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IPO

Upcoming IPO Lists and Detailed Analysis of the Company.

Orkla India Ltd IPO: All you need to know

The primary market continues to see strong participation, and the latest company gaining investor attention is Orkla India Ltd. Known for its popular Indian food brands such as MTR and Eastern, Orkla India is stepping into the capital markets with its initial public offering. The IPO offers exposure to a stable FMCG business that has long-standing consumer trust. Here is a detailed look at the offering and the company’s fundamentals.

IPO details

  • Company Name: Orkla India Ltd
  • Issue Type: 100% Offer for Sale
  • Total Issue Size: Approximately ₹1,667 crore
  • Price Band: ₹695 to ₹730 per share
  • Lot Size: 20 shares
  • Minimum Investment: Around ₹14,600 at the upper band
  • IPO Date: 29 October 2025 to 31 October 2025

Since the offering is entirely an Offer for Sale (OFS), the proceeds go to selling shareholders and not the company. No new funds are being raised for expansion.

Business profile

Orkla India operates in the packaged foods segment and markets a wide range of spices, ready mixes, instant meals, condiments, breakfast items and traditional foods. MTR and Eastern hold a strong presence, especially in southern India, with deep market penetration through retail stores and supermarkets. The company also exports its products to markets that cater to Indian tastes abroad.

Its USP lies in familiar flavors, consistency and strong household recall.

Financial highlights

The company shows a steady growth path, backed by a strong financial foundation.

Key figures:

  • Revenue around ₹2,395 crore in FY25
  • Profit after tax of nearly ₹256 crore
  • Net margins above 10 percent
  • Return on capital employed above 30 percent
  • Very low debt levels

This reflects operational discipline and lower financial risk.

What works in Orkla India’s favor

  1. Trusted brands
     MTR and Eastern brands have decades of legacy, which creates stickiness and repeat demand from customers.
  2. Growing packaged food segment
     Urbanization, busier lifestyles and higher disposable incomes continue to drive demand for convenience and packaged foods.
  3. Distribution strength
     A solid network ensures reach across various store formats in multiple states. Better northern and western penetration can accelerate growth.
  4. Stable profitability
     Strong margins indicate efficient operations and pricing power.
  5. Listing gain outlook
     Market enthusiasm suggests potential short-term upside for investors applying for listing gains.

Key risks for investors to note

  1. No fresh capital raised
     Since the IPO does not fund expansion, growth will largely depend on existing strategies.
  2. Moderate revenue growth
     While profitable, the company has not shown very high top-line expansion recently. Investors must watch whether growth improves sustainably.
  3. Strong competition
     Spices and foods market is highly competitive. National giants and local brands both challenge market share and pricing.
  4. Valuation on the higher side
     A price-to-earnings multiple near 35 times FY25 earnings leaves limited margin for error.
  5. Raw material sensitivity
     Commodity cost fluctuations affect margins quickly if prices cannot be passed on.

What to track after listing

  • Faster expansion into new regions
  • Contribution from innovation and product diversification
  • Margin trends amid commodity inflation
  • Strengthening market share
  • Export business scale-up

Consistent improvement in these factors will be crucial for long-term value creation.

Conclusion

Orkla India Ltd IPO brings a household brand story backed by stable financial performance and near-debt-free operations. It is not a fast-scaling company currently, although opportunities exist in distribution expansion and category additions.

For those prioritizing brand-driven stability and moderate risk, this IPO can be a reasonable fit within a diversified portfolio. Investors who demand higher growth may choose to track post-listing performance before a sizable investment.

Focusing on your financial goals and risk appetite will help you make the right call.

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

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iValue Infosolutions IPO: What Investors Should Know

iValue Infosolutions is preparing to launch its Initial Public Offering (IPO), which has drawn attention from both retail and institutional investors. The company, known as a technology aggregator, specializes in providing solutions around digital asset protection, optimization, and transformation. As the IPO approaches, many are evaluating whether it could offer meaningful opportunities for investors.

Company Overview

Founded in 2008, iValue Infosolutions has established itself as a value-added distributor in the IT space. It partners with global technology providers and works with enterprises to offer solutions that address data, network, and application needs. Its portfolio covers areas such as cybersecurity, cloud adoption, and data analytics, which are sectors gaining traction as businesses increase their digital focus.

The company operates in collaboration with technology partners and system integrators, serving industries like banking, financial services, insurance, government, manufacturing, and healthcare. With digital transformation continuing across these sectors, iValue positions itself as a bridge between vendors and enterprises seeking customized solutions.

IPO Details and Objectives

The upcoming IPO aims to raise funds through a mix of fresh issue and offer for sale by existing shareholders. The proceeds are expected to be used for business expansion, working capital requirements, and general corporate purposes.

For potential investors, it is essential to consider that IPOs not only provide capital to the company but also offer early investors an opportunity to partially exit. This makes understanding both the growth story and the financial health of iValue critical before making decisions.

Industry Landscape

India’s IT distribution and solutions market is evolving with increased demand for cybersecurity, cloud adoption, and data-driven technologies. Enterprises are moving beyond basic IT infrastructure towards solutions that enhance productivity, security, and efficiency.

iValue’s business model, which focuses on niche and specialized technology solutions rather than commodity IT distribution, may help it capture demand in these areas. However, the space is competitive with established players and evolving technologies, which can impact margins and scalability.

Financial Considerations

The financial performance of iValue Infosolutions will be a key factor in how the IPO is received. Investors will look at revenue growth, profit margins, and return ratios to gauge stability and scalability.

Value-added distributors like iValue often operate on thin margins but aim to balance this with higher-value services and long-term customer relationships. A consistent track record of growth, a healthy balance sheet, and efficient working capital management can strengthen investor confidence.

Opportunities

  1. Rising Digital Adoption: Increasing cybersecurity threats and regulatory focus may drive higher demand for data protection and compliance solutions.
  2. Diverse Industry Exposure: Presence across multiple industries reduces reliance on any single sector.
  3. Strong Vendor Partnerships: Collaborations with global technology providers offer access to leading solutions.

Risks to Watch

  1. Competitive Landscape: Larger players with wider distribution networks may limit iValue’s growth in certain segments.
  2. Dependence on Technology Trends: Rapid shifts in technology could affect the relevance of current offerings.
  3. Margin Pressure: Distribution businesses typically face pricing pressures, and sustaining profitability can be challenging.

Conclusion

The iValue Infosolutions IPO presents an opportunity to invest in a company positioned in the digital transformation and IT solutions space. Whether it unlocks value for investors will depend on its ability to sustain financial growth, expand market reach, and adapt to changing technology trends.

For investors, a careful evaluation of the company’s fundamentals, industry position, and long-term prospects is necessary before subscribing to the IPO. While the business model aligns with growing demand for digital solutions, competition and margin dynamics remain important factors to consider.

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

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Highway Infrastructure Lists 67% Premium After 316x IPO Subscription

As Indian share markets started the trading session with early gains, a stock stole the limelight with its big debut. 

Highway Infrastructure, a developer and manager of infrastructure assets, marked its debut on Dalal Street at the listing price of ₹117 per share, around 67% higher than the issue price of ₹70 per share. 

What propelled the listing? Let’s understand.

Highway Infrastructure Company Overview

Highway Infrastructure (HIL) is an Indian infrastructure development and management company with a diversified presence across tollway collection, engineering, procurement and construction (EPC) projects, and real estate development. 

The tollway collection segment is its primary revenue generator, while the EPC division undertakes projects ranging from roads, bridges, and irrigation structures to civil works for residential, commercial, and hospitality developments.

As of August 31, 2024, HIL had completed 82 projects and had over 27 sites under execution across 11 states and one Union Territory, with a strong operational base in Madhya Pradesh. 

Its tollway portfolio includes 24 completed projects and seven active operations, while the EPC segment has delivered 63 completed projects and is currently executing 20 more. 

The company’s consolidated order book stood at ₹596.38 crore, comprising ₹314.96 crore from tollway collection contracts and ₹281.42 crore from EPC works.

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HIL is among the few toll operators in India to have deployed Automatic Number Plate Recognition (ANPR) technology on the Delhi–Meerut Expressway, alongside RFID-based Electronic Toll Collection systems that enable seamless, contactless toll payments. 

The company has combined advanced technology with operational efficiency, and built a strong position in managing high-traffic corridors and executing complex infrastructure projects. 

Building on this operational track record and expanding project pipeline, Highway Infrastructure entered the capital markets with its initial public offering (IPO).

Highway Infrastructure Limited IPO and Listing:

Highway Infrastructure’s ₹130 crore IPO was a book-built issue with a price band of ₹65–₹70 per share. 

IPO Offer SummaryDetails
Issue Size₹130 crore
Price Band₹65–₹70
Fresh Issue₹97.52 crore (1.39 crore shares)
OFS₹32.48 crore (0.46 crore shares)
Open DateAugust 5, 2025
Close DateAugust 7, 2025
Listing DateAugust 12, 2025
Lot Size211 shares
Minimum Retail Investment₹14,770

The issue saw strong demand, closing with an overall subscription of 316.64 times. Day-wise oversubscription climbed from 27.04x on Day 1 to 72.92x on Day 2, ending above 300x on Day 3. 

Investor CategoryFinal Subscription (x)
QIB432.71
NII473.1
RII164.48
Overall316.64

On August 12, 2025, the stock opened at ₹117 on the BSE (67.1% premium) and ₹115 on the NSE (64.3% premium). It quickly hit the 5% upper circuit at ₹122.84 on the BSE and ₹120.75 on the NSE, taking total gains from the issue price to over 75%.

Reasons For The Surge In Listing Price

The surge in HIL’s listing price can be attributed to a confluence of demand dynamics, sectoral momentum, and company-specific fundamentals that aligned effectively at the time of its market debut.

  1. IPO Oversubscription and Market Demand Translation

The IPO experienced significant oversubscription across all investor categories, indicating robust demand well before listing. Many investors who did not receive allotments in the IPO turned to secondary markets to establish positions, creating excess demand that outpaced available supply on the listing day. This imbalance contributed directly to the stock opening at a premium and quickly hitting the upper circuit.

  1. Sector Momentum and Policy Support

HIL operates in the infrastructure space, a sector witnessing heightened investor interest due to ongoing government-led initiatives and capital expenditure. Programs such as Bharatmala Pariyojana and PM Gati Shakti have improved visibility for future projects, encouraging investor participation in companies with established execution capabilities and order pipelines. The broader sector performance provided a favorable backdrop for HIL’s listing.

  1. Business Model Differentiation and Growth Visibility

HIL’s integrated model, comprising both annuity-style tolling revenues and EPC execution, positions it uniquely within the infrastructure value chain. The combination of cash-generating assets and project-based growth avenues supported a perception of financial resilience and scalability. This structural differentiation likely influenced positive investor sentiment during the initial trading sessions.

  1. Reasonable Valuation

HIL was listed at a post-issue P/E of 22.5x, lower than some of its listed peers such as IRB Infrastructure (P/E of 44.38x). This relatively lower valuation made it an appealing option for investors looking to enter the infrastructure sector at a fair price.

  1. Pre-Listing Indicators:

The grey market premium (GMP) leading up to the listing signaled high investor expectations and speculative interest. While not an official metric, GMP trends often reflect sentiment in the unlisted market and can influence buying behavior on the day of listing.

Apart from the market sentiment and structural strengths, much of the investor confidence also stems from HIL’s underlying financial stability and execution track record reflected in its revenue performance, margins, and order book composition.

Financial Overview of Highway Infrastructure

Highway Infrastructure reported revenue from operations of ₹495.7 crore in FY25, reflecting a decline of approximately 13% compared to the previous financial year. Despite the reduction in revenue, the company recorded an increase in net profit, which rose to ₹22.39 crore in FY2025 from ₹21.41 crore in FY2024.

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Over the three-year period from FY23 to FY25, net profit increased from ₹13.80 crore to ₹22.40 crore, representing a CAGR of 27.40%.

Conclusion

Highway Infrastructure’s strong market debut, supported by oversubscription momentum, sectoral tailwinds, and an integrated business model, was underpinned by steady profitability, controlled leverage, and a diversified order book. While revenue moderated in FY25, margins and returns remained stable, and debt levels improved. 

The IPO performance reflects both market sentiment and the company’s operational track record. Investors may continue to research the company’s execution, sector trends, and upcoming project wins before deciding, and keep a watch on future financial updates for any change in trajectory. 

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

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BlueStone Jewellery’s Rs 1,540 Cr IPO Opens Today: Should You Apply? 

Jewellery in India is more than an ornament. It’s a market worth billions, shaped by tradition, aspiration, and evolving consumer tastes. And in recent years, one brand has managed to bridge the gap between the timeless allure of gold and diamonds and the convenience of digital-first retail – BlueStone Jewellery & Lifestyle. 

From an online startup to a pan-India network of over 275 stores, it has positioned itself as a key player in the modern jewellery landscape.

Now, the company is stepping into the public markets with its ₹1,540.65 crore initial public offering (IPO).

With a strong brand, an omni-channel presence, and ambitious growth plans, BlueStone’s IPO is closely watched by investors and the retail market alike. But the big question is—does this offering have the sparkle to deliver sustainable returns?

Here’s a detailed look at the numbers, the business, and what you need to know before investing.

BlueStone Jewellers IPO Details

Price Band₹492 to ₹517 per share
Face Value₹1 per share
Opening Date11 August 2025
Closing Date13 August 2025
Total Issue Size (in Shares)2,97,99,798  
Total Issue Size (in ₹)₹1,540.65 Cr
Issue Type Bookbuilding IPO
Lot Size29 Shares
Listing atBSE, NSE


Allocation of Shares
For investors looking to participate, the lot size has been set at 29 shares. This means the minimum investment required for a retail investor is between ₹14,268 (at the lower price band) and ₹14,993 (at the upper band). For Small High Net-worth Individuals (sNII), the minimum application size is 14 lots, or 406 shares, amounting to ₹2,09,902. For Big High Net-worth Individuals (bNII), the minimum application is 67 lots, or 1,943 shares, which requires an investment of ₹10,04,531.

Investor CategoryLotsSharesInvestment Amount
Retail (Min)129₹14,993
Retail (Max)13377₹1,94,909
S-HNI (Min)14406₹2,09,902
S-HNI (Max)661,914₹9,89,538
B-HNI (Min)671,943₹10,04,531

Objectives

The company plans to use ₹750 crore from the fresh issue proceeds to fund its working capital requirements, with the remaining amount allocated towards general corporate purposes. This infusion is aimed at strengthening its balance sheet, supporting operational expansion, and meeting day-to-day funding needs in a capital-intensive sector like jewellery retail.

BlueStone IPO Grey Market Premium (GMP)

As of August 11, 2025, the grey market premium (GMP) for this IPO stood at ₹9 per share, indicating a potential listing price of ₹526 — about 1.74% higher than the upper end of the price band. While GMP figures can offer a glimpse into market sentiment, they are unofficial and subject to change until the listing date.

Company Overview

BlueStone Jewellery & Lifestyle is a digital-first, direct-to-consumer (DTC) jewellery company that was established in 2011. Originally launched as an online platform, it has since evolved into one of India’s leading omnichannel jewellery retailers, blending a strong digital presence with tactile, in-store experiences. As of March 31, 2025, BlueStone has grown to 275 operational stores spanning 117 cities across 26 States and Union Territories, delivering to more than 12,600 PIN codes.

The company’s retail network includes 200 company-owned outlets and 75 franchise stores, together covering over 605,000 square feet of showroom area. A differentiating strength lies in its in-house design and manufacturing capabilities. The company boasts manufacturing facilities in Mumbai, Jaipur, and Surat, with over 75% of its production done internally. This vertical integration allows faster product turnaround and tighter quality control.

BlueStone’s technology and retail strategy are central to its identity. Its digital platforms, website and mobile app feature over 7,400 designs, 360° product views, AI-based recommendations, and services like ‘Try at Home’. These capabilities are tightly integrated with its physical stores, enabling streamlined omni-channel experiences.

Financials
Between FY24 and FY25, BlueStone Jewellery & Lifestyle reported a strong 40% growth in revenue, with total income rising from ₹1,303.49 crore to ₹1,830.04 crore. 

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However, despite this top-line expansion, the company’s net loss widened. 

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On the balance sheet front, borrowings also climbed sharply, increasing from ₹430.43 crore in FY24 to ₹728.62 crore in FY25, indicating higher debt levels to support business expansion.

SWOT Analysis

STRENGTHSWEAKNESSES
Established digital-first jewellery brand with strong omni-channel presence

Fully integrated operations from design to delivery

Broad geographic reach across tier-I, II, and III cities

Founder-led with professional management and marquee investors
Persistent losses despite revenue growth

Rising debt levels to fund expansion

Dependent on volatile precious metal prices

OPPORTUNITIESTHREATS
Expanding organised jewellery market in India

Scope to grow in smaller cities and towns

Increasing consumer shift toward branded jewellery		High competition from traditional jewellers and large retail chains

Fluctuations in gold and diamond prices impacting margins

Macroeconomic factors affecting discretionary spending

Conclusion

BlueStone Jewellery’s IPO combines the appeal of a strong brand, wide retail footprint, and differentiated product strategy with the challenges of recent losses and rising debt. 

The company’s steady revenue growth and aggressive store expansion underline its ambition to dominate India’s organised jewellery market, while its omnichannel model positions it well to capture evolving consumer trends. 

However, profitability pressures and competitive intensity remain key factors for investors to weigh. 

For those considering an entry, a careful look at the company’s financials, market positioning, and growth plans will be essential before committing.

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

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Sri Lotus Developers IPO GMP Soars. Should You Apply?

The initial public offering (IPO) of Sri Lotus Developers opened for subscription today. The company plans to raise ₹792 crore entirely via fresh issue—meaning all the funds will go to the company, and no promoter shares are being sold.

The IPO price band is set between ₹140 and ₹150 per share.

Ahead of the opening, the Grey Market Premium (GMP) touched ₹44, indicating a potential listing gain of nearly 29% over the issue price.

IPO Details

 Particulars
Date of IPO30th July 2025 – 1st Aug 2025
Price band (Rs. per share)140-150
Total issue size no of shares (crore)792
Offer for Sale no of shares (crore)792
Offer for sale (%)–
Fresh issue (Rs. crore)792
Market Cap (Rs. crore)7,086
Objects of the offerFresh Issue 
Key peersArkade Developers, Keystone Realtors, Mahindra Lifespace Developers, Hubtown, Suraj Estate Developers, Sunteck Realty
Industry Real Estate

Source:  RHP

Celebrity Backing

In December 2024, several Bollywood celebrities invested in the company via private placement.

Celebrities Invested 

Celebrity NameInvestment Amount (₹ Crore)
Ajay Devgn57.5
Shah Rukh Khan10.1
Amitabh Bachchan10
Hritik Roshan & Family2.1
Ektaa Kapoor’s Family5
Tiger Shroff0.5
Sara Ali KhanNot disclosed
Rajkummar RaoNot disclosed
Sajid NadiadwalaNot disclosed

Source: Chittorgarh 

This Bollywood backing has created strong buzz around this IPO.

Sri Lotus Developers Promoter Details

The company’s main promoter is Anand Kamalnayan Pandit, who holds a majority stake.

Ashka Anand Pandit and Aishwarya Pandit also hold around 4% stake each through their respective family trusts.

Promoter Shareholding 

Name of the ShareholderNo. of Shares Held (Crores)% Shares
Anand Kamalnayan Pandit                                  3588%
Ashka Pandit Family Trust                                    24%
Aishwarya Pandit Family Trust                                    24%
Rudratej Pandit Family Trust                                    24%
Total                                  40100%

Post the IPO, the promoter group’s holding will reduce from 92% to 82%, while public shareholding will rise accordingly.

Shareholding Pre & Post Issue

Particulars (In Crores)Pre IssuePost Issue
No of Shares% HoldingNo of Shares% Holding
Promoters & Promoter Group4092%4082%
Public48%                918%
Total44100.0%              49100.0%

Valuation

At the upper price band of ₹150, the IPO is valued at a P/E ratio of 28.7x based on FY25 earnings. This reflects a premium valuation, aligned with the company’s luxury positioning and expected future growth.

Sri Lotus Developers – Peer Comparison

Name of the Company (Rs. Crore)FY25
Market Cap (Rs Crore)ROCE %D/E (x)P/E (x)
Sri Lotus Developers708629.2%0.128.7
Arkade Developers 3,58530.6%0.1323.1
Keystone Realtors7,8099.3%0.3445.4
Mahindra Lifespace Developers 7,7342.2%0.7677.5
Hubtown4,3708.2%0.3395.2
Suraj Estate Developers1,40517%0.5115.4
Sunteck Realty5,9196%0.1236.8

Sri Lotus Developers Business Overview

Founded in February 2015, Sri Lotus Developers is a premium real estate company based in Mumbai. It primarily focuses on ultra-luxury and luxury residential projects in Mumbai’s western suburbs, with price ranges:

  • Luxury Homes: ₹3–₹7 crore
  • Ultra-Luxury Homes: ₹7 crore and above

The company also develops commercial spaces, which contributed 85% of its revenue in FY25. Luxury and ultra-luxury homes contributed 7% and 8% respectively.

Sri Lotus Developers Revenue Break-Up By Segment (FY25)

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Source:  RHP

Sri Lotus operates on an asset-light model through redevelopment and joint development agreements (JDAs), reducing capital needs and improving execution speed.

The company has completed 12 projects—8 residential and 4 commercial—covering 3.32 million sq. ft. in Mumbai’s western suburbs

Financial Highlights

Strong Revenue Growth Driven by Premium Projects: Sri Lotus Developers delivered impressive revenue growth in FY25, primarily driven by strong sales of ultra-luxury residential homes and commercial projects. These projects were located in prime Mumbai areas like Juhu and Andheri, where demand remained high.

Commercial Projects Led Revenue: Nearly 85% of the company’s revenue came from commercial spaces. These projects typically sell faster and offer higher margins, which significantly boosted the company’s overall performance.

Sharp EBITDA & Profit Growth: Thanks to robust sales and better margins, the company’s profits grew rapidly. In FY25, EBITDA grew at a CAGR of 267.8%, while PAT (net profit) rose at a CAGR of 265.1%. This growth clearly reflects the company’s efficient execution and premium market positioning.

Sri Lotus Developers – Profit & Loss

Particulars (Rs. Crore)FY23FY24FY252-Year CAGR
Net Sales16746255081.5%
YoY176.6%19.1%
Core EBITDA21158289267.8%
YoY639.3%83.0%
as % of net sales12.8%34.2%52.6%
PAT after E.O.17119228265.1%
YoY597.1%91.3%
as % of net sales10.2%25.8%41.5%

Source: RHP

In FY25, the company significantly reduced its borrowing levels, primarily due to a strategic shift to an asset-light model.

By focusing on redevelopment projects and joint ventures, the company avoided the need to purchase land—thereby lowering capital requirements. This approach also led to a substantial improvement in the company’s debt-to-equity ratio.

At the same time, there was a strong rise in the company’s net worth, driven by robust profits and fresh equity infusion.

Additionally, capital employed increased, indicating effective utilization of internal resources and the maintenance of strong financial discipline.

Sri Lotus Developers Balance Sheet & Cashflow

Balance Sheet FY23FY24FY25
Debt 329428122
Equity48170934
Total Assets4867371,219
Current Liabilities405532234
Capital Employed82205985
Ratios 
RoCE (%)25.1%76.5%29.2%
D/E (X)6.92.50.1
Cashflow 
CFO 7146-20
Capex-1-1-1
Free Cash Flow 7046-21

Source:  RHP

Future Outlook

The company has a strong pipeline of 16 projects in prime Mumbai locations including Juhu, Bandra, Andheri, Prabhadevi, and Ghatkopar. It is targeting premium homes priced above ₹2.5 crore—a segment witnessing strong demand.

With heavy celebrity backing and buzz around potential listing gains, retail investor interest is high for this IPO.

It remains to be seen how the IPO performs on listing day but going by the current grey market premium (GMP) trends, a strong listing is expected.

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.

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Will the Rs 4,000 Cr NSDL IPO Deliver Long-Term Value for Shareholders?

India’s financial markets are built on more than just headlines and trading apps. Behind the scenes, a robust infrastructure keeps every transaction, ownership change, and record secure. And one of the key players powering that system is National Securities Depository Ltd (NSDL). 

For decades, NSDL has been the silent enabler of stock market efficiency, quietly managing the digital ownership of billions in assets. Now, it’s stepping out of the background and onto centre stage.

From July 30 to August 1, NSDL’s much-anticipated ₹4,011.6 crore initial public offering (IPO) will open for public subscription. The company won’t be raising fresh capital; instead, its major shareholders are offloading part of their stakes via a full Offer For Sale (OFS). The listing is expected on August 6, and if successful, this will make NSDL the second depository in India to go public, after CDSL’s listing in 2017.

With decades of market trust, a nationwide footprint, and a profitable business model, NSDL’s IPO is bound to spark conversations. But the core question remains: Can this offer deliver long-term value? 

Here’s a detailed breakdown to help you understand everything about the offering.

NSDL IPO Details

Offer Price₹760 to ₹800 per share
Face Value₹2 per share
Opening Date30 July 2025
Closing Date1 August 2025
Total Issue Size (in Shares)5,01,45,001  
Total Issue Size (in ₹)₹4,011.60 Cr.
Issue Type Bookbuilding IPO
Lot Size18 Shares
Listing atBSE

Allocation of Shares 

  • Allocation quotas: up to 50 % to QIBs (Qualified Institutional Buyers); at least 15 % to NIIs (Non‑Institutional Investors); minimum 35 % reserved for retail investors
  • Employee reservation: 85,000 equity shares set aside for eligible employees, who get a discount of ₹76 per share

Investors can bid for a minimum of 18 shares and in multiples thereof.  The following table depicts the minimum and maximum investment by Individual Investors (Retail) and HNI in terms of shares and amount.

Investor CategoryLotsSharesInvestment Amount
Retail (Min)118₹14,400
Retail (Max)13234₹1,87,200
S-HNI (Min)14252₹2,01,600
S-HNI (Max)691,242₹9,93,600
B-HNI (Min)701,260₹10,08,000

Source: Chittorgarh

NSDL IPO Grey Market Premium (NSDL IPO GMP)

According to platforms tracking grey market activity, NSDL IPO GMP has climbed to the range of ₹135–₹137, suggesting strong investor interest. Based on the upper end of the price band at ₹800, this translates to an expected listing gain of up to 20%, highlighting bullish sentiment ahead of the IPO’s debut.

Objectives of the Issue

Though NSDL gains no proceeds from the IPO, the stated objectives are as follows:

  • Carry out the Offer for Sale of up to 5.01 crore equity shares by the selling shareholders
  • Achieve the benefits of listing the equity shares on BSE and NSE

Company Overview

National Securities Depository Limited (NSDL) is a SEBI-registered Market Infrastructure Institution (MII), incorporated in 2012. However, it has operated since 1996, when it became India’s first depository to dematerialise securities and revolutionise how shares are held and transferred.

Core Activities

  • Acts as a securities depository for equities, bonds, mutual fund units, and government securities
  • Maintains electronic records of security allotment and ownership
  • Facilitates key services such as:
    • Dematerialisation and rematerialisation of securities
    • Trade settlements in coordination with stock exchanges
    • Off-market transfers and pledging of securities
    • Execution of corporate actions (dividends, rights issues, etc.)
    • Asset servicing and account statements (CAS)
    • E-voting and non-disposal undertakings (NDU) for governance and compliance

Subsidiaries and Additional Services

  • NSDL Database Management Limited (NDML):
    • Delivers services in e-governance, regulatory tech, KYC solutions, insurance repositories, SEZ automation, and National Skills Registry.
  • NSDL Payments Bank Limited (NPBL):
    • Operates as a business-to-business digital payments bank
    • Offers services such as AePS, micro-ATMs, domestic remittances, UPI, POS machines, and distribution of third-party products like insurance and mutual funds

With 2.8 crore demat accounts spread across 99% of India’s PIN codes and over 189 countries, NSDL plays a crucial role in maintaining trust and transparency in the Indian capital market system.

Financial Strength

Between financial years ending March 2024 and March 2025, NSDL reported a 12% increase in revenue, rising from ₹1,365.71 crore to ₹1,535.19 crore. During the same period, its profit after tax (PAT) grew by 25%, jumping from ₹275.45 crore to ₹343.12 crore — reflecting strong operational efficiency and profitability.

In addition to this, NSDL’s total assets rose significantly to ₹2,984.84 crore in FY25 from ₹2,257.74 crore in FY24. The company also recorded growth in EBITDA, which climbed to ₹492.94 crore in FY25. Its net worth and reserves continued to strengthen, indicating a robust balance sheet position going into its IPO.
Source: Chittorgarh

SWOT Analysis

STRENGTHSWEAKNESSES
Operates as India’s largest depository with ~89% market share in dematerialised assets

Nationwide and international reach with presence in almost every Indian district

Diversified services beyond core depository operations, via subsidiaries NDML and NPBL

Consistent profitability and revenue growth over the past three years
No fresh capital raised in the IPO, which limits immediate growth opportunities

Heavy reliance on regulatory permissions and compliance, particularly with SEBI’s evolving norms

Higher ownership concentration among a few institutional shareholders prior to the IPO
OPPORTUNITIESTHREATS
Growing demand for digital asset servicing and compliance infrastructure

Potential to expand financial inclusion through NSDL Payments Bank and micro-financial products

Increasing use of e-governance services and KYC platforms in public and private sectors		Competition from CDSL, which is already listed and has a larger retail investor base

Regulatory uncertainties, particularly with respect to ownership norms and operational frameworks

Volatility in capital markets can impact transaction volumes and thus revenue

Conclusion

NSDL’s ₹4,011.6 crore IPO offers investors a chance to engage with one of India’s foundational market players. While it’s a pure OFS and doesn’t bring fresh capital into the company, the listing aligns with regulatory compliance and public visibility goals. With a broad operational base, steady financials, and diversified service offerings, NSDL enters the market not as a newcomer, but as a well-established institution finally opening its doors to public shareholders. How it performs post-listing will be key to judging whether this historic move translates into sustainable, long-term market value.

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.

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₹2.6 Lakh Crore IPO Rush: Tata Capital, LG Electronics, Groww Lead the Pack

The Indian stock markets are set for a busy second half of 2025, with companies planning to raise over ₹2.58 lakh crore through initial public offerings (IPOs).

Big names from sectors like financial services, consumer electronics, and startups, including unicorns are preparing to go public. 

This surge in IPOs is being driven by strong investor interest, steady mutual fund inflows, and private equity firms looking to exit their investments. It could very well turn out to be one of the biggest fundraising seasons in recent years.

Source: Economic Times

New-Age Businesses Dominate the 2025 IPO Pipeline

In the first half of 2025 (January 2025 to June 2025), 26 companies raised a total of ₹52,200 crore through IPOs. The biggest issue during this period came from HDB Financial Services, which alone raised ₹12,500 crore.

Looking ahead, the IPO pipeline for the rest of 2025 is packed with new-age and tech-driven businesses. Companies such as Meesho, PhonePe, Boat, WeWork India, Lenskart, Shadowfax, Groww, and Physics Wallah are preparing to launch their IPOs.

The expected issue sizes range between ₹1,500 crore and ₹9,000 crore. Other well-known startups in line for a market debut include Pine Labs, Amagi, Wakefit, Urban Company, TableSpace, and Shiprocket, reflecting the growing strength of India’s digital and consumer-focused sectors.

Source: Economic Times

Comparing with Previous Year: 2024 IPO Data

To put things in perspective:

  • H1 2024: 34 IPOs raised ₹29,607.95 crore
  • H2 2024: 56 IPOs raised a whopping ₹1.30 lakh crore

This shows a clear momentum building in the second half of the calendar year, a trend that is expected to continue in 2025 as well.

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Source: Economic Times

Issues in the Pipeline

Some of the most anticipated upcoming IPOs include:

CompanyEstimated Issue Amount (in Crore)
Tata Capital17,200
LG Electronics India15,000
ICICI Pru Asset Management10,200
Inox Clean Energy6000
GROWW5950
Credila Financial Services5000
Dorf Ketal Chemicals India5000
Physics Wallah4,600
Meesho4,250
JSW Cement4000

Source: Economic Times

SEBI Approvals and Pending Applications

According to Prime Database, IPOs worth ₹1.15 lakh crore have already received approval from the Securities and Exchange Board of India (SEBI) and are ready to launch.

Meanwhile, IPOs worth an additional ₹1.43 lakh crore are in the queue, awaiting regulatory clearance.

This takes the total IPO pipeline for H2 2025 to a whopping ₹2.58 lakh crore.

Source: Economic Times

What’s Driving the IPO Surge?

Several factors are contributing to the bullish IPO trend:

  • Strong Mutual Fund Inflows: Equity mutual funds have seen consistent inflows, providing a solid base of retail and institutional participation in IPOs.
  • Private Equity Exits: Many private equity firms are using IPOs as a preferred route to exit their investments.
  • Favorable Market Sentiment: A generally optimistic outlook on India’s economic and corporate growth is encouraging companies to go public.
  • Increased Retail Participation: More retail investors are entering the market via apps and digital platforms, enhancing IPO demand.

Key Sectors in Focus

  • Financial Services: A dominant contributor, with firms like Tata Capital and HDB Financial leading the way.
  • Consumer Tech and Startups: Unicorns like Groww, PhonePe, and Meesho highlight the maturity of India’s startup ecosystem.
  • E-commerce & Edtech: Firms such as Lenskart and Physics Wallah represent sectors with strong digital growth narratives.
  • Logistics & Furniture: Companies like Shadowfax and Wakefit point to growing interest in specialised services and D2C brands.

Conclusion

With over ₹2.58 lakh crore in offerings lined up, H2 2025 could turn out to be one of the most active IPO seasons in Indian history. As more companies look to tap into growing investor interest and capitalise on market liquidity, Dalal Street may witness record-breaking activity in the coming months.

Investors should do well to conduct thorough research and due diligence before applying for any IPO. 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 & the certification from NISM in no way guarantee the performance of the intermediary or provide any assurance of returns to investors.

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Tata Capital IPO: Tata Group Company Shares Major Update!

A month after Tata Capital got SEBI’s approval for its upcoming IPO, the non-banking finance company (NBFC) is reportedly in the process of filing its updated draft red herring prospectus.

Yesterday, shares of Tata Investment Corp, which holds around 2% stake in Tata Capital, rallied 5% reacting to the news.

Tata Investment Corp Shares Rise Amid Tata Capital Buzz

According to reports, the initial public offering (IPO) of Tata Capital will see Tata Sons selling up to 23 crore shares, while International Finance Corp. will be looking to offload another 3.58 crore shares. IFC currently holds 7.16 crore shares worth a 1.8% stake in the firm.

Tata Capital will also issue up to 21 crore shares via a primary raise.

As of March 2025, Tata Sons owns 88.6% stake in Tata Capital, while other Tata group companies own another 7%.

DetailInformation
Offer for Sale (OFS)Tata Sons: 23 Cr shares, IFC: 3.58 Cr shares
IFC Stake7.16 Cr shares (1.8% stake in Tata Capital)
Fresh IssueUp to 21 Cr shares
Promoter HoldingTata Sons: 88.6%, Other Tata group entities: 7%
Pre-IPO PlacementNone planned

Among the Tata companies, Tata Investment Corporation holds a 2.2% stake, while Tata Chemicals, Tata Motors, and Tata Power Company each own about 0.1%. Tata Consumer also holds some shares.

Tata Group Companies Holding in Tata Capital

CompanyHolding (%)
Tata Investment2.15%
Tata Consumer0.02%
Tata Chemicals0.09%
Tata Motors0.12%
Tata Power0.06%

Source: Company Reports, CNBC

About Tata Capital

Tata Capital — a 100% Tata Sons-owned NBFC — plays a pivotal role in India’s lending ecosystem, spanning retail, corporate, infrastructure, and wealth management segments.

Its retail lending portfolio includes home, vehicle, personal, and consumer loans — all witnessing steady growth amid India’s robust credit demand.

On the corporate front, it focuses on lending to financially strong, well-rated businesses. Meanwhile, its infrastructure finance division is actively financing large-scale, government-driven capex projects.

Though still a smaller piece, Tata Capital’s wealth management arm is gaining traction, fueled by the rising prosperity of India’s urban households.

In FY24, the company posted its highest-ever annual profit — backed by a strong balance sheet and expanding business footprint.

Rights Issue Ahead of IPO

In June 2025, Tata Capital’s board had approved fundraising via a rights issue to raise up to Rs 1,752 crore, and up to Rs 30,000 crore via bonds. Before that, the company raised Rs 1,500 crore via a rights issue in February 2025. 

Tata Capital is coming out with its IPO to meet regulatory norms where big NBFCs have to list before September 2025. 

Once the listing goes through, Tata Capital will become the 17th Tata Group company to be publicly traded. 

Conclusion

Tata Capital’s IPO is a landmark moment for the Tata Group — its second big listing in recent years after the strong debut of Tata Technologies in November 2023.

If all goes well, Tata Capital’s IPO could be one of the biggest in India’s financial sector, cementing its stature as a key player in the NBFC space.

To fuel growth, the company has rapidly scaled its physical presence — expanding its branch network from 723 in FY24 to 1,000 in FY25 — with a sharp focus on tapping underserved markets and pushing two-wheeler loan growth.

For investors, this IPO opens the door to a fast-growing, well-diversified financial powerhouse — with the Tata brand’s trust built in.

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.

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ICICI Prudential AMC IPO 2025: Rs 10,000 Crore Mega Listing!

From managing everyday SIPs and powering long-term wealth creation for millions of Indians, ICICI Prudential AMC has been a steady force in the mutual fund space. 

Now, the fund house is gearing up for something even bigger. With a ₹10,000 crore initial public offering (IPO) in the pipeline, the company is set to launch what could be the biggest IPO ever in India’s asset management space.

Backed by ICICI Bank and Prudential Plc, this mega listing will not only be a significant milestone for the AMC industry but will also offer retail and institutional investors a chance to participate in one of the most profitable segments of the financial services market.

Let’s dive into the key details of this IPO, the company’s fundamentals, and what investors need to know.

ICICI Prudential AMC IPO Details

ICICI Prudential AMC is preparing to raise ₹10,000 crore through its IPO, expected to launch in FY26. The IPO will be an offer for sale (OFS) by existing shareholders — primarily ICICI Bank and Prudential Corporation Holdings. The company filed the DHRP with SEBI on 8 July 2025.

Analysts expect the IPO to be priced in the range of ₹450–₹500 per share, though final pricing will be confirmed post DRHP approval.

ICICI Prudential AMC has appointed a record 18 merchant bankers to manage the IPO, marking the highest number of lead managers appointed for any AMC listing in India.

Source: Moneycontrol 

IPO Structure & Objective

The IPO of ICICI Prudential AMC will be an offering of 1.76 crore equity shares by Prudential Corporation Holdings. No fresh equity will be issued by the company. Simply put, all the proceeds from the IPO will go to the selling shareholder, while ICICI Prudential AMC will not receive any of the funds raised.

The primary aim of the IPO is to unlock value and list one of India’s most well-known fund houses on stock exchanges. This will help improve brand visibility, offer liquidity to existing stakeholders, and pave the way for future growth.

Source: Financial Express

ICICI Prudential AMC Company Overview

Established in 1993, ICICI Prudential AMC is a joint venture between ICICI Bank (51% stake) and UK-based Prudential Plc (49%). It is one of the oldest and most trusted mutual fund houses in India.

The AMC manages a diverse portfolio of mutual fund schemes, including equity, debt, hybrid, ETF, and fixed maturity plans, catering to retail, HNI, and institutional investors. It is also a key player in portfolio management services (PMS) and alternative investment funds (AIF).

With a strong distribution network and focus on investor education, ICICI Pru AMC has positioned itself as a retail-friendly, transparent fund house over the years.

Assets Under Management (AUM) & Market Share

As of June 2025, ICICI Prudential AMC’s total Assets Under Management (AUM) stood at over ₹5.4 lakh crore, making it the second-largest fund house in India, just behind SBI Mutual Fund.

The company’s average AUM grew steadily from ₹4.2 lakh crore in FY22 to ₹5.4 lakh crore in FY25. It commands around 13% market share in the Indian mutual fund industry and has a wide presence across Tier 1, Tier 2, and semi-urban regions.

Source: Financial Express

Profitability and Financials

ICICI Pru AMC is among the most profitable AMCs in India, driven by consistent fee income, operational efficiency, and strong retail SIP inflows.

Here’s a snapshot of its key financials (as per available FY24–25 estimates):

  • Revenue: ₹3,758 crore
  • Profit for the Year: ₹2,650 crore
  • EBITDA Margin: 39.3%
  • Return on Equity (RoE): 30%+
  • Net Worth: Approx. ₹4,200 crore

Source: ICICI Pru AMC 32nd Annual Report, Financial Express

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Source: ICICI Pru AMC 32nd Annual Report

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Source: ICICI Pru AMC 32nd Annual Report

IPO Size Comparison: How Big Is ₹10,000 Crore?

To understand the scale, here’s how ICICI Pru AMC’s IPO compares to previous listings:

  • Nippon Life India AMC IPO (2019): ₹1,542 crore
  • UTI AMC IPO (2020): ₹2,160 crore
  • HDFC AMC IPO (2018): ₹2,800 crore

At ₹10,000 crore, ICICI Pru AMC’s IPO is nearly 3.5x larger than the biggest previous AMC listing. It reflects both market confidence and the company’s intent to position itself as a dominant, publicly-traded asset manager.

Key Strengths of ICICI Prudential AMC

  • Trusted Brand: Strong parentage from ICICI Bank and global partner Prudential
  • Wide Reach: 250+ branches and partnerships with 80,000+ distributors
  • Digital First: Online onboarding, SIPs, robo-advisory services
  • SIP Leadership: Among top 3 AMCs in monthly SIP book (~₹1,500 crore/month)
  • Product Innovation: Among the first to launch passive funds, factor-based ETFs, and ESG offerings.

These strengths provide stability to the AMC’s operations while allowing it to innovate and stay ahead in a competitive market.

Risks to Watch Before Investing

While the IPO seems promising, investors should also consider these potential risks:

  • Market-Linked Business: Revenue and AUM growth are directly tied to stock market performance.
  • Fee Compression: Industry regulator SEBI is constantly pushing for lower expense ratios, which may impact margins.
  • Intense Competition: More than 45 AMCs are operating in India, with SBI, HDFC, and Nippon also vying for retail market share.
  • Regulatory Risks: Changes in taxation, compliance rules, or investment limits could impact operations.

What Should Investors Do?

ICICI Pru AMC is a top-tier, dividend-paying asset management company with strong margins, high return ratios, and deep brand trust. Long-term investors looking to diversify their portfolio with financial services exposure, especially in non-banking assets, must wait for the final DRHP, review valuation multiples, and consider broader market conditions before committing.

Conclusion

ICICI Prudential AMC’s ₹10,000 crore IPO is not just another listing—it’s a benchmark moment for India’s mutual fund industry. With 18 merchant bankers onboard, a solid growth story, and a robust financial profile, the company aims to make a strong debut on Dalal Street.

While the fundamentals are impressive, informed investment decisions should be based on a thorough analysis of the DRHP and market valuation once details are released. As India’s appetite for mutual funds grows, ICICI Pru AMC’s IPO could be a key milestone in retail investor participation in the financial markets.

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.

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Anthem Biosciences IPO: GMP, Financials & SWOT Analysis

Have you ever picked up a prescription or relied on a probiotic supplement without giving much thought to the science behind it? Chances are, Anthem Biosciences has played a key role in bringing those products to life.

Established in 2006, Anthem Biosciences is positioned as a technology-driven CRDMO with fully integrated operations spanning drug discovery, development, and manufacturing.

As a key player in the global pharmaceutical outsourcing space, Anthem Biosciences is now making headlines with its ₹3,395 crore initial public offering (IPO). 

But what does this IPO really signal for investors? Is it a gateway to tap into the booming Contract Research, Development, and Manufacturing (CRDMO) market, or simply an exit strategy for existing stakeholders?

Let’s find out.

Anthem Biosciences IPO Details

Anthem Biosciences, a leading player in the CRDMO space, has launched its ₹3,395 crore initial public offering (IPO) today, July 14, 2025. This IPO is entirely an offer for sale (OFS) involving 5.96 crore equity shares, meaning the company itself will not receive any direct proceeds from this issue. 

Offer Price₹540 to ₹570 per share
Face Value₹2 per share
Opening Date14 July 2025
Closing Date16 July 2025
Total Issue Size (in Shares)5,95,61,404 
Total Issue Size (in ₹)₹3,395 Cr.
Issue Type Bookbuilding IPO
Lot Size26 Shares
Listing atBSE, NSE

The subscription window is open from July 14 to July 16, 2025. The company has fixed the price band between ₹540 and ₹570 per share. For retail investors, the minimum application size is 26 shares, requiring a minimum investment of ₹14,040. High-net-worth investors fall under two categories. 

Allocation of Shares

The IPO offers allocations across different investor categories. Retail investors can participate with a minimum lot size of 26 shares. Small non-institutional investors are required to apply for at least 14 lots, totalling 364 shares. Meanwhile, big non-institutional investors must apply for a minimum of 68 lots, amounting to 1,768 shares.

Investors can bid for a minimum of 26 shares and in multiples thereof. The following table depicts the minimum and maximum investment by individual investors and HNIs in terms of shares and amount.

Investor CategoryLotsSharesInvestment Amount
Retail (Min)126₹14,820
Retail (Max)13338₹1,92,660
S-HNI (Min)14364₹2,07,480
S-HNI (Max)671,742₹9,92,940
B-HNI (Min)681,768₹10,07,760

Objectives of the IPO

Since this IPO is purely an OFS, the company will not receive any proceeds from the issue. The objectives can be summarized as:

  • No fresh capital will be infused into the company.
  • Entire proceeds will go to the selling shareholders after deducting offer-related expenses and taxes.

IPO GMP (Grey Market Premium)

The GMP for Anthem Biosciences IPO indicates strong demand in the unofficial market. As of July 14, 2025, the last reported GMP stands at ₹101 per share. Considering the upper price band of ₹570, the estimated listing price is projected at ₹671 per share. This reflects an expected gain of 17.7% per share based on the current GMP trend.
Source: Chittorgarh

Company Overview

Established in 2006, Anthem Biosciences is positioned as a technology-driven CRDMO with fully integrated operations spanning drug discovery, development, and manufacturing. 

The company caters to a diverse customer base, including innovative biotech firms as well as large multinational pharmaceutical companies across the globe. 

Core Operations Include:

  • Specialized fermentation-based APIs such as probiotics, enzymes, peptides, nutritional actives, vitamin analogues, and biosimilars.
  • Support across the pharmaceutical lifecycle from discovery to commercial manufacturing.

Global Presence:

  • Serves over 425 customers as of September 30, 2024, expanding to over 550 customers by March 31, 2025.
  • Clients span across 44 countries including the U.S., Europe, and Japan.

Project Portfolio:

  • 170 discovery projects involving 284 synthesized molecules.
  • 132 early-phase projects.
  • 16 late-phase projects involving 10 molecules.
  • 13 commercial manufacturing projects supporting 10 commercialized molecules.

The company’s integrated model, catering to both emerging biotech firms and established pharmaceutical giants, positions it as a significant player in the global CRDMO space.

Financial Performance

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Anthem Biosciences has shown consistent growth in its financial performance:

  • Revenue Growth: 30% increase from FY24 to FY25.
  • Profit After Tax (PAT): 23% growth over the same period.
  • EBITDA Margin (FY25): 36.8%
  • Return on Net Worth (RoNW): 20.8%
  • Net Worth (as of March 31, 2025): ₹2,410 crore

This robust financial profile reflects efficient operations, strong customer retention, and scalability in its service offerings.

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SWOT Analysis

STRENGTHSWEAKNESSES
Integrated CRDMO business model with end-to-end services.

Strong global client base spread across 44 countries.

High-margin operations with 36.8% EBITDA margin in FY25.

Diversified revenue streams from APIs, intermediates, and biosimilars.

Sustained growth in both revenue and profitability.
The entire IPO being an offer for sale indicates no fresh capital inflow for expansion.

High dependency on a few large markets like the U.S., Europe, and Japan.

Capital-intensive nature of operations may restrict short-term flexibility.
OPPORTUNITIESTHREATS
Rising global demand for outsourcing drug development and manufacturing.

Potential to expand customer base in emerging markets.

Continuous innovation in fermentation-based APIs and biosimilars offers growth avenues.		Regulatory risks associated with global pharma markets.

Intense competition from global and domestic CRDMO players.

Fluctuations in raw material costs impacting margins.

Conclusion

Anthem Biosciences IPO, with a ₹3,395 crore issue size, reflects investor interest driven by its global presence, diversified offerings, and strong financials. While the grey market premium indicates positive sentiment, investors should consider both strengths and inherent risks of the CRDMO sector before making decisions.

As the subscription window remains open until July 16, 2025, potential investors have time to analyze the opportunity further.

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.

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An investment advisory firm is a company that helps investors make decisions about buying and selling securities (like stocks) in exchange for a fee. They can advise clients directly or provide advisory reports and other publications about specific securities, such as high growth stock recommendations. Some firms use both methods, like Research & Ranking, India’s leading stock advisory company, specializing in smart investments and long-term stocks since 2015.

An investment advisory firm is a company that helps investors make decisions about buying and selling securities (like stocks) in exchange for a fee. They can advise clients directly or provide advisory reports and other publications about specific securities, such as high growth stock recommendations. Some firms use both methods, like Research & Ranking, India’s leading stock advisory company, specializing in smart investments and long-term stocks since 2015.

An investment advisory firm is a company that helps investors make decisions about buying and selling securities (like stocks) in exchange for a fee. They can advise clients directly or provide advisory reports and other publications about specific securities, such as high growth stock recommendations. Some firms use both methods, like Research & Ranking, India’s leading stock advisory company, specializing in smart investments and long-term stocks since 2015.

An investment advisory firm is a company that helps investors make decisions about buying and selling securities (like stocks) in exchange for a fee. They can advise clients directly or provide advisory reports and other publications about specific securities, such as high growth stock recommendations. Some firms use both methods, like Research & Ranking, India’s leading stock advisory company, specializing in smart investments and long-term stocks since 2015.