Archives: Ipos

Established in 1979, Mamata Machinery Ltd. is a key player in the global packaging machinery market, specializing in the manufacturing and export of plastic bag and pouch-making machines, packaging machinery, and extrusion equipment. The company offers end-to-end solutions for the flexible packaging industry, catering to various sectors, including FMCG, Food & Beverage, e-commerce, and garment packaging. The company also provides after-sales service to customers. The company consistently endeavour to expand product offerings and solutions to customers. As part of a focus on innovation, they have launched new and advanced machines from time to time.  In 1989, Mamata Machinery started its commercial operation as a manufacturer of microprocessor-controlled bag-making machines. They evolved periodically by introducing various categories of packaging applications. In 1997, they entered the film extrusion machinery business. 1998, they started exporting bag and pouch-making machines to the European Union. They began operations in the United States through a wholly-owned subsidiary to further expand their reach. The company conducts business outside India through its wholly owned subsidiary, Mamata Enterprise Inc., supplying machines to over 75 countries. The company derives a significant portion of its revenue from exports (65.3% in FY24), with the USA being the major export market (19.2% in FY24). The company’s top 10 customers account for ~30% of the total revenue, reflecting a diversified customer base. As the company has an extensive global sales and distribution network with a customer base spanning over 75 countries, compromising both end customer brands and conversion players, it has become one of the leading exporters of machinery and equipment for bag and pouch-making machinery, packaging machinery and co-extrusion blown film machinery and attachment.

DAM Capital Advisors Limited is an investment bank in India. The company offers a wide range of financial solutions in the areas of:

(i) Investment banking comprising equity capital markets (ECM), mergers and acquisitions (M&A), private equity (PE), and structured finance advisory; and

(ii) Institutional equities comprising broking and research.

DAM Capital is the fastest-growing merchant bank in India, achieving the highest revenue CAGR from FY22 to FY24 and the best profit margin among peers in FY24. As one of the leading merchant banks in India, DAM Capital achieved a market share of 12.1% in FY24, based on the number of IPOs and QIPs where it served as the book-running lead manager. The company’s wholly-owned subsidiary, DAM Capital (USA) Inc., is incorporated in New York, USA and is registered as a Broker-Dealer with the SEC. Focusing on the Indian capital markets, one of the most dynamic and high-growth organized markets in the world, DAM Capital leverages deep domain knowledge across sectors and products, combined with the vast experience of its team, to provide strategic advisory and capital market solutions. The diverse and marquee clientele includes corporates, financial sponsors, institutional investors, and family offices. The company has provided services to 263 active clients, including registered FPIs spread across geographies such as India, the USA, the UK, Europe, Hong Kong, Singapore, Australia, Taiwan, South Korea, the Middle East and South Africa. As of October 31, 2024, the company had a team of 121 employees across all businesses.

Sanathan Textiles Limited, founded in 2005, is a prominent player in the Indian textile industry, holding a market share of 1.7% in the Indian textile yarn sector. The company operates across three key yarn verticals: polyester yarn, cotton yarn, and technical textiles, with the latter catering to diverse industries such as automotive, healthcare, construction, sports, outdoor activities, and protective clothing. As of September 30, 2024, Sanathan Textiles manufactures over 3,200 active yarn varieties and 45,000 SKUs, with the capability to produce more than 14,000 yarn varieties and 190,000 SKUs for various end uses. The company also specializes in high-value, tailor-made products, including dope dyed, superfine/micro, functional, industrial, technical yarns, cationic dyeable and specialty yarns, developed through extensive in-house research. These value-added products are customized to meet specific customer requirements and feature distinctive properties. Sanathan Textiles’ manufacturing facility in Silvassa, with an installed capacity of 223,750 MTPA, serves as a key production hub, especially for polyester yarn. The company manufactures polyester chips using purified terephthalic acid (PTA) and mono ethylene glycol (MEG), converting them into polyester yarn through various processing stages to impart specific properties. The company exports to 14 countries and has over 925 distributors worldwide, including India, Argentina, Singapore, Germany, and Israel. It has built long-term relationships with leading brands such as Welspun India, Page Industries, and Ganesha Ecosphere. Additionally, the company is committed to sustainability, incorporating renewable energy solutions through rooftop solar projects at its facility.

Concord Enviro Systems Ltd. (CESL) is a global provider of water and wastewater treatment and reuse solutions. The company designs, manufactures, installs, operates, and maintains industrial wastewater treatment and reuse ZLD (zero liquid discharge) solutions. CESL has a presence in industries such as pharmaceutical, chemicals, food and beverage, defence and offshore, automotive and auto ancillaries, steel, and textiles. It helps companies achieve water security, reduce their water footprint, meet pollution control regulations, and meet their ESG targets. The company boasts in-house capabilities to develop solutions across the entire value chain. The company also offers turnkey solutions, managing every phase of the project from conception to completion. The company generates revenue through the following services they provide: 1) Systems and plants (59.6% of the revenue as of FY24), out of which 97% is contributed by the turnkey solutions and the rest is contributed by the pay-per-use contracts. 2) The sale of consumables and spare parts contributes to 20.8% of the revenue, while its O&M (operating & maintenance) services make a contribution of 19.6%. As of the five-month period ended August 31, 2024, the company’s order book stood at Rs. 5,017.5 million. Of this, 74.5% consisted of system, plant, and module orders, while 25.5% comprised after-sales revenue, including consumables, spare orders, and O&M services orders. As of August 31, 2024, CESL highlighted a customer base of 289 domestic clients and 21 international clients. The customer industry split for revenue (as of 5MFY25) is as follows: Pharmaceuticals – 14.9%, Food & Beverages – 40%, Government – 8.8%, Chemicals – 8.8%, Textiles – 1.8% and Others – 26.8%. The company generated 58.2% of its revenue within India, while 41.8% came from exports (as of FY24). As of August 31, 2024, the company operates two manufacturing facilities: one located in Vasai, Maharashtra, India, and the other in Sharjah, UAE. The company uses its operations in UAE to spearhead its international business. The company develops its solutions through an in-house R&D team comprising 25 employees, which designs industry-specific membranes for its systems and develops new technologies and processes. By August 31, 2024, the company had been awarded four patents in India and had filed nine additional patent applications.

International Gemmological Institute (IGI) Ltd., founded in 1975, is the world’s second-largest independent provider of certification and accreditation services based on revenue for CY23. It is a part of the IGI group and is responsible for the business operations under the IGI brand, which is exclusively in India and Turkey. IGI ranks highly among global competitors for its certifications of diamonds, studded jewelry, and colored stones, holding an international market share of approximately 33%. It is a global leader in the certification of laboratory-grown diamonds, with a 65% market share, and it also holds a 42% share of the global market for certifications of studded jewelry. The company operates a network of 31 branches across ten countries, including 18 gemology schools in six countries, where it conducts its certification services. IGI’s laboratories are equipped with advanced gemological instruments and technologies, many of which are developed in-house. As of September 30, 2024, IGI boasted the largest number of laboratories and gemology schools among its global peers. The company serves over 7,500 customers across ten countries, including laboratory-grown diamond producers, natural diamond and colored stone wholesalers, jewelry manufacturers, and retailers. To support its laboratory services, IGI offers digital solutions through online platforms, like its website and application programming interface (API), which allow customers and end-consumers to access grading reports via QR codes and track submission statuses. Additionally, IGI’s global education platform provides a variety of courses in polished and rough diamond grading, colored stone grading, jewelry design, and retail support, along with a graduate gemologist diploma. Through its IGI Schools of Gemology, the company aims to create partnerships with customers by offering employee training and serving as a recruitment platform.

Inventurus Knowledge Solutions Ltd. (IKSL) is a technology-enabled healthcare solutions provider offering a care enablement platform to assist physician enterprises in the US, Canada, and Australia, focusing on the US markets. The company aims to streamline and expedite patient access to necessary care while alleviating the administrative load on healthcare professionals. The company uses a combination of pragmatic technology and global human capital to enhance healthcare delivery. Its healthcare provider enablement platform helps healthcare providers focus more singularly on their core role of patient care while empowering healthcare organizations to thrive. The company takes on the chores of healthcare, with services spanning administrative, clinical, and operational activities. The company creates value in its client’s business by contributing to the following spaces: 1) Its physician-oriented platform provides clinical documentation solutions, patient scheduling assistance, automated prescription re-fill solutions, clinical document management & data abstraction solutions, clinical data migration solutions, pre-visit summary, and discharge summary. 2) By leveraging technology, the company is able to autonomously complete patient financial clearance, improve clean claim submission to prevent denials, automate payment posting and reconciliation, and reduce inefficiencies in accounts receivables follow-up. 3) Their value-based care solutions help healthcare organizations monitor patient health, identify care gaps, and provide preventive care. They accurately determine patient conditions with HCC coding, enabling appropriate clinical protocols. Their Care Management and Utilization Management solutions aid in executing the right interventions. Additionally, they handle routine administrative tasks, freeing up nurses and medical assistants to focus on patient care, using AssuRx and Stacks solutions. 4) To address the inefficient industry scenario, the company offers a digital health platform that helps its clients build, enhance, maintain, support, and manage their technology systems better. The company generates 97.8% of its revenue from its US-based clients (as of FY24), with 1.5% contributed by Canada and 0.6% by Australia. India and the UK make negligible contributions to their revenue currently. Its top customer contributes 6.7% of the revenue, while the top 5 and top 10 contribute 27.6% and 43.7%, respectively.

Incorporated in 2001, Vishal Mega Mart Limited (VMML) is a leading hypermarket chain in India, offering a diverse range of products such as apparel, groceries, electronics, and home essentials. The company caters to middle and lower-middle-income consumers by providing both its own brands and third-party brands across apparel, general merchandise, and fast-moving consumer goods (FMCG). The product portfolio includes clothing, home furnishings, travel accessories, kitchen appliances, food, non-food items, and staples. VMML operates a pan-India network of 645 stores as of September 30, 2024, spread across 414 cities in 28 states and two union territories. In addition to its physical stores, the company also offers an omni channel shopping experience through its mobile app and website. The company follows an asset-light business model, leasing all its stores and distribution centres. The products are manufactured by third-party vendors or sourced from third-party brands. By September 2024, its local delivery service, available in 600 stores across 391 cities, had 6.77 million registered users. Vishal Mega Mart ranks among India’s top two offline-first diversified retailers and employs over 16,500 people. Its portfolio of own brands includes Classics, Fashion, Denim, Ethnic (apparel); Tandem, Home Select, Home Finery (general merchandise); and savory products, staples, home care (FMCG).

MobiKwik was founded by Bipin Preet Singh and Upasana Taku, who have an experience in building scalable technology and financial products. The company aims to leverage technology as the primary factor in facilitating financial inclusion for the underserved population in India. At its core, One MobiKwik Systems Ltd. (MobiKwik) is a two-sided payments network with 16.1 crores registered users and 0.4 crore merchants as of June 24. The company operates in two distinct business segments: i) Payment business, where it empowers consumers and merchants across the country to make daily life payments conveniently via the MobiKwik app, and ii) Financial service business, where it provides accessible and affordable small-ticket credit for all manners of spending through MobiKwik ZIP and ZIP EMI. As of June 24, MobiKwik had 7.1 crores of KYC-completed users on its MobiKwik Wallet platform and 3.4 crores of pre-approved users on its MobiKwik ZIP platform. The company’s product portfolio includes services such as online checkout for e-commerce merchants, “Scan and Pay” with Kwik QR, MobiKwik Vibe (a sound box solution), the MobiKwik EDC machine, and Merchant Cash Advance. MobiKwik has also developed offerings like MobiKwik ZIP and ZIP EMI for consumers following collaborations with lending partners and Merchant Cash Advance solutions specifically for merchants. The company partners with lending partners and financial institutions such as scheduled banks and non-banking financial companies to distribute credit products to consumers. All such products provided by the company’s lending partners are on their books. The company has partnered with SBM Bank India to offer fixed-deposit-backed credit cards catering to individuals with limited or no credit history.

Sai Life Sciences is a rapidly growing, innovation-focused contract research, development, and manufacturing organization (CRDMO) offering comprehensive end-to-end services across the drug discovery, development, and manufacturing value chain. It supports global pharmaceutical innovators and biotechnology firms with small molecule new chemical entities (NCEs). It is the first India-headquartered company to join the Pharmaceutical Supply Chain Initiative (PSCI). The company provides both discovery/contract research (CRO) and chemistry, manufacturing, and control (CMC)/contract development and manufacturing organization (CDMO) services. Its CMO offerings include integrated discovery capabilities spanning biology, chemistry, and drug metabolism and pharmacokinetics (DMPK). Meanwhile, its CDMO services encompass a full range of capabilities to assist customers in developing and scaling up the production of active pharmaceutical ingredients (APIs) and intermediates for clinical and commercial phase supplies. Sai Life Sciences stands out as one of the few CRDMOs with a unique delivery model. It operates research laboratories for discovery and development close to international innovation hubs in Watertown, United States, and Manchester, United Kingdom. These are complemented by large-scale research laboratories and manufacturing facilities in cost-efficient locations in India. The company has supported over 280 pharmaceutical innovators and 230 biotechnology firms, including 18 of the top 25 global pharmaceutical companies in regulated markets such as the United States, the United Kingdom, Europe, and Japan. Its services are delivered through globally accredited manufacturing and R&D facilities, supported by a highly skilled workforce of scientists, engineers, and other professionals. The manufacturing facilities have received regulatory approvals from prominent agencies, including the United States Food and Drug Administration (USFDA), Japan’s Pharmaceuticals and Medical Devices Agency (PMDA), and India’s Central Drugs Standard Control Organization (CDSCO). Sai Life Sciences prioritizes high standards of health, safety, and environmental practices (HSE) across all its facilities. This includes robust fire protection systems, effective effluent and waste management practices, and containment systems that ensure the safe handling of chemicals in closed ecosystems. These measures minimize exposure to employees and the environment while ensuring the safety and sustainability of operations.

Suraksha Diagnostic offers a comprehensive pathology and radiology testing solution, coupled with medical consultation services, operating through an extensive network with a central reference laboratory and eight satellite laboratories. As of June 30, 2024, the company boasted 215 customer touchpoints, including 49 diagnostic centres and 166 sample collection centres across West Bengal, Bihar, Assam, and Meghalaya. Their central reference laboratory has received accreditation from the College of American Pathologists, while three other laboratories have earned NABL accreditations, and three advanced diagnostic centres hold NABH accreditations. Additionally, 44 diagnostic centres feature 126 polyclinic chambers, facilitating consultations with over 750 specialized doctors. During FY24, the company conducted ~5.98 million tests serving ~1.14 million patients and derived 95.5% of revenue from operations from core geography, Kolkata and the rest of West Bengal. The company’s radiology equipment consists of 24 CT and 13 MRI machines. Their operational network comprises 13 hub centres equipped to handle all pathology sample collections and basic and advanced radiology tests, alongside 11 medium centres, 23 small centres, and two centres operated under public-private partnerships, which focus on pathology sample collection and specific basic radiology tests. This network is further supported by 166 sample collection centres and a central reference laboratory. The company also offered a comprehensive range of 2,300+ tests covering various specialties and disciplines. Its diagnostic test menu included 788 routine pathology tests ranging from basic biochemistry and haematology to 664 specialized pathology tests such as advanced biochemistry, histopathology, and molecular pathology. The company provides 766 basic/intermediate tests in radiology, ranging from essential X-rays and ultrasonography to 119 advanced tests, including MRI and specialized CT scans, as of June 30, 2024.