Archives: Ipos

VMS TMT Ltd. is engaged in the manufacturing of Thermo Mechanically Treated (TMT) Bars, a high-strength reinforcement steel widely used in the construction industry for its exceptional strength, ductility, and corrosion resistance. The company’s operations are primarily conducted in the State of Gujarat (excluding the Saurashtra and Kutch districts), from where it generates more than 95% of its revenue from retail as well as institutional sales. Under a retail license agreement dated November 7, 2022, with Kamdhenu Limited, the company markets its TMT Bars under the Kamdhenu brand on mutually agreed terms within Gujarat on a non-exclusive basis. In addition, it sells scrap and binding wires both within Gujarat and to other states. The company focuses on Tier II and Tier III cities for the sales of its TMT Bar through a non-exclusive distribution network comprising 3 distributors and 227 dealers as of July 31, 2025. Gujarat is divided into three zones, namely central, north, and south, with one distributor in each zone to optimize market penetration, service delivery, and operational efficiency. VMS continuously seeks to expand its presence by appointing new distributors and dealers to strengthen its distribution network across diverse regions and customer segments. The company has an annual installed production capacity of 200,000 metric tonnes (MT) of TMT Bars, and production of TMT Bars in the three-month period ended June 30, 2025. Its products meet the standards set by the Bureau of Indian Standards (BIS), and the company holds several quality management certifications, including ISO 9001:2015 for quality management standards, ISO 45001:2018 for occupational health and safety management system standards, and ISO 14001:2015 for environmental management system standards. VMS believes that consistently maintaining high-quality standards is vital to its long-term growth.

The company is a leading player in India’s decorative wall panels and decorative laminates industry, operating as a seller and marketer of high-quality, design-driven wall solutions. According to the Technopak Report, it holds a dominant position in the organised decorative wall panels segment with a 15.9% market share by revenue, establishing itself as one of the largest and most trusted brands in this space. The company is recognised for its differentiated design templates that align with contemporary architectural and interior design trends. It has been acknowledged as a product innovator for launches like Louvres, Chisel, and Auris at the India Coverings Expo from 2019 to 2022. Its offerings are tailored to meet evolving consumer preferences, ensuring relevance across diverse market segments. Through its flagship brands, Euro Pratik and Gloirio, the company has established a distinctive identity in both residential and commercial sectors, offering over 30 product categories and 3,000 designs as of March 31, 2025. The company operates like a fast-fashion brand, having launched 113 catalogues in four years, catering to both residential and commercial markets. Its products provide eco-friendly, durable alternatives to traditional wall coverings, competing with wallpapers and premium paints. The portfolio is anti-bacterial, anti-fungal, free from heavy metals, and made from recycled materials. The company’s growth is braced by a vast distribution network of 180 distributors across 25 states and five union territories, reaching 116 cities, including metros, mini-metros, and Tier-I to Tier-III markets. Its strategic placement near key logistics hubs, such as its 194,877.50 sq. ft. warehouse in Bhiwandi, Maharashtra, near the Nhava Sheva port, ensures seamless delivery and supply chain efficiency. Strategic branding initiatives, including partnerships with actors Hrithik Roshan and Kareena Kapoor Khan, have strengthened its market presence. It follows an asset-light model, outsourcing manufacturing to 36 global partners while maintaining strict design and quality standards. Exports began in FY24 to over six countries in Asia and Europe, including Singapore, the UAE, Australia, Bangladesh, Burkina Faso, and Nepal. The company continues to explore new markets with favourable demographics and growth prospects through both organic and inorganic expansion.

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

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

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

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

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

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

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

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