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Indogulf Cropsciences Limited : Subscribe

  • Date

    26th Jun 2025 - 28th Jun 2025

  • Price Range

    Rs.105 to Rs. 111

  • Minimum Order Quantity

    135

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Price Lot Size Issue Date Issue Size
₹ 105 to ₹ 111 135 26th Jun, 2025 – 30th Jun, 2025 ₹200 Cr

Indogulf Cropsciences Limited IPO

Indogulf Cropsciences Ltd., established in 1993, is a leading player in India’s agrochemical industry, engaged in the manufacturing and marketing of crop protection products, plant nutrients, and biologicals. The company operates under three key business verticals – crop protection, plant nutrients, and biologicals – serving both retail and institutional customers with a focus on enhancing crop yield and promoting sustainable agriculture. The company manufactures a wide range of products across multiple formulations, including water dispersible granules (WDG), suspension concentrate (SC), capsule suspension (CS), ultra-low volume (ULV), emulsion in water (EW), soluble granule (SG), flowable suspension (FS), etc, which are offered in powder, granular, and liquid forms. The company is among the few indigenous manufacturers of technical-grade molecules, such as Spiromesifen and Pyrazosulfuron-ethyl, in India. It exports to over 34 countries and is recognized as a ‘Two Star Export House’ by the Government of India. Indogulf’s registered product portfolio includes insecticides, herbicides, fungicides, plant growth regulators, and bio-stimulants under brand names such as Farrate, Dominator, Corsa-808, Alkazar, Bound Off, Breeza, Apache, and Root-o-Max Gold. Its licensed plant nutrient products include Picaso Gold, Jagromin-99, and Zinc Super+. With four ISO-certified manufacturing facilities across Haryana and Jammu & Kashmir, the company supports production through a robust supply network and strategic sourcing of raw materials from both domestic and global partners. They also provide contract manufacturing services that are customizable to meet specific requirements and formulations requested by its clients, delivering tailored solutions. The company’s longevity in the industry, spanning over three decades, is a testament to its ability to adapt to evolving industry landscapes, business environments, and customer requirements. They have built long-standing relationships with numerous customers and catered to major domestic and international brands. Its extensive marketing and distribution network spans 22 states and 3 Union Territories in India, supported by 5,772 domestic distributors, 169 institutional clients, and 129 overseas partners. The company also emphasizes R&D through its NABL-certified laboratory in Haryana, which is backed by a team of scientists and agronomists. The company’s R&D efforts have resulted in the grant of three patents since FY19 and two additional patent applications are currently in the pipeline.

Objective of the Indogulf Cropsciences Limited IPO

The net proceeds from the fresh issue will be used towards the following purposes:

  • Funding working capital requirements of company;
  • Repayment/Prepayment of a portion of certain outstanding borrowings;
  • General corporate purposes.

Rationale To Indogulf Cropsciences Limited IPO

Diversified product portfolio and specialized products to aid financial performance

The company has diversified its product portfolio over three decades and has grown into a multi-product manufacturer of crop protection, plant nutrients, and biologicals in India.  The company’s product portfolio has expanded from 198 products in FY22 to 259 products in FY24, comprising products manufactured using in-house innovative processes, which enables the company to cater to a broad customer base across both domestic and international markets. The company offers a variety of formulations, including WDG, SC, CS, ULV, EW, SG, and FS, available in powder, granular, and liquid forms, along with innovative QR-code-enabled packaging that enhances transparency and product traceability. Indogulf has developed patented packaging solutions, holding three packaging patents alongside 167 trademarks, seven copyrights, and six design registrations, which collectively strengthen brand identity and enhance customer trust. The company also has a robust pipeline, with 152 products under registration and 19 under manufacturing, indicating strong future growth visibility. Its multipurpose manufacturing facilities offer operational flexibility, enabling the company to adjust its product mix according to market demand and reduce its reliance on specific products. Moreover, the agrochemical sector’s high regulatory entry barriers, including extensive R&D, long lead times, and complex approvals, further strengthen the company’s competitive positioning, making it well-placed to scale operations, maintain customer loyalty, and sustain long-term growth visibility.

Backward integration and flexible manufacturing infrastructure provides competitive advantage

The company possesses a well-established, backward-integrated manufacturing infrastructure, which forms a critical component of its operational efficiency and cost leadership. The company has four ISO 9001:2015 and ISO 14001:2015 certified facilities spread across approximately 20 acres in Jammu & Kashmir and Haryana. The company has integrated both formulation and technical manufacturing capabilities, along with fertilizer production, allowing it to maintain stringent control over product quality and production timelines. Indogulf’s backward integration model enables the in-house manufacturing of key raw materials for select products, significantly reducing reliance on third-party suppliers and import dependencies. This not only minimizes exposure to global supply chain disruptions but also reduces procurement and logistics costs,thereby improving overall operating margins. The backward integration commenced at the Samba facility in November 2006 and later at Nathupur-II in December 2013, marking a long-standing commitment to self-reliance and cost optimization. Notably, captive consumption accounted for 29.5%, 17%, 37%, and 26% of total production in 9MFY25, FY24, FY23, and FY22, respectively, underscoring operational self-sufficiency. The company has also built strong and long-standing relationships with both domestic and international raw material vendors, further ensuring consistent supply, timely delivery, and production continuity. In addition, Indogulf’s facilities are multi-purpose and designed to allow for a high level of flexibility, enabling the manufacture of a diverse range of products across all three verticals. This flexibility enables the modification and customization of product portfolios to meet the evolving needs of customers. 

Valuation of Indogulf Cropsciences Limited IPO

Indogulf Cropsciences Limited is strategically positioned in the agrochemical sector, with a strong foundation built on a diversified product portfolio, backward-integrated manufacturing, and a robust distribution network. To capitalize on the opportunities, the company has laid out a well-defined growth strategy. This includes expanding its product portfolio and manufacturing capacities, particularly through the proposed in-house dry flowable (DF) plant at Barwasni. It also aims to strengthen its global footprint by increasing export registrations and entering new international markets. Additionally, Indogulf plans to deepen its R&D focus, streamline operations for cost efficiency, and enhance its sales and distribution network across both domestic and overseas territories. This multi-pronged strategy positions the company well for sustainable growth and value creation in the medium to long term. The agrochemical industry is also expected to benefit from structural growth factors, including rising food demand, increasing farm mechanization, and supportive government policies aimed at agricultural sustainability and food security. These trends create a favourable demand environment for Indogulf’s wide range of technical, formulation, and fertilizer products. On the financial front, the company has demonstrated stable and improving performance over the past three years, driven by strong demand across both domestic and international markets. EBITDA margins have remained steady, aided by cost optimization and value-added product offerings. The company also maintains a low debt-to-equity, underscoring a strong balance sheet. Overall, Indogulf’s financial outlook appears stable and growth-oriented, led by a strong growth trajectory, financial stability, and a well-articulated expansion strategy. The company’s backward-integrated manufacturing setup, diversified product portfolio, and expanding global footprint provide a strong competitive advantage. The planned capacity expansion, deeper market penetration, and R&D focus are likely to enhance earnings visibility in the coming years. The issue is valued at a P/E ratio of 21.8x on the upper price band based on FY25 earnings (annualized). We, thus, recommend a “SUBSCRIBE” rating for this issue.

What is the Indogulf Cropsciences Limited IPO?

The initial public offer (IPO) of Indogulf Cropsciences Limited offers an early investment opportunity in Indogulf Cropsciences Limited. A stock market investor can buy Indogulf Cropsciences Limited IPO shares by applying in IPO before Indogulf Cropsciences Limited shares get listed at the stock exchanges. An investor could invest in Indogulf Cropsciences Ltd IPO for short term listing gain or a long term.

To apply for the Indogulf Cropsciences Limited IPO through StoxBox one can apply from the website and also from the app. Click here

Indogulf Cropsciences Limited IPO is opening on 26th  Jun 2025.  Apply Now

The Lot Size of Indogulf Cropsciences Limited IPO is  135 equity shares. Login to your account now.

The allotment Date for Indogulf Cropsciences Limited IPO is 1st Jul 2025.  Login to your account now.

The listing Date for Indogulf Cropsciences Limited IPO is 3rd  July 2025.  Login to your account now

In the Retail segment the minimum investment required is Rs. 14,985. Login to your account now

 In the Retail segment the maximum investment requirement is Rs. 1,94,805. Login to your account now

The company is subject to regular inspections and audits, and the success and wide acceptance of its products are largely dependent on quality controls and standards. Any failure to comply with quality standards may adversely affect business prospects and financial performance, including the cancellation of existing and future orders, which may expose the company to warranty claims. The value of the company’s brands may be diluted if there is a change in the brand name for a known product, quality concern, or adverse publicity, which could adversely affect business, financial condition and results of operations. Underutilization of manufacturing capacities and an inability to effectively utilize expanded manufacturing capacities could harm business prospects and financial performance.

The Indogulf Cropsciences Limited . IPO be credited to the account on allotment date which is 1st Jul 2025. Login to your account now 

The prospectus of Indogulf Cropsciences Limited IPO prospectus can be find on the website of SEBI, NSE and BSE

HBD Financial Services Limited : Subscribe

  • Date

    25th Jun 2025 - 27th Jun 2025

  • Price Range

    Rs.700 to Rs. 740

  • Minimum Order Quantity

    20

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Price Lot Size Issue Date Issue Size
₹ 700 to ₹ 740 20 25th Jun, 2025 – 27th Jun, 2025 ₹12500 Cr

HBD Financial Services Limited IPO

HDB Financial Services Limited (HDBFSL) is a retail-focused non-banking financial company (NBFC) incorporated in 2007 as a subsidiary of HDFC Bank Limited. As of March 31, 2024, the company ranked as the seventh largest NBFC in India in terms of total gross loan book, which stood at Rs. 902 billion. HDBFSL is classified by the Reserve Bank of India as an Upper Layer NBFC (NBFC-UL). The company operates through three main business segments: Enterprise Lending, Asset Finance, and Consumer Finance and serves a broad customer base through an omni-channel distribution model. Its gross loan book grew to Rs. 1,069 billion as of March 31, 2025, translating to a CAGR of 23.5% over FY23-FY25. During the same period, AUM grew at a similar pace to Rs. 1,073 billion. According to a CRISIL report, HDBFSL is the second-largest and third-fastest growing customer franchise among its NBFC peers for which data is available, serving 19.2 million customers as of March 31, 2025, with a customer base largely drawn from underserved and underbanked segments. The company has a significant presence in non-metro regions, with over 80% of its branches located outside the top 20 cities and more than 70% in Tier 4 and smaller towns. The loan book is granular, with the top 20 customers contributing less than 0.3% of total gross loans and an average ticket size of approximately Rs. 1,65,000. HDBFSL maintains a diversified funding profile and carries an AAA (stable) credit rating from CRISIL and CARE, with an average cost of borrowing at 7.9% as of March 31, 2025, reported to be the sixth lowest among its peers. As of March 31, 2025, HDBFSL’s loan portfolio was split across three segments: Enterprise Lending (39.3%) comprising secured and unsecured loans to MSMEs; Asset Finance (38.0%) consisting of secured loans for income-generating assets like commercial vehicles, construction equipment, and tractors; and Consumer Finance (22.7%) covering both secured and unsecured loans for consumer durables, vehicles, and personal loans.

 

Objective of the HBD Financial Services Limited IPO

The company proposes to utilize net proceeds (Rs. 25,000 million) towards funding the following objects:

  • Augmentation of company’s Tier–I capital base to meet the company’s future capital requirements including onward lending under any of the company’s business verticals;
  • To ensure compliance with regulatory requirements on capital adequacy prescribed by the RBI from time to time.
  • Proceeds from OFS constitute of Rs. 1,00,000 million which will not be received by the company.

Rationale To HBD Financial Services Limited IPO

Diversified and business cycle-tested lending franchise with strong loan-book   granularity

HDBFSL has established a well-diversified lending portfolio that spans Enterprise Lending, Asset Finance, and Consumer Finance, each catering to distinct borrower segments across business, income-generation, and personal consumption needs. As of March 31, 2025, no single product accounted for more than 25% of the total loan book, while 73% of the loans were secured by asset-backed collateral, underscoring a conservative lending approach. The company has demonstrated the ability to grow its book at scale while maintaining asset quality, with Gross Stage 3 loans at 2.26% and Net Stage 3 at 0.99% as of FY25, which is the fourth and fifth lowest amongst its peer set. Over the years, HDBFSL has weathered multiple economic and credit shocks, including the 2008 financial crisis, the IL&FS-induced NBFC liquidity crunch, and COVID-19, while maintaining profitability, suggesting a strong underlying risk and operational framework. The company’s focus on granular lending is also evident in its low borrower concentration, with the top 20 customers contributing less than 0.34% of gross loans and an average ticket size of approximately Rs. 165,000, helping limit event-based credit risks.

Integrated, phygital distribution and risk architecture enables scalable growth

HDBFSL’s growth strategy is underpinned by an integrated distribution model that combines a physical branch-led presence with expanding digital and third-party channels. As of March 31, 2025, the company operated over 1,770 branches across 31 states and union territories. The company has a clear emphasis on underpenetrated markets, evidenced from over 80% of its branches located outside the top 20 cities, and more than 70% in Tier 4+ towns. This extensive network is complemented by over 140,000 dealer and retail touchpoints and partnerships with over 80 OEMs and brands, providing strong sourcing channels for both secured and unsecured products. Digital capabilities, including a customer-facing app with 9.2 million downloads, fintech tie-ups, and digital underwriting, enable faster turnaround and cost efficiencies. Operationally, HDBFSL maintains a clear separation between credit and sales functions, with dedicated underwriting and collections teams. As of FY25, over 95% of loans were underwritten digitally, and digital or banking channels accounted for over 95% of collections. The company’s structured credit risk framework, supported by custom scorecards, bureau integrations, and centralized monitoring tools enable dynamic portfolio management. Strategically, HDBFSL plans to deepen product offerings, improve cross-sell, and diversify funding sources, including tapping international borrowings (USD 1.1 billion ECBs in FY25), to enhance growth while managing funding costs. These capabilities position it to expand profitably while navigating the structural challenges in India’s retail credit landscape.

Valuation of HBD Financial Services Limited IPO

HDBFSL is the seventh largest leading NBFC in terms of total gross loan book. The company is also the second largest and third fastest growing customer franchise amongst its peers. Bolstered by its diversified product offerings, strong geographical presence across India, technology backed rapid turnaround times and strong customer service, the company is well positioned to meet the demand of the various customer categories, particularly in the deeper pockets of the nation. Given its granular, collateral-backed loan book and strong presence in underpenetrated Tier 3 and Tier 4 markets, HDBFSL is well-positioned to tap into the rising credit demand from India’s expanding lower- and middle-income segments. Its hybrid distribution model, backed by digital capabilities and deep OEM partnerships, offers the scale and flexibility needed to serve these evolving customer needs efficiently.  As credit penetration continues to rise across rural and semi-urban India, the company stands to benefit from structural economic tailwinds, driving consumption and enterprise financing. Financially, the company has reported a steady topline CAGR of 14.6% between FY23 and FY25. On the return front, HBDFSL has reported ROA at 2.1% in FY25 (vs 2.7% in FY24), while ROE declined from 17.9% in FY24 to 14.6% in FY25. GNPA and NNPA both increased from 1.9% and 0.6% in FY24 to 2.3% and 1.0% in FY25, respectively, as a result of slippages and write-offs during the fiscal. Despite the relatively lower return ratios and profitability growth, we remain optimistic of the company’s longer-term growth trend supported by a strong brand parentage, diversified liability franchise supported by a strong credit rating of AAA and a pan-India presence. The issue is valued at a P/B ratio of 3.9x at the upper price band based on FY25 book value, which we believe to be fairly valued compared to its peers. Considering the above compelling factors, we recommend a “SUBSCRIBE” rating to this issue from a long term perspective.

What is the HBD Financial Services Limited IPO?

The initial public offer (IPO) of HBD Financial Services Limited offers an early investment opportunity in HBD Financial Services Limited. A stock market investor can buy HBD Financial Services Limited IPO shares by applying in IPO before HBD Financial Services Limited shares get listed at the stock exchanges. An investor could invest in HBD Financial Services Ltd IPO for short term listing gain or a long term.

To apply for the HBD Financial Services Limited IPO through StoxBox one can apply from the website and also from the app. Click here

HBD Financial Services Limited IPO is opening on 25th  Jun 2025.  Apply Now

The Lot Size of Globe Civil Projects Limited IPO is  211 equity shares. Login to your account now.

The allotment Date for HBD Financial Services Limited IPO is 30th Jun 2025.  Login to your account now.

The listing Date for HBD Financial Services Limited IPO is 2nd  July 2025.  Login to your account now

In the Retail segment the minimum investment required is Rs. 14,800. Login to your account now

 In the Retail segment the maximum investment requirement is Rs. 1,92,400. Login to your account now

  • As at March 31, 2025, 26.99% of HDBFSL’s total gross loans were unsecured, down from 28.66% a year earlier. These loans are not backed by collateral, which limits recovery options in case of borrower default. As a result, any material deterioration in the performance of the unsecured portfolio could lead to elevated credit losses and adversely affect the company’s asset quality and profitability.
  • Non-payment or default by HDBFSL’s customers could lead to a rise in non-performing assets, requiring higher provisioning and impacting profitability. Inadequate provisioning coverage or a sudden change in regulator-mandated provisioning norms may further strain the company’s financial position.
  • HDBFSL, along with its Promoter and certain Directors, is involved in various legal and regulatory proceedings. These include actions and penalties imposed by relevant authorities. Any adverse outcome in these matters could materially impact the company’s reputation, business operations, cash flows, and overall financial condition.

The HBD Financial Services Limited . IPO be credited to the account on allotment date which is 30th Jun 2025. Login to your account now 

The prospectus of HBD Financial Services Limited IPO prospectus can be find on the website of SEBI, NSE and BSE

Sambhv Steel Tubes Limited : Subscribe

  • Date

    25th Jun 2025 - 27th Jun 2025

  • Price Range

    Rs.77 to Rs. 82

  • Minimum Order Quantity

    182

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Price Lot Size Issue Date Issue Size
₹ 77 to ₹ 82 182 25th Jun, 2025 – 27th Jun, 2025 ₹540 Cr

Sambhv Steel Tubes Limited IPO

Sambhav Steel Tubes is a leading manufacturer of electric resistance welded (ERW) steel pipes and structural tubes (hollow section) in India, with a significant installed capacity of 1,698,000 MTPA as of March 31, 2025. The company has established a strong presence through its backward-integrated manufacturing setup, enabling the production of a wide range of value-added steel products such as ERW black pipes, pre-galvanized (GP) pipes, cold rolled full hard (CRFH) pipes, galvanized iron (GI) pipes, steel door frames, and stainless steel (SS) products including HRAP coils and CR coils. The company is one of only two manufacturers in India, as of December 2024, producing ERW pipes using narrow-width hot-rolled (HR) coils, which offers enhanced precision and customization, according to a CRISIL report.  The company’s products are rust-resistant and tailored to meet specific market requirements, ensuring wide application across multiple sectors, including housing and infrastructure, water transportation, agriculture, automobile, telecommunications, oil and gas, engineering, solar energy, firefighting systems, and conveyor support structures. Sambhav Steel has a broad distribution network across 15 Indian states and one union territory as of December 31, 2024. According to the CRISIL report, they are amongst few players in India manufacturing stainless steel coils with backward integration and currently have the capability of manufacturing stainless steel (SS) blooms/slabs, which are captively consumed to produce HR coil, hot rolled annealed pickled (SS HRAP) coil and CR coil. The company’s operations are based in the mineral-rich state of Chhattisgarh, with facilities located at Sarora (Tilda) and Kuthrel. This proximity to raw material sources, including high-grade iron ore from a Navratna PSU and coal from a Maharatna PSU, benefits the company. This strategic location ensures efficient logistics and uninterrupted supply of key inputs. Since commencing operations in 2018 with sponge iron production, Sambhav has rapidly diversified and scaled up its manufacturing capabilities to include a range of high-quality finished and intermediate steel products. Its facilities are equipped with advanced technologies, such as hydraulic automatic gauge control (HAGC) in hot rolling mills, which support precision manufacturing and reduce reliance on external suppliers.

Objective of the Sambhv Steel Tubes Limited IPO

The net proceeds from the fresh issue will be used towards the following purposes:

  • Repayment/Prepayment of a portion of certain outstanding borrowings;
  • General corporate purposes. 

Rationale To Sambhv Steel Tubes Limited IPO

A single location backward integrated facility is a key competitive advantage

The company presents a compelling investment opportunity owing to its fully backward-integrated, single-location manufacturing facility in India, which spans the entire steel value chain from sponge iron to value-added finished products. This integration enables captive production of key intermediates like sponge iron, mild steel, stainless-steel blooms and slabs, HR and CR coils, as well as galvanized products such as GP coils. These feed into the manufacture of ERW black pipes, CRFH pipes, Corten steel pipes, GP and GI pipes, steel door frames, and stainless-steel products such as HRAP and CR coils. This strategic integration ensures strong control over raw material supply, cost efficiency, consistent product quality, and enhanced margins. Over the years, Sambhav has progressively undertaken forward integration initiatives, such as the in-house development of narrow-width HR coils used in ERW pipe manufacturing, reducing dependence on external suppliers and aligning production flexibility with customer demand. The company’s product portfolio has steadily expanded, most recently including GI pipes, galvanized GP coils, and stainless-steel coils, reinforcing its focus on high-margin, value-added products.  The company also operates a 25 MW captive power plant (upgraded from 15 MW in FY24), using waste heat recovery (WHRB) and AFBC technologies, which is expected to meet over 56% of its power requirements. Additionally, the company’s efficient scrap recycling system, in which steel scrap generated across facilities is reused in steel melting operations, minimizes raw material procurement costs and production waste in manufacturing processes, enabling improved operating margins.

Strong execution capabilities and process innovation allows production of value-added products

The company demonstrates strong process innovation and execution capabilities, positioning it as a differentiated and cost-effective player in the steel manufacturing sector. Since commencing operations in 2018 with sponge iron production, the company has strategically advanced its manufacturing processes to produce a wide range of value-added and customized products. A key milestone in its innovation journey has been the development of narrow-width hot-rolled (HR) coil manufacturing capabilities, which match the quality standards of primary producers. This capability allows Sambhav to reduce its dependency on external suppliers, lower capital expenditure, and enhance cost efficiency in its pipe manufacturing operations. The company employs advanced metallurgical processes such as the argon oxygen decarburization method for producing stainless steel (SS) blooms and slabs, making it one of the few players in India to adopt this cost-efficient, high-yield technique. Additionally, it uses the ladle refining furnace process to produce high-quality alloy steel with precise control over chemical composition. The company’s commitment to sustainability is evident in its use of waste heat recovery boilers (WHRBs) and atmospheric fluidized bed combustion (AFBC) systems for captive power generation, which utilize by-products such as flue gases and dolomitic limestone to reduce waste and energy costs. These innovations have enabled the company to expand into high-margin product segments such as GI and GP pipes with advanced threading, corten steel for marine transport applications, and eco-friendly steel door frames used in affordable housing projects. The backward integration in stainless steel has further enabled the company to produce specialized grades, such as SS HRAP and CR coils, catering to niche markets with limited domestic supply. This emphasis on continuous process innovation supports product diversification, operational efficiency, and margin expansion, positioning it for sustained long-term growth.

Valuation of Sambhv Steel Tubes Limited IPO

Sambhav Steel Tubes Limited stands out in the Indian steel industry as the only player with a single-location, backward-integrated setup capable of producing sponge iron, blooms/slabs, hot-rolled (HR) coils, and various value-added products, including GP/GI pipes, stainless steel HRAP and CR coils. The company’s backward integration from iron ore to finished products significantly reduces its dependency on third-party suppliers, enhances operational efficiency, and enables faster responsiveness to market demands. The company also continues to develop new value-added products and focus on customization to expand its customer base and meet evolving market trends. Ongoing product development remains a core focus area for the company, and aim to continue this in the future. As part of its growth strategy, the company is aggressively expanding its installed capacity from ~1.1 MTPA in FY24 to ~1.7 MTPA in FY25, and plans further to add 1.2 MTPA through a new greenfield facility. This phased expansion aims to capture the increasing domestic demand for ERW and stainless-steel pipes, driven by government infrastructure push and rising applications in the industrial and consumer sectors. Additionally, by enhancing its product mix and forward integrating into steel door frames and specialized GP pipes for coastal markets, the company is aligning its offerings with evolving industry trends. On the financial front, the company has demonstrated a consistent and robust financial trajectory, underpinned by strong revenue growth and industry-leading profitability metrics. The company is also actively pursuing capital expenditure across its existing and upcoming facilities to enhance capacity and product capabilities. While this expansion may compress free cash flows in the near term, management expects improved operating leverage and scale benefits to support profitability and debt servicing. Overall, Sambhav’s financial outlook appears stable and growth-oriented, driven by capacity augmentation, higher operational efficiencies, strong industry tailwinds, robust backward integration and a growing portfolio of value-added products. The issue is valued at a P/E of 36.4x on the upper price band based on FY25 annualized earnings, which is deemed fair. Therefore, we recommend a SUBSCRIBE rating for the issue.

What is the sambhv Steel Tubes Limited IPO?

The initial public offer (IPO) of Sambhv Steel Tubes Limited offers an early investment opportunity in Sambhv Steel Tubes Limited. A stock market investor can buy Sambhv Steel Tubes IPO shares by applying in IPO before Sambhv Steel Tubes shares get listed at the stock exchanges. An investor could invest in Sambhv Steel Tubes Limited IPO for short term listing gain or a long term.

To apply for the Sambhv Steel Tubes Limited IPO through StoxBox one can apply from the website and also from the app. Click here

Sambhv Steel Tubes Limited IPO is opening on 25th  Jun 2025.  Apply Now

The Lot Size of Sambhv Steel Tubes Limited IPO is  182 equity shares. Login to your account now.

The allotment Date for Sambhv Steel Tubes Limited IPO is 30th Jun 2025.  Login to your account now.

The listing Date for Sambhv Steel Tubes Limited IPO is 2nd  July 2025.  Login to your account now

In the Retail segment the minimum investment required is Rs. 14,924. Login to your account now

 In the Retail segment the maximum investment requirement is Rs. 1,94,012. Login to your account now

  • The company’s underutilization of manufacturing capacities and inability to effectively utilize expanded manufacturing capacities could harm its business, prospects, and financial performance.
  • The company depends on certain key suppliers for specific raw materials and has not entered into definitive supply agreements with most of its suppliers. A failure by suppliers to meet their obligations may affect the availability and cost of raw materials, which can adversely impact business, results of operations, profitability, margins, cash flows, and financial condition. Further volatility in raw material prices and the inability to pass on the increase in raw material costs to customers may impact the results of operations, profitability, and margins.
  • The company relies heavily on ERW pipe and tube sales, and a drop in demand could impact its financial performance. Failure to diversify may also hinder growth and profitability.

The prospectus of Sambhv Steel Tubes Limited IPO prospectus can be find on the website of SEBI, NSE and BSE

Kalpataru Limited : Avoid

  • Date

    24th Jun 2025 - 26th Jun 2025

  • Price Range

    Rs.387 to Rs. 414

  • Minimum Order Quantity

    36

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Price Lot Size Issue Date Issue Size
₹ 387 to ₹ 414 36 24th Jun, 2025 – 26th Jun, 2025 ₹1590 Cr

Kalpataru Limited IPO

Kalpataru Limited, incorporated on December 22, 1988, is part of Kalpataru Group, promoted by Mr. Mofatraj P. Munot and Mr. Parag M. Munot. It is an integrated real estate developer with a strong footprint across all micro-markets of the Mumbai Metropolitan Region (MMR), Maharashtra. It operates across the full spectrum of real estate development activities, including land acquisition, planning, design, execution, sales, and marketing. It is the 5th largest developer in the MCGM area of Maharashtra and the 7th largest developer in Thane, Maharashtra, in terms of units supplied from
January 1, 2019, to December 31, 2024. The company’s development focus lies in luxury, premium, and mid-income residential housing, as well as commercial complexes and retail spaces. Approximately 68% of its residential developable area is located within MMR. As of December 31, 2024, the company and its promoters have delivered 120 completed projects, covering more than 25.87 million sq. ft. of developable area within Mumbai, Thane, Panvel and Pune in Maharashtra, as well as Hyderabad, Indore, Bengaluru, and Jodhpur in the states of Telangana, Madhya Pradesh,
Karnataka and Rajasthan, respectively. In addition to acquiring freehold and leasehold interests in land for development, the company has also adopted an asset-light model with 13 projects through five projects under redevelopment, six agreements under joint development agreements and two joint venture projects with other landowners to develop their land, contributing a combined 12.47 msf, representing 25.5% of its total developable area. As of December 31, 2024, it had 25 ongoing projects with a total developable area of 24.83 msf, six forthcoming projects comprising 16.33 msf, and five planned projects totalling 7.81 msf, amounting to a total development pipeline of 36 projects with 48.97 msf and holds substantial land reserves of approximately 1,886 acres on which there are currently no ongoing projects, forthcoming projects or planned projects. In FY24, the company recorded a sales value of Rs. 32,019.8 mn across 2.83 msf and 2,095 units, while for 9MFY25, the sales value was Rs. 27,272.5 mn across 2.05 msf and 1,407 units.

Objective of the Globe Civil Projects Limited IPO

The company proposes to utilize the net proceeds from the issue towards the following objects:
• Repayment/ prepayment, in full or in part, of certain borrowings availed by the company and its
subsidiaries.
• General corporate purposes.

Rationale To Kalpataru Limited IPO

Prominent real estate developer in MMR and Pune with a diversified portfolio,
proven execution capabilities, and timely project delivery.

The company is a prominent real estate developer with a strong foothold across all key micromarkets in the Mumbai Metropolitan Region (MMR) and Pune, Maharashtra, focusing on ultra-luxury, luxury, high-end, and mid-end residential segments, particularly emphasizing high-end and luxury projects. According to the Anarock Report, MMR was the leading Indian real estate market from 2019 to 2023 in terms of supply, absorption, and average base selling price. During this period, the company ranked fifth in the MCGM area and fourth in Thane in terms of the number of residential units supplied. This performance was made possible by the company’s ability to carry out all key activities associated with real estate development through its in-house resources. Leveraging its inhouse execution capabilities, the company delivered its projects on a timely basis across key markets. As of December 31, 2024, the company had completed 73 projects in MMR and Pune, accounting for 15.01 million square feet (msf). It also had 23 ongoing projects (23.21 msf), five forthcoming projects (15.03 msf), and five planned projects (7.81 msf) in these regions, collectively representing 94.84% of its total development portfolio. Its ability to deliver quality projects on a timely basis across varied price points and geographies strengthens its brand as a reliable, execution-focused developer and positions it well to capture further market share in Maharashtra’s competitive real estate landscape

Strong project pipeline with visibility towards near-term cash flows

The company’s ongoing projects and forthcoming projects, along with their ability to sell throughout the construction phase, provide visibility into near-term cash flows. As of December 31, 2024, the company had 25 ongoing projects, six forthcoming projects, and five planned projects, primarily across key micro-markets in the Mumbai Metropolitan Region (MMR). These projects are expected to benefit from the infrastructural development underway in Greater Mumbai and the MMR, thereby achieving long-term sustainability and increasing the carrying capacity of the city’s transportation networks. This, in turn, will improve traffic and transportation capacity in the MMR, both in terms of capacity and quality. Additionally, the company’s flagship developments, such as Kalpataru Parkcity in Thane, are positioned as “destination developments,” thereby strengthening the brand’s presence. The substantial development pipeline provides a competitive edge and supports the company’s continued leadership in MMR’s high-demand real estate market.

Valuation of Kalpataru Limited IPO

India’s real estate sector is projected to reach USD 1 trillion by 2030 and contribute 13% to GDP by 2025. This strong growth is driven by urbanization, rising incomes, and policy support; between 2019 and 2023, the top seven cities saw robust housing demand with 4.76 lakh units absorbed in 2023 alone, leading to a decline in unsold inventory to around 6 lakh units and the lowest inventory overhang in 6–7 years. As a prominent player with a well-established brand name, Kalpataru, backed by an experienced and qualified management team, the company is well-positioned to capitalise on these growing trends in the Indian real estate industry. The company has maintained its focus on the MMR and Pune regions, with a strong project pipeline. They are working towards the timely completion of these projects, as this will generate cash flow and enable them to unlock potential value in their existing land reserves.
Additionally, the company is exploring new opportunities, including redevelopment, JDA and JV projects. The company currently has 13 such ongoing projects, including five redevelopment projects, two joint venture projects, and six joint development agreements. Financially, the company’s revenue declined from Rs. 36,332 mn in FY23 to Rs. 19,300 mn in FY24, while the 9MFY25 revenue stands at Rs. 16,247 mn. According to management, the topline for FY23 was higher due to one-time income from the sale of its land parcel, and corresponding adjustments of overheads, etc., resulted in higher losses of Rs. 2,268 mn in FY23, which narrowed to Rs. 1,138 mn in FY24. This was also because of the reduction in the company’s interest cost from Rs. 1,303 mn in FY23 to Rs. 342 mn in FY24. In 9MFY25, the company turned profitable, reporting a profit of Rs. 55 mn. The company’s management is confident that it can further enhance its financial performance and maintain its profitable status in the years to come, given its
ongoing projects. Further, as of March 27 , 2025, the company converted Rs. 14,400 mn worth of unsecured debentures into equity shares, which will reduce debt and increase capital. Additionally, the company may monetize land reserves and explore joint ventures to unlock value, while managing financial risks through refinancing and strategic debt repayment to reduce borrowing costs. The company also plans to use the funds raised from this IPO to repay its debt. The company is currently valued at a P/E ratio of 554x on the upper price band, based on FY25 annualized earnings, which is comparatively higher than its peers. Although the company’s ongoing projects in high-growth cities, favourable industry dynamics, and intention to repay debt position it well for long-term growth, the company’s debt and high valuation make it a risky bet; hence, we recommend an “AVOID” rating for this issue. We will reassess our recommendation if there is a sustained improvement in the company’s debt structure and valuation metrics in future

What is the Kalpataru Limited IPO?

The initial public offer (IPO) of Kalpataru Limited offers an early investment opportunity in Kalpataru Limited. A stock market investor can buy Globe Civil Projects IPO shares by applying in IPO before Kalpataru Limited shares get listed at the stock exchanges. An investor could invest in Kalpataru Limited IPO for short term listing gain or a long term.

To apply for the Kalpataru Limited IPO through StoxBox one can apply from the website and also from the app. Click here

Kalpataru Limited IPO is opening on 24th  Jun 2025.  Apply Now

The Lot Size of Kalpataru Limited IPO is  36 equity shares. Login to your account now.

The allotment Date for Kalpataru Limited IPO is 27th Jun 2025.  Login to your account now.

The listing Date for Kalpataru Limited IPO is 1st  July 2025.  Login to your account now

In the Retail segment the minimum investment required is Rs. 14,904. Login to your account now

 In the Retail segment the maximum investment requirement is Rs. 1,93,752. Login to your account now

  • The company has incurred net losses in the past, and any potential losses in future periods could adversely
    affect its financial health, results of operations, and cash flows.
  • As of December 31, 2024, 94.84% of the company’s real estate development projects were located in and
    around the Mumbai Metropolitan Region and Pune. As a result, the company remains exposed to risks arising
    from economic, regulatory, political, and other changes in these regions, which could adversely impact its
    business, operating results, and financial condition.
  • The company is exposed to risks associated with land acquisition, including limited land availability, rising
    competition, and complex regulatory requirements, which may adversely impact its business, operational
    results, and financial condition.

The Kalpataru Limited IPO be credited to the account on allotment date which is 30th Jun 2025. Login to your account now 

The prospectus of Kalpataru Limited IPO prospectus can be find on the website of SEBI, NSE and BSE

Globe Civil Projects Limited : Subscribe

  • Date

    24th Jun 2025 - 26th Jun 2025

  • Price Range

    Rs.67 to Rs. 71

  • Minimum Order Quantity

    211

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Price Lot Size Issue Date Issue Size
₹ 67 to ₹ 71 211 24th Jun, 2025 – 26th Jun, 2025 ₹119 Cr

Globe Civil Projects Limited IPO

Incorporated on May 22, 2002 and headquartered in New Delhi, Global Civil Projects is an integrated engineering, procurement, and construction (EPC) company. Global Civil has executed projects across 11 states in India, focusing on the construction of infrastructure projects, including transport and logistics, Social and Commercial Facilities, as well as non-infrastructure projects such as railway bridges, airport terminals, elevated railway terminals, and hospitals. Additionally, the company is involved in trading goods, particularly TMT steel. The company’s construction project revenues are broadly classified into two categories: Infrastructure projects and Non-Infrastructure projects.

Infrastructure projects are further divided into:

(i) Transport & Logistics projects, which include roads, bridges, airport terminals, and railway
terminals;
(ii) Social and Commercial projects, which include educational institutions, sports infrastructure, and hospitals.

Non-infrastructure projects include:

(i) Commercial office buildings;
(ii) Housing projects.

The company also offers mechanical, electrical, and plumbing (MEP) services, as well as architectural and structural work, HVAC, firefighting, and fire alarm systems, which contribute to their construction project revenue. Over the last two decades, Global Civil Projects has completed 37 projects and currently has 13 ongoing projects, comprising 5 Social and Commercial Infrastructure projects, 3 transport and logistics projects, 4 Residential Building projects, and 1 Office Building project. The company has collaborated with several reputed clients and has been associated with marquee construction projects across India.

Objective of the Globe Civil Projects Limited IPO

The company proposes to utilize the net proceeds from the fresh issue towards funding the following
objects:
• Funding working capital requirements of the company;
• Funding capital expenditure requirements towards the purchase of equipment/machinery; and
• General corporate purposes

Rationale To Globe Civil Projects Limited IPO

Strong project management and execution capabilities a key trigger for future
performance

With a legacy of over two decades, the company has established a track record of successfully executing a diverse mix of construction projects. The company has completed 37 projects in the last two decades and has 13 ongoing projects for a diverse set of corporate, government, and other customers across various segments. The largest project by area completed by the company was the Academic and Administrative Block at AIIMS, Raipur, Chhattisgarh, with an area of 463,801.51 sq. ft. and a project cost of Rs. 1,813.47 million. Among the ongoing projects, the largest by area and value is the NIT Narela Campus, with an area of 688,908.57 sq. ft. and an estimated project cost of Rs. 3,270.00 million. Over the years, the company has leveraged its expertise and experience to deliver complex construction projects across various verticals and geographies, developing a brand with a
reputation for providing high-quality services with efficient execution and on-time delivery. The company’s goal is to use its project management and execution capabilities to accomplish projects on schedule while maintaining high construction quality. This is achieved by utilising the expertise of the company’s in-house engineering and design team, which possesses extensive knowledge and experience in various aspects of construction, including civil construction, electrical, and mechanical work. To ensure that construction activities meet the required standards and comply with contractual obligations, the company has designated quality system managers responsible for conducting regular inspections and tests at each project site. Over time, the company has developed capabilities to undertake challenging and diverse projects promptly, which is reflected in its track record of project execution and the growth in its order book.

Growing order book and higher pre-qualification credentials provide revenue visibility

The company’s order book reflects a healthy project pipeline and provides strong revenue visibility for the coming years. As of March 31, 2025, the company’s order book stood at Rs. 6,691.02 million, comprising thirteen ongoing projects across multiple segments, including five infrastructure projects (social and commercial), three infrastructure projects (transport and logistics), four noninfrastructure projects (housing), and one non-infrastructure project (commercial office). This diversification across sectors helps the company mitigate concentration risk and expand growth opportunities. Additionally, the company has received letters of intent for two more projects, further strengthening its project base. The company’s order book has demonstrated consistent strength over the years, with values of Rs. 9,808.56 million in FY24, Rs. 9,378.00 million in FY23, and Rs. 3,090.5 million in FY22. The book-to-bill ratio stood at 3.06 times as of December 31, 2024, and above 2.9 times in the last two fiscal years, indicating a steady balance between project execution and new order inflow. The company’s ability to secure large and prestigious projects is backed by its growing pre-qualification credentials, strong execution track record, and robust financial performance. This has enabled the company to access larger markets and maintain a healthy order book momentum. With a clear focus on adding quality projects that offer higher margins and potential brand value, the company is well-positioned to drive sustainable growth, expand its market presence, and enhance long-term shareholder value

Valuation of Globe Civil Projects Limited IPO

Global Civil Projects is an integrated engineering, procurement, and construction (EPC) company headquartered in New Delhi. The company has undertaken projects in 11 states across India, namely Uttar Pradesh, Haryana, Delhi, Maharashtra, Andhra Pradesh,
Karnataka, Gujarat, Chhattisgarh, Rajasthan, Uttarakhand, and Himachal Pradesh. The company is engaged in the execution and construction of infrastructure projects, including transport and logistics projects, Social and Commercial projects, and non-infrastructure
projects such as railway bridges, airport terminals, elevated railway terminals, and hospitals. Additionally, the company undertakes trading of goods, particularly TMT steel. The company’s primary focus and strength lie in the construction of educational institution
buildings and railway infrastructure. Over time, the company has diversified into specialised infrastructure and non-infrastructure projects, including railway bridges, airport terminals, elevated railway terminals, and hospitals. The company is currently accredited as a Class I Super Contractor with the Central Public Works Department (CPWD), Government of India, and is pre-qualified to independently bid for single projects with a tender value of up to Rs. 650 crores. The EPC industry in which the company operates is highly competitive and fragmented, with numerous players competing for market share. Many of the company’s competitors have greater financial, marketing, sales, and operational resources. As the company expands into new geographic regions, it faces competition from both national players and strong regional entities. The company is well-positioned to capitalise on these opportunities through its technical expertise, execution track record, and strategic focus on high-growth areas. Financially, the company’s revenue from operations from construction project receipts has increased from Rs. 253.6 crores in FY22 to Rs. 293.3 crores in FY24, at a CAGR of 7.5%. Revenue from the trading of TMT steel has increased from Rs. 32.1 crores in FY22 to Rs. 38.90 crores in FY24, at a CAGR of 10.1%. Revenue for 9MFY25 stood at Rs. 256.7 crores. The company’s PAT has shown a strong upward trajectory, growing from Rs. 5.2 crores in FY22 to Rs. 15.4 crores in FY24, reflecting a CAGR of over 65%. This improvement is supported by stronger operating performance and improved margins. Importantly, in 9MFY25 alone, PAT has already reached Rs. 17.8 crores, surpassing the full-year FY24 figure. The issue is valued at a price-to-earnings (P/E) ratio of 12.8x on the upper price band, based on annualized FY25 earnings, which is relatively lower compared to its peers. Considering the above compelling factors, we recommend a “SUBSCRIBE” rating for this
issue.

What is the Globe Civil Projects Limited IPO?

The initial public offer (IPO) of Globe Civil Projects Limited offers an early investment opportunity in Globe Civil Projects Limited. A stock market investor can buy Globe Civil Projects IPO shares by applying in IPO before Globe Civil Projects Limited shares get listed at the stock exchanges. An investor could invest in Globe Civil Projects IPO for short term listing gain or a long term.

To apply for the Globe Civil Projects Limited IPO through StoxBox one can apply from the website and also from the app. Click here

Globe Civil Projects Limited IPO is opening on 24th  Jun 2025.  Apply Now

The Lot Size of Globe Civil Projects Limited IPO is  211 equity shares. Login to your account now.

The allotment Date for Globe Civil Projects Limited IPO is 27th Jun 2025.  Login to your account now.

The listing Date for Globe Civil Projects Limited IPO is 1st  July 2025.  Login to your account now

In the Retail segment the minimum investment required is Rs. 14,981. Login to your account now

 In the Retail segment the maximum investment requirement is Rs. 1,94,753. Login to your account now

  • • For 9MFY25, and in FY24, FY23, and FY22, the company derived 10.1%, 29.8%, 57.5%, and 54.6%, respectively, of its revenue from
    operations from the construction project receipts business segment associated with projects developed by the Central Public Works Department (CPWD), the company’s top customer. Any slowdown in project awards, inability to secure new projects from CPWD (whether due to reduced or discontinued project activity), failure to qualify or compete successfully for future projects, or the loss of any significant ongoing projects (due to restructuring, termination, or other factors) could adversely impact the company’s business, financial results, and overall financial condition.
  • As of March 31, 2025, the company’s consolidated order book stood at Rs. 6,691.02 million. However, projects included in the order book may face delays, modifications, cancellations, or may not be fully paid by clients due to factors beyond the company’s control. Such developments could have a material adverse impact on the company’s cash flows, revenues, and profitability.
  • The company’s business and profitability are significantly dependent on the availability and cost of raw materials, which are
    primarily sourced from third-party suppliers. Any disruption in the timely and adequate supply of raw materials or any volatility in their prices could adversely affect the company’s business, financial performance, and overall financial condition.

The Globe Civil Projects Limited . IPO be credited to the account on allotment date which is 30th Jun 2025. Login to your account now 

The prospectus of Globe Civil Projects Limited IPO prospectus can be find on the website of SEBI, NSE and BSE

Ellenbarrie Industrial Gases Limited : Subscribe

  • Date

    24th Jun 2025 - 26th Jun 2025

  • Price Range

    Rs.380 to Rs. 400

  • Minimum Order Quantity

    37

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Price Lot Size Issue Date Issue Size
₹ 380 to ₹ 400 37 24th Jun, 2025 – 26th Jun, 2025 ₹850 Cr

Ellenbarrie Industrial Gases Limited IPO

Ellenbarrie Industrial Gases Ltd. (EIG), one of the oldest operating industrial gases companies in India, manufactures and supplies industrial gases including oxygen, carbon dioxide, acetylene, nitrogen, helium, hydrogen, argon, and nitrous oxide, as well as dry ice, synthetic air, fire-fighting gases, medical oxygen, liquid petroleum gas, welding mixtures, and specialty gases catering to a diverse set of end-use industries. EIG is a key player in the industrial gases market in East and South India, holding a leading position in West Bengal, Andhra Pradesh, and Telangana in terms of installed manufacturing capacity. The company provides project engineering services, leveraging its extensive technical expertise to design, engineer, supply, install, and commission tonnage air separation units (ASUs) and related projects on a turnkey basis for customers across various sectors. The company also offers turnkey solutions involving medical gas pipeline systems, where it assists healthcare facilities in designing, installing, commissioning, operating, and maintaining these systems. In addition, it supplies essential medical equipment to healthcare facilities, including anaesthesia workstations, spirometers, ventilators, sterilizers, bedside monitors, and lung diffusion testing machines. The company operates across multiple modalities of supply, namely onsite, bulk, and packaged, whereby it distributes its products through pipelines connected to the customers, cryogenic tankers, and cylinders. It has one of the most extensive distribution networks in the country, ranking third in terms of transport tankers, cylinders, and customer installations. EIG’s portfolio of industrial and medical gases plays a critical role in serving public and private clients across various industries, including steel, pharmaceuticals and chemicals, healthcare, engineering and infrastructure, railways, aviation, aerospace, petrochemicals, and defense. The company operates nine facilities located across East, South, and Central India, with five in West Bengal, two in Andhra Pradesh, one in Telangana, and one in Chhattisgarh.

Objective of the Ellenbarrie Industrial Gases Limited IPO

The company proposes to utilize the net proceeds from the fresh issue towards funding the following objects.

  • Repayment/prepayment, in full or in part, of certain outstanding borrowings availed by the company.
  • Setting up of an air separation unit at the Uluberia-II plant with a capacity of 220 TPD; and
  • General corporate purposes.

Rationale To Ellenbarrie Industrial Gases Limited IPO

Comprehensive product portfolio catering to a diverse customer base minimizes concentration risks

EIG has built strong relationships with several Indian customers across industries over its fifty-year operational history. The company sold its products to 1,829 customers, one of the highest customer counts among gas companies in India, demonstrating a highly diversified customer base and limited concentration risk. By manufacturing a wide variety of industrial gases, EIG serves various sectors, including shipbuilding, glass and steel manufacturing, pharmaceuticals, welding, and fabrication, where the consistent supply of gases is critical to operations. The company supplies various gases, including nitrogen, to major oil and gas companies across multiple sites, as nitrogen is used for increasing well pressure during oil exploration and for purging hydrocarbons in pipelines and tanks during refining. The company also produces ultra-high-purity nitrogen gas for the electronics industry, requiring special technical acumen, and ultra-high-purity oxygen used in laboratories, solar cell manufacturing, and semiconductor applications. EIG actively engages with customers to expand the range of applications for its gases, thereby enhancing customer efficiency and increasing its share of customer spending. It also supplies to sectors such as defense and aerospace, including Indian Air Force bases across East, South, and West India, Eastern Naval Command bases, and various government-owned laboratories. As a part of its project engineering operations, EIG utilizes its extensive technical expertise to design, engineer, supply, install, and commission tonnage ASUs and related infrastructure on a turnkey basis for clients across several sectors.

Strategic locations and a robust distribution network in East and South India  enhance supply chain efficiency

EIG has built a strong manufacturing and distribution presence across East and South India, operating nine facilities in West Bengal, Andhra Pradesh, Telangana, and Chhattisgarh. These include three bulk manufacturing ASU plants along with cylinder filling stations, two standalone cylinder filling stations, and four onsite plants at customer premises, contributing to its leadership in installed  capacity in West Bengal, Andhra Pradesh, and Telangana. With a total oxygen production capacity of 1,250 TPD and the distinction of commissioning Eastern India’s first hydrogen electrolyser, the company offers multiple supply modes – onsite, bulk, and packaged – backed by one of the largest fleets of tankers and over 39,560 cylinders. Its facilities in East and South India are strategically located near key pharmaceutical, steel, automotive, railway wagons and locomotive companies, enabling it to service key customers promptly and efficiently. The company has built a robust distribution network supported by its production facilities with the third highest number of transport tankers, cylinders and customer installations in India. To further scale operations, the company has initiated an expansion at its Uluberia facility in West Bengal, with a second plant, and plans two additional projects – one in North India and another in West Bengal – to strengthen its pan-India footprint. It also recently expanded capacity by 170 TPD at a major steel customer’s Kharagpur site in January 2025. These expansion plans aim to address rising demand across various sectors and enhance supply chain efficiency nationwide.

Valuation of Ellenbarrie Industrial Gases Limited IPO

Ellenbarrie Industrial Gases Ltd. manufactures and supplies industrial gases catering to diverse end-use industries. The company offers services, including project engineering services and also turnkey solutions involving medical gas pipeline systems. In addition, it supplies medical products and equipment to healthcare facilities. The industrial gases market in India is projected to reach USD 1.75 billion by 2028, growing at a CAGR of 7.5%. The industry is directly and significantly influenced by overall economic growth. It is characterized by high customer retention, particularly among large clients, as gases are often supplied directly through pipelines under long-term contracts, typically spanning 15 to 20 years. Given the critical role of industrial gases in manufacturing processes, along with the risks and costs associated with supply disruptions, customers are extremely selective when choosing new suppliers. EIG has effectively addressed these challenges through its long-standing operating history and strong customer relationships, which contribute to stable and recurring revenue. The company benefits from long-term partnerships with three key onsite customers and has established a highly efficient distribution network, supported by its strong manufacturing presence in East and South India. It offers flexible supply options – onsite, bulk, and packaged – based on customer requirements, providing a significant competitive advantage. Its comprehensive product portfolio, catering to diverse industries such as steel, pharmaceuticals and chemicals, healthcare, engineering and infrastructure, railways, aviation, aerospace, petrochemicals, and defense, enhances customer efficiency and minimizes concentration risks. Financially, EIG has delivered a revenue CAGR of 23.4% between FY23 and FY25, while expanding its EBITDA margin from 16.4% to 35.1%, reflecting operational leverage. The company is well-positioned to capitalize on sectoral growth while maintaining profitability and scale. The issue is valued at a P/E ratio of 62.9x at the upper price band based on FY25 earnings, which is relatively cheaper compared to its peers. Considering the above compelling factors, we recommend a “SUBSCRIBE” rating for this issue.  

What is the Ellenbarrie Industrial Gases Limited IPO?

The initial public offer (IPO) of Ellenbarrie Industrial Gases Limited offers an early investment opportunity in Ellenbarrie Industrial Gases Limited. A stock market investor can buy Ellenbarrie Industrial Gases IPO shares by applying in IPO before Ellenbarrie Industrial Gases Limited shares get listed at the stock exchanges. An investor could invest in Ellenbarrie Industrial Gases IPO for short term listing gain or a long term.

To apply for the Ellenbarrie Industrial Gases Limited IPO through StoxBox one can apply from the website and also from the app. Click here

Ellenbarrie Industrial Gases Limited IPO is opening on 24th  Jun 2025.  Apply Now

The Lot Size of Ellenbarrie Industrial Gases Limited IPO is  37 equity shares. Login to your account now.

The allotment Date for Ellenbarrie Industrial Gases Limited IPO is 27th Jun 2025.  Login to your account now.

The listing Date for Ellenbarrie Industrial Gases Limited IPO is 1st  July 2025.  Login to your account now

In the Retail segment the minimum investment required is Rs. 14,800. Login to your account now

 In the Retail segment the maximum investment requirement is Rs. 1,92,400. Login to your account now

  • The company supplies products to certain government entities and public sector undertakings through a competitive bidding process where the contracts are awarded on a tender basis. If the company fails to secure these contracts in the future, then it may affect the business, results of operations, cash flows and financial condition of the company. Any change in qualification criteria, unexpected delays, or uncertainties in the tendering process may harm the business. Furthermore, there is a risk of encountering delays in receiving payments from such entities, which could impact the company’s cash flows.
  • The company is subject to strict quality requirements, regular inspections and audits, and sales of its products are dependent on its quality controls and standards. Any failure to comply with quality standards may adversely affect its business prospects and financial performance, including cancellation of existing and future orders.
  • The business is dependent on its facilities. Four of its facilities are located at the sites of its customers, and any deterioration in their relationship with these customers could adversely affect the business, results of operations, cash flows, and financial condition.

The Ellenbarrie Industrial Gases Limited . IPO be credited to the account on allotment date which is 30th Jun 2025. Login to your account now 

The prospectus of Ellenbarrie Industrial Gases Limited IPO prospectus can be find on the website of SEBI, NSE and BSE

Arisinfra Solutions Limited : Subscribe

  • Date

    18th Jun 2025 - 20th Jun 2025

  • Price Range

    Rs.210 to Rs. 222

  • Minimum Order Quantity

    67

Apply Now
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Price Lot Size Issue Date Issue Size
₹ 210 to ₹ 222 67 18th Jun, 2025 – 20th Jun, 2025 ₹500 Cr

Arisinfra Solutions Limited IPO

Arisinfra Solutions Ltd. is a technology-enabled business-to-business (B2B) company operating in the rapidly growing construction materials market. The company focuses on digitizing and simplifying the entire procurement process for construction materials, offering an efficient end-to-end experience. By combining advanced technology with human expertise, Arisinfra simplifies bulk procurement of a wide range of construction materials. Leveraging a robust vendor network, Arisinfra sources and supplies materials such as aggregates, ready-mix concrete (RMC), steel, cement, construction chemicals, and walling solutions to real estate and infrastructure developers and contractors. It aims to serve as a comprehensive, one-stop solution for all construction material needs. Between April 1, 2021, and December 31, 2024, Arisinfra delivered 14.10 million metric tonnes (MT) of construction materials across 1,075 pin codes in key cities such as Mumbai, Bengaluru, and Chennai. As of December 31, 2024, the company had registered 2,659 customers and partnered with 1,729 vendors. Its customer base includes major real estate and infrastructure developers and contractors, while its vendor base comprises manufacturers and wholesale suppliers. This expanding customer and vendor base has driven a significant increase in construction material delivery volumes. The company is transforming the B2B construction materials ecosystem by minimizing the need for multiple intermediaries involved in the procurement process. Through its subsidiary, ArisUnitern Re Solutions Private Limited (ArisUnitern), the company provides a diverse range of value-added services. These include project-specific advisory and consultancy, as well as marketing and sales support tailored for real estate developers. These services enable Arisinfra to boost revenue, build long-term client relationships, and position itself as a trusted advisor and strategic partner.

Objective of the Arisinfra Limited IPO

The company proposes to utilise the Net Proceeds towards the following objects:

  • ÞRepayment / prepayment, in full or part, of certain outstanding borrowings availed by the company;

  • ÞFunding the working capital requirements of the company;

  • ÞInvestment in its subsidiary, Buildmex-Infra Private Limited (“Buildmex”), for funding its working capital requirements;

  • General corporate purposes and unidentified inorganic acquisitions. 

Rationale To Arisinfra Solutions Limited IPO

Technology-driven infrastructure enhances efficiency, reduces intermediary dependence and expands B2B reach

Arisinfra is a B2B, technology-enabled company that leverages advanced tools such as AI and machine learning (ML). The company is streamlining the supply chain and reducing dependency on multiple intermediaries. Its competitive technological edge lies in the capability, functionality, and scalability of its systems, which allow it to tap into large market opportunities by enhancing operational efficiency and scale. Arisinfra’s digitized model enables easy expansion into new geographies by facilitating the seamless onboarding of customers and vendors in those regions. India’s construction materials market remains largely unorganized and fragmented, posing challenges for both vendors and customers. The involvement of multiple intermediaries complicates transactions, often resulting in delays and reduced profit margins for vendors. To address this, Arisinfra has utilized its domain expertise to streamline procurement by enabling seamless communication and negotiation, improving price discovery, expediting informed decision-making, and simplifying documentation through digital automation. The company operates a diversified business model that includes: (i) sourcing construction materials from external vendors and supplying them to developers and contractors in real estate and infrastructure projects, and (ii) offering third-party manufactured construction materials to these clients. It also manages deliveries with real-time updates to ensure coordination, convenience, and reliability. By automating document generation and simplifying transactions, Arisinfra has reduced time-to-market and leveraged opportunities to drive revenue. Its ability to shorten procurement cycles, improve productivity of its customers and vendors, and adapt to regional complexities has enabled it to accelerate growth. With digitization in the industrial B2B segment, particularly in real estate and infrastructure, still at an emerging stage (2–3% adoption), the company is well-positioned to benefit from this underpenetrated market.

Expanding the network ensures long-term strategic benefits

One of Arisinfra’s key value propositions for both customers and vendors is providing them access to a network of partners on the other side of the transaction. As the company attracts more customers, the demand for construction materials rises. This growing demand encourages more vendors to join its ecosystem. In turn, the increasing pool of vendors enhances the variety, availability, and options of construction materials, which draws even more customers. This continuous cycle of increasing customers and vendors strengthens the company’s competitive position and drives sustained expansion. In addition, the growing participation of the user base increases transaction volumes, enabling Arisinfra to gather more valuable data on market trends, customer preferences, and vendor performance. This data is used to make informed decisions, streamline its strategies, and continuously improve the user experience. The company also ensures that it engages only with verified customers and vendors, maintaining compliance across all business relationships. The number of registered vendors has risen, allowing the company to offer a wide range of construction materials at competitive prices, catering to a broad range of customer needs. Further, its vendors benefit from access to a large network of customers, including those engaged in large real estate and infrastructure projects. This is especially beneficial for MSME and SME vendors, who often struggle to access larger markets. Arisinfra has also seen an increase in its registered customer base, reflecting growing acceptance of its platform and the convenience and value it offers in the purchase of construction materials. Over time, it has attracted several large customers, further cementing its position as a preferred procurement solution for major players in the real estate and infrastructure industry.

Valuation of Arisinfra Solutions Limited IPO

Arisinfra Solutions Ltd. is a B2B technology-enabled company focused on simplifying and digitizing the procurement process for construction materials. The company leverages its network of vendors to source these materials and supplies them to developers and contractors engaged in real estate and infrastructure projects. In 2024, 50% to 55% of industrial B2B market spending was directed toward infrastructure and real estate construction, indicating significant potential for tech-led disruption due to existing inefficiencies. The infrastructure construction B2B market in India is projected to grow at a CAGR of 10% to 12% by 2029, while the total B2B real estate construction market is estimated to grow at 6% to 8% by 2029. Arisinfra’s use of advanced tools like AI and ML helps eliminate supply chain inefficiencies, reduces dependency on various intermediaries, and enables easy expansion into new geographies by facilitating a smooth onboarding process for its customers and vendors in the unorganized construction materials market. The company strengthens its competitive edge by expanding its pool of customers and vendors, giving them access to a network of partners on the other side of the transaction. Increased participation across the platform allows the company to gather valuable insights on market trends, supporting informed decision-making and strategically enhancing the user experience. Financially, Arisinfra has registered revenue growth at a CAGR of 24.1% over FY22-FY24. It has recently turned profitable, with losses of Rs. 173 million in FY24 turning into a profit of Rs. 65 million in 9MFY25. The company is currently valued at a P/E ratio of 273x on the upper price band, based on FY25 annualized earnings, which is relatively high; however, it remains well-positioned for future growth, considering that it is the only player in this emerging segment with an intention to repay debt and invest in its subsidiary. We thus recommend a ‘SUBSCRIBE’ rating for investors with a medium to long-term investment horizon.

 

What is the Arisinfra Solutions Limited IPO?

Arisinfra Solutions IPO is a bookbuilding of ₹499.60 crores. The issue is entirely a fresh issue of 2.25 crore shares. Arisinfra Solutions IPO bidding opened for subscription on June 18, 2025 and will close on June 20, 2025. The allotment for the Arisinfra Solutions IPO is expected to be finalized on Monday, June 23, 2025. Arisinfra Solutions IPO will be list on BSE, NSE with a tentative listing date fixed as Wednesday, June 25, 2025.

To apply for the Arisinfra Solutions Limited IPO through StoxBox one can apply from the website and also from the app. Click here

Arisinfra Solutions Limited IPO is opening on 18th  Jun 2025.  Apply Now

The Lot Size of Arisinfra Solutions Limited IPO is  67 equity shares. Login to your account now.

The allotment Date for Arisinfra Solutions Limited IPO is 23rd Jun 2025.  Login to your account now.

The listing Date for Arisinfra Solutions Limited IPO is 25th  Jun 2025.  Login to your account now

In the Retail segment the minimum investment required is Rs. 14,874. Login to your account now

 In the Retail segment the maximum investment requirement is Rs. 1,93,362. Login to your account now

  • The company derives a significant portion of its revenue from the sale of aggregates, RMC, and steel to developers and contractors involved in real estate and infrastructure projects. Any decline in demand for these construction materials due to a downturn in the real estate and infrastructure sectors, increased competition, or unfavorable macroeconomic conditions would adversely affect its business, financial condition, operational results, and cash flows.
  • The company generates nearly 95% of its revenue from the states of Maharashtra, Karnataka, and Tamil Nadu. Any significant social, political, or economic disruption, natural calamities, civil disturbances, or changes in the policies of state or local governments or the government of India, as well as unfavorable developments related to competition, may negatively impact its business, operational results, financial condition, and cash flows.
  • Delays or defaults in payment by the customers or a reduction in credit periods granted to the company by vendors could significantly increase its trade receivables, which may adversely affect its business, results of operations, financial condition and cash flows

The Arisinfra Solutions Limited . IPO be credited to the account on allotment date which is 24th Jun 2025. Login to your account now 

The prospectus of Arisinfra Solutions Limited IPO prospectus can be find on the website of SEBI, NSE and BSE

Oswal Pumps Ltd : Subscribe

  • Date

    13th Jun 2025 - 17th Jun 2025

  • Price Range

    Rs.584 to Rs. 614

  • Minimum Order Quantity

    24

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Price Lot Size Issue Date Issue Size
₹ 584 to ₹ 614 24 13th Jun, 2025 – 17th Jun, 2025 ₹1387.34 Cr

Oswal Pumps Limited IPO

Oswal Pumps is a well-established manufacturer of solar-powered and grid-connected submersible and monoblock pumps, along with electric motors (including both induction and submersible types) and solar modules. Operating under the “Oswal” brand, the company brings over two decades of experience in engineering, product design, and manufacturing for the pump industry. The company serves a broad customer base across agriculture, residential, commercial, and industrial segments. In agriculture, the company’s pumps are used for field irrigation; in residential settings, they support water supply, gardening, and cleaning needs. Commercial clients, such as malls and hotels, use their products for water management, while industrial applications include boilers, water treatment, sewage handling, and machinery operations. As of December 2024, Oswal Pumps has executed more than 38,000 turnkey solar pumping system orders directly under the PM-KUSUM scheme across multiple states, including Haryana, Rajasthan, Uttar Pradesh, and Maharashtra. In FY23 and FY24, it emerged as one of the top suppliers under the scheme. The company stands out as one of the few fully integrated players in the country, with in-house capabilities to manufacture solar pumps, modules, and controllers, as well as providing installation services. In 2024, the company further strengthened its vertical integration by starting solar module production through its wholly owned subsidiary, Oswal Solar Structure Private Limited. Oswal Pumps distribution network in India has expanded significantly, from 473 distributors in FY22 to 636 in FY24, enabling the company to serve a broader retail market. The company also exports products to 17 countries across Asia-Pacific, the Middle East, and North Africa. In 9MFY25, the company derived majority of its revenue from the submersible pumps system, which contributed Rs. 6,562 million or 66.6% of total operational revenue. This was followed by monoblock pumps at Rs. 1,174 million (11.9%) and solar submersible pumps at Rs. 437 million (4.4%). Other contributors included electric motors at Rs. 440 million (4.5%), non-solar submersible pumps at Rs. 358 million (3.6%), solar monoblock pumps at Rs. 122 million (1.2%), non-solar monoblock pumps at Rs. 41 million (0.4%), and others at Rs. 716 million (7.3%).

Objective of the Oswal Pumps Limited IPO

The company proposes to utilize net proceeds (Rs. 8,900 million) towards funding the following    objects:

  •  funding certain capital expenditure of the company;
  • investment in its wholly-owned subsidiary, Oswal Solar, in the form of equity, for funding the setting up of new manufacturing units at Karnal, Haryana;
  • pre-payment/ re-payment, in part or full, of certain outstanding borrowings availed by the company;
  • investment in its wholly-owned subsidiary, Oswal Solar, in the form of equity, for repayment/prepayment, in part or full, of certain outstanding borrowings availed by Oswal Solar; and
  • general corporate purposes.

Proceeds from OFS constitute of Rs. 4,973 million which will not be received by the company

Rationale To Oswal Pumps Limited IPO

Deepening integration to drive margin expansion and manufacturing efficiency

The company’s vertically integrated manufacturing model positions it firmly in the pump and solar solutions space. It manufactures key components for pumps and solar modules in-house, thereby significantly reducing its dependence on external vendors. The company is well-positioned to deliver cost-efficient and high-margin solutions backed by its associate, Walso Solar Solution Private Limited, which specializes in mounting structures and other essential components for turnkey solar systems. This integration enables end-to-end control from component manufacturing to project execution, enhancing product quality, ensuring supply chain efficiency, and supporting margin expansion. Notably, the company recorded one of the highest EBITDA margins among peers in FY24 (30.1% in 9MFY25), up from 10.7% in FY22, showcasing clear operating leverage gains. Building on its already robust vertically integrated operations, the company is now strategically investing to further integrate key processes in the pump manufacturing value chain, such as no-bake casting and aluminium heat sink die casting. These processes not only reduce reliance on external vendors but also bring efficiency, quality improvements, and cost savings. The company is also developing in-house capabilities for high-value components, such as Variable Frequency Drives (VFDs) and single-phase controllers, which are currently sourced externally, to further strengthen margin control.

Integrated product diversification strategy strengthened by expanding market reach

The company’s comprehensive and diversified product portfolio across solar-powered and grid-connected pumps, electric motors, and solar modules under the ‘Oswal’ brand has enabled it to address a broad spectrum of needs in agricultural, industrial, and residential sectors, reinforcing strong brand recall over its 20+ year presence. To capitalise on this strength, the company is executing a dual strategy of product expansion and market penetration. On the product front, it is introducing new industrial pumps and motors, such as pressure pumps, helical rotor pumps, and vibrant motors, while also expanding solar module production through backward integration of critical components like EVA, aluminium frames, and junction box back sheets. These initiatives are designed to optimise cost, improve quality, and ensure long-term supply reliability. Simultaneously, the company is aggressively strengthening its market presence. It has nearly doubled its domestic distributor base to 925 as of December 2024 from 473 distributors in March 2022, with focused expansion in high-potential states such as Karnataka, Gujarat, and Tamil Nadu. On the export front, the company already supplies to 22 countries and aims to deepen its presence in global markets, including the US, Europe, and Africa, with a strong emphasis on solar modules and electric motors.

 

Valuation of Oswal Pumps Limited IPO

Oswal Pumps is the fastest-growing vertically integrated solar pump manufacturer in India, in terms of revenue, reporting a CAGR growth of 45.1% between FY22 and 24. The solar pump market in India was valued at Rs. 164.5 billion in FY25 and is expected to grow at a CAGR of 11.0% between FY25 and FY30, reaching Rs. 271.1 billion by FY30. Given the company’s strong brand equity in solar pumps, diversified product offerings, and integrated manufacturing capabilities, it is well-positioned to capitalise on these structural growth drivers. Its robust domestic distribution network and expanding presence in high-growth states further enhance its ability to monetise the sector’s rising demand. On the financial front, EBITDA margins expanded from 10.7% to 19.8% between FY22 and FY24, reflecting the company’s strong operational control and backward integration efforts. The company also delivered robust returns on profitability, with ROE and ROCE at 54.5% and 54.9%, respectively, for FY24, while ROAE was reported at 75.6% for the same period. The company has significantly reduced its D/E from 2.1x in FY22 to 0.4x in FY24, while the ratio for 9MFY25 stood at 0.9x. A significant uptick in short term financing primarily drove the increase. However, despite the rise in debt, the comfort remains steady, with a healthy increase in its interest coverage ratio, which rose from 4.6x to 11.2x between FY22 and 9MFY25. The issue is valued at a price-to-earnings (P/E) ratio of 21.2x on the upper price band based on FY25 earnings (annualised), which is relatively cheaper compared to its peers. Considering the above compelling factors, we recommend a “SUBSCRIBE” rating for this issue.

What is the Oswal Pumps Limited IPO?

 Oswal Pumps Limited IPO is a book built issue of Rs 1387.34 crores. The issue is mix of both fresh issue and offer for sale a fresh issue of 890.00 crore shares and offer for sale is 497.34 crore. Oswal Pumps Limited bidding opened for subscription on Jun 13, 2025 and will close on Jun 17, 2025.  Oswal Pumps Limited will list on BSE, NSE with tentative listing date fixed as Friday, 20, June 2025.

To apply for the Oswal Pumps Limited IPO through StoxBox one can apply from the website and also from the app. Click here

Oswal Pumps Limited IPO is opening on 13th  Jun 2025.  Apply Now

The Lot Size of Oswal Pumps  Limited IPO is  24 equity shares. Login to your account now.

The allotment Date for Oswal Pumps Limited IPO is 18th Jun 2025.  Login to your account now.

The listing Date for Oswal Pumps Limited IPO is 20th  Jun 2025.  Login to your account now

In the Retail segment the minimum investment required is Rs. 14,736. Login to your account now

 In the Retail segment the maximum investment requirement is Rs. 191,568. Login to your account now

  • A significant portion of the company’s revenues is derived from turnkey solar pumping systems awarded through government tenders under the PM-KUSUM scheme. Any reduction in government funding, policy changes, or failure to secure future tenders could have a material impact on revenue visibility, order inflows, and cash flows.

  •  The company is significantly dependent on its top 10 customers, who accounted for 79.5%, 72.6%, and 66.3% of revenue from operations in FY24, FY23, and FY22, respectively.

  • All of the company’s manufacturing facilities are located in Karnal, Haryana, which exposes operations to risks from local and regional factors.

The Oswal Pumps Limited . IPO be credited to the account on allotment date which is 18th Jun 2025. Login to your account now 

The prospectus of Oswal Pumps Limited IPO prospectus can be find on the website of SEBI, NSE and BSE

Scoda Tubes Ltd : Subscribe

  • Date

    28th May 2025 - 30th May 2025

  • Price Range

    Rs.130 to Rs. 140

  • Minimum Order Quantity

    100

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Price Lot Size Issue Date Issue Size
₹ 130 to ₹ 140 100 28th May, 2025 – 30th Fri, 2025 ₹220.00 Cr

Scoda Tubes Limited IPO

Scoda Tubes Limited (STL) engages in the business of manufacturing stainless steel tubes and pipes in India with over 14 years of operational experience. The company specialises in the production of both seamless and welded stainless steel tubes and pipes, catering to diverse industrial applications. Its product portfolio is categorised into two main types:

  • Seamless tubes and pipes: Manufactured using solid round steel bars without any seam.
  • Welded tubes and pipes: Produced by welding flat steel strips into circular forms

These products are used across a broad spectrum of industries, including oil and gas, chemicals, fertilisers, power, pharmaceuticals, automotive, railways, and transportation, serving engineering and EPC companies. A key strength of the company is its backward integration through an in-house hot piercing mill with a production capacity of 20,000 MT per annum, which allows it to manufacture mother hollows, which is the principal raw material for seamless products, leading to better cost control and reduced dependence on external suppliers. Surplus mother hollows are sold in the open market, contributing to revenue diversification. Scoda also earns income through job work services such as annealing, straightening, pickling, and marking. Its manufacturing facility is located on the Ahmedabad-Mehsana Highway in Gujarat, offering logistical advantages due to its proximity to Mundra Port (360 km) and the Inland Container Depot (23 km). As of December 31, 2024, the facility spans 21,199 sq. meters with annual capacities of 20,000 MT for mother hollows, 10,068 MT for seamless products, and 1,020 MT for welded products. The plant is equipped with a wide array of specialised machinery, including pilger mills, cold drawing lines, annealing furnaces, testing equipment, and TIG/MIG welded tube mills. The company’s key raw materials include stainless steel round bars for seamless tubes and stainless steel coils for welded products. The company sells its product both in the domestic market (72.0%) and international market (28.0%). Revenue breakdown of the company is as follows: seamless product (85.0%), welded products (0.6%), and others which include the sale of mother hollow and scrap (13.3%).

Objective of the Scoda Tubes Limited IPO

The company proposes to utilize net proceeds towards funding the following objects:

  • Capital expenditure towards expanding production capacity of seamless and welded tubes and pipes;
  • Funding part of the incremental working capital requirements of the company;
  • General corporate purposes.

Rationale To Scoda Tubes Limited IPO

Niche expertise and global standards driving competitive edge

Scoda Tubes has built a strong competitive moat by focusing exclusively on the stainless steel tubes and pipes segment, allowing the company to develop deep domain expertise in product customisation, quality, and customer preference alignment. This focused approach has enabled Scoda to offer a wide range of specialised products across varied specifications, giving it a unique positioning in domestic and international markets. Additionally, the company’s adherence to globally recognised quality certifications (e.g., ISO 9001, PED EU, AD 2000, DNV) and compliance with standards such as ASTM, ASME, EN, NORSOK, and IBR have facilitated its access to high-entry-barrier export markets, including the US and Europe. These accreditations not only enhance customer trust but also allow Scoda to command a premium for quality and reliability, helping the company establish a resilient and diversified customer base across 16 countries. This varied customer base results in greater revenue diversification and more sustainable operations in the longer term, hedging its business operations from potential sector-specific risks and reducing the market risk of being overly dependent on a single industrial sector or geographical location.

Fully integrated manufacturing with strategic location, enhancing cost and operational efficiency

STL’s fully integrated manufacturing setup, including its in-house hot piercing mill with a 20,000 MT capacity, offers significant operational advantages by ensuring backwards integration for seamless tube production. This in-house capability reduces dependence on external suppliers, provides cost efficiency, and improves control over product quality. The company’s manufacturing facility in Mehsana, Gujarat, is strategically placed near the Mundra Port (360 km) and an Inland Container Depot (23 km), enabling seamless logistics and export operations while reducing freight costs. With eighteen seamless and two welded production lines, Scoda is well-equipped to meet diverse customer needs efficiently. This integration, coupled with a low rejection rate (2.6% in-house, 0.3% customer-side in FY24), underscores its manufacturing precision and enhances profitability. Additionally, the company is doubling its seamless production capacity to ~20,000 MT and significantly expanding its welded capacity through timely land acquisition and a new capex cycle involving 14 new production lines and advanced machinery. The government’s anti-dumping and anti-subsidy duties on Chinese and Vietnamese imports further strengthen the domestic demand outlook, offering volume and margin tailwinds.

Valuation of Scoda Tubes Limited IPO

Scoda Tubes Limited (STL) is a stainless-steel tubes and pipes manufacturer with a growing global footprint and a clear focus on export-driven, capacity-led growth. The company has strategically positioned itself in the higher-margin seamless segment, backed by integrated manufacturing, expanding infrastructure, and industry certifications. Given these strengths, the company is well-positioned to benefit from robust domestic and global tailwinds in the stainless-steel tubes and pipes industry. STL’s consistent capacity expansions, including land acquisitions and machinery additions, will enable it to meet the expected surge in demand, particularly in the seamless segment, which enjoys more substantial margins and quality-led differentiation. Financially, STL has delivered a revenue CAGR of 43.6% between FY22 and FY24, while expanding its EBITDA margin from 5.1% to 14.7%, reflecting operational leverage and better product mix. Though high interest costs remain a concern, PAT margins have improved to 4.6%, and the interest coverage ratio has strengthened from 1.4x to 3.1x. The company continues to exhibit efficient capital use, with ROE at 28.8% and ROCE at 15.9%, positioning it favorably to leverage sectoral growth while maintaining profitability and scale. The issue is valued at a price-to-earnings (P/E) ratio of 17.3x on the upper price band based on FY25 earnings (annualised), which is relatively cheaper compared to its peers. Considering the above compelling factors, we recommend a “SUBSCRIBE” rating for this issue.

What is the Scoda Tubes Limited IPO?

 Scoda Tubes Limited IPO is a book built issue of Rs 220.00 crores. The issue is entirely a fresh issue of 220.00 crore shares. Scoda Tubes Limited bidding opened for subscription on May 28, 2025 and will close on May 30, 2025.  Scoda Tubes Limited will list on BSE, NSE with tentative listing date fixed as Tuesday, 04, June 2025.

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 Scoda Tubes Limited IPO is opening on 28th  May 2025.  Apply Now

The Lot Size of Prostarm Info Systems Limited IPO is  100 equity shares. Login to your account now.

The allotment Date for  Scoda Tubes Limited IPO is 2nd Jun  2025.  Login to your account now.

 The listing Date for Scoda Tubes Limited IPO is 4th  Jun 2025.  Login to your account now

In the Retail segment the minimum investment required is Rs. 14,000. Login to your account now

 In the Retail segment the maximum investment requirement is Rs. 196,000. Login to your account now

  • The company’s revenue is heavily concentrated among its top 10 customers, who contribute approximately 60% of total sales, making it vulnerable to financial and operational risks in the event of reduced purchases or the loss of one or more key clients.
  • The company has a high leverage ratio compared to its peers, with a D/E of 3.2x, and future expansion or acquisitions may require additional debt, potentially increasing funding obligations.
  • The company relies solely on its manufacturing facility in Mehsana, Gujarat, and any disruption to its operations or the region could adversely impact business performance.

The Scoda Tubes Limited . IPO be credited to the account on allotment date which is 3rd Jun  2025. Login to your account now 

The prospectus of Scoda Tubes Limited IPO prospectus can be find on the website of SEBI, NSE and BSE

Prostarm Info Systems Limited : Subscribe

  • Date

    27th May 2025 - 29th May 2025

  • Price Range

    Rs.95 to Rs. 105

  • Minimum Order Quantity

    142

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Price Lot Size Issue Date Issue Size
₹ 95 to ₹ 105 142 27th May, 2025 – 29th Feb, 2025 ₹168.00 Cr

Prostarm Info Systems Limited IPO

Incorporated in 2008 in India, Prostarm Info Systems (PIS) is engaged in the design, manufacturing, assembly, sales, servicing and supply of Energy Storage Equipment and Power Conditioning Equipment (Power Solution Products). The company’s product portfolio includes UPS systems, inverter systems, lift inverter systems, solar hybrid inverter systems, lithium-ion battery packs, servo-controlled voltage stabilizers (SCVS), isolation transformers, and other power solution products. In addition to its core manufactured products, PIS also sells and supplies third-party power solution products, such as batteries, reverse logistics/end-of-life products, and other assets, like IT assets, solar panels, and allied products. Since 2018, the company has strategically expanded its business operations by venturing into the engineering, procurement, and construction segment, particularly focusing on setting up rooftop solar photovoltaic (PV) power systems across India. Its operations are supported by a network of 21 branch offices, two storage facilities across 18 states, and one union territory within India. It has three manufacturing units located in the state of Maharashtra, with two in Pisoli, Pune, and one in Mahape, Navi Mumbai. These manufacturing units are accredited with ISO 9001:2015, ISO 14001:2015, ISO 45001:2018, and ISO 50001:2018 standards. Over the years, PIS has leveraged its expertise, processes, and infrastructure to cater to diverse end-use industries, including healthcare, aviation, research, BFSI, railways, defense, security, education, renewable energy, information technology, and oil & gas. It provides comprehensive power solution products to a diverse clientele comprising government bodies, private institutions, and corporate customers. Currently, PIS is an empaneled vendor for the Airports Authority of India, West Bengal Public Health Engineering Department, West Bengal Electronic Industry Development Corporation Limited, Telangana State Technology Services Limited, RailTel Corporation of India Limited, and NTPC Vidyut Vyapar Nigam Limited. Its pan-India sales and service network bolsters its extensive capability to meet varied customer needs.

Objective of the Prostarm Info Systems Limited IPO

The net proceeds of the issue are proposed to be utilized for the following objects:

  • Funding working capital requirements of the company;
  • Prepayment or repayment of all or a portion of certain outstanding borrowings availed by the company; and
  • Achieving inorganic growth through unidentified acquisitions and other strategic initiatives, and general corporate purposes.

Rationale To Prostarm Info Systems Limited IPO

Established customer base and sector diversification drive growth

PIS has established and will continue to strengthen relationships with its domestic customers across its various product segments. The varied applications of its products have enabled the company to build a broad customer base across multiple industries, including government, project contractors, industrial and institutional clients, dealers, and distributors. PIS caters to a range of sectors, including healthcare, aviation, research, BFSI, railways, defense, security, education, renewable energy, information technology, and oil & gas. The company offers product customizations for certain clients to meet their specific requirements. PIS’s consistent efforts to understand and fulfill customer needs significantly contribute to its position in the power solution industry and have helped the company become a one-stop shop for its customers’ power solution requirements. Some of its marquee customers across the industries include PSU banks, Larsen & Toubro Limited, Tata Power Co. Limited, and Bajaj Finance Limited. With over 15 years of experience in the power solutions industry, PIS has developed deep industry knowledge and garnered the trust of its customers. The company has a proven track record of effectively retaining customers. Its broad and evolving product portfolio, along with a continued focus on product upgradation, has enabled the company to grow its customer base and expand into a variety of industry segments. Its customer-centric approach ensures that any concerns raised by its clients are promptly addressed by the company’s dedicated after-sales support team, providing a rapid response time. The strength and loyalty of its clientele have played a crucial role in its success so far and will continue to be a significant driver of future growth. This robust customer base supports PIS’s efforts to expand market share, develop new products, and enter new markets.

In-house capabilities and infrastructure enhance cost efficiency and operational edge

PIS operates through a network of 21 branch offices and two storage facilities across 18 states and one union territory in India. This infrastructure not only supports sales but also enables the company to provide after-sales services, ensuring that customers receive reliable and timely assistance for maintenance and operational requirements. The company’s distribution network across India enables faster rollouts of new products, giving it a competitive edge over peers. PIS has significantly expanded and diversified its operations by bringing in-house production and product assembly. Its manufacturing units are equipped with the necessary infrastructure, including machinery, handling equipment, and dedicated assembly lines, to ensure a smooth manufacturing process and meet customer demands promptly. The company has developed in-house capabilities in product design, equipment testing, assembly, and quality control processes to improve cost efficiency, minimize reliance on third-party suppliers and manufacturers, and provide better production control. PIS continuously focuses on technological innovation by enhancing its in-house R&D capabilities and acquiring new technologies. The company plans to invest in additional facilities and boost production capabilities, including the design, customization, and integration of automation technologies into its processes. Optimizing production will help the company improve product quality and output, achieve economies of scale, reduce logistics and supply chain costs, and shorten time-to-market, ultimately improving profitability and customer service. To support future growth and expansion, PIS continually evaluates strategic investment opportunities in the domestic market aimed at increasing market share and diversifying its product offerings. The company is also open to acquisitions or partnerships that will add value to the business, its stakeholders, and customers.

Valuation of Prostarm Info Systems Limited IPO

Prostarm Info Systems began its commercial operations with a focus on the sale, supply, and installation of batteries and uninterruptible power supply systems (UPS) manufactured by third-party vendors. Later, the company gradually transitioned into designing, manufacturing, assembling, selling, servicing, and supplying energy storage equipment and power conditioning equipment in India. Its manufactured Power Solution Products include UPS systems, inverter systems, lift inverter systems, solar hybrid inverter systems, lithium-ion battery packs, servo-controlled voltage stabilisers, isolation transformers, and other power solution products. The power backup systems market is witnessing growth due to the ongoing issue of power shortages and ongoing technological advancements. The widening gap between the demand and supply of power in the country is driving the need for uninterrupted power supply in the industrial sectors. The company has built a strong customer base across multiple industries and serves a wide range of sectors. Its focus on client-specific needs and product customization has supported its firm positioning in the power solutions space. The company’s in-house capabilities and focus on technological innovation assist in reducing costs and enhancing operational efficiency. On the financial front, PIS has delivered a consistent track record of profitability, reporting a PAT of Rs. 227.98 million, Rs. 193.46 million, and Rs. 108.71 million in FY24, FY23, and FY22, respectively, with EBITDA margins of 9.67%, 12.65%, and 14.20% over the same periods. The issue is priced at a P/E ratio of 20.2x on the upper price band, based on FY25 earnings, which is lower compared to its peers. Considering these compelling factors, we recommend a “SUBSCRIBE” rating for the issue.

What is the Prostarm Info Systems Limited . IPO?

Prostarm Info Systems Limited . IPO is a book built issue of Rs 168.00 crores. The issue is entirely a fresh issue of 168.00 crore shares. Prostarm Info Systems bidding opened for subscription on May 27, 2025 and will close on May 29, 2025.  Prostarm Info Systems will list on BSE, NSE with tentative listing date fixed as Tuesday, 03, June 2025.

To apply for the Prostarm Info Systems Limited  IPO through StoxBox one can apply from the website and also from the app. Click here

Prostarm Info Systems Limited IPO is opening on 27th  May 2025.  Apply Now

The Lot Size of Prostarm Info Systems Limited IPO is  142 equity shares. Login to your account now.

The allotment Date for  Prostarm Info Systems Limited IPO is 30th May  2025.  Login to your account now.

 The listing Date for Prostarm Info Systems Limited IPO is 3rd  July 2025.  Login to your account now

In the Retail segment the minimum investment required is Rs. 14,910. Login to your account now

 In the Retail segment the maximum investment requirement is Rs. 193,830. Login to your account now

  • The company has received a show cause notice for an alleged violation under the Customs Act, 1962, for wrongly availing the exemption on basic customs duty on UPS imports. Any adverse order passed against it would materially affect the company’s financial condition and business.
  • The company heavily relies on its top five suppliers for over 80% of its materials and components. Any disruptions in the supply chain, increases in input prices, changes in business practices, strained relationships with third-party dealers and distributors, or failures to meet payment schedules and provide timely, accurate information could adversely impact the company’s business, operating cash flows, and financial condition.
  • The company derives a significant portion of its revenue from the sale of UPS systems, third-party power solution products, and other products. A decline in demand or loss of sales for these products could materially impact the company’s business, financial condition, results of operations, and cash flows.

The Prostarm Info Systems Limited . IPO be credited to the account on allotment date which is 30th May  2025. Login to your account now 

The prospectus of Prostarm Info Systems Limited IPO prospectus can be find on the website of SEBI, NSE and BSE

IPO Open DateTue, May 27, 2025
IPO Close DateThr, May 29, 2025
Basis of AllotmentFri, May 30, 2025
Initiation of RefundsMon, Jun 2, 2025
Credit of Shares to DematMon, Jun 2, 2025
Listing DateTue, Jun 3, 2025
Cut-off time for UPI mandate confirmation5 PM on Thru 29 May, 2025