source: DRHP, * Restated Consolidated , ^not annualised Back 35

Company Overview Business/Product Overview

As at Sep’30 As of March 31,

Source: DRHP, * Restated Statement , ^not annualised Back 36

Company Overview Business/Product Overview

As at Sep’30 As of March 31,

Source: DRHP, * Restated Consolidated , ^not annualised Back 37

Company Overview Business/Product Overview

As at Sep’30 As of March 31, Key Strengths

Source: DRHP, * Restated Statement , ^not annualised Back 38