IPO

Upcoming IPO Lists and Detailed Analysis of the Company.

July 8, 2025

Top Upcoming IPOs in India in 2025 with Shareholders Quota

In the IPO landscape, allotment is shaped by a range of rules and categories that influence who gets access to shares. SEBI mandates, for instance, that at least 35% of the public issue be reserved for retail individual investors, giving them a fair opportunity to participate.

Alongside these structured routes, certain IPOs introduce a shareholder quota – an allocation set aside for investors who hold shares in the parent or group company. This category isn’t part of SEBI’s mandatory structure but can offer existing shareholders of the promoter entity an additional path to participate in upcoming IPOs.

As more group-backed and listed-company subsidiaries enter the public market, IPOs with shareholder quota are gaining attention.

What Is a Shareholder’s Quota?

A shareholder’s quota is when a subsidiary of a listed company goes public and sets aside a portion of its IPO for shareholders of the parent company.

This quota creates a unique opportunity for investors. By holding even a single share of the parent company before a specified cut-off date, the shareholders become eligible to apply under this category.

A recent example of this was the IPO of HDB Financial Services, a subsidiary of HDFC Bank. In this case, 10% of the total issue was reserved for shareholders of HDFC Bank. To apply under the shareholder quota, investors had to hold shares of HDFC Bank on or before a specified record date.

How Does Shareholder Quota Benefit Investors?

If you hold even a single share of a listed parent company before the record date, you may be eligible to apply for its subsidiary’s IPO under the shareholder quota.

This quota often sees fewer applicants than the regular retail category, which can improve your chances of allotment.

You can also apply under both the shareholder and retail categories as long as your combined application does not exceed ₹2,00,000. If you’re applying only under the shareholder category, you can go beyond this cap and apply up to the entire portion reserved for shareholders.

To participate, make sure you own the parent company’s shares on the record date and select the shareholder category when applying. While allotment isn’t guaranteed, this route offers an alternate entry point, often with lower competition than the general retail segment.

List of Upcoming IPOs With Shareholder’s Quota

Here’s a list of companies which could have a shareholder’s category when they come out with their IPO.

Subsidiary IPO Name	Parent Company
Hero FinCorp	Hero MotoCorp
Greaves Electric Mobility	Greaves Cotton
Brigade Hotel Ventures	Brigade Enterprises
Belstar Microfinance	Muthoot Finance
Prestige Hospitality Ventures	Prestige Estates
Dev Accelerator	Dev Information Technology
SIS Cash Services	SIS Limited
Canara Robeco Asset Management	Canara Bank
EAAA India Alternatives	Edelweiss Financial Services
Canara HSBC Life Insurance	Canara Bank
Central Mine Planning & Design Institute	Coal India
Bharat Coking Coal Limited (BCCL)	Coal India

Overview Of Upcoming IPO With Shareholders Quota

Hero FinCorp IPO:

Parameter	Details
Offer Price	Undeclared
Face Value	₹10 per share
Opening Date	Undeclared
Closing Date	Undeclared
Sale Type	Fresh Capital-cum-Offer for Sale
Issue Type	Book Built Issue IPO
Issue Size	₹3668.13 crore
Listing At	BSE, NSE

Source: SEBI DRHP

Hero FinCorp is a leading non-banking financial company (NBFC) in India and a key subsidiary of Hero MotoCorp. It offers a wide range of loan and financing services such as two-wheeler loans, personal loans, home renovation loans, and SME lending. The company operates with a strong retail presence across urban, semi-urban, and rural markets, leveraging the extensive Hero MotoCorp distribution network.

As part of its growth strategy and to strengthen its financial base, Hero FinCorp has decided to go public through an IPO. The company aims to boost its loan book, meet regulatory capital requirements, and reduce its borrowing costs through this equity infusion.

Greaves Electric Mobility IPO:

Parameter	Details
Offer Price	Undeclared
Face Value	₹1 per share β
Opening Date	Undeclared
Closing Date	Undeclared
Sale Type	Fresh Issue (₹1,000 cr) + Offer for Sale (18.9 cr shares)
Issue Type	Book Built Issue IPO
Issue Size	₹1,000 cr fresh + OFS by Greaves Cotton and Abdul Latif Jameel (~18.9 cr shares)
Listing At	BSE, NSE

Source: SEBI DRHP

Greaves Electric Mobility is an electric vehicle (EV) company and a subsidiary of Greaves Cotton. It designs, manufactures, and sells electric two-wheelers and three-wheelers under brands such as Ampere, Ele, and Teja. With a strong presence across urban and rural markets, the company focuses on affordable, last-mile mobility solutions in India’s growing EV segment.

The company filed its DRHP in December 2024 to raise an IPO to fund product development, expand manufacturing capabilities, build battery assembly units, pursue strategic acquisitions, and meet general corporate needs. With this public offering, the company aims to strengthen its market position and scale operations across the EV ecosystem.

Brigade Hotel Ventures IPO

Parameter	Details
Offer Price	Undeclared
Face Value	₹10 per share
Opening Date	Undeclared
Closing Date	Undeclared
Sale Type	100% Fresh Issue
Issue Type	Book Built Issue IPO
Issue Size	Initially ₹900 crore; now ~₹774 crore after reducing via ₹126 crore pre-IPO placement
Listing At	BSE, NSE

Source: SEBI DRHP

Brigade Hotel Ventures, a wholly owned subsidiary of Brigade Enterprises, is a leading owner and developer of chain-affiliated hotels in South India. As the second-largest private hotel operator in the region, it manages nine properties under well-known hospitality brands like Marriott, Accor, IHG, and InterContinental across Bengaluru, Chennai, Kochi, Mysuru, and GIFT City, totaling 1,604 rooms.

The company submitted the DRHP in October 2024 as a part of the IPO application. It aims to utilize the IPO proceeds primarily to reduce debt (₹481 crore), purchase promoter‑linked land (₹107 crore), pursue acquisitions and other strategic growth initiatives, and support general corporate purposes.

Belstar Microfinance IPO

Parameter	Details
Offer Price	Undeclared
Face Value	₹10 per share
Opening Date	Undeclared
Closing Date	Undeclared
Sale Type	Fresh Issue (₹1,000 cr) + Offer for Sale (₹300 cr)
Issue Type	Book Built Issue IPO
Issue Size	~₹1,300 cr total
Listing At	BSE, NSE

Source: SEBI DRHP

Belstar Microfinance supports financial inclusion through microfinance solutions. Backed by Muthoot Finance and private equity investors, it uses a proprietary app, Samrithi, to enhance rural and semi-urban lending. The company focuses on lending to micro-entrepreneurs and underserved segments.

Belstar submitted the DRHP in May 2024 as a part of the proposed IPO whose proceeds will primarily bolster capital for loans (₹1,000 cr fresh issue) and fund general corporate purposes, including working capital and strategic initiatives.

Prestige Hospitality Ventures

Parameter	Details
Offer Price	Undeclared
Face Value	₹5 per share
Opening Date	Undeclared
Closing Date	Undeclared
Sale Type	Fresh Issue (up to ₹1,700 cr) + Offer for Sale (up to ₹1,000 cr)
Issue Type	Book Built Issue IPO
Issue Size	Up to ₹2,700 cr total
Listing At	BSE, NSE

Source: SEBI DRHP

Prestige Hospitality Ventures is the hospitality arm of Bengaluru-based Prestige Estates Projects Ltd. It operates and develops luxury, upper-upscale, and midscale hotels across India under brands like JW Marriott, Sheraton, and Conrad by Hilton. As of December 2024, it had seven operational hotels (1,445 keys), one under renovation (190 keys), and 12 more under development (2,509 keys).

The company has recorded strong revenue growth in recent years and has applied for an IPO with DRHP dated April 2025. A large portion of the IPO’s fresh issue proceeds, around ₹1,121 crore, is earmarked for debt-related and strategic purposes. Of this, ₹397 crore will be used to repay or prepay borrowings at the company and subsidiary level, while ₹724 crore is expected to support further investment into subsidiaries and inorganic expansion initiatives. The public issue is part of the company’s broader effort to strengthen its capital structure, expand its footprint, and capture long-term opportunities in India’s growing hospitality and tourism sector.

Takeaway for Investors

The shareholder quota in IPOs offers an additional application route for individuals holding shares in the parent company of an IPO-bound subsidiary. While not a regulatory requirement, this category is included by some companies as part of their offer structure.

As more subsidiaries of listed companies file for IPOs, the shareholder quota remains one of several categories available to investors. Reviewing offer documents and timelines is necessary to understand specific eligibility requirements and application limits under this route.

If you’re considering applying through the shareholder quota, it’s important to go beyond the category itself. Take time to review the company’s fundamentals, offer documents, and how the IPO fits into your overall investment plan. A well-informed approach can help you make decisions aligned with your financial goals.

Disclaimer Note: The securities quoted, if any, are for illustration only and are not recommendatory. This article is for education purposes only and shall not be considered as a recommendation or investment advice by Equentis – Research & Ranking. We will not be liable for any losses that may occur. Investments in the securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI, membership of BASL & the certification from NISM in no way guarantee the performance of the intermediary or provide any assurance of returns to investors.

July 7, 2025

Travel Food Services IPO: All You Need to Know About the Rs 2,000 Cr. IPO

Have you ever rushed through the airport terminal, craving a quick bite or a comfortable lounge to wait out a delayed flight?

Chances are, you’ve already interacted with Travel Food Services (TFS) without even realizing it.

As one of India’s leading players in airport dining and lounge services, TFS is now stepping into the spotlight with its much-anticipated ₹2,000 crore initial public offering (IPO).

But what does this IPO really offer investors? Is it a chance to be part of India’s aviation growth story, or just another high-valuation exit for existing promoters?

In this article, we’ll take you through the detailed analysis of the Travel Food Services IPO and evaluate whether it deserves a place in your portfolio.

Travel Food Services IPO Details

The IPO of Travel Food Services is entirely an Offer for Sale (OFS) of 1.82 crore equity shares, totaling ₹2,000 crore. No fresh shares are being issued, which means the proceeds will go directly to the promoter selling shareholder, not to the company.

Offer Price	₹1,045 to ₹1,100 per share
Face Value	₹1 per share
Opening Date	7 July 2025
Closing Date	9 July 2025
Total Issue Size (in Shares)	1,81,81,818
Total Issue Size (in ₹)	₹2,000 Cr.
Issue Type	Bookbuilding IPO
Lot Size	13 Shares
Listing at	BSE, NSE

Allocation of Shares

Investor Category	Lots	Shares	Investment Amount
Retail (Min)	1	13	₹14,300
Retail (Max)	13	169	₹1,85,900
S-HNI (Min)	14	182	₹2,00,200
S-HNI (Max)	69	897	₹9,86,700
B-HNI (Min)	70	910	₹10,01,000

The issue includes a reservation of 40,160 shares for eligible employees, offered at a discount of ₹104 per share.

Anchor Investors

Before the IPO went public, TFS raised ₹600 crore from key institutional investors including:

ICICI Prudential Mutual Fund
Axis Mutual Fund
Kotak Mutual Fund
Baroda BNP Paribas Mutual Fund
Abu Dhabi Investment Authority
Fidelity
Government Pension Fund Global

These investments were made at the upper price band of ₹1,100, indicating strong pre-IPO confidence.

Grey Market Premium (GMP)

As of July 7, 2025, the GMP for Travel Food Services IPO is ₹30. Based on this premium and the upper price band, the estimated listing price is ₹1130, reflecting an expected gain of 2.73% per share.

Objectives of the Offer

Because this IPO is a complete OFS, it will not receive any proceeds. The primary objective is:

To provide an exit opportunity for the promoter selling shareholder

There is no plan to use the funds for business expansion, capital expenditure, or debt repayment.

Company Overview

Established in 2007 and based in Mumbai, Travel Food Services operates in the travel-focused quick-service restaurant (QSR) and airport lounge space. The company runs operations across airports in India, Malaysia, and Hong Kong, with select outlets on Indian highways as well.

According to CRISIL, the company commands:

26% share in India’s airport QSR market
45% share in the airport lounge segment

Key Operational Highlights:

442 QSR outlets
37 lounges
37 in-house brands
90 brand partnerships, including 32 international brands
93.9% contract retention rate since 2009

TFS caters to both high-traffic public areas and exclusive premium services. Lounges are accessible to business and first-class flyers, loyalty program members, and select credit/debit card holders.

The company has also secured future concessions at Greater Noida and Navi Mumbai airports, indicating that it is well-positioned to grow along with India’s expanding aviation infrastructure.

A Close Look at Financials

Let’s take a closer look at the numbers between FY23 and FY25:

Revenue from operations: Grew at a CAGR of 26% to reach ₹1,687.7 crore
Net profit: Rose 23% CAGR to ₹379 crore
EBITDA: Increased by 21.5% CAGR to ₹676.3 crore
EBITDA margin: Declined from 42.9% in FY23 to 40.1% in FY25

Travel Food Services IPO: All You Need to Know About the Rs 2,000 Cr. IPO 1

Like-for-Like (LFL) Sales Growth

LFL sales growth dropped from 166.6% in FY23 to just 4.6% in FY25. This decline is primarily due to new airport terminals attracting traffic away from older ones. Analysts note that LFL growth may not be the best metric to judge the company’s performance in this evolving context.

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SWOT Analysis

STRENGTHS	WEAKNESSES
Market Leadership: Dominates the airport QSR and lounge space in India. Strong Brand Portfolio: Mix of in-house and global partner brands. High Contract Retention: Nearly 94% retention rate over 15+ years. Presence in Upcoming Airports: Secured wins at Navi Mumbai and Greater Noida.	Dependency on Airport Traffic: Business highly reliant on air passenger volume. No Fund Infusion: IPO is OFS-only, so there’s no direct growth capital being raised. Decline in EBITDA Margins: Profitability margin has slightly slipped. Low LFL Growth: Recent sales growth has slowed.
OPPORTUNITIES	THREATS
Aviation Growth in India: Rising air travel opens new market potential. International Expansion: Presence in Malaysia and Hong Kong can be expanded. Highway Segment Potential: Currently under-penetrated but holds promise. Premiumization Trends: Growing demand for quality F&B at travel hubs.	Airport Concession Risk: Business relies heavily on contracts with airport authorities. Operational Disruptions: Travel bans, pandemics, or geopolitical tensions can affect traffic. Intense Competition: Especially in the QSR segment from both local and global players. Inflation Impact: Higher input costs could pressure margins further.

Conclusion

The IPO of Travel Food Services offers investors exposure to a niche but growing segment of India’s consumer and travel ecosystem. While the company enjoys leadership and has strong operational credentials, the lack of fresh capital infusion, dependency on travel volumes, and flattening sales growth could be red flags for cautious investors.

Still, anchor investor interest and GMP momentum show there is optimism around the listing. If you’re planning to invest, evaluate your risk profile, consider the limited upside reflected in GMP, and decide whether this IPO aligns with your portfolio strategy.

Disclaimer Note: The securities quoted, if any, are for illustration only and are not recommendatory. This article is for education purposes only and shall not be considered as a recommendation or investment advice by Equentis – Research & Ranking. We will not be liable for any losses that may occur. Investments in the securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI, membership of BASL & certification from NISM in no way guarantee the performance of the intermediary or provide any assurance of returns to investors.

July 2, 2025

IPO, News

HDB Financial Shares Make Strong Debut at 13% Premium. What Next?

The moment which most investors were waiting for is done and dusted! HDB Financial shares listed at a decent premium of about 13% over its IPO price on the National Stock Exchange (NSE) on Wednesday, 2 July 2025.

Shares of HDB Financial Services listed at Rs 835 per share on the NSE, a premium of 12.8% over its issue price of Rs 740 per share. On the BSE too, the shares were listed at Rs 835 apiece.

HDB Financial Intraday Chart

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Source: NSE

The listing of the subsidiary of HDFC Bank was better than what the grey market premium (GMP) was indicating. Ahead of its listing, the GMP was indicating a 8-10% listing gain.

Post listing, the total market cap of the company stood at Rs 69,758 crore.

With this, HDB Financial Services has quickly climbed the ranks to become the eighth most valuable non-banking financial company (NBFC) in India by market capitalisation.

What HDB Financial’s Managing Director Said Post Listing

Post listing, HDB Financial Services Managing Director G Ramesh said the listing price is a validation of their business model.

“We are independent of HDFC Bank. On unsecured business, we will play out the cycles as it comes. Confident of managing through a credit environment in the unsecured business,” he said at a press conference.

After a successful debut, the focus will now be on corporate governance and delivering the right value to shareholders over the long term, he added.

Commenting on the growth and credit cycles, he said that NBFC businesses go through cycles and HDB has a product portfolio approach to pursue business in those sectors of the economy that are likely to do well in 12-18 months to ride out these cycles.

Post listing, HDB Financial has met the regulatory requirement of a minimum 25% free float. Its parent HDFC Bank continues to own 74% stake.

A Quick Glance at the Biggest IPOs in India

The IPO of HDB Financial was India’s biggest in 2025 so far, with investors bidding for more than 15 times the shares on offer.

The company sold shares which lured interest from global funds such as those managed by Morgan Stanley and Allianz SE, as well as from domestic institutions like Life Insurance Corp. of India.

HDB’s IPO is the biggest since Hyundai Motor India’s record $3.3 billion deal in October 2024.

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Company Background

HDB Financial Services is one of India’s leading diversified, retail-focused Non-Banking Financial Companies (NBFCs). As a subsidiary of HDFC Bank, India’s largest private sector bank, HDB benefits from strong parentage and brand equity.

The company’s primary business is lending, supplemented by business process outsourcing (BPO) services and fee-based products. It derives majority of the revenues from its lending business.

As of FY25, it operates 1,771 branches across 1,170 towns and cities, with over 80% of branches located outside India’s top 20 cities, indicating a deep penetration into Tier 2, 3, and 4 markets.

Source: DRHP

Competitive Strengths of HDB Financial

HDB enjoys a number of key competitive strengths:

Distinguished Parentage: HDB Financial Services benefits from the strong backing of HDFC Bank, India’s largest private sector bank. This association enhances trust, brand recognition, and corporate governance—offering a major edge in customer acquisition and stakeholder confidence.
Large and Diversified Portfolio: HDB has a robust pan-India presence with over 80% of branches located in Tier 2, 3, and 4 cities. It combines physical outreach with digital tools, supported by a large network of over 1.45 lakh channel partners, enabling effective customer sourcing even in underbanked regions.
Pan-India Distribution Network: HDBFS has a robust pan-India presence with over 80% of branches located in Tier 2, 3, and 4 cities. It combines physical outreach with digital tools, supported by a large network of over 1.45 lakh channel partners, enabling effective customer sourcing even in underbanked regions.
Strong Asset Quality: Despite serving riskier customer segments like MSMEs and lower-income groups, the company has maintained Gross Stage 3 NPAs at just 1.90% as of March 31, 2024. This reflects its sound underwriting and efficient collections framework.
High-Quality Liability Franchise: Backed by a CRISIL AAA/Stable rating and its HDFC Bank lineage, HDBFS accesses funds from multiple channels—banks, capital markets (NCDs, commercial papers), and External Commercial Borrowings (ECBs). This diversified funding base helps keep borrowing costs low and ensures consistent access to capital, even in tight liquidity conditions—supporting stable and scalable growth.

What Lies Ahead for HDB Financial?

NBFCs like HDB usually cater to borrowers who are either overlooked or excluded by traditional banks due to limited credit history or lower income levels. This makes them a vital part of India’s financial ecosystem.

Their business model is expected to benefit in the current environment, as the RBI looks to boost economic activity through interest rate cuts and increased liquidity.

With a loan book nearing $12 billion, HDB Financial Services has built a strong nationwide presence through its network of over 1,700 branches and a workforce of nearly 90,000 employees.

However, as competition intensifies and asset quality risks linger, investors would do well to keep a watchful eye on the road ahead.

Disclaimer Note: The securities quoted, if any, are for illustration only and are not recommendatory. This article is for education purposes only and shall not be considered as a recommendation or investment advice by Equentis – Research & Ranking. We will not be liable for any losses that may occur. Investments in the securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI, membership of BASL & certification from NISM in no way guarantee the performance of the intermediary or provide any assurance of returns to investors.

June 20, 2025

HDB Financial IPO: The Dream Child of Aditya Puri That’s Now India’s Largest NBFC Listing

When India’s most trusted and largest private sector bank backs an IPO, the market sits up and takes notice. And when that IPO is of its own subsidiary, the excitement only builds.

That’s exactly what’s happening with the much-anticipated listing of HDB Financial Services, the non-banking financial (NBFC) arm of HDFC Bank that it has been nurturing since 2007.

This isn’t just another IPO. HDB Financial was the brainchild of Aditya Puri, the visionary who transformed HDFC Bank into a household name. His plan was to create a dynamic lending institution that could do what the bank itself couldn’t always do. Because while banks are bound by tighter regulations, NBFCs have the flexibility to lend where banks often hesitate.

It’s no surprise then that many leading banks have created similar step-down subsidiaries to diversify their reach. Take Canara Bank with its housing finance arm, Canfin Homes. Or PNB, which set up PNB Housing Finance to strengthen its foothold in home loans. HDFC Bank’s HDB Financial plays a similar strategic role — helping the bank tap into new customer segments, grow faster, and stay ahead of the curve.

And the timing of this IPO couldn’t have been better. As India moves steadily towards financialisation — with more people saving, borrowing, and transacting digitally — NBFCs like HDB Financial are in the sweet spot, backed by HDFC Bank’s strong parentage, supported by the government’s policy thrust, and powered by digital adoption.

The big question now: will this dream IPO deliver on its promise and add another feather to HDFC Bank’s already glittering cap? Let’s dive in…

Company Profile

HDB is promoted by HDFC Bank. Mr. Ramesh Ganesan is the Managing Director and CEO of HDB, who has been at the helm since 2007 and has previously worked with HDFC Bank as vice president.

HDB Financial Services Management Team

Name	Designation	Joined Since
Ramesh Ganesan	Managing Director and Chief Executive Officer	2007
Rohit Sudhir Patwardhan	Chief Credit Officer	2007
Jaykumar Pravinchandra Shah	Chief Financial Officer	2021
Harish Kumar Venugopal	Chief Risk Officer	2011

Source: Annual Report, RHP

The company’s board is fairly stable with more than 2/3rd representation from independent directors.

HDB Financial – Board of Directors

Name	Designation	Joined Since	Associations with HDFC Bank, if any
Arijit Basu	Part-Time Non-Executive Chairman & Independent Director	June 1, 2021	NA
Amla Samanta	Independent Director	May 1, 2019	Previously on the board of HDFC Bank
A.K. Viswanathan	Independent Director	July 24, 2019	NA
Arundhati Mech	Independent Director	February 11, 2022	NA
Jayesh Chakravarthi	Independent Director	January 25, 2024	NA
Jayant Purushottam Gokhale	Independent Director	September 16, 2024	NA
Bhaskar Sharma	Independent Director	September 16, 2024	NA
Jimmy Minocher Tata	Non-Executive Director (Non- Independent)	July 15, 2023	Chief Credit Officer
Ramesh Ganesan	Managing Director and Chief Executive Officer	July 1, 2012	Worked at HDFC Bank for 8 years

Source: Annual Report, RHP, Equentis

HDB Financial Services manages over Rs 1 lakh crore in assets under management (AUM) as of FY25.

Source: FY25 Annual Report

The company reports its income under three key heads namely:

Lending business
BPO collection services
Non-interest income (including fee on distribution of insurance products)

Here’s the breakup of its FY25 revenue for each of these segments –

HDB Financial – FY25 Revenue Breakup

Division	Revenue (Rs. Crore)	Contribution
Lending Business	15,084	91.0%
BPO Services	1,217	7.3%
Insurance Distribution	277	1.7%
Total	16,578

Source: Annual Report

Let’s look at each of these business segments in detail…

Lending Business

The company’s lending portfolio is a mix of secured and unsecured loans. Approximately 71% of its loans are secured by assets such as property or vehicles, offering a safety net if borrowers default. The remaining are unsecured loans, which come without collateral but typically earn higher interest rates. This mix provides HDB with a balance of stable, low-risk income and potential for higher returns.

Here’s the breakup of its lending business which includes consumer loans, enterprise loans and asset finance and micro lending.

Consumer Loans: Under this segment, HDB provides a comprehensive suite of loan offerings designed to support individuals in meeting personal and household financial needs. This includes consumer durable loans for appliances, digital product loans for laptops, phones, personal loans, auto loans, 2-wheeler loans and micro finance lending.

Enterprise Loans: Here, HDB Financial gives loans to small and micro businesses, enabling them to scale and meet working capital requirements. This includes unsecured loans and loans backed by property, rent, or shares.

Asset Finance Loans: Under this category, HDB provides customers to purchase new and preowned vehicles and equipment. These loans are structured to promote income generation and business expansion, which includes commercial vehicle loans, construction equipment loans, and tractor loans.

Here’s how the breakup of its lending business looks like as per its RHP –

HDB Financial – Breakup of Lending Business

Source: RHP

BPO Services

Under this segment, the company provides sales support services, back office support, operations support and processing support to its parent HDFC Bank. It has set up 18 call centres nationwide, equipped with 5,500 seats to deliver seamless and efficient collection services. While this segment contributes only 7.3% of HDB’s income as of FY25, it offers a useful additional revenue stream that diversifies its earnings.

Sale of Insurance Products

HDB Financial is a registered corporate insurance agent and has a license from the insurance body IRDAI. Under this segment, it sells life insurance and general insurance products of HDFC Standard Life Insurance Company and HDFC Ergo General Insurance Company.

Note that close to 71% of HDB’s branches are located in Tier 3, Tier 4, and rural areas, where there are fewer banking options. This allows HDB to serve underbanked customers and expand in less crowded markets.

Source: DRHP

Over the years, the company has developed a strong franchise and geographical reach with presence in 1,170 locations with a network of 1,771 branches as of March 2025.

Over 80% of these are branches located outside the 20 largest cities in India.

Financial Performance

Coming to its financial performance, HDB’s loan book growth has picked up post pandemic and grown at a healthy CAGR of 21.8% over the past three years.

HDB Financial Loan Book Over the Years

(Rs. Crore)	FY20	FY21	FY22	FY23	FY24	FY25	FY20-25 CAGR	FY22-25 CAGR
Balance Sheet:
Loan Book	57,146	58,601	57,162	66,383	86,721	1,03,343	12.6%	21.8%
YoY Growth		2.5%	-2.5%	16.1%	30.6%	19.2%

Source: RHP, Annual Report

However, some tempering of its net margins earned on loans, also known as NIMs, and reduction in its BPO revenue, has resulted in its total income growing at a CAGR of 13.9%, which is lower than the loan growth but is still a healthy level to maintain.

HDB Financial NIM Over the Years

Profit & Loss:
(Rs. Crore)	FY20	FY21	FY22	FY23	FY24	FY25	FY20-25 CAGR	FY22-25 CAGR
Net Interest Income	4,152	4,605	5,037	5,416	6,292	7,446	12.4%	13.9%
YoY Growth		10.9%	9.4%	7.5%	16.2%	18.3%
Net Interest Margin	7.3%	7.9%	8.8%	8.2%	7.3%	7.2%	7.8%	7.9%
Total Income	10,756	10,945	11,306	12,403	14,171	16,300	8.7%	13.0%

Source: RHP, Annual Report

Coming to its bottomline performance, better cost management and lower provisions have been the key drivers of a robust 29% growth in HDB’s net profits over the past three years.

HDB Financial Net Profit Over the Years

Profit & Loss:
(Rs. Crore)	FY20	FY21	FY22	FY23	FY24	FY25	FY20-25 CAGR	FY22-25 CAGR
Cost to Income Ratio	35.0%	31.9%	36.9%	39.8%	34.8%	29.9%	34.7%	35.3%
Pre-Provisioning Profit (PPOP)	6,987	7,452	7,139	7,470	9,236	11,431	10.3%	17.0%
YoY Growth		6.7%	-4.2%	4.6%	23.7%	23.8%
Credit Cost %	2.5%	5.2%	4.3%	2.0%	1.2%	2.0%	2.9%	2.4%
Net Profit	1,005	391	1,011	1,959	2,461	2,176	16.7%	29.1%
*YoY Growth*		*-61.0%*	*158.4%*	*93.7%*	*25.6%*	*-11.6%*

Source: RHP, Annual Report

HDB Financial IPO Details

HDB Financial’s IPO will open on June 25 and close on June 27, with the anchor portion reserved for June 24.

The IPO is a combination of a fresh issue of Rs 2,500 crore and an offer for sale (OFS) of Rs 10,000 crore from HDFC Bank, which holds a 94.3% stake.

HDB Financial Shareholding Pre-IPO

Group	No. of Shares Held (in Cr)	Shareholding %
HDFC Bank	75.1	94.3%
Public	4.3	5.4%
Shares held by Employee Trusts	0.2	0.2%
Total	79.6

Source: RHP

Post IPO, HDFC Bank’s holding will reduce to 74.2%.

HDB Financial Shareholding Post-IPO

Group	No. of Shares Held (in Cr)	Shareholding %
HDFC Bank	61.5	74.2%
Public	16.9	20.4%
Shares held by Employee Trusts	0.2	0.2%
Total	83.0

Source: RHP

Nearly 50% of the offer is allocated for qualified institutional buyers, 15% for non-institutional bidders, and the remaining 35% for retail investors.

The company has set its price band at Rs 700–740 per share, which surprised many investors, considering the steep valuations HDB Financial was commanding in the unlisted market. Reports suggest that its shares were trading at around Rs 1,250 apiece in the grey market. The IPO price band is nearly 40% lower, leading many investors to view it as an attractive entry point.

Source: sharescart.com

At the upper band of Rs 740 per share, HDB Financial is eyeing a post-issue valuation of Rs 61,388 crore.

Implied Market Cap of HDB Financial

Particulars	Amount
Fresh Issue Proceeds (Rs. Crore)	2,500
Upper Band Price per Share (Rs.)	740
New Shares Issued (via Fresh Issue) (Crore)	3
Existing Shares Outstanding (Crore)	80
Post-Issue Shares Outstanding	83
Implied Market Cap (Rs. Crore)	61,388

Source: RHP, Equentis

The basis of allotment of HDB Financial shares is expected to be finalised on June 30, with refunds and credit of shares scheduled for July 1. The company is set to debut on BSE and NSE on July 2.

HDB plans to use the money raised from this IPO in two ways:

Building Financial Reserves (Tier-I Capital): HDB will use Rs 2,500 crore from the IPO to boost its Tier-I capital. This is like a financial cushion that helps protect HDB during economic downturns or loan defaults. It will also help the company lend more confidently and meet regulatory requirements.

Offer for Sale by HDFC Bank: The remaining Rs 10,000 crore will go towards HDFC Bank selling part of its stake in HDB to the public. This move will give HDFC Bank extra liquidity and allow HDB to operate more independently in the public market.

Simply put, the fresh funds raised will help strengthen HDB Financial’s capital position, improve its capital adequacy ratio, and support future growth while more importantly, this IPO will also help meet regulatory requirements, as large NBFCs in India are required to get listed by September 2025.

HDB Financial – Key IPO Details

Offer Period	Anchor Book	Issue Open	Issue Close
	24-June-2025	25-June-2025	27-June-2025
Issue Size	Rs 12,500 Crore
Price Band	Rs 700 to Rs 740 per share
Face Value	Rs 10 per share
Lot Size	20 shares and in multiples thereof
Category	Retail	Small HNIs	Big HNIs
Allocation (%)	35%	5%	10%
QIB Portion (%)	50% of the Offer
Listing on	BSE, NSE
Timeline	30-June-2025	Finalisation of Basis of Allotment
	1-July-2025	Initiation of Refunds/Credit of Shares
	2-July-2025	Listing of Shares

Source: RHP

Conclusion

Before the issue opens, HDB Financial shares are trading at a premium of Rs 83 in the grey market. This implies a potential listing price of around Rs 823 — about 11% higher than the upper price band of Rs 740.

At this price range, the price-to-book ratio comes to around 3.9x.

The biggest question is — is HDB doing anything unique without relying solely on its parent bank’s backing? The HDFC brand definitely helps, but HDB will need to grow rapidly on its own and improve its Return on Assets (RoA) to justify these premium valuations.

Happy Investing.

Disclaimer Note: The securities quoted, if any, are for illustration only and are not recommendatory. This article is for education purposes only and shall not be considered as a recommendation or investment advice by Equentis – Research & Ranking. We will not be liable for any losses that may occur. Investments in the securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI, membership of BASL & certification from NISM in no way guarantee the performance of the intermediary or provide any assurance of returns to investors.

June 10, 2025

IPO, News

Export Optimism Lifts Hyundai Motor Share Price. What’s Next?

India’s benchmark indices have been closing in green for the past couple of trading sessions.

Thanks to the easing RBI policy and the progress in US-India trade talks, the Nifty 50 index has reached an eight-month high, while the BSE Sensex has climbed to 82,400 levels.

Alongside the rally in the overall market, a stock that has caught investor’s attention is Hyundai Motor. Hyundai Motor share price has crossed its IPO price for the first time since listing.

So, what’s driving the rally? Can the rally pick up momentum? Let’s take a closer look…

Hyundai Motors Share Price Performance

Hyundai Motor India’s share price has declined post its IPO following the expiry of the lock-in period. However, its recent quarterly earnings and the end of the lock-in period have contributed to the stock’s recovery from its earlier lows.

As of June 9, 2025, the stock reached an intraday high of ₹1984.8 and closed nearly 6% higher at ₹1947.1 on the NSE.

AD 4nXfo REUgQsovNu0kn1t64t 9zlB8BL wmeW8XsMiYQAJRQKI4rMIj1z3Sy gBZ9qlKGSaqWdpGhF4LB082XzCvwFN H JaHB18rpZvcDKI9x26EqkS5ou — (Source: Money Control)

Why Hyundai Motor Share Price is Rising

From the looks of it, the rally is driven by a confluence of operational, strategic, and macroeconomic factors, including:

Optimism Around Export Growth

Hyundai Motor India’s management stated that it expects export volumes to grow by 7–8% in FY26, citing consistent export momentum in recent months. The company aspires to become Hyundai’s largest export hub outside South Korea.
Source: Mint

Strong US Sales Momentum

Hyundai Motor America reported an 8% year-on-year increase in total sales for May 2025, reaching 84,521 units. Several models, including the Venue, Elantra N, Santa Fe, Tucson, and Palisade, recorded their best-ever May sales. May also marked Hyundai’s highest-ever hybrid and electrified vehicle sales in the U.S., with hybrid sales rising by 5%. Additionally, the brand surpassed 17 million cumulative vehicle sales in the US since its market entry in 1986.

Source: Hyundai Motors Press Release

Reclaiming Market Share in India

In the domestic passenger vehicle segment, Hyundai reclaimed the third position in May 2025 by outselling Tata Motors, a reversal of its previous three-month underperformance. Despite a temporary production dip due to its scheduled maintenance shutdown in Chennai, Hyundai’s May sales stood at 43,861 units, outpacing Tata’s 41,557 units.

Positive Sales Momentum in the EV Segment

According to reports, electric car sales in India rose 55% year-on-year in May 2025, with Hyundai’s e-Creta cited among the top-performing models. EV penetration increased to 4.1% in May 2025 from 2.6% in May 2024. Hyundai was mentioned among the companies gaining ground in India’s expanding EV market.

Source: ET

Domestic and Global Operational Updates

While Hyundai Motor India’s overall sales volumes declined slightly in May 2025 due to scheduled maintenance at its Chennai facility, the company stated it continues to see consistent growth in exports. Hyundai Motor Company globally reported a record revenue of KRW 44.41 trillion in Q1 2025, a 9.2% year-on-year increase, alongside a 38.4% rise in sales of electrified vehicles.

Corporate Investment in Renewable Energy

On June 7, 2025, Hyundai Motor India announced the release of ₹165.8 crore as the first tranche in its planned ₹380.5 crore investment in FPEL TN Wind Farm Private Ltd. The stake acquisition marks a step toward long-term energy cost optimisation and sustainability, as part of its broader green strategy.

Source: ET

Product Pipeline and Capacity Expansion

Hyundai has outlined plans to launch 26 new products in India (including facelifts) by FY2030, comprising 20 ICE vehicles and 6 EVs. The company is also preparing to operationalise its new manufacturing facility in Pune, which may expand production capabilities in both domestic and export segments.

Shareholder-Oriented Announcements

At the group level, Hyundai Motor Company increased its quarterly dividend to KRW 2,500 per share in Q1 2025 and reaffirmed its commitment to cancelling 1% of outstanding shares. The company also announced a $21 billion investment plan in the US between 2025 and 2028, including capacity expansions and technology developments across EVs, AI, and autonomous mobility.

The mentioned updates are backed by a strong financial performance in Q1 2025.

Overview of Hyundai Motors

Founded in 1967, Hyundai Motor Company (HMC) is a South Korea-based global automobile manufacturer operating in over 200 countries with a workforce exceeding 120,000. It is the sixth-largest automaker in the world by production volume, ahead of brands like Nissan and Honda.

Hyundai’s vehicles are sold in 193 countries through approximately 5,000 dealerships and showrooms. The company’s manufacturing network includes the world’s largest integrated auto plant in Ulsan, South Korea, and major production facilities in the United States.

The Hyundai Motor Group structure includes a 33.88% stake in Kia Corporation and full ownership of Genesis, its luxury vehicle brand. This enables a broad product portfolio spanning sedans, SUVs, hatchbacks, vans, pickups, and commercial vehicles. Popular models include the Tucson, Elantra, Creta, Kona, and Santa Fe.

Hyundai invests around 5% of its annual revenue in research and development, operating 12 global R&D centers.

Financial Snapshot Of Hyundai Motors

Over the past five years, Hyundai Motor Company has delivered steady top-line and bottom-line growth, supported by a strategic focus on electrification, hybrid-led profitability, and global expansion.

More recently, the company’s quarterly revenue for the March 2025 quarter reached ₹17940.28 crore, and it earned a net profit of ₹1614.35 crore.

AD 4nXduxerbimhpawpQ6vkmPUfbVAOam8VzOHl FXf3Q LqUDN4AIvv3Ju1t7MsRuEB8TKwP3Q2ujO2ueX3AN9W0WU bt2v7HFsaZqGdrv2Qo — Source: Money Control

Apart from the profit figures, the other KPIs for FY2025 include:

ROE: 34.61%
Debt-to-equity Ratio: 0.05
Dividend: ₹21
Net profit margin: 8.11%
RoCE: 41.15%

What Next?

Hyundai Motor’s recent stock movement reflects a combination of export optimism, improved US and domestic sales, and ongoing investments in electric vehicles, renewables, and capacity expansion.

The company has also reported consistent financial performance, supported by a strong product pipeline and global operations.

However, while these developments provide a positive operational backdrop, evaluating the stock’s potential requires a comprehensive analysis of market conditions, valuation, risks, and your individual investment goals. So, it is suggested to back any further steps in adding these shares to your portfolio only after thorough research and analysis of multiple parameters.

Happy Investing.

Disclaimer Note: The securities quoted, if any, are for illustration only and are not recommendatory. This article is for education purposes only and shall not be considered as a recommendation or investment advice by Equentis – Research & Ranking. We will not be liable for any losses that may occur. Investments in the securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI, membership of BASL & certification from NISM in no way guarantee the performance of the intermediary or provide any assurance of returns to investors.

May 26, 2025

IPO, News

Aegis Vopak Terminals IPO: GMP, Issue Size, and 5 Key Things to Know

Aegis Vopak Terminals opened its ₹2,800 crore IPO for subscription today, drawing interest from investors tracking the infrastructure and energy logistics sector. The company operates strategically located storage terminals across major Indian ports, catering to petroleum products, LPG, and industrial chemicals.

With a solid anchor book, a notable grey market premium (GMP), and a strong operational footprint, the IPO is one of the key offerings this week. Here’s a detailed look at the issue size, share allocation, GMP, company background, financials, and a SWOT analysis to help you evaluate the opportunity.

Aegis Vopak Terminals IPO Details

Offer Price	₹223 to ₹235 per share
Face Value	₹10 per share
Opening Date	26 May 2025
Closing Date	28 May 2025
Total Issue Size (in Shares)	11,91,48,936
Total Issue Size (in ₹)	₹2,800 Cr
Issue Type	Bookbuilding IPO
Lot Size	63 Shares
Listing at	BSE, NSE

Source: Red Herring Prospectus

The basis of allotment is expected to be finalized on Thursday, May 29. Refunds will be initiated on Friday, May 30, and shares will be credited to demat accounts on the same day. The stock is likely to be listed on the NSE and BSE on Monday, June 2.

Here are 5 key things to know about the IPO.

Allocation of Shares

Investors can bid for a minimum of 63 shares and in multiples thereof. The table below summarizes the minimum and maximum investment requirements:

Investor Category	Lots	Shares	Investment Amount
Retail (Min)	1	63	₹14,805
Retail (Max)	13	819	₹1,92,465
S-HNI (Min)	14	882	₹2,07,270
S-HNI (Max)	67	4,221	₹9,91,935
B-HNI (Min)	68	4,284	₹10,06,740

Source: Red Herring Prospectus

The storage infrastructure company raised ₹1,260 crore from 32 anchor investors ahead of its IPO by allotting over 5.36 crore equity shares. The anchor book saw strong interest from global institutional players, including Goldman Sachs, Nomura Trust & Banking Co, Aberdeen Standard SICAV I – Indian Equity Fund, and TOCU Europe III S.A R.L.

Among the total anchor allocation, more than 1.58 crore equity shares—accounting for 29.56% of the anchor portion—were allotted to six domestic mutual funds across 17 schemes. Notably, HDFC Mutual Fund participated through three schemes, while Motilal Oswal Mutual Fund was allotted shares via seven schemes.
Source: Economic Times

Grey Market Premium (GMP)

The GMP as of 26 May 2025 stands at ₹17. At the upper price band of ₹235, the estimated listing price could be around ₹252, reflecting a potential 7.2% premium over the issue price.

Objectives of the IPO

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

Repayment or prepayment of existing borrowings
Funding capital expenditures for the planned cryogenic LPG terminal acquisition in Mangalore
General corporate purposes

Company Overview

Incorporated in 2013, Aegis Vopak Terminals (AVTL) is a storage infrastructure company that owns and operates terminals for liquefied petroleum gas (LPG) and various liquid products across India. The company provides safe storage and handling services for a wide range of commodities, including petroleum, chemicals, vegetable oils, lubricants, and gases like propane and butane.

As of June 30, 2024, AVTL manages:

1.50 million cubic meters of storage capacity for liquid products
70,800 metric tons of static storage capacity for LPG

The business is structured into two core divisions:

Gas Terminal Division: Specialises in the storage and handling of LPG, including propane and butane.
Liquid Terminal Division: Manages storage for petroleum products, over 30 types of chemicals, and more than 10 types of edible and non-edible oils.

AVTL operates a total of 18 terminals—2 LPG terminals and 16 liquid storage terminals—strategically located across five major ports in India:

Haldia, West Bengal
Kochi, Kerala
Mangalore, Karnataka
Pipavav, Gujarat
Kandla, Gujarat

These terminals are involved in coastal shipping, imports, and exports, providing essential infrastructure support to India’s energy and chemical logistics sectors.

Financial Strength

Aegis Vopak Terminals has shown significant financial growth over the past few years. The company reported a revenue of ₹476.15 crore for the nine months ending December 2024, compared to ₹570.12 crore for the full year FY24 and ₹355.99 crore in FY23.

AD 4nXesdoaYDaDxpkd1f4K1NSKfsJ L2auSqsjMuyjyK5kJs3LXBxV5DojBP5oj8OW Qv0oKNZdiaqWIblt RH nrcxGHA LxI XSXX9cm3pd4vFD0UWATFwESuzCIj9zhnRItbl64cYQ?key=o7qaRf9XwanG3C7 cedWKw — **Source:** **Red Herring Prospectus**

On the profitability front, profit after tax (PAT) reached ₹85.89 crore for the period ending December 2024, marginally lower than ₹86.54 crore in FY24, but a substantial improvement from the marginal loss of ₹0.08 crore in FY23 and ₹1.09 crore in FY22.

Source: Red Herring Prospectus

SWOT Analysis

STRENGTHS	WEAKNESSES
Strategic terminal locations across India Strong parentage via Aegis Logistics Ltd Experienced management and operational team Diversified storage portfolio (petroleum, LPG, chemicals, vegetable oils)	Heavily reliant on port infrastructure Vulnerable to regulatory and environmental compliance risks High capex business model requires continuous funding
OPPORTUNITIES	THREATS
Growing LPG demand and chemical storage needs in India Potential M&A expansions (like the cryogenic terminal in Mangalore) Infrastructure upgrades and policy support in the logistics sector	Competition from large players like Adani Ports and JSW Infrastructure Fluctuation in global trade and commodity prices Any delay in expansion projects may impact revenue growth

Conclusion

The Aegis Vopak Terminals IPO is drawing investor attention due to its strong grey market premium, strategic infrastructure assets, and upcoming capital deployment plans. If you’re evaluating whether to invest, closely consider the IPO’s pricing, financial fundamentals, and the company’s position in the infrastructure sector.

Before subscribing, assess your risk appetite and consult with a financial advisor if needed. This IPO could be an interesting addition to a long-term infrastructure-focused portfolio—but like all investments, it comes with its own set of risks and rewards.

Disclaimer Note: The securities quoted, if any, are for illustration only and are not recommendatory. This article is for education purposes only and shall not be considered as a recommendation or investment advice by Equentis – Research & Ranking. We will not be liable for any losses that may occur. Investments in the securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI, membership of BASL & certification from NISM in no way guarantee the performance of the intermediary or provide any assurance of returns to investors.

May 22, 2025

IPO, News

IPO Rush Returns: What’s Fueling the 2025 Listing Spree?

India’s IPO (Initial Public Offering) market has picked up again. After a three-month lull, May 2025 has seen renewed activity, with at least seven companies launching public offerings. Together, these companies aim to raise around ₹7,000 crore. This increase in listings reflects improving market conditions, regulatory clearances, and a rise in corporate fundraising plans.

With approximately 12 IPOs expected in June and several companies already approved by SEBI, the pace of new listings may continue. This article explains the reasons behind the current rise in IPOs and what it shows about the state of the market.

IPO Activity Resumes After a Gap

IPO	Type	Opening Dt.	Closing Dt.	Issue Price Band	Issue Size (in shares)	Issue Size (in ₹ Crore)	Listing at
Unified Data-Tech Solutions Ltd	SME	May 22, 2025	May 26, 2025	₹260 to ₹273	52,92,000	144.47	BSE SME
Belrise Industries Ltd	Mainboard	May 21, 2025	May 23, 2025	₹85 to ₹90	23,88,88,888	2,150.00	BSE, NSE
Dar Credit and Capital Ltd	SME	May 21, 2025	May 23, 2025	₹60	42,76,000	25.66	NSE SME
Victory Electric Vehicles International Ltd	SME	May 20, 2025	May 23, 2025	₹72	56,47,000	40.66	NSE SME
Borana Weaves Ltd	Mainboard	May 20, 2025	May 22, 2025	₹216	67,08,000	144.89	BSE, NSE
Aegis Vopak Terminals Ltd	Mainboard	May 26, 2025	May 28, 2025	₹223 to ₹235	11,91,48,936	2,800.00	BSE, NSE
Schloss Bangalore Ltd (Leela Hotels)	Mainboard	May 26, 2025	May 28, 2025	₹413 to ₹435	8,04,59,769	3,500.00	BSE, NSE
Prostarm Info Systems Ltd	Mainboard	May 27, 2025	May 29, 2025	₹95 to ₹105	1,60,00,000	168	BSE, NSE
Astonea Labs Ltd	SME	May 27, 2025	May 29, 2025	₹128 to ₹135	27,90,000	37.67	BSE SME
Nikita Papers Ltd	SME	May 27, 2025	May 29, 2025	₹95 to ₹104	64,94,400	67.54	NSE SME
Blue Water Logistics Ltd	SME	May 27, 2025	May 29, 2025	₹132 to ₹135	30,00,000	40.5	NSE SME
Neptune Petrochemicals Ltd	SME	May 28, 2025	May 30, 2025	₹115 to ₹122	60,00,000	73.2	NSE SME

Source: Chittorgarh

The beginning of 2025 saw limited IPO activity. Between January and April, the market had very few listings. Companies were cautious due to the uncertain business environment following the 2024 national elections, geopolitical tensions, and trade uncertainties.

May brought a noticeable change. Seven companies launched their IPOs, including TBO Tek, Indegene, Aadhar Housing Finance, and Awfis Space Solutions. These offerings came from various sectors such as technology, healthcare, housing finance, and commercial real estate.

Adding to this momentum, Schloss Bangalore, the operator of The Leela luxury hotels, has announced the start date of its ₹3,500 crore IPO. Similarly, Aegis Vopak Terminals, which manages LPG and other liquid commodities storage infrastructure, has unveiled the timeline for its upcoming ₹2,800 crore share sale. These announcements point to a pipeline that includes larger-scale listings alongside mid-sized offerings. Source: Economic Times

While this spread shows that multiple sectors are seeing the potential to raise funds through public listings, here’s a look at what’s driving the surge.

Factors Driving the 2025 IPO Momentum

Several practical reasons explain why more companies are now choosing to go public.

1. Market Conditions Are Steady

Stock market indices have consistently performed in recent months. Institutional and retail participation has remained strong, giving companies more confidence in achieving successful IPO outcomes.

2. Faster SEBI Approvals

SEBI has cleared IPO applications for over 20 companies, allowing them to move forward with their public offerings. This faster pace of approvals reduces delays for companies and helps them plan their market entries more efficiently. Source: Economic Times

3. Post-Election Stability

The uncertainty around national elections in 2024 caused companies to postpone their IPO plans. Now that the election period has passed and policy continuity has been maintained, companies are proceeding with plans that were earlier on hold.

4. Sector-Specific Growth

The companies that launched IPOs in May are from sectors that have seen stable or rising demand. For example:

TBO Tek serves the travel and tourism industry, which is seeing a recovery.
Indegene operates in healthcare technology, an area with consistent global demand.
Aadhar Housing Finance focuses on affordable housing, which remains a key area in semi-urban markets.
Awfis Space Solutions offers co-working spaces, which have gained popularity with hybrid work models.

These examples indicate that IPO interest is not limited to one industry but reflects developments across multiple areas.

The Road Ahead: June and Beyond

The IPO pipeline remains active. SEBI has approved nearly 20 IPOs, and depending on overall market stability, 10 to 12 companies are expected to launch their offerings in June. Source: Economic Times

In addition to this, industry reports suggest a significant build-up for the rest of the year. As many as 150 companies are expected to issue IPOs over the next six months, pointing to a strong pipeline driven by small and mid-sized firms as well as larger enterprises preparing to list. Source: News18

These upcoming listings will likely span sectors such as fintech, manufacturing, consumer services, and clean energy. The broader participation reflects strong business sentiment and an increasing interest in public fundraising as an expansion strategy.

Retail participation is also expected to grow, supported by easier application methods through UPI and simplified digital platforms, making the IPO process more accessible to individual investors.

SME IPOs Adding to the Momentum

Alongside mainboard listings, the SME IPO segment has remained active, with several smaller companies tapping the market for growth capital. Recent SME IPOs include Magenta Lifecare Ltd, Trident Techlabs Ltd, and Creative Graphics Solutions India Ltd, among others. These listings reflect growing interest from smaller enterprises in leveraging public equity for expansion and visibility. The consistent participation in this segment indicates that investor appetite is not limited to large-cap names alone.

Wider Market Signals

This phase of IPO activity reflects an improving fundraising environment for Indian companies. Regulatory timelines are shorter, investor participation is growing, and digital infrastructure for IPO access has become more efficient.

Companies are using IPOs to raise funds, improve transparency, and strengthen their market presence. The listing process requires greater financial discipline, which can benefit companies long-term.

While market conditions can still change, the increase in IPOs indicates that the business ecosystem is preparing for growth in the coming quarters.

Conclusion

After a three-month gap, the IPO market in India has become active again. With ₹7,000 crore expected to be raised in May 2025 and many more listings scheduled in the near future, the pace of activity has increased. Several factors—market stability, faster regulatory approvals, and recovery in key sectors—contribute to this trend.

This increase in listings may continue through the rest of the year if current conditions remain unchanged. The activity observed in May provides a clear example of how companies adjust their fundraising strategies in response to favorable market signals.

Disclaimer Note: The securities quoted, if any, are for illustration only and are not recommendatory. This article is for education purposes only and shall not be considered as a recommendation or investment advice by Equentis – Research & Ranking. We will not be liable for any losses that may occur. Investments in the securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI, membership of BASL & certification from NISM in no way guarantee the performance of the intermediary or provide any assurance of returns to investors.

FAQs

1. Why did IPO activity slow down earlier in 2025?
IPO activity was limited during the first three months of 2025 due to uncertainty around the 2024 national elections and cautious market sentiment. Many companies delayed their plans until market conditions improved.
2. How many IPOs were launched in May 2025?
Seven companies launched their IPOs in May 2025, with an estimated collective fundraise of around ₹7,000 crore.
3. What kind of companies launched IPOs in May?
The companies came from various sectors, including travel technology (TBO Tek), healthcare services (Indegene), housing finance (Aadhar Housing Finance), and co-working spaces (Awfis Space Solutions), indicating broad-based market participation.
4. How many IPOs has SEBI approved recently?
SEBI has approved nearly 20 IPOs, and these companies are expected to launch their issues once market conditions allow.
5. How many IPOs are expected in June 2025?
According to merchant bankers, 10–12 companies will likely launch their IPOs in June, depending on overall market stability.

May 21, 2025

IPO, News

Leela Hotels Upcoming IPO at ₹3,500 Cr: Key Insights, Financials & SWOT Analysis

Brookfield-backed Schloss Bangalore Pvt Ltd, the operator of the iconic “The Leela Hotels in India, is all set to launch its highly anticipated initial public offering (IPO). The IPO, which aims to raise ₹3,500 crore, marks a significant step for one of India’s leading luxury hospitality players as it prepares to debut on the public market.

The company has revised its IPO size, bringing it down by 30% from the originally planned ₹5,000 crore to the current ₹3,500 crore, reflecting a more strategic fundraising approach. The offering consists of a fresh issue of 5.75 crore shares aggregating to ₹2,500 crore, and an offer for sale (OFS) of 2.30 crore shares worth ₹1,000 crore.

Leela Hotels IPO shares are trading at a ₹18 premium in the grey market. Source: LiveMint/ Moneycontrol

Leela Hotel’s IPO Details

Offer Price	₹413 to ₹435 Per Share
Face Value	₹10 Per Share
Opening Date	26th May 2025
Closing Date	28th May 2025
Total Issue Size (in Shares)	8,04,59,769
Total Issue Size (in ₹)	₹3,500.00 Cr
Issue Type	Bookbuilding IPO
Lot Size	34 Shares
Listing at	BSE, NSE

Source: Chittorgarh.com

Company Overview

Founded in 2019, Schloss Bangalore has established itself as a strong force in India’s premium hospitality space. It manages 12 Leela-branded properties with 3,382 rooms.

Competing with Indian Hotels, Chalet Hotels, EIH, and ITC Hotels, the company plans to utilise ₹2,300 crore from the fresh issue proceeds to repay debt across its entities. Its upcoming IPO coincides with a strong rebound in the tourism sector, presenting investors with a timely opportunity to enter the growing luxury travel market. Source: Moneycontrol

Company Performance and Financials

Although the company reported a loss of ₹36 crore for the period ending May 2024, it significantly reduced its losses from ₹319 crore in FY22 to ₹2.1 crore in FY24. Revenues also jumped from ₹415 crore in FY22 to ₹1,226 crore in FY24, reflecting a strong post-COVID-19 recovery. Source: CNBCTV18

SWOT Analysis of Leela Hotels

STRENGTHS	WEAKNESSES
Leela’s premium brand, heritage integration, and service excellence attract elite, high-paying clientele. Leela operates in India’s top business and tourist hubs, ensuring maximum visibility and demand. GHA DISCOVERY membership boosts global exposure and guest loyalty through exclusive travel benefits. Their properties feature luxurious rooms, fine dining, spas, and MICE facilities for premium experiences.	Past losses and high debt levels continue to raise financial stability concerns. Lack of international reach restricts access to global luxury travel markets. Premium services and amenities lead to significantly higher operational expense burdens. Heavy reliance on domestic demand makes it vulnerable to local economic shifts.
OPPORTUNITIES	THREATS
Rising incomes and tourism fuel growth in India’s luxury hotel segment. Leela plans aggressive growth via greenfield projects and rebranded property acquisitions. Tech-driven upgrades like smart rooms enhance guest experiences and operational efficiency. India’s expanding MICE sector offers strong potential for Leela’s upscale venues.	Competes with strong domestic and global luxury hotel brands in India. Oversupply or market saturation may pressure average room rates downward. Constant innovation is needed to meet the evolving expectations of younger luxury travelers. Hiring and retaining skilled staff remain difficult in the personalized luxury hospitality sector.

Other Key Details

Allocation Breakdown

75% of the issue is reserved for Qualified Institutional Buyers (QIBs)
60% of this (₹1,575 crore) earmarked for anchor investors
15% for Non-Institutional Investors (NIIs)
10% for Retail Individual Investors (RIIs)

Source: LiveMint

Key Managers of the IPO

The promoters of Leela Hotels consist of several Brookfield entities registered under the Dubai International Financial Centre (DIFC), including Project Ballet Bangalore Holdings Pvt Ltd, BSREP III Joy (Two) Holdings, Project Ballet Chennai Holdings Pvt Ltd, and Project Ballet Gandhinagar Holdings Pvt Ltd.

Book-Running Lead Managers (BRLMs)

A consortium of leading investment banks is managing the Leela Hotels IPO, ensuring strong financial oversight and execution. The book-running lead managers include JM Financial, BofA Securities, Morgan Stanley India, J.P. Morgan India, Kotak Mahindra Capital, Axis Capital, Citigroup Global Markets India, IIFL Securities, Motilal Oswal Investment Advisors, and SBI Capital Markets.

Conclusion

The IPO offers an opportunity to gain exposure to India’s growing luxury hospitality sector. Supported by Brookfield and backed by a portfolio of upscale properties and a strategic presence in key markets, Leela Hotels’ public issue aligns with the broader momentum in the premium travel and tourism space.

Disclaimer Note: The securities quoted, if any, are for illustration only and are not recommendatory. This article is for education purposes only and shall not be considered as a recommendation or investment advice by Equentis – Research & Ranking. We will not be liable for any losses that may occur. Investments in the securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI, membership of BASL & certification from NISM in no way guarantee the performance of the intermediary or provide any assurance of returns to investors.

May 19, 2025

IPO, News

Five Upcoming IPOs Set to Shake Up Dalal Street This Week

The momentum of the initial public offerings in 2025 stands at a volume of USD 888 million as of February 2025 (year-to-date basis), which is 4% higher than 2024 for the same period. Though the IPO market went quiet for some time, the market is picking up again with five upcoming IPOs this week. Which are these IPOs? Let’s understand the details before deciding to invest in the same.

1. Borana Weaves

Offer Price	₹205-216 per share
Face Value	₹10 per share
Opening Date	20th May, 2025
Closing Date	22nd May, 2025
Total Issue Size (in Shares)	67,08,000 shares
Total Issue Size (in ₹)	₹144.89 Crore
Issue Type	Book Building IPO

Source: Money Control

Borana Weaves Ltd. is a prominent player in the textile manufacturing sector, specializing in producing microfilament woven fabrics. The company operates a fully integrated manufacturing facility with advanced water jet looms and high-speed air jet weaving technology, ensuring high-quality output across its product range. From polyester greige fabrics to advanced technical textiles, Borana Weaves serves diverse markets including apparel, home textiles, and tent fabrics.

The company has shown consistent growth with a strong production capacity of 220 million metres of greige polyester fabrics annually. Recent expansions include a high-tech weaving unit for waterproof and technical fabrics, set to launch in 2025.

(Source: Company Website)

AD 4nXdwjw2WesjjnQftf 5UDKPsBwY5afsiT3yKu19VYe4cg9JZ5rw74wYH4VSJEkay6qfyUuV1LRvfSMmmz3vimRGdyfkTrMoZz5Bnboo9Jkd64A9F1z5p2Suh2QW7tlRXa8yKHsuzuA?key=bQ8ntMDG zPQqkAHeqMS5A — (Source: DRHP)

The company is set to launch its IPO this week on the mainboard. The Grey Market Premium (GMP) for Borana Weaves IPO will start at ₹0 on 14th May and peak at ₹63 on 16th and 19th May.

Objectives of the IPO

₹713.48 million for establishing a new manufacturing unit in Surat, Gujarat, to expand grey fabric production.
₹265 million for meeting incremental working capital requirements.
Remaining funds for general corporate purposes.

2. Belrise Industries

Offer Price	₹85-90 per share
Face Value	₹5 per share
Opening Date	21st May, 2025
Closing Date	23rd May, 2025
Total Issue Size (in Shares)	23,88,88,888 shares
Total Issue Size (in ₹)	₹2150 Crore
Issue Type	Book Building IPO

Source: Money Control

Founded in 1988 with an initial capital of ₹20,000, Belrise Industries started as an automotive fastener manufacturer. Today, the company is a major player in the automotive sector, producing sheet metal and polymer products for leading vehicle manufacturers.

With 15+ manufacturing plants across India, Belrise recorded a turnover of ₹7,484.2 crore in 2023, driven by a diversified product portfolio and strong customer relationships. As of FY2024, the company has maintained a growth rate of 16.4% CAGR over the last four years, outperforming the ACMA index average of 12%. (Source: Company website)

AD 4nXe5n N8NjZKTtuHRDL1 srLLNOePgSzJVJWzsuTKQ 2NZpd0YaNCgzIrcM9prFugmZcEITGkv5jtPZMYX 3gxeHgI XkTzGNF7J75cyWOmX33aKwyOBI859iovGHNYy9Xkl6U9Y?key=bQ8ntMDG zPQqkAHeqMS5A — (Source: SEBI DRHP)

Belrise Industries is set to launch its IPO this week, the proceeds for which are to be utilised as follows:

₹1618.12 crore for repaying or pre-paying certain borrowings.
The remaining is for general corporate purposes.

Additionally, the Grey Market Premium (GMP) for Belrise Industries IPO declined from ₹18 on 17th May to ₹10 on 19th May, indicating fluctuating market sentiment.

3. Victory Electric Vehicles International Ltd. IPO:

Offer Price	₹72 per share
Face Value	₹5 per share
Opening Date	20th May, 2025
Closing Date	23rd May, 2025
Total Issue Size (in Shares)	56,47,000 shares
Total Issue Size (in ₹)	₹40.66 Crore
Issue Type	Fixed Price IPO

Source: Money Control

Established in 2011 in Bahadurgarh, Haryana, Victory Electric Vehicles International Ltd. manufactures electric and solar battery vehicles, including rickshaws, two-wheelers, and commercial vehicles. The company also produces lithium-ion batteries and electric power grid panels, catering to domestic and international markets, including Nepal, Sri Lanka, and the Maldives.

Victory Electric Vehicles has positioned itself as a prominent player in the electric vehicle segment, leveraging advanced battery systems and custom vehicle designs to expand its market reach.

AD 4nXeNpZc7rSVBuhwBOk leQLPCXcyPLqxNZlC614kXUiDoAIuw Vvd1cy9bktybIgntkcbnZtzDYLvbgCPcbv7vsJhwgHLcHvMrrqwQsamSBDAKYgM sZqPOAjWFSzCjIToYhs bX?key=bQ8ntMDG zPQqkAHeqMS5A — (Source: SEBI DRHP)

The company is launching its IPO this week and will be listed on the NSE SME platform. The proceeds of the IPO will be utilised for the following:

₹50 crore for capital expenditure.
₹220 crore for working capital requirements.
₹75.43 crore for general corporate purposes.

4. Dar Credit & Capital Ltd IPO

Offer Price	₹57-60 per share
Face Value	₹10 per share
Opening Date	21st May, 2025
Closing Date	23rd May, 2025
Total Issue Size (in Shares)	42,76,000 shares
Total Issue Size (in ₹)	₹25.66 Crore
Issue Type	Book Building IPO

Source: Money Control

Dar Credit & Capital Ltd. (DCCL) is an NBFC founded in 1994, headquartered in Kolkata, and has a regional office in Jaipur. It serves low-income individuals and small businesses across several states, offering personal and MSME loans.

For the year ending March 2024, DCCL reported a total income of ₹32.86 crore, up from ₹25.53 crore, and its assets under management grew to ₹171.45 crore from ₹126.36 crore. The company’s gross non-performing assets improved to 0.55%. (Source: annual report)

AD 4nXeHnsFWq18YSiqYegQr2OFQv5dm81cD4YSXkDEOhFhamsgwYxexX29zUuyo55 u1AU0LmMpuRfjLRmTXKKg5b2TUFuM6mR2tZ8kt46 9 JdIbQY Q6tuMQFOGg9GA PURihUTAqIg?key=bQ8ntMDG zPQqkAHeqMS5A — (Source: DRHP)

The company’s IPO is set to launch this week. The proceeds will strengthen the company’s capital base, along with general corporate uses and issue expenses.

5. Unified Data- Tech Solutions Ltd IPO:

Offer Price	₹260-273 per share
Face Value	₹10 per share
Opening Date	22nd May, 2025
Closing Date	26th May, 2025
Total Issue Size (in Shares)	52,92,000 shares
Total Issue Size (in ₹)	₹144.47 Crore
Issue Type	Book Building IPO

Source: Money Control

Unified Data-Tech Solutions Private Limited (UDTechs), established in 2010 and based in Mumbai, delivers customized IT services focused on data centers, virtualization, cybersecurity, and networking. The company serves over 1,000 clients across the banking, finance, and IT industries, with additional branches in Pune and Ahmedabad.

UDTechs offers technology advisory, system integration, and expert technical services to help businesses build secure, scalable, and efficient IT infrastructure tailored to their needs. It is an authorized partner of OEMs, providing products, maintenance, and subscriptions.

AD 4nXc69DLjmya5Ydagfjwo1DCsl5cLercYNv GO0ICm6RWLo6YLyFx2R3AjjnLmWgOFQKbLKgfG47QAaHnJuAr 4rOQKBKqNMNjVRhlH4CGu6mBMklGlkd3RZltkhm1j yfEcDiDS2MQ?key=bQ8ntMDG zPQqkAHeqMS5A — (Source: DRHP)

Bottomline:

This week’s upcoming IPOs represent a diverse range of industries, including textiles, automotive components, electric vehicles, financial services, and IT solutions. Each company brings its unique strengths and growth potential to the market, reflecting broader economic trends such as green mobility, digital transformation, and financial inclusion. Investors may consider reviewing the detailed prospectuses and financials to understand the opportunities and risks associated with these offerings.

Disclaimer Note: The securities quoted, if any, are for illustration only and are not recommendatory. This article is for education purposes only and shall not be considered as a recommendation or investment advice by Equentis – Research & Ranking. We will not be liable for any losses that may occur. Investments in the securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI, membership of BASL & certification from NISM in no way guarantee the performance of the intermediary or provide any assurance of returns to investors.

May 13, 2025

IPO, News

All About Integrity Infrabuild Developers IPO: Price, GMP, and More

India’s IPO market is holding strong, accounting for 22% of global IPO activity in Q1 2025, with 62 IPOs raising a total of USD 2.8 billion, according to EY’s Q1 2025 IPO Trends Report. Adding to this momentum, Integrity Infrabuild Developers, another IPO, is set to debut today, further expanding the lineup of public offerings this year. Let’s check how the IPO has fared in the GMP market so far and what the possible listing on Day 1 could be.

Integrity Infrabuild Developers IPO Details:

Issue Price	₹100 per share
Face Value	₹10 per share
Opening Date	13th May 2025
Closing Date	15th May 2025
Total Issue Size (in Shares)	12,00,000
Total Issue Size (in ₹)	₹12 Cr
Lot Size	1200 Shares
Issue type	Fixed Price Issue IPO

(source: RHP)

The Integrity Infrabuild Developers IPO is a fresh issue of 12 lakh shares that will tentatively be listed on the NSE Emerge platform on 20 May 2025. Of the total issue, 67,200 shares worth ₹67.20 lakh are reserved for the market maker, while the net issue consists of 11,32,800 shares valued at ₹1,132.80 lakh.

The purpose of the IPO is:

Purchase of Machinery and Equipment: ₹5.03 crore from the net proceeds will be used to purchase machinery and equipment.
Funding Working Capital Requirements: ₹3.64 crore will be allocated to meet the company’s working capital needs.
General Corporate Purpose: ₹2.4 crore will be used for general corporate purposes.

These funds will be deployed in 2025-26 to support the company’s operational expansion.

For this IPO, the minimum lot regular or normal application is 1,200 shares; for HNI (High Net Worth Individual), it is 2,400. Aryaman Financial Services Limited is the book-running lead manager for the Integrity Infrabuild Developers IPO, while Link Intime India Private Ltd serves as the registrar.

Grey Market Premium

Investors often look at GMP to assess the market sentiment around an IPO. A positive GMP usually suggests that the shares may list at a higher price than the issue price. On the other hand, a flat or negative GMP generally indicates weak investor interest and suggests the shares may list at or below the issue price.

As of 13th May 2025, the grey market premium (GMP) for Integrity Infrabuild Developers IPO stands at ₹0, indicating that the shares are trading at their issue price of ₹100 without any premium or discount. Post-opening, the unlisted shares continued to trade flat at ₹100 in the grey market as of 11 AM.

Company Overview

Integrity Infrabuild Developers is an integrated civil contracting company registered as a Class-A contractor with the Government of Gujarat. Since its establishment on 24 August 2018, the company has specialized in contracting and subcontracting services for a variety of government projects, including road construction, building, and bridge projects.

a. Operational Overview:

Integrity Infrabuild Developers has completed 111 projects from FY 2021-22, with an aggregate contract value of ₹21,336.63 lakhs. It includes 103 roads and 8 buildings. As of March 31, 2025, the company has been awarded ongoing contracts worth ₹20,597.90 lakhs, with ₹4,291.09 lakhs of work already executed. The remaining ₹16,306.81 lakhs make up the company’s current order book. (source: RHP)

b. Financial Health:

Integrity Infrabuild Developers has demonstrated a strong growth trajectory in its revenue from operations. Over the last three years, the company’s revenue grew from ₹33.42 crore in FY 2022 to ₹64.47 crore in FY 2024, reflecting a compound annual growth rate (CAGR) of 38. For the nine months in FY 2025, ending December 2024, the company’s revenue stood at ₹68.97 crore.

AD 4nXcAtWKFLqWbDR14832h1vV1t7e — (source: RHP)

In terms of profitability, the company’s EBITDA saw a significant increase, rising from ₹160.87 lakhs in FY 2022 to ₹357.10 lakhs in FY 2024, representing a CAGR of 48.99%. Profit After Tax (PAT) also grew substantially by 222% year-on-year, from ₹29.96 lakhs in FY 2022 to ₹94.85 lakhs in FY 2024, reflecting a CAGR of 77.94%.

AD 4nXeHnnY4s4jYJ8NZmRHRGSjOEapx oKBPciP2zw1NcoDWlpkHtVQAxU VBqwRGrzRtJpFmepeRpjFA6S5dI4diGokaLU70f82 ngR63aSMzooxaWE0KQRhp9ixTMhWGGy9fWCau Yw?key=BoR6wZN2tjqMXK5v0vU8LQ — (source: RHP)

c. Other KPIs:

As of the nine-month period ending December 2024, Integrity Infrabuild Developers reported a net worth of ₹455.66 lakh. At the same time, the company’s total borrowing increased to ₹1,285.88 lakh, up from ₹1,117.34 lakh in FY 2024.

Apart from these, the other KPI metrics are as follows:

KPI	Value
Basic EPS	₹2.52
ROE (Return on Equity)	30.60%
ROCE (Return on Capital Employed)	13.14%
Debt/Equity Ratio	3.71
RoNW (Return on Net Worth)	30.60%
PAT Margin	1.47%
Price to Book Value	10

SWOT Analysis:

Strengths	Weaknesses
Strong brand presence and established track record Robust financial performance with significant growth in revenue, EBITDA, and PAT. Class-A contractor certification with the Government of Gujarat Specialization in infrastructure development and government contracts Expertise in road, building, and bridge construction	High debt levels (Debt/Equity ratio: 3.71) Limited geographic presence, primarily focused on Gujarat Heavy reliance on government contracts makes operations vulnerable to delays. Vulnerability to changes in government policies and delays in approvals Operational complexity in large-scale projects
Opportunities	Threats
Growing infrastructure development focus by the Indian government The government’s strong push for national highway construction Expansion potential in infrastructure projects across India Increased demand for civil contractors as India targets rapid infrastructure growth	Intense competition in the civil contracting sector Political and regulatory risks affecting project approvals Economic slowdowns are affecting infrastructure spending Operational challenges like cost overruns and project delays

Bottomline:

The Integrity Infrabuild Developers IPO presents an opportunity to invest in a growing infrastructure company with strong financial performance and a solid order book. However, you should know the risks, including the company’s high debt and heavy reliance on government contracts. With the grey market premium at ₹0, indicating limited initial interest, monitoring its post-listing performance is important to get a complete picture of the upcoming stock.

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IPO

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How Does Shareholder Quota Benefit Investors?

List of Upcoming IPOs With Shareholder’s Quota

Overview Of Upcoming IPO With Shareholders Quota

Takeaway for Investors

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Allocation of Shares

Anchor Investors

Grey Market Premium (GMP)

Objectives of the Offer

Company Overview

Key Operational Highlights:

A Close Look at Financials

Like-for-Like (LFL) Sales Growth

Conclusion

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Allocation of Shares

Objectives of the IPO

Conclusion

IPO Activity Resumes After a Gap

Factors Driving the 2025 IPO Momentum

1. Market Conditions Are Steady

2. Faster SEBI Approvals

3. Post-Election Stability

4. Sector-Specific Growth

The Road Ahead: June and Beyond

SME IPOs Adding to the Momentum

Wider Market Signals

Conclusion

FAQs

1. Why did IPO activity slow down earlier in 2025?

2. How many IPOs were launched in May 2025?

3. What kind of companies launched IPOs in May?

4. How many IPOs has SEBI approved recently?

5. How many IPOs are expected in June 2025?

Leela Hotel’s IPO Details

Company Overview

Company Performance and Financials

SWOT Analysis of Leela Hotels

Allocation Breakdown

Key Managers of the IPO

Book-Running Lead Managers (BRLMs)

1. Borana Weaves

Objectives of the IPO

2. Belrise Industries

3. Victory Electric Vehicles International Ltd. IPO:

4. Dar Credit & Capital Ltd IPO

5. Unified Data- Tech Solutions Ltd IPO:

Bottomline:

Integrity Infrabuild Developers IPO Details:

Grey Market Premium

Company Overview

a. Operational Overview:

b. Financial Health:

c. Other KPIs:

SWOT Analysis:

Frequently asked questions

Get answers to the most pertinent questions on your mind now.