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Dev Accelerator Ltd IPO : Subscribe

  • Date

    10th Sep 2025 - 12th Sep 2025

  • Price Range

    Rs.97 to Rs.103

  • Minimum Order Quantity

    145

Apply Now
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Price Lot Size Issue Date Issue Size
₹ 56 to ₹ 61 235 10th Sep, 2025 –12th Sep, 2025 ₹143.35 Cr

Dev Accelerator Ltd

Dev Accelerator Limited, commonly known as DevX, functions as a flexible workspace and coworking provider, offering a range of services including coworking spaces, managed offices, design-build solutions, and asset management. The company also integrates workspace customization with technology, positioning itself as a comprehensive solution for enterprises seeking flexible office infrastructure. As of FY24, DevX operated 25 centers across 11 Indian cities, spanning both Tier 1 and Tier 2 locations, including Delhi NCR, Ahmedabad, Hyderabad, Mumbai, Pune, Jaipur, Udaipur, Indore and Rajkot. It manages over 806,635 square feet across 12,691 seats, serving over 230 clients. The company has also entered into Letters of Intent with space owners for 3 additional centers, including one international Center in Sydney, Australia, and have also entered into a lease deed for setting up a Center in Surat. These upcoming centers will have 11,500 seats, aggregating 897,341 sq. ft. The company’s clientele comprises of large corporates, MNCs and SMEs, to whom they offer a variety of flexible office space solutions such as managed office spaces and coworking spaces, as well as design and execution services through their subsidiary, Neddle and Thread Designs LLP. The following are the flexible workspace solutions provided by the company: managed office spaces, coworking spaces and design and execution services. The main focus is on serving large corporates by offering managed office solutions. The revenue contribution from managed office space solutions in FY24, FY23 and FY22 stood at Rs. 740.4 million, Rs. 353.1 million and Rs. 170.6 million, respectively, constituting 68.5%, 50.5% and 55.3%, respectively, of the revenue from operations. 

Objective of the Dev Accelerator Ltd IPO

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

  • Capital expenditure for fit-outs in the proposed centers;
  • Repayment and/or pre-payment, in full or part, of certain borrowings availed by the company, including redemption of non-convertible debentures issued by the company (“NCDs”); and
  • General corporate purposes. 

Rationale To Dev Accelerator Ltd IPO

Pan-India presence with consistently high occupancy a key competitive advantage

DevX has demonstrated strong execution capabilities, underpinned by a deep understanding of market dynamics and customer needs. Leveraging local relationships and on-ground networks, the company has scaled its operations across 11 cities, including key Tier 1 hubs like Mumbai, Noida, Pune, and Hyderabad, while maintaining a stronghold in Tier 2 markets such as Ahmedabad, Jaipur, and Vadodara. As of August 31, 2024, DevX manages a total operational area of 806,635 sq. ft., with a pan-India presence. The company has consistently delivered high occupancy levels, averaging above 80% over the past three fiscal years (FY22-FY24), with 83.1% occupancy rate as of August 2024, indicative of strong demand, client satisfaction, and optimal space utilization. DevX’s ability to offer customizable, competitively priced workspace solutions across both Tier 1 and Tier 2 markets continue to support its growth trajectory. Between March 31, 2022 and March 31, 2024, DevX recorded robust expansion, with operational centers, seats, and super built-up area growing at a CAGR of 66.7%, 39.9%, and 53.1%, respectively, reflecting both strong market positioning and executional efficiency.

Expansion into new and existing markets provide further tailwinds to performance

DevX’s expansion strategy is underpinned by a data-driven, criteria-based location assessment framework that evaluates market potential, infrastructure readiness, competitive landscape, and demographic trends. This structured approach ensures alignment with the company’s long-term objectives and enhances the likelihood of successful center launches. India’s flex space market continues to demonstrate strong momentum, with segment penetration in total office stock increasing from 3.0% in 2020 to 6.3% currently. Penetration is expected to rise to 8-9% over the next five years, indicating sustained demand and structural tailwinds. In line with these trends, DevX is actively deepening its presence in existing markets and selectively entering new geographies. The company has signed Letters of Intent (LoI) to establish new centers in Ahmedabad and Pune, and a lease deed for a new Surat center targeted to go live within the current fiscal. These expansions are expected to strengthen regional presence and add operational capacity. Notably, DevX is also making its foray into international markets with an LoI signed for a managed office space center in Sydney, Australia. The move aligns with global flex space trends, particularly in gateway cities with strong startup and SME ecosystems. This measured yet forward-looking expansion strategy positions DevX to capitalize on both domestic and international market opportunities, while maintaining a disciplined approach to portfolio growth. 

Valuation of Dev Accelerator Ltd IPO

DevX is a leader in India’s fast-growing Tier-2 flexible workspace market, with about 57% of its revenue coming from Ahmedabad, Jaipur, and Vadodara which are non-metro locations. This strategy aligns with the post-COVID trend of rising demand for cost-effective workspaces in smaller cities. Post-COVID, the flex segment has accounted for a 17-18% share of the annual gross leasing on average. Going forward, the trend of flex space expansion is expected to continue with the operational flex stock estimated to double over the next five years and reach 129 million sq. ft. by 2028, which is a big positive for DevX. Financially, the company demonstrated a robust topline growth at a CAGR of 50.8% during FY2023-25 period, reaching Rs. 1,589 million in FY25. The company recently turned profitable, with a PAT of Rs. 17.44 million in FY25 which narrowed down from a loss of Rs. 128 million in FY23. The company also has a healthy EBIDTA margin of 50.6% which is the best amongst its peers. EV/EBIDTA of DevX is approximately 8.4x compared to its peers having EV/EBIDTA in the range of 10-12x. With operating leverage likely to kick-in going ahead,  the company’s financial performance is expected to improve further. Therefore, we believe that consistent high utilization, margin expansion and rapid scale-up holds potential to deliver robust business performance going ahead. Given its strong financial performance and operating metrics, strategic positioning in Tier 2 markets and industry tailwinds, we recommend a “SUBSCRIBE” rating for the issue from a medium to long term perspective.  

What is the Dev Accelerator Ltd IPO?

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

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

Dev Accelerator Ltd IPO is opening on 10th Sep 2025.  Apply Now

The Lot Size of Urban Company Limited IPO is  235 equity shares. Login to your account now.

The allotment Date for Dev Accelerator Ltd IPO is 15th Sep 2025.  Login to your account now.

The listing Date for Dev Accelerator Ltd IPO is 17th Sep 2025.  Login to your account now

In the Retail segment the minimum investment required is Rs. 14,335. Login to your account now

 In the Retail segment the maximum investment requirement is Rs. 1,86,355. Login to your account now

  • The land and building at any of the company’s centers is not owned by them. Hence, any issues in the title or ownership of land and building where these centers are located may result in disputes, impacting the profitability of the company.
  • The company has acquired 43.7% of the paid-up equity share capital of Janak Urja Pvt. Ltd., in pursuance of the PropCo-Opco model. If the company fails to realise financial benefits, it may affect the financial condition and results of operations of the company.

The Dev Accelerator Ltd IPO be credited to the account on allotment date which is 16th Sep 2025. Login to your account now 

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

Shringar House of Mangalsutra Ltd IPO : Subscribe

  • Date

    10th Sep 2025 - 12th Sep 2025

  • Price Range

    Rs.97 to Rs.103

  • Minimum Order Quantity

    145

Apply Now
Download In-depth Report
Price Lot Size Issue Date Issue Size
₹ 98 to ₹ 103 145 10th Sep, 2025 –12th Sep, 2025 ₹1900.00 Cr

Shringar House of Mangalsutra Ltd

Shrinagar House of Mangalsutra Ltd. is one of India’s leading specialized designers and manufacturers of Mangalsutras. It is engaged in designing, manufacturing, and marketing a diverse range of products crafted in 18k and 22k gold, studded with stones like American diamonds, cubic zirconia, pearls, mother of pearl, and semi-precious stones, mainly targeting B2B clients. In FY23, it held 6% of the organized Mangalsutra market in India. The Mangalsutra, a culturally important ornament symbolizing marital status in India, has seen changing consumer preferences. Senior women continue to favour traditional motifs, while younger brides increasingly prefer modern and contemporary styles, opening opportunities across different demographics. The company sells to a broad client base of corporates, wholesalers, and retailers across 24 states and 4 Union Territories, with an international presence in the UK, New Zealand, UAE, USA, and Fiji. As of March 31, 2025, its network comprised 34 corporate clients, 1,089 wholesalers, and 81 retailers, with notable customers including Malabar Gold, Titan, GRT Jewellers, Reliance Retail, Novel Jewels (Aditya Birla Group), Joyalukkas, P.N. Gadgil Jewellers, and Damas Jewellery (UAE). With over 15 collections and more than 10,000 active SKUs, the company serves multiple segments, offering antique, bridal, traditional, contemporary, and Indo-western Mangalsutras at various price points and weights. This extensive range supports its positioning across demographics and occasions, from weddings and festivals to daily wear. Supported by an integrated operating model that covers conceptualization, design, manufacturing, and sales, the company manages its operations from an 8,300 sq. ft. facility in Lower Parel, Mumbai, enabling scalable and efficient production for both domestic and international markets.

Objective of the Shrinagar House of Mangalsutra Ltd IPO

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

  • Expenditure for new technology development and cloud infrastructure;
  • Expenditure for lease payments for the offices;
  • Expenditure towards marketing activities;
  • General corporate purposes. 

Rationale To Shrinagar House of Mangalsutra Ltd IPO

The multi-category, hyperlocal, home services marketplace benefits from network effects  

The company operates on a hyperlocal model designed to optimize efficiency and enhance consumer satisfaction by minimizing travel distances for service professionals and ensuring faster service fulfilment. Each city is divided into micro-markets, typically 3-5 km in radius, tailored by service category and demand density. High-frequency categories operate in smaller micro-markets, while low-frequency, high-value services such as painting span larger areas. For example, as of June 30, 2025, in Mumbai alone, the handyman super category (plumbing, electrical, carpentry) operates across 45 unique micro-markets. At scale, the platform covers more than 12,000 service micro-markets nationwide. This micro-market penetration drives network effects, with early focus on quality ensuring customer satisfaction, word-of-mouth growth, and rising consumer lifetime value. As adoption deepens, micro-markets shrink further to 1-3 km radii, improving service professionals’ productivity and enabling competitive pricing alongside higher earnings. According to the Redseer Report, service professionals on the platform earned 30–40% more than peers in FY25, with 83% of new professionals acquired organically via referrals, underscoring its strong value proposition. The model supports sustained category expansion, enhanced order frequency, and technological investment, strengthening both sides of the marketplace. This scalable, self-reinforcing ecosystem positions the company for long-term profitable growth.

Robust technology platform powering service fulfilment, consumer growth and    service professional empowerment

The company leverages a unified technology stack across categories and geographies, enabling rapid scaling of hyperlocal services with consistent quality control. Its platform integrates data, machine learning (ML), and artificial intelligence (AI) into all aspects of operations, driving efficiencies across consumer, professional, and fulfilment journeys. At the service micro-market level, proprietary ML models balance demand and supply in real time by factoring in location, time, availability, and skill requirements, while also forecasting demand and optimizing professional utilization. This dynamic allocation enhances productivity, reduces travel time, and ensures timely delivery. On the consumer side, the Urban Company app offers a personalized interface with data-driven recommendations, convenient booking options, bundled memberships, and GenAI-powered assistants for real-time query resolution. For service professionals, the dedicated app facilitates onboarding, scheduling, training, payments, product procurement, and access to financial services, supplemented by the UC Cult community platform for peer engagement. GenAI voicebots further streamline professional lifecycle management through reminders, training, and onboarding assistance. To ensure service quality and customer satisfaction, in-app workflows, image and barcode scans, and vision-based ML models enforce proof-of-work and SOP compliance. These deep technology integrations create a competitive moat, strengthening scalability, service reliability, and user stickiness, thereby positioning the company as a tech-first leader in India’s hyperlocal services market.

Valuation of Shrinagar House of Mangalsutra Ltd IPO

India’s hyperlocal home services industry, valued at approximately USD 60 billion in FY25, is expected to expand to USD 100 billion by FY30. This growth is driven by rapid urbanization, rising disposable incomes, and increasing consumer preference for standardized, on-demand services across categories such as beauty, cleaning, and handyman solutions. Despite its size, the sector remains highly fragmented, with majority of providers operating in an unorganized, offline manner. Urban Company is well-positioned as the only scaled, full-stack, technology-enabled platform bridging this gap through standardized service delivery, rigorous professional training, technology integration, and quality assurance to ensure a consistent consumer experience. This customer satisfaction is reflected in a service rating of 4.79/5 and over 80% repeat customer retention. The platform also empowers its service professionals by enabling earnings that are 30–40% higher than those of their peers outside the network, further strengthening its service quality and reliability. Moving ahead, the company plans to expand its reach by increasing penetration in key Indian cities, growing internationally in high-income markets such as the UAE and KSA, launching new service and product categories under its “Native” brand, and driving efficiency through AI-enabled tools for demand-supply matching, diagnostics, and service quality monitoring. Financially, the company has grown its topline at a CAGR of 34%, with revenues rising from Rs. 6,366 million in FY23 to Rs. 11,445 million in FY25, and registering revenue of Rs. 3,673 million in Q1FY26 (31% YoY growth). The company recently transitioned towards profitability, supported by operational leverage and scale economics, from a loss before tax of Rs. 3,124 million in FY23 to PBT of Rs. 286 million in FY25. Given the company’s leadership position, strong business model, improving financials, and long growth runway, the IPO    offers attractive medium to long-term potential. We, therefore, assign the issue a “SUBSCRIBE” recommendation.  

What is the Shrinagar House of Mangalsutra Ltd IPO?

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

To apply for the Shrinagar House of Mangalsutra Ltd IPO through StoxBox one can apply from the website and also from the app. Click here

Shrinagar House of Mangalsutra Ltd IPO is opening on 10th Sep 2025.  Apply Now

The Lot Size of Shrinagar House of Mangalsutra Limited IPO is  90 equity shares. Login to your account now.

The allotment Date for Shrinagar House of Mangalsutra Ltd IPO is 15th Sep 2025.  Login to your account now.

The listing Date for Shrinagar House of Mangalsutra Ltd IPO is 17th Sep 2025.  Login to your account now

In the Retail segment the minimum investment required is Rs. 14,850. Login to your account now

 In the Retail segment the maximum investment requirement is Rs. 1,93,050. Login to your account now

  • In FY25, contributions were 33.9% from corporate clients, 54.4% from retailers, and 11.5% from wholesalers. In comparison, contributions in FY24 were 31.8%, 54.1%, and 14.0%, respectively, while in FY23, they were 30.1%, 52.4%, and 17.3%. Although this mix indicates a balanced client base, the lack of long-term contracts with these clients presents a potential risk. Any loss of key clients or cancellation of purchase orders could negatively affect the company’s business performance, cash flows, financial condition, and overall operational results.
  • During FY25, FY24, and FY23, the company’s actual capacity utilization was 69%, 70%, and 66.8%, respectively, of its total installed capacity. Under-utilization of existing manufacturing capacity or an inability to effectively scale and utilize expanded capacities could adversely impact the company’s operations, growth prospects, and future financial performance.
  • The company needs significant working capital to support its ongoing growth. It plans to utilize Rs. 280 crores from the net proceeds to fund working capital requirements, with the proposed use in FY26 based on certain assumptions and management estimates. Any failure to secure adequate working capital on commercially acceptable terms could harm the company’s operations, financial health, and overall results.

 

The Shrinagar House of Mangalsutra Ltd IPO be credited to the account on allotment date which is 16th Sep 2025. Login to your account now 

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

Urban Company Ltd IPO : Subscribe

  • Date

    10th Sep 2025 - 12th Sep 2025

  • Price Range

    Rs.97 to Rs.103

  • Minimum Order Quantity

    145

Apply Now
Download In-depth Report
Price Lot Size Issue Date Issue Size
₹ 98 to ₹ 103 145 10th Sep, 2025 –12th Sep, 2025 ₹1900.00 Cr

Urban Company Ltd

Incorporated in December 2014, Urban Company is a leading technology-driven, full-stack online marketplace offering home and beauty services. The company has presence in 51 cities across India, the United Arab Emirates and Singapore, excluding cities served by the company’s Kingdom of Saudi Arabia joint venture, as of June 30, 2025. The platform enables consumers to book services such as cleaning, plumbing, electrical work, appliance repair, beauty treatments, and massage therapy, delivered by trained, background-verified professionals. Recently, the company introduced InstaHelp, an on-demand home-help assistance service, and expanded into home solutions under its Native brand, offering water purifiers and electronic door locks. The company ensures quality service delivery through standardized processes, professional training, the use of technology, and financial and branding support to service partners. When aggregated across the platform, the company operates in over 12,000 service micro-markets as of June 30, 2025, with an average of 54,347 monthly active service professionals. On average, the professionals on its platform earn 30–40% more than their offline peers, enhancing retention and service quality. The company’s business model is both asset-light and scalable, primarily driven by its platform commission, supplemental subscription plans for consumers, sales of products to service professionals for use during service delivery, and sales of its own branded products (water purifiers and electronic locks under “Native”). The company’s full-stack approach, spanning training, operations, partnership management, and technology deployment, ensures consistently high-quality service, which builds consumer trust. This is reflected in an average service rating of 4.79/5 and over 80% repeat customer retention. Urban Company’s continued investments in tech, geographic and product expansion, and professional empowerment have helped turn India’s home services market from unorganized and unreliable into a modern, trusted industry.    

Objective of the Urban Company Ltd IPO

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

  • Expenditure for new technology development and cloud infrastructure;
  • Expenditure for lease payments for the offices;
  • Expenditure towards marketing activities;
  • General corporate purposes. 

Rationale To Urban Company Ltd IPO

The multi-category, hyperlocal, home services marketplace benefits from network effects  

The company operates on a hyperlocal model designed to optimize efficiency and enhance consumer satisfaction by minimizing travel distances for service professionals and ensuring faster service fulfilment. Each city is divided into micro-markets, typically 3-5 km in radius, tailored by service category and demand density. High-frequency categories operate in smaller micro-markets, while low-frequency, high-value services such as painting span larger areas. For example, as of June 30, 2025, in Mumbai alone, the handyman super category (plumbing, electrical, carpentry) operates across 45 unique micro-markets. At scale, the platform covers more than 12,000 service micro-markets nationwide. This micro-market penetration drives network effects, with early focus on quality ensuring customer satisfaction, word-of-mouth growth, and rising consumer lifetime value. As adoption deepens, micro-markets shrink further to 1-3 km radii, improving service professionals’ productivity and enabling competitive pricing alongside higher earnings. According to the Redseer Report, service professionals on the platform earned 30–40% more than peers in FY25, with 83% of new professionals acquired organically via referrals, underscoring its strong value proposition. The model supports sustained category expansion, enhanced order frequency, and technological investment, strengthening both sides of the marketplace. This scalable, self-reinforcing ecosystem positions the company for long-term profitable growth.

Robust technology platform powering service fulfilment, consumer growth and    service professional empowerment

The company leverages a unified technology stack across categories and geographies, enabling rapid scaling of hyperlocal services with consistent quality control. Its platform integrates data, machine learning (ML), and artificial intelligence (AI) into all aspects of operations, driving efficiencies across consumer, professional, and fulfilment journeys. At the service micro-market level, proprietary ML models balance demand and supply in real time by factoring in location, time, availability, and skill requirements, while also forecasting demand and optimizing professional utilization. This dynamic allocation enhances productivity, reduces travel time, and ensures timely delivery. On the consumer side, the Urban Company app offers a personalized interface with data-driven recommendations, convenient booking options, bundled memberships, and GenAI-powered assistants for real-time query resolution. For service professionals, the dedicated app facilitates onboarding, scheduling, training, payments, product procurement, and access to financial services, supplemented by the UC Cult community platform for peer engagement. GenAI voicebots further streamline professional lifecycle management through reminders, training, and onboarding assistance. To ensure service quality and customer satisfaction, in-app workflows, image and barcode scans, and vision-based ML models enforce proof-of-work and SOP compliance. These deep technology integrations create a competitive moat, strengthening scalability, service reliability, and user stickiness, thereby positioning the company as a tech-first leader in India’s hyperlocal services market.

Valuation of Anlon Healthcare Ltd IPO

India’s hyperlocal home services industry, valued at approximately USD 60 billion in FY25, is expected to expand to USD 100 billion by FY30. This growth is driven by rapid urbanization, rising disposable incomes, and increasing consumer preference for standardized, on-demand services across categories such as beauty, cleaning, and handyman solutions. Despite its size, the sector remains highly fragmented, with majority of providers operating in an unorganized, offline manner. Urban Company is well-positioned as the only scaled, full-stack, technology-enabled platform bridging this gap through standardized service delivery, rigorous professional training, technology integration, and quality assurance to ensure a consistent consumer experience. This customer satisfaction is reflected in a service rating of 4.79/5 and over 80% repeat customer retention. The platform also empowers its service professionals by enabling earnings that are 30–40% higher than those of their peers outside the network, further strengthening its service quality and reliability. Moving ahead, the company plans to expand its reach by increasing penetration in key Indian cities, growing internationally in high-income markets such as the UAE and KSA, launching new service and product categories under its “Native” brand, and driving efficiency through AI-enabled tools for demand-supply matching, diagnostics, and service quality monitoring. Financially, the company has grown its topline at a CAGR of 34%, with revenues rising from Rs. 6,366 million in FY23 to Rs. 11,445 million in FY25, and registering revenue of Rs. 3,673 million in Q1FY26 (31% YoY growth). The company recently transitioned towards profitability, supported by operational leverage and scale economics, from a loss before tax of Rs. 3,124 million in FY23 to PBT of Rs. 286 million in FY25. Given the company’s leadership position, strong business model, improving financials, and long growth runway, the IPO    offers attractive medium to long-term potential. We, therefore, assign the issue a “SUBSCRIBE” recommendation.  

What is the Urban Company Ltd IPO?

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

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

Urban Company Ltd IPO is opening on 10th Sep 2025.  Apply Now

The Lot Size of Urban Company Limited IPO is  145 equity shares. Login to your account now.

The allotment Date for Urban Company Ltd IPO is 15th Sep 2025.  Login to your account now.

The listing Date for Urban Company Ltd IPO is 17th Sep 2025.  Login to your account now

In the Retail segment the minimum investment required is Rs. 14,935. Login to your account now

 In the Retail segment the maximum investment requirement is Rs. 1,94,155. Login to your account now

  • The company faces intense competition from traditional offline players, and the low penetration of online services across the markets it serves may lead to reduced demand for its platform or a decline in the number of service professionals signing up. This could negatively impact the company’s revenues and increase its costs.
  • The company faces the risk that consumers and service professionals will bypass its platform to avoid fees. This could occur when professionals, after building a reputation, transact independently, potentially undermining revenues, weakening platform reliability, and adversely impacting its business, financial condition, and results of operations.
  • The company’s growth is highly dependent on attracting and retaining service professionals, and any attrition driven by seasonal fluctuations, visa policy risks in overseas markets, aggregator dependence, or dissatisfaction over earnings and policies could reduce platform appeal, harm consumer satisfaction, and adversely impact business performance and financial results. 

The Urban Company Ltd IPO be credited to the account on allotment date which is 16th Sep 2025. Login to your account now 

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

Anlon Healthcare Ltd IPO : Subscribe

  • Date

    26th Aug 2025 - 29th Aug 2025

  • Price Range

    Rs.86 to Rs.91

  • Minimum Order Quantity

    164

Apply Now
Download In-depth Report
Price Lot Size Issue Date Issue Size
₹ 86 to ₹ 91 164 26th Aug, 2025 –29th Aug, 2025 ₹121.00 Cr

Anlon Healthcare Ltd

Anlon Healthcare Limited is a chemical manufacturer specialising in high-purity pharmaceutical intermediates and active pharmaceutical ingredients (APIs), which are key raw materials for formulations such as tablets, capsules, syrups, ointments, nutraceuticals, personal care products, and veterinary medicines. Its product portfolio covers pharma intermediates, APIs, nutraceutical ingredients, personal care actives, and veterinary APIs, manufactured in line with global pharmacopoeia standards (IP, BP, EP, JP, USP). The company is among the few Indian producers of Loxoprofen Sodium Dihydrate, a widely used API for pain and inflammation management, and has secured Drug Master File (DMF) approvals from ANVISA (Brazil), NMPA (China), and PMDA (Japan). It has filed 21 DMFs across the EU, Russia, Japan, South Korea, and other markets, with ongoing filings in the US and Europe for Ketoprofen and Dexketoprofen Trometamol. Its portfolio comprises 65 commercialised products, supported by 28 pipeline products at the pilot stage and 49 at the laboratory development stage. The company operates a modern manufacturing facility with an installed capacity of 400 MTPA, spread across two production blocks, supported by four in-house laboratories and advanced storage infrastructure. The facility, equipped with glass-lined and stainless-steel reactors up to 4 KL, is audited and approved by 33 global customers and regulatory agencies. It holds GMP, WHO-GMP, and ISO 9001:2015 certifications, along with foreign manufacturer accreditations from PMDA-Japan, ANVISA-Brazil, and NMPA-China, reinforcing its global compliance standards. In addition to core manufacturing, Anlon has recently forayed into custom manufacturing services for complex and novel compounds, offering tailored, high-purity solutions. Leveraging its expertise in impurity reduction, process optimisation, and regulatory filings, the company is strategically positioned to address both domestic and international demand, supported by a scalable product pipeline and strong regulatory approvals.

Objective of the Anlon Healthcare Ltd IPO

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

  • Funding capital expenditure requirements for proposed expansion;
  • Repayment and / or pre-payment, in full or part, of outstanding borrowings availed by the company;
  • General corporate purposes.

Rationale To Anlon Healthcare Ltd IPO

Diversified product portfolio driving scalable growth

The company is a chemical manufacturer engaged in the production of pharmaceutical intermediates and APIs, with all products manufactured in compliance with global pharmacopoeia standards, including IP, BP, EP, JP, and USP. A key differentiator is its position as one of the few domestic manufacturers of Loxoprofen Sodium Dihydrate, a widely used anti-inflammatory API, with regulatory approvals, which enables access to large international markets. Furthermore, the company has filed 21 DMFs across multiple geographies, including the EU, Russia, Japan, South Korea, and the Middle East, with additional filings in progress for Ketoprofen (USFDA) and Dexketoprofen Trometamol (Europe), underlining its increasing global regulatory footprint. In addition to its core manufacturing, the company has recently expanded into custom manufacturing services for complex and high-purity compounds, leveraging its domain expertise in impurity reduction and process optimisation to meet customer-specific requirements. The combination of a broad product basket, growing DMF filings, regulatory accreditations, and custom manufacturing capabilities provides a structural growth platform. With strong demand drivers such as increasing global API outsourcing, rising need for pain and inflammation management therapies, and regulatory acceptance across key markets, the company is strategically positioned to scale its operations in both domestic and export markets. The company’s product portfolio comprises 65 commercialised products, 28 products at the pilot stage, and 49 under laboratory testing, covering pharmaceutical intermediates, APIs, nutraceutical actives, personal care ingredients, and veterinary APIs. This diversified pipeline provides revenue visibility and ensures long-term growth through continuous product launches.

High entry and exit barriers due to long customer approval cycles and strict product standards

The company is a manufacturer of pharmaceutical intermediates and APIs. Its manufacturing process involves multi-step production and purification to ensure product quality, with operations subject to stringent domestic and international standards as well as the rigorous specifications of its customers. As part of the customer and regulatory approval process, the company is required to submit extensive documentation, such as DMFs detailing its manufacturing facility, processes, quality control measures, certifications, product specifications, and compliance standards. Following this, potential customers or their regulatory agencies conduct on-site inspections to evaluate adherence to GMP and QEHS standards. Any deviations identified must be addressed before approvals are granted. Any change in vendors requires significant time and costs due to regulatory filings and compliance, leading customers to prefer long-term continuity with existing suppliers. Hence, customer acquisition in this industry involves a lengthy approval cycle and a higher gestation period, given the stringent quality and regulatory requirements. The company’s manufacturing facility is subject to regular audits by domestic and multinational customers, external consultants, and regulatory agencies, ensuring adherence to global standards. With approvals from 33 customers and regulatory authorities and a strong compliance track record, evidenced by the fact that no orders have been cancelled post-audit, the company has established a position of reliability and trust. This extensive experience across authorities enhances its ability to secure repeat orders and long-term customer relationships, providing revenue stability and strengthening its competitive positioning in the API and intermediates market. 

Valuation of Anlon Healthcare Ltd IPO

Anlon Healthcare Ltd offers a broad portfolio of 65 commercialised products, 28 at the pilot stage and 49 under laboratory testing, providing a strong base for sustained growth. This diverse product mix across pharmaceutical intermediates and APIs ensures business stability while enabling the company to capture new opportunities in different therapeutic segments. The company also faces long customer approval cycles and strict regulatory standards, making vendor changes costly and time-consuming. With its facility audited and approved by 33 customers and agencies and no cancellations to date, the company benefits from strong customer stickiness and repeat business. The company currently operates a 400 MTPA manufacturing facility in Rajkot, Gujarat, with additional leased land for storage. To cater to increasing demand, the company plans to set up a new manufacturing plant on its nearby freehold industrial land, adding 700 MTPA of capacity through an intermediate and API block. This expansion will nearly triple total capacity, enabling production of both existing and new pharma intermediates and APIs, strengthening growth prospects. On the financial front, the company has delivered healthy CAGR growth over FY23–25, with Revenue/EBITDA/PAT CAGR of 3.2%/61.1%/87.8%. Overall, the company is well-positioned to capitalise on its diversified product portfolio, strong regulatory approvals, and planned capacity expansion. The upcoming capacity addition is expected to drive future growth; however, sustained momentum will depend on successful execution and demand realisation. On the upper price band, the issue is valued at a P/E of 14.3x based on FY25 earnings, which seems fairly valued. We, thus, recommend a “SUBSCRIBE” rating for this issue.

What is the Anlon Healthcare Ltd IPO?

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

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

Anlon Healthcare Ltd IPO is opening on 26th Aug 2025.  Apply Now

The Lot Size of Anlon Healthcare Limited IPO is  164 equity shares. Login to your account now.

The allotment Date for Anlon Healthcare Ltd IPO is 26th Aug 2025.  Login to your account now.

The listing Date for Anlon Healthcare Ltd IPO is 3rd Sep 2025.  Login to your account now

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

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

  • The company is subject to stringent quality specifications and regular customer audits. Any non-compliance may lead to order cancellations, warranty claims, or reputational damage. In the past, the manufacturing facility was non-operational for a period of four months to address directions and recommendations from the Brazilian Health Regulatory Agency, highlighting the potential business disruption from regulatory actions.
  • Any failure to maintain product quality or adhere to evolving quality standards could result in customer dissatisfaction, loss of business, and potential legal liabilities.
  • The company faces competition from both domestic and multinational players. Any inability to compete effectively could lead to loss of customers and market share, adversely impacting its business, financial performance, and future growth prospects.

The Anlon Healthcare Ltd IPO be credited to the account on allotment date which is 2nd Aug 2025. Login to your account now 

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

Vikran Engineering Ltd IPO : Subscribe

  • Date

    26th Aug 2025 - 29th Aug 2025

  • Price Range

    Rs.92 to Rs.97

  • Minimum Order Quantity

    148

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Price Lot Size Issue Date Issue Size
₹ 92 to ₹ 97 148 26th Aug, 2025 –29th Aug, 2025 ₹772.00 Cr

Vikran Engineering Ltd

Vikran Engineering Limited (VEL) is an Indian Engineering, Procurement and Construction (EPC) company, boasting a diversified project portfolio, with the majority of revenue from energy and water infrastructure verticals. The company provides end-to-end services from conceptualisation, design, supply, installation, testing and commissioning on a turnkey basis. VEL has its presence spanning across multiple sectors, including power, water and railway infrastructure. Within the power sector, VEL has presence in both power transmission and power distribution. In the water sector, its projects include underground water distribution and surface water extraction, overhead tanks, and distribution networks. The company also has experience in Solar EPC of ground-mounted solar projects and smart metering. As of June 30, 2025, the company have completed 45 projects across 14 states with a total executed contract value of Rs. 19,199 million. As of June 30, 2025, VEL has 44 ongoing projects across 16 states, aggregating orders of Rs. 51,202 million, of which the order book is Rs. 24,424 million. As of FY25, the company derives 73.9% of its revenue from power T&D, 26.8% from water infrastructure and 0.3% from railway and infra. VEL covers the following projects in its business verticals: Power T&D, involving construction of high-voltage transmission lines (up to 765 kV), substations (up to 400 kV, both AIS and GIS), power distribution networks, and smart metering; Water Infrastructure, providing turnkey solutions such as drinking water supply systems, water distribution networks, rainwater harvesting, and multi-village rural water supply schemes under the Jal Jeevan Mission, with 12 ongoing projects across multiple states; and Railway Infrastructure, where the company is engaged in railway electrification, overhead electrification (OHE 25kV), signalling, underground EHV cable works, and traction substations.

Objective of the Vikran Engineering Ltd IPO

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

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

Out of the total issue of Rs. 7,720 million, Rs. 510 million constitutes OFS, which will not be received by the company.

Rationale To Vikran Engineering Ltd IPO

Robust order book with capital-efficient, asset-light business model to drive scalable growth

VEL’s robust financial performance and competitive advantage are a result of its strategic business model and strong market position. A key driver is its diversified order book, which helps mitigate risk by securing projects across multiple critical infrastructure sectors, including power transmission, water, and railways. This strategic diversification ensures a stable and continuous flow of business, as the company’s dependence on the health of any single industry decreases. The effect of this approach is a remarkable financial track record, evidenced by a 32.2% CAGR in revenue and a 34.8% CAGR in profit from FY23 to FY25. This financial strength is further amplified by the company’s commitment to an asset-light model, enabling the company to avoid high fixed costs and freeing up capital. This strategic choice is reflected in its exceptional fixed asset turnover ratio of 101.27 in FY25, demonstrating its ability to generate high revenue with minimal capital expenditure. The combination of a diversified portfolio and a capital-efficient, asset-light model provides the company with the financial resilience and operational flexibility needed to capitalise on India’s booming infrastructure market and sustain its growth trajectory.

Well-positioned to capitalise on policy-driven infrastructure push

Vikran Engineering’s alignment with government infrastructure priorities is materially strengthened by its integrated in-house capabilities and broad operational reach. The company’s team of engineers and designers enables it to provide end-to-end turnkey execution, supported by a Centralised Project Monitoring and Control Group (CPMG) that ensures projects are delivered with quality, efficiency, and cost control. These technical strengths are reinforced by its pan-India presence across 16 states with 190 sites and stores, ensuring on-ground support, resource optimisation, and faster project turnaround. Together, these create an execution platform that is both efficient and scalable, enabling the company to take on complex, multi-location EPC projects with confidence. This integrated model directly complements the significant policy-driven infrastructure push in India, where schemes like Jal Jeevan Mission, Saubhagya, DDUGJY, IPDS, and high-speed rail electrification are generating sustained project opportunities. The company’s proven ability to execute across power transmission, water, and railway infrastructure positions it as a credible partner for government agencies.

Valuation of Vikran Engineering Ltd IPO

Vikran Engineering is one of the fastest-growing EPC player in terms of revenue growth. The company has executed projects for government entities, public sector undertakings and private companies. Its focus on operational efficiency and efficient cost structure has enabled VEL to deliver high-value projects that meet stringent regulatory and quality standards. Vikran Engineering’s large and diversified order book, supported by its asset-light execution model, provides strong revenue visibility while minimising capital intensity and enhancing return ratios. This financial strength is complemented by its in-house engineering capabilities and extensive pan-India presence, which allow the company to efficiently bid for and execute projects under government-led infrastructure schemes. Looking ahead, the company plans to expand selectively into solar EPC (100MW+ turnkey projects), irrigation, metro, and overseas markets (Africa and the Middle East) where electrification and infrastructure needs remain acute. This diversification, combined with steady government support, places Vikran as a credible beneficiary of India’s infrastructure growth cycle, while also opening long-term avenues in adjacent EPC verticals. Financially, the company has demonstrated strong growth momentum, with both revenue and PAT delivering robust double-digit expansion over FY23-FY25. Profitability has also improved, as reflected in EBITDA margins rising from 15.2% in FY23 to 17.5% in FY25. The balance sheet has strengthened, with leverage reducing significantly, improving from 1.2x in FY23 to 0.6x in FY25. However, return ratios moderated, with ROE and ROCE declining to 16.6% and 21.2% in FY25 from 32.7% and 26.4% in FY23, respectively, largely due to the sizeable equity infusion undertaken between FY24-FY25. On the upper price band, the issue is valued at a P/E ratio of 22.3x based on FY25 earnings, which is trading at a discount, compared to its peers. Thus, considering the company’s favourable market positioning, we recommend a “SUBSCRIBE” rating for this issue.

What is the Vikran Engineering Ltd IPO?

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

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

Vikran Engineering Ltd IPO is opening on 26th Aug 2025.  Apply Now

The Lot Size of Mangal Electrical Limited IPO is  26 equity shares. Login to your account now.

The allotment Date for Vikran Engineering Ltd IPO is 26th Aug 2025.  Login to your account now.

The listing Date for Vikran Engineering Ltd IPO is 3rd Sep 2025.  Login to your account now

In the Retail segment the minimum investment required is Rs. 14,356. Login to your account now

 In the Retail segment the maximum investment requirement is Rs. 1,86,628. Login to your account now

  • The company has reported negative operating cash flows in FY24 and FY25 despite being PAT positive. Continued shortfalls in cash generation could strain liquidity, limit growth investments, and adversely impact financial stability.
  • As of June 30, 2025, the company’s order book was Rs. 24,424 million. However, inclusion of projects in the order book cannot be considered indicative of future revenue, as such projects may be delayed, modified, or cancelled due to factors such as customer payment delays, regulatory approvals, or changes in project scope.
  • Nearly 82.4% of the order book value is contributed by the company’s top ten customers, 56.1% by its top five and 13.4% by its top one customer, highlighting potential concentration risk.

The Mangal Electrical Ltd IPO be credited to the account on allotment date which is 2nd Aug 2025. Login to your account now 

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

Mangal Electrical Industries Ltd IPO : Subscribe

  • Date

    20th Aug 2025 - 22nd Aug 2025

  • Price Range

    Rs.533 to Rs.561

  • Minimum Order Quantity

    26

Apply Now
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Price Lot Size Issue Date Issue Size
₹ 533 to ₹ 561 26 20th Aug, 2025 –22nd Aug, 2025 ₹400.00 Cr

Mangal Electrical Industries Ltd

Mangal Electrical Industries Limited (MEIL) is engaged in processing transformer components, including transformer laminations, CRGO slit coils, amorphous cores, coil and core assemblies, wound and toroidal cores, and oil-immersed circuit breakers. The company also trades in CRGO and CRNO coils, as well as amorphous ribbons. In addition, it manufactures transformers ranging from single-phase 5 KVA to three-phase 10 MVA units and offers EPC services for setting up electrical substations for the power sector. The company operates five production facilities in Rajasthan with an aggregate annual capacity of 16,200 MT for CRGO processing, 10,22,500 KVA for transformers, 75,000 units for oil-immersed circuit breakers, and 2,400 MT for amorphous units. The company is NABL, PGCIL, and NTPC approved, with ISO 9001:2015 and ISO 14001:2015 certifications. The company serves a mix of government and municipal utilities, including Ajmer Vidyut Vitran Nigam and Jaipur Vidyut Vitran Nigam, as well as private players like Voltamp Transformers and Western Electrotrans. It has a pan-India presence and exports to markets such as the Netherlands, UAE, Oman, USA, Italy, and Nepal. In FY25, the company reported domestic revenue of Rs. 5,326.5 million, with the western region contributing the largest share at 61.4%, followed by the northern region at 23.5%, followed by the southern region at 13.9%, and the eastern region accounted for 1.2%. As on June 30, 2025, the company’s order book stood at Rs. 2,941.9 million, representing healthy portions of ongoing contracts across business segments.

Objective of the Mangal Electrical Industries Ltd IPO

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

  • Repayment/prepayment, in full or in part, of certain outstanding borrowings availed by the company;
  • Capital expenditure, including civil works for expanding the facility at Unit IV situated at Reengus, Sikar District, Rajasthan, to optimise space usage and increase storage capacity;
  • Funding of working capital requirements; and
  • General corporate purposes.

Rationale To Mangal Electrical Industries Ltd IPO

Integration across the value chain to drive efficiency and margins

A key differentiator for MEIL is its strong backward and forward integration. On the backward integration front, in-house processing of CRGO, amorphous materials, and ICB ensures consistent quality, supply chain stability, and cost control. On the forward integration side, the company leverages its transformer manufacturing capabilities and EPC services, creating a seamless value chain from raw material processing to project execution. This integration not only reduces dependence on external suppliers but also enhances operational efficiency, supports margin expansion, and strengthens customer stickiness through lifecycle support. Combined with regulatory approvals such as NABL, NTPC, and PGCIL (including 765 kV class), the company is effectively positioned to capture opportunities from India’s ongoing transmission capacity expansion. Planned capacity additions at its Rajasthan facilities will further enhance scalability, reinforcing its positioning as an efficient and fully integrated power infrastructure solutions provider.

Diversified customer base and product expansion to drive growth and sales resilience

The company’s diverse customer mix, spanning government utilities, industrial conglomerates, and private energy producers across India and global markets, provides revenue resilience and scalability. It has successfully built export presence in geographies such as the USA, UAE, and Europe, and aims to expand its presence by entering new markets while maintaining long-standing relationships with domestic clients. Looking ahead, the company plans to expand its product portfolio with innovative, high-efficiency transformer solutions aligned to renewable energy and infrastructure demand. In parallel, it is pursuing collaborations with CRGO mill suppliers to strengthen its raw material security and product performance. The recent PGCIL approval for 765 kV class manufacturing will further enhance its ability to take on larger, more complex projects.

Valuation of Mangal Electrical Industries Ltd IPO

MEIL is an integrated player in the power infrastructure sector, engaged in transformer component processing, transformer manufacturing up to 10 MVA, and EPC solutions for substations. The Indian transformer industry is estimated at Rs. 353.9 billion in FY25, with demand expected to accelerate further on the back of rising electricity consumption, renewable energy integration, and expansion of the power transmission and distribution network. Government-led initiatives such as the Revamped Distribution Sector Scheme, Green Energy Corridor, and One Nation-One Grid provide an enabling policy environment. With established approvals (PGCIL, NTPC, NABL), diversified clientele, strong order book visibility, and a growing export presence, the company is well-positioned to capitalise on this industry tailwind and sustain long-term growth. Financially, the company delivered a revenue CAGR of 24.5% over FY2023-FY25 period, alongside margin expansion (EBITDA from 12.5% to 14.9% and PAT from 7.0% to 8.6%). Despite a softer FY24, impacted by lower inventory levels and higher operating costs, performance rebounded strongly in FY25. Return ratios remain robust with ROE/ROCE at 29.2%/24.7%, while leverage has reduced with D/E declining from 1.0x to 0.9x. Moreover, around 25% of IPO proceeds are reserved for debt repayment, which should further strengthen the balance sheet and enhance profitability. In comparison to its peers, the company maintains a higher scale, while commanding better return ratios compared to them. On the upper price band, the issue is valued at a P/E ratio of 24.3x based on FY25 earnings, which is cheaper in comparison to its peers. Thus, considering the company’s strong growth prospects and favourable market positioning, we recommend a “SUBSCRIBE” rating for this issue.

What is the Mangal Electrical Industries Ltd IPO?

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

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

Mangal Electrical Ltd IPO is opening on 19th Aug 2025.  Apply Now

The Lot Size of Mangal Electrical Limited IPO is  26 equity shares. Login to your account now.

The allotment Date for Mangal Electrical Ltd IPO is 25th Aug 2025.  Login to your account now.

The listing Date for Mangal Electrical Ltd IPO is 28th Aug 2025.  Login to your account now

In the Retail segment the minimum investment required is Rs. 14,586. Login to your account now

 In the Retail segment the maximum investment requirement is Rs. 1,89,618. Login to your account now

  • Approximately 71% of MEIL’s revenue is concentrated in just three states; Gujarat, Rajasthan, and Uttar Pradesh. This high reliance on a few geographical markets introduces a degree of concentration risk.
  • The cost of raw material highly influence the company’s operations, as they are subject to high volatility.
  • The company is highly vulnerable to any disruption, breakdown or shutdown of its manufacturing facilities which are concentrated in Rajasthan.

The Mangal Electrical Ltd IPO be credited to the account on allotment date which is 26th Aug 2025. Login to your account now 

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

Shreeji Shipping Global Ltd IPO : Subscribe

  • Date

    19th Aug 2025 - 21st Aug 2025

  • Price Range

    Rs.240 to Rs.252

  • Minimum Order Quantity

    58

Apply Now
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Price Lot Size Issue Date Issue Size
₹ 240 to ₹ 252 58 19th Aug, 2025 –21th Aug, 2025 ₹410.71 Cr

Shreeji Shipping Global Ltd

Shreeji Shipping Global Ltd. is a shipping and logistics solutions provider specializing in dry bulk cargo handling across ports and jetties in India and Sri Lanka. Founded in 1995 as M/s. Shreeji Shipping, a partnership firm, converted its business into a corporate entity on April 11, 2024, to improve operational efficiency and benefit from a structured corporate framework. The company offers integrated, end-to-end services including cargo handling and transportation. Its service portfolio features ship-to-ship (STS) lighterage, stevedoring, cargo management, and port-to-premise logistics. With this comprehensive range, the company serves a diverse client base across industries such as Oil & Gas, Energy, FMCG, Coal, and Metals. The integrated service model provides single-window solutions, allowing clients to reduce reliance on multiple vendors while ensuring efficiency, scalability, and flexibility. Strategically, the company has established a strong presence at non-major ports and jetties along the West Coast of India, while also operating at major ports such as Kandla. As of FY25, it had expanded its services to more than 20 ports and jetties, including Navlakhi, Magdalla, Bhavnagar, Bedi, Dharmatar, and Puttalam in Sri Lanka. With over three decades of operational experience, the company has developed significant expertise in cargo handling, transportation, fleet chartering, equipment rentals, and related services. It is the flagship entity of the Jamnagar-based “Shreeji Group,” promoted by Ashokumar Haridas Lal and Jitendra Haridas Lal, who together bring over sixty years of combined experience in shipping and logistics. Operationally, the company has demonstrated consistent cargo handling performance. For FY23, FY24 and FY25, it managed cargo volumes of 13.8 MMT, 13.7 MMT, and 15.7 MMT, respectively. During the same period, transportation volumes were 2.9 MMT, 2.7 MMT, and 2.5 MMT, respectively. The company’s extensive asset base, diversified service portfolio, and integrated logistics model position it as a preferred partner for bulk cargo management, supporting both revenue stability and long-term growth.

Objective of the Shreeji Shipping Global Ltd IPO

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

  • Acquisition of Dry Bulk Carriers in the Supramax category in the secondary market;
  • Pre-payment/ re-payment, in part or in full, of certain outstanding borrowings availed by the company; and
  • General corporate purposes

Rationale To Shreeji Shipping Global Ltd IPO

Prominent player in integrated shipping and logistics services in India

The company is a leading provider of integrated shipping and logistics solutions in India, specializing in dry bulk cargo handling at all-weather and seasonal ports. With over thirty years of experience, a fleet of more than 80 vessels, and over 370 earthmoving equipment units, it has developed strong operational capabilities and scale, allowing it to handle large cargo volumes across India and Sri Lanka. The company primarily operates on a business-to-business basis, focusing strategically on non-major ports and jetties, especially along India’s West Coast, while also maintaining a presence at major ports like Kandla. By FY25, it had serviced more than 20 ports and jetties in India and Sri Lanka and had previously expanded its fleet chartering services internationally, including in Guinea, West Africa. The business is mainly India-focused, with FY25 revenue share of 92.8% from domestic operations and 7.2% from Sri Lanka. Cargo handling remains the primary source of revenue, contributing 72.2% of total operating income in FY25. Between FY23 and FY25, the company consistently managed cargo volumes of over 11 to 13 million metric tonnes at Indian ports, showing resilience despite cyclical industry trends. Its ability to operate at large scale and handle significant cargo volumes distinguishes it from smaller regional competitors. Its integrated service model, covering cargo handling, fleet chartering, and logistics, offers clients a comprehensive single-window solution across sectors such as Oil & Gas, Energy, FMCG, Coal, and Metals. This diversification fosters client retention and presents opportunities for cross-selling. Supported by a strong asset base, over sixty years of promoter experience, and a proven track record of managing large cargo volumes across various ports, the company is well-positioned to benefit from increasing trade flows and the long-term growth potential in India’s port-led infrastructure and logistics sectors.

Operational capabilities of the large owned fleet a key competitive advantage

The company’s integrated fleet ownership provides a key competitive advantage in the cargo handling and marine logistics industry. As of March 31, 2025, the fleet comprised 83 vessels including 63 self-propelled barges, 5 mini bulk carriers, 8 motor tugs, and 7 floating cranes, used in lightering, marine transportation, and cargo handling operations. Besides marine assets, the company owns 376 units of earthmoving equipment, including excavators, pay loaders, trailers, tippers, tankers, and material handling machines, boosting its onshore handling and transportation strengths. This asset-backed model decreases reliance on third-party providers and improves cost efficiency. Notably, the diversified fleet offers flexibility to meet customer needs and address operational issues, which is vital in the constantly changing port logistics environment. Maintenance is mainly done in-house by a team of 94 skilled engineers, mechanics, and technicians who perform preventive repairs and upgrades. Outsourcing is reserved for specialized tasks or warranty services. This structure helps reduce downtime, prolong asset life, and maintain high operational efficiency. Additionally, the company earns revenue from its fleet through chartering and equipment rentals to other industry players. In FY25, income from these supplementary activities reached Rs. 473.9 million, representing 7.8% of total operational revenue. Although secondary, this segment provides a reliable additional income source and enhances overall asset utilization. Moreover, owning a large and diversified fleet creates significant barriers for new competitors, as replicating such an asset base requires substantial upfront investment and a lengthy development period.

 

Valuation of Shreeji Shipping Global Ltd IPO

Shreeji Shipping Group (SSG) is a leading provider of integrated shipping and logistics solutions for dry bulk cargo, with a fleet of over 80 vessels and more than 370 earthmoving equipment units, serving ports and jetties across India and Sri Lanka. The company aims to improve operating margins by focusing on cost optimization, enhancing asset utilization, and expanding its portfolio of integrated, value-added logistics services across the dry bulk cargo value chain. It has demonstrated strong and consistent margin growth, with EBITDA margins increasing from 22.8% in FY23 to 33.0% in FY25, and PAT margins rising from 14.4% in FY23 to 23.2% in FY25, driven by operational efficiency, competitive pricing, and cost control. The capital structure remains healthy, with a debt-to-equity ratio of 0.75x in FY25 and a net debt-to-equity ratio of 0.44x, offering sufficient scope for growth. Proceeds from the issue will be used strategically to acquire Supramax category vessels, strengthening its fleet and increasing cargo handling capacity. Since there are no direct listed peers in India offering integrated shipping and logistics solutions, SSG presents a unique opportunity in the domestic dry bulk cargo handling industry. At the upper price band of Rs 252, SSG is valued at a P/E multiple of 25.6x FY25 earnings. Given the company’s expanding margins, scalable business model, and growth potential, we believe the valuation, although at a premium, is justified. We recommend investors to SUBSCRIBE to the issue with a long-term investment horizon.

What is the Shreeji Shipping Gloabal Ltd IPO?

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

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

Shreeji Shipping Gloabal Ltd IPO is opening on 19th Aug 2025.  Apply Now

The Lot Size of Shreeji Shipping Gloabal Limited IPO is  58 equity shares. Login to your account now.

The allotment Date for Shreeji Shipping Gloabal Ltd IPO is 22nd Aug 2025.  Login to your account now.

The listing Date for Shreeji Shipping Gloabal Ltd IPO is 26th Aug 2025.  Login to your account now

In the Retail segment the minimum investment required is Rs. 14,616. Login to your account now

 In the Retail segment the maximum investment requirement is Rs. 1,90,008. Login to your account now

  • The company remains heavily reliant on its largest customer, which accounted for 20.9%, 15.2%, and 16.8% of revenue from operations in FY25, FY24, and FY23, respectively. Such dependence exposes the business to higher counterparty risk, as any decrease in offtake, price renegotiation, or loss of this customer could significantly affect revenue visibility and profitability.
  • The company’s revenues are heavily reliant on the performance of cyclical industries such as Oil & Gas, Energy & Power, and Coal. Customers from these industries accounted for 54.1%, 49.5%, and 46.2% of revenue from operations in FY25, FY24, and FY23, respectively. This concentration exposes the company to sector-specific risks, including regulatory changes, commodity price volatility, and demand fluctuations.
  • A substantial portion of the company’s revenue is derived from cargo handling services, making it a key driver of financial performance. This dependence creates concentration risk, as any disruption, inefficiency, or inability to maintain service quality in cargo handling could materially affect revenue generation.

 

The Shreeji Shipping Gloabal Ltd IPO be credited to the account on allotment date which is 25th Aug 2025. Login to your account now 

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

Gem Aromatics Ltd IPO : Subscribe

  • Date

    19th Aug 2025 - 21st Aug 2025

  • Price Range

    Rs.309 to Rs.325

  • Minimum Order Quantity

    46

Apply Now
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Price Lot Size Issue Date Issue Size
₹ 309 to ₹ 325 46 19th Aug, 2025 –21th Aug, 2025 ₹451.25 Cr

Gem Aromatics Ltd

Gem Aromatics Ltd. is a manufacturer of specialty ingredients, including essential oils, aroma chemicals and value-added derivatives. The company offers 70 products across four categories, namely, mint and mint derivatives; clove and clove derivatives; phenol and other synthetic & natural ingredients. Products manufactured by the company are used across a broad spectrum of industries such as oral care, cosmetics, nutraceuticals, pharmaceuticals, wellness & pain management and personal care. The company has a strong presence in essential oil-based products and derivatives that are manufactured from mint, clove, eucalyptus oils and other essential oils. The diversified product range helps cater to a wide range of customers and drive brand equity, given the fragmented nature of the F&F (Flavour & Fragrance) market. The company has an in-house R&D team comprising 13 scientists, which helps in the development of new formulations as well as product and process improvements to achieve better quality and efficacy for its existing products. The company has several marquee Indian and global clients and enjoys long-standing relationships. In FY25, the company supplied products to 225 customers domestically and 44 customers cumulatively across 18 foreign countries, covering geographies including the Americas, Asia, Africa and Australia. The process of being inducted as an F&F supplier involves various assessments, including product composition, quality control, quality certifications, and an established track record, which acts as a major entry barrier for new players. Gem Aromatics’ long-term relationships with customers provide revenue visibility and cross-selling opportunities for existing and future product suites. The company has three manufacturing facilities strategically located across India in Uttar Pradesh (Budaun facility), Silvassa, Dadra and Nagar Haveli (Silvassa facility) and Dahej, Gujarat (Dahej facility)

Objective of the Gem Aromatics Ltd IPO

  • The net proceeds from the fresh issue will be used towards the following purposes: Repayment and / or pre-payment, in full or part, of certain borrowings availed by the company;
  • General corporate purposes. 

Rationale To Gem Aromatics Ltd IPO

Dominant player in India’s essential oils and derivatives market

The company is strategically positioned to benefit from the structural growth in the flavours and fragrances (F&F) industry, backed by its dominant presence in essential oils and derivatives. With over two decades of operations, it has built leadership in key categories such as mint, clove, and eucalyptus oils, where it enjoys significant market share of 65% in Eugenol, 58% in Eucalyptus oil, and 12% in DMO as on FY25. Its scale in procurement (one of the largest buyers of Piperita oil) and processing capabilities make it a critical supplier within India’s highly consolidated essential oils segment. The Indian F&F market, valued at USD 2.7 billion in 2025e, is projected to expand at a CAGR of ~9% to USD 4.1 billion by 2030, with essential oils expected to lead growth at an 8.8% CAGR as they are perceived as natural, environmentally friendly, and without any adverse effect on health. The company is well-placed to capture this opportunity given its presence in three of the four largest essential oil categories – mint, clove, and eucalyptus. Importantly, demand in India is also supported by unique end-uses such as incense sticks, which create a steady base for single aroma products. On the global front, the F&F industry remains concentrated, with large multinationals like Firmenich, Givaudan, Symrise, and IFF together holding over 60% market share. The company already supplies essential oils and derivatives to these global majors and other leading ingredient houses, positioning it as a key part of their value chain. Gem Aromatics’ leadership in niche essential oil segments, diversified product portfolio, and strong linkages with global F&F majors is expected to translate into sustained revenue visibility, margin stability, and market share gains.

Wide product range along with continuous product development backed by strong R&D-led innovation

The company offers a wide and differentiated portfolio of ~70 products as of March 31, 2025, spanning four categories, such as mint and derivatives, clove and derivatives, phenol, and other synthetic and natural ingredients, enabling it to serve a broad spectrum of customer needs across price points. It has also expanded into new product categories such as citral, supported by ongoing capacity expansion at its Dahej facility and the establishment of advanced R&D and pilot plant infrastructure. This infrastructure will ensure a smooth transition from pilot trials to full-scale production, allowing to meet growing demand while maintaining quality and efficiency. The company offers a diversified portfolio across mother ingredients and value-added derivatives, enabling it to cater to a broad demand spectrum in a fragmented market. Its breadth of products across categories and price points reduces dependence on any single demand driver, strengthens customer relationships, and enhances brand equity. This diversification positions the company well to capture future growth opportunities, expand its addressable market, and adapt to evolving customer requirements. The company’s in-house R&D team, with expertise in complex chemistries and advanced process technologies, has enabled it to consistently launch new products, improve process efficiencies, and integrate both forward and backward across the value chain. Notably, the company has successfully achieved forward integration in menthol (cooling agents) and guaiacol (Eugenol derivatives), while also developing backward integration through in-house catalyst manufacturing, ensuring cost competitiveness, process control, and quality consistency. These capabilities position the company as a reliable supplier with a holistic product offering and also as an innovation-led manufacturer with sustainable competitive advantages. With growing demand for natural and value-added ingredients, its breadth of portfolio, ability to scale innovations from lab to commercial production, and continuous expansion into high-value segments leave it well-placed to capture incremental market share and drive long-term growth.

Valuation of Gem Aromatics Ltd IPO

Gem Aromatics Ltd. is an established manufacturer of specialty ingredients, including essential oils, aroma chemicals, and value-added derivatives, with a proven track record of over two decades. Leveraging its brand recall, operational expertise, and broad product portfolio, the company has achieved leadership positions across several categories, with a dominant presence in essential oil-based products and derivatives derived from mint, clove, eucalyptus, and other oils. The company has built a diversified basket of 70 products across four categories – mint and derivatives, clove and derivatives, phenol, and other synthetic and natural ingredients – making it a leading supplier in multiple product lines. The company has demonstrated a consistent focus on diversification, having expanded from mint into clove derivatives in 2009, and is now scaling into high-value categories such as citral. This progressive diversification broadens its addressable market and strengthens customer stickiness, reduces dependence on any single product line, and positions Gem Aromatics to capture incremental growth opportunities in the structurally expanding flavours and fragrances industry. On the financial front, the company has delivered healthy CAGR growth over FY23–25, with Revenue/EBITDA/PAT CAGR of 8.9%/15.6%/9.3%, supported by ~200 bps improvement in EBITDA margins. Capacity has also expanded during this period, and ongoing investments at the Dahej facility, along with portfolio expansion into high-value citral-based products such as safranal and damascene, are expected to drive sustainable growth. Overall, we believe that the company’s leadership position in the F&F market, product diversification, strengthened distribution network and margin-accretive expansion plans provide long-term growth visibility for the business. On the upper price band, the issue is valued at a P/E of 28.5x based on FY25 earnings, which seems fairly valued. We, thus, recommend a “SUBSCRIBE” rating for this issue.

What is the Gem Aromatics Ltd IPO?

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

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

Gem Aromatics Ltd IPO is opening on 19th Aug 2025.  Apply Now

The Lot Size of Gem Aromatics Limited IPO is  46 equity shares. Login to your account now.

The allotment Date for Gem Aromatics Ltd IPO is 22nd Aug 2025.  Login to your account now.

The listing Date for Gem Aromatics Ltd IPO is 26th Aug 2025.  Login to your account now

In the Retail segment the minimum investment required is Rs. 14,950. Login to your account now

 In the Retail segment the maximum investment requirement is Rs. 1,94,350. Login to your account now

  • The company derived ~56% of revenues from the top 10 customers in FY25. Loss of any of these customers due to loss of contracts or inability to negotiate favourable terms, failure to meet their quality specification, or technological changes may adversely affect revenues and profitability.
  • The company has generated a significant part of its revenue from the sale of mint and mint derivatives in the product category in FY23-25. Any reduction in demand or usage of the mint and mint derivatives product category may impact the company’s revenue and profitability.
  • The company has not entered into any long-term agreement with farmers/suppliers and typically sources such raw materials on a purchase order basis. Any failure by suppliers to meet obligations could adversely affect the business operations.

The Gem Aromatics Ltd IPO be credited to the account on allotment date which is 25th Aug 2025. Login to your account now 

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

Patel Retail Ltd IPO : Subscribe

  • Date

    19th Aug 2025 - 21st Aug 2025

  • Price Range

    Rs. 237 to Rs.255

  • Minimum Order Quantity

    58

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Price Lot Size Issue Date Issue Size
₹ 237 to ₹ 255 58 19th Aug, 2025 –21st Aug, 2025 ₹242.76 Cr

Patel Retail Ltd

Patel Retail Ltd., incorporated in 2008, operates as a retail supermarket chain primarily in tier-III cities and nearby suburban areas, with a strong focus on “value retailing”, offering food, non-food (FMCG), general merchandise, and apparel, catering to the needs of the entire family. The first store under the brand “Patel’s R Mart” was started at Ambernath, Maharashtra, and since then, the company has expanded across suburban areas of Thane and Raigad districts in Maharashtra. As of May 31, 2025, Patel Retail manages 43 stores, with a retail business area of approximately 1,78,946 sq. ft. Additionally, the company operates two exclusive ready-made garment outlets under the brand “R Choice.” Apart from retail sales, the company also earns rental income from vendors through display and listing fees, and shop-in-shop arrangements such as vegetable, sandwich, chat, and ice cream stalls. Under the “Patel’s R Mart” brand, the company offers convenience by operating stores in residential areas and catering to both bulk buying and top-up purchases. Its value retail model primarily targets the expanding lower-middle class, middle class, and aspiring upper-middle-class population, based on customers’ socio-economic conditions, purchasing power, demographics, and evolving consumer trends. In the non-retail segment, the company has implemented backward integration to strengthen its supply chain. It processes peanuts and whole spices such as coriander and cumin seeds at its production facility. Moreover, Patel Retail has developed an agri-processing cluster comprising five production units to broaden its product offerings across the value chain. The company also exports products under the brands Patel Fresh & Indian Chaska, as well as under the brands of its customers, from its manufacturing facilities. During the disclosed financial period, it has exported to over 35 countries. Patel Retail’s focus on one-stop-shop convenience, competitive pricing, local market knowledge, and efficient supply chain management has helped it achieve growth and success. 

Objective of the Patel Retail Ltd IPO

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

  • Repayment/prepayment, in full or part, of certain borrowings availed by the company;
  • Funding of working capital requirements of the company; and
  • General corporate purposes. 

Rationale To Patel Retail Ltd IPO

Enhancing efficiency and product assortment through IT-enabled inventory        management 

Patel Retail sells a diverse range of goods and merchandise, with each retail store offering over 10,000 SKUs across its product categories. The company leverages its deep knowledge of the clusters and regions in which it operates to customize the product assortment at each store, aligning with local demand and preferences while enhancing its offerings. This approach, supported by advanced IT systems, enables Patel Retail to quickly respond to changing customer needs. Its IT systems play a critical role in procurement, sales, and inventory management, enabling the company to identify and adjust product availability, brands carried, stock levels, and pricing in each store. These systems also help the company monitor and manage the performance of each store effectively. By focusing on inventory management based on customer preferences, Patel Retail has successfully launched a wide range of products under its brand across multiple categories. The company’s IT systems, built with business-specific data management tools, support key functions such as procurement, sales, and daily inventory control. In addition, it supports cash management, in-store systems, logistics systems, human resources, and other administrative functions. Its IT systems run on ERP applications and are robust and scalable. Together with strong supply chain management and effective internal controls to minimize product shortage and the occurrence of out-of-stock situations and pilferage, these systems enable Patel Retail to operate efficiently and productively with minimal disruption. This integration of IT and internal controls has also helped the company significantly reduce losses from pilferage. 

Robust logistics and distribution network support cost-efficient and scalable growth 

Patel Retail’s distribution and logistics network comprises a Distribution Centre at Ambernath, Maharashtra, which caters to its retail business. The company owns a fleet of 18 trucks, enabling cost and time-efficient transportation and delivery of products. For last-mile delivery, including doorstep delivery to customers, it also uses third-party transport service providers. The distribution and logistics system is well networked, allowing store requisitions within a short time period of generation and receipt of order. This has helped the company optimize in-store merchandise availability while reducing transportation costs. The Ambernath Distribution Centre forms the backbone of its supply chain, supporting the retail store network within a 60 km radius. This strong distribution framework enables the company minimize the need for dedicated storage space at every store, relying instead on periodic replenishment of depleted stock. Additionally, the adoption of an efficient racking system ensures optimal space utilization for display in stores, which contributes to lower working capital requirements and reduced carrying costs. Under its retail business, Patel Retail procures everyday-use products from reputed brands/manufacturers, making them available to end consumers through its supermarket network. Further, it also sells food and non-food items, including spices, pulses, ghee, papad, ready-to-cook instant mix, home-improving products, and apparel, through its private label brands such as Indian Chaska, Patel Fresh, Patel Essentials, and Blue Nation. The company markets and sells its manufactured and processed products both domestically and in over 35 export markets. Its customer base under the manufacturing division is divided into three categories, namely, institutional, wholesalers and retailers. Additionally, under its trading and export division, Patel Retail markets and sells products from reputed third-party brands/manufacturers, and also undertakes bulk exports.

 

Valuation of Patel Retail Ltd IPO

Patel Retail Ltd. operates as a retail supermarket chain in Maharashtra’s MMR region, specifically in the Thane and Raigad districts, with a focus on “value retail”, offering food, non-food (FMCG), general merchandise and apparel catering to the needs of the entire family. Over the year, India has evolved into a thriving consumer-driven economy, making it the 4th largest retail market globally and one of the most attractive markets for global retailer to expand their footprints in India. The share of organized retail in the total retail industry is currently estimated at 12-15% and is projected to grow from around $186 billion in 2024 to $267 billion by 2033. Patel Retail is strategically positioned to capitalize on this growth by leveraging advanced IT systems to optimize procurement, sales, and inventory, while customizing product assortments to local demand. Its robust technology and supply chain controls enhance efficiency, minimize stock-outs and reduce pilferage, thereby improving customer responsiveness and reducing losses. The company’s backward integration and strong logistics network help in reducing working capital requirements and improving operational efficiency. The company’s financial performance reflects strong growth, with EBITDA increasing at a CAGR of 16.7%, reaching Rs. 571 million in FY25 from Rs. 420 million in FY23, with consistent margins. Profit for FY25 stood at Rs. 253 million. The current issue is priced at a P/E of 24.8x on the upper band, which is lower than most of its peers. Patel Retail’s cost-efficient measures, consumer-centric approach, and growth strategy make it an attractive investment opportunity in India’s rapidly evolving retail landscape. Therefore, we recommend a “SUBSCRIBE” rating for the issue, with a medium- to long-term investment horizon.  

What is the Patel Retail Ltd IPO?

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

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

Patel Retail Ltd IPO is opening on 19th Aug 2025.  Apply Now

The Lot Size of Patel Retail Limited IPO is  58 equity shares. Login to your account now.

The allotment Date for Patel Retail Ltd IPO is 22nd Aug 2025.  Login to your account now.

The listing Date for Patel Retail Ltd IPO is 26th Aug 2025.  Login to your account now

In the Retail segment the minimum investment required is Rs. 14,790. Login to your account now

 In the Retail segment the maximum investment requirement is Rs. 1,92,270. Login to your account now

  • All retail stores of the company are concentrated in the state of Maharashtra, particularly within the Thane and Raigad districts. Its revenue from operations for FY25 was almost 45% from retail sales. Any adverse developments affecting this region could materially impact its retail business, financial condition, results of operations, and cash flows.
  • The company’s operations depend on the supply of large quantities of raw materials such as wheat, spices, and peanuts. It does not have long-term agreements with its suppliers, and any increase in costs or shortage in the availability of such raw materials could adversely affect its business and results of operations, and seasonal variations could also result in fluctuations in its results of operations.
  • The company does not manufacture certain products in its own facilities and instead procures them from third parties, limiting its control over their manufacturing processes and quality standards. Any increase in costs by such third-party manufacturers could reduce profit margins and adversely impact its business, results of operations, financial condition, and cash flows. 

 

The Patel Retail Ltd IPO be credited to the account on allotment date which is 26th Aug 2025. Login to your account now 

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

Vikram Solar Ltd IPO : Subscribe

  • Date

    19th Aug 2025 - 21st Aug 2025

  • Price Range

    Rs.315 to Rs.332

  • Minimum Order Quantity

    45

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Price Lot Size Issue Date Issue Size
₹ 315 to ₹ 332 45 19th Aug, 2025 –21th Aug, 2025 ₹2079.37 Cr

Vikram Solar Ltd

Incorporated in 2005, Vikram Solar Limited has established itself as a leading player in the solar energy industry, specializing in the manufacturing of high-efficiency solar photovoltaic (PV) modules. The company operates in three core areas: manufacturing solar PV modules, providing Engineering, Procurement, and Construction (EPC) services, and offering Operations and Maintenance (O&M) services. Over the years, Vikram Solar has built a robust reputation for quality and innovation in the renewable energy sector, positioning itself as a trusted partner for solar solutions in India and globally. Vikram Solar’s solar energy products are known for their advanced technology and high efficiency. The company manufactures a variety of solar PV modules, including: (i) p-type monocrystalline silicon based Passivated Emitter and Rear Contact (“PERC”) modules; (ii) n-type monocrystalline silicon based Tunnel Oxide Passivated Contact (“TOPCon”) modules; and (iii) n-type monocrystalline silicon based heterojunction technology (“HJT”) modules; all of these are available in both bifacial (glass-to-glass or glass-to-transparent back sheet) and monofacial (glass-to-white/black back sheet) designs. Vikram Solar has manufacturing facilities in Falta SEZ, Kolkata, and Oragadam, Chennai, which are certified under ISO 14001:2015 (environment management) and ISO 45001:2018 (occupational health and safety). Vikram Solar is poised for substantial growth, with plans to expand its production capacity to 15.5 GW by FY26 and 20.5 GW by FY27. The company is also backward integrating by establishing a solar cell manufacturing unit in Tamil Nadu, aiming for a 12 GW capacity by FY27. Moreover, it is diversifying into battery energy storage systems (BESS), targeting 5 GWh by FY27. The company has established a pan-India presence, serving 19 states and two union territories, through an extensive distributor network of 41 authorized distributors, 64 dealers and 67 system integrators. The company’s domestic customers include prominent government entities, such as National Thermal Power Corporation, Neyveli Lignite Corporation Limited and Gujarat Industries Power Company Limited, and large private independent power producers (“IPPs”), such as ACME Cleantech Solutions Pvt. Ltd.    

Objective of the Vikram Solar Ltd IPO

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

  • Partial funding of capital expenditure for the Phase-I project; 
  • Funding of capital expenditure for the Phase-II project; and 
  • General corporate purposes.

Rationale To Vikram Solar Ltd IPO

Leading solar PV module manufacturer in India, with an operational capacity of 4.5 GW 

Vikram Solar Limited, one of India’s largest solar PV module manufacturers, presents a strong investment case due to its robust growth trajectory, technological leadership, and expanding market presence. As of March 31, 2025, the company operates with a capacity of 4.5 GW, producing 1,286.1 MW annually, with manufacturing facilities in Falta SEZ (3.2 GW) and Oragadam, Chennai (1.3 GW). The company plans to scale its capacity to 15.5 GW by FY26 and 20.5 GW by FY27, with a backward integration strategy into solar cell production, including a planned 12 GW facility in Tamil Nadu. Vikram Solar’s commitment to adopting advanced technologies, such as N-Type, PERC, and HJT modules, positions it as a technology leader in the solar energy space. Its R&D team, backed by a NABL-accredited lab, focuses on continuous innovation, developing cutting-edge products like M10R, G12, and N-Type modules, while prioritizing cost-efficiency and market trends. Additionally, the company ensures high-quality production through strict quality control processes and an SAP-based traceability system, meeting international certifications like IEC, UL, and BIS. With a proven track record, expanding capacity, and a solid technological foundation, Vikram Solar is well-positioned for sustained growth.    

Strong presence in domestic and international markets    

The company has an extensive presence in the domestic market, with pan-India presence in 19 states and two union territories. The company has expanded its distributor network from 41 authorised distributors and 64 dealers as on September 30, 2024 to 83 authorized distributors and more than 250 dealers as on August 12, 2025. Focused on high-demand regions like Gujarat, Rajasthan, Uttar Pradesh, and Uttarakhand, the company is increasing its footprint by onboarding new distributors and dealers. Additionally, it has partnered with channel financing companies to improve liquidity and streamline transactions for distributors. The company’s manufacturing facilities are strategically located near ports, providing cost benefits and faster access to raw materials and global markets. With India’s solar market expected to grow, Vikram Solar aims to leverage its extensive distribution network to capture a larger share of the market. Additionally, the company is launching an e-commerce platform and exploring new product offerings like inverters, cables, and solar kits to expand its sales channels both domestically and internationally.  

Valuation of Vikram Solar Ltd IPO

India’s solar photovoltaic (PV) manufacturing sector is benefiting from immense policy support, rising renewable energy targets, and robust domestic demand, emerging as one of the fastest-growing segments in the country’s transition to clean energy. Government initiatives like the Production Linked Incentive (PLI) scheme and increasing customs duties on imports have accelerated domestic capacity addition, with expected growth in PV module demand from both large-scale utility and distributed solar projects. This industry tailwind provides strong multi-year visibility for sector participants. Vikram Solar Limited is exceptionally well placed to capture this growth. As one of India’s largest and most technologically advanced solar PV module manufacturers, with an operational capacity of 4.5GW and a proven product range including high-efficiency PERC, TOPCon, and HJT modules, the company combines scale with a reputation for innovation and quality. Its industry leadership is underpinned by “Tier 1” global rankings and repeated recognition as a top performer in international module reliability tests. The company’s ambitious expansion plan targets a leap in module capacity to 20.5GW and backward integration into 12GW of solar cell manufacturing by FY27, alongside new investments in battery energy storage systems. These initiatives will enable Vikram Solar to address a greater share of the value chain, diversify its product offering, and mitigate supply chain risks, reinforcing growth visibility. Financially, the company demonstrated consistent improvement over last three years. The revenue from operations grew at a CAGR of 28.5% from Rs. 20,732 million in FY23 to Rs. 34,235 million in FY25. The EBITDA grew at a CAGR of 62.6% from Rs. 1,862 million in FY23 to Rs. 4,920 million in FY25, with a robust improvement in its EBITDA margin from 9.0% in FY23 to 14.4% in FY25. This financial performance was supported by a strong order book from Rs. 2,787 million in FY23 to Rs. 10,341 million in FY25. The current issue is priced at a P/E of 72.2x on the upper band, which is comparatively higher than its peers. However, the company’s strong market positioning, technological edge, strategic capacity expansion, and industry tailwinds position it well for sustained growth. Therefore, we recommend a “SUBSCRIBE” rating for the issue, with a medium- to long-term investment horizon. 

What is the Vikram Solar Ltd IPO?

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

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

Vikram Solar Ltd IPO is opening on 12th Aug 2025.  Apply Now

The Lot Size of Vikram Solar Limited IPO is  144 equity shares. Login to your account now.

The allotment Date for Regaal Resources Ltd IPO is 14th Aug 2025.  Login to your account now.

The listing Date for Vikram Solar Ltd IPO is 26th Aug 2025.  Login to your account now

In the Retail segment the minimum investment required is Rs. 14,940. Login to your account now

 In the Retail segment the maximum investment requirement is Rs. 1,90,944. Login to your account now

  • As of Fiscal 2025, 2024, and 2023, the company derived 98.2%, 97.3%, and 46.9%, respectively, of its operational revenue from solar photovoltaic modules. Therefore, the continued success of this product is crucial for the company’s business and prospects. A decline in demand for solar PV modules could negatively impact its revenue, business performance, and profitability.
  • As of Fiscal 2025, 77.5% and 88.7% of the company’s revenue from operations is derived from its top five and top ten customers, respectively. This indicates a high dependence on a limited number of customers. Any adverse changes affecting these customers or the company’s relationship with them could negatively impact its financial performance and operational results.
  • The company’s success is dependent on its ability to establish a new manufacturing facility under its wholly owned subsidiary, VSL Green Power Private Limited, in Tamil Nadu, planned in two phases, and expand the capacity of existing plants cost-effectively. However, these endeavors are subject to risks and uncertainties. Any failure to build the new manufacturing plant or add production lines could negatively affect the company’s business, reputation, financial condition, and operational results.

The Vikram Solar Ltd IPO be credited to the account on allotment date which is 25th Aug 2025. Login to your account now 

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