Canara Robeco Asset Managment Ltd IPO : Subscribe

  • Date

    09th Oct 2025 - 13th Oct 2025

  • Price Range

    Rs.253 to Rs.266

  • Minimum Order Quantity

    56

Price Lot Size Issue Date Issue Size
₹253 to ₹266 56 09th Oct, 2025 –13th Oct, 2025 ₹1,326.13 Cr

Canara Robeco Asset Managment Ltd

Canara Robeco Asset Management Company Limited (CRAMC), India’s second-oldest asset management company, primarily focuses on managing mutual funds and providing investment advisory services on Indian equities to Robeco Hong Kong Limited, a member of its promoter group. As of Q1FY26, the company managed 26 schemes, comprising 15 equity-oriented schemes (including 12 equity and 3 hybrid schemes) and 11 debt-oriented schemes (including 10 debt and 1 hybrid scheme), with a quarterly average AUM (QAAUM) of Rs. 1,110.52 billion. CRAMC has recorded robust growth in its AUM, achieving a CAGR of 28.6% from Rs. 624.85 billion in FY23 to Rs. 1,033.44 billion in FY25. According to CRISIL, the company’s QAAUM market share remained largely stable, moving from 1.5% in FY23 to 1.6% in FY24 and standing at 1.5% in FY25 . Revenue from operations also showed consistent growth, increasing from Rs. 2,046 million in FY23 to Rs. 3,181 million in FY24 and further to Rs. 4,037 million in FY25. CRAMC maintains a strong retail focus, with retail and HNI investors contributing Rs. 1,012 billion to the total Monthly Average AUM (MAAUM), accounting for 86.9% of total MAAUM as of Q1FY26. The company managed 5.05 million investor folios, of which 99.0% were individual investor accounts. As per a CRISIL report, CRAMC held the second-highest share of retail AUM among the top 20 AMCs in India and the highest among the top 10 AMCs. The company has a widespread presence across India, operating through 25 branches in 23 cities across 14 states and two union territories as of Q1FY26. The business is supported by an extensive third-party distribution network of 52,343 partners, including Canara Bank, 44 other banks, 548 national distributors, and 51,750 mutual fund distributors.

Objective of the Canara Robeco Asset Managment Co Ltd IPO

The company will not receive any proceeds from the offer.

Rationale To Canara Robeco Asset Managment Co Ltd IPO

Well-diversified equity product mix backed by a research-driven investment process

CRAMC’s well-diversified equity-oriented portfolio, comprising large-cap, mid-cap, small-cap, multi-cap, sectoral, hybrid, and tax-saving schemes, is supported by a disciplined, research-driven investment process. The company integrates macroeconomic and sectoral analysis, theme identification, business cycle tracking, and in-depth stock-level research, complemented by management evaluations and expert insights. The firm’s equity-oriented QAAUM has grown at a CAGR of 31.0% between FY23 and FY25, reflecting both strong investor confidence and robust fund performance. Additionally, CRAMC holds the third-largest share of equity (including hybrid equity-oriented schemes) AUM among the top 20 AMCs and the highest proportion among the top 10, underscoring its leadership in India’s competitive equity mutual fund landscape. The combination of an experienced, research-driven team, a diversified portfolio, and proven long-term outperformance provides a compelling foundation for sustainable growth and superior investor returns.

Pan-India distribution, retail dominance and technology-enabled operations driving asset growth

CRAMC benefits from a comprehensive, multi-channel distribution network and a growing digital ecosystem that enable it to reach both traditional and emerging markets across India. The company’s network of 52,343 third-party partners, including banks, national distributors, and mutual fund distributors, complements its 25 branches in 23 cities, supported by dedicated sales and customer service teams. Strategic expansion into Beyond 30 (B-30) cities has fueled growth in MAAUM from these emerging regions, rising from Rs. 133.88 billion in FY23 to Rs. 279.24 billion as of Q1FY26, highlighting increasing financial awareness and strengthened local distribution. The company has also successfully scaled direct investment channels, with individual investor MAAUM reaching Rs. 1,011.70 billion, representing 86.9% of total MAAUM as of June 30, 2025, supported by steady growth in SIP contributions and folio count. CRAMC’s technology-led initiatives, including the Canara Robeco mobile app with over 700,000 downloads, the smarTInvestor platform, online eKYC, and digital marketing campaigns across multiple channels, enhance accessibility, engagement, and operational efficiency for both investors and distributors. This combination of robust pan-India reach, retail dominance, and digital enablement positions CRAMC to effectively capture India’s growing mutual fund market, ensuring sustained asset growth and customer loyalty in the medium to long term.

Valuation of Canara Robeco Asset Managment Co Ltd IPO

CRAMC is one of India’s oldest and most established asset management companies, with a diversified portfolio spanning equity, hybrid, and debt schemes. The company’s research-driven investment process, combining top-down and bottom-up fundamental analysis, has enabled its equity-oriented schemes to consistently outperform benchmarks over long-term horizons, delivering superior risk-adjusted returns. The company plans to continue delivering strong medium to long-term investment performance through its disciplined, research-backed process. Growth initiatives include expanding geographical reach, increasing AUM contributions from debt-oriented schemes, launching new equity and multi-asset products, and leveraging Canara Bank’s branch network to capture opportunities in B-30 cities. CRAMC also aims to enhance its digital platforms, offering seamless onboarding, transaction capabilities, and distributor support, alongside new CRM, cash management, and vendor management solutions to improve operational efficiency. Financially, CRAMC has delivered strong performance over FY2023-25 period, with revenue, EBITDA, and PAT growing at a CAGR of 40.5%, 52.9%, and 55.4%, respectively, while maintaining healthy margins and a robust RoE of 31.8% in FY25. With a conservative investment approach, strong retail penetration, technology-enabled distribution, and clearly defined strategic initiatives, CRAMC is well-positioned to benefit from the projected 16-18% CAGR growth in India’s mutual fund industry over FY2025-30 period. At the upper band of the issue price range, the company trades at a P/E of 27.8x based on FY25 earnings. Given its strong fundamentals, long legacy, and execution-focused strategies, we recommend a “SUBSCRIBE” rating from a medium- to long-term perspective.

What is the Canara Robeco Asset Managment Co Ltd IPO?

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

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

Canara Robeco Asset Managment Co Ltd IPO is opening on 09th Oct 2025.  Apply Now

The Lot Size of Canara Robeco Asset Managment Co Ltd IPO is 56 equity shares. Login to your account now.

The allotment Date for Canara Robeco Asset Managment Co Ltd IPO is 14th Oct 2025.  Login to your account now.

The listing Date for Canara Robeco Asset Managment Co Ltd IPO is 16th Oct 2025.  Login to your account now

In the Retail segment the minimum investment required is Rs. 14,896. Login to your account now

 In the Retail segment the maximum investment requirement is Rs. 1,93,648. Login to your account now

  • One of the company’s equity schemes and nine of its debt schemes underperformed relative to their respective benchmark indices over the one calendar year ended June 30, 2025. If the investment schemes underperform, the AUM could decrease, thereby negatively impacting the results of operations.

  • The company’s business is subject to extensive regulation, including periodic inspections by the SEBI. The company’s non-compliance with existing regulations or SEBI’s observations could expose it to penalties and restrictions on the business that it can undertake.

  • 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. Underperformance by the company’s equity-oriented schemes may therefore have a disproportionate adverse impact on its business and revenue

The Canara Robeco Asset Managment Co Ltd IPO be credited to the account on allotment date which is 15th Oct 2025. Login to your account now 

The prospectus of Canara Robeco Asset Managment Co Ltd IPO prospectus can be find on the website of SEBI, NSE and BSE

Canara HSBC Life Insurance Co. Ltd IPO : Subscribe

  • Date

    10th Oct 2025 - 14th Oct 2025

  • Price Range

    Rs.100 to Rs.106

  • Minimum Order Quantity

    140

Price Lot Size Issue Date Issue Size
₹ 100 to ₹ 106 140 10th Oct, 2025 – 14th Oct, 2025 ₹2517.50 Cr

Canara HSBC Life Insurance Co. Ltd

Canara HSBC Life Insurance is a private life insurance company incorporated in 2007, having strong backing of its promoters, Canara Bank, the fourth largest public sector bank by total assets, and HSBC Insurance (Asia-Pacific) Holdings Limited, part of the globally reputed HSBC Group. This strategic partnership provides the company with a solid distribution base, credibility, and brand strength in the competitive life insurance landscape. The company has delivered robust growth performance, recording the third highest individual weighted premium income (WPI) growth among bank-led insurers between FY22 and FY25, and the second-highest YoY growth in FY25 among its peer set. Furthermore, it is the third-largest AUM among public sector bank-promoted life insurers, highlighting its growing scale and prudent asset management. In terms of operations, the company ranks third among public sector bank-led life insurers in terms of the number of lives covered in FY25, demonstrating its expanding customer base and strong bancassurance penetration. Its Annualised Premium Equivalent (APE) has shown consistent improvement, supported by a diversified product mix and distribution efficiency. The company remains financially strong, with a solvency ratio of 200.4% (as of June 30, 2025), comfortably above the regulatory threshold of 150%, reflecting sound capital management and risk resilience. Having provided coverage to 10.5 million lives, Canara HSBC Life Insurance continues to strengthen its market positioning as a formidable bank-led private life insurer, underpinned by operational discipline, promoter synergy, and consistent financial performance.

Objective of the Canara HSBC Life Insurance Co. Ltd IPO

The company will not receive any proceeds from the Offer.

Rationale To Canara HSBC Life Insurance Co. Ltd IPO

Established parentage and trusted brand driving strong customer acquisition and retention

Canara HSBC Life Insurance has a strong and credible parentage, promoted by Canara Bank (holding 51%) and HSBC Insurance (Asia-Pacific) Holdings Limited (holding 26%). This dual backing from one of India’s leading public sector banks and a globally reputed financial institution provides the company with a solid foundation of trust, brand strength, and distribution advantage. The insurer derives substantial business through its promoter networks, with Canara Bank and HSBC India contributing over 70% of new business premiums across recent years. While this highlights strong bancassurance integration, it also reflects deep customer trust in the promoters’ brands. The company has simultaneously strengthened its independent brand identity, focusing on superior service delivery and customer engagement, evidenced by its Net Promoter Score (NPS) improving from 50 in FY23 to 70 in FY25, and further to 75 as of June 30, 2025. This enhanced customer satisfaction is translating into stronger business quality metrics. The company’s 13th-month persistency ratio (by premium, excluding single premium) improved significantly from 75.3% in FY23 to 82.5% in FY25, reaching 84.3% in Q1FY26 the highest improvement among bank-led life insurers between FY23 and FY25. This, alongside an improvement in the claims settlement ratio from 99.1% in FY23 to 99.4% in FY25, underscores prudent underwriting, robust risk management, and superior policyholder servicing. Overall, the company’s promoter credibility, brand strength, customer centric strategy, and operational consistency position it as a resilient and trusted player in the bank led private life insurance segment, with improving customer retention and service excellence driving sustainable growth.

Long term value creation backed by consistent and profitable financial performance

Canara HSBC Life Insurance is committed to long term value creation, driven by a consistent track record of financial performance. The company was one of the life insurers to report fastest three consecutive years of profit from the first year of operation amongst their peer set and was amongst one of the fastest life insurers to generate profits in fifth year of operations. The company has showcased sustained growth momentum and operational discipline, driven by its strategic initiatives and agility within India’s evolving life insurance sector. Between FY23 and FY25, the company’s individual weighted premium income (WPI) expanded at a CAGR of 14.7%, reflecting consistent business traction across its core segments. The company has also delivered robust investment performance, with AUM growing at a CAGR of 16.7% between March 31, 2023, and March 31, 2025, reaching Rs. 4,36,395 million as of June 30, 2025. Importantly, its investment portfolio demonstrates a high-quality asset mix, with 97.3% of the total fixed income portfolio invested in domestic AAA rated instruments, including sovereign securities underscoring a conservative and risk averse investment strategy that supports long-term financial stability. Operationally, the company continues to exhibit strong cost discipline despite making strategic investments to sustain growth. Overall, Canara HSBC Life Insurance demonstrates a balanced growth approach combining consistent business expansion, superior asset quality, and operational prudence, positioning it well among India’s leading bank led private life insurers.

Valuation of Canara HSBC Life Insurance Co. Ltd IPO

Canara HSBC Life Insurance aims to increase life insurance penetration by maximizing synergies with its bancassurance partners, focusing on seamless customer onboarding and tailored product offerings. The Indian life insurance industry is projected to register a premium CAGR of 8–10% between FY24 and FY28, with bank-led insurers expected to outperform, growing at 10–12% CAGR during the same period. This growth outlook is supported by strong macroeconomic fundamentals such as robust GDP expansion, a young and productive demographic base (64% of the population aged 15–59 in CY23), and rapid urbanization. A key element of this strategy involves leveraging Canara Bank’s extensive distribution network, provides access to 117 million customers through 9,849 branches across India, thereby enabling deeper market penetration and scalable growth within the existing partnership ecosystem. On the financial front, the company has demonstrated steady value creation, as reflected in the consistent growth of its Embedded Value (EV) rising from Rs. 42,719.3 million in FY23 to Rs. 51,798.6 million in FY24, and further to Rs. 61,107.4 million in FY25, with an additional uptick to Rs. 63,526.4 million as of June 30, 2025. This sustained increase underscores the company’s strong operational performance, profitable business growth, and disciplined capital management, reinforcing its long-term shareholder value creation potential. Additionally, with 10.5 million lives covered, the company demonstrates a broad customer base and deep market reach, underscoring the trust and confidence policyholders place in its life insurance offerings. At the upper price band of Rs 106, the company is currently valued at a P/EV (Price to Embedded Value) multiple of 1.6x (FY25), which appears attractive in comparison to industry peers, indicating potential undervaluation as growth and profitability sustain. We, thus, recommend a “SUBSCRIBE” rating for this issue.

What is the Canara HSBC Life Insurance Co. Ltd IPO?

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

To apply for the Canara HSBC Life Insurance Co. Ltd IPO through StoxBox one can apply from the website and also from the app. Click here

Canara HSBC Life Insurance Co. Ltd IPO is opening on 10th Oct 2025.  Apply Now

The Lot Size of Canara HSBC Life Insurance Co. Ltd IPO is  140 equity shares. Login to your account now.

The allotment Date for Canara HSBC Life Insurance Co. Ltd IPO is 15th oct 2025.  Login to your account now.

The listing Date for Canara HSBC Life Insurance Co. Ltd IPO is 17th Oct 2025.  Login to your account now

In the Retail segment the minimum investment required is Rs. 14,840. Login to your account now

 In the Retail segment the maximum investment requirement is Rs. 1,92,920. Login to your account now

  • The company’s growth is closely linked to its bancassurance partnerships with Canara Bank and HSBC India. Hence, any termination or adverse change in these arrangements, or a decline in partner performance, could negatively impact business growth and financial performance. A decline in persistency ratios or high customer surrenders could adversely affect the company’s revenue stability, profitability, and cash flows, given the reliance on sustained policy renewals for long-term earnings. Operating in a highly regulated industry, the company remains exposed to regulatory changes or compliance lapses, which could disrupt operations or result in financial and reputational risks.

The Canara HSBC Life Insurance Co. Ltd IPO be credited to the account on allotment date which is 17th Oct 2025. Login to your account now 

The prospectus of Canara HSBC Life Insurance Co. Ltd IPO prospectus can be find on the website of SEBI, NSE and BSE

Rubicon Research Ltd IPO : Subscribe

  • Date

    09th Oct 2025 - 13th Oct 2025

  • Price Range

    Rs.461 to Rs.485

  • Minimum Order Quantity

    30

Price Lot Size Issue Date Issue Size
₹461 to ₹485 30 09th Oct, 2025 –13th Oct, 2025 ₹1,377.50 Cr

Rubicon Research Ltd

Rubicon Research Ltd. is a research-driven pharmaceutical formulations company with a strong focus on regulated markets, particularly the United States. According to Frost & Sullivan, it is the only Indian pharmaceutical company among seven listed peers exclusively targeting regulated markets, reflecting its niche positioning and robust execution capabilities. The company ranks among the top 12 Indian players by total ANDA approvals, reflecting its consistent regulatory progress and strong development pipeline. During the three months ended June 30, 2025, Rubicon received five ANDA approvals and one NDA approval from the USFDA, compared to three ANDA approvals in the same period last year, indicating strong regulatory momentum. On a full-year basis, the company secured 12 ANDA approvals in FY25, 14 in FY24, and 12 in FY23. As of June 2025, Rubicon’s portfolio comprised 72 active ANDAs and 9 NDAs approved by the USFDA, along with one OTC monograph listing. Of these, 66 products were commercialized in the US, addressing a generic market opportunity of USD 2.46 billion, with the company contributing USD 195 million in FY25. The high commercialisation rate of 86.4% underscores its strong execution and ability to monetise R&D investments efficiently. The company maintains an unblemished regulatory track record, with no USFDA Official Action Indicated (OAI) status since 2013, highlighting its strong compliance and quality systems. Rubicon’s integrated R&D, manufacturing, and marketing capabilities, coupled with a data-driven product selection framework, enable it to build a high-value, sustainable product portfolio with strong entry barriers. Its US business is well diversified across high-demand chronic therapy areas such as CNS and CVS, supported by favourable structural drivers including rising chronic disease incidence, ageing demographics, and increasing surgical procedures. Branded products are marketed through subsidiary Validus Pharmaceuticals LLC, while non-branded generics are distributed via AdvaGen Pharma Ltd. and selected third-party channels. This strategic mix ensures revenue visibility, margin stability, and reduced portfolio volatility, positioning Rubicon well for sustained growth in the US generics market.

Objective of the Rubicon Research Ltd IPO

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

  • Prepayment or scheduled repayment of all or a portion of certain outstanding borrowings availed by the company
  • Funding inorganic growth through unidentified acquisitions and other strategic initiatives and General corporate purposes

Rationale To Rubicon Research Ltd IPO

Data-driven portfolio of new and specialty products driving resilience against pricing pressures

The company’s performance is underpinned by a robust, data-driven, and ROI-centric product selection framework that effectively aligns R&D, manufacturing, and commercialisation capabilities. This disciplined approach enables early identification of high-value opportunities and supports sustainable revenue and margin growth, often aided by first-mover or early-mover advantages in select product categories. According to Frost & Sullivan (F&S), Indian pharmaceutical players benefit from structural cost advantages and strong R&D capabilities, allowing them to remain competitive in the US generics market. Within this landscape, the company’s strategy of focusing on complex and low-competition density products has provided insulation against pricing pressures. While the broader US generic market witnessed a 5.2% price erosion between FY22 and FY25, the company achieved an 8.0% average per-unit price growth over the same period, highlighting its superior product mix and pricing power. The company’s portfolio also includes 16 specialty products as of June 30, 2025, including two branded CNS therapies marketed by Validus with no direct generic competition, and one co-developed and licensed specialty NDA in the US. Its focus on patient value, prescriber acceptance, and insurance accessibility strengthens its specialty segment positioning. As of June 2025, the company demonstrated a commercialisation rate of 86.4% of active approved products, reflecting the effectiveness of its selection and execution framework. This approach has translated into industry-leading gross margins in the 66-72% range over the past three financial years. Furthermore, as per F&S, the company ranked 9th among Indian peers in terms of total specialty product approvals in the US between 2019 and 2024, with seven approvals during this period reinforcing its ability to build a profitable and differentiated pipeline.

Robust R&D and strategic investment driving complex, high-value product development

The company’s R&D strength is supported by a team of 170 scientists across India and Canada, focused on formulation development and commercialisation, providing a strong foundation for pipeline expansion. Its Thane R&D facility (38,422 sq. ft.) is equipped with dedicated laboratories for general, sterile, and potent compounds, enabling work across multiple dosage forms. The site’s compliance credentials are robust, having received an Establishment Inspection Report (EIR) from the USFDA in April 2025 following an inspection in March 2025. The Ontario, Canada, facility specialises in nasal and inhalation formulations and possesses in-house analytical and characterisation capabilities, further enhancing the company’s ability to pursue complex product development. The facility’s most recent USFDA inspection (Oct-Nov 2023) reinforces its regulatory reliability. Collectively, these R&D assets provide the company with a high degree of operational independence and flexibility, minimising reliance on third-party developers and enabling faster product innovation and market entry. Together, these R&D assets provide the company with a high degree of operational independence, reducing reliance on third-party developers and enabling faster product innovation and market entry. This integrated R&D capability supports the company’s focus on specialty and complex formulations, strengthens its competitive moat, and ensures a consistent flow of differentiated products to the US market, contributing to sustainable revenue growth and long-term market leadership.

Valuation of Rubicon Research Ltd IPO

Rubicon Research Ltd. is a pharmaceutical formulations company with a strong innovation-led approach, driven by focused research and development and an expanding portfolio of specialty and drug-device combination products for regulated markets, particularly the US. The company’s portfolio of 72 active ANDAs, 9 NDAs, and 1 OTC monograph approved by the USFDA reflects a well-established and sustainable product base with high entry barriers. Its four USFDA-approved manufacturing facilities and two R&D centers provide integrated capabilities across development, scale-up, and commercialisation, positioning the company for consistent growth. The company pipeline of complex, drug-device combination nasal spray products in multiple therapy areas, including CNS conditions, which require specialised capabilities for their development and manufacturing, along with an experienced team. The global pharmaceutical market is projected to grow at a CAGR of 6.7% from USD 1,733.1 billion in FY24 to USD 2,395.6 billion in FY29, outpacing the historical growth of 6.3% registered during the FY2019-24 period. Rubicon Research, one of the fastest-growing Indian pharma players, has established a dominant presence in the US, which contributes 93-98% of revenues, achieving a revenue CAGR of 80.7% with 66 products in the US and over 25% market share in nine products, reflecting deep penetration in the world’s largest pharmaceutical market. With Rubicon’s strong US market leadership, high-margin specialty portfolio, and expanding presence across regulated markets, capacity utilisation is expected to ramp up as new products receive regulatory approvals, potentially enabling revenue to double over the next 2-3 years. At the upper price band, the company is valued at a P/E multiple of 55.9x FY25 earnings. We, thus, recommend a “SUBSCRIBE” rating for this issue.

What is the Rubicon Resarch Ltd IPO?

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

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

Rubicon Resarch Ltd IPO is opening on 09th Oct 2025.  Apply Now

The Lot Size of Rubicon Resarch Ltd IPO is 30 equity shares. Login to your account now.

The allotment Date for Rubicon Resarch Ltd IPO is 14th Oct 2025.  Login to your account now.

The listing Date for Rubicon Resarch Ltd IPO is 16th Oct 2025.  Login to your account now

In the Retail segment the minimum investment required is Rs. 14,550. Login to your account now

 In the Retail segment the maximum investment requirement is Rs. 1,89,150. Login to your account now

  • During FY25/1QFY26, the company derived 97.6%/95.0% of its revenue from the sale of goods from the USA. Further, the current administration is investigating under Section 232, which determines the effect of pharma imports on national security. Any adverse developments in the investigation and subsequent imposition of tariffs may have an adverse impact on the company’s performance. The company’s products are subject to stringent quality and regulatory standards, and any failure to maintain these standards may have an adverse impact on the company’s performance. The company’s operations are subject to high working capital and capital expenditure requirements, and any inability to maintain an optimal level of working capital or financing required may have an adverse impact on the company’s performance.

The Rubicon Resarch Ltd IPO be credited to the account on allotment date which is 15th Oct 2025. Login to your account now 

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

LG Electronics India Ltd IPO : Subscribe

  • Date

    07th Oct 2025 - 09th Oct 2025

  • Price Range

    Rs.1080 to Rs.1140

  • Minimum Order Quantity

    13

Price Lot Size Issue Date Issue Size
₹1080 to ₹1140 13 07th Oct, 2025 –09th Oct, 2025 ₹11,607.01 Cr

LG Electronics India Ltd

LG Electronics India Ltd. (LGEIL) is a leading player in the home appliances and consumer electronics industry in India, with #1 market share across key product categories including washing machines, refrigerators, panel televisions, inverter air conditioners, and microwaves, based on market share (in terms of value) in the offline channel. The company was the first leading home appliances and consumer electronics player to introduce OLED televisions in India in 2015, and was amongst the first players to launch 4K televisions and smart televisions in 2011. The company has an expansive sales network through 35,640 B2C touch points comprising LG Brand Shops that are strategically located in main shopping areas of the cities and towns, modern trade stores such as Reliance Retail, Croma (Infiniti Retail), and Vijay Sales, online touch points, traditional stores, distributors, and sub-dealers. As of June 30, 2025, the company had one of the largest in-house production capacities (excluding mobile phones) amongst leading home appliances and consumer electronics players in India. They have two manufacturing units located in Noida and Pune, which collectively accounted for 85.5%, 84.2%, 86.1%, 85.7% and 85.3% of its overall sales in three months ended June 30, 2025, and 2024, and Fiscal years 2025, 2024, and 2023, respectively. They have an extensive supplier network comprising 287 suppliers who have been with them for an average of 13.1 years as of June 30, 2025

Objective of the LG Electronics India Ltd IPO

The company will not receive any proceeds from the Offer.

Rationale To LG Electronics India Ltd IPO

Market leader in India’s home appliances and consumer electronics sector across key product categories

The company stands as a market leader in India’s home appliances and consumer electronics industry, holding the number one position across key product categories such as washing machines, refrigerators, panel televisions, inverter air conditioners, and microwaves in the offline retail channel. It has maintained this leadership consistently for the six months ended June 30, 2025, as well as for calendar years 2024, 2023, and 2022, as per market share data (in terms of value) reported by Redseer. The company offers one of the most comprehensive and technologically advanced product portfolios in the Indian consumer durables market. Its television lineup, for instance, spans across multiple high-end technologies including Organic Light-emitting Diode (OLED), Quantum Nano-Emitting Diode (QNED), NanoCell (technology that uses nanoparticles to display rich images), Ultra High Definition (UHD), and Light Emitting Diode (LED) models, giving it a clear edge over competitors who typically offer fewer product types. Similarly, in the home appliance category, the company’s diversified offerings cater to varied consumer preferences and usage patterns across income segments and geographies. With over 28 years of operations in India, the company has built a strong reputation for product quality, reliability, and service excellence. Its extensive service network and commitment to after-sales support have further reinforced consumer trust and loyalty. The company’s deep understanding of consumer needs has allowed it to maintain a balanced and inclusive product strategy offering cutting-edge, feature-rich appliances for premium customers, while simultaneously introducing durable, affordable models designed for mass-market consumers who prioritise value and functionality. Overall, the company’s sustained market leadership, wide and technologically superior product range, robust brand equity, and strong distribution and service network collectively strengthen its competitive position.

Driving operational excellence through robust manufacturing and localised supply chain

The company has strong operational efficiency through its robust manufacturing capabilities and a well-integrated, localised supply chain. As of June 30, 2025, it possessed one of the largest in-house production capacities (excluding mobile phones) among India’s leading home appliances and consumer electronics players. By manufacturing key components internally, the company maintains greater control over product development, quality, costs, and delivery timelines. Its manufacturing units are designed for flexibility and employ advanced automation technologies, enabling efficient production of a diverse product range at scale while allowing for quick adjustments in production levels based on projected demand. In FY25, capacity utilisation at its Noida manufacturing unit reached to about 82.7% on a double-shift basis, reflecting effective use of resources. The company’s supply chain is supported by a network of 287 suppliers with an average association of approximately 13 years, highlighting strong supplier relationships and significant supplier stickiness, with 65.5% of third-party raw material suppliers serving the company for over a decade. The company has progressively increased sourcing from domestic suppliers, rising from 50.5% in FY23 to 53.8% in FY25, reflecting a strategic focus on local procurement. Its distribution network, comprising two central distribution centres (CDCs) and 23 regional distribution centres (RDCs) across India, is further strengthened by technology-enabled systems such as the Warehouse Management System (WMS) and Transport Management System (TMS), which provide real-time updates on deliveries and optimise transport routes. These capabilities collectively enhance operational efficiency, reduce lead times, and support the company’s ability to meet growing consumer demand, positioning it strongly for sustainable growth.

Valuation of LG Electronics India Ltd IPO

LG Electronics India Ltd. is a market leader in India’s home appliances and consumer electronics industry, commanding #1 market share across key product categories, including washing machines, refrigerators, panel televisions, inverter air conditioners, and microwaves in the offline channel. The company’s leadership is underpinned by a broad and technologically advanced product portfolio, a strong brand presence, and one of the largest distribution networks among its peers, with 35,640 B2C touch points spanning urban and rural India as of June 30, 2025. The company’s pan-India presence across multiple distribution formats enhances its reach to consumers, enabling it to maintain sustained market dominance and a strong connection with end customers. To capitalise on market opportunities and further strengthen its competitive position, LGEIL is pursuing a multi-pronged growth strategy. The company plans to construct a third manufacturing facility in Andhra Pradesh to expand production capacity and address anticipated growth in consumer demand. Existing manufacturing capabilities are set to be enhanced through additional automation technologies, improving efficiency and flexibility. LGEIL also aims to optimise its supply chain by increasing locally sourced raw materials, thereby reducing costs and strengthening operational resilience. On the B2B front, the company plans to deepen its presence and introduce additional revenue streams, targeting a CAGR of ~14% from CY24 to CY29. The B2B expansion includes products such as HVAC systems, commercial information displays, commercial washing machines, LED displays, and electronic blackboards, catering to the growing institutional demand. On the financial front, the company has delivered healthy CAGR growth over FY23–25, with Revenue/EBITDA/PAT CAGR of 10.8%/28.0%/ 27.9%. The company has consistently demonstrated superior profitability and return ratios relative to industry peers, reflecting the effectiveness of its business model. With strong operational metrics, an expanding product portfolio, and strategic initiatives aimed at both B2C and B2B segments, LGEIL is well-positioned to sustain growth, strengthen profitability, and create long-term growth in India’s dynamic home appliances and consumer electronics market. At the upper price band of Rs 247, the company is valued at a P/E multiple of 35.1x FY25 earnings. We, thus, recommend a “SUBSCRIBE” rating for this issue.

What is the LG Electronics India Ltd IPO?

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

To apply for the LG Electronics India Ltd IPO through StoxBox one can apply from the website and also from the app. Click here

LG Electronics India Ltd IPO is opening on 07th Oct 2025.  Apply Now

The Lot Size of LG Electronics India Ltd IPO is 13 equity shares. Login to your account now.

The allotment Date for LG Electronics India Ltd IPO is 10th Oct 2025.  Login to your account now.

The listing Date for LG Electronics India Ltd IPO is 14th Oct 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 is significantly dependent on LG Electronics, its promoter, for various aspects of its operations and pays royalties under the existing License Agreement. Any adverse changes in relationship with LG Electronics or other companies within the LG Group could materially impact the company’s business operations, reputation, financial condition, and overall results.

  • The royalty payments made to the promoter under the License Agreement may attract regulatory scrutiny or action. As of the date of this Red Herring Prospectus, the company has a contingent liability of Rs. 3,153.00 million relating to these royalty payments. There is no assurance that similar observations will not be raised by tax authorities in future periods, and any such actions could adversely affect the company’s financial condition and results of operations.

  • Rising prices of raw materials essential for the company’s operations could increase production costs and negatively impact profitability, thereby adversely affecting the company’s business performance and results of operations.

The TATA Capital Ltd IPO be credited to the account on allotment date which is 13th Oct 2025. Login to your account now 

The prospectus of LG Electronics India Ltd IPO prospectus can be find on the website of SEBI, NSE and BSE

TATA Capital Ltd IPO : Subscribe

  • Date

    06th Oct 2025 - 08th Oct 2025

  • Price Range

    Rs.310 to Rs.326

  • Minimum Order Quantity

    46

Price Lot Size Issue Date Issue Size
₹310 to ₹326 46 06th Oct, 2025 –08th Oct, 2025 ₹15,511.87 Cr

TATA Capital Ltd

Tata Capital Ltd., the flagship financial services company of the Tata group is a subsidiary of Tata Sons Private Limited, the holding company of the Tata group and the promoter of the company. According to the CRISIL Report, Tata Capital is the third-largest diversified NBFC in India, with total gross loans of Rs. 2,334 billion as of June 30, 2025 and is among the fastest-growing large diversified NBFCs, having recorded a CAGR of 37.3% in gross loans between March 31, 2023, and March 31, 2025. Since commencing its lending operations in 2007, the company has served 7.3 million customers up to June 30, 2025 and through its portfolio of over 25 lending products, caters to a diverse customer base comprising salaried and self-employed individuals, entrepreneurs, small businesses, small and medium enterprises, and corporates. Tata Capital operates an omni-channel distribution model that integrates its wide branch network, a robust partner ecosystem, and a strong digital presence to deliver a superior customer experience. Its extensive pan-India distribution network comprises 1,516 branches across 27 States and Union Territories. Its branches are typically staffed with an in-house team handling customer engagement, acquisition, loan processing, documentation, and servicing. The company’s lending business is structured across Retail Finance, SME Finance and Corporate Finance, each focused on distinct customer needs. In addition to its lending business, it has a non-lending business which includes distribution of third-party products such as insurance and credit cards, wealth management services catering to high-net-worth individuals and retail clients, and private equity business, focused on growth themes such as urbanisation, manufacturing, and strategic services, as well as healthcare themes including pharmaceuticals, hospitals, contract research and manufacturing, diagnostic chains, and other healthcare services. Tata Capital has a well-diversified liability base supported by a credit rating of AAA from CRISIL, ICRA, CARE and India Ratings, which is the highest possible credit rating that can be assigned to any NBFC in India.

Objective of the Advance Agrolife Ltd IPO

The net proceeds are proposed to be utilised towards augmentation of the company’s Tier-I capital base to meet its future capital requirements, including onward lending, which are expected to arise out of the growth in the company’s business, and to ensure compliance with regulatory requirements on capital adequacy prescribed by the RBI from time to time.

Rationale To TATA Capital Ltd IPO

Prudent risk culture with robust credit underwriting and collections capabilities, ensuring stable asset quality

Tata Capital’s agile and responsive risk function, which fosters a prudent risk culture across the company, has helped it maintain one of the lowest Gross Stage 3 and Net Stage 3 loan ratios, as well as the third-highest PCR among large diversified NBFCs in India as of June 30, 2025. The company’s robust risk management framework covers a wide range of risks, including credit, operational, market, information security, fraud, and reputational risks. Risk accountability and oversight form an integral part of its governance structure, reinforcing responsible business practices. The framework is further strengthened by its credit underwriting and collections processes. The company’s underwriting team operates independently of the sales function and follows clearly defined credit policies in extending loans. Tata Capital employs a tailored, product-based underwriting approach, using either rule-based models, high-touch methods, or a combination of both. Its rule-based engines leverage advanced models integrated with credit bureau and alternate data sources such as the RBI’s Account Aggregator system, and customer information to generate internal risk profiles. As of June 30, 2025, new-to-credit (NTC) customers (excluding TMFL) represented 3.5% of total gross loans, with more than 90% allocated to secured loans. The company’s collections infrastructure uses a mix of in-house teams and external agencies, which are deployed across pre-delinquency management, early delinquency, and recovery stages. It relies on advanced analytical tools, including over 80 predictive analytical models and Machine Learning (ML)-based models and dashboards, to continuously monitor portfolio performance, manage early warnings, and optimise loan recovery efforts, thereby ensuring timely recovery and minimizing credit losses. A proactive approach to risk management, supported by multiple layers of defence and advanced data analytics capabilities, has enabled Tata Capital to maintain strong asset quality.

Digital and analytics at the core, driving superior experiences and outcomes

With over two decades of operational experience in multimodal logistics services across different verticals, Glottis has developed strong internal intelligence on trade flows and volumes across routes, seasonality impact on volumes and freight across global routes, diverse customer base to enable two-way business with minimum wastage of empty runs for business partners. Glottis offers customized logistics solutions to a wide range of customers and industries across more than 125 countries, supported by a network of eight branch offices as of March 31, 2025. Its focus on quality, providing customised solutions and timely execution of orders has helped . establish and sustain long-term client relationships. Through customer referrals, the company has been able to expand its offerings to new clients in similar industries, further growing its customer base and geographic reach. Owing to its extensive experience, Glottis has executed projects involving the supply chain of critical and sensitive components, including solar panels, solar cells, glass panels, and advanced equipment for manufacturing solar cells, etc. The company has built a track record of executing complex and customised orders, particularly for customers in the renewable energy sector. Additionally, its expertise allows it to gather and study route data for optimisation, enabling cost efficiency for clients while maintaining a scalable and flexible service portfolio. 

Valuation of TATA Capital Ltd IPO

Tata Capital Ltd., the flagship financial services company of the Tata Group and a subsidiary of Tata Sons Pvt. Ltd., is classified as an Upper Layer NBFC by the RBI. Since commencing operations in 2007, it has served over 7.3 million customers. With a comprehensive suite of over 25 lending products, the company caters to a broad customer base, including salaried and self-employed individuals, entrepreneurs, small businesses, SMEs, and corporates. Additionally, Tata Capital distributes third-party products such as insurance and credit cards, provides wealth management services, and acts as a sponsor and investment manager for private equity funds. NBFCs have shown strong resilience and have gained importance in India’s financial ecosystem, growing from under Rs. 2 trillion AUM at the turn of the century to Rs. 48 trillion by the end of FY25. Going ahead, NBFC credit growth is projected at 15-17% between FY25 and FY28, supported by demand across retail, MSME, and corporate segments. Backed by the strength of its Tata Group parentage, diversified loan portfolio, robust risk management practices, and pan-India omni-channel presence, Tata Capital is well-positioned to benefit from this growth opportunity. The company’s proactive approach to risk management, with multiple layers of defence and advanced data analytics, has ensured strong asset quality. Tata Capital’s loan book is granular, with ticket sizes ranging from Rs. 10,000 to over Rs. 100 crores, and more than 98% of accounts have a ticket size below Rs. 1 crore. Its AUM grew at a CAGR of ~37.3% during FY23–FY25, reaching Rs. 2,33,363 crores in FY25, highlighting scalability supported by resilient underwriting standards. With ~80% of the book secured and a robust branch network, the company remains well-placed to tap further growth opportunities. The net proceeds from the fresh equity issue will be used to augment Tier-I capital, thereby strengthening the capital adequacy ratio and ensuring a stable leverage position. At the current P/BV multiple of 4.1x based on book value as of FY25, we believe the company is reasonably valued and recommend investors to “SUBSCRIBE” to the issue from a medium- to long-term perspective.

What is the TATA Capital Ltd IPO?

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

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

TATA Capital Ltd IPO is opening on 06th Oct 2025.  Apply Now

The Lot Size of TATA Capital Ltd IPO is 46 equity shares. Login to your account now.

The allotment Date for TATA Capital Ltd IPO is 09th Oct 2025.  Login to your account now.

The listing Date for TATA Capital Ltd IPO is 13th Oct 2025.  Login to your account now

In the Retail segment the minimum investment required is Rs. 14,996. Login to your account now

 In the Retail segment the maximum investment requirement is Rs. 1,94,948. Login to your account now

  • Volatility in interest rates affects Tata Capital’s lending and treasury operations, which could cause its earnings and associated key financial metrics to vary. This variation may adversely affect the company’s business, financial condition, results of operations, and cash flows.
  • A downgrade in Tata Capital’s credit ratings could increase its existing and future borrowing costs and adversely affect its access to capital and debt markets. This, in turn, may negatively impact its interest margins, business, results of operations, cash flows, and financial condition. Failure to successfully integrate the operations of, or leverage potential operating and cost efficiencies from, the amalgamation of TMFL with TCL, or other acquisitions and investments undertaken by Tata Capital, may prevent the Company from achieving the expected benefits from such transactions.

The TATA Capital Ltd IPO be credited to the account on allotment date which is 10th Oct 2025. Login to your account now 

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

Advance Agrolife Ltd IPO : Subscribe

Advance Logo FINAl
  • Date

    30th Sep 2025 - 03rd Oct 2025

  • Price Range

    Rs.95 to Rs.100

  • Minimum Order Quantity

    150

Price Lot Size Issue Date Issue Size
₹95 to ₹100 150 30th Sep, 2025 –03rd Oct, 2025 ₹190 Cr

Advance Agrolife Ltd

Advance Agrolife Ltd. is a fully integrated agrochemical manufacturer with a comprehensive product portfolio spanning the entire crop lifecycle. Its offerings cater to major cereals, vegetables, and horticultural crops across both kharif and rabi seasons in India. As of March 31, 2025, the company obtained 410 generic registrations, comprising 380 formulation grade and 30 technical grade registrations, reflecting a strong product pipeline and regulatory presence in the agrochemical sector. The product mix includes insecticides, herbicides, fungicides, and plant growth regulators, along with complementary categories such as micro-nutrient and bio-fertilizers. The company operates integrated manufacturing facilities for both technical grade agrochemicals (active ingredient/raw form) and formulation grade agrochemicals (finished products with additives), which enhances cost efficiency and supply chain control. Formulations are manufactured in multiple forms, including water dispersible granules (WDG), suspension concentrate (SC), emulsifiable concentrate (EC), capsule suspension, and wettable powder (WP), enabling a broad application range and market adaptability. This diverse product basket, backed by strong technical and formulation capabilities, positions the company competitively within India’s agrochemical industry, providing resilience across crop cycles and varied pest management requirements. The company primarily operates in the domestic market through a B2B model, supplying agrochemical products directly to corporate customers across 19 states and 2 union territories, ensuring strong geographic penetration within India. In addition to its domestic footprint, the company has established an international presence with exports to seven countries including the UAE, Bangladesh, China (including Hong Kong), Turkey, Egypt, Kenya, and Nepal. This combination of a robust domestic distribution base and measured international exposure provides both scale and diversification to its revenue profile.

Objective of the Advance Agrolife Ltd IPO

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

  • Funding working capital requirements of the company;
  • General corporate purposes.

Rationale To Advance Agrolife Ltd IPO

Integrated manufacturing setup at strategic locations provide competitive advantage

As of 31 March 2025, the company operates three manufacturing facilities located in Jaipur, Rajasthan, with a combined land area of ~49,543 sq.m. and an aggregate installed capacity of 89,900 MTPA. These facilities are equipped with advanced and automated machinery, enabling the production of both technical grade and formulation grade agrochemicals, while ensuring consistency, productivity, and cost efficiency. The company has undertaken strategic restructuring of its manufacturing footprint to enhance operational efficiency and strengthen backward integration. Facility I has been transitioned exclusively to technical grade production, while Formulation activities have been consolidated at Facility II and III. This realignment has streamlined operations, secured in-house raw material supply, and reduced reliance on external vendors. A key milestone was achieved with the commissioning of technical grade agrochemical production at facility I in September 2024. This backward integration not only improves supply chain control and mitigates price volatility risks but also supports self-reliance in sourcing raw materials for downstream formulations. By meeting part of its internal technical grade requirements and creating potential to sell excess capacity externally, the company enhances both cost competitiveness and revenue diversification. Overall, the integrated manufacturing model positions the company strongly to capture demand growth, optimize margins, and build a scalable and resilient production ecosystem. The dual capability of serving internal needs and pursuing external sales opportunities provides a sustainable competitive advantage and supports long term market positioning.

Diversified product portfolio of agrochemical products addresses the entire crop lifecycle

The company operates as a B2B agrochemical manufacturer with an integrated business model covering both technical grade and formulation grade products. Its diversified product portfolio including insecticides, herbicides, fungicides, plant growth regulators, as well as micro-nutrient and bio-fertilizers addresses the entire crop lifecycle. The products cater to a wide spectrum of crops, including cereals, vegetables, and horticultural produce, across both kharif and rabi seasons in India. This comprehensive product mix, supported by integrated manufacturing facilities, position the company as a scalable and resilient player within India’s agrochemical sector. As of the RHP date, the company has secured regulatory approvals for its formulation grade agrochemical products across 13 Indian states, providing a strong platform for geographic expansion and market penetration. This regulatory footprint enhances distribution capability and supports demand generation across multiple agricultural regions. Operationally, the company has demonstrated consistent scale-up in production volumes, manufacturing 44,276.8 MT, 40,021.6 MT, and 34,343.8 MT of Formulation Grade agrochemicals in FY25, FY24, and FY23, respectively. Correspondingly, revenues from Formulation products grew to Rs. 5,019.2 million in FY25 from Rs. 4,553.4 million in FY24 and Rs. 3,970.6 million in FY23. This reflects both rising production capacity utilization and sustained demand for the company’s diversified product portfolio. The combination of regulatory presence, growing volumes, and steady revenue growth underscores the company’s ability to capture market opportunities while maintaining scalability in operations.

Valuation of Advance Agrolife Ltd IPO

The company is a diversified agrochemical manufacturer with a portfolio addressing the full crop lifecycle, catering to cereals, vegetables, and horticultural crops across both kharif and rabi seasons in India. As of March 31, 2025, the company holds 410 generic registrations, comprising 380 for formulation grade and 30 for technical grade products. This broad regulatory base underscore its strong product pipeline, market credibility, and ability to serve a wide spectrum of agricultural needs. The company operates on a B2B model, supplying agrochemical products to corporate customers who market them under their own brands and distribution strategies. This approach allows the company to leverage the established distribution networks, brand equity, and market presence of leading players, ensuring wide penetration across diverse agricultural regions. Through this asset-light marketing model, the company is able to scale efficiently while focusing on manufacturing excellence. The customer base includes marquee names such as DCM Shriram Ltd., IFFCO MC Crop Science Private Limited, Indogulf Cropsciences Ltd., Mankind Agritech Pvt. Ltd., HPM Chemicals and Fertilizers Limited, and ULink AgriTech Pvt. Ltd., among others. The presence of such reputed clients highlights the company’s credibility, quality standards, and long-term demand visibility. During FY23, FY24, FY25, the company served 849, 1,194, and 1,135 corporate customers, respectively. Customers with over 3 years and 5 years of association contributed Rs. 1,951.9 million and Rs. 1,226.2 million to company’s revenue from operations, which represented 38.9% and 24.4% of their total revenue from operations in FY25. India, with 14% of the global crop-protection market, is a key player in boosting agricultural productivity. The demand for chemicals is projected to grow from 61,097 tonnes in FY20 to 89,170 tonnes by FY36. The industry is adopting sustainable practices and innovations, driving food security and reducing agriculture’s ecological impact, solidifying India’s leadership in crop protection. On the financial front, Advance Agrolife Ltd. has delivered strong performance, with revenue from operations growing at a healthy CAGR of 12% between FY23 and FY25, the second highest among its peers. While most competitors witnessed a slight decline in operating profit margins, the company showcased resilience against industry headwinds, expanding its margins from 6.3% in FY23 to 9.5% in FY25.  At the upper price band, the company is valued at a P/E of 18x based on FY25 earnings, which is cheaper compared to the industry average. We believe that the company’s superior return ratios and strong margins, positions it ahead of peers, enabling it to capitalize on structural industry tailwinds and drive sustainable growth. Thus, we recommend a “SUBSCRIBE” rating to the issue from a medium to long-term investment perspective.

What is the Advance Agrolife Ltd IPO?

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

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

Advance Agrolife Ltd IPO is opening on 30th Sep 2025.  Apply Now

The Lot Size of Advance Agrolife Ltd IPO is 150 equity shares. Login to your account now.

The allotment Date for Advance Agrolife Ltd IPO is 06th Oct 2025.  Login to your account now.

The listing Date for Advance Agrolife Ltd IPO is 8th Oct 2025.  Login to your account now

In the Retail segment the minimum investment required is Rs. 15,000. Login to your account now

 In the Retail segment the maximum investment requirement is Rs. 1,195,000. Login to your account now

  • Any changes in the government policies towards the agriculture sector or a reduction in subsidies and incentives provided to farmers could adversely affect the business and results of operations.
  • The company is exposed to credit risk from its customers and the recovery of trade receivables are very uncertain as the company generally extends the credit period for their customers which increases the credit risk.
  • A major portion of their revenue from operations is dependent upon a limited number of customers, and the loss of any of these customers could have a material adverse effect on the company’s business, financial condition, results of operations and cash flows.

The Advance Agrolife Ltd IPO be credited to the account on allotment date which is 07th Oct 2025. Login to your account now 

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

Om Freight Forwarders Ltd IPO : Avoid

om freght forwarder
  • Date

    29th Sep 2025 - 03rd Oct 2025

  • Price Range

    Rs.128 to Rs.131

  • Minimum Order Quantity

    111

Price Lot Size Issue Date Issue Size
₹ 128 to ₹135 111 29th Sep, 2025 –03rd Oct, 2025 ₹120 Cr

Om Freight Forwarders Ltd

OmFreight Forwarders Limited (OFFL) is a third-generation integrated logistics solutions provider, Headquartered in Mumbai, with its operations consolidated under the current brands since 1995.Over the years, the company has evolved into a full-scale third-party logistics (3PL) service provider, offering end-to-end multimodal solutions spanning sea, air, road, and rail. Its comprehensive portfolio includes international freight forwarding, customs clearance, vessel agency services, warehousing, distribution, and project logistics, allowing customers to engage with a single partner for their entire supply chain. A key area of expertise for OFF Lliesin handling complex and specialized cargoes such as over dimensional (ODC),heavy-lift, breakbulk, sensitive, and dry bulk cargo.The company has successfully managed transportation of high-value and large-scale equipment for sectors including infrastructure, power,oil&gas, and mining, often on a key contract basis. In FY25, FY24, and FY23, it handled cargo volumes of 66.86MMT, 66.78MMT, and 21.06MMT, respectively, demonstrating strong operational capability and scalability. The company operates through a domestic network of 28 branches across India and maintains an international reach spanning more than 800 destinations through alliances with global logistics providers. Its operations follow a hybrid asset strategy, combining 135o owned vehicles and equipment, including trailers, cranes, forklifts, payloaders, tippers, and vessels, with services from 22 logistics partners who supply additional vehicles and resources as required. In FY25, OFFL served over 1,700 customers across diverse industries, including minerals, steel, coal, oil and gas, energy, FMCG, and EPC and infrastructure. Thecompany’s service portfolio covers multimodal transportationviasea, air, road, andrail, supportedby integratedofferings that include freight forwarding, customs clearance, warehousing, distribution, vessel agency, andproject cargo handling.

Objective of the Om Freight Forwarders Ltd IPO

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

  • Funding of capital expenditure requirements of the company related to the acquisition of commercial vehicle and heavy equipment;
  • General corporate purposes.
  • the total issue size of Rs. 1,223 million, Rs. 979 million comprises OFS

Rationale To Om Freight Forwarders Ltd IPO

 Proven track record and diversified client base to strengthen competitive edge

The company combines a long-standing track record in logistics with robust operational standards, validated through ISO certifications in quality (ISO 9001:2015), environmental management (ISO 14001:2015), and occupational health & safety (ISO 45001:2018). The company’s strong customer relationships underpin revenue stability, with over 75% of FY25 revenues coming from repeat clients and several top customers having partnerships exceeding five years. At the same time, OFFL continues to expand its client base, adding 890 new customers in FY25 alone, demonstrating its ability to scale across industries and geographies. While a significant portion of its business comes from minerals, mining, and steel, the company is strategically targeting high-growth sectors such as FMCG, automotive, and oil & gas, offering tailored solutions to diversify its revenue streams. Together, these factors of operational excellence, sticky customer relationships, consistent client acquisition, and targeted sectoral diversification position OFFL to sustain growth and enhance its competitive standing in the logistics industry

Strategic infrastructure expansion and technology integration to drive operational
efficiency and margin growth

OFFL has established a robust in-house logistics infrastructure, underpinned by a diverse fleet of specialized equipment, including cranes, forklifts, trailers, payloaders, tippers, and vessels. As of March 31, 2025, a dedicated team of 134 skilled equipment operators ensures operational readiness, minimizing downtime and maximizing asset performance. The company’s vessel and earthmoving equipment fleets are strategically deployed to handle general cargo, dry bulk commodities, over-dimensional loads, and intra-warehouse transport efficiently, supporting a broad spectrum of client requirements. Technology is a key enabler of OFFL’s operations. The company has invested significantly in advanced logistics and supply chain solutions, including real-time vehicle tracking, end-to-end visibility, route optimisation, inventory management, and integrated client systems. These technological capabilities allow OFFL to enhance operational efficiency, maintain fiscal controls, optimise transit times, and reduce costs, thereby improving client service levels. The company has also developed in-house expertise in areas such as solution consulting, predictive analytics, and infrastructure management to support continued innovation. To strengthen its pan-India logistics network and capture growing demand, OFFL is setting up an additional large-format, multi-user warehouse in Bhiwandi, Maharashtra. Strategically located near the Mumbai Nashik Express Highway, the facility will expand storage capacity, reduce reliance on third-party warehousing, lower operational costs, enhance inventory control, and improve supply chain visibility. Integrated automation and data analytics will further optimise warehouse operations, enabling faster turnaround and higher utilisation rates, while providing scalable value-added services.

Valuation of Om Freight Forwarders Ltd IPO

OFFL serve as a trusted India-based agent, specialising in comprehensive import and export customs clearance services across all major air and seaports in the country. Backed by over four decades of operational and handling expertise, the company seamlessly combines in-depth customs knowledge with advanced information technology. Leveraging its extensive experience and established presence across India’s major ports, OFFL is well positioned to benefit from the expanding trade volumes, increased industrial activity, and growing demand for organised logistics services. OFFL’s ongoing investments in technology enable end-to-end visibility, faster decision-making, and cost optimisation. This technological edge positions the company to serve large clients in high-growth sectors such as FMCG, automotive, e-commerce, and oil & gas, which are increasingly seeking reliable, scalable, and technology-enabled logistics partners. The addition of strategically located, large-format multi-user warehouses, such as the upcoming Bhiwandi facility, allows OFFL to capitalise on the structural shift in India’s logistics sector post-GST, where companies are consolidating inventories into larger, more efficient facilities. By offering value-added services, automation, and proximity to key distribution hubs, OFFL can increase client stickiness, improve turnaround times, and expand volumes handled, directly contributing to revenue growth and margin expansion. On the financial front, the company delivered a tepid performance during FY20xx xx, growing revenue, EBITDA, and PAT at a CAGR of 2.0%, 6.4%, and-10.0%, respectively. EBITDA margin decreased from 7.1% in FY23 to 2.9% in FY24 before improving to 7.7% in FY25, while PAT margin declined from 5.8% in FY23 to 2.5% in FY24 and moderated to 4.5% in FY25. On the return front, the company reported modest ROCE and ROE of 13.7% and 12.7% in FY25, respectively, observing a decline from 20.0% and 19.5% in FY23. While OFFL has demonstrated strengths in integrated logistics, operational capabilities, and client relationships, its financial performance has been inconsistent, reflected in volatility in earnings and margins. Furthermore, near term geopolitical and macroeconomic uncertainties add risk to growth visibility. Additionally, ~80% of the issue comprises an Offer for Sale (OFS). In light of these factors, we remain largely cautious of the listing. We, thus, recommend an AVOID rating for the issue and will reassess our rating in future following sustained business performance in upcoming quarters

What is the Om Freight Forwarders Ltd IPO?

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

To apply for the Om Freight Forwarders Ltd IPO through StoxBox one can apply from the website and also from the app. Click here

Om Freight Forwarders Ltd IPO is opening on 29th Sep 2025.  Apply Now

The Lot Size of Om Freight Forwarders Ltd IPO is 111 equity shares. Login to your account now.

The allotment Date for Om Freight Forwarders Ltd IPO is 06th Oct 2025.  Login to your account now.

The listing Date for Om Freight Forwarders Ltd IPO is 8th Oct 2025.  Login to your account now

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

 In the Retail segment the maximum investment requirement is Rs. 1,194,805. Login to your account now

  • OFFL derives a significant portion of its revenue from customers in Maharashtra, which accounted for over 85% of revenue from operations in FY25. Any adverse developments in this region could materially affect the company’s revenue and overall financial performance.
  • Thecompany is highly prone to geopolitical risks.
  • OFFL does not have long-term agreements with shipping companies, relying instead on relationships built over time. Any disputes or disruptions with these partners could have a material adverse impact on the company’s operations and business performance.

The Om Freight Forwarders Ltd IPO be credited to the account on allotment date which is 08th Oct 2025. Login to your account now 

The prospectus of Om Freight Forwarders Ltd IPO prospectus can be find on the website of SEBI, NSE and BSE

Glottis Ltd IPO : Subscribe

Glottis ltd ipo
  • Date

    29th Sep 2025 - 01st Oct 2025

  • Price Range

    Rs.120 to Rs.129

  • Minimum Order Quantity

    114

Price Lot Size Issue Date Issue Size
₹ 120 to ₹129 114 29th Sep, 2025 –01st Oct, 2025 ₹310 Cr

 Glottis Ltd

Glottis Ltd. offers multi-modal integrated logistics solutions, including end-to-end transportation services through ocean, air, and road logistics. Its comprehensive logistics offerings, with multimodal capabilities, cater to diverse industries by optimising the movement of goods across geographies. The company’s services include ocean freight forwarding (project cargo and full container load, both import and export), air freight forwarding (import and export), road transportation, along with ancillary solutions such as warehousing, storage, cargo handling, third-party logistics (3PL), and customs clearance. The company handled ~112,146 TEUs of imports through ocean during FY25. By integrating the services of intermediaries with its in-house infrastructure, Glottis delivers start to finish logistical solutions. Its service offerings, combined with the capabilities of its intermediaries, enable assistance across geographically dispersed locations while modifying operating volumes, optimising loads, and maintaining flexibility to meet customers’ capacity requirements. Glottis has a track record of mobilising large cargo volumes for clients across multiple industries due to its extensive global network of freight forwarding agencies, which provide insights on available carriers, route management, and prevailing freight rates worldwide. This enhances the company’s ability to secure carrier space in advance at competitive prices, ensuring reliable delivery commitments. The company operates PAN-India through eight branch offices located in New Delhi, Gandhidham, Kolkata, Mumbai, Tuticorin, Coimbatore, Bengaluru, and Cochin, with registered and corporate offices in Chennai covering major transportation hubs. Over the years, it has also expanded its operations internationally through arrangements with local freight forwarding agents and continues to explore new markets. With a global footprint and expertise in managing complex supply chains, Glottis serves customers across multiple industries, with a strong focus on energy infrastructure and renewable energy projects. Over the years, the company has built a track record of providing freight forwarding services to diverse industries, including renewable energy, engineering products, home appliances, granite and minerals, timber, agro-products, automobile chemicals, textiles, and machinery. It continues to expand its share of business with existing clients by offering logistics support across their supply chains. Its expertise to handle complex cargo and mobilising large volumes provides Glottis with a competitive edge and has garnered industry recognition.

Objective of the Glottis Ltd IPO

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

  • Funding of capital expenditure requirements of the company towards the purchase of commercial vehicles and containers; and
  • General corporate purposes.

Rationale To Glottis Ltd IPO

 Strategically positioned to benefit from India’s expanding renewable energy sector

With over two decades of experience, Glottis has established itself as one of the leading freight forwarding players in India, particularly in the renewable energy sector’s import and export segment. Providing logistics solutions for specialised products has high entry barriers, such as the ability to achieve large cargo volumes, a reliable and extensive intermediary network, market intelligence, lead time and expenditure for securing advance commitments with shipping lines, and the need to build customer confidence and long-term relationships with intermediaries across geographies. These capabilities can only be developed through a long gestation period, market knowledge, and the ability to forecast and achieve volumes required to attain economies of scale. Over the years, the company has built a specialised customer base comprising power generation and component manufacturing companies in the renewable energy industry. Leveraging its intermediary network, Glottis has executed complex orders involving the transportation of fragile and highly specialised products across the supply chain. With the growing demand for renewable energy, driven by its sustainability, cost-effectiveness, and environmental benefits, the company’s service offerings are complementary to this industry. Therefore, the demand for Glottis’ services is closely linked to the rising demand for renewable energy products. India’s solar energy sector is expected to witness strong growth, with installed capacity projected to expand at a CAGR of 23.8% between FY25 and FY30, supported by favorable market conditions, strategic policy interventions, and technological innovations. Backed by its global presence, strategic locations, and scalable business model, Glottis is well positioned to capitalize on the positive tailwinds in the global renewable energy logistics industry.

Scaled multimodal logistics operations drive growth

With over two decades of operational experience in multimodal logistics services across different verticals, Glottis has developed strong internal intelligence on trade flows and volumes across routes, seasonality impact on volumes and freight across global routes, diverse customer base to enable two-way business with minimum wastage of empty runs for business partners. Glottis offers customised logistics solutions to a wide range of customers and industries across more than 125 countries, supported by a network of eight branch offices as of March 31, 2025. Its focus on quality, providing customised solutions, and timely execution of orders has helped establish and sustain long-term client relationships. Through customer referrals, the company has been able to expand its offerings to new clients in similar industries, further growing its customer base and geographic reach. Owing to its extensive experience, Glottis has executed projects involving the supply chain of critical and sensitive components, including solar panels, solar cells, glass panels, and advanced equipment for manufacturing solar cells, etc. The company has built a track record of executing complex and customised orders, particularly for customers in the renewable energy sector. Additionally, its expertise allows it to gather and study route data for optimisation, enabling cost efficiency for clients while maintaining a scalable and flexible service portfolio.

Valuation of Glottis Ltd IPO

Glottis Ltd. delivers end-to-end logistics solutions with multimodal capabilities across verticals optimizing the movement of goods across geographies, including (i) ocean freight forwarding, (ii) air freight forwarding, (iii) road transportation, along with other ancillary services, such as warehousing, storage, cargo handling, third-party logistics (“3PL”) services and custom clearance, among others. The Indian freight forwarding market has witnessed steady growth, and is expected to reach USD 17 billion by FY29, growing at a CAGR of 10.9% over FY24-29. The Indian ocean freight market is projected to reach USD 13.9 billion by FY29, registering a CAGR of 11.9% over FY24-29. With India’s growing and diversifying economy, the demand for efficient and reliable freight forwarding services continues to rise. Glottis’s expertise in providing comprehensive logistics for specialised products having high entry barriers gives it a competitive edge over unorganized players. The installed capacity of India’s solar energy sector is expected to grow at a CAGR of 23.8% between FY25 and FY30, which will be beneficial for Glottis given its strong presence in the renewable energy sector’s import and export segment. The company’s focus on developing strong internal intelligence, ensuring quality and timely execution, has enabled it to maintain long-standing customer relationships while also acquiring new clients through referrals. Financially, Glottis has delivered a healthy performance, with revenue growing at a CAGR of 40.3%, EBITDA at 53.1%, and PAT at 58.2% over FY2023-25 period. Backed by a strong business model, deep market understanding, and customer retention capabilities, along with favorable industry tailwinds, the company is well positioned for long-term sustainable growth. At the upper price band, the company is valued at a P/E multiple of 18.4x based on FY25 earnings. We, thus, recommend a “SUBSCRIBE” rating for this issue.

What is the Glottis Ltd IPO?

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

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

Glottis Ltd IPO is opening on 29th Sep 2025.  Apply Now

The Lot Size of Glottis Ltd IPO is 114 equity shares. Login to your account now.

The allotment Date for Glottis Ltd IPO is 03rd Oct 2025.  Login to your account now.

The listing Date for Glottis Ltd IPO is 7th Oct 2025.  Login to your account now

In the Retail segment the minimum investment required is Rs. 14,705. Login to your account now

 In the Retail segment the maximum investment requirement is Rs. 1,191,178. Login to your account now

  • Thecompany derives the majority of its revenue from the ocean freight (import and export) segment, which has constituted more than 90% of revenue over the past three financial years. The company’s financial condition could be materially and adversely affected if it fails to secure new contracts, renew contracts with existing customers, or if current contracts in this segment are terminated.
  • The company extends post-billing credit terms to its customers and may experience delays in payments even beyond the agreed credit period. Inability to collect receivables from customers in a timely manner, or at all, could adversely impact the company’s business, financial condition, results of operations, and cash flows.
  • Thecompanyrequires third parties to execute a portion of its orders, which presents numerous risks. It relies on its network partners, intermediaries, and vendors/suppliers for certain aspects of operations. Instances of unsatisfactory services by such parties, or the company’s inability to maintain these relationships, could disrupt operations.

The Glottis Ltd IPO be credited to the account on allotment date which is 06th Oct 2025. Login to your account now 

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

Fabtech Technologies Ltd IPO : Subscribe

fabtechnologies_logo
  • Date

    29th Sep 2025 - 01st Oct 2025

  • Price Range

    Rs.181 to Rs.191

  • Minimum Order Quantity

    75

Price Lot Size Issue Date Issue Size
₹ 181 to ₹ 191 75 29th Sep, 2025 –01st Oct, 2025 ₹230 Cr

Fabtech Technologies Ltd

Fabtech Technologies Limited is a global turnkey engineering solutions provider headquartered in India, specialising in pharmaceuticals, biotechnology, and healthcare projects. Backed by the 29-year legacy of the Fabtech Group, the company delivers end-to-end solutions for setting up aseptic manufacturing facilities, covering the entire project lifecycle from market analysis, disease profiling, design, engineering, procurement, and logistics to installation, commissioning, and regulatory certification. Incorporated in 2018 following a strategic demerger to enhance operational efficiency, Fabtech has rapidly built a strong track record, completing 51 projects across geographies including Subscribe Saudi Arabia, Egypt, Algeria, Bangladesh, Ethiopia, Sri Lanka, and the UAE, and maintaining a robust order book of Rs. 904 crores as of July 31, 2025. The company operates in over 62 countries, with a significant presence in key emerging economies such as India, Bangladesh, Egypt, Ethiopia, Kenya, Saudi Arabia, Morocco, Nigeria, Turkey, the UAE, and the USA. The company offers both comprehensive greenfield turnkey solutions and standalone services- such as equipment procurement, supply, and commissioning- leveraging its asset-light model, integrated procurement system, and strong contractor network to optimise cost, quality, and execution timelines. Its proprietary digital project management platform, FabAssure, enhances efficiency through real-time monitoring, automation, and escalation mechanisms. With ISO 9001:2015, ISO 14001:2015, and ISO 45001:2018 certifications, a team of 94 qualified engineers, and deep regulatory expertise, Fabtech has evolved beyond cleanroom and controlled environment projects to become a preferred partner for pharmaceutical and biotech manufacturers globally. Its strong customer relationships, technological capabilities, and focus on high-margin turnkey solutions position the company to capitalise on the growing global demand for resilient and cost-effective healthcare infrastructure.

Objective of the Fabtech Technologies Ltd IPO

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

  • Funding working capital requirements of the company;
  • Pursuing inorganic growth initiatives through acquisitions;
  • General corporate purposes.

Rationale To Fabtech Technologies Ltd IPO

 Aleading turnkey pharma engineering partner with comprehensive service offerings

The company is a key turnkey engineering solutions provider with an established presence in the pharmaceutical capex space and a strong track record of execution. The company offers comprehensive, end-to-end services from disease profiling and feasibility studies to design, engineering, procurement, equipment supplies, installation, testing, commissioning, training, validation, and certification, enabling clients to set up controlled environment pharmaceutical, biotechnology, and healthcare facilities across geographies. Its ability to integrate disease-specific profiling into project planning ensures that new facilities are tailored to the healthcare needs of target markets, thereby enhancing the relevance and commercial viability of client investments. Fabtech’s in-house design and engineering capabilities, combined with its proprietary FabAssure digital project management platform, provide real-time monitoring, cost control, and streamlined execution, driving efficiency and reducing implementation risk. The company’s asset-light model, supported by a strategic network of related entities and third-party suppliers, enhances scalability, improves cash flows, and ensures quality control across equipment procurement and project delivery. With a robust order book and turnkey projects, Fabtech enjoys strong revenue visibility and operating leverage. Its proven execution capabilities, showcased by the completion of 51 projects across key emerging and developed markets such as Saudi Arabia, Egypt, Algeria, Bangladesh, Ethiopia, Sri Lanka, and the UAE, position it to capitalise on the growing global demand for pharmaceutical infrastructure and healthcare investments, particularly in regulated and emerging markets. Backed by its technology-driven approach, integrated procurement system, and deep domain expertise, Fabtech is well-placed to expand its customer base, sustain high-margin turnkey projects, and deliver consistent growth in an industry benefiting from rising healthcare spending and the push for self-reliant pharmaceutical manufacturing globally.

 Asset-light and integrated business model for scalable growth

The company has a scalable, asset-light, and integrated business model that enhances profitability, capital efficiency, and execution capability. By strategically sourcing a majority of critical equipment through Related Entities and third party suppliers on an arm’s-length basis, the company avoids significant capital expenditure on manufacturing facilities or heavy machinery. This approach allows Fabtech to focus resources on high-value activities such as project execution, sales, and marketing, while ensuring strict control over equipment quality, delivery timelines, and cost efficiency. The involvement of Related Entities provides reliable access to key equipment and enables Fabtech to leverage economies of scale, negotiate favorable procurement terms, and maintain consistent quality standards, thereby safeguarding margins and reducing operational risk. Complementing this asset-light procurement strategy is Fabtech’s integrated in house model, which encompasses risk assessment, design and engineering, equipment procurement and supply, quality control, logistics, and project execution teams. This integrated approach allows the company to capture a larger share of the value chain, reduce dependence on external suppliers, and mitigate contractual risks associated with third party delays or quality lapses. Moreover, by partnering with a diverse and reliable network of equipment manufacturers and contractors, Fabtech can flexibly scale its resources in line with project demands, ensuring optimal asset utilisation and sustaining cash-light operations. This business model provides a competitive edge over peers that operate with capital-intensive structures and limited service offerings, positioning Fabtech to expand its turnkey engineering
solutions across geographies.

Valuation of Fabtech Technologies Ltd IPO

Fabtech Technologies Limited is a leading turnkey engineering solutions provider in the pharmaceutical, biotechnology, and healthcare infrastructure space. The company specialises in delivering end-to-end project solutions, including disease profiling, feasibility studies, design and engineering, equipment procurement, installation, testing, and commissioning. With a strong global presence spanning over 62 countries and a particular focus on emerging markets, Fabtech leverages its asset-light, integrated business model to execute projects efficiently while maintaining strict quality and regulatory standards. The company aims to capitalise on its strong project pipeline and global footprint by focusing on scalable, asset-light operations, which reduce capital intensity. The company’s strategy is centered on expanding its turnkey offerings, strengthening customer relationships in emerging markets, and enhancing operational efficiencies through its proprietary project management platform FabAssure. By maintaining close partnerships with related entities and trusted third-party equipment suppliers, Fabtech secures competitive pricing, ensures timely delivery, and minimises execution risks. On the financial front, the company has delivered healthy CAGR growth over FY2023–25 period, with Revenue/EBITDA/PAT CAGR of 29.8%/29.1%/46.2%. The company is well-positioned to capitalise on the structural growth of the pharmaceutical and healthcare infrastructure sector globally. Its focus on emerging economies, combined with its technology-driven project execution capabilities, provides a competitive edge in securing high-value projects. Its asset-light model enables strong cash generation and high operating leverage, while maintaining flexibility to scale operations based on project demand. The company’s order book provides healthy revenue visibility for the coming years, reducing dependency on new client acquisitions in the short term. At the upper price band of Rs 191, the company is valued at a P/E multiple of 13.3x FY25 earnings. We, thus, recommend a“SUBSCRIBE” rating for this issue.

What is the Fabtech Technologies Ltd IPO?

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

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

Fabtech Technologies Ltd IPO is opening on 29th Sep 2025.  Apply Now

The Lot Size of Fabtech Technologies Ltd IPO is 75 equity shares. Login to your account now.

The allotment Date for Fabtech Technologies Ltd IPO is 03rd Oct 2025.  Login to your account now.

The listing Date for Fabtech Technologies Ltd IPO is 7th Oct 2025.  Login to your account now

In the Retail segment the minimum investment required is Rs. 14,325. Login to your account now

 In the Retail segment the maximum investment requirement is Rs. 1,86,225. Login to your account now

  • The company has historically converted less than 11% of submitted proposals into actual orders over the past three financial years. A continued inability to generate new leads or convert them into confirmed orders for an extended period could materially and adversely impact its business operations, financial condition, results, growth prospects, and cash flows.
  • The company, due to its limited operating history, may face challenges in competing effectively in the market. Moreover, the absence of an extensive track record makes it difficult to evaluate the company’s business performance and to predict its future operating results based on past performance.
  • Thecompany’s current order book may not reflect its future performance. Projects included in the order book, as well as future projects, could be delayed, altered, or cancelled due to factors beyond the company’s control, which could materially and adversely impact its business, prospects, reputation, profitability, financial condition, and operating results.

The Fabteck Technologies Ltd IPO be credited to the account on allotment date which is 06th Oct 2025. Login to your account now 

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

Pace Digitek Ltd IPO : Subscribe

  • Date

    26th Sep 2025 - 30th Sep 2025

  • Price Range

    Rs.208 to Rs.219

  • Minimum Order Quantity

    68

Price Lot Size Issue Date Issue Size
₹ 208 to ₹ 219 68 26th Sep, 2025 –30th Sep, 2025 ₹839.28 Cr

Pace Digitek Ltd

Pace Digitek Ltd. is a telecom infrastructure solutions provider with a diversified presence across telecom towers, optical fibre cables, and energy management solutions. Its offerings span manufacturing, installation, commissioning, and turnkey operations & maintenance, enabling an integrated presence across the telecom value chain. Revenue is generated from three verticals, telecommunications, energy, and ICT, supported by a strong operational footprint across multiple Indian states such as Maharashtra, Gujarat, Karnataka, Andhra Pradesh, Jammu and Kashmir, Uttarakhand, Assam, Manipur, Arunachal Pradesh, Mizoram, Nagaland, Sikkim, as well as international presence in Myanmar and Africa. The company, which began as an electrical equipment manufacturer for the telecom industry, has progressively scaled into a full-service telecom infra player, with capabilities across products, projects, O&M and solutions. The acquisition of GE Power Electronics India’s business and rights over the Lineage Power brand in FY14 marked its entry into end to end direct current power systems manufacturing for telecom towers, enhancing its positioning in energy management solutions. More recently, through its subsidiary Lineage Power Pvt. Ltd., the company has backward integrated into telecom infra products, strengthening project execution. Additionally, its early entry into solarization of telecom towers (since FY13), including supply and O&M of solar modules and lithium ion battery systems, positions it well to benefit from the sector’s transition towards energy efficient and sustainable infrastructure.

Objective of the PaceDigitek Ltd IPO

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

  • Funding capital expenditure requirement for investment in the company’s subsidiary, Pace Renewable Energies Private Limited, for setting up battery energy storage systems (BESS) for a project awarded by the Maharashtra State Electricity Distribution Company Limited (MSEDCL); and
  • General corporate purposes.

Rationale To PaceDigitek Ltd IPO

End-to-end solutions provider with integrated operations in the telecom tower     sector

The company is positioned as an integrated player in the telecom tower sector. The company started as a manufacturer of equipment for the telecom tower sector and has since transitioned into a full-scale provider of end to end solutions for telecom tower operators. With the evolution of telecom power infrastructure from basic rectifiers and batteries in the 2G era to digitally controlled, hybrid, and grid integrated power systems, the company has aligned its offerings to meet the sector’s shift towards intelligent and sustainable solutions. Its capabilities span turnkey projects for new site rollouts, upgradation of existing sites, and project management across telecom tower and optical fibre segments, while also supplying individual components for such projects. A key differentiator of the business model lies in its holistic approach, integrating product manufacturing, services, and turnkey execution, enabling it to address the full spectrum of telecom infrastructure requirements.

Diversified business segments with strong order book bodes well for growth outlook

The company commenced operations as a manufacturer of electrical equipment for the telecom industry and has since expanded into a full spectrum telecom infrastructure provider, with capabilities spanning products, turnkey projects, O&M, services, and solutions. A key milestone was the 2014 acquisition of GE Power Electronics India’s business and rights over the Lineage Power brand, which enabled end to end manufacturing of direct current (DC) systems tailored for telecom tower operators, strengthening its positioning in energy management solutions. In FY23, the company further backward integrated into telecom infra products through its subsidiary Lineage, enhancing execution efficiency for its projects. Notably, the company has been engaged in solarization of telecom towers since FY13 including supply, installation, commissioning, and O&M of solar modules and related equipment, aligning with the industry’s push towards sustainable energy. In 2021, it diversified into the ICT sector, further broadening its growth avenues. As of March 31, 2025, the company reported a total order book of 76,336 million, compared to Rs. 63,413 million in FY24 and Rs. 91,526 million in FY23. The telecom segment contributed Rs. 35,700 million in FY25, down from Rs. 58,553 million in FY24 and Rs. 87,370 million in FY23, reflecting a decline in tower and optical fibre cable (OFC) orders over the period. Conversely, the energy segment showed strong growth, with the order book expanding significantly to Rs. 40,636 million in FY25, compared to Rs. 3,293 million in FY24 and Rs. 3,486 million in FY23, driven by sizeable Battery Energy Storage Systems (BESS) orders of Rs. 24,700 million and solar project orders of Rs. 24,024 million in FY25. Meanwhile, the ICT segment registered no orders in FY25, after recording Rs. 1,567 million in FY24 and Rs. 670 million in FY23. The company’s diversified order book underscores its ability to address multiple business verticals, while also highlighting the underlying strength and scalability of each segment in contributing to long term growth visibility.

Valuation of PaceDigitek Ltd IPO

Pace Digitek Ltd. positions itself as an integrated telecom infrastructure solutions provider with a strong focus on telecom towers and optical fibre networks. Its service portfolio spans manufacturing, installation, commissioning, and O&M, enabling turnkey solutions such as tower erection and fibre cable laying. Revenue streams are diversified across three verticals, telecommunications, energy, and ICT, supported by a wide operational footprint across key Indian states and select international markets, including Myanmar and Africa. The company, through its subsidiary Lineage, manufactures a wide range of intelligent power interfacing and monitoring systems catering to telecom operators, OEMs, tower and service providers, enterprises, and industrial clients. In FY24, passive telecom infrastructure market size in India was estimated at Rs. 1,650-1,700 billion, and is projected to increase to Rs. 2,000-2,100 billion by FY28. Additionally, the optical fibre EPC industry which was estimated at ~ Rs. 84 billion as of FY24, is expected to grow to Rs. 135-140 billion by FY28. On the financial front, the company delivered a sharp improvement in profitability, with EBITDA margins expanding from 7.9% in FY23 to 20.7% in FY25, the highest in the industry. Further, the PAT registered a remarkable CAGR of 310.9% over FY2023–25 period, significantly outperforming peers and underscoring the company’s strong operating leverage and execution capabilities. The company’s strategic initiatives, including product portfolio expansion, extension of services offerings, and growing geographical reach, are expected to support sustainable growth over the long term. The company is also well positioned to capitalise industry growth trends. On the upper price band, the company is currently valued at a P/E of 13x based on FY25 earnings which is cheaper compared to its peers. Thus, we recommend a “SUBSCRIBE” rating for this issue from a medium to long term perspective.

What is the PaceDigitek Ltd IPO?

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

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

PaceDigitek Ltd IPO is opening on 26th Sep 2025.  Apply Now

The Lot Size of PaceDigitek Ltd IPO is 68 equity shares. Login to your account now.

The allotment Date for PaceDigitek Ltd IPO is 1st Oct 2025.  Login to your account now.

The listing Date for PaceDigitek Ltd IPO is 6th Oct 2025.  Login to your account now

In the Retail segment the minimum investment required is Rs. 14,892. Login to your account now

 In the Retail segment the maximum investment requirement is Rs. 1,93,596. Login to your account now

  • The company is heavily dependent on the export market and derives majority of its revenue from the export trading of construction machines. High dependency on export revenues exposes the company to regulatory uncertainty, geopolitical risks, tariff & non-tariff barriers and trade policy volatility. The company’s revenue from operations is dependent upon a limited number of customers, and the loss of any of these customers or loss of revenue from any of these customers could have a material adverse effect on its business.

  • The company is dependent on third-party suppliers, and any disruptions in the supply or an increase in the prices of requisite construction machines could adversely affect its operations

The PaceDigitek Ltd IPO be credited to the account on allotment date which is 1st Oct 2025. Login to your account now 

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