Ipos Archive

Aegis Vopak Terminals Limited : Subscribe

Date

26th May 2025 - 28th May 2025
Price Range

Rs.223 to Rs. 235
Minimum Order Quantity

63

Price	Lot Size	Issue Date	Issue Size
₹ 233 to ₹ 235	63	26th May, 2025 – 28th May, 2025	₹2,800.00 Cr

Aegis Vopak Terminals IPO

Aegis Vopak Terminals is the largest Indian third-party owner and operator of tank storage terminals for LPG and liquid products in terms of storage capacity as of December 31, 2024 (Source: CRISIL Report). The company is critical in India’s oil, gas, and chemical logistics ecosystem by offering integrated and secure storage solutions for various products, including petroleum derivatives, vegetable oils, lubricants, chemicals, and gases such as LPG (propane and butane). The company operates a robust network of tank terminals with an aggregate storage capacity of ~1.50 mn cubic meters for liquid products and 70,800 MT of static capacity for LPG. Within the LPG storage segment, Aegis Vopak Terminals accounts for ~11.5% of India’s total national static LPG storage capacity, making it the largest player in the country. It commands a ~25.53% share of India’s third-party liquid storage capacity in the liquid storage domain, reinforcing its market leadership. The company’s strategically located terminals span five key ports on India’s east and west coasts. These ports collectively handle ~23% of the country’s liquid import volumes and a significant ~61% of LPG import volumes, underscoring the importance of Aegis Vopak’s infrastructure in supporting national energy logistics. Each terminal has advanced infrastructure, including product storage tanks, jetty-connected self-owned pipelines, firefighting systems, ship loading/unloading capabilities, and multimodal evacuation systems via rail, road, ship, and pipelines. This end-to-end setup ensures efficient and safe handling of products across the supply chain. Aegis Vopak Terminals is a JV between Aegis Logistics Ltd., a listed Indian conglomerate, and Vopak India BV, a subsidiary of Royal Vopak, a global leader in tank storage. Aegis brings strong domestic capabilities and is India’s largest third-party LPG handler, accounting for over 20% of India’s LPG imports as of December 31, 2024. It also operates a 275,000 cubic metre liquid terminal and a 21,000 MT cryogenic LPG terminal in Mumbai, capable of handling 1.5 MMTPA – —the JV benefits from both promoters’ deep domain expertise and global best practices. Aegis Vopak’s strategic vision is anchored in safety and reliable execution, enabling it to grow through diversification into emerging product categories, such as new gases and specialty chemicals.

Objective of the Aegis Vopak Terminasl IPO

The Company proposes to utilise the Net Proceeds from the issue towards the following objects:

Repayment or prepayment of all or a portion of certain outstanding borrowings availed by the company;
Funding capital expenditure towards the contracted acquisition of the cryogenic LPG terminal at Mangalore; and
General corporate purposes.

Rationale To Aegis Vopak Terminasl IPO

Dominant third-party owner with tank storage terminals for LPG and liquid products

The company has established itself as the largest third-party owner and operator of tank storage terminals for LPG and liquid products in India, both in terms of storage capacity. As of December 31, 2024, the company commands ~11.5% of the country’s total static LPG storage capacity and 25.5% of India’s third-party liquid storage capacity, underscoring its dominant position in the bulk storage infrastructure space. The company operates an extensive network of terminals with an aggregate storage capacity of ~1.50 million cubic meters for liquid products and 70,800 metric tons for LPG. These assets offer secure, long-term storage infrastructure with tanks designed for a service life of ~40 years. The facilities are capable of handling more than 40 different complex and critical products, including petrochemicals, specialized chemicals, lubricants, and LPG, offering substantial diversification benefits. They own and operate two LPG storage terminals across two Indian ports and 18 liquid storage terminals across six Indian ports. These terminals have robust infrastructure such as firefighting systems, jetty-connected pipelines, ship loading and unloading platforms, and multimodal evacuation facilities via road, rail, ship, and pipelines. Aegis Vopak’s strategic locations provide the advantage of leveraging market opportunities to store LPG and liquid products. Furthermore, recent additions to terminal capacity post-December 2024 are expected to enhance the company’s overall storage footprint, positioning it for further growth. Developing niche product portfolios in a short span also reflects operational agility and a sharp focus on high-margin segments, likely to support healthy financial performance in the medium to long term.

Proven track record of capacity expansion with upgrading infrastructure

The company has demonstrated a consistent track record of expanding its storage capacity and advanced infrastructure, reinforcing its position as a leading player in India’s bulk liquid and gas storage sector. The company leverages the strong project execution capabilities of one of its promoters, Aegis Logistics, which brings significant expertise in cost-effective material procurement, construction strategy, and timely execution of tank terminal projects. Aegis assumes responsibility for construction activities executed at arm’s length, allowing Aegis Vopak to avoid construction-related risks and focus entirely on efficient terminal operations. This model ensures capital efficiency and operational focus while maintaining a high-quality asset base. The company’s infrastructure growth has been supported by cumulative capital expenditure of ~ Rs. 47 bn over the past 3-4 years. These investments reflect the company’s commitment to enhancing capacity and automation while maintaining safety and efficiency standards. The company’s LPG infrastructure consists of the Kandla Terminal, with a static capacity of 48,000 MT, capable of handling a throughput of over 4 MMTPA, and the Pipavav Terminal, with a pressurized storage capacity of 22,800 MT and throughput capability of over 2 MMTPA. On the liquid storage front, the company handled 5.43 MMT of bulk liquids in FY24, aided by high-grade infrastructure such as stainless-steel tanks, specialized jetty pipelines, inner tank coatings, tank heating and chilling systems, nitrogen blanketing, and vapour treatment facilities. These systems enable safe and loss-minimized storage of hazardous, flammable, volatile, and viscous products. Aegis Vopak has developed extensive infrastructure to ensure seamless evacuation and logistics, including jetty-connected pipelines, rail gantries, over 100 loading bays, and a dedicated rail siding at the Kandla terminal for dispatching vegetable oils. The company’s ability to handle a broad range of critical products, aided by continuous infrastructure enhancement, positions it to capitalize on the growing demand for secure, reliable storage solutions in India’s expanding energy and chemicals sector.

Valuation of Aegis Vopak Terminals IPO

Aegis Vopak Terminals Ltd., a JV between India’s Aegis Logistics and Netherlands-based Royal Vopak, is India’s largest third-party operator of tank storage terminals for LPG and liquid products. With a diversified portfolio spanning key coastal locations and a strategic focus on safety, sustainability, and scalability, the company plays a vital role in India’s energy and chemical logistics infrastructure. The company has also leveraged its promoter Aegis’ five decades of industry expertise to inherit and expand long-standing customer relationships, building a diverse base of over 400 clients, including major national OMCs. With strategic locations complementing Aegis, the company continues serving inherited clients while securing new business across traders, end users, manufacturers, and fuel marketing firms in private, public, and international sectors. This broad diversification strengthens market flexibility and fuels long-term growth in India’s evolving energy and chemical storage industry. The company’s proven track record in capacity expansion and infrastructure upgrades positions it well to meet the changing liquid and gas storage needs. Leveraging the expertise of pPromoter Aegis, the company benefits from a cost-effective procurement network, strategic contracting, and robust construction and execution capabilities to expand and enhance its tank storage capacity. On the financial front, the company has demonstrated stable financial performance over the last three financial years, aided by its annuity-like business model and long-term customer contracts. The company has managed debt levels, indicating strong financial flexibility to support its expansion plans under project GATI. The company’s asset-heavy model and predictable cash flows from storage contracts provide visibility in earnings, making it well-positioned for future growth. The issue is valued at a P/E of 198.0x on the upper price band based on FY25 earnings. Therefore, we recommend a SUBSCRIBE rating for the issue.

1. What is the Aegis Vopak Terminals Limited IPO?

Aegis Vopak Terminals IPO is a book built issue of Rs 2,800.00 crores. The issue is entirely a fresh issue of 2,800.00 crore shares. Aegis Vopak Terminals bidding opened for subscription on May 26, 2025 and will close on May 28, 2025. The allotment for the Aegis Vopak Terminals IPO is expected to be finalized on Thrusday, May 29, 2025. Aegis Vopak Terminals will list on BSE, NSE with tentative listing date fixed as Monday, 02, June 2025.

How to apply for the Aegis Vopak Terminals IPO through StoxBox?

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

When will the Aegis Vopak Terminals IPO open?

Schloss Banglore Limited IPO is opening on 26th May 2025.

What is the lot size of the Aegis Vopak TerminalsIPO?

The Lot Size of Schloss Banglore Limited IPO is 63 equity shares.

When is the Aegis Vopak Terminals IPO allotment date?

The allotment Date for Aegis Vopak Terminals IPO is 29^th May 2025.

When is the Aegis Vopak Terminals IPO listing date?

The listing Date for Aegis Vopak Terminals IPO is 2nd Jun 2025.

What are the risks associated with investing in the Aegis Vopak Terminals IPO?

Key Risks:

The company operates in a highly regulated sector involving hazardous and flammable materials like LPG and chemicals. Any change in environmental laws, safety norms, or port regulations could increase compliance costs. Delays or inability to obtain environmental and port approvals may affect project execution timelines.
As a joint venture between Aegis Logistics and Royal Vopak, the company’s strategic decisions rely on coordination. Any changes in the promoter relationship or conflicting strategic interests could impact decision-making and long-term plans.
The company derives much of its revenue from a few major clients. Any termination, non-renewal, or renegotiation of these long-term contracts could adversely affect the company’s cash flows and profitability.

When will the Aegis Vopak Terminals IPO shares be credited to my Demat account?

Credit of Shares to demat account date is Fri, 30 May 2025

What is the Minimum amount investing in the Aegis Vopak Terminals IPO?

The minimum investment amount for retail investors in the Schloss Banglore Limited IPO is ₹14,805.

When will Aegis Vopak Terminals IPO shares be credited to my Demat account?

The Aegis Vopak Terminals IPO be credited to the account on allotment date which is 30^th May 2025. Login to your account now – https://campaign.StoxBox.in/redirect.html

What are the important dates related to Aegis Vopak Terminals IPO?

IPO Open Date	Mon, May 26, 2025
IPO Close Date	Wed, May 28, 2025
Basis of Allotment	Thu, May 29. 2025
Initiation of Refunds	Fri, May 30, 2025
Credit of Shares to Demat	Fri, May 30, 2025
Listing Date	Mon, Jun 2 2025
Cut-off time for UPI mandate confirmation	5 PM on Fri 28 May, 2025

Schloss Banglore Limited : Subscribe

Date

26th May 2025 - 28th May 2025
Price Range

Rs.431 to Rs. 435
Minimum Order Quantity

34

Apply Now

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Price	Lot Size	Issue Date	Issue Size
₹ 431 to ₹ 435	34	26th Apr, 2025 – 28th May, 2025	₹3,500.00 Cr

Schloss Banglore Limited IPO

Schloss Bangalore Limited, incorporated in March 2019 as Schloss Bangalore Pvt. Ltd., is promoted by global asset manager, Brookfield Group. The company operates in the hospitality sector, where it owns, operates, manages and develops luxury hotels and resorts under “The Leela” brand. The Leela brand, which was founded by the late Captain C.P. Krishnan Nair in 1986, is a premier luxury hospitality brand in India, renowned for its commitment to Indian hospitality, exclusivity, and personalized service. The company’s portfolio includes The Leela Palaces, The Leela Hotels, and The Leela Resorts. As of 31 March 2025, the company operates 13 luxury hotels with 3,553 keys, making it one the largest supplier of luxury hotel chains in India. This includes five owned properties, seven managed hotels, and one franchised hotel, strategically located across 13 major business and leisure destinations. Leveraging the company’s brand reputation, the Leela commands 1.4 times higher ARR and RevPAR of Rs. 22,545/- and Rs. 15,306/- in India as compared to its peers. Further, the company plans to expand with seven new hotels by 2028, adding approximately 678 keys and entering new segments such as wildlife, spiritual, and heritage tourism. These developments include new properties in Agra, Srinagar, Ranthambore, and Bandhavgarh, as well as serviced apartments in Mumbai. The brand also aims to enter residential and private club ventures, further diversifying its offerings and reinforcing its leadership in India’s luxury hospitality space.

Objective of the Belrise Industries IPO

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

Repayment/ prepayment/ redemption, in full or in part, of certain outstanding borrowings availed by: (a) the company, (b) certain of its subsidiaries, namely, Schloss Chanakya, Schloss Chennai, Schloss Udaipur and TPRPL, through investment in such subsidiaries.
General corporate purposes.

Rationale To Schloss Banglore Ltd IPO

Leading luxury brand with marquee-owned hotels in markets with high barriers to entry

The Leela brand is associated with luxury and is established as a leading luxury hospitality brand, with 250 industry awards since January 2021. The company’s brand excellence is validated through comprehensive annual luxury audits by Leading Quality Assurance (“LQA”), one of the leading quality assurance audit service providers, where the company scored 82.9% in FY25. Founded in 1986, the brand has expanded to 13 operational properties totalling 3,553 keys as of March 31, 2025, comprising five owned, seven managed, and one franchised hotel. The company’s portfolio is spread across India’s top business and leisure destinations such as New Delhi, Bengaluru, Chennai, Udaipur, and Jaipur. These properties are strategically located in prime locations where acquiring large parcels of land is challenging. New hotel construction requires a significant gestation period in site development and operational stabilization, creating significant barriers to entry for new supply. Further, the company plans to expand with seven new hotels by 2028, adding approximately 678 keys and entering new segments such as wildlife, spiritual, and heritage tourism. The company’s expansions, strategically located iconic hotels with high barriers to entry, also lead to a network effect, which has strengthened its brand and enabled it to achieve premium pricing with ARR and RevPAR above industry level and increase global appeal.

Metal Processing: The company utilises over 700 robots for fabrication, ensuring low defect rates measured in parts per million and high production predictability. These robots have been in operation for several years, and the company has established unmanned manufacturing setups that began supplying seating sub-systems in 2015.

Polymer Processing: The company operates more than 100 injection molding machines with capacities up to 1,800 tons. This process incorporates critical techniques such as gas-assisted injection molding, polyurethane painting, and ultrasonic and vibration welding of plastic parts. This advanced automation enables the company to uphold high-quality standards while optimizing production timelines.

Suspension Systems: The company designs, develops, and manufactures a variety of suspension components, including shock absorbers, springs, forks, and steering columns. These components are produced using precision machining, casting, or forging processes. The company has been granted one patent for its innovative suspension designs.

As of December 31, 2024, the company’s design, engineering, and new product development team consists of 159 members. The company has collaborated on engineered products for clients, including the complete chassis system for a commercial vehicle platform from Tata Motors, as well as a fully automated manufacturing line for producing passenger vehicle seat slider systems for a major French automotive component manufacturer. Additionally, the company has set up a front visor manufacturing facility for Bajaj Auto.

Driving growth through market leadership and diversification

The company has demonstrated strong operational performance, with increasing revenue at a CAGR of 23%, driven by increased ARR and RevPAR across its owned portfolio through a structured, disciplined approach to asset management. The company commands a higher RevPAR than its peer due to its strategic investments, refurbishments, and upgrades in the current hotel portfolios. Additionally, to boost the company’s revenue further, it has created a comprehensive luxury ecosystem that caters to evolving customer preferences by providing luxurious accommodation, curated experiences, and F&B offerings with multiple cuisines, wellness offerings and several other amenities. This ecosystem has enabled the company to diversify its revenue base across non-room revenue sources such as F&B, MICE and banqueting venues. Currently, with the existing portfolio, the company operates 72 restaurants, bars and cafes, including F&B venues such as Jamavar, Library Bar, ZLB 23, Megu, China XO, Le Cirque and Sheesh Mahal. They also operate 13 spas and wellness sanctuaries, including a spa collaboration with Soneva, which is under development at Palace Bengaluru and expected to be completed by FY26. Additionally, the company is well equipped to host various activities, from corporate meetings and conferences to weddings and social gatherings, to capture the premium market share in India’s MICE sector.This ecosystem has enabled the company to attract a diverse clientele spanning leisure travellers, business travellers and groups, while diversifying the company’s revenue base across non-room revenue sources such as F&B, MICE and banqueting venues. For FY25, the company derived 56.96% of its room revenues from retail and leisure guests, 16.97% from corporate bookings and 25.45% from group bookings, demonstrating the strength of its diversified customer base.

Valuation of Belrise Industries IPO

The Indian hospitality industry is witnessing robust growth driven by rising disposable income. Due to this growing disposable income, the demand for tourism has outpaced the industry’s supply, leading to opportunities in the luxury segment. Schloss Bangalore Ltd., backed by global asset manager Brookfield Group, operates The Leela, a marquee luxury hospitality brand well-positioned to capitalize on India’s booming hospitality sector. With 13 premium properties across India’s top leisure and business destinations, the brand benefits from high barriers to entry, prime locations, and strong pricing power, reflected in ARR and RevPAR consistently above industry averages. The company’s luxury ecosystem includes 72 F&B venues, 13 wellness sanctuaries, and extensive MICE capabilities, enabling it to diversify revenues, with non-room income consistently exceeding 50%. However, the heavy dependency on the five key properties may create vulnerability to its revenue source. To mitigate this risk, the management has an expansion plan of adding seven new hotels with 678 keys across high-potential segments like heritage, wildlife, spiritual tourism, and serviced residences. Backed by Brookfield’s global expertise and prudent capital allocation, the company’s focus on premium markets in India and international destinations like the Maldives and Dubai, along with innovations like The Leela Clubs and branded residences, positions it to capture growing luxury demand and diversify revenue streams sustainably. Financially, the company has reported a revenue of Rs. 13,006 million in FY25, growing at a CAGR of 23% from FY23 to FY25. On the profitability end, the company registered a PAT of Rs. 480 million in FY25, driven by improved ARR, recovering from past years’ losses, mainly due to heavy interest payments. Currently, the company has debt of Rs. 35,857 million, and the management plans to use the amount raised from the IPO to repay its debt. The company is valued at a PE ratio of 220.8x on the upper price band based on FY25 earnings, which is comparatively higher than its peers. Considering the company’s expanding portfolio, favourable industry dynamics, entry into new market segments, and intention to repay debt, we recommend a “SUBSCRIBE” rating for this issue for a medium to long-term perspective.

1. What is the Schloss Banglore Limited IPO?

Schloss Banglore ltd IPO is a book built issue of Rs 2,500.00 crores. The issue is entirely a fresh issue of 2,500.00 crore shares. Belrise Industries IPO bidding opened for subscription on May 26, 2025 and will close on May 28, 2025. The allotment for the Schloss Banglore Limited IPO is expected to be finalized on Thrusday, May 28, 2025. Schloss Banglore Ltd IPO will list on BSE, NSE with tentative listing date fixed as Monday, 02, June 2025.

How to apply for the Schloss Banglore Limited IPO through StoxBox?

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

When will the Schloss Banglore Limited IPO open?

Schloss Banglore Limited IPO is opening on 26th May 2025.

What is the lot size of the Schloss Banglore Limited IPO?

The Lot Size of Schloss Banglore Limited IPO is 34 equity shares.

When is the Schloss Banglore Limited IPO allotment date?

The allotment Date for Schloss Banglore Limited IPO is 29^th May 2025.

When is the Schloss Banglore Limited IPO listing date?

The listing Date for Schloss Banglore Limited IPO is 2nd Jun 2025.

What are the risks associated with investing in the Schloss Banglore Limited IPO?

Key Risks:

Schloss Bangalore Ltd.’s success and its luxury “The Leela” brand depend heavily on public recognition and reputation, and any deterioration in brand perception due to factors like inconsistent service quality, negative publicity, accidents, third-party misuse of trademarks, or reputational damage from franchise arrangements could significantly harm the company’s business, financial condition, and operations
A significant portion of the company’s income is derived from its five owned hotels, contributing 91-94% of total income over the past three financial years. This makes the company highly reliant on these properties, and any adverse developments such as increased competition, regional economic, political, or weather-related disruptions could negatively impact its business and financial performance.
The company and certain of its material subsidiaries have incurred losses in the past, with losses of Rs. 21 million in FY24 and Rs. 617 million in FY23. They may continue to face financial challenges, impacting cash flows and financial conditions despite a Rs. 480 million profit in FY25, driven by improved occupancy, higher ARR, and cost optimization efforts. If these financial losses continue, it may strain the company’s cash flow and affect its long-term sustainability

When will the Schloss Banglore Limited IPO shares be credited to my Demat account?

Credit of Shares to demat account date is Fri, 30 May 2025

What is the Minimum amount investing in the Schloss Banglore Limited IPO?

The minimum investment amount for retail investors in the Schloss Banglore Limited IPO is ₹14,790.

When will Schloss Banglore Limited IPO shares be credited to my Demat account?

The Schloss Banglore Limited IPO be credited to the account on allotment date which is 30^th May 2025. Login to your account now – https://campaign.StoxBox.in/redirect.html

What are the important dates related to Schloss Banglore Limited IPO?

IPO Open Date	Mon, May 26, 2025
IPO Close Date	Wed, May 28, 2025
Basis of Allotment	Thu, May 29. 2025
Initiation of Refunds	Fri, May 30, 2025
Credit of Shares to Demat	Fri, May 30, 2025
Listing Date	Mon, Jun 2 2025
Cut-off time for UPI mandate confirmation	5 PM on Fri 28 May, 2025

Belrise Industries Limited : Subscribe

Date

21st May 2025 - 23rd May 2025
Price Range

Rs.85 to Rs. 90
Minimum Order Quantity

166

Apply Now

Download In-depth Report

Price	Lot Size	Issue Date	Issue Size
₹ 85 to ₹ 90	166	21st May, 2025 – 23rd May, 2025	₹2,150.00 Cr

Belrise Industries IPO

Belrise Industries is an automotive component manufacturing company based in India, offering a diverse range of safety-critical systems and other engineering solutions for two-wheelers, three-wheelers, four-wheelers, commercial vehicles and agricultural vehicles. The company’s product portfolio includes metal chassis systems, polymer components, suspension systems, body-in white components and exhaust systems, among others. The company’s products are agnostic primarily to vehicle powertrain types, reflecting its ability to cater to both electric vehicles and internal combustion engine vehicles, thus positioning it favourably to adapt to the growing electric vehicle market. The company specialises in precision sheet metal pressing and fabrication. It is one of the Top 3 companies with a market share of 24% in the overall 2-wheeler metal components segment in India as of March 31, 2024, in terms of revenue. The company also specialises in precision sheet metal pressing and fabrication for three-wheelers and four-Wheelers (passenger vehicles as well as commercial vehicles). The company has developed longstanding relationships with its customers, including global OEMs. As of December 31, 2024, the company serviced a total of 29 OEMs globally. The company’s top 3 OEM customers collectively accounted for 33.6%, 31.9%, 34.6% and 44.2% of its revenue from operations during the 9MFY25, FY24, FY23 and FY22, respectively. As of December 31, 2024, the company markets its products both domestically and internationally, with operations extending to several key global markets including Austria, Slovakia, the United Kingdom, Japan and Thailand. The company has cultivated long-standing relationships with customers, including prominent multinational OEMs such as Bajaj Auto, Honda Motorcycle & Scooter India, Hero MotoCorp, Jaguar Land Rover and Royal Enfield Motors, among others.

Objective of the Belrise Industries IPO

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

Repayment or prepayment, in full or in part, of certain outstanding borrowings made by the company;
General corporate purposes.

Rationale To Belrise Industries IPO

Technology-enabled, innovation-driven development and process engineering capabilities

The company has a strong track record in process engineering and utilises technology to maintain high levels of manufacturing proficiency across all its facilities. It has developed a range of distinct capabilities in metal processing, polymer processing, and suspension systems, which it applies in the manufacture of its products.

Distinguished market leader in the high-growth field of precision sheet metal pressing and fabrication within a large and growing automotive component industry

Belrise Industries is one of the top three companies in India’s two-wheeler metal components segment, holding a 24% market share in terms of revenue as of March 31, 2024. The market for two-wheeler metal products is projected to grow at a CAGR of 11-13% over the next five years. Additionally, the global market for two-wheeler metal components was valued at Rs. 1,453.9 billion in 2023 and is expected to grow at a CAGR of 3.3%, reaching approximately Rs. 1,767.3 billion by 2029. The company has strategically located its manufacturing facilities near customer sites, enabling close collaboration to design, engineer, and manufacture products tailored to specific needs. Belrise Industries has demonstrated a strong growth trajectory, achieving a CAGR of 17.8% in revenue between FY22 and FY24. With ample installed capacity and access to land in key automotive hotspots across India, the company is well-prepared to scale its production volumes in response to customer demand. This positions Belrise Industries to effectively capitalise on the expanding markets for two-wheelers, four-wheelers, and commercial vehicles within the country. lower than comparable domestic and international peers, highlights its efficient use of resources. Additionally, its favourable working capital days—48 and 46 days in FY 2024 and the nine months ended December 31, 2024—demonstrate strong financial prudence. Ather’s focus on scalability is evident in its transition from a small factory to the expansive Hosur Factory, which significantly increased its production capacity. The company also follows an asset-light distribution strategy, relying on retail partners to operate experience and service centres, minimizing capital investment and benefiting from local sales expertise. This approach enables rapid expansion without the high costs of brick-and-mortar infrastructure, offering operational flexibility and cost efficiency. Ather’s strategic focus on outsourcing, capital optimization, and scalable growth positions it for longterm success in the evolving electric vehicle market, making it an appealing choice for investors.

Valuation of Belrise Industries IPO

Belrise Industries is a prominent automotive component manufacturing company in India, specialising in safety-critical systems and engineering solutions for two-wheelers, three-wheelers, four-wheelers, commercial vehicles, and agricultural vehicles. As of FY24, the company holds a significant market share of 24% in the two-wheeler metal components segment, placing it among the top three players in the industry. With 17 manufacturing facilities across 10 cities in nine states, Belrise Industries processes an impressive 60,000 tons of steel annually. The company has plans to expand its product portfolio to include powertrain-agnostic components for electric vehicles, internal combustion engines, and CNG engine types. New offerings will encompass suspensions, steering columns, and brakes, reflecting its adaptability to evolving market demands. Belrise has fostered strong, long-standing relationships with multinational original equipment manufacturers (OEMs), including Bajaj Auto, Honda Motorcycle & Scooter India, Hero MotoCorp, Jaguar Land Rover, and Royal Enfield Motors. Currently, the company is establishing the Pune-V facility to manufacture hub motors and chargers for electric vehicles, targeting operational readiness by Q1FY26. Additionally, Belrise has launched a production line for sheet metal parts for solar panels, supplying a significant North American solar energy company, further diversifying its operations. Financially, the company has demonstrated robust growth, with revenue from operations increasing to Rs. 7,484.2 crores in FY24 from Rs. 5,396.9 crores in FY22. For 9MFY25, revenue from operations totalled Rs. 6,013.4 crores. The profit after tax stood at Rs. 310.9 crores for FY24, indicating a stable PAT margin of 4.1% and a return on equity (ROE) of over 14% over the past three years, showcasing the company’s financial health and operational efficiency. The issue is valued at a price-to-earnings (P/E) ratio of 17.8x on the upper price band based on FY25 earnings (annualise), which is relatively cheaper compared to its peers. Considering the above compelling factors, we recommend a “SUBSCRIBE” rating for this issue.

1. What is the Belrise Industries Limited IPO?

Belrise Industries IPO is a book built issue of Rs 2,150.00 crores. The issue is entirely a fresh issue of 2,150.00 crore shares. Belrise Industries IPO bidding opened for subscription on May 21, 2025 and will close on May 23, 2025. The allotment for the Belrise Industries IPO is expected to be finalized on Monday, May 26, 2025. Belrise Industries IPO will list on BSE, NSE with tentative listing date fixed as Wednesday, May 28, 2025.

How to apply for the Belrise Industries Limited IPO through StoxBox?

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

When will the Belrise Industries Limited IPO open?

Belrise Industries Limited IPO is opening on 21^st May 2025.

What is the lot size of the Belrise Industries Limited IPO?

The Lot Size of Belrise Industries IPO is 166 equity shares.

When is the Belrise Industries IPO allotment date?

The allotment Date for Belrise Industries Limited IPO is 26^th May 2025.

When is the Belrise Industries IPO listing date?

The listing Date for Belrise Industries Limited IPO is 28^th May 2025.

What are the risks associated with investing in the Belrise Industries IPO?

Key Risks:

The company generates a significant portion of its revenue from its ten largest customers, making it reliant on these entities. As these key customers are primarily original equipment manufacturers (OEMs) in the automotive industry, any negative changes affecting the financial health of these OEMs, such as a decline in demand for automobiles or specific models, could adversely impact the company’s business, operational results, financial condition, and cash flows.
Seven out of 17 manufacturing facilities of the company are located in the state of Maharashtra. This concentration poses a potential risk to regional exposure, which may adversely affect the company’s business, results of operations, financial condition, and cash flows.

When will the Belrise Industries IPO shares be credited to my Demat account?

Credit of Shares to demat account date is Tue, 27 May 2025

What is the Minimum amount investing in the Belrise Industries IPO?

The minimum investment amount for retail investors in the Belrise Industries IPO is ₹14,940.

When will Belrise Industries Limited IPO shares be credited to my Demat account?

The Belrise Industries Limited IPO be credited to the account on allotment date which is 27^th May 2025. Login to your account now – https://campaign.StoxBox.in/redirect.html

What are the important dates related to Ather Energy Limited IPO?

IPO Open Date	Wed, May 21, 2025
IPO Close Date	Fri, May 23, 2025
Basis of Allotment	Mon, May 26, 2025
Initiation of Refunds	Tue, May 27, 2025
Credit of Shares to Demat	Tue, May 27, 2025
Listing Date	Wed, May 28 2025
Cut-off time for UPI mandate confirmation	5 PM on Fri 23 May, 2025

Borana Weaves Limited : Subscribe

Date

20th May 2025 - 22nd May 2025
Price Range

Rs.205 to Rs. 216
Minimum Order Quantity

69

Apply Now

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Price	Lot Size	Issue Date	Issue Size
₹ 205 to ₹ 216	69	20th May, 2025 – 22nd May, 2025	₹144.89 Cr

Borana Weaves Limited IPO

Borana Weaves Limited (BWL), based in Surat, Gujarat, is a textile manufacturer engaged in the production of unbleached synthetic grey fabric and polyester textured yarn (PTY). The grey fabric, serving as a fundamental base for further processing such as dyeing and printing, caters to a broad range of industries including fashion, traditional textiles, technical textiles, home décor, and interior furnishings. PTY, produced through the heat treatment of polyester-oriented yarn (POY), complements the company’s product portfolio. Since commencing operations in 2020, BWL has established three manufacturing units in Surat, integrated with advanced machinery such as texturising machines, warping units, water jet looms, and folding machines. As of December 31, 2024, the company operates 15 texturising machines, 6 warping machines, 700 water jet looms, and 10 folding machines. The company’s manufacturing and processing in its units are carried out using textile manufacturing technologies, pollution-light machinery and tools which are supplied by domestic and global players. As of 9MFY25, grey fabric constituted the majority of revenue at 84.2%, followed by yarn at 14.3% and other products at 1.4%. This marks a notable shift in product mix, as grey fabric revenue has grown from 45.9% in FY22 to 72.2% in FY24, while yarn revenue declined from 50.8% to 26.4% over the same period. Customer concentration in the grey fabric segment was moderate, with the top 1, top 5, and top 10 customers contributing Rs. 177 million (8.3%), Rs. 542 million (25.6%), and Rs. 852 million (40.3%), respectively, in 9MFY25. For PTY Yarn, the top 1, top 5, and top 10 customers accounted for Rs.144 million (6.8%), Rs. 319 million (15.1%), and Rs. 327 million (15.5%), respectively, reflecting a relatively well-distributed customer base. series targets family convenience scooters such as large seats, WhatsApp notification, larger storage of 56L, and voice command through Alexa Skills. The company’s E2WS are complemented by a product ecosystem comprising fast-charging infrastructure (Ather Grid), accessories, and the Atherstack with connected features, such as Over-The-Air (“OTA”) updates. Currently, it has 69 features as of 31st Dec 2024. According to the CRISIL Report, the company is the third and fourth largest player by volume of E2W sales in FY24 and the 9MFY25, respectively, with sales of 109,577
and 107,983 E2Ws in FY24 and the 9MFY25, respectively. The company’s Hosur Factory has an annual capacity of 420,000 E2Ws and 379,800 battery packs, and it is expanding with a new facility in Maharashtra to boost capacity to 1.42 million units. Operating an asset-light distribution model, Ather had 280 experience centres and 238 service centres across India, Nepal, and Sri Lanka by the end of 2024. It has also built strong intellectual property, with over 500 registered and more than 400 pending IPR filings globally

Objective of the Borana Weaves Limited IPO

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

Proposing to finance the cost of establishing a new manufacturing unit to expand its production capabilities to produce grey fabric at Surat;
Funding incremental working capital requirements;
General corporate purposes.

Rationale To Borana Weaves Limited IPO

Strategic expansion in core segment to drive growth supported by integrated units and regional strength

The company presents a compelling investment opportunity as a specialised manufacturer of unbleached synthetic grey fabric, a critical input used across fashion, technical textiles, and home decor sectors. Headquartered in Surat, Gujarat – India’s largest textile manufacturing hub – the company is strategically positioned to meet the growing domestic demand for synthetic grey fabric, supported by an efficient supply chain and strong regional presence. To further capitalise on sector growth, the company is setting up a fourth manufacturing unit in Hojiwala Industrial Estate, Surat, which will be equipped with additional water jet looms, texturising, warping, and folding machines. This capacity expansion is expected to enhance scale and improve margins through better cost absorption and increased output. The company’s supplier and customer networks are deeply embedded in South Gujarat, contributing to operational efficiency and reliability of input procurement. In FY24, 99.89% of revenue was derived from Gujarat, highlighting strong local market dominance, though the company has started expanding sales to other key states like Rajasthan, West Bengal, and Uttar Pradesh. With a combination of robust infrastructure, operational efficiency, rising customer traction, and a forward-looking capacity expansion strategy, the company is well-positioned to strengthen its market position and deliver sustainable growth in the synthetic textile segment. segment. Leveraging its ability to pioneer new technology, Ather commands a premium pricing position, supported by its reputation for high-quality products, strong performance, and exceptional user experience. The launch of the Ather Rizta offers a more affordable option, aiming to capture a broader customer base while maintaining its premium image. To support its leadership position, the
brand remains committed to R&D, with nearly half its workforce dedicated to research and development, driving continual technological advancements. Further, addressing the major challenge in adopting EV, i.e. charging infrastructure, the company has created a fast-charging network with Ather Grid, making it convenient for customers to charge their vehicles across major cities. With consistent growth in sales, a strong consumer base, and a commitment to R&D, Ather is well- positioned to continue leading India’s transition to electric mobility.

Strong financial performance with expanding margins and a capital-efficient growth trajectory

BWL has demonstrated a robust financial trajectory, underpinned by a strong topline CAGR of 116.8% over FY22-FY24. The company has consistently enhanced its operational efficiency, reflected in EBITDA margin expansion from 12.2% in FY22 to 20.7% in FY24, alongside an improvement in net profit margin from 4.2% to 11.8% during the same period. This margin expansion has been supported by effective cost control and operating leverage. Notably, BWL has also improved its cash flow quality, with the CFO/Net Profit ratio rising from -4.6 in FY22 to 0.9 in FY24, indicating a solid trend in earnings conversion to cash. With FY25 performance (9MFY25) already surpassing previous fiscal benchmarks, the outlook remains promising. Additionally, the company has delivered superior returns to shareholders, with ROE and ROCE at 49.5% and 24.1%, respectively, in FY24, reinforcing its strong capital efficiency and profitability profile. Another key highlight is the negative free cash flow across the past three fiscal years, despite improving cash conversion metrics. This indicates significant capital expenditure, likely aimed at supporting growth initiatives, but also suggests limited liquidity in the short term. This perspective is further reinforced by the company’s issue objectives, which include raising capital for capex and working capital requirements. lower than comparable domestic and international peers, highlights its efficient use of resources. Additionally, its favourable working capital days—48 and 46 days in FY 2024 and the nine months ended December 31, 2024—demonstrate strong financial prudence. Ather’s focus on scalability is evident in its transition from a small factory to the expansive Hosur Factory, which significantly increased its production capacity. The company also follows an asset-light distribution strategy, relying on retail partners to operate experience and service centres, minimizing capital investment and benefiting from local sales expertise. This approach enables rapid expansion without the high costs of brick-and-mortar infrastructure, offering operational flexibility and cost efficiency. Ather’s strategic focus on outsourcing, capital optimization, and scalable growth positions it for longterm success in the evolving electric vehicle market, making it an appealing choice for investors.

Valuation of Borana Weaves Limited IPO

Borana Weaves Limited (BWL), which commenced its operations in 2020, has made significant strides in positioning itself as a strong regional player, with healthy customer relationships and innovative product offerings. BWL appears well-positioned for sustained growth, backed by three strategic levers: capacity expansion, product diversification, and a favourable industry backdrop. The company is augmenting its installed capacity through a new Surat facility, enhancing its ability to serve rising synthetic fabric demand. With India’s polyester demand projected to grow from 4 MT to 6.7 MT by 2025 and synthetic textiles gaining traction across fashion, technical, and industrial applications, BWL is strategically placed to capitalise on this trend. It is also leveraging existing investments in water jet looms to diversify into high-margin technical textiles. Complementing these growth initiatives, BWL has delivered stellar financial performance, with a topline CAGR of 116.8% over FY22–FY24, EBITDA margin expansion from 12.2% to 20.7%, and a marked improvement in cash conversion. High capital efficiency (ROE of 49.5% in FY24) and continued investments funded by IPO proceeds further reinforce its medium-term growth visibility. While heavy capex may constrain free cash flows in the short term, it reflects a forward-looking strategy to capture scalable demand, reinforcing a positive outlook. The company is valued at a PE ratio of 18.3x on the upper price band based on FY24 earnings. Given its strong financial trajectory, strategic capacity expansion, and increasing presence in high-growth segments like synthetic and technical textiles, BWL is well-positioned to capture structural tailwinds in the industry. We thus recommend a ‘SUBSCRIBE’ rating for investors with a medium to long-term investment horizon.

1. What is the Borana Weaves Limited IPO?

Borana Weaves ltd IPO is a book built issue of Rs 144.89 crores. The issue is entirely a fresh issue of 144.89 crore shares. Borana Weaves IPO bidding opened for subscription on May 20, 2025 and will close on May 22, 2025. The allotment for the Borana Weaves ltd IPO is expected to be finalized on Friday, May 23, 2025. Borana Weaves IPO will list on BSE, NSE with tentative listing date fixed as Tuesday, May 27, 2025.

How to apply for the Borana Weaves Limited IPO through StoxBox?

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

When will the Borana Weaves Limited IPO open?

Borana Weaves Limited IPO is opening on 20^th May 2025.

What is the lot size of the Borana Weaves Limited IPO?

The Lot Size of Borana Weaves Limited IPO is 69 equity shares.

When is the Borana Weaves Limited IPO allotment date?

The allotment Date for Ather Energy Limited IPO is 23rd May 2025.

When is the Borana Weaves Limited IPO listing date?

The listing Date for Borana Weaves Energy IPO is 27^th May 2025.

What are the risks associated with investing in the Borana Weaves Limited IPO?

In the Retail segment the minimum investment required is Rs. 14,904.

When will the Borana Weaves Limited IPO shares be credited to my Demat account?

Allotment date is-May 23rd 2025

What are the risks associated with investing in the Borana Weaves Limited IPO?

High regional concentration and absence of long-term contracts pose revenue risk.
Geographical concentration of operations and supply chain elevates location-specific risks.
BWL’s limited track record since commencing operations in 2020 raises uncertainty around the sustainability of its current growth momentum and its ability to manage long-term business cycles and risks.

When will the Borana Weaves Limited IPO shares be credited to my Demat account?

The Ather Energy Limited IPO be credited to the account on allotment date which is 26th May 2025. Login to your account now – https://campaign.StoxBox.in/redirect.html

Ather Energy Limited : Avoid

Date

28th Apr 2025 - 30th Apr 2025
Price Range

Rs.304 to Rs. 321
Minimum Order Quantity

46

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Price	Lot Size	Issue Date	Issue Size
₹ 304 to ₹ 321	46	28th Apr, 2025 – 30th Apr, 2025	₹2,981.06 Cr

Ather Energy Limited IPO

Ather Energy Ltd., incorporated by Tarun Sanjay Mehta and Swapnil Babanlal Jain in 2013, focuseson in-house product and technology development in India to build an E2W ecosystem.The companyis a pure-play EV company that sells E2Ws and an associated product ecosystem, which are manufactured and designed in India. They design and develop E2Ws, battery packs, fast-charging infrastructure, and associated software, which includes their proprietary Atherstack software platform and smart accessories. Ather follows a vertically integrated approach, retaining control over hardware and software design while outsourcing the manufacturing of select key components like motor controllers, dashboards, and vehicle control units. The company’s first E2W launched in 2018 with Ather 450, which introduced several firsts in the Indian E2W market, such as 3G SIM card, a touchscreen dashboard and a top speed of 80 kmph. Currently, the company comprises two product lines – the Ather 450 line, which caters to customers seeking performance, while the Ather Rizta
series targets family convenience scooters such as large seats, WhatsApp notification, larger storage of 56L, and voice command through Alexa Skills. The company’s E2WS are complemented by a product ecosystem comprising fast-charging infrastructure (Ather Grid), accessories, and the Atherstack with connected features, such as Over-The-Air (“OTA”) updates. Currently, it has 69 features as of 31st Dec 2024. According to the CRISIL Report, the company is the third and fourth largest player by volume of E2W sales in FY24 and the 9MFY25, respectively, with sales of 109,577
and 107,983 E2Ws in FY24 and the 9MFY25, respectively. The company’s Hosur Factory has an annual capacity of 420,000 E2Ws and 379,800 battery packs, and it is expanding with a new facility in Maharashtra to boost capacity to 1.42 million units. Operating an asset-light distribution model, Ather had 280 experience centres and 238 service centres across India, Nepal, and Sri Lanka by the end of 2024. It has also built strong intellectual property, with over 500 registered and more than 400 pending IPR filings globally

Objective of the Ather Energy Limited IPO

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

• Capital expenditure to be incurred by the company for the establishment of an E2W factory in Maharashtra, India.;

• Repayment/ pre-payment, in full or part, of certain borrowings availed by the company;

• Investment in research and development;

• Expenditure towards marketing initiatives and

• General corporate purposes.

Rationale To Ather Energy Limited IPO

Leading India’s E2W market with innovation and advance technology

Ather Energy has firmly established itself as a leader in India’s electric two-wheeler (E2W) market, which is distinguished by its cutting-edge technology, strong brand recognition, and focus on innovation. The company’s proprietary technology, including intelligent touchscreen dashboards, real-time vehicle diagnostics, and Over-The-Air (OTA) updates, sets it apart in the competitive EV
segment. Leveraging its ability to pioneer new technology, Ather commands a premium pricing position, supported by its reputation for high-quality products, strong performance, and exceptional user experience. The launch of the Ather Rizta offers a more affordable option, aiming to capture a broader customer base while maintaining its premium image. To support its leadership position, the
brand remains committed to R&D, with nearly half its workforce dedicated to research and development, driving continual technological advancements. Further, addressing the major challenge in adopting EV, i.e. charging infrastructure, the company has created a fast-charging network with Ather Grid, making it convenient for customers to charge their vehicles across major cities. With consistent growth in sales, a strong consumer base, and a commitment to R&D, Ather is well- positioned to continue leading India’s transition to electric mobility.

Capital-effcient and scable growth strategy for long-term sucess

Ather Energy’s capital-efficient and flexible business model makes it an attractive investment opportunity, allowing it to control design and technology while minimizing upfront capital expenditures.By outsourcing key components like the chassis, battery management system, and motor controllers, Ather reduces its capital outlay and remains adaptable to technological changes. The company’s cash burn rate,
lower than comparable domestic and international peers, highlights its efficient use of resources. Additionally, its favourable working capital days—48 and 46 days in FY 2024 and the nine months ended December 31, 2024—demonstrate strong financial prudence. Ather’s focus on scalability is evident in its transition from a small factory to the expansive Hosur Factory, which significantly increased its production capacity. The company also follows an asset-light distribution strategy, relying on retail partners to operate experience and service centres, minimizing capital investment and benefiting from local sales expertise. This approach enables rapid expansion without the high costs of brick-and-mortar infrastructure, offering operational flexibility and cost efficiency. Ather’s strategic focus on outsourcing, capital optimization, and scalable growth positions it for longterm success in the evolving electric vehicle market, making it an appealing choice for investors.

Valuation of Hexaware Technologies Limited IPO

Ather Energy Ltd., established in 2013, has firmly positioned itself as a key player in India’s electric two- wheeler (E2W) market with a vertically integrated approach, focusing on in-house design and development of E2Ws, battery packs, and software, such as the proprietary Atherstack platform. Its product lineup, including the high-performance Ather 450 series and the affordable Ather Rizta series, caters to premium and mass- market segments, supported by Ather’s fast-charging network, Ather Grid. The company has built a strong brand by combining technological innovation, premium features, and a capital-efficient growth strategy, which minimizes upfront capital expenditure through an asset-light distribution model. However, Ather faces risks such as dependence on third-party suppliers for crucial components like lithium-ion cells, intense competition from established players like Ola Electric, TVS, Bajaj Auto, and Hero Motocorp, and limited diversification in its product portfolio, making its growth dependent on the success of its E2Ws. Financially, the company registered
a decline in its topline, with revenue falling from Rs. 17,809 million in FY23 to Rs. 17,538 million in FY25 and Rs. 15,789 million in 9MFY25 revenue, while the losses have widened of losses from Rs. 8,645 million in FY23 to Rs. 10,597 million in FY24; however, the company has reduced its loss to Rs. 5,779 million in 9MFY25. Further, the company has increased its debt from Rs. 309 million in FY24 to Rs. 1,602 million in 9MFY25, raising concerns about its financial sustainability. Given the rising debt levels and persistent loss-making status, we recommend an “Avoid” rating. We will reassess our recommendation if there is a sustained improvement in financial metrics in future.

1. What is the Ather Energy Limited IPO?

Ather Energy IPO is a book built issue of Rs 2,981.06 crores. The issue is entirely a fresh issue of 2,626.30 crore shares. Ather Energy IPO bidding opened for subscription on April 28, 2025 and will close on April 30, 2024. The allotment for the Ather Energy IPO is expected to be finalized on Friday, May 2, 2025. Ather Energy IPO will list on BSE, NSE with tentative listing date fixed as Tuesday, May 6, 2025.

How to apply for the Ather Energy Limited IPO through StoxBox?

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

When will the Ather Energy Limited IPO open?

Ather Energy Limited IPO is opening on 28^th April 2025.

What is the lot size of the Ather Energy Limited IPO?

The Lot Size of Ather Energy Limited IPO is 46 equity shares.

When is the Ather Energy Limited IPO allotment date?

The allotment Date for Ather Energy Limited IPO is 2^nd May 2025.

When is the Ather Energy Limited IPO listing date?

The listing Date for Ather Energy Limited IPO is 6^th May 2025.

What are the risks associated with investing in the Ather Energy Limited IPO?

In the Retail segment the minimum investment required is Rs. 14,766.

When will the Ather Energy Limited IPO shares be credited to my Demat account?

In the Retail segment the maximum investment requirement is Rs. 191,958.

What are the risks associated with investing in the Hexaware Technologies Limited IPO?

Energy’s revenue generation is heavily reliant on its electric scooter lineup. A lack of diversification into other product categories may expose the company to market risks and changes in consumer preferences, making its future growth dependent on the success of its evolving E2W portfolio.government regulations, trade policies, economic conditions, or trade tensions, particularly with countrielike China, could adversely impact its business operations.
The company relies heavily on third-party suppliers for most components, including lithium-ion cells, for in- house battery production. Any disruption in the availability, pricing, or quality of these cells, or changes in
The company operates in a highly competitive Indian automobile market, facing pressure from both established players and new entrants like Ola Electric, TVS, Bajaj Auto, and Hero Motocorp, where downward pricing pressures may force reductions in the price of its electric two-wheelers, impacting profitability, and success depends on maintaining or increasing market share through continuous innovation, with no guarantee of sustained growth or the ability to outpace existing or

When will the Ather Energy Limited IPO shares be credited to my Demat account?

The Ather Energy Limited IPO be credited to the account on allotment date which is 2^nd May 2025. Login to your account now – https://campaign.StoxBox.in/redirect.html

What are the important dates related to Ather Energy Limited IPO?

IPO Open Date	Mon, Apr 28, 2025
IPO Close Date	Wed, Apr 30, 2025
Basis of Allotment	Fri, May 2, 2025
Initiation of Refunds	Mon, May 5, 2025
Credit of Shares to Demat	Mon, May 5, 2025
Listing Date	Tue, May 6, 2025
Cut-off time for UPI mandate confirmation	5 PM on Wed 30 Apr, 2025

Quality Power Electrical Equipments Limited : Subscribe

Date

14th Feb 2025 - 18th Feb 2025
Price Range

Rs.401 to Rs. 425
Minimum Order Quantity

26

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Price	Lot Size	Issue Date	Issue Size
₹ 401 to ₹ 425	26	14th Feb, 2025 – 18th Feb, 2025	₹858.70 Cr

About Quality Power Electrical Equipments Limited IPO

Quality Power Electrical Equipments Ltd. (QPEEL) is an Indian company catering to global customers in critical energy transition equipment and power technologies. It specializes in high-voltage electrical equipment and solutions for electrical grid connectivity and energy transition. QPEEL is a technology-driven company offering various power products and solutions across the power generation, transmission, distribution, and automation sectors. The company provides innovative, technology-driven products, comprehensive system solutions, and professional services tailored for the power sector. QPEEL is among the few global manufacturers of critical high-voltage equipment for High-Voltage Direct Current (HVDC) and Flexible AC Transmission Systems (FACTS) networks. Its diverse product portfolio includes reactors, transformers, line traps, instrument transformers, capacitor banks, converters, harmonic filters, and reactive power compensation systems. Additionally, QPEEL delivers advanced grid interconnection solutions, incorporating technologies like STATCOM and Static Var Compensator (SVC) systems. The company specializes in grid interconnection equipment, addressing the infrastructure and devices needed to connect multiple power grids or electrical systems. The company operates two manufacturing facilities in India, located in Sangli, Maharashtra, and Aluva, Kerala. As part of its global expansion strategy, QPEEL has acquired a 51% stake in Endoks Enerji Anonim Şirketi (Endoks), a company based in Ankara, Turkey. Company’s manufacturing facilities adhere to the stringent quality standards required by its global conglomerate clientele, including several Fortune 500 companies. Its Test & Research Lab in Sangli holds ISO 17025:2017 accreditation from the National Accreditation Board for Testing and Calibration Laboratories. Furthermore, its operating facilities are certified with ISO 9001:2015, ISO 14001:2015, and ISO 45001:2018 by TUV India Private Limited. As of September 30, 2024, QPEEL had 143 customers. Its end clients include power utilities, industries, and energy entities.

Objective of the Quality Power Electrical Equipments Limited IPO

The Net Proceeds of the Fresh Issue are proposed to be utilized in the following manner:

Payment of the purchase consideration for the acquisition of Mehru Electrical and Mechanical Engineers Private Limited;
Funding capital expenditure requirements of the Company for the purchase of plant and machinery; and
Funding inorganic growth through unidentified acquisitions, other strategic initiatives, and general corporate purposes.

Rationale To Quality Power Electrical Equipments Limited IPO

Global player in high-voltage solutions driving energy transition and sustainable growth

QPEEL specializes in providing high-voltage electrical equipment and solutions for electrical grid connectivity and energy transition across power generation, transmission, transition, distribution, and automation. It is among the few global manufacturers supplying critical high-voltage equipment for HVDC and FACTS networks across 100 countries. QPEEL caters to industries like automobiles, oil and gas, cement, chemical, renewables, traction and locomotives, steel and metal industries, and power utilities. The company has established itself as a global player with its presence in markets across six continents. Its product portfolio contributes to advancing decarbonization efforts, sustainability, and green energy initiatives. The energy transition sector is essential in transmitting power regularly to various distribution utilities. Domestically and internationally, the sector requires continuous capacity additions to keep up with increasing generation capacity. Leveraging its expertise, QPEEL offers tailored solutions to meet current industry demands while proactively anticipating future trends. Further, the global transmission line market is also poised for a transformative shift as the power generation sector increasingly adopts more sustainable and energy-efficient energy sources. As a global energy transition and power technology player with a robust sales presence across 100 countries, QPEEL is well-positioned to harness such sectoral growth and boost its sales.

Strong client base and proven expertise in a high entry-barrier industry ensure a competitive advantage

QPEEL serves 143 customers across different segments, including power utilities, renewable energy players, and industries such as automobiles, oil and gas, cement, chemicals, renewables, traction and locomotives, steel and metal, and power utilities. Its clientele includes major business conglomerates listed in the Fortune 500 category. These customers prioritize technology, scale of operations, reliability and quality, particularly in energy projects they undertake. QPEEL has developed long-term business relationships with most of its customers, which it attributes to the quality and delivery of its products and services. By understanding the customers’ evolving needs, the company offers tailored solutions that help expand order volumes. It has a wide range of products, with a typical life of over 15 years, used in long-term critical energy projects. Establishing a presence in the power transmission sector demands substantial financial resources for acquiring land, procuring equipment, and deploying skilled manpower. Meeting regulatory requirements and obtaining necessary certifications present significant challenges for new entrants in the energy transition equipment and power technologies sector, both domestically and internationally. These processes are often time-consuming and expensive, creating formidable entry barriers. The company has successfully overcome these challenges over the past two decades. Its commitment to compliance and quality assurance has enabled the company to obtain the requisite certifications and approvals and adhere to industry standards. Furthermore, its products have undergone rigorous testing by end users, demonstrating their performance and durability in real-world applications. company’s expertise in understanding, interpreting and adhering to these product specifications ensures its strong foothold in an industry characterized by high trade barriers.

Valuation of Quality Power Electrical Equipments Limited IPO

QPEEL is a technology-driven company specializing in power products and solutions across the power generation, transmission, distribution, and automation sectors. It provides high-voltage electrical equipment and solutions for electrical grid connectivity and energy transition. The energy transition equipment and power technologies market is poised for significant growth in the coming decades. As governments and businesses around the world intensify their efforts to decarbonize the energy sector, the demand for energy transition equipment is expected to expand steadily. QPEEL’s global presence across the energy transition and power technology industry, spanning 100 countries, positions it well to capitalize on this sectoral growth and increase its sales. The company’s large customer base in different segments and its comprehensive product portfolio reinforce its position in an industry characterized by high trade barriers. On the financial front, QPEEL’s operational revenue grew at a CAGR of 28.3% from FY22 to FY24. Profit after tax rose from Rs. 422 million in FY22 to Rs. 555 million in FY24, while return on equity (ROE) improved slightly from 26.3% to 29.1%. The company is valued at a PE ratio of 81.9x on the upper price band based on FY24 earnings, which is lower than its peers. Given its strong financial growth, diverse product portfolio and global customer base, the company is well-positioned to achieve sustained growth within the sector. Therefore, we recommend a “SUBSCRIBE” rating for medium to long-term investment.

What is the Quality Power Electrical Equipments Limited IPO?

Quality Power IPO is a book built issue of Rs 858.70 crores. The issue is a combination of fresh issue of 0.53 crore shares aggregating to Rs 225.00 crores and offer for sale of 1.49 crore shares aggregating to Rs 633.70 crores. Login to your account now.

How to apply for the Quality Power Electrical Equipments Limited IPO through StoxBox?

To apply for the Quality Power Electrical Equipments Limited IPO through StoxBox one can apply from the website and also from the app. Click here

When will the Quality Power Electrical Equipments Limited IPO open?

Quality Power Electrical Equipments Limited IPO is opening on 14^th February 2025. Apply Now

What is the lot size of the Quality Power Electrical Equipments Limited IPO?

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

When is the Quality Power Electrical Equipments Limited IPO allotment date?

The allotment Date for Quality Power Electrical Equipments Limited IPO is 19^th February 2025. Login to your account now.

When is the Quality Power Electrical Equipments Limited IPO listing date?

The listing Date for Quality Power Electrical Equipments Limited IPO is 21^st February 2025. Login to your account now

What is the minimum investment required for the Quality Power Electrical Equipments Limited IPO?

In the Retail segment the minimum investment required is Rs. 11,050. Login to your account now

What is the maximum investment allowed for the Quality Power Electrical Equipments Limited IPO?

In the Retail segment the maximum investment requirement is Rs. 198,900. Login to your account now

What are the risks associated with investing in the Quality Power Electrical Equipments Limited IPO?

The company derives 74% of its revenue from international markets and plans to expand further into new geographical regions. This expansion may expose it to significant liabilities, and the company could risk losing some or all of its investment in such regions, which could adversely affect the business, financial condition, and results of operations.
The company’s performance is dependent on the market for High-Voltage Direct Current (HVDC) and Flexible Alternating Current Transmission Systems (FACTS), which in turn is dependent on a range of social, economic and regulatory factors beyond its control. Any adverse trend in such markets could have a material adverse effect on the business, financial condition, results of operations and cash flows.
The company frequently deals with foreign exchange and faces risks related to currency fluctuations. Its inability to effectively manage these risks associated with export sales could negatively affect its sales to international customers, its operations and representations in foreign markets, and its overall profitability.

When will the Quality Power Electrical Equipments Limited IPO shares be credited to my Demat account?

The Quality Power Electrical Equipments Limited IPO be credited to the account on allotment date which is 20^th February 2025. Login to your account now

Where can I find the Quality Power Electrical Equipments Limited IPO prospectus?

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

What are the important dates related to Quality Power Electrical Equipments Limited IPO?

IPO Open Date	Fri, Feb 14, 2025
IPO Close Date	Tue, Feb 18, 2025
Basis of Allotment	Wed, Feb 19, 2025
Initiation of Refunds	Thu, Feb 20, 2025
Credit of Shares to Demat	Thu, Feb 20, 2025
Listing Date	Fri, Feb 21, 2025
Cut-off time for UPI mandate confirmation	5 PM on February 18, 2025

Hexaware Technologies Limited : Subscribe

Date

12th Feb 2025 - 14th Feb 2025
Price Range

Rs.674 to Rs. 708
Minimum Order Quantity

21

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Price	Lot Size	Issue Date	Issue Size
₹ 674 to ₹ 708	21	12th Feb, 2025 – 14th Feb, 2025	₹8,750.00 Cr

About Hexaware Technologies Limited IPO

Hexaware Technologies is a global digital and technology services company centred around Artificial Intelligence (AI). The company provides innovative solutions for customer’s digital transformation journeys and ongoing operations, embedding AI into all aspects of its services. The company operates in six industry segments: Financial Services, Healthcare and insurance, Manufacturing and consumer, Hi-Tech and Professional Services, Banking, and Travel and transportation. The company has a global footprint, providing services across the Americas, Europe, and the Asia-Pacific (APAC) region, including India and the Middle East. Its international presence enables the company to serve diverse clients, including multinational corporations and mid-sized enterprises. The company offerings include Design and build, Secure and run, Data and AI, Optimize, and Cloud Services. The company leverages AI-enabled platforms such as RapidX™, Tensai®, and Amaze®. Additionally, its strategic partnerships contribute to expanded service capabilities and market reach. The company has a global delivery presence comprising 39 delivery centres supported by 16 offices across the Americas, Europe and APAC as of September 30, 2024. As of September 30, 2024, the company had a team of 32,536 employees in 28 countries. The Brand Finance 100 2024 report recognised the company as the ‘Fastest Growing Brand’ among the Top 10 IT Services Companies.

Objective of the Hexaware Technologies Limited IPO

The company will not receive any proceeds from the issue as the entire issue is comprised of OFS

Rationale To Hexaware Technologies Limited IPO

Deep domain expertise delivered through comprehensive solutions across industries

Hexaware Technologies Limited provides comprehensive services and solutions to customers across six industries, each comprising an operating segment: Financial Services, Healthcare and Insurance, Manufacturing and Consumer, Hi-Tech and Professional Services, Banking, and Travel and Transportation. Revenue from operations contributed by each of Hexaware Technologies Limited’s six operating segments has consistently increased from CY21 to C23 and 9MCY24. Four of the operating segments – Financial Services, Healthcare and Insurance, Manufacturing and Consumer, and Hi-Tech and Professional Services—each contributed over US$200 million in revenue from operations for CY23. Hexaware Technologies Limited’s expertise is further complemented by a mix of strategic and industry-focused partners, such as ServiceNow, which offers AI-powered solutions for various business functions like human resources, IT, customer service, security, and finance, and Backbase, a banking financial technology company based in the Netherlands. The company believes these partnerships provide valuable opportunities to refine its value proposition for customers across the industries and geographies it serves.

AI-led digital capabilities and platforms built in-house with innovation as a strategic pillar

Hexaware Technologies Limited has leveraged its domain expertise to develop three AI-enabled digital platforms that create value for customers across its service offerings:

(1) RapidX™ for digital transformation,

(2) Tensai® for AI-powered automation, and

(3) Amaze® for cloud adoption.

Innovation is a key pillar of Hexaware’s business strategy, and the company has prioritised it by building its intellectual property portfolio, enhancing technological expertise, and investing in next-generation technologies. As of the Red Herring Prospectus date, Hexaware holds 20 granted patents, 119 registered trademarks in multiple countries, two copyrights registered in India, and 49 domain names registered globally. The 119 trademarks include 9 product marks and 98 service marks, with some trademarks registered as both product and service marks. Additionally, the company has filed applications for 45 patents and 23 trademarks in various countries, comprising 6 product marks and 14 service marks. This innovation is supported by training, skill development, and talent recruitment. Hexaware also operates innovation labs in Chennai, Tamil Nadu; Amsterdam, Netherlands ; and Berlin, Germany, focusing on efficiency improvement, modernisation, and upscaling services for internal and customer projects. Driven by its AI-enabled approach, Hexaware has incorporated AI and Gen AI across its solutions, services, internal decision-making, and human capital management processes while ensuring data security and adherence to ethical and regulatory standards. The company’s employees have earned 15,722 Gen AI Foundation Level certifications and 3,417 Gen AI Advanced certifications through HexaVarsity, the company’s Gen AI training and certification program.

Valuation of Hexaware Technologies Limited IPO

Hexaware Technologies has undergone significant evolution over the past decade, expanding its service offerings, diversifying its customer base, enhancing its global delivery capabilities, and placing a stronger emphasis on innovation and technology. The company serves a wide array of clients, including 31 organizations from the Fortune 500 list. The global enterprise technology services market is projected to reach approximately Rs. 343 trillion (US$ 4,107.5 billion) in CY2029E from Rs. 266 trillion (US$ 3,109.4 billion) in CY23, with IT services expected to grow at a compound annual growth rate (CAGR) of around 7.2%, while business process services are anticipated to grow at a CAGR of roughly 2.5% during the period from CY24 to CY29E. The company has a global delivery presence across India, UAE, USA, Mexico, Europe and South East Asia that enables the company to offer innovative and cost-effective solutions to its customers. Additionally, its strategic partnerships contribute to expanded service capabilities and market reach. Hexaware’s adjusted cash conversion percentage reached 89.9% for CY23, up from 56.0% in CY22. This demonstrates the company’s strong cash generation capabilities and efficient working capital management. Hexaware’s track record of robust revenue growth, improving margins, and strong cash generation positions it well for continued success, underscoring its commitment to delivering value to stakeholders. The issue is valued at a price-to-earnings (P/E) ratio of 43.1x on the upper price band based on CY23 earnings, which is relatively cheaper compared to its peers. Considering the above compelling factors, we recommend a “SUBSCRIBE” rating for this issue.

What is the Hexaware Technologies Limited IPO?

Hexaware Technologies IPO is a book built issue of Rs 8,750.00 crores. The issue is entirely an offer for sale of 12.36 crore shares. Login to your account now.

How to apply for the Hexaware Technologies Limited IPO through StoxBox?

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

When will the Hexaware Technologies Limited IPO open?

Hexaware Technologies Limited IPO is opening on 12^th February 2025. Apply Now

What is the lot size of the Hexaware Technologies Limited IPO?

The Lot Size of Hexaware Technologies Limited IPO is 21 equity shares. Login to your account now.

When is the Hexaware Technologies Limited IPO allotment date?

The allotment Date for Hexaware Technologies Limited IPO is 17^th February 2025. Login to your account now.

When is the Hexaware Technologies Limited IPO listing date?

The listing Date for Hexaware Technologies Limited IPO is 19^th February 2025. Login to your account now

What is the minimum investment required for the Hexaware Technologies Limited IPO?

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

What is the maximum investment allowed for the Hexaware Technologies Limited IPO?

In the Retail segment the maximum investment requirement is Rs. 193,284. Login to your account now

What are the risks associated with investing in the Hexaware Technologies Limited IPO?

The company derives 73.4% of revenue from the Americas and 20.5% from Europe. Any economic downturn or regulatory change in these regions could significantly impact its financial performance
The company operates in multiple currencies but incurs most costs in Indian Rupees. Fluctuations in forex rates, particularly appreciation of INR against USD and EUR, could affect profit margins, business and financial condition.
The company is vulnerable to cyber-attacks, ransomware, and data breaches. A significant breach could lead to financial losses, legal liabilities, and reputational damage.

When will the Hexaware Technologies Limited IPO shares be credited to my Demat account?

The Hexaware Technologies Limited IPO be credited to the account on allotment date which is 18^th February 2025. Login to your account now

Where can I find the Hexaware Technologies Limited IPO prospectus?

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

What are the important dates related to Hexaware Technologies Limited IPO?

IPO Open Date	Wed, Feb 12, 2025
IPO Close Date	Fri, Feb 14, 2025
Basis of Allotment	Mon, Feb 17, 2025
Initiation of Refunds	Tue, Feb 18, 2025
Credit of Shares to Demat	Tue, Feb 18, 2025
Listing Date	Wed, Feb 19, 2025
Cut-off time for UPI mandate confirmation	5 PM on February 14, 2025

Ajax Engineering Limited : Subscribe

Date

10th Feb 2025 - 12th Feb 2025
Price Range

Rs.599 to Rs. 629
Minimum Order Quantity

23

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Price	Lot Size	Issue Date	Issue Size
₹ 599 to ₹ 629	23	10th Feb, 2025 – 12th Feb, 2025	₹ 1,269.35 Cr

About Ajax Engineering Limited IPO

Ajax Engineering Ltd. is a leading concrete equipment manufacturer offering a comprehensive range of concrete equipment services and solutions across the value chain. Its product portfolio includes over 141 concrete equipment variants catering to various needs within the concrete application value chain. Over the last ten years, the company has sold over 29,800 concrete equipment units in India. The company’s concrete equipment is used in diverse applications and is deployed across transportation, irrigation, and infrastructure projects. In addition to its SLCM portfolio, the company offers a large and diverse range of non-SLCM equipment, including batching plants for concrete production, transit mixers for concrete transportation, boom pumps, concrete pumps, self-propelled boom pumps for concrete placement, and slip-form pavers that cater to various aspects of the concrete production, transportation, placement, and paving processes. One of the company’s significant innovations is the SLCM equipped with load cell technology, ensuring quality assurance in concrete production. This innovation has been recognized by the Legal Metrology Department of the Government of India and is now widely used by government departments such as the Public Works Department, Irrigation Department, and Border Roads Organization. In 2019, the company introduced its patented self-propelled boom pump mounted on a 4×4 chassis, designed to combine mobility and flexibility for efficient concrete placement at varying heights and distances. Ajax Engineering operates four assembly and manufacturing facilities located at Obadenahalli, Gowribidanur, Basethahalli, and Adinarayanahosahalli in Karnataka, with each facility specializing in distinct product lines. The company sells its equipment through a network of dealers in India and internationally to a diverse range of customers, including individual contractors, small and mid-sized contracting companies, rental companies, large construction firms, and government construction agencies.

Objective of the Ajax Engineering Limited IPO

The company will not receive any proceeds from the offer.

Rationale To Ajax Engineering Limited IPO

Dominant market leader with a diversified portfolio, indicating a strong growth potential

Ajax Engineering is a leading manufacturer of SLCMs in India, holding an approximate market share of 75%. The company also offers a comprehensive range of 141 concrete equipment variants, services, and solutions across the concrete application value chain. Its product portfolio includes SLCMs, batching plants for concrete production, transit mixers for concrete transportation, boom pumps, concrete pumps, self-propelled boom pumps for concrete placement, slip-form pavers for concrete paving, and 3D concrete printers for depositing concrete. Over the last ten years, Ajax Engineering has sold more than 29,800 concrete equipment units, the largest sales volume among leading concrete equipment companies in India during this period. Its SLCMs are known for commanding the highest resale value in India, attributed to factors such as first-mover advantage, high product quality and reliability, and strong after-sales service. The SLCMs sold under its ‘Agro’ brand are designed with varying drum outputs ranging from 1.0 to 4.8 cubic meters per batch, catering to a wide range of industrial uses, including mid-scale and smaller infrastructure projects. The growing focus on infrastructure development in India is expected to drive significant demand for mechanized concrete equipment, positioning Ajax Engineering well to supply a diverse range of products capable of efficiently handling small to large-scale construction projects. Additionally, the company has been leveraging its leadership position in the SLCM market to expand its non-SLCM equipment sales. This is being achieved through targeted initiatives such as deploying a dedicated team for the non-SLCM business, utilizing its extensive dealer network for non-SLCM sales, and launching educational and sales campaigns to highlight the benefits of these products to its customers.

Extensive dealer network driving customer satisfaction and sales growth

Over the past three financial years, the company has adopted a dealer-led distribution and service model. Its extensive dealer network consists of 51 dealerships across 23 states in India, providing customer access through 114 touchpoints, including 51 dealer headquarters and 63 branches, of which 34 also serve as service centers. As of September 30, 2024, this is the largest dealer network among leading concrete equipment companies in India in terms of the number of dealers and service touchpoints. The company has established longstanding relationships with its dealers, all of whom are exclusive to the concrete equipment market. Its equipment is sold to a diverse range of end customers, including individual contractors, small and mid-sized contracting companies, rental companies, large construction firms, and government construction agencies. All branches and service centers are managed and operated by its dealers, ensuring the availability of spare parts and enhancing customer satisfaction. To support its dealers, the company provides a range of operational assistance, including training programs, financing support, and sales incentives. Through its ‘Ajax Dealer Excellence Model,’ the company conducts initiatives to ensure dealer staff are well-equipped to assist customers and rewards dealers based on performance benchmarks and incentive parameters. The company has also maintained strong relationships with its customers, reflecting its ability to meet the diverse needs of various sectors within the construction industry. Its broad yet targeted customer base enables it to develop an efficient and stable business model, presenting significant potential for further sales growth.

Valuation of Ajax Engineering Limited IPO

Ajax Engineering Ltd. is a leading concrete equipment manufacturer with a diverse product portfolio that includes SLCMs, batching plants for concrete production, transit mixers for concrete transportation, boom pumps, concrete pumps, self-propelled boom pumps for concrete placement, slip-form pavers for concrete paving, and 3D concrete printers for depositing concrete. The company holds an approximate 75% market share in SLCMs in India and has sold the largest number of manufacturing equipment, which also commands the highest resale value among its peers. The concrete equipment market in India, particularly for SLCMs, is experiencing significant growth driven by several factors, including increasing cement consumption and rising public and private capital expenditure in infrastructure, irrigation, housing, and renewable power projects, leading to higher demand for construction materials and equipment. Ajax Engineering has established a robust dealer-led distribution and service model, comprising 51 dealers across 23 states, and serves a diverse base of end customers across specialized sectors such as transportation infrastructure, irrigation, and large-scale infrastructure projects. On the financial front, the company has delivered strong performance, with revenue growing at a CAGR of 51% from FY22 to FY24. During the same period, its EBITDA and PAT grew at an impressive CAGR of 74.5% and 84.4%, respectively. The issue is priced at a P/E ratio of 32.1x at the upper price band based on FY24 earnings, which is comparatively lower than its industry peers. Given the company’s strong financial performance, favorable industry growth drivers, and attractive valuation, we recommend a “SUBSCRIBE” rating for this issue.

What is the Ajax Engineering Limited IPO?

Ajax Engineering IPO is a book built issue of Rs 1,269.35 crores. The issue is entirely an offer for sale of 2.02 crore shares. Login to your account now.

How to apply for the Ajax Engineering Limited IPO through StoxBox?

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

When will the Ajax Engineering Limited IPO open?

Ajax Engineering Limited IPO is opening on 10^th February 2025. Apply Now

What is the lot size of the Ajax Engineering Limited IPO?

The Lot Size of Ajax Engineering Limited IPO is 23 equity shares. Login to your account now.

When is the Ajax Engineering Limited IPO allotment date?

The allotment Date for Ajax Engineering Limited IPO is 13^th February 2025. Login to your account now.

When is the Ajax Engineering Limited IPO listing date?

The listing Date for Ajax Engineering Limited IPO is 17^th February 2025. Login to your account now

What is the minimum investment required for the Ajax Engineering Limited IPO?

In the Retail segment the minimum investment required is Rs. 14,070. Login to your account now

What is the maximum investment allowed for the Ajax Engineering Limited IPO?

In the Retail segment the maximum investment requirement is Rs. 188,071. Login to your account now

What are the risks associated with investing in the Ajax Engineering Limited IPO?

The concrete equipment industry is cyclical in nature, and any decrease in sales during certain quarters, fluctuations in material prices, or disruptions in the timely availability of materials could adversely affect the company’s business, results of operations, financial condition, and cash flows.
The company’s business has grown rapidly, but it may not be able to sustain its historical growth rates in the future. Any inability to effectively manage growth or execute its growth strategy in a timely manner or within budget estimates could adversely affect its business, results of operations, financial condition, and cash flows.
The company currently assembles all of its SCLMs substantially at the Obadenahalli facility, accounting for approximately 96%-99% of its total SCLM production. Any disruptions or stoppages at this facility or other facilities could adversely impact its operations, financial condition, and results of operations.

When will the Ajax Engineering Limited IPO shares be credited to my Demat account?

The Ajax Engineering Limited IPO be credited to the account on allotment date which is 14^th February 2025. Login to your account now

Where can I find the Ajax Engineering Limited IPO prospectus?

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

What are the important dates related to Ajax Engineering Limited IPO?

IPO Open Date	Monday, February 10, 2025
IPO Close Date	Wednesday, February 12, 2025
Basis of Allotment	Thursday, February 13, 202
Initiation of Refunds	Friday, February 14, 2025
Credit of Shares to Demat	Friday, February 14, 2025
Listing Date	Monday, February 17, 2025
Cut-off time for UPI mandate confirmation	5 PM on February 12, 2025

Dr. Agarwal’s Health Care Ltd: Avoid

Date

29th Jan 2025 - 31st Jan 2025
Price Range

Rs.382 to Rs. 402
Minimum Order Quantity

35

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Price	Lot Size	Issue Date	Issue Size
₹ 382 to ₹ 402	35	29th Jan, 2025 – 31st Jan, 2025	₹ 3,027.26 Cr

About Dr. Agarwal’s Health Care Ltd IPO

Dr Agarwal’s Health Care Ltd (DAHCL) operates in the eye-care market in India, providing a comprehensive range of eye-care services, including cataract, refractive and other surgeries; consultations, diagnoses and non-surgical treatments; and selling opticals, contact lenses and accessories, and eye care related pharmaceutical products. The company holds a market share of ~25% in India’s total eye care service chain market (as per CRISIL MI&A Report). The company boasts a comprehensive network of 209 facilities complemented by 737 doctors across its facilities (as of September 2024). The company covers the following offerings: 1) Cataract surgeries, Refractive surgeries and other surgical treatments for eye ailments. 2) Consultations, diagnoses and non-surgical treatments. 3) Products: Sale of opticals, contact lenses and accessories and Sale of eye care-related pharmaceutical products The company uses a “hub and spoke” model for its operations. As of September 30, 2024, it has 28 hubs (Tertiary facilities with three Centres of Excellence or COEs) and 165 spokes (53 Primary and 112 Secondary facilities) across India. Primary facilities offer initial eye care and clinical investigations. Secondary facilities provide select surgeries like cataracts. Tertiary facilities perform super-specialty surgeries, and COEs also offer training and academic programs. This model ensures extensive coverage, accessibility, and efficient resource use across the network. Additionally, the company also commenced its international operations in 2012 and as of September 30, 2024, the company operates 16 facilities across nine countries in Africa, where we provide a range of eye care services, including treatments for cataract, glaucoma, diabetic retinopathy, retinal detachment, and dry eye, along with refractive surgeries, and paediatric and neuro ophthalmological treatments. The company’s revenue from surgeries in FY24 was Rs. 8,551.86 million, accounting for 64.2% of total operations. Sales of products, including optical and pharmaceuticals, contributed Rs. 1,739.61 million (13.06%) and Rs. 1,047.26 million (7.86%), respectively. Consultation services generated Rs. 770.01 million (5.78%), and treatments/investigations contributed Rs. 1,133.83 million (8.51%).

Objective of the Dr. Agarwal’s Health Care Ltd IPO

The net proceeds of the fresh issue are proposed to be utilised in the following manner:

Repayment or prepayment, in part or full, of certain borrowings; and
General corporate purposes and unidentified inorganic acquisitions.

Rationale To Dr. Agarwal’s Health Care Ltd IPO

Largest provider of comprehensive end-to-end eye care services in India

DAHCL is recognised as India’s largest eye care service chain by revenue from operations for FY24, with approximately 1.7 times the revenue from operations compared to the second-largest eye care service chain in the country during the same period. As of September 30, 2024, the company has 193 facilities in India, spanning 14 states and four union territories, and 16 facilities spread across nine countries in Africa. With a long-standing operational history, the company emerges as a trusted brand in the Indian eye-care service industry. Being an end to end eye care service provider, the company can cater to all ophthalmic needs of their patients. To further enhance patient convenience, several DAHCL facilities also have embedded pharmacies and optical product counters, facilitating the cross-selling of optical and eye care-related pharmaceutical products. The company’s strong brand reputation is built on the high standards of its doctors and medical staff, its quality service offerings, and its extensive reach. This results in strong brand affinity, making DAHCL the preferred eye care service provider for patients. Their wide reach through their facilities, qualified workforce, and specialised equipment enables them to improve their services continually, solidifying their position as the largest eye care services provider in India.

Scalable, asset-light, hub-and-spoke operating model

DAHCL operates on a flexible “hub-and-spoke” model that supports high patient volumes and achieves economies of scale, providing patients with greater accessibility and choice while optimizing the efficient use of crucial doctor resources across the network. Except for one, all of its facilities are leased, enabling them to scale operations with minimal upfront investment. Thanks to this hub-and-spoke and asset-light approach, the company expanded from 91 facilities as of March 31, 2022, to 193 facilities in India by September 30, 2024. In DAHCL’s “hub-and-spoke” model, patients can walk into a “spoke” (Primary facilities and Secondary facilities) nearest to them and be referred to a Secondary facility or Tertiary facility (a “hub”) as needed. This model promotes the sharing of crucial doctor resources, helping the company to build a scalable platform for continued business growth. The Primary facility network is technology-enabled, providing local access to basic eye care diagnostics and investigation services, along with teleconsultation with doctors from the nearest Secondary or Tertiary facility. Doctors can refer patients to other facilities, where they receive comprehensive eye care services, surgical procedures, or other medical treatments. This integrated model has strengthened DAHCL’s market position by enabling them to serve a large community through a steady flow of patients and effective utilization of doctors and medical resources across the network.

Valuation of Dr. Agarwal’s Health Care Ltd IPO

Dr Agarwal’s Health Care Ltd (DACHL) is India’s largest eye care service provider, offering a comprehensive range of eye care services and products. Recognised for its comprehensive and end-to-end ophthalmic services, including embedded pharmacies and optical product counters, DAHCL has built a trusted, quality-driven brand. Known for its efficient, asset-light, hub-and-spoke model, DAHCL has expanded rapidly and supports high patient volumes through effective resource utilisation, solidifying its market position and continuous growth. On the economic front, the Indian eye care industry is projected to grow at a CAGR of 12% to 14% from FY24 to FY28 to reach a market size of ₹550-650 billion. The growth in the industry is led by factors such as the high prevalence of eye-related disorders in India, rise in income levels, shifting age demographics, lifestyle changes, emerging eye care service chains, and government and non-government organisation initiatives to promote awareness about eye health in India. With a substantial market share in the organized eye care segment, we believe the company is well-positioned to be a key beneficiary of economic growth and capitalize well on the emerging trends in the segment. On the financial front, the company reports revenue/EBITDA/PAT at a CAGR of 38.3%/41.0/48.4%. The company has substantially been able to improve its D/E from 3.3 in FY22 to 1.0 in FY24. It exhibits an ROE of 6.9% and an ROCE of 8.2%, which is below the industry average. The company trades at a P/E of 128x, based on its FY24 earnings we believe is overvalued compared to its listed peers. Driven by inconsistent financial performance, rich valuation and higher concentration of OFS in the Issue, we remain largely cautious of the listing. We thus recommend an AVOID rating for the issue and will reassess our rating in future following sustained business performance in upcoming quarters.

What is the Dr. Agarwal’s Health Care Ltd IPO?

Dr Agarwals Healthcare IPO is a book built issue of Rs 3,027.26 crores. The issue is a combination of fresh issue of 0.75 crore shares aggregating to Rs 300.00 crores and offer for sale of 6.78 crore shares aggregating to Rs 2,727.26 crores. Login to your account now.

How to apply for the Dr. Agarwal’s Health Care Ltd IPO through StoxBox?

To apply for the Dr. Agarwal’s Health Care Ltd IPO through StoxBox one can apply from the website and also from the app. Click here

When will the Dr. Agarwal’s Health Care Ltd IPO open?

Dr. Agarwal’s Health Care Ltd IPO is opening on 29^th January 2025. Apply Now

What is the lot size of the Dr. Agarwal’s Health Care Ltd IPO?

The Lot Size of Dr. Agarwal’s Health Care Ltd IPO is 35 equity shares. Login to your account now.

When is the Dr. Agarwal’s Health Care Ltd IPO allotment date?

The allotment Date for Dr. Agarwal’s Health Care Ltd IPO is 03^rd February 2025. Login to your account now.

When is the Dr. Agarwal’s Health Care Ltd IPO listing date?

The listing Date for Dr. Agarwal’s Health Care Ltd IPO is 05^th February 2025. Login to your account now

What is the minimum investment required for the Dr. Agarwal’s Health Care Ltd IPO?

In the Retail segment the minimum investment required is Rs. 14,070. Login to your account now

What is the maximum investment allowed for the Dr. Agarwal’s Health Care Ltd IPO?

In the Retail segment the maximum investment requirement is Rs. 196,980. Login to your account now

What are the risks associated with investing in the Dr. Agarwal’s Health Care Ltd IPO?

A significant majority of the company’s facilities are located in the states of Tamil Nadu (particularly Chennai), Maharashtra, and Karnataka in India.
The company is exposed to credit risks concerning payments from third parties, including under central and state government schemes, government corporations, insurance companies, and third-party administrators.
The company engages doctors through retainer-ship arrangements, and there is no assurance that these doctors will not prematurely terminate their arrangements.

When will the Dr. Agarwal’s Health Care Ltd IPO shares be credited to my Demat account?

The Dr. Agarwal’s Health Care Ltd IPO be credited to the account on allotment date which is 04^th February 2025. Login to your account now

Where can I find the Dr. Agarwal’s Health Care Ltd IPO prospectus?

The prospectus of Dr. Agarwal’s Health Care Ltd IPO prospectus can be find on the website of SEBI, NSE and BSE

What are the important dates related to Dr. Agarwal’s Health Care Ltd IPO?

IPO Open Date	Wednesday, January 29, 2025
IPO Close Date	Friday, January 31, 2025
Basis of Allotment	Monday, February 3, 2025
Initiation of Refunds	Tuesday, February 4, 2025
Credit of Shares to Demat	Tuesday, February 4, 2025
Listing Date	Wednesday, February 5, 2025
Cut-off time for UPI mandate confirmation	5 PM on January 31, 2025

Denta Water and Infra Solutions Ltd: Subscribe

Date

22nd Jan 2025 - 24th Jan 2025
Price Range

Rs.279 to Rs. 294
Minimum Order Quantity

50

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Price	Lot Size	Issue Date	Issue Size
₹ 279 to ₹ 294	50	22nd Jan, 2025 – 24th Jan, 2025	₹ 220.50 Cr

About Denta Water and Infra Solutions Ltd IPO

Incorporated in 2016, Denta Water and Infra Solutions Ltd. (Denta Water) is a key player in water engineering, procurement, and construction (EPC) services with a successful track record in groundwater recharging and water management infrastructure projects. The company offers a wide range of services from design and engineering to project management and operations, with expertise in groundwater recharging using recycled water. The company significantly contributes to addressing the rising water demand in India with projects like the Byrapura and Hiremagaluru LIS Project, Karagada LIS Project, and others, which were executed through lift irrigation systems. Further, the company was involved in the KC Valley project, which helped Bengaluru build its reputation as the second-largest city in the world for treated wastewater capacity, improving the city’s water management and sustainability efforts. The company has been an active participant in water management projects, with 32 projects executed and 11 projects in the order book under the Government of India’s “Jal Jeevan Mission”. The company contracts have been awarded through competitive bidding undertaken by both the State and Central Governments. In addition to participating in government tenders, the company also undertakes projects as sub-contractors from private players. Apart from water projects, the company is also expanding its reach in railway and highway construction segment.

Objective of the Denta Water and Infra Solutions Ltd IPO

The company proposes to utilize the net proceeds raised through the issue for the following purposes:

To meet working capital requirements of the company;
General corporate purposes, subject to the applicable laws.

Rationale To Denta Water and Infra Solutions Ltd IPO

Strong order book in water management projects driving future growth

The company operates in the Indian water and wastewater treatment market, which is expected to grow to USD 23.9 billion in 2033 from USD 13.1 billion in 2023, and South India is expected to have a major share in this segment. Denta Water, a key player in the EPC segment, specializes in the design, installation and commissioning of water management infrastructure projects, with a focus on groundwater recharge projects. The company has successfully executed 32 projects in the past, such as Byrapura & Hiremagaluru LIS Project and Karagada LIS Project in Karnataka, with a completion timeline ranging from 24 to 36 months. Currently, the company has 17 ongoing projects with a contract value of Rs. 11,004.4 million, out of which Rs. 10,667.5 million is from water management projects. The company has completed a project worth Rs. 3,479.9 million, leaving an outstanding order book of Rs. 7,524.5 million. These outstanding projects are expected to be realized in two years. The company’s track record of timely project completion, efficient project execution, post-completion support and a strong order book enhances the company’s credibility in the industry.

Efficient asset-light business model driving operational excellence

The company has established an efficient business model, leveraging its industry knowledge and expertise to drive strong financial and operational performance. It focuses primarily on selected segments such as Groundwater Recharge (GWR), irrigation, and operations and maintenance (O&M) related to water projects, primarily in the state of Karnataka. This targeted approach provides the company with a competitive advantage during project award evaluations. The company follows an asset-light business model, emphasizing its project execution and management strengths, along with established relationships with clients, architects, and contractors. By focusing on development management, joint development agreements, and joint ventures, the company minimizes upfront capital expenditure compared to direct approaches. This model allows for the outsourcing of equipment requirements, with associated costs included in tender bids. The asset-light structure leads to efficient capital utilization, lower debt, and regular income, contributing to higher returns on capital employed. As of September 30, 2024, the company had a total working capital borrowing of Rs. 570.2 million in non-fund limits for bank guarantees required for its projects, with no other borrowings. The company’s asset-light model helps minimize initial costs, and its focus on development management and strong execution capabilities is expected to drive continued growth and business development.

Valuation of Denta Water and Infra Solutions Ltd IPO

Denta Water and Infra Solutions Ltd. operates in the Indian water and wastewater treatment industry, which is projected to reach USD 23.9 billion by 2033. The company, a key player in this industry, is set to benefit from this growing trend due to its strong track record, including 32 successful execution of water management projects, particularly in groundwater recharge (GWR) and wastewater management with projects like Byrapura and Hiremagaluru LIS. Currently, the company has an outstanding order book of Rs. 7,524.5 million, mainly from the government of Karnataka. Additionally, the company is focusing on diversifying its geographic footprints in high-potential regions like Gujarat, Madhya Pradesh, Maharashtra and Uttar Pradesh, which will reduce the reliance on Karnataka. The company follows an efficient, asset-light model that enhances project execution through joint ventures and development management. This approach reduces the capital expenditure and improves return ratios, resulting in the debt-equity ratio of the company for H1FY25 being 0. With the growing focus of the government on water reuse and recycling, Denta Water plans to leverage its expertise to capitalise on these trends and expand its participation in water conservation and infrastructure development projects. The company’s expanding portfolio, including ventures in railways and highways, further strengthens its position in the infrastructure sector, positioning it well for continued growth amidst evolving market conditions. Financially, the company has registered a revenue CAGR of 41.3% from Rs. 1,196 million in FY22 to Rs. 2,386 million in FY24. EBITDA grew at a CAGR of 23.4% from Rs. 518 million in FY22 to Rs. 791 million in FY24. Overall, Denta Water’s strategic focus on water management projects, growing market opportunities, and strong order book positions it well for future growth in water management and infrastructure sectors. Considering its valuation with a PE ratio of 9.5x based on FY24 earnings, we recommend a “SUBSCRIBE” rating for medium to long term investment.

What is the Denta Water and Infra Solutions Ltd IPO?

Denta Water IPO is a book built issue of Rs 220.50 crores. The issue is entirely a fresh issue of 0.75 crore shares. Login to your account now.

How to apply for the Denta Water and Infra Solutions Ltd IPO through StoxBox?

To apply for the Denta Water and Infra Solutions Ltd IPO through StoxBox one can apply from the website and also from the app. Click here

When will the Denta Water and Infra Solutions Ltd IPO open?

Denta Water and Infra Solutions Ltd IPO is opening on 22^nd January 2025. Apply Now

What is the lot size of the Denta Water and Infra Solutions Ltd IPO?

The Lot Size of Denta Water and Infra Solutions Ltd IPO is 50 equity shares. Login to your account now.

When is the Denta Water and Infra Solutions Ltd IPO allotment date?

The allotment Date for Denta Water and Infra Solutions Ltd IPO is 27^th January 2025. Login to your account now.

When is the Denta Water and Infra Solutions Ltd IPO listing date?

The listing Date for Denta Water and Infra Solutions Ltd IPO is 29^th January 2025. Login to your account now

What is the minimum investment required for the Denta Water and Infra Solutions Ltd IPO?

In the Retail segment the minimum investment required is Rs. 14,700. Login to your account now

What is the maximum investment allowed for the Denta Water and Infra Solutions Ltd IPO?

In the Retail segment the maximum investment requirement is Rs. 191,100. Login to your account now

What are the risks associated with investing in the Denta Water and Infra Solutions Ltd IPO?

The company relies heavily on competitive bidding to win government projects, making its revenue source uncertain. These government projects contributed 84.0% of revenue in H1FY25 from 18.3% in FY13. This dependence on government contracts exposes the company to risks such as policy changes, project delays, and contract terminations, which could significantly impact revenue, profitability, and overall growth of the company.
The company’s projects are subject to specific completion deadlines and delays due to unforeseen issues, financial problems, or government approvals. Currently, the company is experiencing time overrun in 10 out of 17 ongoing projects, which may lead to losing deposits, paying fines and higher costs, and could adversely affect the business and its financial results.
The company relies on limited suppliers for raw materials and lacks long-term agreements with them, exposing the company to the risk of volatile raw material prices and supply shortages. If any supplier ceases to supply due to commercial disagreement or insolvency, the company may struggle to find alternatives, thereby impacting production, contracts, and financial performance.

When will the Denta Water and Infra Solutions Ltd IPO shares be credited to my Demat account?

The Denta Water and Infra Solutions Ltd IPO be credited to the account on allotment date which is 28^th January 2025. Login to your account now

Where can I find the Denta Water and Infra Solutions Ltd IPO prospectus?

The prospectus of Denta Water and Infra Solutions Ltd IPO prospectus can be find on the website of SEBI, NSE and BSE

What are the important dates related to Denta Water and Infra Solutions Ltd IPO?

IPO Open Date	Wednesday, January 22, 2025
IPO Close Date	Friday, January 24, 2025
Basis of Allotment	Monday, January 27, 2025
Initiation of Refunds	Tuesday, January 28, 2025
Credit of Shares to Demat	Tuesday, January 28, 2025
Listing Date	Wednesday, January 29, 2025
Cut-off time for UPI mandate confirmation	5 PM on January 24, 2025

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