Archives: Ipos

Based out of Gujarat, Vidya Wires Ltd. (VWL) is involved in the manufacturing of insulated copper and aluminum wires that are used across wide range of industries like energy generation & transmission, electrical systems, electric motors, clean energy systems, electric mobility, and railways. Their product portfolio includes precision-engineered Enameled Wires, Enameled Copper Rectangular Strips, Paper Insulated Copper Conductors, Copper Busbar and Bare Copper Conductors, Specialized Winding Wires, PV Ribbon and Aluminum Paper Covered Strips, among others. With an annual capacity of 19,680 MT, the company ranks as the fourth largest manufacturer in the industry, with a market share of 5.7% of installed capacity in FY25. Their manufacturing facilities are strategically located near the ports of Hazira and Mundra, providing a logistical advantage for exports. VWL is a pre-approved supplier to Power Grid Corporation of India Ltd. and also holds UL approval, enabling it to export enameled copper and aluminum wire to the US. In Q1FY26, revenue comprised 88% domestic sales, 11% exports, with the remainder coming from other operations, hinting towards more focus on the domestic market as also outlined by the management. The company offers a diverse portfolio of winding and conductivity products across 12 product categories with over 8,000 SKUs, with sizes ranging from as thin as 0.07 mm to as thick as 25 mm. With its wide product range, the company is able to serve customers across 19 Indian states and union territories, with Gujarat and Maharashtra contributing 69% of revenue in Q1FY26. With focus on the environment, the company has fulfilled 25% of power requirements from renewable sources like solar and windmills in Q1FY26.

Corona Remedies Ltd. is an India-focused branded formulations player with a strong presence in women’s healthcare, cardio-diabetes, pain management, urology and other multispecialty therapies. Backed by a diversified portfolio of 71 brands and a proven brand-building capability, it has emerged as one of the fastest-growing companies in the Indian Pharmaceutical Market (IPM). As per CRISIL, it recorded the fastest growth among the top 30 IPM companies during MAT Jun’24-Jun’25, delivering a domestic sales CAGR of 13.6% vs. IPM’s 7.9%, and was the second fastest-growing over MAT Jun’22-Jun’25 with a CAGR of 16.8% vs. IPM’s 9.2%. Growth has been supported by substantial volume expansion (5.7%) and an above-market contribution from new launches (4.6%). The company’s business is anchored by 27 “engine brands”, contributing over 72% of domestic sales (MAT Jun’25), including leadership brands such as Myoril, Cor, Trazer, Cor-9 and B-29. Several top brands hold #1-to #5 rankings in their respective IPM subgroups, underscoring substantial franchise equity. Chronic and sub-chronic therapies are gaining share, rising from 63.8% (MAT Jun’22) to 70.1% (MAT Jun’25), and this segment is delivering a robust 20.5% CAGR, more than twice the IPM growth rate. The company’s differentiated commercial strategy, focusing on the middle of the pyramid and specialist doctors, has significantly strengthened its prescription base. Specialists/super-specialists account for ~76% of prescriptions (vs. IPM’s 61%), driving an improvement in market rank from #37 (MAT Jun’22) to #29 (MAT Jun’25). It is currently the 17th largest in its covered markets and holds strong positions across key therapies: #6 in women’s health, #22 in cardiology-diabetes, #5 in pain management, and #9 in urology. A pan-India field force of 2,671 medical representatives across 22 states ensures deep market penetration. The company continues to enhance manufacturing capabilities through two formulation plants (Gujarat and Himachal Pradesh) with an installed capacity of 1.29 billion units. It is commissioning a hormone formulation facility (expected in FY27). R&D strength is supported by two DSIR-recognized centres with over 100 personnel, focusing on formulation development, process optimization and product lifecycle management.

WakeFit Innovations Ltd. is the largest D2C home and furnishings brand in India by revenue in FY24. Within just nine years of operations, it has emerged as the fastest homegrown player among organized peers to surpass total income of Rs. 1000 crores in the home and furnishings market, with Rs. 986 crores generated from operations as of March 31, 2024. Revenue from operations has grown at a robust CAGR of 24.9% between FY22 and FY24, approximately 1.6x the average growth rate of organized competitors, highlighting strong brand momentum, customer adoption, and market share gains. The company operates an extensive omnichannel model, offering a comprehensive portfolio spanning mattresses, furniture, and furnishings, ensuring consistent consumer engagement across digital and offline formats. Its full-stack, vertically integrated operating structure covering product conceptualization, design, engineering, manufacturing, distribution, and customer experience, provides end-to-end control, enabling superior product quality, operational efficiencies, and faster innovation cycles. Wakefit’s business model is anchored in full-stack control from design to manufacturing and last-mile delivery. Its infrastructure backbone comprises 1 Mother Warehouse, 7 Inventory Holding Points (INHPs) and 18 Points of Delivery (PODs), supported by an owned fleet and trained installers. This deep operational moat, difficult for competitors to replicate, enables scalable production, predictable installation, and efficient inventory management. Wakefit further strengthens its reach through 125+ COCO stores and an omnichannel presence, while its mattress-led flywheel lowers customer acquisition cost. The company operates across three segments, mattresses 60%, furniture 30% and furnishings 10%.

Based out of Gujarat, Vidya Wires Ltd. (VWL) is involved in the manufacturing of insulated copper and aluminum wires that are used across wide range of industries like energy generation & transmission, electrical systems, electric motors, clean energy systems, electric mobility, and railways. Their product portfolio includes precision-engineered Enameled Wires, Enameled Copper Rectangular Strips, Paper Insulated Copper Conductors, Copper Busbar and Bare Copper Conductors, Specialized Winding Wires, PV Ribbon and Aluminum Paper Covered Strips, among others. With an annual capacity of 19,680 MT, the company ranks as the fourth largest manufacturer in the industry, with a market share of 5.7% of installed capacity in FY25. Their manufacturing facilities are strategically located near the ports of Hazira and Mundra, providing a logistical advantage for exports. VWL is a pre-approved supplier to Power Grid Corporation of India Ltd. and also holds UL approval, enabling it to export enameled copper and aluminum wire to the US. In Q1FY26, revenue comprised 88% domestic sales, 11% exports, with the remainder coming from other operations, hinting towards more focus on the domestic market as also outlined by the management. The company offers a diverse portfolio of winding and conductivity products across 12 product categories with over 8,000 SKUs, with sizes ranging from as thin as 0.07 mm to as thick as 25 mm. With its wide product range, the company is able to serve customers across 19 Indian states and union territories, with Gujarat and Maharashtra contributing 69% of revenue in Q1FY26. With focus on the environment, the company has fulfilled 25% of power requirements from renewable sources like solar and windmills in Q1FY26.

Aequs Limited is a precision manufacturing company with differentiated engineering capabilities and is the only precision component manufacturer in India to offer fully vertically integrated aerospace manufacturing within a single SEZ. The company is among the few in the country with niche metallurgy expertise, including precision machining of titanium and other high-end alloys for global aerospace clients. Aequs operates three vertically integrated ecosystems in India, comprising the company, its suppliers, and joint ventures, enabling end-to-end manufacturing aligned with customer specifications. It has also expanded globally through strategic acquisitions in North America (2015) and France (2016), strengthening its capabilities and broadening its aerospace product portfolio. As of FY25, Aequs had one of the largest aerospace component portfolios in India, spanning engine systems, landing systems, cargo and interiors, structures, assemblies, and turning operations, and by H1FY26, it had delivered over 5,000 products across major commercial aircraft programs such as the A220, A320, B737, A330, A350, B777, and B787. The company maintains long-standing relationships with marquee aerospace OEMs, including Airbus, Boeing, Bombardier, Collins Aerospace, Spirit AeroSystems, Safran, GKN Aerospace, Mubea Aerostructures, Honeywell, Eaton, and Sabca, while also serving leading consumer brands such as Hasbro, Spinmaster, Wonderchef, and Tramontina through its growing consumer segment, which includes cookware, small appliances, outdoor toys, figurines, and components for portable electronics. In FY25, Aequs derived 89.2% of its revenue from Aerospace and 10.8% from the consumer segment, with EBITDA margins of 19.4% and -28.7% respectively; in H1FY26, Aerospace contributed 88.2% and consumer segment has 11.8% share, with margins improving to 24.7% and -23.9%, underscoring strong operating leverage in aerospace and ongoing scale-up investments in the consumer business.

Meesho Ltd., incorporated in 2015, operates a multi-sided technology platform that drives e-commerce in India by bringing together four key stakeholders – consumers, sellers, logistics partners, and content creators. Its e-commerce marketplace, branded as Meesho, has become the largest in India in terms of placed orders and annual transacting users during the twelve months ended June 30, 2025. The platform aims to serve consumers across all segments by focusing on affordability, accessibility, and engagement, with an emphasis on offering “Everyday Low Prices.” Meesho’s technology-first operations, platform scale, and operational efficiency enable low-cost order fulfillment for sellers. Coupled with its zero-commission model, this helps reduce overall seller costs and supports a wide assortment of products ranging from low-cost unbranded goods to regional and national brands, at affordable prices. Meesho uses advanced AI/ML algorithms to provide a personalized, discovery-led shopping experience that resembles offline window shopping, making online shopping easier and more engaging. Technology forms the backbone of the platform, ensuring reliable, scalable, and efficient e-commerce transactions at a population scale. The company operates across two segments: Marketplace, which connects consumers, sellers, logistics partners, and content creators; and New Initiatives, which include a low-cost local logistics network for daily essentials and a digital financial services platform. Meesho primarily monetizes through seller services such as order fulfillment, advertising, and data insights, while charging no commission to sellers and no platform fee to consumers. Meesho’s consumer base spans various income segments, typically value-focused and seeking a wide assortment of affordable products, including unbranded goods, regional brands, and national brands. Its logistics ecosystem includes first- and last-mile delivery providers, sorting centers, truck operators, and integrated logistics partners. Orders are fulfilled either through its proprietary and unique technology platform, Valmo, which manages a multi-stage logistics network across multiple logistics partners, or through end-to-end logistics providers. Content creators enhance the shopping experience by posting short-form videos and live streams on Meesho and other social media platforms. The company supports them with tools and data insights to improve the effectiveness of their content. Through these initiatives, Meesho continues to experiment with new opportunities and assesses product-market fit, scalability, and unit economics before scaling them further.

Sudeep Pharma is a technology-led manufacturer of excipients and specialty ingredients serving the pharmaceutical, food, and nutrition industries, with a strong focus on advancing the global healthcare ecosystem. Leveraging proprietary technologies across encapsulation, spray drying, granulation, trituration, liposomal preparations, and blending, the company drives innovation in ingredient performance and manufacturing efficiency. It has built a diversified global presence across the US, South America, Europe, the Middle East, Africa, and Asia-Pacific. As per the F&S Report, the company is among the largest producers of food-grade iron phosphate globally and, in 2024, one of India’s largest exporters of mineral ingredients by volume. It is also the only Indian player and one of nine globally with CEP and written confirmation for calcium carbonate API in the EU. The company is recognized as a pioneer in developing liposomal ingredients to enhance nutrient absorption. Since its inception in 1989, the company has scaled its portfolio to over 100 products. It operates through two primary verticals such: (1) Pharmaceutical, Food & Nutrition Ingredients, comprising refined mineral salts such as calcium, zinc, iron, potassium, magnesium, sodium, and copper used as excipients, APIs, and nutritional fortification agents; and (2) Specialty Ingredients, housed under Subsidiary SNPL, offering micronutrient premixes, encapsulated ingredients, liposomal and spray-dried ingredients, granulated minerals, and triturated blends for applications in dietary supplements, infant and clinical nutrition, functional foods, and FMCG. As of Q1FY26, the company has served over 1,100 customers, including Pfizer, Intas, Mankind, Merck, Alembic, Aurobindo, Cadila, Micro Labs, IMCD, and Danone, with strong, long-term relationships. Repeat business contributed ~78–83% of revenue in recent years, underscoring a sticky customer base. Manufacturing infrastructure comprises three facilities in Vadodara (combined capacity: 65,579 MT) and an additional facility in Ireland, acquired in May 2025 as part of the NSS acquisition. A strong emphasis on R&D underpins its competitive positioning, supported by two dedicated R&D centres and a 41-member technical team.