Archives: Ipos

The Jain Metal Group (JMG) is engaged in the recycling and production of non-ferrous metals in India, with the capability to process multiple products at a single location and backed by a strong global network for sourcing recyclable materials. The company primarily focuses on manufacturing non-ferrous metal products by recycling scrap. Its product portfolio comprises of lead and lead alloy ingots, copper and copper ingots, and aluminium and aluminium alloys. The company’s lead ingot is registered as a brand on the London Metal Exchange, which gives it a distinct advantage of accessing a broad customer base by offering products compliant with international quality standards. It is also involved in the trading of non-ferrous metals and other commodities, which account for a small portion of its revenue. The company serves both domestic and international markets, with exports contributing over 50% of its revenue. The Group’s recycling operations are vertically integrated, supported by end-to-end processes wherein raw materials are procured from both domestic and international markets. It operates three recycling facilities at SIPCOT Industrial Estate, Gummidipoondi, Chennai. In addition, its subsidiary Jain Ikon Global Ventures (JIGV) has commenced gold refining operations at the facility located at the Sharjah Airport International Free Zone (SAIF Zone), UAE. Another subsidiary, Jain Green Technologies Private Limited (JGTPL), has received consent to operate (CTO-Direct) from the Tamil Nadu Pollution Control Board for the production of purified aluminium chips and iron chips at its Hosur facility. As of July 31, 2025, the Group’s recycling facilities were operating at a combined actual production of 64,619 MTPA, while the Hosur facility was operating at 88 MTPA. The facilities are accredited with ISO 9001:2015 for quality management system, ISO 14001:2015 for environmental management system, and ISO 45001:2018 for occupational health and safety management system, and also holds a license for use of the standard BIS mark for cast aluminium and its alloys. With a customer-centric approach, JMG is committed to delivering value with a strong emphasis on quality, regulatory compliance, and health and safety standards.

Anand Rathi Share and Stock Brokers Limited is an established full-service brokerage house in India with a track record of over 30 years. The company provides broking services, margin trading facilities, and the distribution of financial products under the brand “Anand Rathi” to a diversified client base comprising retail investors, high-net-worth individuals, ultra-high-net-worth individuals, and institutions. Its investment offerings extend across multiple asset classes, including equities, derivatives, commodities, and currencies. As of March 31, 2025, 186,859 active clients of the company, representing 84.4% of the total active clients, were aged above 30 years, highlighting its strong presence among mature investor segments. As of March 31, 2025, the company offered its broking and other financial services through (i) a network of 90 branches spread across 54 cities in India; (ii) a network of 1,125 Authorised Persons (being agents appointed after approval from the relevant stock exchanges) across 290 cities in India; and (iii) its online and digital platforms. This multi-channel presence, comprising a pan-India branch network, Authorised Persons, and digital platforms, enables Anand Rathi to service clients across Tier 1, Tier 2, Tier 3, and other cities. The company categorises its offerings as Broking Services, Margin Trading Facility (MTF), and Distribution of Investment Products. In FY25, Broking and related services remained the largest contributor to revenue at Rs. 5,103 million, up from Rs. 4,578 million in FY24 and Rs. 3,173 million in FY23. Revenue from Interest on MTF grew to Rs. 1,143 million in FY25 from Rs. 759 million in FY24 and Rs. 542 million in FY23, reflecting increasing client adoption. Distribution of investment products contributed Rs. 783 million in FY25, up from Rs. 564 million in FY24 and Rs. 508 million in FY23. Other income from operations also expanded significantly to Rs. 1,428 million in FY25 from Rs. 917 million in FY24 and Rs. 456 million in FY23, highlighting diversified revenue streams across the business. The company operates internationally through its subsidiary, Anand Rathi International Ventures (IFSC) Private Limited, which is a trading member of India International Exchange (IFSC), NSE IFSC, and India International Bullion Exchange. This entity enables the company to cater to non-resident Indians and family offices, offering access to international equities and products, thereby extending its reach beyond domestic markets.

Solarworld Energy Solutions Ltd., operating since 2013, is engaged in providing comprehensive solar energy solutions, specialising in engineering, procurement and construction (EPC) services for solar power projects. The company offers end-to-end, cost-effective solutions tailored to the needs of its clients, which include public sector undertakings (PSUs) as well as commercial and industrial (C&I) clients. As of July 31, 2025, it completed projects with an installed capacity of 253.67 MW (AC) / 336.17 MW (DC) and is currently executing projects of 765 MW (AC) / 994 MW (DC) and 325 MW / 650 MWh of BESS. Its offerings are designed to strengthen customers’ sustainable energy infrastructure, support their decarbonization efforts and drive energy efficiency improvements. The company operates through two distinct business models, namely the capital expenditure (CAPEX) model, where it provides end-to-end solutions ranging from evaluation of land, design, procurement, installation, transmission setup and operations and maintenance while ownership vests with the customer, and the renewable energy service company (RESCO) model, where purchaser does not require any capital investment, as Solarworld undertakes the entire investment including land acquisition, equipment procurement, installation and regulatory approvals, while selling the generated power at fixed tariffs agreed upon through long-term power purchase agreements (PPAs). With a strong track record of delivering projects to both PSUs and private C&I clients, the company secures government projects often through reverse bidding, while in the private sector, its in-house marketing team actively engages with potential clients for tailoring solar solutions to meet their specific energy requirements, enabling it to establish long-term relationships and expand its presence. Since 2014, Solarworld has successfully executed 46 ground-mounted and rooftop installations, reflecting its established track record, expertise and commitment to advancing renewable energy adoption in India.  

Jaro Institute of Technology Management and Research, established in 2009 by Sanjay Namdeo Salunkhe, is one of India’s leading online higher education and upskilling platform companies. Despite being entirely bootstrapped, the institute has achieved strong EBITDA on the back of 15 years of in-depth understanding of the online higher education and upskilling sector. With a pan-India presence of over 22 offices-cum-learning centres across major cities for offline learning, along with 15 immersive tech studio set-ups on the campuses of various IIMs, Jaro caters to a total of 34 Partner Institutions as of March 31, 2024. This roster includes premier institutions in India and globally, such as IITs, IIMs, the Swiss School of Management, and the Rotman School of Management at the University of Toronto. Notably, 24 of these institutions have earned the distinction of being ranked among the top 100 in their respective streams by NIRF in 2024. The company has established strong and lasting collaborations with its Partner Institutions, owing to its consistent delivery of quality degree programs, certification courses, and admission-related services over an extended period of time. The institute has received appreciation from Symbiosis International (Deemed University), IITs, and IIMs for providing technology and infrastructure support for lecture delivery, marketing, promotion, student acquisition, and ongoing support. Through personalized, technology-driven degree programs and certification programs delivered in collaboration with its Partner Institutions, Jaro has consistently expanded its offerings and secured contract renewals while retaining its existing partnerships.

Seshaasai Technologies Limited (STL) is a technology-driven multi-location solutions provider focused on offering payments solutions, communications and fulfilment solutions catering primarily to the banking, financial services and insurance (BFSI) industry, with data security and compliance at the core of its solutions. STL’s business verticals comprise Payment Solutions, Communication and Fulfilment Solutions and IoT solutions. (1) Payment Solutions: The company offers a range of payment enabling instruments on Indian and well-recognised global payment schemes, such as debit cards, credit cards, pre-paid cards, mass transit cards and cheques. (2) Communication and Fulfilment Solutions: The company offers secure omnichannel communication solutions that are technology-centric, delivery format agnostic, such as print, interactive PDF sent via email and text messages. (3) IoT Solutions: The IoT Solutions encompass a comprehensive range of radio frequency identification (RFID) enabled offerings and IoT ecosystem services tailored to meet diverse industry needs. As of FY25, the company’s revenue is largely driven by its payment solutions business (65.5%), communication and fulfilment solutions forming the second-largest segment at 29.7%, IoT solutions contributed 7.3% to the revenue, while other services and miscellaneous operating income together made a very minor contribution of 0.5% to the total revenue. The offerings are provided through its pan-India physical network comprising 24 manufacturing units across seven locations in India as of March 31, 2025. The company has nine godowns in the states of Karnataka, Kerala, Telangana and Maharashtra. As of March 31, 2025, the company has an installed capacity to manufacture over 0.47 million cards and over 1.67 million RFID tags in a single day. The units are also certified by global payment schemes and the National Payments Corporation of India (NPCI) (RuPay) for manufacturing and personalisation of payment cards. Further, the units are certified for Payment Card Industry (PCI) for data security in card production. The units are also certified by the Indian Banks Association (“IBA”) for cheque manufacturing. As of FY25, the company provides services to 10 of the 12 public sector undertaking banks, 9 out of 11 small finance banks, 15 of the 21 private banks, 9 out of 32 general insurance and 12 out of 24 life insurance companies in India.

Ganesh Consumer Products Ltd. is a fast-growing FMCG company headquartered in Kolkata, West Bengal, with a strong regional presence across East India. Established in 1936 with a small retail outlet in Burrabazar, the company has evolved from a traditional flour business into a diversified packaged foods player. Corporatised in 2000, Ganesh has steadily expanded its operations and product portfolio to become a leading packaged staples brand. As of FY25, it ranks as the third-largest brand of packaged whole wheat flour (atta) and the largest brand in wheat-based derivatives such as maida, sooji and dalia in East India. The company is also among the top two players in the region for packaged sattu and besan, commanding market shares of 43.4% and 4.9% respectively, while holding an estimated 40.5% value share in wheat-based products within West Bengal. Leveraging an omni-channel distribution network, Ganesh reaches the general trade through over 28 carrying and forwarding agents, nine super stockists and 972 distributors as of March 31, 2025. Its diversified product basket comprises 42 products and 232 SKUs, spanning consumer staples such as whole wheat flour, gram-based flours, semolina, roasted gram flour and cracked wheat, along with emerging categories like packaged instant food mixes (including khaman dhokla and bela kachori), a wide range of spices (whole, powdered and blended), ethnic snacks such as bhujia and chanachur, and niche ethnic flours such as singhara and pearl millet. All products are marketed under the flagship Ganesh brand, which has been extended into multiple sub-brands to serve different consumer segments. The company operates eight manufacturing facilities across West Bengal, Telangana and Uttar Pradesh, enabling strong control over production and quality. Its business is predominantly business-to-consumer (B2C), contributing 77% of FY25 revenue, complemented by business-to-business (B2B) sales to other FMCG companies, HoReCa businesses and small retailers, as well as sales of by-products like wheat bran and chana chunni used as cattle feed.

Atlanta Electricals Limited is a leading Indian manufacturer in the transformer industry, specializing in power and special duty transformers with capacities up to 200 MVA and voltage levels of 220 KV. The company was originally incorporated as Atlanta Electricals Private Limited in Gujarat in December 1988. Atlanta Electricals operates three advanced manufacturing facilities: two in Anand, Gujarat, and one in Bengaluru, Karnataka, covering over 3,21,451 sq. ft., with a combined aggregate production capacity of 16,740 MVA. The company has over 30 years of experience in producing a varied range of industrial transformers including power, auto, inverter duty, furnace, and special duty types. It has supplied more than 4,000 transformers, totaling 78,000 MVA capacity across 19 states and three union territories in India, supporting power grids, private businesses, and renewable energy projects. The company boasts strong growth, achieving a revenue CAGR of 38.7% between FY22 and FY24 (from Rs. 6,256 million to Rs. 8,675 million), and maintains a healthy order book of about Rs. 12,833 million with 208 customers, which include Gujarat Energy Transmission Corporation Limited (GETCO), Adani Green Energy Limited, TATA Power and SMS India. The company’s notable projects include a significant order for eight 80 MVA, 220/33 kV transformers for the Ultra Mega Solar Park in Andhra Pradesh. With strong order book, well diversified product portfolio and focused product development, the company looks poised for long-term growth.

Saatvik Green Energy Ltd., one of India’s leading solar photovoltaic (PV) module manufacturers in terms of operational capacity, is one of the fastest-growing companies in the solar energy market. Since commencing operations in 2016, the company has expanded its annual installed capacity to about 3.80 gigawatts (GW) as of June 30, 2025. Over the years, it has supplied more than 2.50 GW of high-efficiency solar PV modules domestically and internationally. Saatvik is among the few companies in India with capabilities in module manufacturing as well as engineering, procurement and construction (EPC), and operations and maintenance (O&M) services. Its comprehensive product portfolio of solar modules uses technologies that help reduce energy loss and enhance efficiency. The offerings include monocrystalline passive emitter and rear cell (Mono PERC) modules and N-TopCon solar modules, suitable for various applications, including residential, commercial and utility-scale solar projects. Through its EPC vertical, the company provides comprehensive solar solutions, managing projects from concept to execution. Currently, it operates three manufacturing facilities in Ambala, Haryana, spread across a total area of 724,225 square feet, which is one of the largest single-location module manufacturing setups in India. These facilities are certified to meet global quality standards, including ISO certifications for quality and environmental management systems. Saatvik is further expanding capacity with an integrated cell and module manufacturing facility in Odisha and plans to establish a manufacturing facility for ingots, cells, and wafers in Mohasa–Babai, Madhya Pradesh. The company employs automation across its processes to enhance consistency, reduce operational costs, and minimise production time. Rigorous quality control measures allow optimal performance and durability across its products. 

Incorporated in 2008, GK Energy Ltd. (GEL) is India’s largest pure play EPC (Engineering, Procurement, and Commissioning) provider for solar-powered agricultural water pump systems under Component B of the Central Government’s PM-KUSUM Scheme, based on installations between January 1, 2022, and July 31, 2025 (source: CRISIL Report). It primarily operates in five states: Maharashtra, Haryana, Rajasthan, Uttar Pradesh, and Madhya Pradesh, which together account for 86% of the total approved installations under the scheme. The company offers end-to-end solutions to farmers under the GK Energy Brand, including survey, design, supply, installation, commissioning, and maintenance of solar pump systems. Its core business is solar pump EPC services, comprising (i) direct-to-beneficiary sales, where farmers or government bodies choose GEL through state-run portals under schemes like PM-KUSUM, and (ii) sales to others, where customers place orders directly. As of July 31, 2025, GEL had completed 62,559 solar pump installations under PM-KUSUM, contributing 7.37% of the total 848,330 completed systems under the scheme. Outside of PM-KUSUM, GEL has installed 34,539 additional systems. GEL also provides other EPC services, including water storage systems under the Jal Jeevan Mission, rooftop solar solutions, and government solar projects. Additionally, it engages in trading activities by selling third-party manufactured PV cells, solar modules, and related products. As of August 15, 2025, the company had a robust order book of Rs. 10,289.6 million, including Rs. 10,088.8 million from solar pump projects (SPPS) and Rs. 200.8 crore from rooftop solar orders. The company follows an asset-light model, sourcing solar components from third-party vendors, and relies heavily on local contractors for installation and logistics. It has 12 warehouses across three states and employs 90 staff members alongside 709 third-party workers

iValue Infosolutions Limited is an enterprise technology solutions specialist based in India, focused on enabling large enterprises in their digital transformation journeys. The company offers comprehensive, purpose-built solutions for securing and managing digital applications and data, ensuring their performance, availability, scalability, and security. iValue bridges the gap between Original Equipment Manufacturers (OEMs) and System Integrators (SIs) to deliver tailored technology solutions to end customers. While OEMs design and develop technology products, and SIs engage directly with enterprises to solve integration challenges, iValue plays the role of a specialist enabler, curating multi-OEM stacks, aligning them with enterprise needs, and assisting in procurement and deployment. This model is particularly relevant in complex domains such as cybersecurity, information lifecycle management, data center infrastructure, application lifecycle management, and hybrid cloud solutions, where enterprises often require interoperable solutions from multiple OEMs. Headquartered in Bangalore, India, iValue operates across eight domestic offices and has established a global footprint across six international locations, Singapore, Bangladesh, Sri Lanka, UAE, Cambodia, and Kenya. The company also caters to Bhutan and Nepal through its Bangladesh operations. Leveraging its strong India business as a foundation, iValue has expanded its presence in these geographies through a network of 57 OEM partners as of March 31, 2025. These partnerships are complemented by relationships with 116 System Integrators in FY23 and 133 in FY24, enabling the company to serve 207 enterprise customers in FY23 and 322 in FY25 across its identified geographies. The company’s key focus areas span cybersecurity, information lifecycle management, data center infrastructure, and associated professional and managed services, complemented by emerging offerings in application lifecycle management, hybrid cloud management, hyperconverged infrastructure, and OT/IoT solutions. The company reported revenue from operations of Rs. 9,227 million in FY25, compared to Rs. 7,802 million in FY24 and Rs. 7,968 million in FY23, indicating steady growth. Hardware remained the largest segment, contributing Rs. 7,443 million in FY25, followed by Software & Allied Support at Rs. 1,645 million, and IT-enabled services at Rs. 138 million.