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IPO MarketUpdate Mar'2023

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64 views104 pages

IPO MarketUpdate Mar'2023

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saraduplein

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IPO Market Update

March 2023
INDEX
Recent IPOs – Listing Gain and Price
Movement

Listing Gain and Price Movement –

Retail Bucket – Minimum Bid Lot

Current/Ongoing Issues

Issues Where SEBI Observations

Received & Still Valid

Issues Offer Documents Filed &

Awaiting SEBI Observations

Current/Ongoing Issues
(Detailed)

Brief summary of Issues – SEBI Observation

Received & Still Valid

Brief summary of Issues – Offer Documents Filed &

Awaiting SEBI Observations
Recent IPOs – Listing Gain and
Price Movement

INDEX
Recent IPOs – Listing Gain and Price Movement (1/7)
As on 28-02-2023 As on 31-03-2022 As on 31-03-2021
Face Issue Issue Issue Listing
Sr Listing Listing Gain Closing Closing Closing
Name Value Opening size Price Price Gain Gain Gain
No. Date Price Price Price
Date
(₹) (₹ Cr) (₹) (₹) (₹) (%) (₹) (₹) % (₹) (₹) % (₹) (₹) %
INDICES
Nifty 50 17,303.95 17,464.75 14,690.70
S&P BSE Sensex 58,962.12 58,568.51 49,509.15
S&P BSE IPO 7,950.16 10,410.24 8,259.26
FY 22-23
34 Sah Polymers 1 30-Dec 66 65 12-Jan 85 20 31% 76 11 16% - - - - - -
Radiant Cash Management
33 1 23-Dec 388 94 04-Jan 99 5 6% 97 3 4% - - - - - -
Services
32 Elin Electronics 5 20-Dec 475 247 30-Dec 243 -4 -2% 144 -103 -42% - - - - - -
31 KFin Technologies 10 19-Dec 1,500 366 29-Dec 369 3 1% 294 -72 -20% - - - - - -
30 Landmark Cars 5 13-Dec 552 506 23-Dec 471 -35 -7% 539 33 7% - - - - - -
29 Sula Vineyards 2 12-Dec 960 357 22-Dec 358 1 0% 351 -6 -2% - - - - - -
28 Abans Holdings 2 12-Dec 346 270 23-Dec 270 0 0% 242 -28 -10% - - - - - -
27 Uniparts India 10 30-Nov 836 577 12-Dec 575 -2 0% 566 -11 -2% - - - - - -
26 Dharmaj Crop Guard 10 28-Nov 251 237 08-Dec 266 29 12% 166 -71 -30% - - - - - -
25 Keystone Realtors 10 14-Nov 635 541 24-Nov 555 14 3% 451 -90 -17% - - - - - -
24 Inox Green Energy 10 11-Nov 740 65 23-Nov 61 -4 -7% 42 -23 -35% - - - - - -
Kaynes Technology
23 10 10-Nov 858 587 22-Nov 775 188 32% 867 280 48% - - - - - -
International
Archean Chemical
22 2 09-Nov 1,462 407 21-Nov 449 42 10% 629 222 55% - - - - - -
Industries
21 Five-Star Business Finance 1 09-Nov 1,589 474 21-Nov 450 -24 -5% 537 63 13% - - - - - -
20 Global Health 2 03-Nov 881 336 16-Nov 398 62 18% 520 184 55% - - - - - -

Lead Managed by Axis Capital Subscription - No. of Times after Technical Rejection, QIB figures excluded
# Price adjusted for Split/bonus; ~ Partly Paid Anchor Subscription, Figures in Italic form are from exchanges 4
Recent IPOs – Listing Gain and Price Movement (2/7)
As on 28-02-2023 As on 31-03-2022 As on 31-03-2021
Face Issue Issue Issue Listing
Sr Listing Listing Gain Closing Closing Closing
Name Value Opening size Price Price Gain Gain Gain
No. Date Price Price Price
Date
(₹) (₹ Cr) (₹) (₹) (₹) (%) (₹) (₹) % (₹) (₹) % (₹) (₹) %
FY 22-23
19 Bikaji Food International 1 03-Nov 2,206 300 16-Nov 321 21 7% 357 57 19% - - - - - -
18 Fusion Micro Finance 10 02-Nov 1,104 368 15-Nov 361 -8 -2% 396 28 8% - - - - - -
17 DCX Systems 2 31-Oct 500 207 11-Nov 286 79 38% 161 -46 -22% - - - - - -
16 Tracxn Technologies 1 10-Oct 309 80 20-Oct 83 3 4% 75 -5 -7% - - - - - -
15 Electronics Mart India 10 04-Oct 500 59 17-Oct 89 30 52% 70 11 19% - - - - - -
Harsha Engineers
14 10 14-Sep 755 330 26-Sep 444 114 35% 336 6 2% - - - - - -
International
13 Tamilnad Mercantile Bank 10 05-Sep 808 510 15-Sep 510 0 0% 452 -58 -11% - - - - - -
12 Dreamfolks Services 2 24-Aug 562 326 06-Sep 505 179 55% 436 110 34% - - - - - -
11 Syrma SGS Technology 10 12-Aug 840 220 26-Aug 262 42 19% 264 44 20% - - - - - -
10 Aether Industries 10 24-May 808 642 03-Jun 706 64 10% 875 233 36% - - - - - -
9 eMudhra 5 20-May 413 256 01-Jun 271 15 6% 253 -3 -1% - - - - - -
8 Ethos 10 18-May 402 878 30-May 830 -48 -5% 991 113 13% - - - - - -
7 Paradeep Phosphates 10 17-May 1,502 42 27-May 44 2 4% 54 12 30% - - - - - -
6 Venus Pipes & Tubes 10 11-May 165 326 24-May 335 9 3% 720 394 121% - - - - - -
5 Delhivery 1 10-May 5,235 487 24-May 493 6 1% 344 -143 -29% - - - - - -
Prudent Corporate Advisory
4 5 10-May 538 630 20-May 660 30 5% 842 212 34% - - - - - -
Services
3 LIC of India 10 04-May 20,557 949 17-May 867 -82 -9% 578 -371 -39% - - - - - -
Rainbow Children's
2 10 27-Apr 1,581 542 10-May 506 -36 -7% 741 199 37% - - - - - -
Medicare
1 Campus Activewear 5 26-Apr 1,400 292 09-May 355 63 22% 404 112 38% - - - - - -

Lead Managed by Axis Capital Subscription - No. of Times after Technical Rejection, QIB figures excluded
# Price adjusted for Split/bonus; ~ Partly Paid Anchor Subscription, Figures in Italic form are from exchanges 5
Recent IPOs – Listing Gain and Price Movement (3/7)
As on 28-02-2023 As on 31-03-2022 As on 31-03-2021
Face Issue Issue Issue Listing
Sr Listing Listing Gain Closing Closing Closing
Name Value Opening size Price Price Gain Gain Gain
No. Date Price Price Price
Date
(₹) (₹ Cr) (₹) (₹) (₹) (%) (₹) (₹) % (₹) (₹) % (₹) (₹) %
FY 21-22
54 Hariom Pipes Industries 10 30-Mar 130 153 13-Apr 214 61 40% 401 248 162% - - - - -
53 Veranda Learning Solutions 10 29-Mar 200 137 11-Apr 157 20 15% 183 46 34% - - - - -
52 Uma Exports 10 28-Mar 60 68 07-Apr 80 12 18% 41 -27 -40% - - - - -
51 Patanjali Foods 2 24-Mar 4,300 650 08-Apr 850 200 31% 925 275 42% - - - - -
50 Vedant Fashions 1 04-Feb 3,149 866 16-Feb 936 70 8% 1,197 331 38% 965 99 11% - -
49 Adani Wilmar 1 27-Jan 3,600 230 08-Feb 221 -9 -4% 361 131 57% 518 288 125% - -
AGS Transact
48 10 21-Jan 680 175 31-Jan 176 1 1% 53 -122 -70% 100 -75 -43% - -
Technologies
47 CMS Info Systems 10 21-Dec 1,100 216 31-Dec 219 3 1% 285 69 32% 265 49 23% - -
46 Supriya Life Sciences 2 16-Dec 700 265 28-Dec 425 160 60% 198 -67 -25% 493 228 86% - -
45 HP Adhesives 10 15-Dec 126 274 27-Dec 319 45 16% 312 38 14% 391 117 43% - -
44 Data Patterns (India) 2 14-Dec 601 555 24-Dec 864 309 56% 1,310 755 136% 701 146 26% - -
43 Medplus Health Services 2 13-Dec 1,398 796 23-Dec 1,015 219 28% 665 -131 -16% 1,016 220 28% - -
42 Metro Brands 5 10-Dec 1,368 500 22-Dec 436 -64 -13% 822 322 64% 619 119 24% - -
C E Info Systems
41 2 09-Dec 1,040 1,033 21-Dec 1,581 548 53% 1,144 111 11% 1,517 484 47% - -
(MapmyIndia)
40 Shriram Properties 10 08-Dec 600 118 20-Dec 94 -24 -20% 64 -54 -46% 78 -40 -34% - -
39 Rategain Travels 1 07-Dec 1,336 425 17-Dec 365 -60 -14% 352 -73 -17% 334 -91 -21% - -
38 Anand Rathi Wealth 5 02-Dec 659 550 14-Dec 602 52 9% 751 201 36% 608 58 11% - -
37 Tega Industries Ltd 10 01-Dec 619 453 13-Dec 753 300 66% 627 174 38% 468 15 3% - -
Star Health and Allied
36 10 30-Nov 6,400 900 10-Dec 849 -51 -6% 564 -336 -37% 711 -189 -21% - -
Insurance Co
35 Go Fashion (India) 10 17-Nov 1,014 690 30-Nov 1,316 626 91% 918 228 33% 1,022 332 48% - -

Lead Managed by Axis Capital Subscription - No. of Times after Technical Rejection, QIB figures excluded
# Price adjusted for Split/bonus; ~ Partly Paid Anchor Subscription, Figures in Italic form are from exchanges 6
Recent IPOs – Listing Gain and Price Movement (4/7)
As on 28-02-2023 As on 31-03-2022 As on 31-03-2021
Face Issue Issue Issue Listing
Sr Listing Listing Gain Closing Closing Closing
Name Value Opening size Price Price Gain Gain Gain
No. Date Price Price Price
Date
(₹) (₹ Cr) (₹) (₹) (₹) (%) (₹) (₹) % (₹) (₹) % (₹) (₹) %
FY 21-22
34 Tarsons Products 2 15-Nov 1,023 662 26-Nov 700 38 6% 587 -75 -11% 704 42 6% - -
33 Latent View Analytics 1 10-Nov 600 197 23-Nov 530 333 169% 346 149 76% 423 226 114% - -
32 Sapphire Foods 10 09-Nov 2,073 1,180 18-Nov 1,311 131 11% 1,236 56 5% 1,493 313 27% - -
31 One97 Communications 1 08-Nov 18,300 2,150 18-Nov 1,955 -195 -9% 597 -1,553 -72% 528 -1,622 -75% - -
30 SJS Enterprises 10 01-Nov 800 542 15-Nov 540 -2 0% 416 -126 -23% 415 -127 -23% - -
29 Sigachi Industries 10 01-Nov 125 163 15-Nov 575 412 253% 254 91 56% 289 126 77% - -
28 PB Fintech 2 01-Nov 5,710 980 15-Nov 1,150 170 17% 559 -421 -43% 693 -287 -29% - -
27 Fino Payments Bank 10 29-Oct 1,200 577 12-Nov 548 -29 -5% 212 -365 -63% 249 -328 -57% - -
FSN E-Commerce
26 1 28-Oct 5,350 1,125 10-Nov 2,001 876 78% 839 -286 -25% 1,689 564 50%
Ventures#
25 Aditya Birla Sun Life AMC 5 29-Sep 2,768 712 11-Oct 712 0 0% 380 -332 -47% 533 -179 -25% - -
Paras Defence and Space
24 10 21-Sep 171 175 01-Oct 475 300 171% 464 289 165% 626 451 257% - -
Technologies
23 Sansera Engineering 2 14-Sep 1,283 744 24-Sep 811 67 9% 729 -15 -2% 678 -66 -9% - -
22 Vijaya Diagnostic Centres 1 01-Sep 1,894 531 14-Sep 542 11 2% 379 -152 -29% 441 -90 -17% - -
21 Ami Organics 10 01-Sep 570 610 14-Sep 902 292 48% 909 299 49% 993 383 63% - -
20 Chemplast Sanmar 5 10-Aug 3,850 541 24-Aug 525 -16 -3% 388 -153 -28% 664 123 23% - -
Aptus Value Housing
19 2 10-Aug 2,790 353 24-Aug 330 -23 -7% 243 -110 -31% 340 -13 -4% - -
Finance India
18 Cartrade Tech 10 09-Aug 2,999 1,618 20-Aug 1,600 -18 -1% 469 -1,149 -71% 582 -1,036 -64% - -
17 Nuvoco Vistas Corporation 10 09-Aug 5,000 570 23-Aug 471 -99 -17% 350 -220 -39% 388 -182 -32% - -
16 Windlas Biotech 5 04-Aug 406 460 16-Aug 439 -21 -5% 255 -205 -45% 210 -250 -54% - -
15 Exxaro Tiles 10 04-Aug 161 120 16-Aug 126 6 5% 120 -0 0% 115 -5 -4% - -

Lead Managed by Axis Capital Subscription - No. of Times after Technical Rejection, QIB figures excluded
# Price adjusted for Split/bonus; ~ Partly Paid Anchor Subscription, Figures in Italic form are from exchanges 7
Recent IPOs – Listing Gain and Price Movement (5/7)
As on 28-02-2023 As on 31-03-2022 As on 31-03-2021
Face Issue Issue Issue Listing
Sr Listing Listing Gain Closing Closing Closing
Name Value Opening size Price Price Gain Gain Gain
No. Date Price Price Price
Date
(₹) (₹ Cr) (₹) (₹) (₹) (%) (₹) (₹) % (₹) (₹) % (₹) (₹) %
FY 21-22
14 Krsnaa Diagnostics 5 04-Aug 1,222 954 16-Aug 1,025 71 7% 359 -595 -62% 486 -468 -49% - -
13 Devyani Internatinal 1 04-Aug 1,858 90 16-Aug 141 51 57% 152 62 69% 174 84 93% - -
12 Rolex Rings 10 28-Jul 731 900 09-Aug 1,249 349 39% 1,839 939 104% 1,260 360 40% - -
11 Glenmark Life Sciences 2 27-Jul 1,514 720 06-Aug 751 31 4% 375 -345 -48% 459 -261 -36% - -
Tatva Chintan Pharma
10 10 16-Jul 500 1,083 29-Jul 2,112 1,029 95% 1,923 840 78% 2,299 1,216 112% - -
Chem
9 Zomato 1 14-Jul 9,375 76 23-Jul 115 39 51% 54 -22 -29% 82 6 8% - -
8 G R Infraprojects 5 07-Jul 962 837 19-Jul 1,700 863 103% 1,039 202 24% 1,525 688 82% - -
Clean Science and
7 1 07-Jul 1,547 900 19-Jul 1,784 884 98% 1,379 479 53% 1,995 1,095 122% - -
Technology
6 India Pesticides 1 23-Jun 800 296 05-Jul 360 64 22% 210 -86 -29% 268 -28 -9% - -
5 Dodla Dairy 10 16-Jun 520 428 28-Jun 528 100 23% 484 56 13% 447 19 4% - -
Krishna Institute Of Medical
4 10 16-Jun 2,144 825 28-Jun 1,009 184 22% 1,342 517 63% 1,375 550 67% - -
Sciences
Sona BLW Precision
3 10 14-Jun 5,550 291 24-Jun 302 11 4% 448 157 54% 679 388 133% - -
Forgings
2 Shyam Metalics & Energy 10 14-Jun 909 306 24-Jun 367 61 20% 270 -36 -12% 362 56 18% - -
1 Macrotech Developers 10 07-Apr 2,500 486 19-Apr 439 -47 -10% 821 335 69% 1,125 639 132% - -

Lead Managed by Axis Capital Subscription - No. of Times after Technical Rejection, QIB figures excluded
# Price adjusted for Split/bonus; ~ Partly Paid Anchor Subscription, Figures in Italic form are from exchanges 8
Recent IPOs – Listing Gain and Price Movement (6/7)
As on 28-02-2023 As on 31-03-2022 As on 31-03-2021
Face Issue Issue Issue Listing
Sr Listing Listing Gain Closing Closing Closing
Name Value Opening size Price Price Gain Gain Gain
No. Date Price Price Price
Date
(₹) (₹ Cr) (₹) (₹) (₹) (%) (₹) (₹) % (₹) (₹) % (₹) (₹) %
FY 20-21
30 Barbeque-Nation Hospitality 5 24-Mar 453 500 07-Apr 492 -8 -2% 721 221 44% 1,274 774 155% - -
Suryoday Small Finance
29 10 17-Mar 581 305 26-Mar 293 -12 -4% 99 -206 -68% 88 -217 -71% 274 -31 -10%
Bank
28 Nazara Technologies# 4 17-Mar 583 1,101 30-Mar 1,971 870 79% 1,055 -46 -4% 1,640 539 49% 1,465 364 33%
27 Kalyan Jewellers India 10 16-Mar 1,175 87 26-Mar 74 -13 -15% 114 27 31% 59 -28 -33% 68 -19 -22%
26 Craftsman Automation 5 15-Mar 824 1,490 25-Mar 1,350 -140 -9% 3,323 1,833 123% 2,355 865 58% 1,418 -72 -5%
25 Laxmi Organic Industries 2 15-Mar 600 130 25-Mar 156 26 20% 258 128 99% 400 270 207% 174 44 34%
24 Anupam Rasayan India 10 12-Mar 760 555 24-Mar 535 -20 -4% 645 90 16% 820 265 48% 490 -65 -12%
23 Easy Trip Planners# 2 08-Mar 510 187 19-Mar 206 19 10% 746 559 299% 683 496 265% 209 22 12%
22 MTAR Technologies 10 03-Mar 596 575 15-Mar 1,064 489 85% 1,690 1,115 194% 1,748 1,173 204% 1,024 449 78%
21 Heranba Industries 10 23-Feb 625 627 05-Mar 900 273 44% 317 -310 -49% 607 -21 -3% 632 5 1%
20 RailTel Corp Of India 10 16-Feb 819 94 26-Feb 105 11 11% 109 15 16% 84 -10 -11% 127 33 35%
19 Nureca 10 15-Feb 100 400 25-Feb 635 235 59% 338 -62 -15% 1,362 962 241% 602 202 51%
18 Stove Kraft 10 25-Jan 413 385 05-Feb 467 82 21% 409 24 6% 613 228 59% 458 73 19%
Home First Finance
17 2 21-Jan 1,154 518 03-Feb 612 94 18% 725 207 40% 772 254 49% 449 -69 -13%
Co(India)
16 Indigo Paints 10 20-Jan 1,169 1,490 02-Feb 2,608 1,118 75% 999 -491 -33% 1,580 90 6% 2,389 899 60%
Indian Railway Finance
15 10 18-Jan 4,633 26 29-Jan 25 -1 -4% 27 1 4% 21 -5 -18% 23 -3 -12%
Corp
14 Antony Waste Handling Cell 5 21-Dec 300 315 01-Jan 430 115 37% 254 -61 -19% 260 -55 -17% 244 -71 -23%
Mrs Bectors Food
13 10 15-Dec 541 288 24-Dec 501 213 74% 501 213 74% 280 -8 -3% 336 48 17%
Specialities
12 Restaurant Brands Asia 10 02-Dec 810 60 14-Dec 115 55 92% 94 34 56% 101 41 68% 129 69 115%

INDEX
Listing Gain and Price Movement – Retail Bucket – Minimum Bid Lot (1/7)
Initial Bid
Face Issue Issue Minimum Amount - Subscription- Listing Listing Day Current Current Gain
Issue (as on
Sr Value size Price Bid Lot Retail No. of times Listing Price Gain Price as
Name Opening 28-02-2023)
No. Category Date on 28-02-
Date
2023
(₹) (₹ Cr) (₹) (No.) (₹) QIB~ NII Retail (₹) (₹) (%) (₹) %
FY 22-23
34 Sah Polymers 1 30-Dec 66 65 230 14,950 2.24 32.79 38.62 12-Jan 85 4,600 31% 76 2,415 16%

33 Radiant Cash Management Services 1 23-Dec 388 94 150 14,100 4.98 1.07 0.30 01-Jan 99 750 5% 97 495 4%

32 Elin Electronics 5 20-Dec 475 247 60 14,820 4.73 3.35 2.26 30-Dec 243 -240 -2% 144 -6,165 -42%

31 KFin Technologies 10 19-Dec 1,500 366 40 14,640 4.45 0.12 1.38 29-Dec 369 120 1% 294 -2,864 -20%

30 Landmark Cars 5 13-Dec 552 506 29 14,674 9.16 1.34 0.59 23-Dec 471 -1,006 -7% 539 970 7%

29 Sula Vineyards 2 12-Dec 960 357 42 14,994 4.13 1.45 1.58 22-Dec 358 42 0% 351 -263 -2%

28 Abans Holdings 2 12-Dec 346 270 55 14,850 4.09 1.47 0.39 23-Dec 270 0 0% 242 -1,546 -10%

27 Uniparts India 10 30-Nov 836 577 25 14,425 65.70 19.55 4.51 12-Dec 575 -50 0% 566 -285 -2%

26 Dharmaj Crop Guard 10 28-Nov 251 237 60 14,220 47.52 60.64 22.62 08-Dec 266 1,740 12% 166 -4,251 -30%

25 Keystone Realtors 10 14-Nov 635 541 27 14,607 4.27 2.82 0.53 24-Nov 555 378 3% 451 -2,425 -17%

24 Inox Green Energy 10 11-Nov 740 65 230 14,950 1.11 0.49 4.91 23-Nov 61 -1,024 -7% 42 -5,233 -35%

23 Kaynes Technology International 10 10-Nov 858 587 25 14,675 99.41 20.67 4.21 22-Nov 775 4,700 32% 867 7,003 48%

22 Archean Chemical Industries 2 09-Nov 1,462 407 36 14,652 49.30 13.77 10.06 21-Nov 449 1,512 10% 629 8,005 55%

21 Five-Star Business Finance 1 09-Nov 1,589 474 31 14,694 3.47 0.82 0.14 21-Nov 450 -746 -5% 537 1,948 13%

20 Global Health 2 03-Nov 881 336 44 14,784 29.56 3.54 0.87 16-Nov 398 2,735 18% 520 8,109 55%

19 Bikaji Food International 1 03-Nov 2,206 300 50 15,000 73.77 7.06 4.64 16-Nov 321 1,058 7% 357 2,840 19%

18 Fusion Micro Finance 10 02-Nov 1,104 368 40 14,720 8.52 1.04 0.50 15-Nov 361 -300 -2% 396 1,106 8%

Lead Managed by Axis Capital Current price source: BSE Website; Subscription - No. of Times after Technical Rejection,
# Price adjusted for Split/bonus QIB figures excluded Anchor Subscription, Figures in Italic form are from exchanges 12
Listing Gain and Price Movement – Retail Bucket – Minimum Bid Lot (2/7)
Initial Bid
Face Issue Issue Minimum Amount - Subscription- Listing Listing Day Current Current Gain
Issue (as on
Sr Value size Price Bid Lot Retail No. of times Listing Price Gain Price as
Name Opening
No. Category Date on 28-02- 28-02-2023)
Date
2023
(₹) (₹ Cr) (₹) (No.) (₹) QIB~ NII Retail (₹) (₹) (%) (₹) %

FY 22-23

17 DCX Systems 2 31-Oct 500 207 72 14,904 94.79 46.05 63.70 11-Nov 286 5,706 38% 161 -3,287 -22%
16 Tracxn Technologies 1 10-Oct 309 80 185 14,800 1.66 0.71 4.64 20-Oct 83 555 4% 75 -990 -7%
15 Electronics Mart India 10 04-Oct 500 59 254 14,986 178.11 66.93 20.33 17-Oct 89 7,620 51% 70 2,858 19%
14 Harsha Engineers International 10 14-Sep 755 330 45 14,850 190.46 69.41 17.95 26-Sep 444 5,130 35% 336 272 2%
13 Tamilnad Mercantile Bank 10 05-Sep 808 510 28 14,280 1.60 2.89 6.00 15-Sep 510 0 0% 452 -1,613 -11%
12 Dreamfolks Services 2 24-Aug 562 326 46 14,996 70.37 36.57 35.33 06-Sep 505 8,234 55% 436 5,037 34%
11 Syrma SGS Technology 10 12-Aug 840 220 68 14,960 97.96 17.68 4.37 26-Aug 262 2,856 19% 264 3,019 20%
10 Aether Industries 10 24-May 808 642 23 14,766 19.35 2.48 0.59 03-Jun 706 1,475 10% 875 5,362 36%
9 eMudhra 5 20-May 413 256 58 14,848 3.93 0.70 1.45 01-Jun 271 870 6% 253 -171 -1%
8 Ethos 10 18-May 402 878 17 14,926 1.86 1.93 0.24 30-May 830 -816 -5% 991 1,920 13%
7 Paradeep Phosphates 10 17-May 1,502 42 350 14,700 3.40 0.67 0.86 27-May 44 542 4% 54 4,358 30%
6 Venus Pipes & Tubes 10 11-May 165 326 46 14,996 11.90 14.76 13.33 24-May 335 414 3% 720 18,129 121%
5 Delhivery 1 10-May 5,235 487 30 14,610 2.80 0.04 0.32 24-May 493 180 1% 344 -4,286 -29%
4 Prudent Corporate Advisory Services 5 10-May 538 630 23 14,490 1.26 0.74 0.37 20-May 660 690 5% 842 4,870 34%
3 Life Insurance Corporation of India 10 04-May 20,557 949 15 14,235 2.82 2.38 1.61 17-May 867 -1,227 -9% 578 -5,558 -39%
2 Rainbow Children's Medicare 10 27-Apr 1,581 542 27 14,634 38.78 3.81 0.78 10-May 506 -972 -7% 741 5,368 37%
1 Campus Activewear 5 26-Apr 1,400 292 51 14,892 151.87 21.54 6.22 09-May 355 3,213 22% 404 5,730 38%
5,00,628 48,740 10% 50,879 10%

Lead Managed by Axis Capital Current price source: BSE Website; Subscription - No. of Times after Technical Rejection,
# Price adjusted for Split/bonus QIB figures excluded Anchor Subscription, Figures in Italic form are from exchanges 13
Listing Gain and Price Movement – Retail Bucket – Minimum Bid Lot (3/7)
Initial Bid
Face Issue Issue Minimum Amount - Subscription- Listing Listing Day Current Current Gain
Issue (as on
Sr Value Opening size Price Bid Lot Retail No. of times Listing Price Gain Price as
Name
No. Category Date on 28-02- 28-02-2023)
Date
2023
(₹) (₹ Cr) (₹) (No.) (₹) QIB~ NII Retail (₹) (₹) (%) (₹) %

FY 21-22

54 Hariom Pipes Industries 10 30-Mar 130 153 98 14,994 1.91 6.80 6.94 13-Apr 214 5,978 40% 401 24,299 162%
53 Veranda Learning Solutions 10 29-Mar 200 137 100 13,700 2.13 3.81 4.40 11-Apr 157 2,000 15% 183 4,625 34%
52 Uma Exports Ltd 10 28-Mar 60 68 220 14,960 2.95 1.39 5.81 07-Apr 80 2,640 18% 41 -5,951 -40%
51 Patanjali Foods 2 24-Mar 4,300 650 21 13,650 1.83 12.00 0.67 08-Apr 850 4,200 31% 925 5,775 42%
50 Vedant Fashions 1 04-Feb 3,149 866 17 14,722 7.49 0.81 0.16 16-Feb 936 1,190 8% 1,197 5,633 38%
49 Adani Wilmar 1 27-Jan 3,600 230 65 14,950 5.90 57.75 7.66 08-Feb 221 -585 -4% 361 8,541 57%
48 AGS Transact Technologies 10 21-Jan 680 175 85 14,875 2.82 24.60 1.88 31-Jan 176 85 1% 53 -10,349 -70%
47 CMS Info Systems 10 21-Dec 1,100 216 69 14,904 2.08 0.86 1.26 31-Dec 219 173 1% 285 4,751 32%
46 Supriya Life Sciences 2 16-Dec 700 265 54 14,310 32.74 162.87 49.31 28-Dec 425 8,640 60% 198 -3,610 -25%
45 HP Adhesives 10 15-Dec 126 274 50 13,700 1.89 18.21 47.27 27-Dec 319 2,250 16% 312 1,920 14%
44 Data Patterns (India) 2 14-Dec 601 555 25 13,875 185.88 254.89 20.21 24-Dec 864 7,725 56% 1,310 18,876 136%
43 Medplus Health Services 2 13-Dec 1,398 796 18 14,328 114.02 86.27 4.17 23-Dec 1,015 3,942 28% 665 -2,352 -16%
42 Metro Brands 5 10-Dec 1,368 500 30 15,000 8.48 2.69 0.63 22-Dec 436 -1,920 -13% 822 9,674 64%
41 C E Info Systems (MapmyIndia) 2 09-Dec 1,040 1,033 14 14,462 196.53 423.61 13.18 21-Dec 1,581 7,672 53% 1,144 1,558 11%
40 Shriram Properties 10 08-Dec 600 118 125 14,750 1.93 2.52 8.05 20-Dec 94 -3,000 -20% 64 -6,719 -46%
39 Rategain Travels 1 07-Dec 1,336 425 35 14,875 8.42 41.63 5.46 17-Dec 365 -2,107 -14% 352 -2,541 -17%
38 Anand Rathi Wealth 5 02-Dec 659 550 27 14,850 2.47 24.40 5.62 14-Dec 602 1,405 9% 751 5,414 36%
37 Tega Industries Ltd 10 01-Dec 619 453 33 14,949 214.71 661.87 25.84 13-Dec 753 9,900 66% 627 5,740 38%

Lead Managed by Axis Capital Current price source: BSE Website; Subscription - No. of Times after Technical Rejection,
# Price adjusted for Split/bonus QIB figures excluded Anchor Subscription, Figures in Italic form are from exchanges 14
Listing Gain and Price Movement – Retail Bucket – Minimum Bid Lot (4/7)
Initial Bid
Face Issue Issue Minimum Amount - Subscription- Listing Listing Day Current Current Gain
Issue (as on
Sr Value Opening size Price Bid Lot Retail No. of times Listing Price Gain Price as
Name
No. Category Date on 28-02- 28-02-2023)
Date
2023
(₹) (₹ Cr) (₹) (No.) (₹) QIB~ NII Retail (₹) (₹) (%) (₹) %

FY 21-22

36 Star Health and Alliecd Insurance Co 10 30-Nov 6,400 900 16 14,400 1.08 0.13 0.64 10-Dec 849 -819 -6% 564 -5,377 -37%
35 Go Fashion (India) 10 17-Nov 1,014 690 21 14,490 100.27 259.01 42.26 30-Nov 1,316 13,146 91% 918 4,782 33%
34 Tarsons Products 2 15-Nov 1,024 662 22 14,564 74.68 183.36 8.89 26-Nov 700 836 6% 587 -1,647 -11%
33 Latent View Analytics 1 10-Nov 600 197 76 14,972 149.59 875.55 106.09 23-Nov 530 25,308 169% 346 11,324 76%
32 Sapphire Foods 10 09-Nov 2,073 1,180 12 14,160 7.53 3.12 6.65 18-Nov 1,311 1,572 11% 1,236 674 5%
31 One97 Communications 1 08-Nov 18,300 2,150 6 12,900 3.04 0.23 1.27 18-Nov 1,955 -1,170 -9% 597 -9,317 -72%
30 SJS Enterprises 10 01-Nov 800 542 27 14,634 1.48 1.82 0.77 15-Nov 540 -54 0% 416 -3,403 -23%
29 Sigachi Industries 10 01-Nov 125 163 90 14,670 79.86 163.23 68.94 15-Nov 575 37,080 253% 254 8,172 56%
28 PB Fintech 2 01-Nov 5,710 980 15 14,700 28.97 8.02 2.65 15-Nov 1,150 2,550 17% 559 -6,322 -43%
27 Fino Payments Bank 10 29-Oct 1,200 577 25 14,425 1.64 0.15 3.78 12-Nov 548 -725 -5% 212 -9,114 -63%
26 FSN E-Commerce Ventures# 1 28-Oct 5,350 1,125 12 13,500 92.29 110.16 10.28 10-Nov 2,001 10,512 78% 839 -3,427 -25%
25 Aditya Birla Sun Life AMC 5 29-Sep 2,768 712 20 14,240 10.30 2.71 2.36 01-Oct 712 0 0% 380 -6,640 -47%
24 Paras Defence and Space Technologies 10 21-Sep 171 175 85 14,875 181.90 954.88 100.80 01-Oct 475 25,500 171% 464 24,591 165%
23 Sansera Engineering 2 14-Sep 1,283 744 20 14,880 26.47 11.12 2.34 24-Sep 811 1,347 9% 729 -306 -2%
22 Vijaya Diagnostic Centres 1 01-Sep 1,894 531 28 14,868 13.06 0.87 0.70 14-Sep 542 316 2% 379 -4,255 -29%
21 Ami Organics Ltd 10 01-Sep 570 610 24 14,640 85.12 155.42 11.30 14-Sep 902 7,008 48% 909 7,172 49%
20 Chemplast Sanmar 5 10-Aug 3,850 541 27 14,607 2.75 1.02 1.64 24-Aug 525 -432 -3% 388 -4,128 -28%
19 Aptus Value Housing Finance India 2 10-Aug 2,790 353 42 14,826 32.39 32.71 1.04 24-Aug 330 -968 -7% 243 -4,639 -31%

Lead Managed by Axis Capital Current price source: BSE Website; Subscription - No. of Times after Technical Rejection,
# Price adjusted for Split/bonus QIB figures excluded Anchor Subscription, Figures in Italic form are from exchanges 15
Listing Gain and Price Movement – Retail Bucket – Minimum Bid Lot (5/7)
Initial Bid
Face Issue Issue Minimum Amount - Subscription- Listing Listing Day Current Current Gain
Issue (as on
Sr Value Opening size Price Bid Lot Retail No. of times Listing Price Gain Price as
Name
No. Category Date on 28-02- 28-02-2023)
Date
2023
(₹) (₹ Cr) (₹) (No.) (₹) QIB~ NII Retail (₹) (₹) (%) (₹) %

FY 21-22

18 Cartrade Tech 10 09-Aug 2,999 1,618 9 14,562 35.32 39.83 2.30 20-Aug 1,600 -162 -1% 469 -10,342 -71%
17 Nuvoco Vistas Corporation 10 09-Aug 5,000 570 26 14,820 4.30 0.59 0.53 23-Aug 471 -2,574 -17% 350 -5,720 -39%
16 Windlas Biotech 5 04-Aug 406 460 30 13,800 23.77 14.80 20.59 16-Aug 439 -630 -5% 255 -6,153 -45%
15 Exxaro Tiles 10 04-Aug 161 120 125 15,000 17.64 4.56 32.20 16-Aug 126 750 5% 120 -56 0%
14 Krsnaa Diagnostics 5 04-Aug 1,222 954 15 14,310 49.72 114.47 37.15 16-Aug 1,025 1,065 7% 359 -8,930 -62%
13 Devyani Internatinal 1 04-Aug 1,858 90 165 14,850 95.09 210.56 34.00 16-Aug 141 8,415 57% 152 10,304 69%
12 Rolex Rings 10 28-Jul 731 900 16 14,400 143.12 355.67 21.67 09-Aug 1,249 5,584 39% 1,839 15,017 104%
11 Glenmark Life Sciences 2 27-Jul 1,514 720 20 14,400 37.12 124.82 12.98 06-Aug 751 620 4% 375 -6,908 -48%
10 Tatva Chintan Pharma Chem 10 16-Jul 500 1,083 13 14,079 188.87 503.11 31.37 29-Jul 2,112 13,374 95% 1,923 10,921 78%
9 Zomato 1 14-Jul 9,375 76 195 14,820 54.75 34.37 6.34 23-Jul 115 7,605 51% 54 -4,368 -29%
8 G R Infraprojects 5 07-Jul 962 837 17 14,229 168.77 236.95 11.11 19-Jul 1,700 14,671 103% 1,039 3,440 24%
7 Clean Science and Technology 1 07-Jul 1,547 900 16 14,400 162.05 205.10 8.09 19-Jul 1,784 14,150 98% 1,379 7,656 53%
6 India Pesticides 1 23-Jun 800 296 50 14,800 43.67 52.96 9.66 05-Jul 360 3,200 22% 210 -4,305 -29%
5 Dodla Dairy 10 16-Jun 520 428 35 14,980 84.67 73.33 9.70 28-Jun 528 3,500 23% 484 1,965 13%
4 Krishna Institute Of Medical Sciences 10 16-Jun 2,144 825 18 14,850 5.26 1.81 2.13 28-Jun 1,009 3,310 22% 1,342 9,300 63%
3 Sona BLW Precision Forgings 10 14-Jun 5,550 291 51 14,841 3.53 0.36 1.21 24-Jun 302 581 4% 448 8,025 54%
2 Shyam Metalics & Energy 10 14-Jun 909 306 45 13,770 157.07 334.48 10.00 24-Jun 367 2,745 20% 270 -1,636 -12%
1 Macrotech Developers 10 07-Apr 2,500 486 30 14,580 3.06 1.01 0.24 19-Apr 439 -1,410 -10% 821 10,037 69%
7,83,696 2,45,990 31% 91,670 12%

Lead Managed by Axis Capital Current price source: BSE Website; Subscription - No. of Times after Technical Rejection,
# Price adjusted for Split/bonus QIB figures excluded Anchor Subscription, Figures in Italic form are from exchanges 16
Listing Gain and Price Movement – Retail Bucket – Minimum Bid Lot (6/7)
Initial Bid
Face Issue Issue Minimum Amount - Subscription- Listing Listing Day Current Current Gain
Issue (as on
Sr Value Opening size Price Bid Lot Retail No. of times Listing Price Gain Price as
Name
No. Category Date on 28-02- 28-02-2023)
Date
2023
(₹) (₹ Cr) (₹) (No.) (₹) QIB~ NII Retail (₹) (₹) (%) (₹) %

FY 20-21

30 Barbeque-Nation Hospitality 5 24-Mar 453 500 30 15,000 5.11 3.06 9.22 07-Apr 492 -240 -2% 721 6,624 44%
29 Suryoday Small Finance Bank 10 17-Mar 581 305 49 14,945 2.18 1.18 2.35 26-Mar 293 -588 -4% 99 -10,114 -68%
28 Nazara Technologies# 4 17-Mar 583 1,101 13 14,313 103.93 387.66 67.76 30-Mar 1,971 11,310 79% 1,055 -597 -4%
27 Kalyan Jewellers India 10 16-Mar 1,175 87 172 14,964 2.87 1.35 2.18 26-Mar 74 -2,253 -15% 114 4,575 31%
26 Craftsman Automation 5 15-Mar 824 1,490 10 14,900 5.36 2.28 2.73 25-Mar 1,350 -1,400 -9% 3,323 18,331 123%
25 Laxmi Organic Industries 2 15-Mar 600 130 115 14,950 176.73 218.79 18.03 25-Mar 156 3,013 20% 258 14,772 99%
24 Anupam Rasayan India 10 12-Mar 760 555 27 14,985 65.97 97.70 9.42 24-Mar 535 -548 -4% 645 2,430 16%
23 Easy Trip Planners# 2 08-Mar 510 187 80 14,960 78.07 383.34 62.95 19-Mar 206 1,520 10% 746 44,752 299%
22 MTAR Technologies 10 03-Mar 596 575 26 14,950 165.10 643.47 25.30 15-Mar 1,064 12,711 85% 1,690 28,986 194%
21 Heranba Industries 10 23-Feb 625 627 23 14,421 67.45 266.77 10.52 05-Mar 900 6,279 44% 317 -7,136 -49%
20 Railtel Corp Of India 10 16-Feb 819 94 155 14,570 65.09 72.48 14.76 26-Feb 105 1,643 11% 109 2,379 16%
19 Nureca 10 15-Feb 100 400 35 14,000 3.12 30.19 140.53 25-Feb 635 8,223 59% 338 -2,165 -15%
18 Stove Kraft 10 25-Jan 413 385 38 14,630 8.01 31.64 21.05 05-Feb 467 3,116 21% 409 910 6%
17 Home First Finance Co (India) 2 21-Jan 1,154 518 28 14,504 53.11 37.68 5.76 03-Feb 612 2,636 18% 725 5,790 40%
16 Indigo Paints 10 20-Jan 1,169 1,490 10 14,900 189.75 261.93 13.74 02-Feb 2,608 11,175 75% 999 -4,908 -33%
15 Indian Railway Finance Corp 10 18-Jan 4,633 26 575 14,950 3.86 2.34 2.88 29-Jan 25 -575 -4% 27 546 4%
14 Antony Waste Handling Cell 5 21-Dec 300 315 47 14,805 9.65 18.49 13.72 01-Jan 430 5,405 37% 254 -2,865 -19%
13 Mrs Bectors Food Specialities 10 15-Dec 541 288 50 14,400 177.92 619.66 25.44 24-Dec 501 10,650 74% 501 10,638 74%

Lead Managed by Axis Capital Current price source: BSE Website; Subscription - No. of Times after Technical Rejection,
# Price adjusted for Split/bonus QIB figures excluded Anchor Subscription, Figures in Italic form are from exchanges 17
Listing Gain and Price Movement – Retail Bucket – Minimum Bid Lot (7/7)
Initial Bid
Face Current Current Gain
Issue Issue Issue Minimum Amount - Subscription- Listing Listing Day
(as on
Sr Value Opening size Price Bid Lot Retail No. of times Listing Price Gain Price as
Name 28-02-2023)
No. Category Date on 28-02-
Date
2023
(₹) (₹ Cr) (₹) (No.) (₹) QIB~ NII Retail (₹) (₹) (%) (₹) %
FY 20-21
12 Restaurant Brands Asia 10 02-Dec 810 60 250 15,000 86.45 355.48 56.92 14-Dec 115 13,838 92% 94 8,375 56%

11 Gland Pharma 1 09-Nov 6,480 1,500 10 15,000 6.40 0.49 0.19 20-Nov 1,701 2,010 13% 1,317 -1,830 -12%

10 Equitas Small Finance Bank 10 20-Oct 518 33 450 14,850 3.87 0.16 1.53 02-Nov 31 -900 -6% 72 17,370 117%

9 Likhitha Infrastructure# 10 29-Sep 61 120 125 15,000 21.00 1.45 19.48 15-Oct 130 1,263 8% 458 42,188 281%

8 UTI Asset Management Co 10 29-Sep 2,160 554 27 14,958 3.40 0.58 1.97 12-Oct 490 -1,721 -12% 653 2,678 18%

7 Mazagon Dock Shipbuilders 10 29-Sep 444 145 103 14,935 89.87 64.25 7.15 12-Oct 216 7,339 49% 720 59,179 396%

6 Angel One 10 22-Sep 600 306 49 14,994 5.75 0.51 3.36 05-Oct 275 -1,519 -10% 1,020 34,971 233%

5 Computer Age Management Services 10 21-Sep 2,243 1,230 12 14,760 73.25 111.31 4.85 01-Oct 1,518 3,456 23% 2,259 12,349 84%

4 Chemcon Speciality Chemicals 10 21-Sep 318 340 44 14,960 109.49 445.91 35.79 01-Oct 731 17,202 115% 266 -3,269 -22%

3 Route Mobile 10 09-Sep 600 350 40 14,000 91.69 193.78 11.54 21-Sep 708 14,320 102% 1,339 39,550 283%

2 Happiest Minds Technologies 2 07-Sep 702 166 90 14,940 78.40 348.43 60.30 17-Sep 351 16,650 111% 855 62,037 415%

1 Rossari Biotech 2 13-Jul 496 425 35 14,875 85.26 236.79 6.20 23-Jul 670 8,575 58% 622 6,893 46%

4,43,419 1,51,259 34% 3,93,442 89%

INDEX
List of IPO’s
Current/Ongoing Issues
Category
Sl. Opening Closing Estimated Issue Size
Company Issue Type Price Band Allocation Lead Managers
No Date Date (₹ Cr. / No. of Shares)
QIB:HNI:Ret
Fresh: 180 Cr Inga Ventures,
1 Divgi Torqtransfer Systems Fresh+OFS 01-03-2023 03-03-2023 560 – 590 75:15:10
OFS: 3,934,243 Shares Equirus Capital

Fresh: 8,520,000 Shares

2 Global Surfaces Fresh+OFS 13-03-2023 15-03-2023 TBA 50:15:35 Unistone Capital
OFS: 2,550,000 Shares

20
Issues Where SEBI Observations
Received & Still Valid

INDEX
List of IPO’s (1/5)
Issues Where SEBI Observations Received & Still Valid
Date of Promoter Category
Sr. Date of Estimated Issue Size
Company Issue Type SEBI & Group Allocation Lead Managers
No Filing (₹ Cr. / No. of Shares)
Approval Holding QIB:HNI:Ret

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

1 Fresh + OFS 27-01-2023 24-02-2023 85.70% 75:15:10
Services OFS: 690 Cr Financial, IIFL Securities

ICICI Securities, IIFL Securities, HSBC

2 Lohia Corp OFS 30-09-2022 24-02-2023 79.77% OFS: 31,695,000 Shares 50:15:35
Securities, Motilal Oswal
3 IRM Energy Fresh + OFS 16-12-2022 21-02-2023 67.94% Fresh: 10,100,000 Shares 50:15:35 HDFC Bank, BOB Capital Markets
4 Enviro Infra Engineers Fresh 30-09-2022 23-01-2023 100.00% Fresh:9,500,000 Shares 50:15:35 Hem Securities
Fresh: 120 Cr IDBI Capital Markets, Affinity Global
5 Balaji Solutions Fresh + OFS 17-08-2022 23-01-2023 99.99% 50:15:35
OFS: 7,500,000 Shares Capital Market

Fresh: 400 Cr JM Financial, DAM Capital, IIFL

6 Avalon Technologies Fresh + OFS 10-08-2022 16-01-2023 75.16% 75:15:10
OFS: 625 Cr Securities, Nomura Financial

7 Udayshivakumar Infra Fresh 29-09-2022 16-01-2023 100.00% Fresh: 60 Cr - Saffron Capital

Fresh: 400 Cr
8 Innova Captab Fresh + OFS 29-06-2022 11-01-2023 69.75% 50:15:35 ICICI Securities, JM Financial
OFS: 9,600,000 Shares
Kotak Mahindra Capital, ICICI
9 Blue Jet Healthcare OFS 05-09-2022 09-01-2023 100.00% OFS: 21,683,178 Shares 50:15:35
Securities, J.P.Morgan
Fresh: 350 Cr
10 IKIO Lighting Fresh + OFS 03-10-2022 16-12-2022 100.00% 50:15:35 Motilal Oswal
OFS: 7,500,000 Shares

Allied Blenders and Fresh: 1,000 Cr

11 Fresh + OFS 28-06-2022 16-12-2022 100.00% 50:15:35 Axis Capital and others
Distillers OFS: 1,000 Cr

Manoj Vaibhav Gems N Fresh: 210 Cr

12 Fresh + OFS 07-09-2022 02-12-2022 100.00% 50:15:35 Bajaj Capital, Elara Capital
Jewellers OFS: 4,300,000 Shares

22
List of IPO’s (2/5)
Issues Where SEBI Observations Received & Still Valid
Date of Promoter Category
Sr. Date of Estimated Issue Size
Company Issue Type SEBI & Group Allocation Lead Managers
No Filing (₹ Cr. / No. of Shares)
Approval Holding QIB:HNI:Ret
Kotak Mahindra Capital, Citigroup
13 Concord Biotech OFS 17-08-2022 28-11-2022 44.08% OFS: 20,925,652 Shares 50:15:35
Global Markets, Jefferies India
Fresh: 750 Cr
14 Signatureglobal (India) Fresh + OFS 14-07-2022 24-11-2022 86.00% 75:15:10 Axis Capital and others
OFS: 250 Cr
Protean eGov ICICI Securities, Equirus Capital, IIFL
15 OFS 27-12-2021 17-11-2022 - OFS: 12,080,140 Shares 50:15:10
Technologies Securities, Nomura Financial
Fresh: 750 Cr SBI Capital Markets, DAM Capital, IIFL
16 Yatra Online Fresh + OFS 25-03-2022 17-11-2022 98.55% 75:15:10
OFS: 9,328,358 Shares Securities

Balaji Speciality Fresh: 250 Cr

17 Fresh + OFS 12-08-2022 15-11-2022 97.98% 75:15:10 HDFC Bank, JM Financial
Chemicals OFS: 26,000,000 Shares

Sai Silk (Kalamandir) Fresh: 175 Cr Motilal Oswal, Edelweiss Financial,

18 Fresh + OFS 22-07-2022 07-11-2022 95.24% 50:15:35
Ltd OFS: 3,569,180 Shares HDFC Bank

Utkarsha Small ICICI Securities, Kotak Mahindra

19 Fresh 02-08-2022 21-10-2022 84.79% Fresh: 500 Cr 75:15:10
Finance Bank Capital
Fresh: 500 Cr
20 Hemani Industries Fresh + OFS 29-03-2022 13-10-2022 100.00% 50:15:35 JM Financial, Kotak Mahindra Capital
OFS: 1,500 Cr
21 Plaza Wires Fresh 05-05-2022 12-10-2022 100.00% Fresh: 16,452,000 Shares 75:15:10 Pantomath Capital
Fresh: 90 Cr JM Financial, Ambit Pvt Ltd, DAM
22 Biba Fashion Fresh + OFS 12-04-2022 11-10-2022 64.75% 75:15:10 Capital, Equirus Capital, HSBC
OFS: 27,762,010 Shares Securities
23 Mitsu Chem Plast FPO 07-07-2022 11-10-2022 73.03% FPO: 125 Cr 50:15:10 IDBI Capital

23
List of IPO’s (3/5)
Issues Where SEBI Observations Received & Still Valid
Date of Promoter Category
Sr. Date of Estimated Issue Size
Company Issue Type SEBI & Group Allocation Lead Managers
No Filing (₹ Cr. / No. of Shares)
Approval Holding QIB:HNI:Ret
Fresh:300 Cr
24 Deltatech Gaming Fresh + OFS 17-06-2022 30-09-2022 100.00% 75:15:10 Axis Capital and others
OFS: 250 Cr

Pristine Logistics and Fresh: 250 Cr ICICI Securities, HSBC Securities, JM

25 Fresh + OFS 11-05-2022 30-09-2022 40.48% 50:15:35
Infraprojects OFS: 20,066,269 Shares Financial

Gold Plus Glass Fresh: 300 Cr

26 Fresh + OFS 11-04-2022 23-09-2022 100.00% 75:15:10 Axis Capital and others
Industry OFS: 12,826,224 Shares
27 Navi Technologies Fresh 14-03-2022 05-09-2022 97.77% Fresh: 3,350 Cr 75:15:10 Axis Capital and others

Concord Enviro Fresh: 175 Cr

28 Fresh + OFS 01-07-2022 30-08-2022 72.39% 75:15:10 DAM Capital, Equirus Capital
Systems OFS: 3,569,180 Shares
Fresh: 250 Cr
29 Prasol Chemical Fresh + OFS 13-04-2022 23-08-2022 92.07% 50:15:35 JM Financial, DAM Capital
OFS: 9,000,000 Shares
Fresh: 1,500 Cr
30 Vikram Solar Fresh + OFS 24-03-2022 10-08-2022 93.08% 50:15:35 JM Financial, Kotak Mahindra Capital
OFS: 5,000,000 Shares

Yatharth Hospital and Fresh: 610 Cr Intensive Fiscal Services, Ambit Pvt
31 Fresh + OFS 01-04-2022 02-08-2022 96.91% 50:15:35
Truma Care Services OFS: 6,551,690 Shares Ltd, IIFL Securities

Fresh: 18,258,427 Shares

32 PKH Ventures Fresh + OFS 24-03-2022 22-07-2022 100.00% 50:15:35 IDBI Capital, BOB Capital Markets
OFS: 9,831,461 Shares

Gujarat Polysol Fresh: 87 Cr

33 Fresh + OFS 29-03-2022 18-07-2022 100.00% 50:15:35 Inga Ventures
Chemicals OFS: 327 Cr

24
List of IPO’s (4/5)
Issues Where SEBI Observations Received & Still Valid
Date of Promoter Category
Sr. Date of Estimated Issue Size
Company Issue Type SEBI & Group Allocation Lead Managers
No Filing (₹ Cr. / No. of Shares)
Approval Holding QIB:HNI:Ret
Fresh: 150 Cr
34 HMA Agro Industries Fresh + OFS 24-03-2022 07-07-2022 100.00% 50:15:35 Aryaman Financial Services
OFS: 330 Cr
Fresh: 325 Cr IIFL Securities, Ambit Pvt Ltd, SBI
35 Senco Gold Fresh + OFS 18-04-2022 05-07-2022 95.23% 50:15:35
OFS: 200 Cr Capital Markets

Fresh: 350 Cr
36 Corrtech International Fresh + OFS 17-03-2022 01-07-2022 100.00% 50:15:35 Equirus Capital
OFS: 4,000,000 Shares
Fresh: 450 Cr
37 India Exposition Mart Fresh + OFS 08-03-2022 16-06-2022 100.00% 75:15:10 Emkay Global
OFS: 11,210,659 Shares
Fresh: 2,501.90 Cr Kotak Mahindra Capital, Citigroup
38 Bharat FIH Fresh + OFS 24-12-2021 10-06-2022 100.00% 75:15:10
OFS: 2,501.90 Cr Global, BNP Paribas, HSBC Securities

Fresh: 150 Cr
39 Cogent E-Services Fresh + OFS 09-02-2022 23-05-2022 100.00% 50:15:35 DAM Capital, IIFL Securities
OFS: 9,468,297 Shares
Kotak Mahindra Capital, Citigroup
Macleods
40 OFS 15-02-2022 20-05-2022 100.00% OFS: 60,482,040 Shares 50:15:35 Gobal, Edelweiss, ICICI Securities,
Pharmaceuticals
Nomura Financial
Fresh: 900 Cr
41 TBO Tek Fresh + OFS 27-12-2021 19-05-2022 51.26% 75:15:10 Axis Capital and others
OFS: 1,200 Cr
Suraj Estate Centrum Capital, Anand Rathi
42 Fresh 07-03-2022 17-05-2022 100.00% Fresh: 500 Cr 75:15:10
Developers Advisors

Fedbank Financial Fresh: Rs.900 Cr ICICI Securities, Equirus Capital, IIFL

43 Fresh + OFS 21-02-2022 13-05-2022 73.31% 50:15:35
Services OFS: 16,497,973 Shares Securities, JM Financial

25
List of IPO’s (5/5)
Issues Where SEBI Observations Received & Still Valid
Date of Promoter Category
Sr. Date of Estimated Issue Size
Company Issue Type SEBI & Group Allocation Lead Managers
No Filing (₹ Cr. / No. of Shares)
Approval Holding QIB:HNI:Ret

Aadhar Housing Fresh: 1,500 Cr

44 Fresh + OFS 24-01-2021 05-05-2022 98.72% 50:15:35 I-Sec, Citigroup, Nomura, SBICap
Finance OFS: 5,800 Cr
Fresh: 300 Cr
45 KIDs Clinic India Fresh + OFS 11-02-2022 04-05-2022 - 75:15:10 Axis Capital and others
OFS: 13,293,514 Shares

TVS Supply Chain Fresh:2,000 Cr

46 Fresh + OFS 12-02-2022 04-05-2022 52.29% 75:15:10 Axis Capital and others
Solutions OFS: 59,477,497 Shares
Fresh: 500 Cr ICICI Securities, Credit Suisse,
47 FabIndia Fresh + OFS 24-01-2022 30-04-2022 55.06% 50:15:35 J.P.Morgan, Nomura, SBI Capital
OFS: 25,050,543 Shares Markets, Equirus
Fresh: 200 Cr ICICI Securities, Kotak Mahindra
48 Capillary Technologies Fresh + OFS 27-12-2021 30-04-2022 98.06% 75:15:10
OFS: 650 Cr Capital, Nomura Financial

Fresh: 500 Cr
49 Sanathan Textiles Fresh + OFS 12-01-2022 30-04-2022 100.00% 50:15:35 Edelweiss Financial, JM Financial
OFS: 11,400,000 Shares

Asianet Satelite Fresh: 300 Cr

50 Fresh + OFS 22-12-2021 30-04-2022 87.67% 50:15:35 Axis Capital and others
Communications OFS: 465 Cr

26
Issues Offer Documents Filed &
Awaiting SEBI Observations

INDEX
List of IPO’s (1/3)
Issues Offer Documents Filed & Awaiting SEBI Observations

Promoter Category
Sr . Date of Estimated Issue Size
Company Issue Type & Group Allocation Lead Managers
No. Filing (₹ Cr. / No. of Shares)
Holding QIB:HNI:Ret

1 Akme Fintrade (India) Fresh 13-02-2023 56.01% Fresh: 11,000,000 Shares 0:50:50 Gretex Corporate Services

Ideaforge Fresh: 300 Cr

2 Fresh + OFS 13-02-2023 60.65% 75:15:10 JM Financial, IIFL Securities
Technology OFS: 4,869,712 Shares

Ratnaveer Precision Fresh: 15,300,000 Shares

3 Fresh + OFS 27-01-2023 86.30% 50:15:35 Unistone Capital
Engineering OFS: 2,100,000 Shares

4 Rashi Peripherals Fresh 20-01-2023 99.99% Fresh: 750 Cr 50:15:35 JM Financial, ICICI Securities

5 Cyient DLM Fresh + OFS 10-01-2023 100.00% Fresh: 740 Cr 75:15:10 Axis Capital and others

Fresh: 202.50 Cr
6 J G Chemicals Fresh + OFS 06-01-2023 100.00% 50:15:35 Centrum Capital, Emkay Global, Keynote Financial
OFS: 5,700,000 Shares

Fresh: 75 Cr
7 Rishabh Instruments Fresh + OFS 31-12-2022 100.00% 50:15:35 DAM Capital, Mirae Asset Capital, Motilal Oswal
OFS: 9,417,500 Shares

Fresh: 400 Cr Kotak Mahindra Financial, Citigroup Global, JM

8 Honasa Consumer Fresh + OFS 30-12-2022 85.82% 75:15:10
OFS: 46,819,635 Shares Financial, J.P. Morgan

Survival Fresh: 200 Cr

9 Fresh + OFS 30-12-2022 99.99% 50:15:35 JM Financial, ICICI Securities
Technologies OFS: 800 Cr

Gandhar Oil Refinery Fresh: 357 Cr

10 Fresh + OFS 22-12-2022 87.50% 50:15:35 Edelweiss Financial, ICICI Securities
(India) OFS: 12,036,380 Shares

28
List of IPO’s (2/3)
Issues Offer Documents Filed & Awaiting SEBI Observations

Promoter Category
Sr . Date of Estimated Issue Size
Company Issue Type & Group Allocation Lead Managers
No. Filing (₹ Cr. / No. of Shares)
Holding QIB:HNI:Ret

Zaggle Prepaid Fresh: 490 Cr ICICI Securities, Equirus Capital, IIFL Securities, JM
11 Fresh + OFS 21-12-2022 61.66% 75:15:10
Ocean Services OFS: 10,526,316 Shares Financial

Fresh: 950 Cr Kotak Mahindra Capital, Citigroup Global,

12 Indegene Fresh + OFS 16-12-2022 - 75:15:10
OFS: 36,291,497 Shares J.P.Morgan, Nomura Financial

Fresh: 750 Cr
13 SBFC Finance Fresh + OFS 07-11-2022 92.92% 50:15:35 Axis Capital and others
OFS: 850 Cr

Fresh: 500 Cr ICICI Securities, Ambit, BNP Paribas, BOB Capital

Indiafirst Life
14 Fresh + OFS 24-10-2022 63.97% 75:15:10 Markets, HSBC Securities, Jefferies India, JM
Insurance Co OFS:141,299,422 Shares Financial

Fresh: 3,500,000 Shares

15 R & B Infra Project OFS 30-09-2022 100.00% 50:15:35 Aryaman Financial
OFS: 1,500,000 Shares

16 Airox Technologies OFS 30-09-2022 99.99% OFS: 750 Cr 75:15:10 JM Financial, ICICI Securities

17 WAPCOS OFS 27-09-2022 100.00% OFS: 32,500,000 50:15:35 IDBI Capital, SMC Capital

18 Mankind Pharma OFS 16-09-2022 79.00% OFS: 40,058,844 Shares 50:15:35 Axis Capital and others

Fincare Small Fresh: 625 Cr

19 Fresh + OFS 08-08-2022 78.58% 50:15:35 Axis Capital and others
Finance Bank OFS: 17,000,000 Shares

Fresh: 200 Cr
20 Healthvista India Fresh + OFS 01-07-2022 - 75:15:10 SBI Capital Markets, IIFL Securities, JM Financial
OFS: 56,252,654 Shares

29
List of IPO’s (3/3)
Issues Offer Documents Filed & Awaiting SEBI Observations

Promoter Category
Sr . Date of Estimated Issue Size
Company Issue Type & Group Allocation Lead Managers
No. Filing (₹ Cr. / No. of Shares)
Holding QIB:HNI:Ret

Edelweiss Financial, Haitong Securities, Motilal

21 Joyalukkas India Fresh 28-03-2022 99.99% Fresh: 2,300 Cr 50:15:35
Oswal, SBI Capital Markets

Motilal Oswal, Equirus Capital, ICICI Securities, SBI

22 EbixCash Limited Fresh 10-03-2022 100.00% Fresh: 6,000 Cr 50:15:35
Capital Markets, Yes Securities

Fresh: 200 Cr
23 BVG India Fresh + OFS 30-09-2021 67.01% 50:15:35 ICICI Securities, JM Financial, HSBC Securities
OFS: 7,196,214 Shares

30
Confidential filing/Pre-filing of
DRHP

INDEX
Tata Play Limited
Company Overview

• Market regulator Sebi recently introduced confidential filing or pre-filing of the draft red herring prospectus (DRHP) by companies wanting to go public.
A confidential filing, allows a company to privately file a registration statement for an IPO with the regulator for review, delaying the public filing until much closer to the
actual IPO date.

• This mechanism will help companies keep their DRHPs private until they firm up their IPO plan. The offer documents will be open to scrutiny by the regulator and
exchanges but won't be open to the public.

• The company will then have to file an updated DRHP, which will be a public document, once Sebi issues its observations and the company decides to launch its IPO.

• The purpose is to give companies flexibility over information flow and withhold sensitive data from competitors.

• The Tata Group direct-to-home (DTH) platform is looking to raise Rs 2,000-2,500 crore, largely to give part or full exit to partners such as Walt Disney Company. Walt
Disney inherited its stake in the venture as part of its global buyout of Rupert Murdoch’s 21st Century Fox business, and Temasek, ET reported in November.

• Tata Play has already mandated five investment banks – Kotak Mahindra Capital, Bank of America, Citi, Morgan Stanley and IIFL – as lead arrangers and book
runners in the proposed issue, according to the report.

• Beginning in 2004, Tata Sky was an 80:20 joint venture between Tata Sons and Network Digital Distribution Services FZ-LLC (NDDS), an entity owned by Rupert
Murdoch’s 21 Century Fox. Walt Disney Co acquired Fox in 2019 and owns another 9.8% stake in Tata Sky through TS Investments Ltd, where Fox owned 49% stake
with Tata owning the rest.

• Singapore’s Temasek acquired a 10% stake in Tata Sky in FY08 through Baytree Investments (Mauritius) Pte Ltd and in FY13, Tata Opportunities Fund and Tata
Capital Ltd acquired a stake in the company. Temasek is also a limited partner in the Tata Opportunities fund.
Tata Sons has a 41.49% stake in the company.

Indicative Timetable Issue Details Issue break-up Shareholding (No. of Shares)

On or Fresh Issue of Equity shares aggregating upto ₹ 180 Cr No. of Shares ₹ In Cr Pre issue Post issue~ Post issue^
Activity and Offer for sale of 3,934,243 Equity Shares
about
@Lower @Upper @Lower @Upper 27,532,080 30,746,366 30,582,927
Issue size: ₹ 400 – 412 Cr Face value: ₹ 5/-
Finalisation of QIB 5,361,397 5,238,818 300.24 309.09 ~@Lower price Band ^@ Upper Price Band
09-03-2023
Basis of Allotment No. of shares: 7,148,528 – 6,985,090
NIB 1,072,279 1,047,763 60.05 61.82
Price band: ₹ 560 – 590 Shareholding (%)
Refunds/Unblocking -NIB 1 357,427 349,255 20.02 20.61
10-03-2023 Bid Lot: 25 Shares and in multiple thereof Pre-Issue Post-Issue
ASBA Fund -NIB 2 714,852 698,508 40.03 41.21
Post Issue Implied Market Cap = ₹ 1,722 – 1,804 Cr Promoters 62.64% 56.39%
RET 714,852 698,509 40.03 41.21
Credit of equity Promoter Group 4.55% 4.09%
13-03-2023 BRLMs: Inga Ventures, Equirus Capital Total 7,148,528 6,985,090 400.32 412.12
shares to DP A/c Public - Inv Selling S/h 30.41% 15.30%
Registrar: Link Intime India Pvt. Ltd.
NIB-1=NII Bid between ₹ 2 to 10 Lakhs Public - Other Selling S/h 2.39% 1.35%
Issue opens on: Wednesday, 1st Mar’2023 NIB-2 =NII Bid Above ₹ 10 Lakhs
Trading Public - Others 0.02% 22.86%
14-03-2023
commences Issue closes on: Friday, 3rd Mar’2023 Listing: BSE & NSE Total 100.00% 100.00%

Source: RHP, *Restated Statement; Net Profit Margin% on Total Income; NAV calculated on increased Share Capital; ^ not annualised Back 34
Brief summary of Issues – SEBI
Observation Received & Still Valid
Note: Issue Size is indicative, excluding OFS,
if specified in terms of shares

INDEX
Firstmeridian Business Services Limited
Promoters: Manpower Solutions Ltd
Offer Details: Fresh issue of Equity Shares aggregating upto ₹50 Cr and Offer for Sale of Equity Shares aggregating upto ₹690 Cr
Date of SEBI Filing: 27-01-2023 Date of SEBI Approval: 24-02-2023 Face Value: ₹ 10/-
Approx Issue Size (₹ Cr): 740
BRLMs: JM Financial, DAM Capital, Edelweiss Securities, IIFL Securities Registrar: Link Intime
Category Allocation - QIB:HNI:Retail: 75:15:10
Objects of the Offer: Repayment and/ or prepayment of all or certain portion of outstanding borrowing (including accrued interest) availed by one of the subsidiaries.

Company Overview Business/Product Overview

• Firstmeridian Business Services Ltd is India’s 3rd largest staffing company, in terms of • They have a pan-India presence with over 53 branch offices with 126,824
revenues for FY2022. The services they provide include (1) general staffing and allied Associates deployed at over 3,500 locations as at September 30, 2022.
services, (2) global technology solutions and (3) other HR services, including • They have developed sector-specific capabilities that have enabled them to
permanent recruitment, recruitment process outsourcing, pharmaceutical and serve a diverse client base in a wide range of industries, including tele-
healthcare staffing and facility management and technical staffing, and finance communications, retail, banking, financial services and insurance. Certain
accounting and legal staffing. of their key clients are Adani Ports and Special Economic Zone Ltd; Dell
International Services India Pvt Ltd., PhonePe Pvt Ltd, Usha International
• Their Associates operate in various functional roles, such as sales and marketing,
Exide Industries Ltd and Eureka Forbes Ltd. As of September 30, 2022,
customer services, warehouse management, delivery and factory staff.
they had a total of 1,261 clients.

Brief Financials ₹ in Cr

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

Particulars
2022(06) 2021(06) 2022(12) 2021(12) 2020 (12)
• India’s 3rd largest staffing company in an industry characterized by
Equity Share Capital 77.14 72.22 72.69 72.22 72.22 economies of scale;
Net worth 445.45 237.40 398.48 228.60 260.68 • Diversified business across multiple end user industries and clients;
Revenue from Operations 1,735.24 1,306.24 2,862.12 2,110.29 2,058.44 • Excellent track record of organic and inorganic growth and integration;
Adj. EBITDA 56.30 33.46 73.02 39.42 35.50 • Technological capabilities and streamlined operations;
Net Profit/(Loss)for the Period 42.70 4.05 34.09 (33.66) (19.61) • Strong and proven track record of sustained growth;
EPS – Diluted (₹) 5.37^ 0.55^ 4.53 (4.66) (2.72) • Highly qualified, experienced and entrepreneurial management team.
RoNW (%) as stated 9.59%^ 1.71%^ 8.56% (14.72)% (7.52)%
Net Asset Value (₹) 57.75 32.87 54.82 31.65 36.09

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

Lohia Corp Limited
Promoters: Raj Kumar Lohia, Neela Lohia, Gaurav Lohia, Amit Kumar Lohia and Ritu Lohia
Offer Details: Offer for Sale of 31,695,000 Equity Shares; Reservation for Employees.
Date of SEBI Filing: 30-09-2022 Date of SEBI Approval: 24-02-2023 Face Value: ₹ 1/-
Approx Issue Size (₹ Cr): -
BRLMs: ICICI Securities, IIFL Securities, HSBC Securities, Motilal Oswal Registrar: Link Intime
Category Allocation - QIB:HNI:Retail: 50:15:35
Objects of the Offer: Offer for sale

Company Overview Business/Product Overview

• Lohia Corp is one of the leading manufacturers globally of machinery and equipment • They are the leading manufacturer in India of spin-draw-wind machines
used in production of technical textile, particularly for manufacturing polypropylene (“LOFIL”) for PP multifilament yarn that is used in upholstery (furnishing
(“PP”) and high density polyethylene (“HDPE”) woven fabric and sacks (“Raffia”), with fabrics, curtains, among others), filter fabrics, liners (used in suitcases,
a global market share of 17.5% across all Raffia machinery and more than 28.7% in backpacks, among others) fishing nets, sports nets, decorative laces and
machines for PP/ HDPE fabric making. as sewing yarn in various applications in the Raffia industry.
• They are the market leader in India providing end-to-end manufacturing solutions for • They also manufacture winders and rewinders for high performance fibres
the Raffia industry, with a market share of more than 80% in terms of value and such as carbon fibre, glass fibre and artificial grass.
volume, in the machine segment up to the plastic woven fabric stage in Fiscal 2022.

Brief Financials ₹ in Cr
Key Strengths
As at March 31,
Particulars • Market leader in India and among the leading manufacturers globally of
2022 2021 2020
machinery and equipment for technical textiles;
Equity Share Capital 4.23 4.55 4.85
• Well-positioned to capture global industry tailwinds;
Net worth 491.56 539.57 527.24
• Advanced manufacturing infrastructure with comprehensive backward
Revenue from Operations 2,237.48 1,333.79 1,084.57 integration, supported by an internal training centre;
EBITDA 234.90 194.74 87.12 • Technology-driven operations with a strong focus on quality, innovation-led
Net Profit for the year 160.85 119.30 38.85 research and development;
EPS – Basic & Diluted (₹) 13.97 10.91 3.48 • Customer-centric operations, with an extensive global sales and
RONW (%) 31.53% 25.22% 5.22% distribution network and a pioneering industry development training eco-
Net Asset Value (₹) 46.53 49.55 47.12 system.

Source: DRHP, * Restated Consolidated Back` 37

IRM Energy Limited
Promoters: Dr. Rajiv Indravadan Modi, Cadila Pharmaceuticals Limited and IRM Trust
Offer Details: Fresh issue of 10,100,000 Equity Shares, Pre-IPO Placement of 2,000,000 Shares, Reservation for Employees
Date of SEBI Filing: 16-12-2022 Date of SEBI Approval: 21-02-2023 Face Value: ₹ 10/-
Approx Issue Size (₹ Cr): -
BRLMs: HDFC Bank, BOB Capital Market Registrar: Link Intime
Category Allocation - QIB:HNI:Retail: 50:15:35
Objects of the Offer: Funding capital expenditure requirements for development of the City Gas Distribution; Prepayment/repayment of all or a portion of outstanding
borrowings.

Company Overview Business/Product Overview

• IRM Enery is a city gas distribution (“CGD”) company in India, with operations at • The company served 168 industrial customers, 202 commercial customers
Banaskantha (Gujarat), Fatehgarh Sahib (Punjab), Diu & Gir Somnath (Union Territory and 43,183 domestic customers, as of September 30, 2022.
of Daman and Diu/Gujarat), and Namakkal & Tiruchirappalli (Tamil Nadu), engaged in • Their supply network consisted of approximately 2,665 inch kms of
the business of laying, building, operating and expanding the city or local natural gas pipelines of medium density polyethylene (“MDPE”) pipelines and 583 inch
distribution network. kms of steel pipelines for the 6 months ended September 30, 2022.
• They are an integrated value driven energy enterprise, developing natural gas • They have a network of 56 CNG filling stations, comprising 2 COCO
distribution projects in the geographical areas (“GAs”) allotted to them for industrial, Stations, 30 DODO Stations and 24 OMC Stations as at Sep’ 30, 2022.
• commercial, domestic and automobile customers, and have built their competency as
a CGD company by development of their existing GAs since 2017.
Key Strengths
Brief Financials ₹ in Cr
• Exclusivity in CNG and PNG supply in the awarded GAs
As at Sep 30, As at March 31,
Particulars • Successful development and operation of CGD business;
2022 (06) 2021(06) 2022 (12) 2021 (12) 2020 (12)
• Diverse customer portfolio and distribution network of CNG and PNG;
Equity Share Capital 29.99 29.00 29.37 29.00 27.13
Net worth • Strong parentage, experienced board and management team and strong
307.64 166.99 243.72 117.60 74.74
execution team;
Revenue from Operations 504.12 205.45 546.14 211.81 165.66
• Technology adoption and digital initiatives for efficient and optimal
EBITDA 66.94 79.05 200.90 72.97 79.68 operations;
Restated Profit for the Period 39.25 47.81 128.03 34.89 21.07 • Connectivity to gas pipelines and establishing cost-effective gas sourcing
EPS – Basic & Diluted (₹) 13.32^ 16.49^ 43.88 12.39 8.60 arrangements; and
RONW (%) 12.76%^ 28.63%^ 52.53 29.67 28.19 • Strong financial performance and consistent growth and profitability.
Net Asset Value (₹) 102.60 57.58 82.98 40.55 27.55

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

Balaji Solutions Limited
Promoters: Rajendra Seksaria
Offer Details: Fresh issue of Equity Shares aggregating upto ₹120 Cr and Offer for Sale of 7,500,000 Equity Shares, Pre-IPO Placement of ₹ 24 Cr; Reservation
for Employees.
Date of SEBI Filing: 17-08-2022 Date of SEBI Approval: 23-01-2023 Face Value: ₹ 10/-
Approx Issue Size (₹ Cr): 120^
BRLMs: IDBI Capital Markets, Affinity Global Capital Market Registrar: KFin Technologies
Category Allocation - QIB:HNI:Retail: 50:15:35
Objects of the Offer: Funding incremental working capital requirements of the company.

Company Overview Business/Product Overview

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

As at March 31,
Particulars
2022 2021 2020 Key Strengths
Equity Share Capital 60.00 15.78 15.78
• Established presence with over two decades of operations in the electronic
Net worth 75.92 62.72 46.47 industry;
Revenue from Operations 482.25 483.48 452.16 • Diversified business vertical with wide range of product portfolio and
EBITDA 23.69 23.90 10.81 consistent focus on quality;
Net Profit for the Period 15.39 16.25 3.33 • Established distribution network and stable relationship with the customers;
EPS (Rs.) 2.56 10.29 2.11 • Integrated Manufacturing Facility to deliver quality products.
RONW (%) 22.20% 29.76% 7.43%
Net Asset Value (₹) 12.65 10.45 7.75

Source: DRHP, * Restated Statement Back 39

Avalon Technologies Limited
Promoters: Kunhamed Bicha and Bhaskar Srinivasan
Offer Details: Fresh issue of Equity Shares aggregating upto ₹400 Cr and Offer for Sale of Equity Shares aggregating upto ₹625 Cr Equity Shares, Pre-IPO
Placement of ₹80 Cr
Date of SEBI Filing: 10-08-2022 Date of SEBI Approval: 16-01-2023 Face Value: ₹ 2/-
Approx Issue Size (₹ Cr): 1,025
BRLMs: JM Financial, DAM Capital, IIFL Securities, Nomura Financial Registrar: Link Intime
Category Allocation - QIB:HNI:Retail: 75:15:10
Objects of the Offer: Prepayment or repayment of all or a portion of certain outstanding borrowings availed by the company and one of their Material Subsidiaries;
Funding the working capital requirements of the company.

Company Overview Business/Product Overview

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

Brief Financials ₹ in Cr

As at March 31, Key Strengths

Particulars
2022 2021 2020 • End – to – end integrated solutions, providing a “One Stop Shop” for
Equity Share Capital 1.60 1.60 1.53 electronics and electro – mechanical design and manufacturing services.
Net worth 87.19 28.21 3.45 • High entry barriers to business
Revenue from Operations 840.72 690.47 641.87 • Well-diversified business leading to strong growth avenues
EBITDA 97.55 66.14 64.48 • Established relationships with marquee customer base
Net Profit for the Period 68.16 23.08 12.33 • Global delivery footprint with high quality standards and advanced
EPS (Rs.) 11.30 4.01 2.21 manufacturing and assembly capabilities
RONW (%) 85.86% 40.36% 25.19%
Net Asset Value (₹) 15.60 11.19 8.93

Source: DRHP, * Restated consolidated; Equity capital prior to issue stands at ₹11.20 Cr Back 40
Innova Captab Limited
Promoters: Manoj Kumar Lohariwala and Vinay Kumar Lohariwala
Offer Details: Fresh issue of Equity Shares aggregating upto ₹400 Cr and Offer for Sale of 9,600,000 Equity Shares; Pre-IPO Placement of ₹80 Cr
Date of SEBI Filing: 29-06-2022 Date of SEBI Approval: 11-01-2023 Face Value: ₹ 10/-
Approx Issue Size (₹ Cr): 400^
BRLMs: ICICI Securities, JM Financial Registrar: KFin Technologies
Category Allocation - QIB:HNI:Retail: 50:15:35
Objects of the Offer: Repayment and / or prepayment in part or in full, of certain outstanding loans; Investment in the subsidiary; Funding working capital requirements.

Company Overview Business/Product Overview

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

Brief Financials ₹ in Cr

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

Particulars
2021(09) 2021(12) 2020(12) 2019 (12) • Leading presence and one of the fastest growing CDMOs in the Indian
Equity Share Capital 12.00 12.00 12.00 12.00 pharmaceutical formulations market;
Net worth# 195.49 144.78 110.35 82.49 • Well established relationships with the marquee CDMO customer base;
Revenue from Operations 584.12 410.66 373.32 355.81 • Highly efficient operations, including their world class manufacturing
EBITDA 78.38 55.86 52.23 41.01 facilities and supply chain;
Net Profit for the Period 50.88 34.50 27.89 19.88 • Rapidly growing domestic and international export branded generics
EPS (₹) 10.60^ 7.19 5.81 4.14 businesses;
RoNW (%) 26.03%^ 23.83% 25.27% 24.10% • Strong R&D focus to build an increasingly complex product portfolio and
attract and retain customers.
Net Asset Value (₹) 40.73 30.16 22.99 17.18

Source: DRHP, * Restated Consolidated; ^not annualised; #excluding Capital Reserve Back 41
Blue Jet Healthcare Limited
Promoters: Akshay Bansarilal Arora, Shiven Akshay Arora and Archana Akshay Arora.
Offer Details: Offer for Sale of 21,683,178 Equity Shares
Date of SEBI Filing: 05-09-2022 Date of SEBI Approval: 09-01-2023 Face Value: ₹ 2/-
Approx Issue Size (₹ Cr): -
BRLMs: Kotak Mahindra Capital, ICICI Securities, J.P.Morgan Registrar: Link Intime
Category Allocation - QIB:HNI:Retail: 50:15:35
Objects of the Offer: Offer for sale

Company Overview Business/Product Overview

• Blue Jet Healthcare is a specialty pharmaceutical and healthcare ingredient and • They have built a long-term customer base with innovator and multi-
intermediate company, operating under a contract development and manufacturing national generic pharmaceutical companies, supported by multi-year
organization (“CDMO”) business model. contracts.
• Company’s operations are primarily organized in 3 product categories 1.contrast media • The company supply a critical starting intermediate and several advanced
intermediates; 2.High intensity Sweeteners, and 3.Pharma intermediates and APIs. intermediates to three of the largest contrast media manufacturers in the
They have specialized chemistry capabilities in contrast media intermediates and high- world, including GE Healthcare, Guerbet, and Bracco.
intensity sweeteners. • They also supply high-intensity sweeteners to several multi-national
• Contrast media are agent used in medical imaging to enhance the visibility of body companies, including Colgate Palmolive (India) and Unilever.
tissues under x-rays, CT, MRI or Ultrasound. High intensity sweetner involves
development, manufacture and marketing of saccharin and its salts.

Brief Financials ₹ in Cr

As at March 31, Key Strengths

Particulars
2022 2021 2020 • Large manufacturer of contrast media intermediates in India
Equity Share Capital 34.69 9.91 0.60 • Presence in niche categories with high barriers to entry
Net worth 521.54 339.82 201.42
• Long-standing relationships and multi-year contracts with multi-national
Revenue from Operations 683.47 498.93 538.20 customers
EBITDA 249.26 206.05 213.72 • Strong product development and process optimization capabilities with a
Net Profit for the Period 181.59 135.79 144.96 focus on sustainability
EPS – Basic & Diluted (Rs.) 10.47 7.98 8.35
RONW (%) 34.82 40.73 71.44
Net Asset Value - Diluted (₹) 30.07 19.59 11.61

Source: DRHP, * Restated Statement Back 42

IKIO Lighting Limited
Promoters: Hardeep Singh and Surmeet Kaur.
Offer Details: Fresh issue of Equity Shares aggregating upto ₹ 350 Cr and Offer for Sale of 7,500,000 Equity Shares, Pre-IPO Placement of ₹ 50 Cr
Date of SEBI Filing: 03-10-2022 Date of SEBI Approval: 16-12-2022 Face Value: ₹ 10/-
Approx Issue Size (₹ Cr): 350^
BRLMs: Motilal Oswal Registrar: KFin Technologies
Category Allocation - QIB:HNI:Retail: 50:15:35
Objects of the Offer: Repayment/ prepayment, in full or part, of certain borrowings availed by the company and its Subsidiaries; Investment in the wholly owned
Subsidiary, IKIO Solutions Pvt Ltd, for setting up a new facility at Noida.

Company Overview Business/Product Overview

• IKIO Lighting Ltd is an Indian manufacturer of light emitting diode (“LED”) lighting • Their products are categorised as (i) LED lighting; (ii) refrigeration lights;
solutions. They are focused on sustainability and providing low energy LED products to (iii) ABS (acrylonitrile butadiene styrene) piping; and (iv) other products.
help India meet its sustainability goals. • Their LED lighting offerings focus on the premium segment and include
• IKIO is primarily an original design manufacturer (“ODM”) and design, develop, lighting, fittings, fixtures, accessories and components. They provide
manufacture and supply products to customers who then further distribute these lighting solutions (lights, drivers and controls) to commercial refrigeration
products under their own brands. equipment suppliers under their refrigeration light segment. They also
• They also work with their customers to develop, manufacture and supply products that manufacture an alternative to polyvinyl chloride (“PVC”) piping called ABS
are designed by their customers. piping that is primarily used by their US customers for plumbing
applications in the recreational vehicles (“RVs”) that they fit out.

Brief Financials ₹ in Cr
Key Strengths
As at March 31,
Particulars • Poised to capture growth of LED market;
2022 2021 2020
• Diverse product basket with focus on high-margin areas;
Equity Share Capital 25.00 0.05 0.05
• Long-term relationships with leading industry customers;
Net worth 76.44 48.32 27.65
• Strong focus on R&D;
Revenue from Operations 219.90 159.66 140.65
• Established infrastructure with backward integration;
EBITDA 40.15 30.28 26.34
• Strong and consistent financial performance
Net Profit for the year 28.01 20.58 15.99
EPS – Basic & Diluted (₹) 4.31 3.17 2.46
RONW (%) 36.64% 42.60% 57.84%
Net Asset Value - Diluted (₹) 11.76 49.60 77.77

Source: DRHP, * Restated Standalone Back 43

Allied Blenders and Distilleries Limited
Promoters: Kishore Rajaram Chhabria, Bina Kishore Chhabria, Resham Chhabria Jeetendra Hemdev, Bina Chhabria Enterprises Pvt Ltd, BKC Enterprises Pvt Ltd,
Oriental Radios Pvt Ltd, and Officer’s Choice Spirits Pvt Ltd.
Offer Details: Fresh issue of Equity Shares aggregating upto ₹1,000 Cr and Offer for Sale of Equity Shares aggregating upto ₹1,000 Cr; Pre-IPO Placement of
₹200 Cr
Date of SEBI Filing: 28-06-2022 Date of SEBI Approval: 16-12-2022 Face Value: ₹ 2/-
Approx Issue Size (₹ Cr): 2,000 BRLMs: Axis Capital, ICICI Securities, JM Financial, Kotak Mahindra Capital,
Registrar: Link Intime
Category Allocation - QIB:HNI:Retail: 50:15:35 Equirus Capital
Objects of the Offer: Prepayment or scheduled re-payment of a portion of certain outstanding borrowings availed by the company.

Company Overview Business/Product Overview

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

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

Particulars
2021(09) 2021(12) 2020(12) 2019 (12)
• Among the largest IMFL company in India with a diversified and
Equity Share Capital 47.11 47.11 47.11 47.11
contemporary product portfolio;
Net worth 406.10 381.78 379.62 291.82
• Strong brand recognition;
Revenue from Operations 5,444.98 6,378.78 8,119.07 8,934.60
• Strategically located, large scale and advanced manufacturing facilities
EBITDA 158.60 213.00 250.04 316.97 with a sophisticated research and development center;
Net Profit for the Period 3.30 2.51 12.79 15.20 • Access to extensive pan-India distribution network with ability to scale;
EPS (₹) 0.14^ 0.11 0.54 0.65 • Well-positioned to capture tailwinds in the Indian IMFL industry.
RoNW (%) 0.81%^ 0.66% 3.37% 5.21%
Net Asset Value (₹) 16.64 15.75 15.66 12.39

Source: DRHP, * Restated Consolidated; ^not annualised Back 44

Manoj Vaibhav Gems N Jewellers Limited
Promoters: Grandhi Bharata Mallika Ratna Kumari (HUF), Bharata Mallika Ratna Kumari Grandhi, and Grandhi Sai Keerthana.
Offer Details: Fresh issue of Equity Shares aggregating upto ₹ 210 Cr and Offer for Sale of 4,300,000 Equity Shares, Pre-IPO Placement of ₹ 40 Cr; Reservation
for Employees.
Date of SEBI Filing: 07-09-2022 Date of SEBI Approval: 02-12-2022 Face Value: ₹ 10/-
Approx Issue Size (₹ Cr): 210^
BRLMs: Bajaj Capital, Elara Capital Registrar: Bigshare Services
Category Allocation - QIB:HNI:Retail: 50:15:35
Objects of the Offer: Capital expenditure cost for the proposed 8 new showrooms; Inventory cost for the proposed 8 new showrooms;

Company Overview Business/Product Overview

• Manoj Vaibhav Gems is a hyperlocal jewellery retail chain with presence in the micro • The company caters to all economic segments of the micro markets of
markets of Andhra Pradesh (“AP”) & Telangana with 13 showrooms (inclusive of 2 Andhra Pradesh and Telangana through the dedicated branded
franchisee showrooms) across 8 towns and 2 cities. They have a market share of ~5% showrooms and have a strong rural market focus. They have positioned
of the overall AP and Telangana jewellery market and ~14% of the organised market in themselves as retailer focussed on ‘Relationships, by Design’ where they
these 2 states in FY2021, focus on offering designs, high transparency and customer service to their
• They were one of the earlier entrants in the organised jewellery retail market of AP and customers.
continue to focus on regional expansion into the high growth untapped regions within • They have developed a strong goodwill with presence of around 3
the micro-markets of AP & Telangana thereby creating a market for branded jewellery decades. Their brand, Vaibhav Jewellers, is a household name in Andhra
in the area of their operations. Pradesh & Telangana with loyal customer base.

Brief Financials ₹ in Cr
Key Strengths
As at March 31,
Particulars • A key leading home-grown regional brand built on hyperlocal retail
2022 2021 2020
strategy;
Equity Share Capital 9.77 9.77 9.77
• Early mover advantage in the state of Andhra Pradesh;
Net worth 272.86 228.99 208.08
• focus of fortifying the business through Rural Market focus;
Revenue from Operations 1693.92 1433.57 1279.13
• providing wider market reach; deep customer connect and have enabled to
EBITDA 104.96 69.55 82.17 build a loyal customer base;
Net Profit for the Period 43.68 20.74 24.39 • Experienced promoter and professional senior management team enabling
EPS – Basic & Diluted (Rs.) 11.18 5.31 6.24 seamless strategy implementation and business operations ;
RONW (%) 16.01% 9.06% 11.72% • Ability to define operating parameters and internal control measures that
Net Asset Value - Diluted (₹) 69.82 58.59 53.24 enables to perform as well as grow business.

Source: DRHP, * Restated Statement Back 45

Concord Biotech Limited
Promoters: Sudhir Vaid and Ankur Vaid.
Offer Details: Offer for Sale of 20,925,652 Equity Shares, Reservation for Employees
Date of SEBI Filing: 17-08-2022 Date of SEBI Approval: 28-11-2022 Face Value: ₹ 1/-
Approx Issue Size (₹ Cr): -
BRLMs: Kotak Mahindra Capital, Citigroup Global Markets, Jefferies India Registrar: Link Intime
Category Allocation - QIB:HNI:Retail: 50:15:35
Objects of the Offer: Listing of shares

Company Overview Business/Product Overview

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

Brief Financials ₹ in Cr

As at March 31, Key Strengths

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

Source: DRHP, * Restated Consolidated Back 46

Signatureglobal (India) Limited
Promoters: Pradeep Kumar Aggarwal, Lalit Kumar Aggarwal, Ravi Aggarwal, Devender Aggarwal, Pradeep Kumar Aggarwal HUF, Lalit Kumar Aggarwal HUF, Ravi
Aggarwal HUF, Devender Aggarwal HUF and Sarvpriya Securities Pvt Ltd.
Offer Details: Fresh issue of Equity Shares aggregating upto ₹750 Cr and Offer for Sale of Equity Shares aggregating upto ₹250 Cr
Date of SEBI Filing: 13-07-2022 Date of SEBI Approval: 24-11-2022 Face Value: ₹ 1/-
Approx Issue Size (₹ Cr): 1,000
BRLMs: Axis Capital, ICICI Securities, Kotak Mahindra Capital Registrar: Link Intime
Category Allocation - QIB:HNI:Retail: 75:15:10
Objects of the Offer: Re-payment or pre-payment, in full or in part, of certain borrowings; Infusion of funds in certain of their Subsidiaries.

Company Overview Business/Product Overview

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

Brief Financials ₹ in Cr

As at March 31, Key Strengths

Particulars
2022 2021 2020 • Largest affordable and mid segment real estate developer in Delhi NCR;
Equity Share Capital 11.38 5.69 5.69 • Well-established brand, strong distribution network and digital marketing
capabilities translating into faster sales;
Net worth (352.22) (206.87) (93.07)
• Fast growing with ability to scale up rapidly;
Revenue from Operations 901.30 82.06 241.55 • Ability to provide aspirational lifestyle and amenities at affordable pricing
Adj. EBITDA 27.38 (58.29) 9.51 and at strategic locations;
• Standardized product offerings, quick turnaround and end-to-end in-house
Net Loss for the Period (115.50) (86.28) (56.57) project execution expertise.
Net Asset Value (₹) (30.96) (18.18) (8.18)

Source: DRHP, * Restated Consolidated; ^not annualised; Back 47

Protean eGov Technologies Limited
Promoters: The Company is a professionally managed company and does not have any identifiable promoter
Offer Details: Offer for sale of 12,080,140 Equity Shares by Selling Shareholders
Date of SEBI Filing: 28-12-2021 Date of SEBI Approval: 17-11-2022 Face Value: ₹ 10/-
Approx Issue Size (₹ Cr): -
BRLMs: ICICI Securities, Equirus Capital, IIFL Securities, Nomura Financial Registrar: Link Intime
Category Allocation - QIB:HNI:Retail: 50:15:35
Objects of the Offer::To Achieve the benefits of listing the Equity Shares on the Stock Exchange.

Company Overview Business/Product Overview

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

Brief Financials ₹ in Cr

As at Dec’31 As at March 31,

Particulars
2021(09) 2020(09) 2021(12) 2020(12) 2019 (12) Key Strengths
Equity Share Capital 40.27 40.01 40.14 40.01 40.01
Net worth 711.60 782.15 667.75 753.55 665.47 • Pioneer and market leader in universal, citizen centric and population scale
e-governance solutions;
Revenue from Operations 506.83 421.35 603.13 716.14 755.24
• Secure, scalable and advanced technology infrastructure;
Adj. EBITDA 85.07 71.85 84.84 147.75 177.02
• Large physical infrastructure with pan-India network and scale;
Adj EBITDA Margin (%) 16.78% 17.05% 14.07% 20.63% 23.44%
• Diversified, granular and annuity based service offerings;
Net Profit for the Period 73.93 70.42 92.19 121.85 123.53
• Track record of healthy financial performance.
EPS - Diluted (₹) 18.36^ 17.44^ 23.00 30.41 30.86
RoNW (%) as stated 10.39%^ 9.00%^ 13.81% 16.17% 18.56%

Source: DRHP & Addendum, * Restated Consolidated. ^ not annualised Back 48

Yatra Online Limited
Promoters: THCL Travel Holding Cyprus Ltd and Asia Consolidated DMC Pte. Ltd.
Offer Details: Fresh issue of Equity Shares aggregating upto ₹ 750 Cr and Offer for Sale of 9,328,358 Equity Shares; Pre-IPO placement of ₹145 Cr
Date of SEBI Filing: 25-03-2022 Date of SEBI Approval: 17-11-2022 Face Value: ₹ 1/-
Approx Issue Size (₹ Cr): 750^
BRLMs: SBI Capital Markets, DAM Capital, IIFL Securities Registrar: Link Intime
Category Allocation - QIB:HNI:Retail: 75:15:10
Objects of the Offer: Strategic investments, acquisitions and inorganic growth; Investment in customer acquisition and retention, technology, and organic growth initiatives.

Company Overview Business/Product Overview

• Yatra Online Ltd is India’s largest corporate travel services provider and the 2nd • The company is the leading corporate travel service provider in India with
largest online travel company in India among key OTA players in terms of gross approximately 700 large corporate customers and over 46,000 registered
booking revenue and operating revenue, for Fiscal 2020. SME customers.
• Yatra Online, Inc., a Cayman Islands limited company with shares listed in the United • Company’s business is based on a common technology platform that
States of America on NASDAQ Capital Market under the symbol “YTRA”, is the serves their customers through multiple mobile applications as well as their
holding company of company’s Promoters, THCL and Asia Consolidated DMC Pte. website www.yatra.com.
Ltd. • Company’s products and services are organized primarily in the following
• It has largest number of hotel and accommodation tie-ups amongst key OTA players of segments: (i) Airline Tickets, (ii) Hotels and Holiday packages, and (iii)
over 2,094,000 tie-ups, as on October 29, 2021. Other Services.

Brief Financials ₹ in Cr
Key Strengths
As at Sep’30 As at March 31,
Particulars
2021(06) 2021(12) 2020(12) 2019 (12) • Trusted brand with a proven track record and targeted marketing strategy;
Equity Share Capital 11.19 11.09 10.62 10.23 • Synergistic Multi-Channel Platform for Business and Leisure Travelers;
• Comprehensive Selection of Service and Product Offerings;
Net worth 112.74 123.49 212.43 234.05
• Large and Loyal Customer Base;
Revenue from Operations 74.75 125.45 673.33 844.72
• Integrated Technology Platform;
EBITDA 0.86 (49.69) (24.57) (129.24)
• Experienced management team with an established track record;
Adj. EBITDA 15.67 2.23 28.65 (101.62) • Largest inventory of Domestic Hotels; and
Net Loss for the Period (19.03) (118.86) (69.86) (212.50) • Corporate relationships.
Net Asset Value (₹) 10.12 11.51 20.13 25.41

Source: DRHP, * Restated Summary Back 49

Balaji Speciality Chemicals Limited
Promoters: Balaji Amines Ltd., Ande Prathap Reddy, Ande Srinivas Reddy, Ram Reddy Dundurapu, Rajeshwar Reddy Nomula, and Gaddam Hemanth Reddy.
Offer Details: Fresh issue of Equity Shares aggregating upto ₹250 Cr and Offer for Sale of 26,000,000 Equity Shares, Pre-IPO Placement of ₹50 Cr, Reservation
for Employee and Shareholders of Balaji Amines
Date of SEBI Filing: 12-08-2022 Date of SEBI Approval: 15-11-2022 Face Value: ₹ 2/-
Approx Issue Size (₹ Cr): 250^
BRLMs: HDFC Bank, JM Financial Registrar: Link Intime
Category Allocation - QIB:HNI:Retail: 75:15:10
Objects of the Offer: Repayment/pre-payment, in full or in part, of certain outstanding borrowings; Funding working capital requirements of the company.

Company Overview Business/Product Overview

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

As at March 31, Key Strengths

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

Source: DRHP, * Restated Statement Back 50

Sai Silks (Kalamandir) Limited
Promoters: Nagakanaka Durga Prasad Chalavadi and Jhansi Rani Chalavadi
Offer Details: Fresh issue of Equity Shares aggregating upto ₹600 Cr and Offer for Sale of 18,048,440 Equity Shares, Pre-IPO Placement of ₹120 Cr
Date of SEBI Filing: 25-07-2022 Date of SEBI Approval: 07-11-2022 Face Value: ₹ 2/-
Approx Issue Size (₹ Cr): 600^
BRLMs: Motilal Oswal, Edelweiss Financial, HDFC Bank Registrar: Bigshare Services
Category Allocation - QIB:HNI:Retail: 50:15:35
Objects of the Offer: Funding capital expenditure towards setting-up of 25 new stores; Funding capital expenditure and working capital requirements; Repayment or pre-
payment, in full or part, of certain borrowings.

Company Overview Business/Product Overview

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

As at March 31, Key Strengths

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

Source: DRHP, * Restated Statement Back 51

Utkarsh Small Finance Bank Limited
Promoters: Utkarsh Coreinvest Ltd.
Offer Details: Fresh issue of Equity Shares aggregating upto ₹500 Cr, Pre-IPO Placement of ₹100 Cr, Reservation for Employees
Date of SEBI Filing: 02-08-2022 Date of SEBI Approval: 21-10-2022 Face Value: ₹ 10/-
Approx Issue Size (₹ Cr): 500
BRLMs: ICICI Securities, Kotak Mahindra Capital Registrar: KFin Technologies
Category Allocation - QIB:HNI:Retail: 75:15:10
Objects of the Offer: Augmentation of Bank’s Tier-I capital base to meet the future capital requirements.

Company Overview Business/Product Overview

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

Brief Financials ₹ in Cr

As at March 31, Key Strengths

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

Source: DRHP, * Restated Summary Back 52

Hemani Industries Limited
Promoters: Jayesh Mohan Dama, Mohan Sunderji Dama and Minal Mohan Dama
Offer Details: Fresh issue of Equity Shares aggregating upto ₹ 500 Cr and Offer for Sale of Equity Shares aggregating upto ₹ 1,500 Cr; Pre-IPO Placement of ₹
100 Cr.
Date of SEBI Filing: 29-03-2022 Date of SEBI Approval: 13-10-2022 Face Value: ₹ 5/-
Approx Issue Size (₹ Cr): 2,000
BRLMs: JM Financial, Kotak Mahindra Capital Registrar: Link Intime
Category Allocation - QIB:HNI:Retail: 50:15:35
Objects of the Offer: Funding the capital expenditure requirements for the capacity expansion; Repayment/prepayment of certain borrowings; Investment in the wholly
owned Subsidiary, HCCP; Funding the long-term working capital requirement.

Company Overview Business/Product Overview

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

Brief Financials ₹ in Cr

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

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

Source: DRHP, * Restated Consolidated , ^not annualised Back 53

Biba Fashions Limited
Promoters: Siddharath Bindra, Meena Bindra, Shradha Bindra, Kaveri Tradex Pvt Ltd and Dhanvan Impex LLP.
Offer Details: Fresh issue of Equity Shares aggregating upto ₹ 90 Cr and Offer for Sale of 27,762,010 Equity Shares aggregating upto ₹ Cr. Pre-IPO Placement
of ₹ 18 Cr
Date of SEBI Filing: 12-04-2022 Date of SEBI Approval: 11-10-2022 Face Value: ₹ 10/-
Approx Issue Size (₹ Cr): 90^
BRLMs: JM Financial, Ambit, DAM Capital, Equirus Capital, HSBC Securities Registrar: Link Intime
Category Allocation - QIB:HNI:Retail: 75:15:10
Objects of the Offer: Repayment and /or prepayment of certain borrowings availed by the company;

Company Overview Business/Product Overview

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

As at Dec’31 As of March 31,

Particulars
2021(09) 2021(12) 2020(12) 2019 (12) Key Strengths
Equity Share Capital 125.06 125.06 119.73 119.73
• Leading market position and strong brand equity across a diverse set of
Net worth 334.58 316.14 287.94 286.84 consumers across the value chain;
Revenue from Operations 487.68 525.82 757.21 729.41 • Diversified pan-India distribution with a strong foothold on both offline and
EBITDA 84.84 62.31 135.28 129.71 online channels;
Net Profit/(Loss) for the Period 18.24 (11.84) 8.91 20.24 • Significant investments in digital capabilities;
EPS – Diluted (₹) 1.46^ (0.96) 0.74 1.69 • Strong in-house design and tech-first supply chain capabilities;
RoNW (%) as stated 5.45%^ (3.74)% 3.07% 7.31% • Well positioned to capitalise on the strong industry growth profile.
Net Asset Value (₹) 26.75 25.28 24.05 23.96

Source: DRHP, * Restated Statement , ^not annualised Back 54

Mitsu Chem Plast Limited
Promoters: Jagdish Dedhia, Sanjay Dedhia and Manisha Dedhia
Offer Details: Further issue of Equity Shares aggregating upto ₹125 Cr
Date of SEBI Filing: 05-07-2022 Date of SEBI Approval: 11-10-2022 Face Value: ₹ 10/-
Approx Issue Size (₹ Cr): 125
BRLMs: IDBI Capital Registrar: Bigshare Services
Category Allocation - QIB:HNI:Retail: 50:15:35
Objects of the Offer: Repayment/Pre-payment, in full or part, of certain borrowings; Funding Working Capital requirement

Company Overview Business/Product Overview

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

Brief Financials ₹ in Cr

As at March 31, Key Strengths

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

Source: DRHP, * Restated Statement Back 55

Deltatech Gaming Limited
Promoters: Delta Corp Ltd.
Offer Details: Fresh issue of Equity Shares aggregating upto ₹300 Cr and Offer for Sale of Equity Shares aggregating upto ₹250 Cr; Pre-IPO Placement of ₹50
Cr; Reservation for Employee and Shareholders.
Date of SEBI Filing: 17-06-2022 Date of SEBI Approval: 30-09-2022 Face Value: ₹ 1/-
Approx Issue Size (₹ Cr): 550
BRLMs: Axis Capital, JM Financial Registrar: KFin Technologies
Category Allocation - QIB:HNI:Retail: 75:15:10
Objects of the Offer: Organic growth, through marketing and business promotion activities; Strengthen the technology infrastructure to develop new capabilities.

Company Overview Business/Product Overview

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

Brief Financials ₹ in Cr Key Strengths

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

Source: DRHP, * Restated Consolidated. Back 56

Pristine Logistics & Infraprojects Limited
Promoters: Amit Kumar, Durgesh Govil, Rajnish Kumar, Sanjay Mawar
Offer Details: Fresh issue of Equity Shares aggregating upto ₹ 250 Cr and Offer for Sale of 20,066,269 Equity Shares; Employee Reservation ₹ 1.5 Cr; Pre-IPO
Placement of ₹ 50 Cr
Date of SEBI Filing: 11-05-2022 Date of SEBI Approval: 30-09-2022 Face Value: ₹ 5/-
Approx Issue Size (₹ Cr): 250^
BRLMs: ICICI Securites, HSBC Securities, JM Financial Registrar: Link Intime
Category Allocation - QIB:HNI:Retail: 50:15:35
Objects of the Offer: Investment in the subsidiaries for the purpose of repayment or pre-payment, in full or part, of certain borrowings availed by the subsidiaries.

Company Overview Business/Product Overview

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

Brief Financials ₹ in Cr

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

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

Source: DRHP, * Restated Consolidated , ^not annualised Back 57

Gold Plus Glass Industry Limited
Promoters:Subhash Tyagi, Suresh Tyagi, Jimmy Tyagi, and Aashish Tyagi
Offer Details: Fresh issue of Equity Shares aggregating upto ₹ 300 Cr and Offer for Sale of 12,826,224 Equity Shares
Date of SEBI Filing: 11-04-2022 Date of SEBI Approval: 23-09-2022 Face Value: ₹ 10/-
Approx Issue Size (₹ Cr): 300^
BRLMs: Axis Capital, IIFL Securities, Jefferies India, SBI Capital Markets Registrar: KFin Technologies
Category Allocation - QIB:HNI:Retail: 75:15:10
Objects of the Offer: Repayment/prepayment of all or certain of the borrowings; Funding incremental working capital requirements of the company.

Company Overview Business/Product Overview

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

Brief Financials ₹ in Cr

As at Dec’31 As of March 31,

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

Source: DRHP, * Restated Statement , ^not annualised Back 58

Navi Technologies Limited
Promoters: Sachin Bansal
Offer Details: Fresh issue of Equity Shares aggregating upto ₹3,350 Cr; Pre-IPO Placement of ₹ 670 Cr
Date of SEBI Filing: 14-03-2022 Date of SEBI Approval: 05-09-2022 Face Value: ₹ 10/-
Approx Issue Size (₹ Cr): 3,350 BRLMs: Axis Capital, BofA Securities, Credit Suisse Securities, Edelweiss Financial, ICICI
Registrar: Link Intime
Category Allocation - QIB:HNI:Retail: 75:15:10 Securities
Objects of the Offer: Investment into the subsidiaries – NFPL and NGIL

Company Overview Business/Product Overview

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

As at Dec’31 As at March 31,

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

Source: DRHP, * Restated Consolidated , ^not annualised Back 59

Concord Enviro Systems Limited
Promoters: Prayas Goel and Prerak Goel
Offer Details: Fresh issue of Equity Shares aggregating upto ₹175 Cr and Offer for Sale of 3,569,180 Equity Shares; Pre-IPO Placement of ₹35 Cr
Date of SEBI Filing: 01-07-2022 Date of SEBI Approval: 30-08-2022 Face Value: ₹ 5/-
Approx Issue Size (₹ Cr): 175^
BRLMs: DAM Capital, Equirus Capital Registrar: Link Intime
Category Allocation - QIB:HNI:Retail: 75:15:10
Objects of the Offer: Investment in their Material Subsidiaries, Prepayment or repayment of all or a portion of certain outstanding borrowings.

Company Overview Business/Product Overview

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

Brief Financials ₹ in Cr

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

Particulars
2021(09) 2021(12) 2020(12) 2019 (12) • Poised to capitalise on opportunities in wastewater reuse and zero liquid
Equity Share Capital 0.43 0.31 0.31 0.31 discharge;
Net worth 252.06 (12.44) (21.92) (36.76) • Integrated solutions provider supported by backward integrated
Revenue from Operations 219.38 347.60 383.21 297.68 manufacturing facilities;
EBITDA 33.51 62.07 73.52 70.55 • Diversified customer base across industry sectors and geographies;
Net Profit for the Period 3.03 19.81 7.86 15.85 • Strong focus on innovation supported by R&D and design capabilities;
EPS (₹) 29.93^ 321.57 127.58 257.29 • Healthy financial performance to support growth.
RoNW (%) 1.20%^ (159.32) (32.85) (43.12)
Net Asset Value (₹) 2,510.00 (173.67) (327.66) (568.48)

Source: DRHP, * Restated Consolidated; ^not annualised; Back 60

Prasol Chemicals Limited
Promoters: Nishith R Shah, Gaurang N Parikh, Dhaval N Parikh, Pankil N Dharia, Sachin J Parikh, Rakesh Gupta, Nishith R Dharia, Kunal T Dharia, and Suketu Parikh
Offer Details: Fresh issue of Equity Shares aggregating upto ₹ 250 Cr and Offer for Sale of 9,000,000 Equity Shares aggregating upto ₹ Cr. Pre-IPO Placement
of ₹ 50 Cr
Date of SEBI Filing: 13-04-2022 Date of SEBI Approval: 23-08-2022 Face Value: ₹ 2/-
Approx Issue Size (₹ Cr): 250^
BRLMs: JM Financial, DAM Capital Registrar: KFin Technologies
Category Allocation - QIB:HNI:Retail: 50:15:35
Objects of the Offer: Repayment/ prepayment, in full or part, of certain borrowings; Funding working capital requirements.

Company Overview Business/Product Overview

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

Brief Financials ₹ in Cr

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

Particulars
2021(09) 2021(12) 2020(12) 2019 (12)
• Among the leading forward integrated manufacturers of acetone derivatives
Equity Share Capital 2.90 2.90 2.90 2.90 and phosphorous derivatives in India;
Net worth 229.52 180.21 155.39 118.75 • Focus on research and development enabling diversified product portfolio
Revenue from Operations 626.93 595.54 531.24 498.30 and customised customer solutions;
EBITDA 89.64 58.17 62.91 51.70 • Long standing relationships with a diversified customer base;
Net Profit for the Period 50.10 25.08 37.77 23.72 • Strong global presence;
EPS (₹) 34.55^ 17.30 26.05 16.39 • Focus on long term sustainability through various environmentally friendly
RoNW (%) as stated 21.83%^ 13.92% 24.31% 19.97% initiatives.
Net Asset Value (₹) 158.29 124.29 107.17 81.90

Source: DRHP, * Restated Statement , ^not annualised Back 61

Vikram Solar Limited
Promoters: Hari Krishna Chaudhary, Gyanesh Chaudhary, Hari Krishna Chaudhary Family Trust, Gyanesh Chaudhary Family Trust, Vikram Financial Services Ltd and
Vikram Capital Management Pvt Ltd
Offer Details: Fresh issue of Equity Shares aggregating upto ₹ 1,500 Cr and Offer for Sale of 5,000,000 Equity Shares; Reservation for Employees; Pre-IPO
Placement of ₹ 300 Cr
Date of SEBI Filing: 24-03-2022 Date of SEBI Approval: 10-08-2022 Face Value: ₹ 10/-
Approx Issue Size (₹ Cr): 1,500^
BRLMs: JM Financial, Kotak Mahindra Capital Registrar: Link Intime
Category Allocation - QIB:HNI:Retail: 50:15:35
Objects of the Offer: Funding capital expenditure for setting up of a 2,000 MW integrated solar cell and solar module manufacturing facility

Company Overview Business/Product Overview

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

Brief Financials ₹ in Cr

As at Sep’30 As of March 31,

Particulars Key Strengths
2021(06) 2021(12) 2020(12) 2019 (12)
Equity Share Capital 23.53 23.53 27.93 27.93 • One of the largest Indian solar module manufacturer with 2,500 MW;
Net worth 390.42 412.91 364.10 339.23 • Ability to provide EPC and O&M services as a supplemental value add to
Revenue from Operations 597.85 1,610.14 1,639.68 2,016.84 their solar PV module manufacturing business;
EBITDA 35.29 194.50 162.18 182.82 • Strong brand recognition with an established track record;
Net Profit/(Loss) for the Period (18.96) 38.19 22.52 40.82 • The business and operations are supported by macroeconomic factors
EPS (₹) (0.73)^ 1.48 0.86 1.55 and a favourable regulatory landscape;
RoNW (%) as stated (4.86)%^ 9.25% 6.19% 12.03% • Track record of being an early adopter in technology with manufacturing
Net Asset Value (₹) 15.25 16.05 13.75 13.13 facilities based on global best practices.

Source: DRHP, * Restated Consolidated , ^not annualised Back 62

Yatharth Hospital & Trauma Care Services Limited
Promoters: Ajay Kumar Tyagi and Kapil Kumar
Offer Details: Fresh issue of Equity Shares aggregating upto ₹ 610 Cr and Offer for Sale of 6,551,690 Equity Shares. Pre-IPO Placement of ₹ 122 Cr
Date of SEBI Filing: 01-04-2022 Date of SEBI Approval: 02-08-2022 Face Value: ₹ 10/-
Approx Issue Size (₹ Cr): 610^
BRLMs: Intensive Fiscal, Ambit, IIFL Securities Registrar: Link Intime
Category Allocation - QIB:HNI:Retail:50:15:35
Objects of the Offer: Repayment/ prepayment, in full or part, of certain borrowings availed by the company, and subsidiaries; Funding capital expenditure expenses for 2
hospitals and subsidiaries; Funding inorganic growth initiatives.

Company Overview Business/Product Overview

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

Brief Financials ₹ in Cr

As at Sep’30 As of March 31,

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

Source: DRHP, * Restated Statement , ^not annualised Back 63

PKH Ventures Limited
Promoters: Pravin Kumar Agarwal.
Offer Details: Fresh issue of upto 18,258,427 Equity Shares and Offer for Sale of upto 9,831,461Equity Shares; Pre-IPO Placement of 1,500,000 Equity Shares
Date of SEBI Filing: 24-03-2022 Date of SEBI Approval: 22-07-2022 Face Value: ₹ 5/-
Approx Issue Size (₹ Cr): -
BRLMs: IDBI Capital, BOB Capital Markets Registrar: Link Intime
Category Allocation - QIB:HNI:Retail: 50:15:35
Objects of the Offer: Investment in the subsidiary, Halaipani Hydro Project Pvt Ltd; Funding long-term working capital requirements in Garuda Construction; and Pursuing
inorganic growth through acquisitions and other strategic initiatives.

Company Overview Business/Product Overview

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

Brief Financials ₹ in Cr

As at Sep’30 As of March 31,

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

Source: DRHP, * Restated Consolidated , ^not annualised Back 64

Gujarat Polysol Chemicals Limited
Promoters: Shaileshkumar Balvantrai Desai and Umang Shailesh Desai
Offer Details: Fresh issue of Equity Shares aggregating upto ₹ 87 Cr and Offer for Sale of Equity Shares aggregating upto ₹ 327 Cr.
Date of SEBI Filing: 29-03-2022 Date of SEBI Approval: 18-07-2022 Face Value: ₹ 10/-
Approx Issue Size (₹ Cr): 414
BRLMs: Inga Ventures Registrar: Link Intime
Category Allocation - QIB:HNI:Retail:50:15:35
Objects of the Offer: Repayment/prepayment, in full or part, of certain borrowings availed of by the Company.

Company Overview Business/Product Overview

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

Brief Financials ₹ in Cr

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

Particulars
2021(06) 2021(12) 2020(12) 2019 (12)
• Strong and diversified customer base;
Equity Share Capital 20.16 4.03 2.64 2.62
• Leading chemical manufacturer of large and diverse bouquet of products;
Net worth 139.72 124.41 76.10 55.85
• Strong focus on R&D;
Revenue from Operations 181.85 379.61 440.46 438.76
• Extensive manufacturing capabilities of products with stringent quality
EBITDA 26.36 64.30 38.68 31.86 norms and procedures;
Net Profit for the Period 15.52 39.84 20.19 12.80 • Strong promoters and experienced management team;
EPS – Diluted (₹) 7.70^ 19.77 10.02 6.38 • Strong and consistent financial performance.
RoNW (%) as stated 11.11%^ 32.02 26.53 22.92
Net Asset Value (₹) 69.32 65.50 57.67 42.65

Source: DRHP, * Restated Statement , ^not annualised Back 65

HMA Agro Industries Limited
Promoters: Wajid Ahmed, Gulzar Ahmad, Mohammad Mehmood Qureshi, Mohammad Ashraf Qureshi and Zulfiqar Ahmad Qurashi
Offer Details: Fresh issue of Equity Shares aggregating upto ₹ 150 Cr and Offer for Sale of Equity Shares aggregating upto ₹ 330 Cr
Date of SEBI Filing: 24-03-2022 Date of SEBI Approval: 07-07-2022 Face Value: ₹ 10/-
Approx Issue Size (₹ Cr): 480
BRLMs: Aryaman Financial Services Registrar: Bigshare Services
Category Allocation - QIB:HNI:Retail: 50:15:35
Objects of the Offer: Funding working capital requirements of the company

Company Overview Business/Product Overview

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

As at Sep’30 As of March 31,

Particulars
2021(06) 2021(12) 2020(12) 2019 (12) Key Strengths
Equity Share Capital 15.84 3.73 3.73 3.73
Net worth 321.87 259.71 187.05 141.45 • Production Quality and well-established Set up
Revenue from Operations 1,462.21 1,707.50 2,372.79 2,742.15 • Well educated and experienced team
EBITDA 93.25 110.02 88.96 62.71 • Long standing relations with their customer base and well-established
marketing set up
Net Profit for the Period 63.21 72.61 45.90 31.17
• Well established brand
EPS (₹) 13.15^ 15.28 9.66 6.56
• Global Presence
RoNW (%) as stated 38.78%^ 27.96 24.54% 22.03%
Net Asset Value (₹) 67.74 54.66 39.37 29.77

Source: DRHP, * Restated Consolidated , ^not annualised Back 66

Senco Gold Limited
Promoters: Suvankar Sen, Jai Hanuman Shri Siddhivinayak Trust and Om Gaan Ganpataye Bajrangbali Trust
Offer Details: Fresh issue of Equity Shares aggregating upto ₹325 Cr and Offer for Sale of Equity Shares aggregating upto ₹200 Cr.Pre-IPO Placement of ₹65 Cr
Date of SEBI Filing: 18-04-2022 Date of SEBI Approval: 05-07-2022 Face Value: ₹ 10/-
Approx Issue Size (₹ Cr): 525
BRLMs: IIFL Securities, Ambit Pvt Ltd, SBI Capital Markets Registrar: KFin Technologies
Category Allocation - QIB:HNI:Retail: 50:15:.35
Objects of the Offer: Funding working capital requirements of the Company.

Company Overview Business/Product Overview

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

Brief Financials ₹ in Cr

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

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

Source: DRHP, * Restated Statement , ^not annualised Back 67

Corrtech International Limited
Promoters: Amit Indrasen Mittal, Sandeep Indrasen Mittal and IEC Projects Ltd.
Offer Details: Fresh issue of Equity Shares aggregating upto ₹ 350 Cr and Offer for Sale of 4,000,000 Equity Shares
Date of SEBI Filing: 17-03-2022 Date of SEBI Approval: 01-07-2022 Face Value: ₹ 10/-
Approx Issue Size (₹ Cr): 350^
BRLMs: Equirus Capital Registrar: Link Intime
Category Allocation - QIB:HNI:Retail: 50:15:35
Objects of the Offer: Redemption of debentures; Repayment or pre-payment, in full or in part, of certain borrowings; Financing the capital expenditure; Infusion of equity
into subsidiary company; Funding incremental working capital requirements.

Company Overview Business/Product Overview

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

As at Sep’30 As of March 31,

Particulars
2021(06) 2021(12) 2020(12) 2019 (12) Key Strengths
Equity Share Capital 15.70 15.70 15.70 15.70
Net worth • Long term relationship with clients and pre-qualification experience;
160.67 142.52 118.03 91.26
Revenue from Operations • Established track record of completed projects and geographical footprint
479.27 990.93 778.22 560.73
EBITDA 45.94 95.62 97.87 74.11 • Large order book;
Net Profit for the Period 15.48 28.56 34.95 24.47 • Diverse fleet of equipment;
EPS (₹) 3.28^ 6.06 7.42 5.19 • Experienced promoters and management with efficient project execution
team.
RoNW (%) as stated 9.61%^ 20.06% 29.46% 26.67%
Net Asset Value (₹) 126.11 116.26 97.77 75.14

Source: DRHP, * Restated Consolidated , ^not annualised Back 68

India Exposition Mart Limited
Promoters: Company is a professionally managed company and does not have an identifiable promoter
Offer Details: Fresh Issue of Equity Shares aggregating upto ₹450 Cr and Offer for Sale of 11,210,659 Equity Shares. Reservation for Employee, Pre-IPO
Placement of ₹75 Cr
Date of SEBI Filing: 08-03-2022 Date of SEBI Approval: 16-06-2022 Face Value: ₹ 5/-
Approx Issue Size (₹ Cr): 450^
BRLMs: Emkay Global Registrar: KFin Technologies
Category Allocation - QIB:HNI:Retail: 75:15:10
Objects of the Offer: Funding capital expenditure requirements for expansion of the existing infrastructure facilities; Prepayment or repayment of all or a portion of certain
outstanding borrowings.

Company Overview Business/Product Overview

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

As at Sep’30 As of March 31,

Particulars
2021(06) 2021(12) 2020(12) 2019 (12) Key Strengths
Equity Share Capital 37.00 37.00 37.00 37.00
• Established track record and brand recognition;
Net worth 130.34 135.52 150.95 115.44
• Domain knowhow and execution track record;
Revenue from Operations 10.66 13.30 154.41 122.60
• World class infrastructure and onsite amenities including ability to provide
EBITDA (2.54) (13.40) 65.84 48.61
a bouquet of services required for organizing exhibitions;
Net Profit/(Loss) for the Period (5.33) (16.46) 44.90 29.63
• Strong relationships with exhibition organisers;
EPS (₹) (0.70)^ (2.22) 6.07 4.00
• Well-connected into the Indian and Global exhibition ecosystem.
RoNW (%) as stated (3.97)%^ (12.13)% 29.74% 25.66%
Net Asset Value (₹) 17.61 18.31 20.40 15.60

Source: DRHP, *Restated Statement, ^not annualised Back 69

Bharat FIH Limited
Promoters: Wonderful Stars and FIH Mobile
Offer Details: Fresh Issue of Equity Shares aggregating upto ₹2,501.90 Cr and Offer for Sale of Equity Shares aggregating upto ₹2,501.90 Cr by Promoter Group
Selling Shareholder
Date of SEBI Filing: 24-12-2021 Date of SEBI Approval: 10-06-2022 Face Value: ₹ 10/-
Approx Issue Size (₹ Cr): 5,003.80
BRLMs: Kotak Mahindra Capital, Citigroup Global, BNP Paribas, HSBC Securities Registrar: KFin Technologies
Category Allocation - QIB:HNI:Retail: 75:15:10
Objects of the Offer: Funding capital expenditure requirements towards upgradation and expansion; Investment in the subsidiary for financing its capital expenditure
requirements; Funding working capital requirements.

Company Overview Business/Product Overview

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

Source: DRHP, * Restated Statement Back 70

Cogent E-Services Limited
Promoters: Abhinav Singh, Arunabh Singh, Pranjal Kumar, Gaurav Abrol, Boomerang and TSSR.
Offer Details: Fresh Issue of Equity Shares aggregating upto ₹ 150 Cr and Offer for Sale of 9,468,297 Equity Shares. Pre-IPO Placement of ₹ 30 Cr
Date of SEBI Filing: 09-02-2022 Date of SEBI Approval: 23-05-2022 Face Value: ₹ 2/-
Approx Issue Size (₹ Cr): 150^
BRLMs: DAM Capital, IIFL Securities Registrar: Link Intime
Category Allocation - QIB:HNI:Retail: 50:15:35
Objects of the Offer: Funding investment in IT assets for expansion and existing IT infrastructure; funding working capital requirements.

Company Overview Business/Product Overview

• The company is an end-to-end omnichannel customer experience (“CX”) solutions • Leveraging on their insights on customer behaviour and preferences
provider that enables businesses and brands to connect with their end customers, across industry verticals derived from their analysis of data collected from
transform CX across all their touchpoints and channels, and improve response times, customer interactions over the years, together with their industry and
business outcomes and performance. technology expertise, they help evaluate, customize and execute CX
• The company offers omnichannel solutions for a variety of touchpoints along the strategies and programs for their clients to address their clients’ needs at
customer interaction value chain from customer sales and support. all stages of their CX journey.
• Since 2016, they have processed more than 1 billion transactions (including calls, • The company is present in seven cities in India (being, Noida, Vadodara,
chats, emails etc.). Bengaluru, Mangaluru, Meerut, Bareilly and Thane) and had 12,127 full-
time equivalent (“FTE”) Customer Service Associates (“CSA”) and 9,337
seats located across 18 sites.

Brief Financials ₹ in Cr

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

Particulars
2022 (06)* 2022 (12)# 2021 (12)# 2020 (12)#
• One stop shop CX solutions provider with omnichannel capabilities
Equity Share Capital 9.71 9.71 1.00 0.81 providing customized solutions to the clients;
Net worth 133.70 107.96 64.70 45.12 • Strong domain intelligence across industry verticals in the Indian market,
Revenue from Operations 204.11 363.13 273.94 248.13 enabling them to be agile in the process;
EBITDA 47.59 78.98 50.42 30.81 • Integration across geographies and sites reduces the time to market;
Profit after Tax for the Period 25.36 42.25 20.12 8.90 • Demonstrated financial performance.
EPS-Diluted (₹) 5.20^ 8.70 4.15 1.83
RoNW (%) as stated 20.90%^ 48.95% 36.63% 21.96%
Net Asset Value (₹) 27.62 22.24 13.33 9.30

Source: DRHP, *Restated Consolidated, #Restated Standalone, ^not annualised Back 71

Macleods Pharmaceuticals Limited
Promoters: Girdharilal Bawri, Banwarilal Bawri, and Dr. Rajendra Agarwal.
Offer Details: Offer of sale of 60,482,040 Equity Shares; Reservation for Employees,
Date of SEBI Filing: 15-02-2022 Date of SEBI Approval: 20-05-2022 Face Value: ₹ 1/-
Approx Issue Size (₹ Cr): - BRLMs: Kotak Mahindra Capital, Citigroup Global, Edelweiss Financial, ICICI
Registrar: KFin Technologies
Category Allocation - QIB:HNI:Retail: 50:15:35 Securities, Nomura Financial
Objects of the Offer: Achieve the benefits of listing the Equity Shares on the Stock Exchanges

Company Overview Business/Product Overview

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

As at Sep’30 As of March 31,

Particulars Key Strengths
2021(06) 2021(12) 2020(12) 2019 (12)
Equity Share Capital 19.96 19.96 19.96 19.96 • Leading and fast-growing company with significant presence in the IPM;
Net worth 4,413.14 3,794.77 7,566.64 6,014.28
• Proven track record of building brands;
Revenue from Operations 4,080.16 7,199.42 6,902.82 5,870.44
• Diversified presence across global markets with calibrated business
EBITDA 769.89 2,096.66 1,724.32 1,340.89 model;
Net Profit for the Period 638.05 2,022.84 1,572.12 1,423.46 • Environmental, social and governance focused, including extensive
EPS (₹) 10.56^ 33.74 26.18 23.72 involvement in global access;
RoNW (%) as stated 14.46%^ 53.31% 20.78% 23.67% • R&D-led differentiated portfolio of products;
Net Asset Value (₹) 73.70 63.37 126.36 100.44 • Diversified and quality-compliant manufacturing capabilities.

Source: DRHP, * Restated Consolidated; ^not annualised Back 72

TBO Tek Limited
Promoters: Ankush Nijhawan, Gaurav Bhatnagar, LAP Travel Private Limited and Manish Dhingra
Offer Details: Fresh Issue of Equity Shares aggregating upto ₹ 900 Cr and Offer for Sale of Equity Shares aggregating upto ₹ 1,200 Cr by Selling Shareholder
Date of SEBI Filing: 27-12-2021 Date of SEBI Approval: 19-05-2022 Face Value: ₹ 1/-
Approx Issue Size (₹ Cr): 2,100
BRLMs: Axis Capital, Credit Suisse Securities, Jefferies India, JM Financial Registrar: KFin Technologies
Category Allocation - QIB:HNI:Retail: 75:15:10
Objects of the Offer:Growth and strengthening of their platform by adding new Buyers and Suppliers; Strategic acquisitions and investments towards inorganic growth.

Company Overview Business/Product Overview

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

Brief Financials ₹ in Cr

As at Sep’30 As of March 31,

Particulars
2021(06) 2021(12) 2020(12) 2019 (12) Key Strengths
Equity Share Capital 1.90 1.90 1.90 1.90
Net worth 222.43 204.07 240.34 160.95 • Platform creating network effect with interlinked flywheels to enhance
Revenue from Operations 171.79 141.81 570.79 440.86 value proposition for partners;
Adj. EBITDA 15.76 (22.69) 84.95 43.78 • Modular and scalable proprietary technology platform;
Net Profit/(Loss) for the Period 17.74 (34.14) 72.93 26.33 • Ability to generate and leverage large data assets;
EPS (₹) 1.70^ (3.28) 7.00 2.53 • Data driven decision making across the enterprise;
RoNW (%) as stated 7.98%^ (16.73)% 30.34% 16.36% • Capital efficient business model.
Net Asset Value (₹) 21.34 19.58 23.06 15.44

Source: DRHP, * Restated Consolidated. ^ not annualised; Equity Capital stands ₹10.42 Cr before the offer. Back 73
Suraj Estate Developers Limited
Promoters: Rajan Meenathakonil Thomas
Offer Details: Fresh Issue of Equity shares aggregating to ₹500 Cr
Date of SEBI Filing: 07-03-2022 Date of SEBI Approval: 17-05-2022 Face Value: ₹ 5/-
Approx Issue Size (₹ Cr): 500
BRLMs: Centrum Capital, Anand Rathi Advisors Registrar: Link Intime
Category Allocation - QIB:HNI:Retail: 75:15:10
Objects of the Offer: Repayment/Prepayment of the aggregate outstanding borrowings of the company and the subsidiaries; Acquisition of land or land development
rights.

Company Overview Business/Product Overview

• Suraj Estate Developers is among the Top 2 developers with 15.25% market share as • In residential portfolio, they are present across the “value luxury” and
per supply (in number of units) and rank 3rd with 13.50% market share for calendar “luxury” segments across multiple price points.
years 2016 to 2021 (till Q3). • In Commercial portfolio, they have constructed and sold built-to-suit
• The company has been involved in the real estate business since 1986, and develop corporate headquarters to their institutional clientele namely, Saraswat
real estate across the residential and commercial sectors in the South Central Mumbai Cooperative Bank Ltd (Prabhadevi) and Clearing Corporation of India Ltd
region. (Dadar).
• They are one of the market leaders in the redevelopment projects in South Central • They have completed 42 projects with a developed area of more than
Mumbai sub markets. From 2016 to 2021(till Q3), they had launched 14 residential 1,046,543 sq.ft in the South Central Mumbai region. In addition to the
projects out of which 12 projects (~86%) are redevelopment projects. Completed Projects, they have 9 Ongoing Project with a developable area
of
Brief Financials ₹ in Cr • 1,970,445 sq.ft and saleable RERA carpet area 442,616 sq.ft and 21
Upcoming Projects with an estimated carpet area of 928,400 sq.ft.
As at Oct’31 As of March 31,
Particulars
2021(07) 2021(12) 2020(12) 2019 (12) Key Strengths
Equity Share Capital 15.88 6.35 6.35 6.35
• Established brand having a long standing presence in Value Luxury
Net worth 24.48 29.15 23.01 21.70
Segment and Luxury Segment in the residential real estate market of
Revenue from Operations 109.62 239.99 86.93 34.58 South Central Mumbai region;
EBITDA 68.56 86.63 66.56 54.35 • Strong expertise in tenant settlement in the redevelopment projects;
Net Profit for the Period 11.90 6.28 1.52 1.62 • Strong project pipeline providing near term cash flow visibility;
EPS (₹) 3.75^ 1.98 0.48 0.51 • Innovative marketing and sales strategies at low cost;
RoNW (%) as stated 48.59%^ 21.54% 6.59% 7.48% • Proven track record of efficient execution, project management skills,
Net Asset Value (₹) 7.71 45.90 36.24 34.17 ability to deliver projects at competitive cost.

Source: DRHP, *Restated Consolidated, ^not annualised Back 74

Fedbank Financial Services Limited
Promoters: The Federal Bank Limited
Offer Details: Fresh Issue of Equity Shares aggregating upto ₹900 Cr and Offer for Sale of 16,497,973 Equity Shares. Reservation for Employee, Pre-IPO
Placement of ₹180 Cr
Date of SEBI Filing: 22-02-2022 Date of SEBI Approval: 13-05-2022 Face Value: ₹10/-
Approx Issue Size (₹ Cr): 900^
BRLMs: ICICI Securities, Equirus Capital, IIFL Securities, JM Financial Registrar: Link Intime
Category Allocation - QIB:HNI:Retail: 50:15:35
Objects of the Offer: Augmenting Tier – I capital base to meet the future capital requirements, arising out of the growth of the business and assets.

Company Overview Business/Product Overview

• Fedbank Financial Services Ltd is a retail focused NBFC promoted by The Federal • The company operates a “twin engine” business model, two 2
Bank Ltd. complementary products, namely gold loans and instalment loans to
• They are the fastest growing gold loan NBFC among the gold loan peer set in India as MSMEs and emerging self-employed individuals (“ESEIs”). They also
of March 31, 2021. have a “Phygital” door-step model, a combination of digital and physical
initiatives, for providing customized services to customers across all of the
• They are one among five private bank-promoted NBFCs in India.
products.
• They have the lowest cost of borrowing among the MSME and gold loan peer set in • They have a well-tailored suite of products targeted to match their
India in Fiscal 2021. customers’ needs, which includes housing loans, small ticket loan against
• As on March 31, 2021, they are the NBFC with the 3rd fastest AUM growth in the last property (“LAP”), medium ticket LAP, unsecured business loans, and gold
3 fiscal years in India with a CAGR of 49% between Fiscals 2018 and 2021. loans.
• As of September 30, 2021, they are present in 15 states and union
Brief Financials ₹ in Cr territories with a strong presence in Southern and Western regions of
India.
As at Sep’30 As of March 31,
Particulars
2021(06) 2021(12) 2020(12) 2019 (12)
Key Strengths
Equity Share Capital 318.51 289.92 273.42 230.04
Net worth 1,069.63 834.73 691.16 458.63 • Presence in large, underpenetrated markets with strong growth potential;
Revenue from Operations 405.67 691.83 453.74 253.21 • “twin engine” business model which ensures growth and risk insulation;
EBITDA 229.59 417.39 276.31 172.50 Focus on retail loan products with a collateralized lending model;
Net Profit for the Period 33.57 61.68 39.14 36.13 • Strong underwriting capability and presence in select customer segment;
EPS - Basic (₹) 1.10^ 2.19 1.61 1.76 • Experienced, cycle tested management team;
RoNW (%) as stated 3.14%^ 7.39 5.66 7.88 • Well diversified funding profile with an advantage of lower cost of funds;
Net Asset Value (₹) 33.58 28.79 25.28 19.94 • Technology driven company with scalable operating model.

Source: DRHP, *Restated Summry, ^not annualised Back 75

Aadhar Housing Finance Limited
Promoters: BCP Topco VII Pte Ltd
Offer Details: Fresh Issue of Equity sha.res aggregating upto ₹ 1,500 Cr and Offer for sale of equity shares aggregating upto ₹5,800 Cr
Date of SEBI Filing: 24-01-2021 Date of SEBI Approval: 05-05-2022 Face Value: ₹10/-
Approx Issue Size (₹ Cr): 7,300
BRLMs: ICICI Securities, Citigroup Global, Nomura Financial, SBI Cap Markets Registrar: KFin Technologies
Category Allocation - QIB:HNI:Retail: 50:15:35
Objects of the Offer: Augmenting its capital base to meet the future capital requirements.

Company Overview Business/Product Overview

• Aadhar Housing Finance Ltd is the largest Affordable HFC in India in terms of AUM, • The company targeting primarily first-time home buyers in economically
as of March 31, 2020. They are approximately 1.5 times larger than the 2nd largest weaker and low-to-middle income customers. They serve formal and
peer set company based on AUM as on March 31, 2020. informal customers in salaried and self-employed segments. As of
• Compared to their peers, they have the largest customer base as on March 31, 2020 September 30, 2020, salaried customers accounted for 64.83% of their
and have the highest disbursement for financial year ended March 31, 2020. Further Gross AUM and self-employed customers account for 35.17% of Gross
as at March 31, 2020, they have the most geographically diversified AUM as well as AUM.
the highest efficiency in terms of operating expenditure ratios. • As of September 30, 2020, they have 165,000+ loan accounts. Apart from
home loans, they also offer loans against property, loans for renovation
and property extension and loans for purchase of commercial property.
• As of September 30, 2020, home loans and non-home loans (including
respective insurance portion) accounted for 85% and 15% of their Gross
Brief Financials ₹ in Cr AUM, respectively.
As at Sep’30 As of March 31,
Particulars
2020(06) 2020(12) 2019(12) 2018(12) Key Strengths
Equity Share Capital 39.48 39.46 25.15 25.15
• Largest affordable housing finance company with best-in-class metrics in
Net worth as stated 2,506.61 2,347.27 858.87 717.72
the fastest growing sub-segment of the Indian mortgage market;
Revenue from Operations 748.15 1,387.67 1,265.61 815.00
• Extensive branch network, geographical penetration and sales channels;
EBITDA 618.68 1,035.98 989.27 630.27
Robust, comprehensive systems and processes for underwriting,
Net Profit for the period 198.77 230.91 234.92 160.83 collections and monitoring asset quality;
EPS - Basic (₹) 3.96^ 5.86 6.44 5.32
• Access to diversified and cost-effective long-term financing with a
EPS - Diluted (₹) 3.85^ 5.83 6.39 5.32 disciplined approach to asset liability and liquidity management;
RONW (%) 6.24%^ 8.07% 18.85% 15.91%
• Social objectives are one of the core components of the business model.
NAV -Diluted (₹) 61.66 57.74 33.91 28.54

Source: DRHP, * Consolidated summary, ~ Not annualised Back 76

Kids Clinic India Limited (Cloudnine)
Promoters: The Company is a professionally managed company and does not have an identifiable promoter.
Offer Details: Fresh Issue of Equity Shares aggregating upto ₹ 300 Cr and Offer for Sale of 13,293,514 Equity Shares. Reservation for Employee, Pre-IPO
Placement of ₹ 60 Cr
Date of SEBI Filing: 11-02-2022 Date of SEBI Approval: 04-05-2022 Face Value: ₹ 5/-
Approx Issue Size (₹ Cr): 300^
BRLMs: Axis Capital, JM Financial, ICICI Securities Registrar: KFin Technologies
Category Allocation - QIB:HNI:Retail: 75:15:10
Objects of the Offer: Repayment and/or pre-payment, in full or part, of certain borrowings; Setting up new centers at various locations; Acquisition of further shareholding
in the subsidiary - Acquity Labs.

Company Overview Business/Product Overview

• Incorporated on December 15, 2005, Kids Clinic India Ltd provides their customers • Cloudnine is the leading brand in the super-speciality mother and baby-
world-class medical expertise, advanced facilities, and staff dedicated to the holistic care space in Fiscal 2021, based on the highest revenue and highest
well-being of mother and baby, for a pregnancy journey filled with love and laughter. number of hospitals as of Fiscal 2021 among the super-specialty mother
• As of Fiscal 2019, 2020, 2021 and September 30, 2021, they had assisted with and baby care hospitals 18 centres and at 23 centres as of September 30,
13,532, 15,975, 16,801 and 9,155 deliveries, respectively, and had provided 6,238, 2021.
6,166, 5,994 and 3,782 fertility services, respectively. • They provides expectant mothers with quality medical expertise,
medically-advanced facility infrastructure and a bespoke motherhood
journey covering most of their needs.
• The company rely on digitization and leverage technology to enhance the
quality of their clinical services, while targeting significant wallet share of
Brief Financials ₹ in Cr
customers and managing customer relationships.
As at Sep’30 As of March 31,
Particulars
2021(06) 2020(06) 2021(12) 2020(12) 2019 (12) Key Strengths
Equity Share Capital 6.69 6.59 6.62 6.59 6.59
• Leading specialised mother and baby care chain;
Net worth 224.47 215.73 203.83 233.51 240.97 • Differentiated, comprehensive and customer-focused approach;
Revenue from Operations 371.65 260.26 554.59 516.30 418.18 • Clinical excellence and advanced medical technologies;
• Integrated digital ecosystem and proprietary technology stack;
EBITDA -Operating 33.28 11.22 30.09 23.34 (17.55)
• Ability to attract, train and retain high-quality doctors and staff;
Net Profit/(Loss) for the Period (9.86) (18.30) (34.71) (29.62) (65.47) • Scalable model and disciplined approach for growth;
Net Asset Value (₹) 52.31 50.95 48.14 55.15 57.41 • Stable and robust financial performance with greater predictability.

Source: DRHP, Restated Consolidated Back 77

TVS Supply Chain Solutions Limited
Promoters: TVS Mobility Pvt Ltd, T.S. Rajam Rubbers Pvt Ltd, Dhinrama Mobility Solution Pvt Ltd and Ramachandhran Dinesh
Offer Details: Fresh Issue of Equity Shares aggregating upto ₹ 2,000 Cr and Offer for Sale of 59,477,497 Equity Shares. Pre-IPO Placement of ₹ 400 Cr
Date of SEBI Filing: 14-02-2022 Date of SEBI Approval: 04-05-2022 Face Value: ₹ 1/-
Approx Issue Size (₹ Cr): 2,000^ BRLMs: Axis Capital, JM Financial, J P Morgan, BNP Paribas, Edelweiss Financial,
Registrar: Link Intime
Category Allocation - QIB:HNI:Retail: 75:15:10 Equirus Capital
Objects of the Offer:Prepayment or repayment of all or a portion of certain outstanding borrowings; Purchasing minority stake from existing shareholders of the
Subsidiary; Capitalisation of strategically important step-down Subsidiaries.

Company Overview Business/Product Overview

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

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

Particulars
2022(06) 2021(06) 2022(12) 2021(12) 2020 (12)
• Critical scale in a fast-growing and fragmented third-party logistics market;
Equity Share Capital 36.42 33.04 36.30 31.76 31.76
• Leader in end-to-end solutions enabled by domain expertise, global
Net worth 719.09 324.75 714.00 490.69 510.80 network;
Revenue from Operations 5,419.23 4,240.13 9,249.79 6,933.60 6,604.55 • Robust in-house technology differentiation;
Adj. EBITDA 358.63 309.49 667.09 442.34 295.82 • Long and consistent track-record of successful integration of acquisitions;
Restated Profit/Loss for the • Long-term customer relationship in diversified and attractive industries
38.05 (58.71) (45.80) (76.34) (248.00)
Period# through encirclement;
Net Asset Value (₹) 19.76 9.80 20.96 14.89 15.93 • Resilient business model with multiple drivers of profitable growth.
RoCE (%) 4.21%^ 2.48%^ 6.65% (4.56)% (3.99)%

Source: DRHP, *Restated Consolidated, # from continued and discontinued operations; ^not annualised Back 78
Fabindia Limited
Promoters: Bimla Nanda Bissell, William Nanda Bissell, Monsoon Latane Bissell, Madhukar Khera and JLB Partners Holding Inc.
Offer Details: Fresh Issue of Equity Shares aggregating upto ₹ 500 Cr and Offer for Sale of 25,050,543 Equity Shares; Reservation for Employees; Pre-IPO
Placement of ₹ 100 Cr.
Date of SEBI Filing: 24-01-2022 Date of SEBI Approval: 30-04-2022 Face Value: ₹1/-
Approx Issue Size (₹ Cr): 500^ BRLMs: ICICI Securities, Credit Suisse, J.P.Morgan, Nomura, SBI Capital Markets,
Registrar: Link Intime
Category Allocation - QIB:HNI:Retail: 75:15:10 Equirus
Objects of the offer: Voluntary redemption of NCDs issued by the company and the accrued interest thereon; Prepayment or scheduled re-payment of a portion of certain
outstanding borrowings and the accrued interest thereon.

Company Overview Business/Product Overview

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

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

Particulars
2021(06) 2021(12) 2020(12) 2019 (12)
• Leading consumer lifestyle platform focused on authentic craft-based and
Equity Share Capital 14.78 14.74 14.47 2.39
organic products;
Net worth 601.83 648.21 735.41 743.31
• Positioned to address growth in demand for high quality Indian lifestyle
Revenue from Operations 556.04 1,059.64 1,508.05 1,474.31 and organic products;
EBITDA 55.10 100.65 272.38 350.42 • ‘Sustainable-by-design’ business model;
Net Profit/(Loss) for the Period (51.73) (117.14) 30.69 84.36 • Established sourcing base and supply chain infrastructure;
EPS (₹) (3.10)^ (7.45) 2.88 5.77 • Omni-Channel Presence;
RoNW (%) as stated (7.58)%^ (16.65)% 5.67% 11.21% • Capital efficient business model, with track record of delivering growth and
Net Asset Value (₹) 40.72 43.99 50.84 51.46 return on capital.

Source: DRHP, * Restated Consolidated. ^ not annualised; # for continued and dis-continued operations Back 79
Capillary Technologies India Limited
Promoters: Capillary Technologies International Pte. Ltd.
Offer Details: Fresh Issue of Equity Shares aggregating upto ₹ 200 Cr and Offer for Sale of Equity Shares aggregating upto ₹ 650 Cr;
Pre-IPO Placement of ₹40 Cr
Date of SEBI Filing: 27-12-2021 Date of SEBI Approval: 30-04-2022 Face Value: ₹ 2/-
Approx Issue Size (₹ Cr): 850
BRLMs: ICICI Securities, Kotak Mahindra Capital, Nomura Financial Registrar: Lin Intime
Category Allocation - QIB:HNI:Retail: 75:15:10
Objects of the Offer: Repayment/prepayment of all or certain portion of outstanding borrowings; Investment in product development, investments in technology and other
growth initiatives; Strategic investments and acquisitions.

Company Overview Business/Product Overview

• Capillary Technologies India Ltd is a technology-first company and offer artificial • Company’s all products are powered by Artificial Intelligence Retail
intelligence (“AI”)-based cloud-native Software-as-a-Solution (“SaaS”) products and Analytics (“aiRA”).
solutions such as automated loyalty management and customer data platforms • As of October 31, 2021, they had 8 offices and they served over 250
(“CDP”). brands across more than 30 countries.
• Their diversified product suite and technology platform allows their customers to run
• They had presence across the United States, India, Middle East, and Asia,
end-to-end loyalty programs.
in particular, South East Asia.
• They are the market leader in Asia-Pacific region with a 39% market share in terms of
loyalty management capabilities in 2020 based on the geographies. • As of October 31, 2021, they had served more than 875 million users and
in Fiscal 2021, they processed 1,975.27 million transactions.

Brief Financials ₹ in Cr

As at Sep’30 As of March 31,

Particulars Key Strengths
2021(06) 2021(12) 2020(12) 2019 (12)
Equity Share Capital 2.33 2.33 2.33 2.33 • Market leader in consumer engagement and loyalty management in Asia;
Net worth 38.00 32.50 11.93 6.62 • High growth and high margin United States operations;
Revenue from Operations 33.17 114.90 166.12 173.15 • Strong partnerships and high recall in the loyalty industry;
EBITDA 3.62 22.23 8.99 (1.71) • Quality and diverse customer relationships;
Net Profit/(Loss) for the Period 2.53 16.94 0.21 (11.67) • Scalable cloud-based infrastructure;
EPS (₹) 0.53^ 3.54 0.04 (2.44) • Platform that supports multiple use-cases;
RoNW (%) as stated 6.65%^ 52.13% 1.73% (176.23)% • Innovative analytics and AI-driven SaaS solutions;
Net Asset Value (₹) 7.94 6.79 2.49 1.38 • Healthy growth with demonstrated operating leverage.

Source: DRHP, * Restated Summary ^ not annualised; #Adjusted figures; Equity capital is ₹10.00 Cr before the issue. Back 80
Sanathan Textiles Limited
Promoters: Nimbus Trust, D&G Family Trust, A&J Family Trust, P&B Family Trust, Pareshkumar Dattani, Ajaykumar Dattani, Anilkumar Dattani, and Dineshkumar Dattani
Offer Details: Fresh Issue of Equity Shares aggregating upto ₹ 500 Cr and Offer for Sale of 11,400,000 Equity Shares; Pre-IPO Placement of ₹ 100 Cr
Date of SEBI Filing: 10-01-2022 Date of SEBI Approval: 30-04-2022 Face Value: ₹ 10/-
Approx Issue Size (₹ Cr): 500^ Registrar: Kfin
BRLMs: Edelweiss Financial, JM Financial
Category Allocation - QIB:HNI:Retail: 50:15:35 Technologies
Objects of the Offer: Prepayment or scheduled repayment of all, or a portion, of certain outstanding borrowings; Funding working capital requirements.

Company Overview Business/Product Overview

• Sanathan Textiles Ltd is one of the few companies in India with presence across the • Company’s business is divided into 3 separate yarn business verticals,
polyester, cotton and technical textile sectors. All the three yarn verticals are housed consisting of: a) Polyester yarn products; b) Cotton yarn products; and c)
under a single corporate entity. Yarns for technical textiles and industrial uses.
• This has facilitated their diversification into new segments which in turn has helped • They have recently set up a new business – recycled yarn, where they buy
them in serving a large number of customers across various sectors. chips made from recycled materials and convert them into yarns for
• As on September 30, 2021, they have a diversified product portfolio with capability to fabrics.
manufacture more than 12,900 varieties of yarn products with more than 100,000 • The company manufactures their products at their facility at Silvassa. As of
SKUs that are used in various forms and for varied end uses. September 30, 2021, this manufacturing facility has a production capacity
of 221,050 MTPA.
• For Fiscal 2021, they exported its products to more than 41 countries with
more than 50% of the revenue from export sales. As on September 30,
Brief Financials ₹ in Cr
2021, they had more than 295 distributors in more than 37 countries.
As at Sep’30 As of March 31,
Particulars
2021(06) 2021(12) 2020(12) 2019 (12) Key Strengths
Equity Share Capital 71.94 71.94 71.94 71.94
Net worth 801.03 630.91 444.37 399.51 • One of the few companies in India with presence across the polyester,
Revenue from Operations 1,430.94 1,918.36 2,116.60 2,340.39 cotton and technical textile sectors;
Adj. EBITDA 261.21 327.94 212.66 234.67 • Focus on the product development of new products;
Net Profit for the Period 170.78 185.63 46.02 55.23 • Fully integrated yarn manufacturing set up at a strategic location;
EPS (₹) 23.75^ 25.80 6.40 7.68 • Long standing association with leading consumer brands;
RoNW (%) as stated 21.32%^ 29.42% 10.36% 13.82% • Deep knowledge and understanding of optimal product assortment;
Net Asset Value (₹) 111.34 87.70 61.77 55.53 • Healthy financial performance.

Source: DRHP, * Restated Summary, ^ not annualised; Back 81

Asianet Satellite Communications Limited
Promoters: Viren Rajan Raheja and Akshay Rajan Raheja
Offer Details: Fresh Issue of Equity Shares aggregating upto ₹ 300 Cr and Offer for Sale of Equity Shares aggregating upto ₹465 Cr by Promoter Group Selling
Shareholder
Date of SEBI Filing: 22-12-2021 Date of SEBI Approval: 30-04-2022 Face Value: ₹10/-
Approx Issue Size (₹ Cr): 765
BRLMs: Axis Capital, Nomura Financial Registrar: Link Intime
Category Allocation - QIB:HNI:Retail: 50:15:35
Objects of the Offer: Repayment/ prepayment, in full or part, of certain borrowings availed of by the company and subsidiary; Capital expenditure towards continued
expansion of network infrastructure.

Company Overview Business/Product Overview

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

As at Sep’30 As of March 31,

Particulars
2021(06) 2021(12) 2020(12) 2019 (12) Key Strengths
Equity Share Capital 100.69 100.69 100.69 100.69
Net worth 230.64 212.30 179.91 179.46 • One of the leading ISPs and MSO with significant market share in the fixed
line broadband and digital cable television market in Kerala;
Revenue from Operations 291.30 510.07 450.91 413.99
• Underpinned by technologically advanced infrastructure and network;
Adj. EBITDA 77.18 138.02 111.01 102.53
• Well-positioned to capitalize on the growth in the fixed broadband market;
Net Profit for the Period 16.67 31.04 0.29 9.26
• Strong brand identity in the markets they operates;
EPS (₹) 1.66^ 3.08 0.03 0.92
• Strong financial metrics.
RoNW (%) as stated 7.23%^ 14.62 0.16 5.16
Net Asset Value (₹) 22.91 21.08 17.87 17.82

Source: DRHP, * Restated Consolidated. ^ not annualised, #RONWdoes not include preference share capital Back 82
Brief summary of Issues –
Offer Documents Filed &
Awaiting SEBI Observations

Note: Issue Size is indicative, excluding OFS,

if specified in terms of shares

INDEX
Ideaforge Technology Limited
Promoters: Ankit Mehta, Rahul Singh and Ashish Bhat.
Offer Details: Fresh issue of Equity Shares aggregating upto ₹300 Cr and Offer for Sale of 4,869,712 Equity Shares; Reservation for Employees, Pre-IPO
Placement of ₹60 Cr
Date of SEBI Filing: 13-03-2023 Date of SEBI Approval: N.A. Face Value: ₹ 10/-
Approx Issue Size (₹ Cr): 300^
BRLMs: JM Financial, IIFL Securities Registrar: Link Intime
Category Allocation - QIB:HNI:Retail: 75:15:10
Objects of the Offer: Repayment/prepayment of indebtedness, Funding working Capital, Investment in product development

Company Overview Business/Product Overview

• Ideaforge is the pioneer and the pre-eminent market leader in the Indian unmanned • The product portfolio consists of (a) hardware, which primarily includes
aircraft systems (“UAS”) market, with a market share of approx 50% in Fiscal 2022. UAVs, payloads, batteries, chargers and communication system, (b)
Ideaforge primarily cater to customers with applications for surveillance, mapping and software and embedded sub-systems, which includes the GCS software
surveying. and autopilot sub-system, and (c) solutions.
• Ideaforge ranked 7th globally in the dual-use category (civil and defence) drone • They manufacture all their products in-house from their manufacturing
manufacturers as per the report published by Drone Industry Insights in December facility located at Navi Mumbai, Maharashtra in India.
2022. They have grown at a CAGR of 237.48% in terms of revenue from operations • They have filed 62 patent applications, which comprise of 34 applications
over the last 3 Fiscals, with a ROCE of 49.63% in Fiscal 2022. filed internationally and 28 patent applications filed in India, as on February
8, 2023.

Brief Financials ₹ in Cr

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

Particulars
2022(06) 2021(06) 2022(12) 2021(12) 2020 (12)
• Pioneer and the pre-eminent market leader in the Indian UAS industry, with
Equity Share Capital 0.09 0.09 0.09 0.09 0.09 first-mover advantage;
Net worth 318.34 40.59 163.30 59.75 68.12 • Diversified product portfolio with a robust technology stack and track record
Revenue from Operations 139.55 9.60 159.44 34.72 14.00 of successful outcomes in critical use cases;
Adj. EBITDA 77.73 (12.43) 81.41 (3.36) (9.66) • Strong relationships with a diverse customer base;
Net Profit/(Loss)for the Period 45.21 (20.73) 44.01 (14.63) (13.45) • Significant product development capabilities powering the software and
EPS – Diluted (₹) 11.60^ (7.08)^ 13.13 (5.03) (4.68) solutions and product differentiators;
(51.08)% • In-house design to delivery capabilities; and
RoNW (%) as stated 14.20%^ 26.95% (24.48)% (19.74)%
^ • Strong management capabilities with a demonstrated track record.
Net Asset Value (₹) 87.94 13.86 51.36 20.57 23.70
Source: DRHP, * Restated Consolidated , ^not annualised Back 84
Rashi Peripherals Limited
Promoters: Krishna Kumar Choudhary, Sureshkumar Pansari, Kapal Pansari, Keshav Choudhary, Chaman Pansari, Krishna Kumar Choudhary (HUF), and Suresh M
Pansari HUF
Offer Details: Fresh issue of Equity Shares aggregating upto ₹ 750 Cr, Pre-IPO Placement of ₹ 150 Cr
Date of SEBI Filing: 19-01-2023 Date of SEBI Approval: N.A. Face Value: ₹ 5/-
Approx Issue Size (₹ Cr): 750 Cr
BRLMs: JM Financial, ICICI Securities Registrar: Link Intime
Category Allocation - QIB:HNI:Retail: 50:15:35
Objects of the Offer: Prepayment or scheduled re-payment of all or a portion of certain outstanding borrowings; Funding Working Capital requirements.

Company Overview Business/Product Overview

• Rashi Peripherals is among the leading value-added national distribution partners for • The company primarily operates in the 2 business verticals:
global technology brands in India for information and communications technology - Personal Computing, Enterprise and Cloud Solutions (“PES”)
(“ICT”) products in terms of revenues and distribution network in Fiscal 2022. They
- Lifestyle and IT essentials (“LIT”)
distributes products for global technology brands such as ASUS Global Pte. Ltd., Dell
International Services India Pvt Ltd, HP India Sales Pvt Ltd, Lenovo India Pvt Ltd, • Company’s Pan-India distribution network comprises 50 branches that
Logitech Asia Pacific Ltd, NVIDIA Corporation, Intel Americas, Inc., Western Digital operate for sales and as service centers and 62 warehouses, and able to
(UK) Ltd, Schneider Electric IT business India Pvt Ltd, Eaton Power Quality Pvt Ltd, cover 730 locations in India as of September 30, 2022.
ECS Industrial Computer Co. Ltd., Belkin Asia Pacific Ltd, TPV Technology India Pvt • As of September 30, 2022, they are a national distribution partner for 48
Ltd., LG Electronics India Pvt Ltd, Toshiba Electronic Components Taiwan global technology brands.
Corporation, among others.

Brief Financials ₹ in Cr
Key Strengths
As at Sep 30, As at March 31,
Particulars • The leading and the fastest growing Indian distribution partner for
2022 (06) 2022 (12) 2021 (12) 2020 (12)
information and communications technology products;
Equity Share Capital 20.89 20.89 1.00 1.00
• Present in pan-India and have multi-channel distribution footprint backed
Net worth 647.79 575.07 394.19 262.73 by dedicated in-house infrastructure;
Revenue from Operations 5,023.81 9,313.44 5,925.05 3,934.48 • Long term relationships with marquee global technology brands supported
by the committed strategy on engagement with customers;
EBITDA 136.51 305.22 215.23 93.86
• Diversified and comprehensive product portfolio and offer value added
Restated Profit for the Period 67.38 182.51 136.35 38.23 solutions;
EPS – Basic & Diluted (₹) 16.90 43.57 31.20 9.48 • Scalable business model supported by advanced technology stack;
Net Asset Value (₹) 155.03 137.63 94.34 62.88 • Consistent track record of superior financial performance.

Source: DRHP, * Restated Consolidatedy, ^ not annualised Back 85

Cyient DLM Limited
Promoters: Cyient Ltd
Offer Details: Fresh issue of Equity Shares aggregating upto ₹740 Cr and Offer for Sale of 46,819,635 Equity Shares, Pre-IPO Placement of ₹148 Cr, Reservation
for Employees
Date of SEBI Filing: 10-01-2023 Date of SEBI Approval: N.A. Face Value: ₹10/-
Approx Issue Size (₹ Cr): 740
BRLMs: Axis Capital, JM Financial Registrar:KFin Technologies
Category Allocation - QIB:HNI:Retail: 75:15:10
Objects of the Offer: Funding incremental Working Capital, Funding Capita Expenditure, Repayment/Prepayment of certain Borrowings; Achieving inorganic growth

Company Overview Business/Product Overview

• Promoted by Cyient Ltd, Cyient DLM is a leading integrated Electronic Manufacturing • Company’s solutions primarily comprises: (i) printed circuit board (“PCB”)
Services (“EMS”) and solutions provider with a strong focus on the entire life cycle of a assembly (“PCBA”), (ii) cable harnesses, and (iii) box builds which are
product, including design, build and maintain. The EMS is provided as Build to Print used in safety critical systems such as cockpits, inflight systems, landing
(“B2P”) and Build to Specification (“B2S”) services to their clients. systems, and medical diagnostic equipment.
• With over 2 decades of experience, they are a qualified supplier to global OEMs in the • They enjoy long-term relationships as an integrated partner to multiple
aerospace and defence, medical technology and industrial sectors. They are one of the marquee customers such as Honeywell International Inc. (“Honeywell”),
few EMS companies in India catering to highly regulated industries and the Thales Global Services S.A.S (“Thales”), ABB Inc, Bharat Electronics
largestsupplier of EMS services to the aerospace and defence industry by value in Limited and Molbio Diagnostics Pvt Ltd.
India.

Brief Financials ₹ in Cr
Key Strengths
As at Sep 30, As at March 31,
Particulars • Ability to provide integrated engineering solutions with strong capabilities
2022 (06) 2022 (12) 2021 (12) 2020 (12)
across the product value chain;
Equity Share Capital 2.94 1.37 1.37 1.37
• High entry barriers for the competitors due to company’s technical
Net worth 179.32 77.11 37.65 25.71 expertise.
Revenue from Operations 340.28 720.53 628.03 457.09 • Robust and industry leading order book with marquee customers;
EBITDA 35.24 84.04 45.94 13.73
• World class manufacturing infrastructure, stringent quality, diverse in-
Profit for the Period 13.42 39.80 11.81 (6.70) house capabilities and robust supply chain
EPS – Basic & Diluted (₹) 4.61^ 16.17 4.80 (2.72) • Strong parentage of the Promoter;
RONW (%) 7.48%^ 51.61% 31.38% (26.08)%
Net Asset Value (₹) 61.66 31.34 15.30 10.45

Source: DRHP, * Restated Summary, ^ not annualised Back 86

J G Chemicals Limited
Promoters: Suresh Jhunjhunwala, Anirudh Jhunjhunwala and Anuj Jhunjhunwala
Offer Details: Fresh issue of Equity Shares aggregating upto ₹ 202.50 Cr and Offer for Sale of 5,700,000 Equity Shares, Pre-IPO Placement of Equity Shares
aggregating upto ₹ 80 Cr or 2,850,000 Equity Shares
Date of SEBI Filing: 06-01-2022 Date of SEBI Approval: N.A. Face Value: ₹ /-
Approx Issue Size (₹ Cr): 202.50^
BRLMs: Centrum Capital, Emkay Global, Keynote Financial Registrar: KFin Technologies
Category Allocation - QIB:HNI:Retail: 50:15:35
Objects of the Offer: Investment in Material Subsidiary, Repayment/Pre payment of certain borrowings, Funding Capital Expenditure, Long-Term Working Capital

Company Overview Business/Product Overview

• J G Chemical is India’s largest zinc oxide manufacturer in terms of production and • Along with being suppliers to 9 out of Top-10 Global Tyre Manufacturers
revenue for zinc oxide manufacturing through French process, which is the dominant and to all of the Top-11 Tyre Manufacturers in India, they also supply to
production technology for producing zinc oxide and has been adopted by all the major leading Paints Manufacturers, Footwear Players and Cosmetics Players in
producers in Americas, Europe and Asia. India.
• They sell over 80 grades of zinc oxide and are among the Top-10 manufacturers of • Their Material Subsidiary, BDJ Oxides is the only zinc oxide manufacturing
zinc oxides globally. facility in India to have an IATF certification, which is preferred by Tyre
• The market share of the company is around 30% as of March 2022. In the last 5 Manufacturers supplying to original equipment manufacturers.
Fiscals, they have grown their volumes at a significantly higher CAGR of 12.10%. • As on October 31, 2022, their Aggregate Installed Capacity of 77,040
MTPA is spread across their 3 manufacturing facilities.

Brief Financials ₹ in Cr
Key Strengths
As at Sep 30, As at March 31,
Particulars • Leading market position with a diversified customer base;
2022 (06) 2022 (12) 2021 (12) 2020 (12)
• High entry barriers in key end-use industries;
Equity Share Capital 31.72 1.22 1.22 1.22
• Strong and consistent financial performance;
Net worth 182.24 147.66 108.48 84.95
• Long-term relationships with customers and suppliers;
Revenue from Operations 425.07 612.83 435.30 399.39
• Experienced and dedicated management team; and
EBITDA 52.31 66.38 48.61 27.14 • Focus on long term sustainability with environmental initiatives and safety
Profit after Tax for the Period 35.71 43.13 28.80 13.95 standards
EPS – Basic & Diluted (₹) 10.93^ 12.61 7.39 4.08
Net Asset Value (₹) 57.45 46.55 34.20 26.78

Source: DRHP, * Restated Consolidated, ^ not annualised Back 87

Rishabh Instruments Limited
Promoters: Narendra Joharimal Goliya
Offer Details: Fresh issue of Equity Shares aggregating upto ₹ 75 Cr and Offer for Sale of 9,417,500 Equity Shares, Pre-IPO Placement of ₹ 15 Cr
Date of SEBI Filing: 30-12-2022 Date of SEBI Approval: N.A. Face Value: ₹ 10/-
Approx Issue Size (₹ Cr): 75^
BRLMs: DAM Capital, Mirae Asset Capital Markets, Motilal Oswal Registrar: KFin Technologies
Category Allocation - QIB:HNI:Retail: 50:15:35
Objects of the Offer:

Company Overview Business/Product Overview

• Rishabh Instruments is a global energy efficiency solution company focused on • They also provide certain manufacturing services which include mould
electrical automation, metering and measurement, precision engineered products, etc. design and manufacturing, EMI/EMC testing services, Electronic
with diverse applications across industries including power, automotive and industrial Manufacturing Services, and software solutions (e.g., MARC).
sectors. • Their product portfolio consists of over 145 product lines and 0.13 million
• They are a vertically integrated player involved in designing, developing, manufacturing SKU as of October 31, 2022.
and supplying electrical automation devices; metering, control and protection devices; • Over the 6 months ended September 30, 2022 they have served
portable test and measuring instruments; and solar string inverters. customers in over 100 countries.
• In addition, they manufacture and supply aluminium high pressure die casting through • The R&D centres in India, Poland and China are staffed with a team of 93
their Subsidiary, Lumel Alucast. engineers as of October 31, 2022.

Brief Financials ₹ in Cr
Key Strengths
As at Sep 30, As at March 31,
Particulars • Ability to drive technology and innovation through advanced research and
2022 (06) 2022 (12) 2021 (12) 2020 (12)
development capabilities;
Equity Share Capital 29.25 14.63 14.63 14.63
• Global engineering solution provider operating in large addressable
Net worth 349.88 346.10 302.13 285.36 markets and well positioned to benefit from mega industrialisation trends;
Revenue from Operations 261.14 470.25 389.96 400.69 • Vertically integrated operations, backed by strong manufacturing
capabilities;
EBITDA 35.81 82.63 70.02 68.34
• Diversified product portfolio and Wide customer base;
Profit after Tax for the Period 16.83 49.65 35.94 31.55
• Track record of successful integration of acquired businesses or entities
EPS – Diluted (₹) 4.24 12.89 9.32 8.02 across geographies.
Net Asset Value (₹) 94.06 93.38 80.33 74.98

Source: DRHP, * Restated Consolidated, ^ not annualised Back 88

Honasa Consumer Limited
Promoters: Varun Alagh and Ghazal Alagh
Offer Details: Fresh issue of Equity Shares aggregating upto ₹ 400 Cr and Offer for Sale of 46,819,635 Equity Shares, Pre-IPO Placement of ₹ 80 Cr, Reservation
for Employees upto ₹ 10 Cr
Date of SEBI Filing: 30.12.2022 Date of SEBI Approval: N.A. Face Value: ₹ 10/-
Approx Issue Size (₹ Cr): 400^
BRLMs: Kotak Mahindra Financial, Citigroup Global, JM Financial Registrar: KFin Technologies
Category Allocation - QIB:HNI:Retail: 75:15:10
Objects of the Offer:For Advertisement expenses; Capital expenditure for setting up new EBOs and Investment in the Subsidiary, Bhabani Blunt Hairdressing Pvt Ltd.

Company Overview Business/Product Overview

• Honsa is the largest digital-first beauty and personal care (“BPC”) company in India in • Since launching Mamaearth in 2016, they have added 5 new brands to
terms of revenue from operations for the Financial Year 2022. Since their inception, their portfolio, namely The Derma Co., Aqualogica, Ayuga, BBlunt and Dr.
they have worked with the primary objective of developing products that address Sheth’s, and have built a ‘House of Brands’ architecture.
beauty and personal care problems faced by consumers. Their flagship brand, • Mamaearth is the largest brand in the DTC BPC market in India in terms of
Mamaearth, is built to service a core customer need for safe-to-use, natural products, revenue generated from the DTC channel in Financial Year 2022.
and focuses on developing toxin-free beauty products made with natural ingredients.
• They have grown their revenue from operations at a CAGR of 193.15%
• As of September 30, 2022, Mamaearth has emerged as the fastest growing BPC brand between FY2020 and 2022 (from ₹109.78 crore in FY2020 to ₹943.47
in India to reach an annual revenue of ₹10 billion (in the preceding 12 months) within 6 crore in FY2022), while the median revenue CAGR of all other BPC
years of launch. companies for which data was available for the relevant period was 13%

Brief Financials ₹ in Cr
Key Strengths
As at Sep 30, As at March 31,
Particulars • Brand building capabilities and repeatable playbooks;
2022 (06) 2022 (12) 2021 (12) 2020 (12)
• Customer centric product innovation;
Equity Share Capital 136.30 0.01 0.01 0.01
• Digital-first omnichannel distribution;
Net worth 728.13 705.62 (1,765.14) (437.17)
• Data driven contextualised marketing;
Revenue from Operations 722.74 943.47 459.99 109.78
• Ability to drive growth and profitability in a capital efficient manner;
EBITDA 13.90 11.46 (1,334.03) (431.71) • Founder led company with a strong professional management.
Restated Profit for the Period 3.67 14.44 (1,332.22) (428.03)
EPS – Basic & Diluted (₹) 0.25^ 0.53 (98.35) (31.63)
Net Asset Value (₹) 23.19 23.42 (61.80) (15.37)

Source: DRHP, * Restated Summary, ^ not annualised Back 89

Survival Technologies Limited
Promoters: Vijaykumar Raghunandanprasad Agrawal and Nimai Vijay Agrawa
Offer Details: Fresh issue of Equity Shares aggregating upto ₹ 200 Cr and Offer for Sale of Equity Shares aggregating upto ₹ 800 Cr , Pre-IPO Placement of ₹ 70
Cr
Date of SEBI Filing: 30.12.2022 Date of SEBI Approval: N.A. Face Value: ₹ 2/-
Approx Issue Size (₹ Cr): 1,000
BRLMs: JM Financial, ICICI Securities Registrar: Link Intime
Category Allocation - QIB:HNI:Retail: 50:15:35
Objects of the Offer: Funding working capital requirements

Company Overview Business/Product Overview

• Survival Technologies is a contract research and manufacturing services (“CRAMS”) • They are the sole company in India making products such as 2-pyridyl
focused speciality chemical manufacturer in India. They are one of the leading CRAMS tribromomethyl sulfone, 4-bromo benzene sulfonyl chloride, 5-bromo-2, 4-
companies in India in terms of manufacturing of select products as of March 31, 2022. dichloro pyrimidine, cyclam and tempo on a commercial scale.
They are engaged in the supply of specialty chemicals with multiple applications. Many • They are also one of 12 manufacturers globally and the largest domestic
products they sell domestically are import substitutes. producer of ethyl–3–dimethylaminopropyl carbodiimide and the only
• Since April 1, 2007 and March 31, 2022, they synthesized 677 products of which over manufacturer globally of alpha tetralol.
500 products have been commercially produced and sold to various customers. As of • They undertake CRAMS for various international and domestic companies.
• June 30, 2022, they had served 201 customers

Brief Financials ₹ in Cr
Key Strengths
As at June 30, As at March 31,
Particulars • Leading contract research and manufacturing service speciality chemicals
2022 (03) 2022 (12) 2021 (12) 2020 (12)
player with focus heterocyclic and fluoro product groups;
Equity Share Capital 5.75 5.75 5.75 5.75
• Established competence in multiple, complex chemistries through
Net worth 250.28 225.32 152.42 96.30 continuous research and development;
Revenue from Operations 100.02 311.78 274.79 199.15 • Diversified business model with high entry barriers;
EBITDA 32.87 91.90 69.65 34.91
• Well established and long-standing relationships with marquee customer
Profit after Tax for the Period 24.88 73.46 56.32 19.05 base;
EPS – Basic & Diluted (₹) 2.88^ 8.52 6.53 2.21 • Focus on manufacturing quality products, with modern infrastructure and a
RONW (%) 9.94%^ 32.60% 36.95% 19.79% robust supply chain.
Net Asset Value (₹) 29.02 26.12 17.67 11.16

Source: DRHP, * Restated Summary, ^ not annualised Back 90

Gandhar Oil Refinery (India) Limited
Promoters: Ramesh Babulal Parekh, Samir Ramesh Parekh and Aslesh Ramesh Parekh
Offer Details: Fresh issue of Equity Shares aggregating upto ₹ 357 Cr and Offer for Sale of 12,036,380 Equity Shares, Pre-IPO Placement of ₹ 70 Cr, Reservation
for Employees
Date of SEBI Filing: 23.12.2022 Date of SEBI Approval: N.A. Face Value: ₹ 2/-
Approx Issue Size (₹ Cr): 357^
BRLMs: Edelweiss Financial, ICICI Securities Registrar: Link Intime
Category Allocation - QIB:HNI:Retail: 50:15:35
Objects of the Offer: Investment in Texol by way of a loan for financing the repayment/pre-payment; Capital expenditure through purchase of equipment and civil work;
Funding working Capital requirement.

Company Overview Business/Product Overview

• Gandhar Oil Refinery is a leading manufacturer of white oils by revenue with a growing • The company has 3 main business divisions:
focus on the consumer and healthcare end-industries. • Personal care, healthcare and performance oils (PHPO): White oils,
• As of June 30, 2022, their product suite comprised over 350 products primarily across waxes and jellies
the personal care, healthcare and performance oils, lubricants and process and • Lubricants:Automotive oils and industrial oils
insulating oils divisions under the “Divyol” brand.
• Process and insulating oils (PIO): Transformer oils and rubber
• Gandhar is India’s largest manufacturer of white oils by revenue in Financial Year processing oils
2022, including domestic and overseas sales and is one of the Top-5 players globally
• As of June 30, 2022, their products were sold in over 100 countries across
in terms of market share in the calendar year 2021.
the globe. They catered to over 3,500 customers in the Fin Year 2022.
Brief Financials ₹ in Cr

As at June 30, As at March 31, Key Strengths

Particulars
2022 (03) 2022 (12) 2021 (12) 2020 (12) • Leading market share of the Indian white oils market with significant
Equity Share Capital 16.00 16.00 16.00 16.00 overseas sales, focused on the consumer and healthcare end-industries;
Net worth 618.31 560.22 444.49 345.99 • Extensive and diversified customer base and a supplier base comprised of
Revenue from Operations 883.94 3,543.32 2,220.80 2,503.63 leading oil companies with competitive pricing terms;
EBITDA 94.96 245.92 138.58 60.23 • Strategically located manufacturing facilities and in-house R&D
Profit after Tax for the Period 65.02 163.43 100.13 9.86 capabilities;
EPS – Basic & Diluted (₹) 7.26^ 18.40 12.52 1.23 • Resilient, flexible and scalable business model with prudent risk
management framework;
RONW (%) 11.03%^ 32.53% 25.33% 2.87%
• Track record of consistent financial performance;
Net Asset Value (₹) 77.29 70.03 55.56 43.25

Source: DRHP, * Restated Consolidated, ^ not annualised Back 91

Zaggle Prepaid Ocean Service Limited
Promoters: Raj P Narayanam and Avinash Ramesh Godkhindi.
Offer Details: Fresh issue of Equity Shares aggregating upto ₹ 490 Cr and Offer for Sale of 10,526,316 Equity Shares, Pre-IPO Placement of ₹ 98 Cr
Date of SEBI Filing: 21.12.2022 Date of SEBI Approval: N.A. Face Value: ₹ 1/-
Approx Issue Size (₹ Cr): 490^
BRLMs: ICICI Securities, Equirus Capital, IIFL Securities, JM Financial Registrar: KFin Technologies
Category Allocation - QIB:HNI:Retail: 75:15:10
Objects of the Offer: Expenditure towards Customer acquisition and retention, Development of technology and products; Repayment/ pre-payment of certain borrowings.

Company Overview Business/Product Overview

• Zaggle Prepaid Ocean Services is a leading player in spend management, with a Company’s core product portfolio include:
differentiated value proposition and diversified user base. • ‘Propel’, a corporate SaaS platform for channel rewards and incentives;
• Incorporated in 2011, they operate in the business-to-business-to-customer segment • ‘Save’, a SaaS-based platform and a mobile application to offer expense
and is among a small number of uniquely positioned players with a diversified offering management solution for business spend management;
of financial technology products and services, having one of the largest number of
• ‘CEMS’, a customer engagement management system;
issued prepaid cards in India in partnership with certain of their banking partners
(12.7% of the country’s total prepaid transaction value as of March 31, 2022), a • ‘Zaggle Payroll Card’, a prepaid payroll card; and
diversified portfolio of software as a service, including tax and payroll software, and a • ‘Zoyer’, an integrated data driven, SaaS based business spend
wide touchpoint reach. management platform.

Brief Financials ₹ in Cr
Key Strengths
As at June 30, As at March 31,
Particulars • Differentiated SaaS-based fintech platform, offering a combination of
2022 (03) 2022 (12) 2021 (12) 2020 (12)
payment instruments, mobile application and API integrations;
Equity Share Capital 0.18 0.18 0.18 0.18
• In-house developed technology and strong network effect;
Net worth 17.75 (3.56) (45.55) (64.96) • Business model with diverse sources of revenue and low customer
Revenue from Operations 88.62 371.26 239.97 68.33 acquisition and retention costs;
EBITDA 10.83 59.85 27.63 11.10 • Diversified customer relationships across sectors along with preferred
banking and merchant partnerships;
Net Profit for the Period 6.30 41.92 19.33 3.72
• Robust operating and financial metrics; and
EPS – Basic & Diluted (₹) 0.68 4.57 2.11 0.41
• Seasoned management team with deep domain expertise supported by a
Net Asset Value (₹) 1.92 (0.39) (4.94) (7.04) professional workforce.

Source: DRHP, * Restated Statement, ^ not annualised Back 92

Indegene Limited
Promoters: The Company is a professionally managed company and does not have an identifiable promoter.
Offer Details: Fresh issue of Equity Shares aggregating upto ₹ 950 Cr and Offer for Sale of 36,291,497 Equity Shares, Pre-IPO Placement of ₹ 190 Cr,
Reservation for Employees of Rs.60 Cr
Date of SEBI Filing: 16-12-2022 Date of SEBI Approval: N.A. Face Value: ₹ 2/-
Approx Issue Size (₹ Cr): 950^ BRLMs: Kotak Mahindra Capital, Citigroup Global Market, J.P.Morgan India,
Registrar: Link Intime
Category Allocation - QIB:HNI:Retail: 75:15:10 Nomura Financial
Objects of the Offer:Repayment/prepayment of indebtedness of one of the Subsidiaries; Funding the capital expenditure requirements; Payment of consideration.

Company Overview Business/Product Overview

• Indegene is a “digital-first” commercialization company focused exclusively on the • As of June 30, 2022, they had 52 active clients from 6 operation hubs and
global life sciences industry. Their solutions enable biopharmaceutical, emerging 16 offices located across North America, Europe and Asia.
biotech and medical devices companies develop products, launch them in the market, • They have established client relationships with 19 of the 20 largest
and drive sales through their life cycle in a more effective, efficient and modern biopharmaceutical companies in the world by revenue for the Financial
manner. The company achieves this by combining over 2 decades of healthcare Year 2021, having earned more than 70% of the total revenue from
domain expertise and fit-for-purpose technology. continuing operations for each of the Financial Years 2022, 2021 and 2020
• Their portfolio of solutions cover all aspects of commercial, medical, regulatory and from these 19 customers.
R&D operations of life sciences companies, and include Enterprise Commercial
Solutions, Omnichannel Activation, Enterprise Medical Solutions, and other solutions.

Key Strengths
Brief Financials ₹ in Cr
• Domain expertise in healthcare;
As at June 30, As at March 31,
Particulars • Robust digital capabilities and in-house developed technology portfolio;
2022 (03) 2022 (12) 2021 (12) 2020 (12)
• Track record of establishing long-standing client relationships;
Equity Share Capital 0.35 0.35 0.31 0.31
Net worth • Global delivery model;
862.36 763.90 324.51 (104.68)
Revenue from Operations 520.98 1,664.61 966.27 642.93 • Experienced management and motivated talent pool supported by
marquee investors;
EBITDA 127.08 265.91 263.97 103.97
• Track record of creating value through acquisitions
Net Profit for the Period# 85.82 162.82 149.41 (12.42)
EPS - Diluted (₹) 3.86^ 7.46 7.01 (0.32)
RONW (%) 9.95%^ 21.57% 46.04% (6.02)%
Net Asset Value (₹) 39.01 34.80 16.42 (5.30)

Source: DRHP, * Restated Consolidated, ^ not annualised ; # from continued and discontinued operations Back 93
SBFC Finance Limited
Promoters: SBFC Holdings Pte. Ltd., Clermont Financial Pte. Ltd., Arpwood Partners Investment Advisors LLP, Arpwood Capital Pvt Ltd and Eight45 Services LLP
Offer Details: Fresh issue of Equity Shares aggregating upto ₹ 750 Cr and Offer for Sale of Equity Shares aggregating upto ₹ 850 Cr, Pre-IPO Placement of ₹
150 Cr, Reservation for Employees
Date of SEBI Filing: 07-11-2022 Date of SEBI Approval: N.A. Face Value: ₹ 10/-
Approx Issue Size (₹ Cr): 1,600^
BRLMs: Axis Capital, ICICI Securities, Kotak Mahindra Capital Registrar: KFIn Technologies
Category Allocation - QIB:HNI:Retail: 50:15:35
Objects of the Offer: Augmenting the Company’s capital base to meet their future capital requirements arising out of the growth of the business and assets.

Company Overview Business/Product Overview

• SBFC Finance Ltd is a systematically important, non-deposit taking non-banking • As of June 30, 2022, they have an expansive footprint in 104 cities,
finance company offering loans including secured Micro, Small and Medium spanning 16 Indian states and 2 union territories, with 135 branches.
Enterprises loans and loans against gold, with a majority of their borrowers being • Among MSME focussed NBFCs, they had the lowest proportion of AUM
entrepreneurs, small business owners, self-employed individuals, salaried and emanating from the largest state in their portfolio as of March 31, 2022,
working-class individuals. being 16.76%, demonstrating better diversification.
• Among MSME-focused NBFCs in India, they have one of the highest assets under • Their AUM is diversified across India, with 31.81% in the North, 37.72% in
management growth, at a CAGR of 40% in the period from Fiscal 2019 to Fiscal 2022. the South, and 30.46% in the West and East collectively, as of Jun’30,
They have also witnessed robust disbursement growth, at a CAGR of 39% between 2022.
Fiscal 2019 and Fiscal 2022.

Brief Financials ₹ in Cr
Key Strengths
As at June 30, As at March 31,
Particulars • Diversified pan-India presence with an extensive network to cater to the
2022 (03) 2022 (12) 2021 (12) 2020 (12)
target customer segment;
Equity Share Capital 869.72 806.80 796.67 742.32
• 100% in-house sourcing, leading to superior business outcomes;
Net worth 1,571.88 1,287.17 1,205.11 1,012.48
• Comprehensive credit assessment, underwriting and risk management
Revenue from Operations 159.97 529.05 507.10 444.67 framework;
EBITDA 105.79 319.09 362.06 310.83 • Strong on-ground collections infrastructure leading to maintenance of
Net Profit for the Period 32.07 64.52 85.01 35.50 robust asset quality;
EPS - Diluted (₹) 0.36^ 0.79 1.06 0.48 • Strong liability franchise with low cost of funds;
RONW (%) 2.04% 5.01% 7.05% 3.51% • Consistent financial performance backed by profitable growth.
Net Asset Value (₹) 17.52 15.42 14.66 13.19

Source: DRHP, * Restated Statement, ^ not annualised Back 94

Indiafirst Life Insurance Co Limited
Promoters: Bank of Baroda and Carmel Point Investments India Pvt Ltd
Offer Details: Fresh issue of Equity Shares aggregating upto ₹ 500 Cr and Offer for Sale of 141,299,422 Equity Shares, Pre-IPO Placement of ₹ 100 Cr,
Reservation for Employees and BOB Shareholders.
Date of SEBI Filing: 25-10-2022 Date of SEBI Approval: N.A. Face Value: ₹ 10/-
Approx Issue Size (₹ Cr): 500^ BRLMs: ICICI Securities, Ambit, BNP Paribas, BOB Capital Markets, HSBC
Registrar: KFIn Technologies
Category Allocation - QIB:HNI:Retail: 75:15:10 Securities, Jefferies India, JM Financial
Objects of the Offer: augmentation of its capital base to support solvency levels.

Company Overview Business/Product Overview

• Indiafirst Life Insurance is among the fastest growing private life insurers in India in • They reported 23.10% Value of New Business Margin in Fiscal 2022. they
terms of New Business Individual Rated Premium in Fiscal 2022. are supported by bancassurance networks of Bank of Baroda and Union
• They recorded a CAGR of 27.3% for the five-years ended Fiscal 2022, the highest Bank, the 3rd and 5th largest PSU banks in India based on total assets, as
growth in terms of New Business Individual Rated Premium amongst life insurers with of March 31, 2022.
PSU bank parentage. • They derive a significant advantage from their bancassurance relationships
• Commencing operations in 2009, they achieved profitability in the 6th year of with one of their Promoters, BOB. They also benefit from their
operations and were the 3rd fastest private life insurer in India to achieve profitability bancassurance relationship with UBI.
for 3 consecutive years.

Brief Financials ₹ in Cr
Key Strengths
As at June 30, As at March 31,
Particulars • One of the fastest growing private life insurers in India, with consistent
2022 (03) 2022 (12) 2021 (12) 2020 (12)
market share gain;
Equity Share Capital 663.46 663.46 663.46 635.00
• Expansive bancassurance network through two of the largest public sector
Net worth 450.98 493.27 775.53 716.94 banks in India, as well as rapidly growing emerging channels;
Revenue from Operations 907.97 5,186.56 4,055.50 3,360.44 • Healthy and improving persistency metrics due to strong brand equity;
EBITDA (33.86) (256.72) 61.79 (67.85) • Leading digital platform that provides a seamless experience for
Net Profit for the Period (41.83) (281.62) 30.19 (97.42) customers;
EPS – Basic & Diluted (₹) (0.63)^ (4.24) 0.46 (1.55) • Qualified and highly experienced management team;
RONW (%) (9.27)%^ (57.09)% 3.89% (13.59)% • Long term value creation driven by consistent and profitable financial
Net Asset Value (₹) 6.80 7.43 11.69 11.29 performance.

Source: DRHP, * Restated Statement, ^ not annualised Back 95

Airox Technologies Limited
Promoters: Sanjay Bharatkumar Jaiswal and Ashima Sanjay Jaiswal.
Offer Details: Offer for Sale of Equity Shares aggregating upto ₹ 750 Cr
Date of SEBI Filing: 30-09-2022 Date of SEBI Approval: N.A. Face Value: ₹ 10/-
Approx Issue Size (₹ Cr): 750
BRLMs: JM Financial, ICICI Securities Registrar: Link Intime
Category Allocation - QIB:HNI:Retail: 75:15:10
Objects of the Offer: Offer for sale

Company Overview Business/Product Overview

• Airox Technologies is a market leader with a market share of 50-55%, in terms of • As of March 31, 2022, they had supplied 872 PSA oxygen generators,
operational private hospital PSA medical oxygen market, as of Fiscal 2022. Their which includes 72 PSA oxygen generators to Central Medical Services
current portfolio includes PSA oxygen generators, auto change over systems and Society and 34 PSA oxygen generators to other international agencies.
oxygen analyser. Their oxygen generators use advanced technologies as they have • As of March 31, 2022, they have installed their PSA oxygen generators at
dedicated processes and specialised molecular sieves for the PSA oxygen generators, 710 private hospitals and to 162 government hospitals.
which have been customized for Indian environmental and electricity conditions.
• Their major corporate customers include Reliance Foundation and Toyota
• They are present in 28 states and 3 union territories in India and are further evaluating Industries Engine India Private Limited.
their expansion into overseas markets.

Brief Financials ₹ in Cr

As at March 31, Key Strengths

Particulars
2022 2021 2020 • Leading providers of PSA oxygen generators in India;
Equity Share Capital 22.28 4.46 4.46 • Strong and growing customer base;
Net worth 107.52 17.71 1.64
• Modern and automated manufacturing facility with dedicated research and
Revenue from Operations 226.60 72.99 17.13 development team;
EBITDA 122.49 23.49 2.12 • Wide sales and distribution network and strong service network;
Net Profit for the year 90.04 15.87 0.76 • Experienced management team with strong industry expertise; and
EPS – Basic & Diluted (₹) 40.34 7.11 0.34 • Strong financial performance with consistent growth and profitability
RONW (%) 83.74 89.63 46.37
Net Asset Value - Diluted (₹) 48.25 39.67 3.67

Source: DRHP, * Restated Statement Back 96

WAPCOS Limited
Promoters: President of India acting through the Ministry of Jal Shakti, Government of India
Offer Details: Offer for Sale of 32,500,000 Equity Shares
Date of SEBI Filing: 27-09-2022 Date of SEBI Approval: N.A. Face Value: ₹ 10/-
Approx Issue Size (₹ Cr): -
BRLMs: IDBI Capital, SMC Capital Registrar: KFin Technologies
Category Allocation - QIB:HNI:Retail: 50:15:35
Objects of the Offer: Offer for sale

Company Overview Business/Product Overview

• WAPCOS is engaged in engineering consultancy services and construction in the • WAPCOS has provided engineering consultancy services to various clients
fields of water, power and infrastructure sectors for businesses and communities in since their incorporation in over 50 countries. They have developed global
India and overseas. presence, particularly in South Asia and across Africa, in areas of water,
• Over the last 5 decades, the company has been providing engineering consultancy power and infrastructure sectors. Presently, they are undertaking ongoing
services for projects in water, power and infrastructure sectors. projects in 30 countries.
• They have been ranked top by ADB amongst Top-10 international consultancy firms in • The company renders range of services from “concept-to-commissioning”
water and other urban infrastructure sectors in terms of the ADB finance account. They and beyond to various projects in water, power and infrastructure sectors
have also been ranked 3rd amongst Top-5 companies from India in providing to their clients by leveraging their diverse experience, core competencies
consulting services during the period 2017-2021. and using the latest technologies available at their disposal.

Brief Financials ₹ in Cr

As at March 31, Key Strengths

Particulars
2022 2021 2020 • Pan India Presence;
Equity Share Capital 130.00 130.00 100.00 • Global experience and reach;
Net worth 688.29 642.87 607.57
• Established track record in core areas;
Revenue from Operations 2,797.99 2,512.87 2,842.22
• Operational efficiency and quality control through well-established systems
EBITDA 117.91 109.71 260.48 and controls;
Net Profit for the year 69.16 60.42 147.31 • Strong image as a “Technical Consultancy” organization;
EPS – Basic & Diluted (₹) 5.32 4.65 11.33 • Strategic role in Government of India initiatives;
RONW (%) 9.99% 9.36% 24.21% • Strong Order book and Credit Profile.
Net Asset Value - Diluted (₹) 6.01 5.66 5.37

Source: DRHP, * Restated Statement Back 97

Mankind Pharma Limited
Promoters: Ramesh Juneja, Rajeev Juneja, Sheetal Arora, Ramesh Juneja Family Trust, Rajeev Juneja Family Trust, and Prem Sheetal Family Trust
Offer Details: Offer for Sale of 40,058,844 Equity Shares
Date of SEBI Filing: 16-09-2022 Date of SEBI Approval: N.A. Face Value: ₹ 1/-
Approx Issue Size (₹ Cr): NA BRLMs: Axis Capital, Kotak Mahindra Capital, IIFL Securities, Jefferies India,
Registrar: KFin Technologies
Category Allocation - QIB:HNI:Retail: 50:15:35 J.P.Morgan India
Objects of the Offer: Offer for sale

Company Overview Business/Product Overview

• Mankind Pharma Ltd is India’s 4th largest pharmaceutical company in terms of • In their domestic pharmaceuticals business, they are present across acute
Domestic Sales and 2nd largest in terms of sales volume for the FY 2022. and chronic therapeutic areas, including antiinfectives, cardiovascular,
• The company focuses on the domestic market, where they develop, manufacture and gastrointestinal, anti-diabetic, neuro/CNS, vitamins/ minerals/nutrients and
market a diverse range of pharmaceutical formulations as well as several consumer respiratory, among others.
healthcare products. • In their consumer healthcare business, they have established several
• They have created 36 brands in their pharmaceutical business that have each brands in the condoms, pregnancy detection, emergency contraceptives,
achieved over ₹50 crore in Domestic Sales in the FY 2022. antacid powders, vitamin and mineral supplements and antiacne
preparations categories.

Brief Financials ₹ in Cr

As at March 31, Key Strengths

Particulars
2022 2021 2020 • Scaled domestic focused business with potential for further growth;
Equity Share Capital 40.06 40.06 40.06 • Growing faster than the rate of the IPM with a focus on volume-led growth;
Net worth 6,155.23 4,722.00 3,485.31
• Diversified portfolio across key therapeutic areas;
Revenue from Operations 7,781.56 6,214.43 5,865.23
• Established and growing consumer healthcare franchise with brand recall;
EBITDA 2,003.80 1,659.78 1,448.35
• Wide market and distribution coverage with focus on affordability and
Net Profit for the Period 1,452.96 1,293.03 1,056.15 accessibility;
EPS – Basic & Diluted (₹) 35.78 31.59 25.72 • Significant and diversified manufacturing and R&D capabilities.
RONW (%) 23.29% 26.80% 29.56%
Net Asset Value - Diluted (₹) 153.65 117.88 87.00

Source: DRHP, * Restated Consolidated Back 98

Fincare Small Finance Bank Limited
Promoters: Fincare Business Services Ltd
Offer Details: Fresh issue of Equity Shares aggregating upto ₹625 Cr and Offer for Sale of 17,000,000 Equity Shares, Pre-IPO Placement of ₹125 Cr, Reservation
for Employees.
Date of SEBI Filing: 08-08-2022 Date of SEBI Approval: N.A. Face Value: ₹ 10/-
Approx Issue Size (₹ Cr): 625^ BRLMs: Axis Capital, ICICI Securities, IIFL Securities, SBI Capital Markets, Amit
Registrar: KFin Technologies
Category Allocation - QIB:HNI:Retail: 50:15:35 Pvt Ltd
Objects of the Offer: Augmentation of Bank’s Tier-I capital base to meet the future capital requirements.

Company Overview Business/Product Overview

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

Brief Financials ₹ in Cr

As at March 31, Key Strengths

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

Source: DRHP, * Restated Statement Back 99

Healthvista India Limited
Promoters: The company is a professionally managed company and does not have an identifiable promoter.
Offer Details: Fresh issue of Equity Shares aggregating upto ₹200 Cr and Offer for Sale of 56,252,654 Equity Shares; Pre-IPO Placement of ₹40 Cr
Date of SEBI Filing: 01-07-2022 Date of SEBI Approval: N.A. Face Value: ₹ 1/-
Approx Issue Size (₹ Cr): 200^
BRLMs: SBI Capital Markets, IIFL Securities, JM Financial Registrar: Link Intime
Category Allocation - QIB:HNI:Retail: 75:15:10
Objects of the Offer: Funding the working capital requirements of the Material Subsidiary; Re-payment/ pre-payment of certain indebtedness; Purchase of medical
equipment; Marketing and brand building activities; Inorganic growth initiatives.

Company Overview Business/Product Overview

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

Brief Financials ₹ in Cr

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

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

Source: DRHP, * Restated Consolidated. Back 100

Joyalukkas India Limited
Promoters: Alukkas Varghese Joy
Offer Details: Fresh issue of Equity Shares aggregating upto ₹2,300 Cr
Date of SEBI Filing: 28-03-2022 Date of SEBI Approval: N.A. Face Value: ₹ 10/-
Approx Issue Size (₹ Cr): 2,300
BRLMs: Edelweiss Financial, Haitong Securities, Motilal Oswal, SBI Capital Markets Registrar: Link Intime
Category Allocation - QIB:HNI:Retail: 50:15:35
Objects of the Offer: Repayment or pre-payment, in full or part, of certain borrowings; Financing the opening of 8 new showrooms

Company Overview Business/Product Overview

• Joyallukkas India Ltd is one of the leading jewellery companies in India in terms of • Company’s jewellery products consist of 4 main products: • Gold jewellery;
revenue in Fiscal 2021. Their jewellery business includes sale of jewellery made of • Diamond jewellery; • Silver jewellery; and • Platinum and other precious
gold, studded and other jewellery products that include diamond, platinum, silver and metal/stones-based jewellery.
other precious stones. • They offers gold jewellery, diamond and other studded jewellery, jewellery
• They operates 85 showrooms under the “Joyalukkas” brand across 68 cities in India made from silver, platinum and other precious metal-based jewellery.
with an area aggregating approximately 344,458 square feet, as of January 31, 2022. • They have 8 sub-brands, namely “Pride”, “Eleganza”, “Apurva”, “Ratna”,
• Their product profile includes traditional, contemporary and combination designs “Veda”, “Zenina”, “Masaaki pearls” and “Li’l Joy”.
across jewellery lines, usages and price points. • As of January 31, 2022, they operated 85 showrooms spread across 68
cities in India, with an entrenched presence towards south India.

Brief Financials ₹ in Cr
Key Strengths
As at Sep’30 As of March 31,
Particulars
2021(06) 2020(06) 2021(12) 2020(12) 2019 (12) • Established homegrown brand with robust sales and marketing strategy;
Equity Share Capital 70.03 70.03 70.03 70.03 70.03 • Leading jewellery company in India and well positioned to capitalize on
Net worth industry growth;
1,916.70 1,426.90 1,650.72 1,177.82 1,117.54
Revenue from Operations • Presence across India with a strong foothold in South India;
4,012.26 2,088.77 8,066.29 8,023.79 8,091.84
EBITDA 498.44 495.49 946.25 648.56 587.68 • Diversified product portfolio across categories and price points;
Net Profit for the Period 268.95 248.61 471.75 40.71 116.14 • Strong track record of growth, profitability and unit economics.
EPS (₹) 3.49^ 3.23^ 6.12 0.53 1.51
RoNW (%) as stated 13.54%^ 16.61%^ 27.42% 3.26% 9.78%
Net Asset Value (₹) 283.68 213.74 245.70 178.18 169.57

Source: DRHP, * Restated Statement, ^not annualised Back 101

EBIXCASH Limited
Promoters: Ebix Inc. and Ebix Singapore Pte. Ltd.
Offer Details: Fresh issue of Equity Shares aggregating upto ₹6,000 Cr; Reservation for Employees; Pre-IPO Placement of ₹1,200 Cr
Date of SEBI Filing: 10-03-2022 Date of SEBI Approval: N.A. Face Value: ₹ 1/-
Approx Issue Size (₹ Cr): 6,000
BRLMs: Motilal Oswal, Equirus Capital, ICICI Securities, SBI Capital Markets, Yes Securities Registrar: Link Intime
Category Allocation - QIB:HNI:Retail: 50:15:35
Objects of the Offer: Funding the working capital requirements of the subsidiaries, Ebix Travels Pvt Ltd and EbixCash World Money Ltd; Purchase of outstanding
compulsorily convertible debentures from Ebix Asia Holdings Inc, Mauritius (“Ebix Mauritius”).

Company Overview Business/Product Overview

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

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

Particulars
2021(06) 2020(06) 2021(12) 2020(12) 2019 (12)
• Integrated business model offering one-stop-shop for B2B, B2C and
Equity Share Capital 0.23 0.23 0.23 0.23 0.23 B2B2C;
Net worth 4,195.21 3,756.00 4,013.27 3,769.97 3,364.52 • Operating in regulated industries with a large network, resulting in a high
Revenue from Operations 2,653.42 1,140.83 4,152.53 2,170.02 1,888.33 barrier to entry;
EBITDA 339.60 188.49 511.73 496.50 624.52 • Multiple cross-selling opportunities, synergies, network effect and wide
reach for customer acquisition;
Net Profit/(Loss) for the Period 191.10 (19.09) 230.05 243.34 459.53 • Proprietary technology offering that is flexible and customizable for wide
EPS (₹)# 2.14^ (0.12)^ 2.66 2.97 4.67 application across a variety of customer requirements;
RoNW (%) as stated 4.57%^ (0.43)%^ 5.92% 7.61% 13.45% • Successfully acquired complementary businesses, integrated them into
Net Asset Value (₹) 44.64 39.97 42.71 39.15 34.34 their ecosystem, and turned them profitable.

Source: DRHP, * Restated Consolidated , #continued operations, ^not annualised Back 102
BVG India Limited
Promoters: Hanmantrao Ramdas Gaikwad and Umesh Gautam Mane
Offer Details: Fresh Issue of Equity Shares aggregating upto ₹ 200 Cr and Offer for Sale of 7,196,214 Equity Shares by Selling Shareholder.
Pre IPO Placement of ₹ 40 Cr.
Date of SEBI Filing: 30-09-2021 Date of SEBI Approval: N.A. Face Value: ₹10/-
Approx Issue Size (₹ Cr): 200^
BRLMs: ICICI Securities, JM Financial, HSBC Securities Registrar: Link Intime
Category Allocation - QIB:HNI:Retail: 50:15:35
Objects of the Offer: Repayment and/or pre-payment of certain borrowings of the company.

Company Overview Business/Product Overview

• BVG India Ltd is one of India’s largest integrated services companies with more than • The company provides 20 services under the integrated services segment,
54,000 employees as of June 30, 2021. They offer a wide range of integrated services comprising various soft services, hard services, and specialized services.
including soft services such as mechanized house-keeping, industrial housekeeping, Soft services comprise housekeeping, horticulture and landscaping, pantry
manpower supply, security services and janitorial services, hard services such as and cleaning, manpower supply, coach cleaning, security services, pest
electro-mechanical works and highway maintenance, and specialized services such as control, janitorial and front office support services.
paint-shop cleaning and logistics management. • Hard services comprise electro-mechanical works, engineering,
• They offer these services to a diverse base of clients operating across sectors procurement and construction services for solar plants, turnkey facility
including industrial and consumer sector, transport and transit infrastructure sector, management etc.
hospitals and healthcare sector, and to government establishments. • Specialized services comprise logistics, production support, system
cleaning, paint-shop cleaning, bus maintenance, factory relocation and
other services.
Brief Financials ₹ in Cr

As at March 31,
Particulars
2021 2020 2019# Key Strengths
Equity Share Capital 25.71 25.71 25.71
• One of the largest integrated services companies in India;
Instruments entirely equity in nature 14.84 14.84 14.84
• Diverse base of clients with longstanding relationships;
Net worth 781.13 699.49 580.49
• Comprehensive portfolio of services across sectors;
Revenue from Operations 1,667.72 1,930.12 1,818.21
• Differentiated business model and strong financial track record;
Net Profit for the Year 86.10 122.50 84.52
• Quality oriented delivery of services.
EPS (₹) 33.16 47.19 32.55
RoNW (%) as stated 11.02% 17.51% 14.56%
Net Asset Value (₹) 303.82 272.07 225.78

Source: DRHP, * Restated Consolidated. Back 103

Disclaimer

 The presentation is only for restricted circulation to the addressed parties. This presentation does not constitute an engagement or offer for the engagement from Axis Capital Limited
or any of its affiliates (“Axis Group”) to any party and the information contained herein will not form the basis of any contract.

 Neither Axis Capital nor any of their respective affiliates, shareholders, directors, employees, agents or representatives makes any warranty or representation as to the accuracy or
completeness of the information contained herein (including statements of opinion and expectation, whether communicated in written, oral, visual or electronic form) or as to the
reasonableness of any assumptions contained herein. In particular, no representation or warranty is given as to the achievement or reasonableness of, any information.

 Consequently, neither Axis Capital nor any of their respective affiliates, shareholders, directors, employees, agents or advisors shall be liable for any loss or damage (direct or indirect)
suffered as a result of reliance upon any statements contained in, or any omission from this presentation and expressly disclaim any and all liability relating to or resulting from the use
of this presentation.

 This presentation should not be distributed, reproduced, or used without the express consent of Axis Capital.

 Nothing contained in this presentation should be relied upon as a promise or representation as to the future. The pro forma and information contained herein was prepared expressly
for use herein and is based on certain assumptions and management's analysis of information available at the time this presentation was prepared. There is no representation,
warranty or other assurance in this regard.

Thank You

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IPO MarketUpdate Mar'2023

Uploaded by

IPO MarketUpdate Mar'2023

Uploaded by

IPO Market Update

Listing Gain and Price Movement –

Issues Where SEBI Observations

Issues Offer Documents Filed &

Brief summary of Issues – SEBI Observation

Brief summary of Issues – Offer Documents Filed &

4,43,419 1,51,259 34% 3,93,442 89%

Fresh: 8,520,000 Shares

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

ICICI Securities, IIFL Securities, HSBC

Fresh: 400 Cr JM Financial, DAM Capital, IIFL

7 Udayshivakumar Infra Fresh 29-09-2022 16-01-2023 100.00% Fresh: 60 Cr - Saffron Capital

Allied Blenders and Fresh: 1,000 Cr

Manoj Vaibhav Gems N Fresh: 210 Cr

Balaji Speciality Fresh: 250 Cr

Sai Silk (Kalamandir) Fresh: 175 Cr Motilal Oswal, Edelweiss Financial,

Utkarsha Small ICICI Securities, Kotak Mahindra

Pristine Logistics and Fresh: 250 Cr ICICI Securities, HSBC Securities, JM

Gold Plus Glass Fresh: 300 Cr

Concord Enviro Fresh: 175 Cr

Fresh: 18,258,427 Shares

Gujarat Polysol Fresh: 87 Cr

Fedbank Financial Fresh: Rs.900 Cr ICICI Securities, Equirus Capital, IIFL

Aadhar Housing Fresh: 1,500 Cr

TVS Supply Chain Fresh:2,000 Cr

Asianet Satelite Fresh: 300 Cr

Ideaforge Fresh: 300 Cr

Ratnaveer Precision Fresh: 15,300,000 Shares

Fresh: 400 Cr Kotak Mahindra Financial, Citigroup Global, JM

Survival Fresh: 200 Cr

Gandhar Oil Refinery Fresh: 357 Cr

Fresh: 950 Cr Kotak Mahindra Capital, Citigroup Global,

Fresh: 500 Cr ICICI Securities, Ambit, BNP Paribas, BOB Capital

Fresh: 3,500,000 Shares

Fincare Small Fresh: 625 Cr

Edelweiss Financial, Haitong Securities, Motilal

Motilal Oswal, Equirus Capital, ICICI Securities, SBI

Read more at:

Indicative Timetable Issue Details Issue break-up Shareholding (No. of Shares)

Company Overview Business/Product Overview

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

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

Company Overview Business/Product Overview

Source: DRHP, * Restated Consolidated Back` 37

Company Overview Business/Product Overview

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

Company Overview Business/Product Overview

Source: DRHP, * Restated Statement Back 39

Company Overview Business/Product Overview

As at March 31, Key Strengths

Company Overview Business/Product Overview

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

Company Overview Business/Product Overview

As at March 31, Key Strengths

Source: DRHP, * Restated Statement Back 42

Company Overview Business/Product Overview

Source: DRHP, * Restated Standalone Back 43

Company Overview Business/Product Overview

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

Source: DRHP, * Restated Consolidated; ^not annualised Back 44

Company Overview Business/Product Overview

Source: DRHP, * Restated Statement Back 45

Company Overview Business/Product Overview

As at March 31, Key Strengths

Source: DRHP, * Restated Consolidated Back 46

Company Overview Business/Product Overview

As at March 31, Key Strengths

Source: DRHP, * Restated Consolidated; ^not annualised; Back 47

Company Overview Business/Product Overview

As at Dec’31 As at March 31,

Source: DRHP & Addendum, * Restated Consolidated. ^ not annualised Back 48

Company Overview Business/Product Overview

Source: DRHP, * Restated Summary Back 49

Company Overview Business/Product Overview

As at March 31, Key Strengths

Source: DRHP, * Restated Statement Back 50