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Shadowfax Technologies Limited IPO : Subscribe

shadowfax
  • Date

    20th Jan 2026 - 22nd Jan 2026

  • Price Range

    Rs.118 to Rs 124

  • Minimum Order Quantity

    120

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Price Lot Size Issue Date Issue Size
₹118 to ₹124 120 20th Jan, 2026 –22nd Jan, 2026 ₹1,907 Cr

Shadowfax Technologies Limited

Shadowfax Technologies Limited (STL) is a new-age, technology-led third-party logistics (3PL) company focused on enabling digital commerce in India through a comprehensive suite of express and hyperlocal delivery solutions. The company is the fastest-growing 3PL of scale in the country, having expanded its e-commerce shipment market share from approximately 8% in FY22 to around 23% in 6MFY26, driven by strong execution and rapid client onboarding. Within the express segment, STL holds market leadership in reverse pickup shipments, while it also commands leadership in quick commerce and same-day delivery based on order volumes in FY25 and 6MFY26. The company serves a diversified base of enterprise clients across horizontal and non-horizontal e-commerce, quick commerce, food marketplaces, and on-demand mobility, including Meesho, Flipkart, Myntra, Swiggy, Bigbasket, Zepto, Nykaa, Blinkit, Zomato, Uber, ONDC, and others. STL offers a wide range of services, including express forward parcel deliveries, reverse pickups, and exchange deliveries, prime and same-day deliveries, quick commerce and on-demand hyperlocal deliveries, mobility, and other critical logistics enabling services. The company operates a pan-India delivery network covering 14,758 pin codes as of 6MFY26 and derives a majority of its revenue from service lines involving direct delivery to end customers, with revenue contribution in FY25 split across express services at 69.0%, hyperlocal deliveries at 20.7%, and other logistics services at 10.3%, positioning STL as the only company of scale with meaningful presence across express, hyperlocal, and on-demand logistics segments.

Objective of the Shadowfax Technologies Limited IPO

Out of the total issue size of Rs. 1,907 crores, Rs. 907 crores comprise OFS.

The company proposes to utilise net proceeds (Rs. 1,000 crores) from the issue towards the following objects:

  • Funding of capital expenditure requirements in relation to its network infrastructure;
  • Funding of lease payments for new first mile centers, last mile centers and sort centres;
  • Funding of branding, marketing, and communication costs; and
  • Unidentified inorganic acquisitions and general corporate purposes.

Rationale To Shadowfax Technologies Limited IPO

Customisable service architecture to support scalable, high-quality growth

Shadowfax’s differentiated positioning as the only 3PL of scale in India offering both end-to-end e-commerce deliveries and last-mile logistics for quick commerce, food delivery, and other hyperlocal use cases enables it to address the diverse and evolving requirements of digital commerce participants. Its comprehensive portfolio of express and value-added logistics services, spanning forward parcel delivery, reverse pickups, hand-in-hand exchange logistics, prime and same-day delivery, quick commerce, and on-demand hyperlocal solutions, allows the company to engage with clients across multiple use cases and business models. This breadth of offerings is particularly relevant for D2C brands and SMEs, which increasingly prioritise speed, customisation, and service flexibility, and typically exhibit superior yield profiles compared to large horizontal marketplaces. The ability to support such clients at scale is underpinned by Shadowfax’s flexible, technology-driven operating model and extensive pan-India network, which enables efficient handling of complex and time-sensitive deliveries while maintaining cost discipline. As client volumes scale across existing service lines, the company benefits from operating leverage and network-level efficiencies, supporting improved margin profiles without compromising service quality. This integrated model, combining customisable solutions, scalable infrastructure, and a variable-cost structure, positions Shadowfax to deepen its presence across the e-commerce value chain, expand wallet share within high-yield client segments, and sustain a structurally competitive cost base in an industry increasingly focused on consolidation, efficiency, and sustainable growth.

Scaled, tech-orchestrated gig infrastructure driving superior execution and cost efficiency

Shadowfax’s ability to execute high-volume, time-sensitive logistics at scale is underpinned by the combination of India’s largest gig-based last-mile delivery partner infrastructure and a proprietary, technology-first operating platform. With access to over 2,05,864 average quarterly unique transacting delivery partners across more than 2,300 cities (as of 6MFY26), the company benefits from a dense, geographically distributed supply pool that enables rapid fulfillment, predictable service availability, and efficient handling of peak demand cycles. The interoperability of this fleet across multiple service categories ensures consistent supply utilization throughout the day, reduces idle time, and supports lower unit economics across express, quick commerce, and hyperlocal use cases. This scaled physical network is orchestrated through an agile, in-house technology stack designed to optimize demand-supply matching, workforce productivity, and delivery accuracy in real time. AI/ML-driven systems such as the proprietary supply-demand allocation engine, Frodo delivery partner lifecycle management platform, SF Shield fraud prevention engine, and SF Maps address intelligence solution enable skill-based partner assignment, dynamic payout optimization, fraud mitigation, and precise last-mile routing. These capabilities improve operational predictability, reduce failure rates and leakages, and enhance throughput per delivery partner, translating into lower cost per order and higher service reliability for clients. Together, the integration of a large, flexible gig workforce with advanced technology capabilities positions Shadowfax to scale efficiently, absorb demand volatility, and maintain operational excellence across complex and value-added logistics services.

Valuation of Shadowfax Technologies Limited IPO

Shadowfax Technologies Limited is a technology-led third-party logistics provider with a differentiated full-stack presence across express e-commerce deliveries and last-mile logistics for quick commerce, food delivery, and other hyperlocal use cases, supported by one of the largest gig-based delivery partner networks in India and a proprietary, modular technology platform. The company’s comprehensive service portfolio enables it to address complex and time-sensitive logistics requirements across diverse digital commerce models, while its scaled, interoperable gig infrastructure and AI-driven systems deliver high execution reliability and structurally competitive unit economics. At the same time, Shadowfax’s flexible, customizable service architecture enables it to deepen engagement with high-yield client segments, such as D2C brands and SMEs, supporting superior revenue quality and operating leverage as volumes scale. On the economic front, STL is structurally positioned to benefit from India’s underpenetrated yet fast-growing e-commerce, quick commerce, and on-demand hyperlocal markets, supported by favourable digital adoption trends, rising convenience-led consumption, and increasing demand for faster, value-added logistics services. On the financial front, the company has delivered a revenue CAGR of 33% between FY23–25. Profitability has seen a substantial turnaround over the same period, with EBITDA improving from a loss of Rs. 113 crores in FY23 to a profit of Rs. 64 crores, while PAT moved from a loss of Rs. 143 crores to a profit of Rs. 21 crores. Going forward, we expect further improvement in margins and return ratios, driven by a favourable shift in service mix toward higher-yield segments such as value-added express services, same-day delivery, quick commerce, and D2C/SME-led volumes, alongside operating leverage and continued technology-led cost efficiencies. At the upper end of the price band of Rs. 124 per share, the company is trading at a P/E of 155.0x based on its FY26 annualised earnings. Supported by strong industry tailwinds and clear profitability drivers, STL appears well-positioned to benefit from the evolving digital commerce landscape. We thus recommend a “SUBSCRIBE” rating to the issue from a medium-to long-term perspective.

What is the Shadowfax Technologies Limited Ltd IPO?

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

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

Shadowfax Technologies Limited IPO is opening on 20th Jan 2026.  Apply Now

The Lot Size of Shadowfax Technologies Limited IPO is 140 equity shares. Login to your account now.

The allotment Date for Shadowfax Technologies Limited IPO is 23rd Jan 2026.  Login to your account now.

The listing Date for Shadowfax Technologies Limited IPO is 28th Jan 2026.  Login to your account now

In the Retail segment the minimum investment required is Rs. 14,880. Login to your account now

 In the Retail segment the maximum investment requirement is Rs. 1,93,440. Login to your account now

  • The company is dependent on key commercial relationships with its clients, with its largest client contributing 48.9%, 48.0%, 59.2%, and 59.5% of revenue from operations for the 6MFY26, FY25, FY24, and FY23, respectively. Any loss or deterioration of such key client relationships could adversely impact the company’s business, financial condition, and results of operations.
  • The company is highly dependent on its technology infrastructure and third-party technology applications to operate and scale its business. Any failure to maintain, enhance, or effectively utilize its proprietary technology systems, could disrupt operations, impair service quality, and adversely affect the company’s business.
  • The company relies on a large, crowdsourced network of delivery partners, with approximately 2,05,864 average quarterly unique transacting delivery partners as of 6MFY26, with whom it does not have exclusive arrangements. Any disruption in the availability, engagement, or retention of delivery partners could adversely affect service levels and negatively impact the company’s business.

The Shadowfax Technologies Limited IPO be credited to the account on allotment date which is 27th Jan 2026. Login to your account now 

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

Amagi Media Labs Ltd IPO : Subscribe

amgi media labs ltd
  • Date

    13th Jan 2026 - 16th Jan 2026

  • Price Range

    Rs.343 to Rs 361

  • Minimum Order Quantity

    41

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Price Lot Size Issue Date Issue Size
₹343 to ₹361 41 13th Jan, 2026 –16th Jan, 2026 ₹1,789 Cr

Amagi Media Labs Ltd

Amagi Media Labs Limited is a global, cloud-native media technology company that provides SaaS solutions to content owners, broadcasters, streaming platforms, and advertisers, enabling efficient distribution, management, and monetization of video content. Founded in 2008 and headquartered in Bengaluru, the company is organized across three key business divisions, Cloud Modernization, Streaming Unification, and Monetization and Marketplace, each designed to address distinct structural challenges in the media and entertainment ecosystem. The Cloud Modernization division helps television networks migrate from traditional, hardware-based on-premise broadcast infrastructure to flexible, cloud-based systems, managing content preparation, scheduling, and channel delivery while significantly reducing capital expenditure and improving scalability. Such transitions can lower total cost of ownership by approximately 35-50% over five years, with this division contributing 21.9% of revenue in the six months ended September 30, 2025 and 18.7% in FY25. The Streaming Unification division simplifies the complexity of OTT distribution by enabling multiple business models including SVOD, AVOD, and FAST on a single platform, making it the company’s largest revenue contributor at 52.9% for the six months ended September 30, 2025 and 57.1% in FY25. The Monetization and Marketplace division focuses on revenue enhancement through advertising technology and global content licensing, supporting targeted ad delivery and facilitating content syndication across platforms, and contributed 25.3% and 24.2% of revenue over the same respective periods. As of September 30, 2025, Amagi served over 400 content providers, more than 350 distributors, and over 75 advertisers across 40+ countries. According to the 1Lattice Report, the company worked with over 45% of the top 50 listed media and entertainment companies by revenue. Its customer roster includes leading global players such as Vevo, Lionsgate Studios, DAZN, E.W. Scripps, Sinclair, VIZIO, Roku, The Trade Desk, JioAds, and the Tennis Channel, positioning Amagi as a key enabler of the global shift from legacy broadcasting to cloud-based and digital video consumption through a scalable, recurring, subscription-led business model.

Objective of the Amagi Media Labs Ltd IPO

The company will utilize net proceeds in the following manner:

  • Expenses towards technology and cloud infrastructure; and
  • Funding inorganic growth through unidentified acquisitions and general corporate purposes.

Rationale To Amagi Media Labs Ltd IPO

One stop glass-to-glass solution provider

Amagi is a one-stop “glass-to-glass” solutions provider, meaning it supports the entire video lifecycle from the camera that captures the content to the screen on which viewers consume it. Its cloud-native platform enables media companies to modernize their operations by migrating from traditional, hardware-based broadcast infrastructure to flexible, scalable cloud systems, significantly reducing costs and improving operational efficiency. At the same time, Amagi unifies the management of live TV, video-on-demand, OTT, and FAST channels on a single platform, allowing content owners to seamlessly handle multiple distribution models such as SVOD, AVOD, and FAST without operational complexity. Beyond distribution, the platform helps customers monetize content through advanced advertising technology, including targeted and programmatic ads on connected TVs, as well as through global content syndication and licensing. By covering content production, preparation, packaging, delivery, and monetization end-to-end, Amagi enables media companies to streamline workflows, scale rapidly, and unlock new revenue opportunities using one integrated, cloud-based solution.

Positioned within a three-sided marketplace to leverage strong network effects

Amagi operates as a strategically positioned three-sided marketplace at the intersection of content providers, distributors, and advertisers, enabled by its integrated, cloud-based platform. For content providers, the company modernizes live, linear, and VOD workflows by migrating them to the cloud while simultaneously enabling monetization through a premium connected TV (CTV) advertising marketplace. For distributors, Amagi functions as a content acquisition and distribution hub, supported by AI-driven analytics and personalization tools that help expand content libraries and improve viewer engagement. For advertisers, the platform offers access to high- quality, context-aware CTV inventory complemented by real-time analytics that enhance targeting efficiency and campaign performance. This ecosystem creates a powerful network-driven flywheel, a growing distributor network attracts more content providers seeking broader reach, which in turn draws additional distributors and builds larger audiences, ultimately attracting advertisers. Higher advertising demand and revenues then flow back to content providers, enabling reinvestment in content and further strengthening the platform. This self-reinforcing model underpins Amagi’s competitive advantage and has enabled its customers to monetize 18.2 billion advertising impressions in the six months ended September 30, 2025 and 26.1 billion impressions in FY25, reinforcing Amagi’s positioning as a core video operating system for the emerging digital and CTV-led media economy.

Valuation of Amagi Media Labs Ltd IPO

Amagi Media Labs Limited is a global, cloud-native media technology company delivering SaaS solutions that enable content owners, broadcasters, streaming platforms, and advertisers to efficiently distribute, manage, and monetize video content. Founded in 2008 and headquartered in Bengaluru, the company operates through three core business verticals, Cloud Modernization, Streaming Unification, and Monetization and Marketplace, each purpose-built to solve critical, structural challenges across the evolving media and entertainment value chain. Amagi’s growth strategy follows the “Win, Expand, Extend” framework, a proven vertical SaaS playbook. The company focuses on winning new customers through differentiated, cloud-native solutions, expanding wallet share by cross-selling and upselling across its integrated platform, and extending growth via new products, adjacent workflows, and geographic expansion. This approach supports efficient scaling, deeper customer engagement, and sustained long-term growth in a rapidly evolving media ecosystem. The global M&E industry is expected to grow at a CAGR of 3.7% from CY24 to CY29, reaching Rs, 301.3 trillion (USD3.6 trillion) by CY29. On the financial front, Amagi has delivered strong and consistent growth, with revenue from operations recording a 30.7% CAGR between FY23 and FY25 and rising 34.6% YoY to Rs. 704.8 crores in H1FY26, driven by new customer wins and ,deeper engagement from existing clients. The business demonstrates high customer stickiness, reflected in net revenue retention of ~127% in both H1FY26 and FY25. Profitability metrics continue to improve, with gross margins expanding from 64.7% in FY23 to 69.3% in FY25 and remaining stable at ~69.6% in H1FY26, supported by a software-led delivery model. Despite absolute increases in employee and operating costs, Amagi has shown clear operating leverage, with operating expenses declining from 85.5% of revenue in FY23 to 67.3% in FY25, and further improving to 61.3% in H1FY26. At the upper price band of Rs. 361, Amagi Media Labs Ltd. is valued at a P/S multiple of 0.3x based on FY25 sales. Given the company’s scalable business model and industry growth potential, we believe the valuation is justified. Thus, we recommend a “SUBSCRIBE” rating for this issue with a medium to long-term investment horizon.

What is the Amagi Media Labs Ltd IPO?

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

To apply for the Amagi Media Labs Ltd IPO through StoxBox one can apply from the website and also from the app. Click here

Amagi Media Labs Ltd IPO is opening on 22nd Dec 2025.  Apply Now

The Lot Size of Amagi Media Labs Ltd IPO is 128 equity shares. Login to your account now.

The allotment Date for Amagi Media Labs Ltd IPO is 26th Dec 2025.  Login to your account now.

The listing Date for Amagi Media Labs Ltd IPO is 29th Dec 2025.  Login to your account now

In the Retail segment the minimum investment required is Rs. 14,592. Login to your account now

 In the Retail segment the maximum investment requirement is Rs. 1,89,696. Login to your account now

• Amagi has a history of losses and negative cash flows, and its financial performance remains sensitive to changes in operating leverage. Any future escalation in expenses, slowdown in revenue growth, or reversion to negative cash flows could materially impact profitability and weaken the company’s financial position.

• Amagi’s revenue profile shows a high degree of geographic concentration, with the Americas and Europe (including the UK) accounting for the bulk of operations. During the six months ended September 30, 2025, the Americas contributed Rs. 516.1 crores (73.2%) of revenue, while Europe contributed Rs. 121.7 crores (17.3%), a similar trend persisted in FY25, with contributions of Rs. 847.0 crores (72.86%) and Rs. 201.7 crores (17.34%), respectively, in line with Ind AS 108 segment reporting. This concentration exposes the company to macroeconomic, regulatory, and advertising demand cycles in these regions, and any adverse economic developments in these key markets could materially impact Amagi’s revenue growth, operating performance, financial condition, and cash flows.

• The company’s business model carries inherent third-party infrastructure risk, as its platform and solutions are heavily dependent on cloud infrastructure operated by external service providers. Any service disruption, outage, performance degradation, or failure at these cloud providers could impair platform availability and service quality, potentially leading to customer dissatisfaction, revenue loss, operational disruptions, reputational damage, and exposure to contractual or regulatory liabilities, thereby adversely affecting the company’s financial performance and cash flows.

The Gujarat Kidney & Super Speciality Ltd IPO be credited to the account on allotment date which is 30th Dec 2025. Login to your account now 

The prospectus of Gujarat Kidney & Super Speciality Ltd IPO prospectus can be find on the website of SEBI, NSE and BSE

Gujarat Kidney & Super Speciality IPO : Subscribe

  • Date

    22nd Dec 2025 - 24th Dec 2025

  • Price Range

    Rs.108 to Rs 114

  • Minimum Order Quantity

    128

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Price Lot Size Issue Date Issue Size
₹108 to ₹114 128 22nd Dec, 2025 –24th Dec, 2025 ₹250.00 Cr

Gujarat Kidney & Super Speciality Ltd

Gujarat Kidney and Super Speciality Limited is a regional healthcare services provider headquartered in Vadodara, Gujarat, operating a chain of mid-sized, multi-speciality and super-speciality   hospitals focused on secondary and tertiary care. The company has a strong presence across central, north and south Gujarat and, on a consolidated basis, operates seven hospitals and four in-hospital pharmacies, with a total bed capacity of ~490 beds, approved beds of ~445, and operational beds of ~340 as of June 30, 2025. The company offers a comprehensive range of medical services spanning general medicine, general and laparoscopic surgery, orthopaedics, obstetrics and gynaecology, pulmonology, diabetology and critical care, as well as super-specialities such as nephrology, urology, cardiology, neurology, oncology, gastroenterology, and renal transplant services. Nephrology and urology are the group’s core strengths, with Gujarat Kidney Hospital authorised to perform renal transplants and having successfully performed multiple transplants to date. The integrated care model, supported by in-house diagnostics, ICUs, HDUs and pharmacies, enables improved clinical outcomes, higher patient retention and operational efficiencies. The company has strategically     focused on under-penetrated healthcare markets within Gujarat, leveraging its deep understanding of regional patient behaviour and the medical ecosystem. Growth has been driven by a combination of organic expansion and acquisitions, including majority or controlling stakes in multiple hospitals over the last few years, allowing the company to scale rapidly while maintaining capital efficiency. The company is also expanding its footprint through the development of a women’s healthcare hospital in Vadodara and the acquisition of Parekh’s Hospital Private Limited in Ahmedabad.

Objective of the Gujarat Kidney & Super Speciality Ltd IPO

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

  1. Proposed acquisition of Parekhs Hospital at Ahmedabad;
  2. Part-payment of purchase consideration for the already acquired “Ashwini Medical Centre;
  3. Acquisition of additional shareholding in subsidiary namely “Harmony Medicare Private Limited at Bharuch;
  4. Funding of capital expenditure requirements of Company towards setting up of a new hospital in Vadodara; and
  5. General corporate purposes. 

Rationale To Gujarat Kidney & Super Speciality Ltd IPO

Strong leadership in renal sciences, aided by a comprehensive urology sub-superspeciality platform

The companies have a strong reputation and profound clinical expertise in renal sciences, positioning them well to capitalize on the rising demand for quality tertiary healthcare services in India. Over the years, it has built a robust chain of multispeciality hospitals offering advanced care, with particular strength in urology and nephrology. In the initial years of operations at its flagship Gujarat Kidney Hospital, the company successfully established multiple urology sub-specialties, including endourology, urologic oncology, pediatric and reconstructive urology, renal transplant, laparoscopic and female urology, creating a strong foundation in high-acuity renal care. This clinical depth has been added by a strong focus on minimally invasive and laparoscopic surgeries, with the laparoscopic department at the Gujarat Multispeciality Hospital in Godhra established in 2023 and the successful execution of complex procedures such as nephrectomies, radical prostatectomies, hysterectomies, and other advanced laparoscopic interventions across hospitals. The company has further diversified into other complex specialties, including oncology, gynecology, orthopedics and joint replacement, neurosurgery, and plastic and reconstructive surgery, supported by laparoscopic capabilities across all its hospitals. Recognizing favorable demographic trends, rising affordability, higher health awareness, and the growing burden of lifestyle-related diseases, the company has also expanded into cardiology, with in-house interventional cardiology units at its Vadodara and Godhra hospitals offering a comprehensive range of invasive cardiac procedures. Backed by robust infrastructure and the extensive experience of its promoters and medical team, the company has demonstrated the ability to scale specialized, complex procedures across multiple disciplines.

Asset-light regional hospital platform focused on Central Gujarat

The company follows an asset-light hospital expansion strategy, primarily operating through leased facilities and acquiring controlling stakes in existing hospitals, which allows it to scale operations without significant capital investment in land, buildings, or core infrastructure. By acquiring majority or controlling interests in hospitals across Bharuch, Borsad, Vadodara, and Anand, the company has rapidly expanded its footprint while maintaining capital efficiency and improving return ratios. This approach is being further reinforced through the proposed acquisition of Parekh’s Hospital Private Limited in Ahmedabad, funded from IPO proceeds, which is expected to add operational capacity under the same asset-light framework. Strategically, the company remains focused on the central Gujarat healthcare market, where its presence across multiple cities has enabled a deep understanding of local patient behavior, referral patterns, and medical talent, in a region that remains underserved in terms of quality and affordable healthcare. Favorable hospital locations in densely populated catchments improve accessibility and brand recall, while operational right-sizing and procurement synergies have supported EBITDA-positive operations, underscoring the scalability and profitability of the business model.

Valuation of Gujarat Kidney & Super Speciality Ltd IPO

Gujarat Kidney and Super Speciality Limited operates in the structurally strong Indian hospital sector, which has grown rapidly, driven by rising prevalence of lifestyle diseases, an ageing population, increasing insurance penetration, and higher healthcare spending, with Gujarat remaining an under-penetrated market offering significant long-term opportunity. The company follows a regional cluster-based strategy, operating mid-sized multi-speciality hospitals focused on secondary and tertiary care, with a strong presence in high-margin super-specialities such as nephrology, urology, renal transplants and cardiology, supported by in-house diagnostics and pharmacies. The company’s strategy focuses on scaling its asset-light hospital model through selective acquisitions and operational control of existing hospitals, enabling faster expansion with lower capital intensity and superior return ratios. It aims to deepen its presence in high-margin super-specialities such as renal sciences, urology, cardiology and minimally invasive surgeries, while improving bed utilization and operational efficiencies across its network. On a pro forma consolidated basis, the company reports healthy profitability and return ratios, with EBITDA margins of ~24% and low leverage, and compares favourably with listed peers despite its smaller scale. Overall, the company’s outlook remains positive, braced by strong demand for chronic and specialty healthcare, expansion of bed capacity and specialties, increasing insurance coverage and government healthcare support in Gujarat. At the upper end of the price band at Rs. 114, the company is valued at a P/E multiple of 61.6x FY25 earnings. We, thus, recommend a “SUBSCRIBE” rating for this issue.

What is the Gujarat Kidney & Super Speciality Ltd IPO?

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

To apply for the Gujarat Kidney & Super Speciality Ltd IPO through StoxBox one can apply from the website and also from the app. Click here

Gujarat Kidney & Super Speciality Ltd IPO is opening on 22nd Dec 2025.  Apply Now

The Lot Size of Gujarat Kidney & Super Speciality Ltd IPO is 128 equity shares. Login to your account now.

The allotment Date for Gujarat Kidney & Super Speciality Ltd IPO is 26th Dec 2025.  Login to your account now.

The listing Date for Gujarat Kidney & Super Speciality Ltd IPO is 29th Dec 2025.  Login to your account now

In the Retail segment the minimum investment required is Rs. 14,592. Login to your account now

 In the Retail segment the maximum investment requirement is Rs. 1,89,696. Login to your account now

  • The company intends to deploy a portion of the IPO proceeds to acquire a stake in Parekh’s Hospital Private Limited and subsequently assume its management and operations. Any delays, inability to complete the acquisition on the agreed terms, or challenges in post-acquisition integration could adversely impact the company’s expansion plans, operational performance, and future growth prospects.

  • The company’s expansion plans, including the construction of a new hospital, are subject to risks of delays in regulatory approvals, execution, and capital expenditure procurement. As orders for such capex are yet to be placed, there is no assurance that equipment and infrastructure can be sourced promptly or at commercially viable prices, which could delay project commissioning and impact returns.

  • Given the company’s limited operating history at its current scale and structure, its ability to compete effectively with established healthcare players remains uncertain.

The Gujarat Kidney & Super Speciality Ltd IPO be credited to the account on allotment date which is 30th Dec 2025. Login to your account now 

The prospectus of Gujarat Kidney & Super Speciality Ltd IPO prospectus can be find on the website of SEBI, NSE and BSE

ICICI Prudential Asset Managment Co. Ltd IPO : Subscribe

  • Date

    12th Dec 2025 - 16th Dec 2025

  • Price Range

    Rs.2061 to Rs 2165

  • Minimum Order Quantity

    06

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Price Lot Size Issue Date Issue Size
₹2061 to ₹2165 6 12th Dec, 2025 –16th Dec, 2025 ₹10602.65 Cr

ICICI Prudential Asset Managment Co. Ltd

ICICI Prudential Asset Management Company, one of the oldest fund houses in India with a legacy of over 30 years, has operated as a joint venture between ICICI Bank and Prudential Corporation Holdings Limited since 1998. Over the years, it has established a leadership position in the industry, and as of September 30, 2025, it is the largest asset manager in the country by active mutual fund QAAUM, equity and equity-oriented QAAUM (Quarterly Average Assets Under Management), hybrid QAAUM, and individual investor MAAUM. The company serves a vast customer base of 15.5 million investors, offering a comprehensive suite of 143 schemes across equity, debt, passive, fund-of‑funds, liquid, overnight, and arbitrage categories, making it the most diversified scheme manager in the Indian mutual fund industry. Alongside its core mutual fund franchise, ICICI Prudential AMC has steadily expanded its “Alternates” business, which includes portfolio management services, alternative investment funds, and offshore advisory, thereby broadening its product range and strengthening its presence in higher-yield segments. Its investment philosophy has consistently emphasised disciplined risk management and long-term wealth creation, helping the brand remain trusted and resilient throughout market cycles. The company has established a pan-India presence with 272 offices across 23 states and four union territories, supported by a balanced multi-channel distribution model that combines physical reach with digital platforms and a strong salesforce. In recent years, it has modernized its technology infrastructure through cloud adoption, launched redesigned websites and a mobile app with simplified navigation, and improved distributor portals with enhanced features, all aimed at enhancing investor experiences and operational efficiency. Collectively, these strengths position ICICI Prudential AMC as a market leader with scale, diversity, and innovation at the core of its story.

Objective of the ICICI Prudential Asset Managment Co. Ltd IPO

The company will not receive any proceeds from the offer.

Rationale To ICICI Prudential Asset Managment Co. Ltd IPO

Diversified product portfolio across asset classes

The company relies on its well-diversified product range to meet diverse customer needs and risk-return profiles, while effectively adapting to shifting economic conditions. As of September 30, 2025, it managed 143 mutual fund schemes, the highest number in India. No single scheme accounts for more than 7.1% of mutual fund QAAUM, ensuring diversification and stability. The company has consistently led in product innovation, creating differentiated offerings tailored to long-term investor objectives across various market conditions. Beyond mutual funds, it provides portfolio management services, manages AIFs, and offers offshore advisory. PMS clients benefit from strong risk and governance standards with a personalised, boutique approach, while the AIF business has expanded driven by investor demand for distinctive strategies and proven expertise. The company also advises Eastspring, Prudential’s asset management arm, on select equity and debt products distributed across Japan, Taiwan, Hong Kong, and Singapore. This diverse portfolio highlights its ability to serve a broad range of investor needs while maintaining leadership in innovation and global presence.

Pan-India, multi-channel and diversified distribution network

The company has established a pan-India distribution network of 272 offices across 23 states and four union territories, designed to be balanced and multi-channel, covering both physical and digital platforms supported by its salesforce. As of September 30, 2025, this network included 1,10,719 institutional and individual MFDs, 213 national distributors, and 67 banks, including ICICI Bank. Utilising its parent’s reach, ICICI Bank serves customers through 7,246 branches nationwide. Alongside its physical presence, the company maintains a strong digital ecosystem with its website and mobile app ‘i-Invest’. Digital adoption has grown rapidly, with 11.0 million mutual fund purchase transactions in H1FY26 and 20.9 million in FY25, up from 10.1 million in FY23. Notably, in H1FY26, 95.3% of transactions were executed digitally. The company also engages potential investors through social media content marketing, which has attracted 1.2 million new customers in H1FY26, demonstrating the effectiveness of its multichannel model.

Valuation of ICICI Prudential Asset Managment Co. Ltd IPO

The company’s valuation strength is based on its leadership across asset management categories and consistent profitable growth. As of September 30, 2025, it was the largest asset manager in India with a 13.3% share of active mutual fund QAAUM, 13.6% in equity and equity-oriented QAAUM, and 25.8% in equity-oriented hybrid QAAUM. Equity and equity-oriented QAAUM increased to Rs. 4,876 billion, achieving a 40% CAGR over FY23-25, surpassing the industry’s 36% growth. This equity-heavy mix, which has higher fee structures than non-equity schemes, has supported superior operating profitability. The company also leads in individual investor assets, with mutual fund MAAUM of Rs. 6,610 billion and a 13.7% market share as of September 30, 2025. Individual investors accounted for 61% of total mutual fund MAAUM and 86% of equity- and equity-oriented scheme MAAUM, indicating a preference for higher-fee equity products. Systematic flows provide resilience and predictability, with monthly inflows increasing to Rs. 48.0 billion in September 2025 from Rs. 23.5 billion in March 2023. Of the 15.5 million individual investors, 6.4 million held at least one systematic transaction folio, emphasising the depth of engagement and long-term stability. Between FY23-25, AAUM, operating revenue, and PAT grew at CAGRs of 32.7%, 32.0%, and 32.2%, respectively. Capital efficiency remains exceptional, with an annualised ROE of 86.8% in FY2025 and 82.8% for H1FY26. At the upper end of the price band of Rs. 2,165 per share, the issue is valued at a P/E of 40.4x based on FY25 earnings. The valuation is broadly in line with other large listed asset management companies, making the multiple justified. Supported by industry leadership, strong profitability, and sustained value creation, we recommend a “Subscribe” rating for this issue.

What is the ICICI Prudential Asset Managment Co. Ltd IPO?

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

To apply for the ICICI Prudential Asset Managment Co. Ltd IPO through StoxBox one can apply from the website and also from the app. Click here

ICICI Prudential Asset Managment Co. Ltd IPO is opening on 12th Dec 2025.  Apply Now

The Lot Size of ICICI Prudential Asset Managment Co. Ltd IPO is 06 equity shares. Login to your account now.

The allotment Date for ICICI Prudential Asset Managment Co.Ltd IPO is 17th Dec 2025.  Login to your account now.

The listing Date for ICICI Prudential Asset Managment Co.Ltd IPO is 19th Dec 2025.  Login to your account now

In the Retail segment the minimum investment required is Rs. 12,990. Login to your account now

 In the Retail segment the maximum investment requirement is Rs. 1,94,850. Login to your account now

  • The company’s performance is sensitive to market and economic conditions. Downturns or weak product performance could reduce AUM, fee income, and cash flows.
  • Intense competition, dependence on promoter brand reputation, and the risk of counterparties terminating agreements make future growth and revenues unpredictable; These factors coupled with challenges in scaling new products, could materially impact market share, profitability, and long-term sustainability.
  • Operating in a regulated industry, the company faces risks from policy changes, compliance lapses, cyber-attacks, credit losses, and contingent liabilities that could disrupt operations and financials.
  • The performance of the company’s equity-oriented schemes has a significant impact on its assets under management (AUM) and consequently its revenue from operations. Any underperformance in performance could disproportionately impact business and earnings.

The ICICI Prudential Asset Managment Co.Ltd IPO be credited to the account on allotment date which is 18th Dec 2025. Login to your account now 

The prospectus of ICICI Prudential Asset Managment Co.Ltd IPO prospectus can be find on the website of SEBI, NSE and BSE

Vidya Wires Ltd IPO : Subscribe

  • Date

    03rd Dec 2025 - 05th Dec 2025

  • Price Range

    Rs.48 to Rs 52

  • Minimum Order Quantity

    288

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Price Lot Size Issue Date Issue Size
₹48 to ₹52 288 03rd Dec, 2025 –05th Dec, 2025 ₹300.01 Cr

Vidya Wires Ltd

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.

Objective of the Vidya Wires Ltd IPO

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

  1. Funding capital expenditure requirements for setting up new project in its subsidiary viz. ALCU ;
  2. Repayment/prepayment, in full or part, of all or certain outstanding borrowings availed by the company; and
  3. General corporate purposes.

Rationale To Vidya Wires Ltd IPO

Capacity expansion and increased product offering to significantly enhance market share

With an existing installed capacity of 19,680 MT per annum, the company intends to deploy IPO proceeds towards an additional 18,000 MT per annum, raising cumulative capacity to 37,680 MT. The expansion is scheduled for commissioning by Q3FY26, positioning the company as India’s third-largest manufacturer by installed capacity. Currently, the company has 12 product categories with over 8,000 SKU and intends to introduce 6 additional categories through this expansion, targeting evolving demand and improved customer stickiness. The company intends to add new products like copper foils, copper components, continuously transposed copper conductors, PV round ribbon, solar cables, multi paper covered copper conductors, enameled aluminium winding wires, and enameled aluminium rectangular strips to its current product portfolio. This strategic expansion comes after existing two units reach near optimum capacity utilisation. In Q1FY26, Unit 1 operated at a utilization rate of 80%, up from 57% in FY23, while Unit 2 operates at 97%, up from 72% in FY23. This is a testament to the rising demand as India’s copper and aluminium wiring industry is set for steady growth, driven by electric vehicle adoption, renewable energy investments, and large-scale infrastructure projects. The sector is projected to grow steadily, with products such as enamelled copper winding wire, paper-covered aluminium conductors, PV ribbons, and solar PVC cables fuelling sales. Transformers are one of the key end-use industries driving growth in the copper sector. With rising power demand and the rapid adoption of renewable energy, India requires a stronger and wider power grid for distribution and as this ecosystem is heavily dependent on copper, it provides a strong tailwind that is expected to drive growth. According to the management guidance, this capacity expansion and increased product offering is expected to double VWL’s market share from 5.7% to 11.3%.

De-risked business with diversified supplier and customer base along with in-built hedging mechanism shielding margins

Over FY2023-25 period, the company served over 318 customers, including over 19 international customers in more than 18 countries across 5 continents including the US, Saudi Arabia, UAE, Australia, Canada, Egypt, Singapore, etc. with none of its customer singly contributing over 9% of annual revenues. VWL serves broad industry base, with power & transmission contributing 49%, electrical 22%, renewable EV & automotive 11%, general engineering 10%, and consumer durables 8% in Q1FY26. While the mix has remained stable over the past three years, renewables have shown a notable increase from 7% in FY23 to 11% in Q1FY26. Going forward, the company expects a higher revenue share from this segment, as aluminium product sales in renewables and EVs are expected to drive margin improvement. Over the years, VWL has developed relationships with its customers including Adani Wilmar, Transformers & Rectifiers (India), Schneider Electric Infrastructure, etc., which have shown high stickiness as evident by 80% of business coming from repeat customers. On the supply side, out of total requirement of copper rods, about 35%-40% was manufactured in-house from copper cathodes and the remaining was purchased from external suppliers evenly split between Vedanta Ltd., Marubeni Corporation and Union Copper rod. The raw material requirement is balanced, with a 50:50 split between domestic and imported supplies, thereby reducing supply chain risks. To mitigate the risk of copper price volatility, the company employs a no-cost hedging mechanism wherein raw material supply is booked only after customer orders are confirmed at prices quoted on the London Metal Exchange, thereby shielding margins. 

Valuation of Vidya Wires Ltd IPO

Vidya Wires Ltd. (VWL), based out of Gujarat, manufactures insulated copper and aluminum wires used across industries such as energy, electrical systems, clean energy, EVs, and railways. With an annual capacity of 19,680 MT and planned expansion to 37,680 MT (+18,000 MT), ranking it the third largest manufacturer in the industry. It currently holds a 5.7% market share which is expected to double to 11.3%, driven by capacity expansion and addition of six new product categories serving customers across 19 states, with Gujarat and Maharashtra contributing 69% of Q1FY26 revenue. Manufacturing facilities near Hazira and Mundra ports provide export advantages to the company. On the financial front, the company delivered a revenue growth of 21% over FY2023-25 period to reach Rs. 1,486 crores. For FY25, the EBITDA margin of peers ranged between 3% and 5%, while VWL showed a steady growth increasing from 3.5% in FY23 to 4.3% in FY25. The margins are expected to improve, with the increase in revenue contribution from high margin business of EV and renewables. The company delivered a robust PAT growth of 38% CAGR over FY2023-25 period. Return ratios remained healthy, with RoE at 25% (peer average 15%) and RoCE at 20% (peer average 21%) in FY25. Historically, the company maintained a consistent debt to equity ratio around 0.9x, with fixed asset turnover reaching a high of 36x in FY25. At the upper end of the price band of Rs. 52 per share, the issue is valued at a P/E of 27.1x based on FY25 earnings, which appears highly lucrative given the industry average is 37x. Given strong growth prospects and planned expansion, we recommend a “SUBSCRIBE” rating for this issue.

What is the Vidya Wires Ltd IPO?

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

To apply for the Vidya Wires Ltd IPO through StoxBox one can apply from the website and also from the app. Click here

Vidya Wires Ltd IPO is opening on 03rd Dec 2025.  Apply Now

The Lot Size of Vidya Wires Ltd IPO is 288 equity shares. Login to your account now.

The allotment Date for Aequs Ltd IPO is 08th Dec 2025.  Login to your account now.

The listing Date for Vidya Wires Ltd IPO is 10th Dec 2025.  Login to your account now

In the Retail segment the minimum investment required is Rs. 14,976. Login to your account now

 In the Retail segment the maximum investment requirement is Rs. 1,94,688. Login to your account now

  • Execution Risk: Timely commissioning of the planned 18,000 MT capacity expansion by Q3FY26 is critical; any delays or cost overruns could impact growth and market share targets.
  • Industry Dependence: Heavy reliance on copper and aluminum wiring demand from EVs, renewables, and infrastructure projects means any slowdown in these sectors could affect revenue growth and margins.

The Aequs Ltd IPO be credited to the account on allotment date which is 09th Dec 2025. Login to your account now 

The prospectus of Vidya Wires Ltd IPO prospectus can be find on the website of SEBI, NSE and BSE

Nephrocare Health Ltd IPO : Subscribe

  • Date

    10th Dec 2025 - 12th Dec 2025

  • Price Range

    Rs.438 to Rs 460

  • Minimum Order Quantity

    32

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Price Lot Size Issue Date Issue Size
₹438 to ₹460 32 10th Dec, 2025 –12th Dec, 2025 ₹871.00 Cr

Nephrocare Health Ltd

Nephrocare Health Services offers comprehensive dialysis care through its network of clinics, from diagnosis and treatment to wellness programs, including haemodialysis, home and mobile dialysis, and a pharmacy. The company also provides holiday dialysis, on-call dialysis, and dialysis-on-wheels services to its patients in India. The company is India’s largest dialysis service provider, based on the number of patients served, clinics, cities covered, treatments performed, revenue, and EBITDA in FY25. Further, the company is 4.4 times the size of the next-largest organized dialysis provider in India, based on operating revenue in FY24. In FY25, the company served 29,281 patients and completed 2,885,450 treatments in India, which represented ~10% of the total dialysis patients in India. The company operates 519 clinics, forming India’s most extensive dialysis network, with a presence across 288 cities in 21 States and 4 Union Territories as of September 30, 2025. 77.4% of its clinics are located in tier II and tier III cities and towns. As of September 30, 2025, 80 clinics operated through greenfield, 259 through brownfield, and 180 via PPP collaborations. The company has partnered with leading hospital chains in India, including Max Super Specialty Hospital, Fortis Escorts Hospitals, Care Hospitals, Wockhardt Hospitals, Paras Healthcare, The Calcutta Medical Research Institute, Jehangir Hospital and Grand Medical Foundation (Ruby Hall) to operate specific dialysis clinics. The company is the leader in dialysis services in FY25, with a market share of over 50% in the organised market (by number of treatments) and ~50% in revenue generated by organiZed dialysis service providers. The company’s clinics are accredited by leading bodies in India, with 145 of its dialysis clinics accredited by NABH and three by JCI as of September 30, 2025. The company also complies with ISO standards ISO 9001:2015 for quality management systems.

Objective of the Nephrocare Health Ltd IPO

Out of the total issue size of Rs. 871 crores, Rs. 518 crores comprises OFS.

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

  • Capital expenditure by company for opening new dialysis clinics in India and;
  • Pre-payment, or scheduled repayment, in full or part, of certain borrowings availed by company; and
  • General corporate purposes. 

Rationale To Nephrocare Health Ltd IPO

Strong market presence as India and Asia’s largest dialysis provider

The company is India’s largest dialysis service provider in terms of the number of patients served, clinics, cities covered, treatments performed, revenue, and EBITDA (excluding other income) in FY25, and it is 4.4 times the size of the next largest organized dialysis provider in India in terms of operating revenue in FY24. The company was also the largest dialysis service provider in Asia in 2025 and the fifth-largest globally based on the number of treatments performed in FY25. In India, the company is the leader in dialysis services in FY25, with a market share of over 50% in the organized dialysis market (by number of treatments) and ~50% in revenue generated by organized dialysis service providers. As of September 30, 2025, the company has performed over 1.87 million treatments, with the number of treatments growing at a CAGR of 20.1% between FY23 and FY25. Additionally, as of September 30, 2025, the company had 5,562 dialysis machines, up from 5,068, 4,714, and 3,662 as of March 31, 2025, March 31, 2024, and March 31, 2023, respectively. As of September 30, 2025, the company operated clinics in 3 countries other than India. The company commenced international operations in 2018 with its entry into Nepal, an extension of its cluster-based approach in India. The company entered the Philippine market in October 2020, following its acquisition of a majority stake in Royal Care Dialysis Centre Inc. (RCDC) and Asialife Healthcare Corp (Asialife). Through these acquisitions, the company gained access to RCDC’s and Asialife’s network of six clinics across the Philippines. Over the next 2 years, the company subsequently acquired 100% ownership of RCDC and expanded its footprint to 10 clinics. As of September 30, 2025, the company operated 51 clinics in the Philippines. The company was the 3rd-largest dialysis service provider in the Philippines by the number of clinics in 2024. The company won a USD 75+ million PPP tender issued by the Ministry of Health, Republic of Uzbekistan, to establish four clinics, including a 165-bed dialysis clinic in Tashkent, the largest dialysis clinic globally.

Scale, coupled with an asset-light model, drives cost efficiencies and operational excellence

The company has expanded from a single clinic in India in 2010 to 519 clinics across India, Nepal, the Philippines, and Uzbekistan as of September 30, 2025, with a presence in 328 cities. Its growth strategy combines greenfield and brownfield operations with PPP collaborations, enabling efficient scaling and diverse patient coverage. As of September 30, 2025, 80 clinics operated through greenfield, 259 through brownfield, and 180 via PPP collaborations. The company follows an asset-light model, enabling lower establishment and operating costs compared to tertiary care and other single-speciality services. As of September 30, 2025, 52.4% of its 519 clinics operate on a revenue-sharing model with limited space investment, reflecting its commitment to lean operations. Initiatives such as standardized clinic formats, an in-house projects team, and an efficient supply chain have helped reduce capital expenditure and keep establishment costs low. In the 6 months ended September 30, 2025, and FY25, FY24, and FY23, capital expenditure per clinic was Rs. 1.0 crores, Rs. 1.4 crores, Rs. 1.7 crores, and Rs. 1.1 crores, respectively. The company uses a cluster-based approach to expand its network, starting with clinics in densely populated areas and then growing within cities and nearby towns. Expansion is guided by catchment demographics, market dynamics, and backend infrastructure, with clinic selection based on demand-supply gaps, nephrologist availability, dialysis volumes, government schemes, and due diligence. This approach has enabled operations in non-metro, tier II, and tier III locations, improving accessibility. As of September 30, 2025, the company had 128 clinics in tier II and 234 in tier III cities.

Valuation of Nephrocare Health Ltd IPO

The company is India’s largest dialysis service provider, with market leadership across key metrics including patients served, clinics, cities covered, treatments performed, revenue, and EBITDA in FY25. Its scale advantage is significant, being 4.4 times larger than the next-largest organized player in terms of operating revenue in FY24. With operations spanning India and international markets, including Nepal, the Philippines (51 clinics), Uzbekistan, and KSA, the company has established itself as the largest dialysis chain in Asia and the fifth-largest globally, based on treatments performed in FY25. The company has also built a highly scalable hub-and-spoke model, anchored in an asset-light approach, in which it partners with hospitals and public health authorities to expand its clinic footprint without significant upfront capital. This allows rapid market entry, superior cost efficiency, and substantial operating leverage as patient volumes scale. Its international acquisitions have enabled the company to diversify revenue streams, deepen regional penetration, and replicate its successful cluster-based India strategy across Asia. India’s dialysis market is structurally expanding due to rising CKD prevalence, increasing prevalence of lifestyle diseases, limited access to renal care in Tier-II/III cities, and low penetration of organized dialysis networks. The organized dialysis segment is rapidly gaining share as government programs, insurance coverage, and PPP-driven models expand patient access to affordable, reliable services. On the financial front, the company has demonstrated CAGR growth of 31.5%/85.2% in Revenue/EBITDA between FY23 and FY25, driven by rapid network expansion, rising treatment volumes, and improving revenue per treatment, supported by acquisitions, new clinic openings, and scale benefits. Overall, the company is well-positioned to sustain its growth trajectory, driven by continued clinic additions, further penetration into underserved regions, and scaling of international operations. At the upper end of the price band at Rs. 460, the company is valued at a P/E multiple of 57.4x FY25 earnings. We, thus, recommend a “SUBSCRIBE” rating for this issue.

What is the Nephrocare Health Ltd IPO?

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

To apply for the Nephrocare Health Ltd IPO through StoxBox one can apply from the website and also from the app. Click here

Nephrocare Health Ltd IPO is opening on 10th Dec 2025.  Apply Now

The Lot Size of Nephrocare Health Ltd IPO is 32 equity shares. Login to your account now.

The allotment Date for Nephrocare Health Ltd IPO is 15th Dec 2025.  Login to your account now.

The listing Date for Nephrocare Health Ltd IPO is 17th Dec 2025.  Login to your account now

In the Retail segment the minimum investment required is Rs. 14,720. Login to your account now

 In the Retail segment the maximum investment requirement is Rs. 1,91,360. Login to your account now

  • A significant share of company’s revenue comes from captive clinics within private hospitals. Any cancellation or non-renewal of these contracts could materially disrupt operations and adversely impact our revenue and financial performance.
  • A meaningful portion of company’s revenue is derived from PPP contracts awarded through competitive government bidding. Any inability to qualify for, win, or renew such tenders could reduce revenue visibility and adversely affect our business prospects, financial performance, and cash flows.
  • The company exposed to operational, medical, legal, and reputational risks inherent in delivering dialysis services. Any failure to maintain required quality standards could lead to patient harm, litigation, and reputational damage, materially impacting operations and financial performance.  

The Nephrocare Health Ltd IPO be credited to the account on allotment date which is 15th Dec 2025. Login to your account now 

The prospectus of Nephrocare Health Ltd IPO prospectus can be find on the website of SEBI, NSE and BSE

Park Medi World Ltd IPO : Subscribe

  • Date

    10th Dec 2025 - 12th Dec 2025

  • Price Range

    Rs.154 to Rs 162

  • Minimum Order Quantity

    92

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Price Lot Size Issue Date Issue Size
₹154 to ₹162 92 10th Dec, 2025 –12th Dec, 2025 ₹920.00 Cr

Park Medi World Ltd

The company is the second-largest private hospital chain in North India, with a total bed capacity of 3,000, and the largest in Haryana, operating 1,600 beds in the state as of March 31, 2025. Its network comprises 14 NABH-accredited multispecialty hospitals under the ‘Park’ brand across Haryana, Delhi, Punjab, and Rajasthan, offering more than 30 specialty and super-specialty services, including internal medicine, neurology, urology, gastroenterology, orthopedics, and oncology. As of September 30, 2025, the organization employs over 1,000 doctors and 2,100 nurses dedicated to delivering high-quality clinical care. Founded by Dr. Ajit Gupta, who established the Park Hospital brand in 2005, the company has grown significantly through strategic expansions and the acquisition of eight hospitals across North India, increasing its bed capacity from 2,550 to 3,250 within two years. Its expansion pipeline includes new projects in Ambala, Panchkula, Rohtak, Gorakhpur, and Kanpur, with a projected increase in total capacity to 4,900 beds by 2028. The company is also in the process of acquiring Durha Vitrak (Febris Multi-Specialty Hospital, New Delhi) and has a long-term agreement to operate a 400-bed hospital in Gorakhpur. Its hospitals are equipped with advanced clinical infrastructure, including 870 ICU beds, 67 operating theatres, dedicated cancer units with linear accelerators, and specialized Institutes for Minimal Access and Robotic Surgery (iMARS).

Objective of the Park Medi World Ltd IPO

Out of the total issue size of Rs. 920 crores, Rs. 150 crores comprises OFS.

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

  • Repayment/ prepayment, in full or in part, of outstanding borrowings availed by company and Subsidiaries;
  • Funding capital expenditure for development of new hospital by Subsidiary, Park Medicity (NCR);
  • Funding capital expenditure for purchase of medical equipment by company and Subsidiaries, Blue Heavens and Ratangiri; and
  • Unidentified inorganic acquisitions and general corporate purposes.

Rationale To Park Medi World Ltd IPO

North India’s second-largest private hospital chain, anchored by Haryana market leadership

The company’s position as the second-largest private hospital chain in North India and the largest in Haryana provides a strong foundation for sustainable long-term growth. With an aggregate bed capacity rising from 2,550 beds in FY23 to 3,250 beds as of September 30, 2025, the company has demonstrated consistent expansion through a combination of organic growth and strategic acquisitions. Its cluster-based approach, establishing hospitals in adjacent geographies, has enabled brand reinforcement, resource sharing, and meaningful operating leverage. The network today comprises 14 NABH-accredited multi-super specialty hospitals equipped with 870 ICU beds, 67 operating theatres, dedicated cancer units, trauma centers, and oxygen generation plants, underscoring strong clinical infrastructure and capability. Five hospitals are also approved for kidney transplant procedures, reflecting competency in high-acuity care. With operations concentrated in North India, a region characterized by significant under-penetration of healthcare infrastructure and low doctor, nurse, and bed availability, the company is strategically positioned to capture a disproportionate share of regional demand. Supported by favorable industry tailwinds, including rising demand for routine and elective procedures and a healthcare delivery market projected to grow at a 10-12% CAGR through FY29, the company stands to benefit from scale, brand strength, and increasing demand for quality yet affordable healthcare. The company’s entrenched leadership in North India provides a strategic platform to tap into sizeable market opportunities and drive scale efficiencies, all while preserving the quality standards central to its healthcare delivery model.

High-quality, affordable healthcare across a diverse specialty network

The company operates with a clear vision of delivering high-quality healthcare at affordable rates, primarily serving lower- and middle-income patients across its extensive hospital network. Its focus on affordability is supported by disciplined cost optimization measures, including the use of advanced medical technologies that shorten patient recovery times, a predominantly full-time clinical workforce, strong vendor partnerships, and the operating leverage generated from its growing regional footprint. The company has further enhanced its clinical capabilities by deploying its advanced iMARS robotic surgery system across three hospitals, enabling minimally invasive procedures that deliver improved accuracy, reduced discomfort, quicker recovery, and better patient outcomes. Alongside robotic surgery, it offers a broad range of complex interventions, including angioplasty, non-surgical valve replacements, leadless pacemakers, bariatric surgery, stroke care, and kidney transplants, strengthening both clinical depth and efficiency. Overall, the company derives its revenue from a broad portfolio of specialties, enabling sustained business growth while mitigating concentration risks across its operations. As of September 30, 2025, it offered more than 30 super-specialty and specialty services across its hospital network.

Valuation of Park Medi World Ltd IPO

Park Medi World Limited is the second-largest private hospital chain in North India with a capacity of 3,000 beds, and the largest operator in Haryana with 1,600 beds as of March 31, 2025. The company operates 14 NABH-accredited multispecialty hospitals, offering 30+ specialties, including neurology, urology, gastroenterology, orthopedics, general surgery, and oncology. Its network is supported by a substantial clinical workforce of 1,014 doctors and 2,142 nurses as of September 30, 2025. The company’s business model focuses on affordable, high-quality healthcare delivery in fast-growing Tier-II North Indian markets, giving it a strong regional scale advantage. The company is positioned to leverage the structural expansion of healthcare demand in North India. Park Medi has built its footprint through a combination of organic expansion and targeted acquisitions, as seen in its diversified subsidiary network across Haryana, Delhi, Punjab, and Rajasthan. The group continues to invest heavily in physical infrastructure; this capex-led strategy supports bed additions, new specialties, and capacity upgrades. India’s healthcare delivery sector continues to benefit from strong macro tailwinds. North India, in particular, remains underpenetrated in hospital beds relative to national averages, creating a long runway for private operators.  On the financial front, the company has demonstrated Revenue CAGR growth of 5.4% between FY23 and FY25, led by the rapid expansion of its hospital network, both organically and through the acquisition of multiple operating subsidiaries across Haryana, Delhi NCR, Punjab, and Rajasthan. Overall, the company’s growth outlook is underpinned by network expansion via brownfield and greenfield projects, deeper penetration of high-margin specialties, and operating leverage from maturing hospitals. At the upper end of the price band at Rs. 162, the company is valued at a P/E multiple of 29.2x FY25 earnings. We, thus, recommend a “SUBSCRIBE” rating for this issue.

What is the Park Medi World Ltd IPO?

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

To apply for the Park Medi World Ltd IPO through StoxBox one can apply from the website and also from the app. Click here

Park Medi World Ltd IPO is opening on 10th Dec 2025.  Apply Now

The Lot Size of Park Medi World Ltd IPO is 92 equity shares. Login to your account now.

The allotment Date for Park Medi World Ltd IPO is 15th Dec 2025.  Login to your account now.

The listing Date for Park Medi World Ltd IPO is 17th Dec 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’s substantial revenue is derived from women’s healthcare, cardiovascular-diabetes, and pain management, accounting for 65.1% of Q1FY26 revenue. Any underperformance of products in these segments, or increased competition, could materially impact the company’s revenue, profitability, and cash flows.
  • The company’s 27 engine brands contribute 72.34% of domestic sales (MAT Jun’ 25), with significant reliance on key brands such as B-29 and Myoril. Any adverse developments impacting the performance, market acceptance or competitive positioning of these core brands could materially affect the company’s business, financial performance and cash flows.
  • The company’s domestic sales exhibit a high regional concentration, with Gujarat, Maharashtra, Chhattisgarh, Goa, and Madhya Pradesh collectively accounting for 47.30% of MAT Jun ’25 revenues. This concentration heightens exposure to region-specific disruptions, including regulatory actions, competitive intensification, supply-chain constraints, which could materially affect sales traction in these key markets and, in turn, weigh on the overall business performance, financial outcomes and cash flow stability.

The Park Medi World Ltd IPO be credited to the account on allotment date which is 15th Dec 2025. Login to your account now 

The prospectus of Park Medi World Ltd IPO prospectus can be find on the website of SEBI, NSE and BSE

Corona Remedies Ltd IPO : Subscribe

  • Date

    08th Dec 2025 - 10th Dec 2025

  • Price Range

    Rs.1008 to Rs 1062

  • Minimum Order Quantity

    14

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Price Lot Size Issue Date Issue Size
₹1008 to ₹1062 14 08th Dec, 2025 –10th Dec, 2025 ₹655.37 Cr

Corona Remedies Ltd

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.

Objective of the Corona Remedies Ltd IPO

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

  • The company will not receive any proceeds from the offer and all the offer proceeds will be received by the selling shareholders after deduction of offer related expenses and relevant taxes thereon to be borne by the respective selling shareholders.;
  • General corporate purposes. 

Rationale To Corona Remedies Ltd IPO

Second fastest-growing among top 30 pharma players, ready to ride India’s growth wave

The company is one of the fastest-growing players in the Indian pharmaceutical market, ranking second in growth among the top 30 domestic pharma companies between MAT June 2022 and MAT June 2025. Its strong 16.8% domestic sales CAGR, which significantly outpaces IPM’s 9.2% growth, reflects superior execution across key therapeutic areas, including women’s health, cardiology, pain management, and urology. A differentiated portfolio strategy, focused on high-growth chronic and speciality segments, has driven meaningful scale-up in brand leadership, with the company achieving the largest rank improvement among the top 30 IPM players during the period. The company also leads in new product momentum, with a 14.4% share of launches above Rs. 50 mn higher than the top-30 peer set and the broader IPM, supported by a substantial 60% share of products in the growth stage of the lifecycle. With the domestic formulations market expected to grow at an 8-9% CAGR through FY30, led by rising chronic disease burden and increasing demand for gynaecology, cardiovascular-diabetes, and urology therapies, the company is well-positioned to benefit disproportionately from these structural tailwinds. Its focused presence in high-growth segments, brand-centric commercial model and strong pipeline collectively provide a robust platform for sustained outperformance in the Indian pharmaceutical market.

Diversified portfolio with engine brands to accelerate growth

The company offers a highly diversified and fast-growing branded formulations portfolio across women’s healthcare, cardio-diabeto, pain management and urology, with these four targeted therapy areas as contributing ~67-68% of domestic sales and delivering a strong 22-24% CAGR over MAT FY22-FY25, significantly outperforming the IPM. Leadership positions across key brands reinforce its competitive strength: Myoril, COR and Trazer ranked #1; COR-9, Alkashot and Stimucor ranked #3; Argihope and Evtab ranked #4; and B-29, C-HOP and Bisobis ranked #5 in their respective sub-groups. The strategic acquisition of Myoril has further accelerated growth, driving ~52-90% revenue expansion, strengthening the pain management portfolio. A strong brand-building track record underpins the company’s performance, with 27 “engine” brands, contributing ~72% of revenues and growing at an impressive 20.7% CAGR. Twelve of these engine brands rank among the top five in their categories, demonstrating deep franchise equity and robust marketing capabilities. At the same time, a rising share of chronic and sub-chronic therapies from 63.8% to 70.1% over three years enhances revenue visibility, stability and profitability, with this segment growing at 20.5% CAGR, more than double the broader IPM. Overall, the company’s strong leadership across key therapy clusters, brand-driven growth engine, expanding presence in chronic/sub-chronic therapies, and acquisitions and in-licensing partnerships collectively position it for sustained growth.

Valuation of Corona Remedies Ltd IPO

Corona Remedies Limited is an India-focused branded formulations company with a significant presence in women’s healthcare, cardiovascular diabetology, pain management, urology, and related therapies. Corona Remedies ranks as the second fastest-growing pharma company among India’s top 30 by domestic sales, delivering a strong 22-24% CAGR over MAT FY22-FY25, significantly outperforming the IPM.  With the Indian domestic formulations market expected to grow at 8-9% CAGR through FY2030, led by higher chronic disease prevalence, rising healthcare access, and strong growth in gynecology, cardio-diabetes and urology therapies, the company stands to benefit disproportionately given its high exposure to these faster-growing segments. Corona Remedies is well-positioned to leverage this growth, demonstrated by its strong domestic franchise and a healthy growth in the broader Indian market. The company offers an opportunity to invest in a growth-oriented, domestic-branded pharma with a robust presence across core therapies and exposure to secular growth trends in the Indian market. On the financial front, the company has demonstrated CAGR growth of 16%/37%/33% in Revenue/EBITDA/PAT between FY23 and FY25, led by continued momentum in chronic/sub-chronic therapies, ramp-up of recent acquisitions such as Myoril, and differentiated in-licensing partnerships, further strengthening long-term earnings potential. Overall, the company’s strong growth profile, leadership in high-value therapies, and alignment with sector tailwinds support a positive long-term outlook, positioning it well to capture above-industry growth. At the upper end of the price band at Rs. 1,062, the company is valued at a P/E multiple of 43.5x FY25 earnings. We, thus, recommend a “SUBSCRIBE” rating for this issue.

What is the Corona Remedies Ltd IPO?

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

To apply for the Wakefit Innovations Ltd IPO through StoxBox one can apply from the website and also from the app. Click here

Corona Remedies Ltd IPO is opening on 08th Dec 2025.  Apply Now

The Lot Size of Corona Remedies Ltd IPO is 14 equity shares. Login to your account now.

The allotment Date for Corona Remedies Ltd IPO is 11th Dec 2025.  Login to your account now.

The listing Date for Corona Remedies Ltd IPO is 15th Dec 2025.  Login to your account now

In the Retail segment the minimum investment required is Rs. 14,868. Login to your account now

 In the Retail segment the maximum investment requirement is Rs. 1,93,284. Login to your account now

  • The company’s substantial revenue is derived from women’s healthcare, cardiovascular-diabetes, and pain management, accounting for 65.1% of Q1FY26 revenue. Any underperformance of products in these segments, or increased competition, could materially impact the company’s revenue, profitability, and cash flows.
  • The company’s 27 engine brands contribute 72.34% of domestic sales (MAT Jun’ 25), with significant reliance on key brands such as B-29 and Myoril. Any adverse developments impacting the performance, market acceptance or competitive positioning of these core brands could materially affect the company’s business, financial performance and cash flows.
  • The company’s domestic sales exhibit a high regional concentration, with Gujarat, Maharashtra, Chhattisgarh, Goa, and Madhya Pradesh collectively accounting for 47.30% of MAT Jun ’25 revenues. This concentration heightens exposure to region-specific disruptions, including regulatory actions, competitive intensification, supply-chain constraints, which could materially affect sales traction in these key markets and, in turn, weigh on the overall business performance, financial outcomes and cash flow stability.

The Corona Remedies Ltd IPO be credited to the account on allotment date which is 12th Dec 2025. Login to your account now 

The prospectus of Corona Remedies Ltd IPO prospectus can be find on the website of SEBI, NSE and BSE

Wakefit Innovations Ltd IPO : Subscribe

  • Date

    08th Dec 2025 - 10th Dec 2025

  • Price Range

    Rs.185 to Rs 195

  • Minimum Order Quantity

    76

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Price Lot Size Issue Date Issue Size
₹185 to ₹195 76 08th Dec, 2025 –10th Dec, 2025 ₹1,288.89 Cr

Wakefit Innovations Ltd

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%.

Objective of the Wakefit Innovations Ltd IPO

The company will utilize net proceeds in the following manner:

  • Capital expenditure to be incurred by the company for setting up of 117 new COCO – Regular Stores;
  • Expenditure for lease, sub-lease rent and license fee payments for existing COCO – Regular Stores;
  • Capital expenditure to be incurred by the company for purchase of new equipment and machinery;
  • Marketing and advertisement expenses towards enhancing the awareness and visibility of the brand; and
  • General corporate purposes.

Rationale To Wakefit Innovations Ltd IPO

Largest and fastest growing D2C home and furnishing solutions destination

The company operates as a scaled home and furnishing solutions provider with a comprehensive product portfolio spanning mattresses, furniture, and furnishings, supported by a strong omnichannel presence. It is the largest D2C home and furnishings brand in India by revenue in FY24 and the fastest homegrown player among organized peers to surpass Rs. 1000 crores in total income within just nine years of operations (Rs. 986 crores revenue from operations). Revenue from operations grew at a robust 24.9% CAGR over FY22-FY24, approximately 1.6x the average growth of organized industry players, highlighting strong execution and brand momentum. The company’s differentiated strategy is anchored in a high share of direct-to-consumer sales. Own channels (website + COCO stores) contributed 65%, 57%, 58% and 57% of revenue in H1FY26, FY25, FY24 and FY23, respectively, demonstrating the brand’s ability to attract and convert customers within proprietary platforms. The D2C-heavy mix enhances customer engagement, drives higher order values, boosts repeat purchases, and optimizes conversion rates through data-driven insights and direct customer feedback. Importantly, direct channels also deliver superior profitability by bypassing third-party marketplace commissions and distributor margins. The company has aggressively scaled its COCO network from 23 stores in FY23 to 125 stores across 62 cities by September 2025, strengthening experiential retail, increasing touchpoints, and reinforcing brand visibility. These stores, combined with the capital-efficient and scalable website channel, create an integrated ecosystem that allows the company to control pricing, experience, product education, and customer lifetime value. A majority of the company’s revenue originates from its own channels, underscoring the brand’s consumer trust and preference over established marketplaces. The direct interface with customers enables richer insights for product innovation, personalized marketing, and targeted retention interventions, further strengthening the brand’s competitive moat and supporting continued growth.

Full-stack vertically integrated operations with differentiated processes and technical capabilities

The company has built strong in-house design, engineering, and manufacturing capabilities, anchored in a technology-centric R&D framework. Advanced CAD/CAM systems enable precision design, rapid prototyping, and digitally integrated manufacturing. Designs are stored and updated through a cloud-based architecture, allowing real-time synchronization with machinery across facilities. This end-to-end digital workflow materially reduces manual intervention, minimizes reconfiguration downtime, improves consistency, and enhances overall production efficiency. The company’s focus on ergonomics, functionality, and dimensional accuracy supports differentiated product quality and faster design-to-market cycles. On the operations front, the company has established a scalable and cost-efficient supply chain infrastructure comprising a 1.55-lakh sq. ft. mother warehouse in Hosur, seven INHPs, and 18 PODs as of September 2025. The mother warehouse functions as the central inventory and dispatch hub, while INHPs hold key SKUs, particularly mattresses and marketplace-driven categories to compress delivery timelines and reduce logistics costs. PODs serve as hyperlocal transit hubs supporting last-mile delivery and on-ground installation. This distributed logistics architecture enhances fulfillment speed and customer experience, particularly in larger-format categories like furniture. Additionally, a dedicated workforce of 198 installation specialists ensures professional assembly and post-sales service, reinforcing customer satisfaction and strengthening the company’s brand promise.

Valuation of Wakefit Innovations Ltd IPO

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%. India’s Home & Furnishings market is estimated to be Rs. 2.8 to 3.0 trillion (USD 34 to 36 billion) as of CY24, and is projected to grow to reach Rs. 5.2 to 5.9 trillion (USD 63 to 71 billion) by CY30. The home and furnishings market is projected to grow at 11% to 13% CAGR from CY24 to CY30, fueled by organized retail growth, rising online dominance, and premiumization. This provides substantial headroom for Wakefit Innovations Ltd. to accelerate its scale-up. The company is currently prioritizing structural cost optimization by streamlining its supply chain, shifting from a factory to mother warehouse model to direct dispatches to INHPs, which is expected to improve efficiencies and reduce logistics costs. On the financial front, revenue grew at a robust CAGR of 25.2% between FY23 and FY25, losses narrowed in FY24, and the company delivered a profit of Rs. 36 crores in FY25. At the upper price band of Rs. 195, WakeFit Innovations Ltd. is valued at a P/S multiple of 5.5x based on FY25 sales. Given the company’s expansion plans, expanding margins, scalable business model, and industry growth potential, we believe the valuation is justified. Thus, we recommend a “SUBSCRIBE” rating for this issue with a medium to long-term investment horizon.

What is the Wakefit Innovations Ltd IPO?

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

To apply for the Wakefit Innovations Ltd IPO through StoxBox one can apply from the website and also from the app. Click here

Wakefit Innovations Ltd IPO is opening on 08th Dec 2025.  Apply Now

The Lot Size of Wakefit Innovations Ltd IPO is 76 equity shares. Login to your account now.

The allotment Date for Wakefit Innovations Ltd IPO is 11th Dec 2025.  Login to your account now.

The listing Date for Wakefit Innovations Ltd IPO is 15th Dec 2025.  Login to your account now

In the Retail segment the minimum investment required is Rs. 14,820. Login to your account now

 In the Retail segment the maximum investment requirement is Rs. 1,92,660. Login to your account now

  • The company’s performance is closely tied to the strength of its flagship “Wakefit” brand, which anchors its mattress, furniture, and furnishings portfolio. Given the brand’s central role in driving customer acquisition, pricing power, and category expansion, any dilution, impairment, or negative perception of the Wakefit brand could materially impact business momentum, operating performance, financial stability, and cash flows. Maintaining brand integrity is therefore a critical strategic and operational priority for the company.
  • The company derives a significant portion of its revenue from the mattress product category.  Revenue from the sale of mattresses accounted for 60.65%, 61.35%, 57.54% and 63.50% of revenue from operations in the six-month period ended September 30, 2025 and FY25, FY24 and FY23, respectively. Any shifts in consumer preferences, any disruption in the supply chain, could adversely affect business, results of operations, financial condition and cash flows.

The Wakefit Innovations Ltd IPO be credited to the account on allotment date which is 12th Dec 2025. Login to your account now 

The prospectus of Wakefit Innovations Ltd IPO prospectus can be find on the website of SEBI, NSE and BSE

Vidya Wires Ltd IPO : Subscribe

  • Date

    03rd Dec 2025 - 05th Dec 2025

  • Price Range

    Rs.48 to Rs 52

  • Minimum Order Quantity

    288

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Price Lot Size Issue Date Issue Size
₹48 to ₹52 288 03rd Dec, 2025 –05th Dec, 2025 ₹300.01 Cr

Vidya Wires Ltd

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.

Objective of the Vidya Wires Ltd IPO

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

  1. Funding capital expenditure requirements for setting up new project in its subsidiary viz. ALCU ;
  2. Repayment/prepayment, in full or part, of all or certain outstanding borrowings availed by the company; and
  3. General corporate purposes.

Rationale To Vidya Wires Ltd IPO

Capacity expansion and increased product offering to significantly enhance market share

With an existing installed capacity of 19,680 MT per annum, the company intends to deploy IPO proceeds towards an additional 18,000 MT per annum, raising cumulative capacity to 37,680 MT. The expansion is scheduled for commissioning by Q3FY26, positioning the company as India’s third-largest manufacturer by installed capacity. Currently, the company has 12 product categories with over 8,000 SKU and intends to introduce 6 additional categories through this expansion, targeting evolving demand and improved customer stickiness. The company intends to add new products like copper foils, copper components, continuously transposed copper conductors, PV round ribbon, solar cables, multi paper covered copper conductors, enameled aluminium winding wires, and enameled aluminium rectangular strips to its current product portfolio. This strategic expansion comes after existing two units reach near optimum capacity utilisation. In Q1FY26, Unit 1 operated at a utilization rate of 80%, up from 57% in FY23, while Unit 2 operates at 97%, up from 72% in FY23. This is a testament to the rising demand as India’s copper and aluminium wiring industry is set for steady growth, driven by electric vehicle adoption, renewable energy investments, and large-scale infrastructure projects. The sector is projected to grow steadily, with products such as enamelled copper winding wire, paper-covered aluminium conductors, PV ribbons, and solar PVC cables fuelling sales. Transformers are one of the key end-use industries driving growth in the copper sector. With rising power demand and the rapid adoption of renewable energy, India requires a stronger and wider power grid for distribution and as this ecosystem is heavily dependent on copper, it provides a strong tailwind that is expected to drive growth. According to the management guidance, this capacity expansion and increased product offering is expected to double VWL’s market share from 5.7% to 11.3%.

De-risked business with diversified supplier and customer base along with in-built hedging mechanism shielding margins

Over FY2023-25 period, the company served over 318 customers, including over 19 international customers in more than 18 countries across 5 continents including the US, Saudi Arabia, UAE, Australia, Canada, Egypt, Singapore, etc. with none of its customer singly contributing over 9% of annual revenues. VWL serves broad industry base, with power & transmission contributing 49%, electrical 22%, renewable EV & automotive 11%, general engineering 10%, and consumer durables 8% in Q1FY26. While the mix has remained stable over the past three years, renewables have shown a notable increase from 7% in FY23 to 11% in Q1FY26. Going forward, the company expects a higher revenue share from this segment, as aluminium product sales in renewables and EVs are expected to drive margin improvement. Over the years, VWL has developed relationships with its customers including Adani Wilmar, Transformers & Rectifiers (India), Schneider Electric Infrastructure, etc., which have shown high stickiness as evident by 80% of business coming from repeat customers. On the supply side, out of total requirement of copper rods, about 35%-40% was manufactured in-house from copper cathodes and the remaining was purchased from external suppliers evenly split between Vedanta Ltd., Marubeni Corporation and Union Copper rod. The raw material requirement is balanced, with a 50:50 split between domestic and imported supplies, thereby reducing supply chain risks. To mitigate the risk of copper price volatility, the company employs a no-cost hedging mechanism wherein raw material supply is booked only after customer orders are confirmed at prices quoted on the London Metal Exchange, thereby shielding margins. 

Valuation of Vidya Wires Ltd IPO

Vidya Wires Ltd. (VWL), based out of Gujarat, manufactures insulated copper and aluminum wires used across industries such as energy, electrical systems, clean energy, EVs, and railways. With an annual capacity of 19,680 MT and planned expansion to 37,680 MT (+18,000 MT), ranking it the third largest manufacturer in the industry. It currently holds a 5.7% market share which is expected to double to 11.3%, driven by capacity expansion and addition of six new product categories serving customers across 19 states, with Gujarat and Maharashtra contributing 69% of Q1FY26 revenue. Manufacturing facilities near Hazira and Mundra ports provide export advantages to the company. On the financial front, the company delivered a revenue growth of 21% over FY2023-25 period to reach Rs. 1,486 crores. For FY25, the EBITDA margin of peers ranged between 3% and 5%, while VWL showed a steady growth increasing from 3.5% in FY23 to 4.3% in FY25. The margins are expected to improve, with the increase in revenue contribution from high margin business of EV and renewables. The company delivered a robust PAT growth of 38% CAGR over FY2023-25 period. Return ratios remained healthy, with RoE at 25% (peer average 15%) and RoCE at 20% (peer average 21%) in FY25. Historically, the company maintained a consistent debt to equity ratio around 0.9x, with fixed asset turnover reaching a high of 36x in FY25. At the upper end of the price band of Rs. 52 per share, the issue is valued at a P/E of 27.1x based on FY25 earnings, which appears highly lucrative given the industry average is 37x. Given strong growth prospects and planned expansion, we recommend a “SUBSCRIBE” rating for this issue.

What is the Vidya Wires Ltd IPO?

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

To apply for the Vidya Wires Ltd IPO through StoxBox one can apply from the website and also from the app. Click here

Vidya Wires Ltd IPO is opening on 03rd Dec 2025.  Apply Now

The Lot Size of Vidya Wires Ltd IPO is 288 equity shares. Login to your account now.

The allotment Date for Aequs Ltd IPO is 08th Dec 2025.  Login to your account now.

The listing Date for Vidya Wires Ltd IPO is 10th Dec 2025.  Login to your account now

In the Retail segment the minimum investment required is Rs. 14,976. Login to your account now

 In the Retail segment the maximum investment requirement is Rs. 1,94,688. Login to your account now

  • Execution Risk: Timely commissioning of the planned 18,000 MT capacity expansion by Q3FY26 is critical; any delays or cost overruns could impact growth and market share targets.
  • Industry Dependence: Heavy reliance on copper and aluminum wiring demand from EVs, renewables, and infrastructure projects means any slowdown in these sectors could affect revenue growth and margins.

The Aequs Ltd IPO be credited to the account on allotment date which is 09th Dec 2025. Login to your account now 

The prospectus of Vidya Wires Ltd IPO prospectus can be find on the website of SEBI, NSE and BSE