IPO

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. 

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:

1. 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 

2. 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

3. 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.

4. 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

5. 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.

6. 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

7. 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.

8. 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. 

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.

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

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:

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

2. 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
  

3. 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.

4. 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.

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

5. SWOT Analysis

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.

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

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

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.

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

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)

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

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)

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:

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.

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

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)

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:

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.

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.

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:

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:

1. Purchase of Machinery and Equipment: ₹5.03 crore from the net proceeds will be used to purchase machinery and equipment.
2. Funding Working Capital Requirements: ₹3.64 crore will be allocated to meet the company’s working capital needs.
3. 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. 

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%. 

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:

SWOT Analysis:

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.

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.

Ather Energy, the electric vehicle startup based in Bengaluru, is making headlines today as it debuts on the stock exchanges, becoming the first mainboard IPO to list in the financial year 2025-26. The much-anticipated public issue, which raised ₹2,626 crore, has sparked interest because of the company’s positioning in the EV space and the evolving investor sentiment around IPOs in 2025.

Let’s walk through everything you need to know about Ather Energy’s IPO listing—step by step —including the price action, grey market premium (GMP) trends, subscription status, fund utilization, and company profile.

Listing Day Performance

On Tuesday, 6 May, Ather Energy shares were listed at ₹328 on the NSE and ₹326.05 on the BSE—modestly above the IPO issue price of ₹321. This translates to a listing gain of around 2.18% and 1.57%, respectively. While this performance aligns with the grey market’s signals of a mild pop, it also reflects the cautious optimism prevalent among investors today.

It’s worth noting that the stock did see some intraday volatility post-listing, dipping below its issue price at times. This underscores the delicate balance between investor expectations and real-time market sentiment on debut day. Source: Mint

IPO Details

Grey Market Premium (GMP) Trends

Ather Energy’s grey market premium has had an interesting trajectory. Initially, the company’s unlisted shares commanded a premium of ₹17. However, as the bidding window closed and market sentiment turned cautious, the GMP dropped significantly.

By last week, the GMP had fallen to ₹1—a sharp decline from the earlier highs. On 5 May, just a day ahead of listing, the premium recovered slightly to ₹7 per share, as per data from investorgain.com. That translates to a potential listing gain of just around 2.18% over the upper issue price of ₹321.

This steady decline and modest recovery reflect the market’s muted appetite for early-stage gains in contrast to the more euphoric reactions we’ve seen during previous new-age tech IPOs. It signals a shift toward more measured evaluations of value and growth prospects. Source: Times Now

IPO Subscription Details: Who Subscribed and How Much

The ₹2,626 crore issue was open for bidding from April 28 to April 30. While expectations were high, the overall response was lukewarm compared to recent IPOs in similar sectors.

Here’s a quick snapshot of how different investor categories responded:

The subscription stood at 1.43 times, indicating decent but not overwhelming demand. The employee quota was the most subscribed segment, suggesting internal confidence in the company’s future. In terms of allocation, 75% of the offer was reserved for QIBs, 15% for NIIs, and 10% for retail investors. Source: The Economic Times

IPO Structure and Allotment Status

The IPO combined a fresh issue and an offer-for-sale (OFS). Existing shareholders who offloaded part of their stakes include National Investment and Infrastructure Fund II, Internet Fund III Pte. Ltd., and entities backed by IIT Madras. Even the company’s co-founders—Tarun Mehta and Swapnil Jain—partially reduced their holdings through the OFS component.

Allotment for the IPO was finalized on Friday, 3 May. Shares were credited to successful investors’ demat accounts, and refunds for unallocated shares were processed on Monday, 5 May.

Use of Proceeds: Where the ₹2,626 Crore Will Go

Ather Energy has laid out a detailed plan for utilizing the IPO proceeds, aiming to expand capacity and drive innovation:

• ₹927.2 crore will be used to set up a new Chhatrapati Sambhajinagar, Aurangabad, Maharashtra manufacturing facility.
• ₹750 crore is allocated for research and development to enhance product innovation.
• ₹300 crore will be directed toward brand building and marketing activities.
• ₹40 crore will go toward repaying existing debt.

These investments are expected to be carried out between FY26 and FY28, underlining Ather’s long-term vision for scaling up operations while strengthening its R&D backbone. Source: Mint

Company Overview: Ather Energy?

Founded in 2013, Ather Energy is a vertically integrated electric two-wheeler (E2W) manufacturer headquartered in Bengaluru. The company designs, develops, and assembles high-performance electric scooters such as:

• 450 Apex
• 450X
• 450S
• Rizta (a more family-oriented option)

What sets Ather apart is its ecosystem-based approach. In addition to vehicle manufacturing, it has built Ather Grid, a nationwide charging infrastructure network designed to support its growing customer base. Ather’s in-house R&D team and battery manufacturing units reflect its focus on building a robust, technology-driven EV business in India.

Broader IPO Landscape

Ather’s IPO also carries weight because of the overall slowdown in IPO activity this year. After a record-breaking 2024, where companies raised ₹1.6 lakh crore via public issues, 2025 has seen only nine IPOs, raising just ₹15,722 crore.

The relatively slow pace in 2025 can be attributed to global market volatility, inflationary concerns, and geopolitical developments that have made investors more selective. Source: The Economic Times

Conclusion

Ather Energy’s stock market debut represents a key milestone—not just for the company but also for the EV sector and IPO landscape. While the listing gains have been modest, the focus now shifts to how Ather executes its growth plans over the next few years.

With clear objectives for capacity expansion, R&D, and market presence, the post-IPO journey will likely be shaped more by fundamentals and delivery than short-term momentum.

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.

As India’s economy continues to expand, its capital markets are buzzing with activity, and May 2025 is shaping up to be a particularly dynamic month for IPO enthusiasts. A diverse set of companies, from electric vehicles to organic consumer goods, are entering the fray, offering investors a broad spectrum of opportunities. These IPOs reflect strong entrepreneurial momentum across sectors and signal where investor interest and government incentives are heading.

Let’s dive into the most awaited upcoming IPOs, arranged thematically for better insight.

Srigee DLM IPO

Company: Srigee DLM
Sector: Electronics Manufacturing Services (EMS)
IPO Opening: May 5 to May 7
Price Band: ₹94–99
Allotment Date: May 8

Srigee DLM, part of the Srivaru Group, is an EMS company that designs and assembles mission-critical electronics. It caters to diverse verticals like defence avionics, industrial robots, aerospace instrumentation, and medical diagnostics. The Indian EMS industry is witnessing significant policy support via PLI schemes, import tariffs, and a push for indigenous defence production under Atmanirbhar Bharat. Srigee’s IPO taps into this momentum.

The firm plans to deploy IPO funds to add SMT lines, procure high-precision testing equipment, and strengthen R&D for embedded system design. With certifications including ISO 13485 for medical devices and AS9100 for aerospace, Srigee DLM holds a competitive edge in reliability and compliance. Although GMP traction is currently limited, the company’s fundamentals and sector tailwinds make it an attractive option for long-term institutional investors. (Source: www.livemint.com)

Wagons Learning IPO

Company: Wagons Learning
Sector: Education Technology
IPO Opening: May 2 to May 6
Price Band: ₹78–82
Lot Size: 1,600 shares

Wagons Learning is a Pune-based EdTech company specialising in skill development for corporates, especially in the BFSI, manufacturing, and telecom sectors. In the age of rapid digital transformation and compliance-driven upskilling, Wagons’ hybrid delivery models—combining in-person instruction with interactive e-learning—have carved a strong niche.

The IPO funds will go toward curriculum digitisation, platform enhancement, AI-based performance tracking, and market expansion across Tier 2 and 3 cities. Its robust client base, which includes ICICI Bank and L&T Financial Services, offers confidence in revenue predictability. Investors drawn to India’s growing learning & development (L&D) segment may find this IPO an entry point into vertical scaling with national workforce ambitions. (Source: www.livemint.com)

Kenrik Industries IPO

Company: Kenrik Industries
Sector: Jewellery Manufacturing and Retail
IPO Period: April 29 to May 2
Issue Size: ₹8.75 crore
Subscription Status (Day 2): Overall 45%, Retail 88%, NII 3%

Kenrik Industries manufactures handcrafted jewellery rooted in Indian tradition. Its designs are popular across Tier II and Tier III towns and distributed via retail outlets and digital storefronts. The brand relies heavily on seasonal demand and cultural festivals, which ensures recurring sales spikes.

With proceeds to expand its store footprint, automate inventory systems, and launch a new e-commerce app, Kenrik is modernising its traditional business model. While it lacks the scale of Titan or Kalyan Jewellers, it appeals to value investors familiar with grassroots consumer stories. The subdued institutional interest reflects concerns over scalability and thin margins in a highly competitive space. (Source: www.livemint.com) 

Arunaya Organics IPO

Company: Arunaya Organics
Sector: Consumer Goods (Organic & Ayurvedic Products)
IPO Period: April 29 onward
Price Band: ₹55–58
Subscription Status (Day 2): Fully subscribed; Retail 1.77x, QIB 1x, NII 24%

Arunaya Organics is a wellness brand offering organic personal care, herbal supplements, and Ayurvedic nutrition. It follows a direct-to-consumer (D2C) approach with active distribution on Amazon, Flipkart, and its website. Over the last two years, it has built a loyal customer base through influencer partnerships and content-driven brand storytelling.

The IPO aims to raise capital for expanding production units, enhancing logistics in northern India, and executing a brand refresh for new product verticals. Arunaya’s strong retail response mirrors India’s post-COVID consumer tilt towards health, wellness, and clean-label products. However, analysts advise closely monitoring execution discipline and brand differentiation in this crowded category. (Source: www.livemint.com) 

Ather Energy IPO

Company: Ather Energy
Sector: Electric Vehicles
IPO Size: ₹2,981 crore
IPO Status: Allotment on 2nd May 2025, Listing on May 6
GMP Trend: Peaked at ₹7, dipped to ₹1

Ather Energy is a Bengaluru-based EV startup known for its innovative, connected scooters that have captured significant attention in India’s urban mobility segment. With an expanding dealership network and aggressive R&D initiatives, Ather is well-positioned in the race to electrify India’s two-wheeler segment. The company is also building a proprietary charging network called Ather Grid, which adds another layer to its strategic moat. The IPO has attracted prominent institutional investors, and its listing performance will set a crucial precedent for other cleantech and EV firms waiting in the pipeline.

The company plans to use IPO proceeds to expand manufacturing at its Hosur facility, scale up charging infrastructure, and develop new scooter variants. However, the tapering GMP suggests that investors are mindful of high valuations and current competition in the EV space, primarily from Ola Electric and TVS iQube. (Source: www.livemint.com)

Investor Takeaway: What These IPOs Say About Market Trends

• Sector Diversity: From cleantech and manufacturing to education and wellness, the IPOs reflect India’s diversified entrepreneurial ecosystem.
• Growth Stage vs. Legacy Models: Companies like Ather and Srigee are innovation-driven, while Kenrik and Arunaya highlight grassroots demand and retail resilience.
• Retail vs. Institutional Appetite: Retail participation remains strong in consumer-facing sectors, while institutional players are backing technology-driven or import-substitute businesses.
• GMP Trends: Declining GMPs for larger IPOs point to cautious optimism and greater scrutiny over valuations.

May 2025’s IPO lineup provides a glimpse into India’s economic future. From the roads we ride (Ather) to the way we learn (Wagons) and the products we consume (Arunaya), these public offerings aren’t just about raising capital – they are about reshaping consumer and industrial landscapes.

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.

Electric vehicles (EVs) are gaining serious momentum in India, and the IPO space is heating up once again—this time with Ather Energy taking the spotlight. Known for its sleek electric scooters and strong focus on technology, Ather is poised to become the second pure-play Indian EV manufacturer to go public, following Ola Electric’s market debut last year.

The IPO comprises a fresh issue of ₹2,626 crore along with an offer for sale (OFS) of up to 1.1 crore shares, which is expected to fetch around ₹354.76 crore at the upper end of the price band. Together, this brings the total issue size to approximately ₹2,980.76 crore, marking a notable reduction from the company’s earlier plan to raise ₹4,000 crore. Source: Moneycontrol

Ather Energy IPO Details

Ather Energy has officially set a price band of ₹304 to ₹321 per share for its IPO. The offer will be open for subscription from April 28 to April 30, with the anchor book opening earlier on April 25. The basis of allotment will be finalized on May 2, followed by refunds and credit of equity shares by May 5. The stock is set to be listed on the Indian stock exchanges on May 6.

In the Ather Energy IPO, at least 75% of the shares are allocated for qualified institutional buyers (QIBs), while up to 15% are set aside for non-institutional investors (NIIs). Retail investors will have access to no more than 10% of the total offer. Additionally, up to 1,00,000 equity shares have been reserved for employees, who will also benefit from a discount of ₹30 per share. Source: Livemint

Company Overview

Ather Energy, headquartered in Bengaluru, is an Indian electric two-wheeler manufacturer established in 2013. It designs and produces high-performance electric scooters like the 450 Apex, 450X, 450S, and the family-oriented Rizta.  

Ather has also established Ather Grid, a widespread EV charging infrastructure across India. Committed to sustainability, Ather aims to revolutionize urban commuting through innovative and eco-friendly mobility solutions, evident in their product development and manufacturing practices.

Company Performance and Financials

For the nine months ending December 2024, the company posted:

• Revenue of ₹1,578.90 crore, up from ₹1,230.40 crore in the same period a year ago.
• A net loss of ₹577.90 crore, significantly down from the previous year’s loss of ₹776.40 crore.

Source: Moneycontrol

These numbers show that while Ather is still in the loss-making phase, it has been able to grow revenue and narrow losses, both positive signs as the company works toward profitability.

SWOT Analysis of Ather Energy

Key Managers of the IPO

To ensure a smooth and credible public issue, Ather Energy has enlisted the services of some of the top names in investment banking. The book running lead managers for this IPO include:

• Axis Capital
• HSBC Securities and Capital Markets (India)
• JM Financial
• Nomura Financial Advisory and Securities (India)

Valuation Cuts and Downsizing

When Ather Energy filed its draft red herring prospectus (DRHP) back in September 2024, the company was aiming for a $2.5 billion valuation. Since then, due to changing market conditions and investor sentiment, the figure has been cut down to around $2.4 billion, reflecting a post-issue valuation of ₹11,956 crore.

Some market analysts see this as a red flag, as the last-minute downsizing and multiple valuation trims may signal a rush to list the company. However, it remains to be seen whether investors share this sentiment or look past it for the long-term EV growth story. Source: Moneycontrol

Why Ather’s IPO Stands Out

Ather’s IPO is significant because 2025 has been slow for IPOs so far. After a blockbuster 2024 where Indian companies raised ₹1.6 lakh crore through public issues, only nine companies have launched IPOs in 2025, raising just ₹15,722 crore, according to Prime Database.

As per market analysts, while secondary markets are now showing signs of a rally and foreign institutional investors (FIIs) are returning, most companies are taking a cautious approach. They prefer to wait and watch how Ather’s issue performs before launching their offerings.

The Second Major EV IPO in India

When Ather lists on the stock exchanges, it will follow in the footsteps of Ola Electric, which went public last year. This makes Ather only the second pure-play electric vehicle company in India to offer shares to the public—a big milestone for India’s green mobility push.

Ather has made a name for itself in the urban EV space with scooters like the Ather 450X, which combines performance with connectivity features like onboard navigation, over-the-air updates, and a mobile app for real-time tracking. The company is also focusing on expanding its charging infrastructure, which is crucial for the mass adoption of electric vehicles (EVs).

What Investors Should Watch Out For

Before you decide whether to invest, here are a few important points to keep in mind:

1. Valuation Sensitivity

The multiple valuation cuts could mean that the company is under pressure to list. While that’s not always a negative, it does warrant caution.

2. EV Market Potential

India’s EV market is poised for exponential growth, and Ather is one of the few players offering a strong product and expanding presence. Investors with a long-term horizon may find this as an entry point.

3. Profitability Timeline

Like many startups, Ather is still loss-making. Potential investors must understand when and how the company plans to achieve profitability.

4. Market Response

How Ather’s IPO performs could set the tone for future listings in 2025. A strong response may attract more companies to the market, while a weak one could prompt others to delay.

Final Thoughts

Ather Energy’s IPO comes at an interesting time. On the one hand, it represents India’s growing shift toward electric vehicles, offering retail investors a chance to ride that wave. On the other hand, the valuation trims and IPO downsizing suggest some caution is warranted.

It is always best to do your own research or speak to a certified investment advisor before making any final decisions.

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.

India’s stockbroking industry has rapidly evolved, with digital platforms expanding market access. Bengaluru-based investment platform Groww has emerged as the country’s largest stockbroker in terms of active clients. As it prepares for a public listing, Groww is in talks to raise $200 million in pre-IPO funding. 

According to sources familiar with the matter, Groww is currently evaluating a $200 million fundraising and has held talks with Singapore’s sovereign wealth fund, GIC, and its existing investor, Tiger Global. If this deal materializes, the company’s valuation could reach approximately $6.5 billion, significantly higher than its last valuation of around $3 billion during its previous funding round in 2021. Source: Economic Times

GIC’s involvement highlights its ongoing interest in India’s fintech industry. The sovereign wealth fund has previously invested in several fast-growing Indian startups across various sectors, including Flipkart, Delhivery, Swiggy, Razorpay, and Cred. Source: TimesofIndia

This move comes at a time when Groww’s competitors, including Mumbai-based brokerage firm Dhan, are also in discussions with investors for large funding rounds, indicating a broader trend of fintech firms gearing up for expansion and public listings.

Groww Competing in a Fast-Growing Market

Groww, which started its journey as a direct mutual fund distribution platform, has now evolved into the country’s largest stockbroker in terms of active clients. According to NSE data, as of February, Groww had an active trader base of approximately 13 million users, surpassing other leading brokerage firms like Zerodha, which had around 8 million active users, and Angel One, which had approximately 7.7 million.

The Pre-IPO Fundraising Strategy

Groww’s plans for a pre-IPO funding round are crucial as the company looks to strengthen its financial position before entering the public markets. 

In January, reports surfaced that Groww was likely to raise around $700 million through its IPO, joining the wave of Indian startups that have opted for local listings in recent years. The pre-IPO fundraising appears to be part of a larger strategy to ensure that the company has sufficient capital to navigate the stock market debut and sustain its operations in the long run. Source: Economic Times

Moving Its Domicile to India

A key development in Groww’s journey towards its IPO was the company’s decision to shift its domicile from the US to India in November last year. The move aimed to facilitate its listing on the Indian stock exchanges, allowing it to align with regulatory requirements and attract domestic investors.

For many Indian startups that initially incorporated abroad, moving their domicile back to India has become a strategic step before an IPO. This relocation helps companies avoid potential legal and tax complexities while also making it easier for Indian investors to participate in their stock offerings. 

Financial Performance and Revenue Growth

Despite its rapid growth, Groww has faced financial challenges, including a notable net loss in FY24. The company reported revenues of Rs 3,145 crore for the fiscal year but also recorded a net loss of Rs 805 crore. This loss was largely attributed to a one-time tax payout to US authorities as part of its return to India. Source: Economic Times/ TimesofIndia

Expanding Beyond Stockbroking

In addition to its core stockbroking services, Groww has been actively working towards diversifying its business. 

• Reports indicate that the company has engaged in discussions to acquire Fisdom, a wealth management platform backed by PayU. This potential acquisition aligns with Groww’s broader strategy of expanding into wealth management and offering its users a wider range of financial products.
• Besides wealth management, Groww has also ventured into the consumer durables loan segment. The company has launched financial products aimed at helping users finance big-ticket purchases, further strengthening its position as a comprehensive financial services provider.
• To support its diversification plans, Groww has also introduced a new business unit called ‘W,’ which is dedicated to wealth management services. As competition intensifies in the fintech space, companies like Groww are increasingly focusing on expanding their product offerings to cater to a broader audience and create additional revenue streams.

Regulatory Challenges and Market Trends

While Groww has been on an upward trajectory, regulatory developments in the financial markets have posed challenges for new-age brokerage firms. The Securities and Exchange Board of India (Sebi) recently tightened its regulations around futures and options (F&O) trading, a segment that contributes significantly to the revenue of digital brokerage platforms.

With over 70% of revenues coming from F&O trading, many brokerage firms, including Groww, have experienced an impact due to these regulatory changes. In February, the number of active traders on Groww’s platform dropped by more than 200,000, marking the first decline in two years. Competitors like Zerodha and Angel One also witnessed a reduction in their active trader base by around 150,000 users during the same period.

Industry experts have pointed out that these regulatory changes could shift trading patterns, prompting brokerage firms to explore alternative revenue sources. Zerodha’s co-founder and CEO, Nithin Kamath, had previously stated that the new regulations could lead to a 30% decline in trading volumes across the industry.  Source: Economic Times

The Road Ahead for Groww

As Groww prepares for its IPO, its ability to navigate regulatory changes, expand its product portfolio, and secure strong investor backing will be crucial. The pre-IPO funding round, if finalized, will provide the company with additional capital to strengthen its operations and scale its business.

​In the bustling world of Indian fintech, Groww has rapidly emerged as a standout player. Starting as a direct mutual funds distributor, it has transformed into the country’s largest stockbroker by active clients. The Bengaluru-based startup is reportedly in talks to raise $200 million in a pre-IPO funding round, potentially valuing the company at around $6.5 billion.

Aiming for New Heights

This potential funding round involves discussions with Singapore’s sovereign wealth fund, GIC, and existing investor Tiger Global. If successful, this would double Groww’s valuation from its last fundraising in 2021, pegged the company at approximately $3 billion.

Preparing for Public Listing

The anticipated $200 million infusion is expected to precede Groww’s initial public offering (IPO), with plans to raise around $700 million through the listing. This move aligns Groww with other modern startups venturing into the public markets in recent years.

Dominating the Market

According to data from the National Stock Exchange (NSE), as of February 2025, Groww boasts an active trader base of approximately 13 million users. This positions it ahead of competitors like Zerodha, with 8 million users, and Angel One, with around 7.7 million.

Strategic Moves

In November 2024, Groww relocated its domicile from the US to India, a strategic decision aimed at facilitating its listing on Indian stock exchanges. This move underscores the company’s commitment to strengthening its presence in the Indian market.

Financial Performance

For the fiscal year ending in 2024, Groww reported revenues of ₹3,145 crore. However, the company also recorded a net loss of ₹805 crore, attributed to a one-time tax payout to US authorities related to its domicile shift back to India.

Diversifying Offerings

In a bid to broaden its service portfolio, Groww has been in talks to acquire Fisdom, a wealth management firm backed by PayU. Additionally, the company has introduced consumer durable loans and is establishing a new business unit, ‘W’, to focus on wealth management services.

Navigating Regulatory Changes

These developments occur amid increased scrutiny from the Securities and Exchange Board of India (SEBI) on futures and options (F&O) trading. New-age brokerages, which derive a significant portion of their revenue from F&O trades, have felt the impact of these regulatory changes. In February, Groww experienced a decline of over 200,000 active traders from the previous month, marking its first drop in two years. Competitors like Zerodha and Angel One also saw reductions of approximately 150,000 users each during the same period.

Industry Perspectives

Nithin Kamath, co-founder and CEO of Zerodha, commented on the situation, noting a more than 30% drop in activity across brokers. He highlighted that the industry is experiencing a downturn in business for the first time in 15 years.

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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.

An eventful week awaits in the SME IPO market with a mix of opportunities for investors. This week features Desco Infratech Ltd., aiming to raise ₹185 crore, along with three other SME IPOs—Shri Ahimsa Naturals Ltd, ATC Energies System Ltd, and Identixweb Ltd—set to launch. These IPOs span multiple sectors, offering investors a chance to participate in emerging Indian businesses. Before diving into the details, let’s examine their objectives, financials, Grey Market Premium (GMP), and other key aspects. Here’s a closer look at what’s in store!

Desco Infratech Limited

Desco Infratech Limited is launching its SME IPO with a fresh issue of 20.50 lakh shares, aggregating to Rs 30.75 crores. The IPO subscription opens on March 24, 2025, and closes on March 26, 2025. The allotment is expected to be finalized by March 27, 2025. Desco Infratech IPO is set to list on the BSE SME platform, with the tentative listing date scheduled for April 1, 2025. 

The minimum application size is 1,000 shares, requiring a retail investor investment of Rs 1,47,000. However, bidding at the cutoff price of Rs 1,50,000 is recommended to avoid oversubscription risks. HNI investors must bid for at least two lots (2,000 shares), amounting to Rs 3,00,000.

GMP (Grey Market Premium)

As of March 24, 2025, Desco Infratech’s SME IPO is trading at a GMP of Rs 20. Given the price band of Rs 150 per share, the estimated listing price is Rs 170, indicating a potential listing gain of 13.33% per share.

Objectives of the IPO

• Funding capital expenditure for setting up a corporate office in Surat, Gujarat – Rs 10.43 million.
• Purchasing machinery to enhance operational capabilities – Rs 16.8 million.
• Funding working capital requirements – Rs 180 million.
• General corporate purposes.

Company Overview

Desco Infratech Limited (Founded in 2011) is an infrastructure company engaged in engineering, planning, and construction across City Gas Distribution (CGD), renewable energy, water management, and power infrastructure. Operating in 55+ cities across 14 states, it has laid over 4,000 km of MDPE pipelines and provided 200,000+ piped natural gas connections. The company also develops water distribution networks, open wells, sump wells, and overhead tanks.

Financials

Desco Infratech Limited has shown steady growth in revenue and profitability. As of September 30, 2024, revenue stood at ₹22.75 crore, following ₹29.49 crore in FY24 and ₹29.28 crore in FY23. Profit After Tax (PAT) reached ₹3.38 crore in H1 FY25, maintaining momentum from ₹3.46 crore in FY24—a sharp rise from ₹1.23 crore in FY23 and ₹0.83 crore in FY22, highlighting improved profitability.

SWOT Analysis of Desco Infratech Limited

Shri Ahimsa Naturals Limited

Shri Ahimsa Naturals Limited is launching its SME IPO with a total issue size of ₹ 73.81 crores. The offering consists of a fresh issue of 42.04 lakh shares worth ₹50.02 crores and an offer for sale (OFS) of 19.99 lakh shares amounting to ₹23.79 crores. The IPO will be open for subscription from March 25, 2025, to March 27, 2025. 

The allotment is expected to be finalized on March 28, 2025, with a listing scheduled on the NSE SME platform on April 2, 2025. The minimum lot size is 1,200 shares, requiring a retail investor investment of ₹1,35,600. To avoid potential oversubscription risks, bidding at the cutoff price of ₹1,42,800 is recommended. HNI investors must apply for at least two lots (2,400 shares), amounting to ₹ 85,600.

GMP (Grey Market Premium)

As of March 24, 2025, Shri Ahimsa Naturals SME IPO is trading at a GMP of ₹10. With the price band set at ₹119 per share, the estimated listing price is ₹129, indicating a potential listing gain of 8.40% per share.

Objectives of the IPO

• Investment in its wholly-owned subsidiary, Shri Ahimsa Healthcare Private Limited (SAHPL), for setting up a manufacturing unit in Sawarda, Jaipur, Rajasthan – Rs 350 million.
• General corporate purposes.

Know More:  SEBI Registered Investment Advisory |  Stock Investment Advisory

Company Overview

Shri Ahimsa Naturals Limited (Incorporated in 1990) manufactures and trades Caffeine Anhydrous, Green Coffee Bean Extracts, and Crude Caffeine, serving the food & beverage, nutraceuticals, cosmetics, and pharmaceutical industries. It exports to the USA, Germany, South Korea, the UK, and Thailand. As of September 30, 2024, export revenue was Rs 3,530.91 lakhs, with previous figures of Rs 7,463.71 lakhs (FY23) and Rs 9,988.01 lakhs (FY22). The Jaipur-based manufacturing unit adheres to international standards, including ISO 9001, ISO 22000, ISO 45001, ISO 14001, HACCP, and GMP.

Financials

Shri Ahimsa Naturals Limited has shown steady growth in assets, revenue, and profitability over the years.  Revenue for the first half of FY25 is ₹41.37 crore, following ₹78.7 crore in FY24. However, this marks a decline from the ₹106.14 crore revenue reported in FY23. Profit After Tax (PAT) has followed a similar trend, with ₹9.74 crore recorded for the half-year ending September 2024, compared to ₹18.67 crore in FY24 and a peak of ₹38.21 crore in FY23.

SWOT Analysis of Shri Ahimsa Naturals Limited

ATC Energies System Limited

ATC Energies IPO is a book-built issue worth Rs 63.76 crores, comprising a fresh issue of 43.24 lakh shares aggregating to Rs 51.02 crores and an offer for sale of 10.80 lakh shares amounting to Rs 12.74 crores. The IPO subscription opens on March 25, 2025, and closes on March 27, 2025. The allotment is expected to be finalized on March 28, 2025, with a tentative listing date on NSE SME scheduled for April 2, 2025. 

The IPO price band is set between ₹112 and ₹118 per share. Retail investors must invest a minimum of ₹1,34,400 for one lot (1,200 shares). To avoid oversubscription issues, it is advisable to bid at the cutoff price, bringing the investment to ₹1,41,600. HNI investors must purchase at least two lots (2,400 shares) for ₹2,83,200.

GMP (Grey Market Premium)

As of March 24, 2025, the Grey Market Premium (GMP) for ATC Energies SME IPO stands at ₹0. With the price band at ₹118, the estimated listing price remains at ₹118 per share, with no expected gain or loss.

Objectives of the IPO

• Repayment and/or pre-payment of borrowings related to the purchase of the Noida factory – ₹95.28 million
• Capital expenditure for refurbishment and upgrades at the Noida factory – ₹67.22 million
• IT upgradation at the Noida factory, Vasai factory, and the registered office – ₹74.69 million
• Funding working capital requirements – ₹95 million
• General corporate purposes

Company Overview

ATC Energies System Limited, incorporated in 2020, specializes in energy solutions, focusing on lithium and Li-ion batteries. The company provides energy storage solutions for industries like banking, automobiles, and industrial UPS systems. With factories in Vasai, Thane, and Noida, it manufactures customized battery solutions using advanced equipment. Its products cater to POS machines, ATMs, electric vehicles, and energy storage applications.

Financials

ATC Energies System Limited has shown significant revenue growth, reaching ₹22.57 crore as of September 30, 2024, following ₹51.51 crore in FY24, ₹33.22 crore in FY23, and ₹36.52 crore in FY22. Profit After Tax (PAT) stood at ₹5.77 crore in H1 FY25, after reporting ₹10.89 crore in FY24, ₹7.76 crore in FY23, and ₹11.86 crore in FY22. The company’s financial performance reflects strong revenue expansion and profitability, with steady net worth growth and controlled borrowing levels. 

SWOT Analysis of ATC Energies System Limited

Identixweb Limited

Identixweb IPO is a book-built issue worth Rs 16.63 crores. The issue consists entirely of a fresh issue of 30.80 lakh shares. The subscription for the IPO opens on March 26, 2025, and closes on March 28, 2025. The allotment is expected to be finalized on April 1, 2025. Identixweb Limited is set to be listed on BSE SME, with a tentative listing date of April 3, 2025. 

The minimum lot size for an application is 2,000 shares. Retail investors are required to invest a minimum of ₹1,02,000. However, due to the possibility of oversubscription, it is suggested to bid at the cutoff price, which amounts to ₹1,08,000. High Net-Worth Individuals (HNI) must apply for at least two lots (4,000 shares), amounting to ₹2,16,000.

GMP (Grey Market Premium)

No major movement has been observed in the Grey Market Premium (GMP). The same trend is expected to continue until the listing day.

Objectives of the IPO

The company intends to utilize the net proceeds from the IPO for the following purposes:

1. Investment in marketing to support the organization’s growth plans in India and internationally – ₹25 million.
2. Investment in market research and product development through talent hiring for the issuer company – ₹42 million.
3. Investment in the subsidiary for product development through talent-hiring – ₹41.58 million.
4. General corporate purposes.

Company Overview

Incorporated in 2017, Identixweb Limited is a technology company specializing in Shopify app development and custom web solutions. The company offers services, including Shopify app development, web app development using PHP and React, and WordPress plugin development. Identixweb has a team of over 50 professionals and has developed over 35 public Shopify apps while completing over 100 projects. The company serves e-commerce, fashion, fintech, and SaaS industries.

Financials

Identixweb Limited has demonstrated steady growth in its financial performance over the years. Revenue for the first half of FY25 is ₹4.79 crore, following ₹6.66 crore in FY24 and ₹6.27 crore in FY23, indicating stable earnings. Profit After Tax (PAT) has improved, reaching ₹2 crore for the six months ending September 2024, compared to ₹2.77 crore in FY24 and ₹1.35 crore in FY23. Total borrowings remain minimal at ₹0.11 crore, reflecting a strong financial position with low debt dependency.

SWOT Analysis of Identixweb Limited

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.

The Indian stock market is set to witness three upcoming SME IPOs—Grand Continent Hotels Limited, Rapid Fleet Management Services Limited, and Active Infrastructures Limited—aiming to raise ₹196 crore. These companies, operating in distinct sectors, offer retail and institutional investors investment opportunities. Below, we break down the details of each IPO, including issue size, objectives, financials, GMP, and SWOT analysis, helping you make an informed decision.

Grand Continent Hotels Ltd IPO

Grand Continent Hotels Limited is launching an IPO worth ₹74.46 crores. The issue consists of a fresh issuance of 62.60 lakh shares aggregating to ₹70.74 crores and an offer for sale of 3.29 lakh shares totaling ₹3.72 crores. The IPO subscription period begins on March 20, 2025, and closes on March 24, 2025. The allotment is expected to be finalized on March 25, 2025, and the listing will take place on NSE SME on March 27, 2025. 

The minimum lot size is 1200 shares, requiring a retail investor to invest at least ₹1,28,400. Due to potential oversubscription, bidding at the cutoff price of ₹1,35,600 is advisable. High Net-worth Individuals (HNI) must invest in at least two lots (2,400 shares), amounting to ₹2,71,200.

Allocation of Shares

• QIBs (Qualified Institutional Buyers): Not Applicable (SME IPO)
• NII (Non-Institutional Investors): 50%
• Retail Investors: 50%

GMP (Grey Market Premium)
As of March 20, 2025, the GMP for Grand Continent Hotels SME IPO stands at ₹0. With a price band of ₹113, the estimated listing price is expected to remain at ₹113, indicating no premium or discount. The expected percentage gain/loss per share is 0%.

Objectives of the Issue

1. Repayment and/or prepayment of outstanding borrowings – ₹340.81 million
2. Expansion of hotel properties in India – ₹167.92 million
3. General corporate purposes

Company Overview
Founded in 2011, Grand Continent Hotels Limited operates 19 mid-market hotels across six Indian cities, offering over 900 rooms. The company primarily serves business and leisure travelers, focusing on affordability and comfort. As of September 30, 2024, it operates 16 hotels with 753 keys across Karnataka, Tamil Nadu, Goa, Andhra Pradesh, and Telangana.

Financial Strength

Grand Continent Hotels Limited has demonstrated significant financial growth over the past few years. As of September 30, 2024, the company’s total assets stood at ₹97.94 crore, a substantial rise from ₹73.91 crore in March 2024 and ₹42.26 crore in March 2023. Revenue has also shown a consistent upward trend, increasing from ₹6.03 crore in March 2022 to ₹31.86 crore by September 2024. The company’s profitability has strengthened, with its profit after tax (PAT) rising from a loss of ₹0.79 crore in March 2022 to ₹6.81 crore by September 2024.  Despite the positive financial trajectory, total borrowings remain high, standing at ₹40.22 crore as of September 2024, up from ₹34.96 crore in March 2024. Source: Grand Continent Hotels

SWOT Analysis of Grant Continent Hotels Ltd. 

Rapid Fleet Management Services Ltd IPO

Rapid Fleet Management Services Limited is launching an IPO worth ₹3.87 crores, consisting entirely of a fresh issue of 22.85 lakh shares. The IPO opens for subscription on March 21, 2025, and closes on March 25, 2025. The allotment is expected to be finalized on March 26, 2025, with a tentative listing date on NSE SME scheduled for March 28, 2025.

The minimum lot size is 600 shares, requiring retail investors to invest at least ₹1,09,800. To avoid oversubscription risks, investors are advised to bid at the cutoff price of ₹1,15,200. High Net-worth Individuals (HNI) must invest in at least 2 lots (1,200 shares), amounting to ₹2,30,400.

Allocation of Shares

• QIBs (Qualified Institutional Buyers): Not Applicable (SME IPO)
• NII (Non-Institutional Investors): 50%
• Retail Investors: 50%

GMP (Grey Market Premium)
As of the latest update on March 20, 2025, Rapid Fleet SME IPO has no GMP movement, holding steady at ₹0. The price band of ₹192 keeps the projected listing price at ₹192.

Objectives of the Issue

1. Purchase of Vehicles (Goods carriages) – ₹130 million
2. Working Capital Requirements – ₹191.2 million
3. General Corporate Purposes

Company Overview
Incorporated in 2006, Rapid Fleet Management Services Limited specializes in logistics and road transportation solutions for B2B and B2C clients. The company operates a fleet of over 200 vehicles, catering to industries such as FMCG, automobile, and electronics. It has developed a mobile app for streamlined business processes, offering 24/7 operations and digital client compliance solutions.

Know More:  SEBI Registered Investment Advisory |  Stock Investment Advisory

Financial Strength

Rapid Fleet Management Services Limited has shown steady financial performance over the years. As of September 30, 2024, the company’s total assets stood at ₹101.3 crore, increasing from ₹70.66 crore in March 2024 but slightly fluctuating compared to previous years. Revenue for the half-year period ending September 2024 was ₹87.39 crore, lower than ₹116.32 crore in March 2024 but still reflecting a strong operational scale. Profit after tax (PAT) stood at ₹7.01 crore as of September 2024, slightly down from ₹8.07 crore in March 2024 but significantly higher than ₹3.4 crore in March 2022. However, total borrowings have increased considerably, reaching ₹34.07 crore in September 2024 compared to ₹14.93 crore in March 2024, which may indicate leveraged expansion or operational funding requirements. Source: Rapid Fleet

SWOT Analysis of Rapid Fleet Management Services Limited 

Active Infrastructures Ltd IPO

Active Infrastructures Limited is launching an IPO worth ₹77.83 crores, consisting entirely of a fresh issue of 43.00 lakh shares. The IPO opens for subscription on March 21, 2025, and closes on March 25, 2025. The allotment is expected to be finalized on March 26, 2025, with a tentative listing date on NSE SME scheduled for March 28, 2025. 

Source: Active Infrastructures

The minimum lot size is 600 shares, requiring retail investors to invest at least ₹1,06,800. To avoid oversubscription risks, investors are advised to bid at the cutoff price of ₹1,08,600. High Net-worth Individuals (HNI) must invest in at least 2 lots (1,200 shares), amounting to ₹2,17,200.

Allocation of Shares

• QIBs (Qualified Institutional Buyers): Not Applicable (SME IPO)
• NII (Non-Institutional Investors): 50%
• Retail Investors: 50%

GMP (Grey Market Premium)
The GMP for Active Infrastructures SME IPO as of March 20, 2025, is ₹0, meaning there is no expected deviation from the ₹181 price band at listing.

Objectives of the Issue

1. Funding Working Capital Requirements of the Company – ₹389.8 million
2. Repayment/ Prepayment of Certain Borrowings and Margin Money for Bank Guarantee – ₹167.23 million
3. Capital expenditure towards the purchase of construction equipment -₹70.48 million
4. General Corporate Purpose

Company Overview

Incorporated in 2007, Active Infrastructures Limited is a civil construction company specializing in infrastructure development and commercial projects. The company operates across India, with projects in Maharashtra, Madhya Pradesh, Uttar Pradesh, and Tripura. Its portfolio includes road construction, flyovers, water supply systems, irrigation, and commercial spaces such as office complexes and retail centers.

Financial Strength

As of September 30, 2024, Active Infrastructures Limited reported total assets of ₹97.16 crore, down from ₹107.58 crore in March 2024. Revenue for the half-year period ending September 2024 stood at ₹33.9 crore, significantly lower than ₹97.43 crore in March 2024. Profit after tax (PAT) was ₹5.55 crore in September 2024, declining from ₹10.45 crore in March 2024 but remaining positive compared to ₹0.09 crore in March 2022. Total borrowings reduced to ₹56.09 crore in September 2024 from ₹109.19 crore in March 2022, indicating improved debt management. Source: Active Infrastructures

Conclusion

The three upcoming SME IPOs—Grand Continent Hotels, Rapid Fleet Management Services, and Active Infrastructures—offer diverse investment opportunities across hospitality, logistics, and infrastructure sectors. Each company has its strengths and challenges, making it crucial for investors to evaluate financial performance, growth potential, and industry trends before making an investment decision. With different objectives and business models, these IPOs could play a significant role in shaping their respective industries while providing investors with new avenues for growth.

OTHER IPO RESOURCES: IPO | Current IPO | Upcoming IPO | Listed IPO

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.

The IPO market has seen a slow start in March 2025, especially in contrast to the active listing spree in February. Unlike the previous month, which witnessed multiple mainboard IPOs, March has been relatively quiet, with no major IPOs hitting the market. PDP Shipping & Projects Limited is only the second IPO of the month, and it comes from the SME segment. This logistics-focused IPO presents an interesting prospect as investors look for new opportunities. Let’s look into the key details, financials, and SWOT analysis to help you make an informed investment decision.

IPO Details

PDP Shipping & Projects Limited is offering a fixed price IPO of ₹12.65 crores, consisting entirely of a fresh issue of 9.37 lakh shares. The IPO subscription opened on March 10, 2025, and will remain open until March 12, 2025. The allotment of shares is expected to be finalized on March 13, 2025, and the company is set to be listed on the BSE SME platform on March 18, 2025 (tentative). 

The IPO is priced at ₹135 per share, which means investors need to bid in multiples of this price. Since the company is listed in the SME segment, liquidity may be lower than mainboard stocks, but it also offers potential for growth within the logistics industry. Investors should carefully evaluate the fundamentals before subscribing to the issue.

Allocation of Shares

Investors can apply for a minimum of 1 lot (1,000 shares). Below is the investment requirement:

Grey Market Premium (GMP)

The PDP Shipping IPO GMP is NIL, suggesting no unofficial premium in the grey market. This implies muted demand pre-listing, which has been a trend in recent SME IPOs.

Know More:  SEBI Registered investment advisory |  Stock investment advisory

Objectives of the IPO

The funds raised from the IPO will be utilized for:

• Long-term working capital requirements
• General corporate purposes

Company Overview

Established in 2009, PDP Shipping & Projects Limited offers end-to-end logistics services, including: Sea & air freight, Customs clearance, and Project Logistics

As an Authorized Economic Operator (AEO), the company provides multi-modal transport services via sea, air, road, and rail, focusing on specialized cargo such as machinery, defense equipment, and automobiles. It primarily serves markets like Brazil, the USA, and South Korea.

Business Model & Service Offerings

1. Multimodal Transport Operations (MTO): The company holds an MTO license, ensuring seamless cargo movement via rail, road, and air. Services include customs clearance, warehousing, and door-to-door delivery.
2. Air Freight: Strong partnerships with global airline carriers enable cost-effective, time-efficient cargo transport, including pick-up, customs clearance, and last-mile delivery.
3. Ocean Freight: Handles LCL, FCL, and cargo consolidation, including customs clearance and shipment tracking.
4. Packaging, Warehousing, & Distribution: Provides packaging, secure warehousing, transportation, and last-mile distribution for domestic and international shipments.

Financial Strength

PDP Shipping & Projects Limited has shown a dynamic financial performance over the years, reflecting growth and fluctuations across key financial metrics. Below is a breakdown of its economic standing for November 30, 2024, and the last three fiscal years.

Revenue

Key Financial Highlights:

• Assets: Increased from ₹4.22 Cr. (FY22) to ₹12.32 Cr. (Nov 2024).
• Revenue: Declined from ₹28.73 Cr. (FY22) to ₹13.78 Cr. (Nov 2024).
• Profit After Tax: Peaked at ₹2.31 Cr. (FY24) but stands at ₹1.57 Cr. (Nov 2024).
• Net Worth & Reserves: Grew from ₹1.85 Cr. (FY22) to ₹7.41 Cr. (Nov 2024), strengthening financial stability.
• Borrowings: Rose from ₹0.04 Cr. (FY22) to ₹3.57 Cr. (Nov 2024), indicating increased debt.

While asset and net worth growth remain strong, the revenue dip and rising borrowings are key areas to monitor.

SWOT Analysis

Final Thoughts

PDP Shipping & Projects Limited has shown stable asset growth but faces challenges such as declining revenue and increasing debt. The company operates with an asset-light model and has a strong global presence, which could be advantageous. However, as with any IPO, market conditions and company fundamentals are crucial in determining its future trajectory. Investors and analysts will closely watch how the listing unfolds and how the company performs in the coming quarters.

OTHER IPO RESOURCES: IPO | Current IPO | Upcoming IPO | Listed IPO

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 performance of the intermediary or provide any assurance of returns to investors.

Balaji Phosphates Limited is set to launch its IPO, attracting attention from investors looking to tap into the growing fertilizer industry. The company, known for its phosphate-based fertilizers and soil enhancement products, has established a strong presence in multiple states. Here’s a complete breakdown of the IPO details, allocation structure, company financials, and SWOT analysis to help you make an informed decision.

IPO Details

Balaji Phosphates IPO is a book-built issue worth ₹50.11 crores. The IPO comprises a fresh issue of 59.40 lakh shares aggregating ₹41.58 crores and an offer for sale (OFS) of 12.18 lakh shares amounting to ₹8.53 crores. The IPO opens for subscription on February 28, 2025, and closes on March 4, 2025. The allotment is expected to be finalized on March 5, 2025, with the company listing on NSE SME on March 7, 2025.

The IPO price band is set at ₹66 to ₹70 per share. Investors must bid for a minimum of 2000 shares, requiring a minimum investment of ₹1,32,000. Given the potential for oversubscription, bidding at the cutoff price is recommended, amounting to approximately ₹1,40,000. High Net-worth Individuals (HNIs) must invest in at least 2 lots (4,000 shares), requiring an investment of ₹2,80,000.

Allocation of Shares

Investors can bid for a minimum of 2000 shares and in multiples thereof. The table below summarizes the minimum and maximum investment requirements:

Grey Market Premium (GMP)

As of February 27, 2025, the Balaji Phosphates SME IPO showed no Grey Market Premium (GMP), suggesting a projected listing price of ₹70, matching the issue price and no anticipated gain or loss.

Objectives of the IPO

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

• Meeting capital expenditure requirements.
• Funding the company’s working capital requirements.
• General corporate purposes.

Company Overview

Incorporated in 1996, Balaji Phosphates Limited manufactures and supplies phosphate-based fertilizers such as Single Super Phosphate (SSP), NPK Granulated and Mixed Fertilizers, and Zinc Sulphate. These fertilizers comply with India’s Fertilizer Control Order (FCO) standards and are sold to wholesalers, retailers, cooperatives, and farmers under the brands ‘RATNAM’ and ‘BPPL’.

The company’s manufacturing facility is located in Dewas, Madhya Pradesh. As of March 31, 2024, the unit had a manufacturing capacity of 120,000 MT per year for SSP, 3,300 MT for Zinc Sulphate, and 49,500 MT for NPK Granulated & Mix. The company primarily operates in Madhya Pradesh, Chhattisgarh, Maharashtra, Andhra Pradesh, and Telangana.

Know More:  SEBI Registered investment advisory |  Stock investment advisory

Financial Strength

Balaji Phosphates Limited has maintained stable financial growth over recent years. As of August 31, 2024, the company had total assets worth ₹95.28 crore, compared to ₹88.48 crore in March 2024 and ₹96.83 crore in March 2023.

The company recorded revenue of ₹54.85 crore for the five months ending August 2024, while revenue for March 2024 stood at ₹151.68 crore. Revenue in March 2023 was ₹144.64 crore, and in March 2022, it was ₹124.12 crore. The profit after tax (PAT) for August 2024 stood at ₹4.15 crore, compared to ₹6.04 crore in March 2024, ₹6.09 crore in March 2023, and ₹3.19 crore in March 2022.

The company’s net worth has grown, increasing to ₹39.15 crore as of August 2024 from ₹35 crore in March 2024 and ₹28.97 crore in March 2023. Reserves and surplus have grown to ₹21.31 crore in August 2024 from ₹17.17 crore in March 2024. Total borrowings have increased to ₹35.58 crore in August 2024 from ₹33.22 crore in March 2024, reflecting ongoing financial leverage for business expansion.

SWOT Analysis

Conclusion

Balaji Phosphates Limited has built a strong foothold in the agricultural sector with phosphate-based fertilizers and soil enhancement products. The company’s stable revenue growth, expanding market presence, and established brand reputation make it a noteworthy SME IPO. However, before deciding, potential investors should consider industry challenges, raw material dependencies, and market competition. With the IPO listing scheduled for March 7, 2025, on NSE SME, investors will closely watch the stock’s debut performance. Whether you are a retail investor or an HNI, understanding the company’s fundamentals and the IPO structure is crucial before subscribing.

OTHER IPO RESOURCES: IPO | Current IPO | Upcoming IPO | Listed IPO

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.

India’s IPO market has witnessed significant expansion in recent years, outpacing several developed markets in terms of capital raised. In FY25 alone, over 75 companies debuted on the exchanges, with nearly 50 still trading above their IPO price. Even amid the broader market slump of the past four months, IPOs have remained a profitable investment avenue, with two-thirds of the newly listed stocks holding above their issue price.

Against this backdrop, three new entrants—Hexaware Technologies, P S Raj Steels, and Voler Car—made their market debut. Let’s look at the listing highlights for the three companies.

Hexaware Technologies Limited:

Hexaware Technologies is a digital and technology services company specializing in Artificial Intelligence (AI)-driven solutions. It provides services across six industries: Financial Services, Healthcare & Insurance, Manufacturing & Consumer, and Travel & Transportation. Hexaware supports clients in digital transformation, automation, and cloud adoption with 39 global delivery centers and AI-powered platforms like RapidX, Tensai, and Amaze. 

Hexaware Technologies IPO Details

The company launched its IPO, valued at approximately Rs 8,750 crore, through an Offer for Sale (OFS). Despite subdued investor demand, with an overall subscription of 2.66 times, the IPO saw strong interest from Qualified Institutional Buyers (QIBs), who oversubscribed their quota by 9.09 times.

Before listing, the stock traded flat in the grey market at Rs 708. On February 19, 2025, Hexaware debuted at Rs 745.50 on the NSE, a 5.3% premium over the issue price, and Rs 731 on the BSE, reflecting a 3.25% premium. The listing was lackluster, but it performed slightly better than grey market expectations.

PS Raj Steels Limited:

P S Raj Steels Limited, incorporated in 2004, manufactures and supplies stainless steel pipes and tubes in India. The company offers over 250 standard product sizes along with customization options. In FY24, manufacturing contributed 70% to its revenue, while trading accounted for 30%. It entered a co-branding agreement with Jindal Stainless Limited (JSL) in April 2024, allowing it to market products under the Jindal Saathi brand.

PS Raj Steels Limited IPO Details

The company launched its SME IPO, raising Rs.28.28 crore, with a subscription of 9.89 times. Despite strong investor demand, the Grey Market Premium (GMP) indicated a flat listing.

On 19th February 2025, P S Raj Steels debuted on the NSE SME platform at Rs.145, a 3.57% premium over its issue price of Rs.140. The stock quickly hit a high of Rs.147.90, with 5.76 lakh shares traded and a market capitalization of Rs.109.31 crore. Early investors saw nominal listing gains of Rs.5,000 per lot.

Voler Car Limited:

Voler Cars Limited, incorporated in 2010, provides employee transportation services (ETS) to multinational corporations (MNCs) and corporate clients. Operating across Kolkata, Mumbai, Pune, Bhubaneswar, Delhi-NCR, and Ahmedabad, the company manages over 884 daily trips with a fleet of more than 2,500 vehicles, including electric vehicles, tempo travelers, and buses. It integrates GPS tracking and third-party technology for efficient travel management.

Voler Car Limited IPO Details

The company launched its IPO to raise funds for working capital, general corporate purposes, and issue expenses. The public offering saw strong demand, with an overall subscription of 13.62 times, including 13.94 times by retail investors and 18.56 times by NIIs.

Despite a positive response, Voler Cars debuted on the NSE at Rs.90 per share, reflecting a flat listing with no premium over its issue price. The grey market premium (GMP) last stood at Rs.5 before listing.

The listing performance of Hexaware Technologies, P S Raj Steels, and Voler Cars highlights the mixed sentiment prevailing in the IPO market. While Hexaware Technologies managed a modest premium over its issue price, P S Raj Steels and Voler Cars saw flat-to-marginal gains despite strong subscription figures.

The subdued grey market trends were reflected in the listings, suggesting cautious investor sentiment amid broader market uncertainties. However, the strong demand for these IPOs, particularly in the SME segment, underscores sustained investor interest in new listings. As we advance, post-listing performance and sectoral tailwinds will determine whether these stocks can build momentum beyond their debut day.

Know more about:
IPOs | Current IPOs | Upcoming IPOs | Listed IPOs | Closed IPOs | IPO Performers

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.

The upcoming week promises to be action-packed for the stock market, with two SME IPOs and nine market listings set to make waves. HP Telecom India Limited aims to raise ₹34.23 crore, while Beezaasan Explotech Limited seeks ₹59.93 crore through their respective IPOs. In addition to these fresh issues, investors can look forward to the listing of nine companies, including Ajax Engineering and Hexaware Technologies, making it a crucial week filled with opportunities and market movements. Here’s a complete breakdown of what to expect and how to stay ahead in this bustling market scenario.

HP Telecom India IPO Details

HP Telecom India IPO is a fixed price issue of Rs 34.23 crores. This issue consists entirely of a fresh issue of 31.69 lakh shares. The subscription will open on February 20, 2025, and close on February 24, 2025. The allotment is expected to be finalized on February 25, 2025, and the shares will be listed on NSE SME on February 28, 2025. 

The minimum application lot size is 1,200 shares, requiring a minimum investment of ₹1,29,600 for retail investors. High Net-worth Individuals (HNIs) must apply for a minimum of 2 lots (2,400 shares), amounting to ₹2,59,200.

Objectives of the IPO

• Funding the company’s working capital requirements.
• General corporate purposes.

Company Overview

Founded in March 2011, HP Telecom India Limited started as a distributor of mobile phones and accessories. The company expanded its operations in 2014-15, securing exclusive distribution rights for Sony products in Gujarat. It is the exclusive distributor of Apple products in Madhya Pradesh, Chhattisgarh, select cities in Uttar Pradesh, and major urban centers in Gujarat.

Financial Strength

HP Telecom India Limited’s revenue for the half-year ending September 2024 stood at ₹594.19 crore, down from ₹1,079.77 crore in March 2024 but higher than ₹638.47 crore in March 2023 and ₹292.55 crore in March 2022. The company reported a PAT of ₹5.24 crore as of September 2024, compared to ₹8.6 crore in March 2024, ₹6.35 crore in March 2023, and ₹2.13 crore in March 2022. 

SWOT Analysis of HP Telecom India 

Beezaasan Explotech Limited IPO Details

Beezaasan Explotech IPO is a book-built issue amounting to Rs 59.93 crores. The entire issue consists of a fresh issuance of 34.25 lakh shares. The IPO opens for subscription on February 21, 2025, and closes on February 25, 2025. The allotment is expected to be finalized on February 27, 2025, and the shares will be listed on the BSE SME platform on March 3, 2025.

Objectives of the IPO

• Funding the company’s working capital requirements.
• General corporate purposes.

Company Overview

Incorporated in August 2013, Beezaasan Explotech Limited manufactures and supplies explosives and explosive accessories, including slurry, emulsion, and detonating explosives. It serves the cement, mining, and defense industries. The company’s manufacturing facility in Gujarat is certified with ISO 9001:2015 for Quality Management, ISO 14001:2015 for Environmental Management, and ISO 45001:2018 for Occupational Health and Safety.

Financial Strength

Beezaasan Explotech Limited has demonstrated steady financial growth over the past few years. The company recorded revenue of ₹101.44 crore for the half-year ending September 2024, lower than ₹187.9 crore in March 2024 and ₹229.17 crore in March 2023 but higher than ₹141.91 crore in March 2022. Profit after tax (PAT) surged to ₹8.33 crore as of September 2024, nearly double the ₹4.87 crore reported in March 2024 and significantly higher than ₹2.94 crore in March 2023 and ₹2.74 crore in March 2022. 

SWOT Analysis of Beezaasan Explotech Limited 

Listings this week

Several companies will list on various stock exchanges in the coming days. Ajax Engineering, Hexaware Technologies, and Chandan Healthcare will debut on February 17, 2025, on the NSE and BSE, while Maxvolt Energy, Voler Car, and PS Raj Steels are slated for listing on February 17 and 19, 2025, on the NSE SME. Shanmuga Hospital will list on BSE SME on February 20, 2025, followed by L.K. Mehta Polymers and Royalarc Electrodes, both on February 21, 2025, on BSE SME and NSE SME, respectively.

Conclusion

This week is shaping up to be significant for the stock market, with two SME IPOs and multiple company listings across various exchanges. Investors can expect a bustling atmosphere with fresh opportunities from HP Telecom India and Beezaasan Explotech and the debut of companies like Ajax Engineering and Hexaware Technologies. With new ventures and exciting market movements on the horizon, staying informed and prepared will be key to navigating this dynamic week.

Know more about:
IPOs | Current IPOs | Upcoming IPOs | Listed IPOs | Closed IPOs | IPO Performers

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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.