Ipos Archive

Kalpataru Limited : Avoid

Date

24th Jun 2025 - 26th Jun 2025
Price Range

Rs.387 to Rs. 414
Minimum Order Quantity

36

Price	Lot Size	Issue Date	Issue Size
₹ 387 to ₹ 414	36	24th Jun, 2025 – 26th Jun, 2025	₹1590 Cr

Kalpataru Limited IPO

Kalpataru Limited, incorporated on December 22, 1988, is part of Kalpataru Group, promoted by Mr. Mofatraj P. Munot and Mr. Parag M. Munot. It is an integrated real estate developer with a strong footprint across all micro-markets of the Mumbai Metropolitan Region (MMR), Maharashtra. It operates across the full spectrum of real estate development activities, including land acquisition, planning, design, execution, sales, and marketing. It is the 5th largest developer in the MCGM area of Maharashtra and the 7th largest developer in Thane, Maharashtra, in terms of units supplied from
January 1, 2019, to December 31, 2024. The company’s development focus lies in luxury, premium, and mid-income residential housing, as well as commercial complexes and retail spaces. Approximately 68% of its residential developable area is located within MMR. As of December 31, 2024, the company and its promoters have delivered 120 completed projects, covering more than 25.87 million sq. ft. of developable area within Mumbai, Thane, Panvel and Pune in Maharashtra, as well as Hyderabad, Indore, Bengaluru, and Jodhpur in the states of Telangana, Madhya Pradesh,
Karnataka and Rajasthan, respectively. In addition to acquiring freehold and leasehold interests in land for development, the company has also adopted an asset-light model with 13 projects through five projects under redevelopment, six agreements under joint development agreements and two joint venture projects with other landowners to develop their land, contributing a combined 12.47 msf, representing 25.5% of its total developable area. As of December 31, 2024, it had 25 ongoing projects with a total developable area of 24.83 msf, six forthcoming projects comprising 16.33 msf, and five planned projects totalling 7.81 msf, amounting to a total development pipeline of 36 projects with 48.97 msf and holds substantial land reserves of approximately 1,886 acres on which there are currently no ongoing projects, forthcoming projects or planned projects. In FY24, the company recorded a sales value of Rs. 32,019.8 mn across 2.83 msf and 2,095 units, while for 9MFY25, the sales value was Rs. 27,272.5 mn across 2.05 msf and 1,407 units.

Objective of the Globe Civil Projects Limited IPO

The company proposes to utilize the net proceeds from the issue towards the following objects:
• Repayment/ prepayment, in full or in part, of certain borrowings availed by the company and its
subsidiaries.
• General corporate purposes.

Rationale To Kalpataru Limited IPO

Prominent real estate developer in MMR and Pune with a diversified portfolio,
proven execution capabilities, and timely project delivery.

The company is a prominent real estate developer with a strong foothold across all key micromarkets in the Mumbai Metropolitan Region (MMR) and Pune, Maharashtra, focusing on ultra-luxury, luxury, high-end, and mid-end residential segments, particularly emphasizing high-end and luxury projects. According to the Anarock Report, MMR was the leading Indian real estate market from 2019 to 2023 in terms of supply, absorption, and average base selling price. During this period, the company ranked fifth in the MCGM area and fourth in Thane in terms of the number of residential units supplied. This performance was made possible by the company’s ability to carry out all key activities associated with real estate development through its in-house resources. Leveraging its inhouse execution capabilities, the company delivered its projects on a timely basis across key markets. As of December 31, 2024, the company had completed 73 projects in MMR and Pune, accounting for 15.01 million square feet (msf). It also had 23 ongoing projects (23.21 msf), five forthcoming projects (15.03 msf), and five planned projects (7.81 msf) in these regions, collectively representing 94.84% of its total development portfolio. Its ability to deliver quality projects on a timely basis across varied price points and geographies strengthens its brand as a reliable, execution-focused developer and positions it well to capture further market share in Maharashtra’s competitive real estate landscape

Strong project pipeline with visibility towards near-term cash flows

The company’s ongoing projects and forthcoming projects, along with their ability to sell throughout the construction phase, provide visibility into near-term cash flows. As of December 31, 2024, the company had 25 ongoing projects, six forthcoming projects, and five planned projects, primarily across key micro-markets in the Mumbai Metropolitan Region (MMR). These projects are expected to benefit from the infrastructural development underway in Greater Mumbai and the MMR, thereby achieving long-term sustainability and increasing the carrying capacity of the city’s transportation networks. This, in turn, will improve traffic and transportation capacity in the MMR, both in terms of capacity and quality. Additionally, the company’s flagship developments, such as Kalpataru Parkcity in Thane, are positioned as “destination developments,” thereby strengthening the brand’s presence. The substantial development pipeline provides a competitive edge and supports the company’s continued leadership in MMR’s high-demand real estate market.

Valuation of Kalpataru Limited IPO

India’s real estate sector is projected to reach USD 1 trillion by 2030 and contribute 13% to GDP by 2025. This strong growth is driven by urbanization, rising incomes, and policy support; between 2019 and 2023, the top seven cities saw robust housing demand with 4.76 lakh units absorbed in 2023 alone, leading to a decline in unsold inventory to around 6 lakh units and the lowest inventory overhang in 6–7 years. As a prominent player with a well-established brand name, Kalpataru, backed by an experienced and qualified management team, the company is well-positioned to capitalise on these growing trends in the Indian real estate industry. The company has maintained its focus on the MMR and Pune regions, with a strong project pipeline. They are working towards the timely completion of these projects, as this will generate cash flow and enable them to unlock potential value in their existing land reserves.
Additionally, the company is exploring new opportunities, including redevelopment, JDA and JV projects. The company currently has 13 such ongoing projects, including five redevelopment projects, two joint venture projects, and six joint development agreements. Financially, the company’s revenue declined from Rs. 36,332 mn in FY23 to Rs. 19,300 mn in FY24, while the 9MFY25 revenue stands at Rs. 16,247 mn. According to management, the topline for FY23 was higher due to one-time income from the sale of its land parcel, and corresponding adjustments of overheads, etc., resulted in higher losses of Rs. 2,268 mn in FY23, which narrowed to Rs. 1,138 mn in FY24. This was also because of the reduction in the company’s interest cost from Rs. 1,303 mn in FY23 to Rs. 342 mn in FY24. In 9MFY25, the company turned profitable, reporting a profit of Rs. 55 mn. The company’s management is confident that it can further enhance its financial performance and maintain its profitable status in the years to come, given its
ongoing projects. Further, as of March 27 , 2025, the company converted Rs. 14,400 mn worth of unsecured debentures into equity shares, which will reduce debt and increase capital. Additionally, the company may monetize land reserves and explore joint ventures to unlock value, while managing financial risks through refinancing and strategic debt repayment to reduce borrowing costs. The company also plans to use the funds raised from this IPO to repay its debt. The company is currently valued at a P/E ratio of 554x on the upper price band, based on FY25 annualized earnings, which is comparatively higher than its peers. Although the company’s ongoing projects in high-growth cities, favourable industry dynamics, and intention to repay debt position it well for long-term growth, the company’s debt and high valuation make it a risky bet; hence, we recommend an “AVOID” rating for this issue. We will reassess our recommendation if there is a sustained improvement in the company’s debt structure and valuation metrics in future

What is the Kalpataru Limited IPO?

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

How to apply for the Kalpataru Limited IPO through StoxBox?

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

When will the Kalpataru Limited IPO open?

Kalpataru Limited IPO is opening on 24^th Jun 2025. Apply Now

What is the lot size of the Kalpataru Limited IPO?

The Lot Size of Kalpataru Limited IPO is 36 equity shares. Login to your account now.

When is the Kalpataru Limited allotment date?

The allotment Date for Kalpataru Limited IPO is 27th Jun 2025. Login to your account now.

When is the Kalpataru Limited IPO listing date?

The listing Date for Kalpataru Limited IPO is 1st July 2025. Login to your account now

What is the minimum investment required for the Kalpataru Limited IPO?

In the Retail segment the minimum investment required is Rs. 14,904. Login to your account now

What is the maximum investment allowed for the Kalpataru Limited IPO?

In the Retail segment the maximum investment requirement is Rs. 1,93,752. Login to your account now

What are the risks associated with investing in the Kalpataru Limited IPO?

The company has incurred net losses in the past, and any potential losses in future periods could adversely
affect its financial health, results of operations, and cash flows.
As of December 31, 2024, 94.84% of the company’s real estate development projects were located in and
around the Mumbai Metropolitan Region and Pune. As a result, the company remains exposed to risks arising
from economic, regulatory, political, and other changes in these regions, which could adversely impact its
business, operating results, and financial condition.
The company is exposed to risks associated with land acquisition, including limited land availability, rising
competition, and complex regulatory requirements, which may adversely impact its business, operational
results, and financial condition.

When will the The company has incurred net losses in the past, and any potential losses in future periods could adversely affect its financial health, results of operations, and cash flows. • As of December 31, 2024, 94.84% of the company’s real estate development projects were located in and around the Mumbai Metropolitan Region and Pune. As a result, the company remains exposed to risks arising from economic, regulatory, political, and other changes in these regions, which could adversely impact its business, operating results, and financial condition. • The company is exposed to risks associated with land acquisition, including limited land availability, rising competition, and complex regulatory requirements, which may adversely impact its business, operational results, and financial condition. IPO shares be credited to my Demat account?

The Kalpataru Limited IPO be credited to the account on allotment date which is 30th Jun 2025. Login to your account now

Where can I find the Kalpataru Limited IPO prospectus?

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

Globe Civil Projects Limited : Subscribe

Date

24th Jun 2025 - 26th Jun 2025
Price Range

Rs.67 to Rs. 71
Minimum Order Quantity

211

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Price	Lot Size	Issue Date	Issue Size
₹ 67 to ₹ 71	211	24th Jun, 2025 – 26th Jun, 2025	₹119 Cr

Globe Civil Projects Limited IPO

Incorporated on May 22, 2002 and headquartered in New Delhi, Global Civil Projects is an integrated engineering, procurement, and construction (EPC) company. Global Civil has executed projects across 11 states in India, focusing on the construction of infrastructure projects, including transport and logistics, Social and Commercial Facilities, as well as non-infrastructure projects such as railway bridges, airport terminals, elevated railway terminals, and hospitals. Additionally, the company is involved in trading goods, particularly TMT steel. The company’s construction project revenues are broadly classified into two categories: Infrastructure projects and Non-Infrastructure projects.

Infrastructure projects are further divided into:

(i) Transport & Logistics projects, which include roads, bridges, airport terminals, and railway
terminals;
(ii) Social and Commercial projects, which include educational institutions, sports infrastructure, and hospitals.

Non-infrastructure projects include:

(i) Commercial office buildings;
(ii) Housing projects.

The company also offers mechanical, electrical, and plumbing (MEP) services, as well as architectural and structural work, HVAC, firefighting, and fire alarm systems, which contribute to their construction project revenue. Over the last two decades, Global Civil Projects has completed 37 projects and currently has 13 ongoing projects, comprising 5 Social and Commercial Infrastructure projects, 3 transport and logistics projects, 4 Residential Building projects, and 1 Office Building project. The company has collaborated with several reputed clients and has been associated with marquee construction projects across India.

Objective of the Globe Civil Projects Limited IPO

The company proposes to utilize the net proceeds from the fresh issue towards funding the following
objects:
• Funding working capital requirements of the company;
• Funding capital expenditure requirements towards the purchase of equipment/machinery; and
• General corporate purposes

Rationale To Globe Civil Projects Limited IPO

Strong project management and execution capabilities a key trigger for future
performance

With a legacy of over two decades, the company has established a track record of successfully executing a diverse mix of construction projects. The company has completed 37 projects in the last two decades and has 13 ongoing projects for a diverse set of corporate, government, and other customers across various segments. The largest project by area completed by the company was the Academic and Administrative Block at AIIMS, Raipur, Chhattisgarh, with an area of 463,801.51 sq. ft. and a project cost of Rs. 1,813.47 million. Among the ongoing projects, the largest by area and value is the NIT Narela Campus, with an area of 688,908.57 sq. ft. and an estimated project cost of Rs. 3,270.00 million. Over the years, the company has leveraged its expertise and experience to deliver complex construction projects across various verticals and geographies, developing a brand with a
reputation for providing high-quality services with efficient execution and on-time delivery. The company’s goal is to use its project management and execution capabilities to accomplish projects on schedule while maintaining high construction quality. This is achieved by utilising the expertise of the company’s in-house engineering and design team, which possesses extensive knowledge and experience in various aspects of construction, including civil construction, electrical, and mechanical work. To ensure that construction activities meet the required standards and comply with contractual obligations, the company has designated quality system managers responsible for conducting regular inspections and tests at each project site. Over time, the company has developed capabilities to undertake challenging and diverse projects promptly, which is reflected in its track record of project execution and the growth in its order book.

Growing order book and higher pre-qualification credentials provide revenue visibility

The company’s order book reflects a healthy project pipeline and provides strong revenue visibility for the coming years. As of March 31, 2025, the company’s order book stood at Rs. 6,691.02 million, comprising thirteen ongoing projects across multiple segments, including five infrastructure projects (social and commercial), three infrastructure projects (transport and logistics), four noninfrastructure projects (housing), and one non-infrastructure project (commercial office). This diversification across sectors helps the company mitigate concentration risk and expand growth opportunities. Additionally, the company has received letters of intent for two more projects, further strengthening its project base. The company’s order book has demonstrated consistent strength over the years, with values of Rs. 9,808.56 million in FY24, Rs. 9,378.00 million in FY23, and Rs. 3,090.5 million in FY22. The book-to-bill ratio stood at 3.06 times as of December 31, 2024, and above 2.9 times in the last two fiscal years, indicating a steady balance between project execution and new order inflow. The company’s ability to secure large and prestigious projects is backed by its growing pre-qualification credentials, strong execution track record, and robust financial performance. This has enabled the company to access larger markets and maintain a healthy order book momentum. With a clear focus on adding quality projects that offer higher margins and potential brand value, the company is well-positioned to drive sustainable growth, expand its market presence, and enhance long-term shareholder value

Valuation of Globe Civil Projects Limited IPO

Global Civil Projects is an integrated engineering, procurement, and construction (EPC) company headquartered in New Delhi. The company has undertaken projects in 11 states across India, namely Uttar Pradesh, Haryana, Delhi, Maharashtra, Andhra Pradesh,
Karnataka, Gujarat, Chhattisgarh, Rajasthan, Uttarakhand, and Himachal Pradesh. The company is engaged in the execution and construction of infrastructure projects, including transport and logistics projects, Social and Commercial projects, and non-infrastructure
projects such as railway bridges, airport terminals, elevated railway terminals, and hospitals. Additionally, the company undertakes trading of goods, particularly TMT steel. The company’s primary focus and strength lie in the construction of educational institution
buildings and railway infrastructure. Over time, the company has diversified into specialised infrastructure and non-infrastructure projects, including railway bridges, airport terminals, elevated railway terminals, and hospitals. The company is currently accredited as a Class I Super Contractor with the Central Public Works Department (CPWD), Government of India, and is pre-qualified to independently bid for single projects with a tender value of up to Rs. 650 crores. The EPC industry in which the company operates is highly competitive and fragmented, with numerous players competing for market share. Many of the company’s competitors have greater financial, marketing, sales, and operational resources. As the company expands into new geographic regions, it faces competition from both national players and strong regional entities. The company is well-positioned to capitalise on these opportunities through its technical expertise, execution track record, and strategic focus on high-growth areas. Financially, the company’s revenue from operations from construction project receipts has increased from Rs. 253.6 crores in FY22 to Rs. 293.3 crores in FY24, at a CAGR of 7.5%. Revenue from the trading of TMT steel has increased from Rs. 32.1 crores in FY22 to Rs. 38.90 crores in FY24, at a CAGR of 10.1%. Revenue for 9MFY25 stood at Rs. 256.7 crores. The company’s PAT has shown a strong upward trajectory, growing from Rs. 5.2 crores in FY22 to Rs. 15.4 crores in FY24, reflecting a CAGR of over 65%. This improvement is supported by stronger operating performance and improved margins. Importantly, in 9MFY25 alone, PAT has already reached Rs. 17.8 crores, surpassing the full-year FY24 figure. The issue is valued at a price-to-earnings (P/E) ratio of 12.8x on the upper price band, based on annualized FY25 earnings, which is relatively lower compared to its peers. Considering the above compelling factors, we recommend a “SUBSCRIBE” rating for this
issue.

What is the Globe Civil Projects Limited IPO?

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

How to apply for the Globe Civil Projects Limited IPO through StoxBox?

To apply for the Globe Civil Projects Limited IPO through StoxBox one can apply from the website and also from the app. Click here

When will the Globe Civil Projects Limited IPO open?

Globe Civil Projects Limited IPO is opening on 24^th Jun 2025. Apply Now

What is the lot size of the Globe Civil Projects Limited IPO?

The Lot Size of Globe Civil Projects Limited IPO is 211 equity shares. Login to your account now.

When is the Globe Civil Projects Limited allotment date?

The allotment Date for Globe Civil Projects Limited IPO is 27th Jun 2025. Login to your account now.

When is the Globe Civil Projects Limited IPO listing date?

The listing Date for Globe Civil Projects Limited IPO is 1st July 2025. Login to your account now

What is the minimum investment required for the Globe Civil Projects Limited IPO?

In the Retail segment the minimum investment required is Rs. 14,981. Login to your account now

What is the maximum investment allowed for the Globe Civil Projects Limited IPO?

In the Retail segment the maximum investment requirement is Rs. 1,94,753. Login to your account now

What are the risks associated with investing in the Globe Civil Projects Limited IPO?

• For 9MFY25, and in FY24, FY23, and FY22, the company derived 10.1%, 29.8%, 57.5%, and 54.6%, respectively, of its revenue from
operations from the construction project receipts business segment associated with projects developed by the Central Public Works Department (CPWD), the company’s top customer. Any slowdown in project awards, inability to secure new projects from CPWD (whether due to reduced or discontinued project activity), failure to qualify or compete successfully for future projects, or the loss of any significant ongoing projects (due to restructuring, termination, or other factors) could adversely impact the company’s business, financial results, and overall financial condition.
As of March 31, 2025, the company’s consolidated order book stood at Rs. 6,691.02 million. However, projects included in the order book may face delays, modifications, cancellations, or may not be fully paid by clients due to factors beyond the company’s control. Such developments could have a material adverse impact on the company’s cash flows, revenues, and profitability.
The company’s business and profitability are significantly dependent on the availability and cost of raw materials, which are
primarily sourced from third-party suppliers. Any disruption in the timely and adequate supply of raw materials or any volatility in their prices could adversely affect the company’s business, financial performance, and overall financial condition.

When will the Globe Civil Projects Limited IPO shares be credited to my Demat account?

The Globe Civil Projects Limited . IPO be credited to the account on allotment date which is 30th Jun 2025. Login to your account now

Where can I find the Globe Civil Projects Limited IPO prospectus?

The prospectus of Globe Civil Projects Limited IPO prospectus can be find on the website of SEBI, NSE and BSE

Ellenbarrie Industrial Gases Limited : Subscribe

Date

24th Jun 2025 - 26th Jun 2025
Price Range

Rs.380 to Rs. 400
Minimum Order Quantity

37

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Price	Lot Size	Issue Date	Issue Size
₹ 380 to ₹ 400	37	24th Jun, 2025 – 26th Jun, 2025	₹850 Cr

Ellenbarrie Industrial Gases Limited IPO

Ellenbarrie Industrial Gases Ltd. (EIG), one of the oldest operating industrial gases companies in India, manufactures and supplies industrial gases including oxygen, carbon dioxide, acetylene, nitrogen, helium, hydrogen, argon, and nitrous oxide, as well as dry ice, synthetic air, fire-fighting gases, medical oxygen, liquid petroleum gas, welding mixtures, and specialty gases catering to a diverse set of end-use industries. EIG is a key player in the industrial gases market in East and South India, holding a leading position in West Bengal, Andhra Pradesh, and Telangana in terms of installed manufacturing capacity. The company provides project engineering services, leveraging its extensive technical expertise to design, engineer, supply, install, and commission tonnage air separation units (ASUs) and related projects on a turnkey basis for customers across various sectors. The company also offers turnkey solutions involving medical gas pipeline systems, where it assists healthcare facilities in designing, installing, commissioning, operating, and maintaining these systems. In addition, it supplies essential medical equipment to healthcare facilities, including anaesthesia workstations, spirometers, ventilators, sterilizers, bedside monitors, and lung diffusion testing machines. The company operates across multiple modalities of supply, namely onsite, bulk, and packaged, whereby it distributes its products through pipelines connected to the customers, cryogenic tankers, and cylinders. It has one of the most extensive distribution networks in the country, ranking third in terms of transport tankers, cylinders, and customer installations. EIG’s portfolio of industrial and medical gases plays a critical role in serving public and private clients across various industries, including steel, pharmaceuticals and chemicals, healthcare, engineering and infrastructure, railways, aviation, aerospace, petrochemicals, and defense. The company operates nine facilities located across East, South, and Central India, with five in West Bengal, two in Andhra Pradesh, one in Telangana, and one in Chhattisgarh.

Objective of the Ellenbarrie Industrial Gases Limited IPO

The company proposes to utilize the net proceeds from the fresh issue towards funding the following objects.

Repayment/prepayment, in full or in part, of certain outstanding borrowings availed by the company.
Setting up of an air separation unit at the Uluberia-II plant with a capacity of 220 TPD; and
General corporate purposes.

Rationale To Ellenbarrie Industrial Gases Limited IPO

Comprehensive product portfolio catering to a diverse customer base minimizes concentration risks

EIG has built strong relationships with several Indian customers across industries over its fifty-year operational history. The company sold its products to 1,829 customers, one of the highest customer counts among gas companies in India, demonstrating a highly diversified customer base and limited concentration risk. By manufacturing a wide variety of industrial gases, EIG serves various sectors, including shipbuilding, glass and steel manufacturing, pharmaceuticals, welding, and fabrication, where the consistent supply of gases is critical to operations. The company supplies various gases, including nitrogen, to major oil and gas companies across multiple sites, as nitrogen is used for increasing well pressure during oil exploration and for purging hydrocarbons in pipelines and tanks during refining. The company also produces ultra-high-purity nitrogen gas for the electronics industry, requiring special technical acumen, and ultra-high-purity oxygen used in laboratories, solar cell manufacturing, and semiconductor applications. EIG actively engages with customers to expand the range of applications for its gases, thereby enhancing customer efficiency and increasing its share of customer spending. It also supplies to sectors such as defense and aerospace, including Indian Air Force bases across East, South, and West India, Eastern Naval Command bases, and various government-owned laboratories. As a part of its project engineering operations, EIG utilizes its extensive technical expertise to design, engineer, supply, install, and commission tonnage ASUs and related infrastructure on a turnkey basis for clients across several sectors.

Strategic locations and a robust distribution network in East and South India enhance supply chain efficiency

EIG has built a strong manufacturing and distribution presence across East and South India, operating nine facilities in West Bengal, Andhra Pradesh, Telangana, and Chhattisgarh. These include three bulk manufacturing ASU plants along with cylinder filling stations, two standalone cylinder filling stations, and four onsite plants at customer premises, contributing to its leadership in installed capacity in West Bengal, Andhra Pradesh, and Telangana. With a total oxygen production capacity of 1,250 TPD and the distinction of commissioning Eastern India’s first hydrogen electrolyser, the company offers multiple supply modes – onsite, bulk, and packaged – backed by one of the largest fleets of tankers and over 39,560 cylinders. Its facilities in East and South India are strategically located near key pharmaceutical, steel, automotive, railway wagons and locomotive companies, enabling it to service key customers promptly and efficiently. The company has built a robust distribution network supported by its production facilities with the third highest number of transport tankers, cylinders and customer installations in India. To further scale operations, the company has initiated an expansion at its Uluberia facility in West Bengal, with a second plant, and plans two additional projects – one in North India and another in West Bengal – to strengthen its pan-India footprint. It also recently expanded capacity by 170 TPD at a major steel customer’s Kharagpur site in January 2025. These expansion plans aim to address rising demand across various sectors and enhance supply chain efficiency nationwide.

Valuation of Ellenbarrie Industrial Gases Limited IPO

Ellenbarrie Industrial Gases Ltd. manufactures and supplies industrial gases catering to diverse end-use industries. The company offers services, including project engineering services and also turnkey solutions involving medical gas pipeline systems. In addition, it supplies medical products and equipment to healthcare facilities. The industrial gases market in India is projected to reach USD 1.75 billion by 2028, growing at a CAGR of 7.5%. The industry is directly and significantly influenced by overall economic growth. It is characterized by high customer retention, particularly among large clients, as gases are often supplied directly through pipelines under long-term contracts, typically spanning 15 to 20 years. Given the critical role of industrial gases in manufacturing processes, along with the risks and costs associated with supply disruptions, customers are extremely selective when choosing new suppliers. EIG has effectively addressed these challenges through its long-standing operating history and strong customer relationships, which contribute to stable and recurring revenue. The company benefits from long-term partnerships with three key onsite customers and has established a highly efficient distribution network, supported by its strong manufacturing presence in East and South India. It offers flexible supply options – onsite, bulk, and packaged – based on customer requirements, providing a significant competitive advantage. Its comprehensive product portfolio, catering to diverse industries such as steel, pharmaceuticals and chemicals, healthcare, engineering and infrastructure, railways, aviation, aerospace, petrochemicals, and defense, enhances customer efficiency and minimizes concentration risks. Financially, EIG has delivered a revenue CAGR of 23.4% between FY23 and FY25, while expanding its EBITDA margin from 16.4% to 35.1%, reflecting operational leverage. The company is well-positioned to capitalize on sectoral growth while maintaining profitability and scale. The issue is valued at a P/E ratio of 62.9x at the upper price band based on FY25 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 Ellenbarrie Industrial Gases Limited IPO?

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

How to apply for the Ellenbarrie Industrial Gases Limited IPO through StoxBox?

To apply for the Ellenbarrie Industrial Gases Limited IPO through StoxBox one can apply from the website and also from the app. Click here

When will the Ellenbarrie Industrial Gases Limited IPO open?

Ellenbarrie Industrial Gases Limited IPO is opening on 24^th Jun 2025. Apply Now

What is the lot size of the Ellenbarrie Industrial Gases Limited IPO?

The Lot Size of Ellenbarrie Industrial Gases Limited IPO is 37 equity shares. Login to your account now.

When is the Ellenbarrie Industrial Gases Limited allotment date?

The allotment Date for Ellenbarrie Industrial Gases Limited IPO is 27th Jun 2025. Login to your account now.

When is the Ellenbarrie Industrial Gases Limited IPO listing date?

The listing Date for Ellenbarrie Industrial Gases Limited IPO is 1st July 2025. Login to your account now

What is the minimum investment required for the Ellenbarrie Industrial Gases Limited IPO?

In the Retail segment the minimum investment required is Rs. 14,800. Login to your account now

What is the maximum investment allowed for the Ellenbarrie Industrial Gases Limited IPO?

In the Retail segment the maximum investment requirement is Rs. 1,92,400. Login to your account now

What are the risks associated with investing in the Ellenbarrie Industrial Gases Limited IPO?

The company supplies products to certain government entities and public sector undertakings through a competitive bidding process where the contracts are awarded on a tender basis. If the company fails to secure these contracts in the future, then it may affect the business, results of operations, cash flows and financial condition of the company. Any change in qualification criteria, unexpected delays, or uncertainties in the tendering process may harm the business. Furthermore, there is a risk of encountering delays in receiving payments from such entities, which could impact the company’s cash flows.
The company is subject to strict quality requirements, regular inspections and audits, and sales of its products are dependent on its quality controls and standards. Any failure to comply with quality standards may adversely affect its business prospects and financial performance, including cancellation of existing and future orders.
The business is dependent on its facilities. Four of its facilities are located at the sites of its customers, and any deterioration in their relationship with these customers could adversely affect the business, results of operations, cash flows, and financial condition.

When will the Ellenbarrie Industrial Gases Limited IPO shares be credited to my Demat account?

The Ellenbarrie Industrial Gases Limited . IPO be credited to the account on allotment date which is 30th Jun 2025. Login to your account now

Where can I find the Ellenbarrie Industrial Gases Limited IPO prospectus?

The prospectus of Ellenbarrie Industrial Gases Limited IPO prospectus can be find on the website of SEBI, NSE and BSE

Arisinfra Solutions Limited : Subscribe

Date

18th Jun 2025 - 20th Jun 2025
Price Range

Rs.210 to Rs. 222
Minimum Order Quantity

67

Apply Now

Download In-depth Report

Price	Lot Size	Issue Date	Issue Size
₹ 210 to ₹ 222	67	18th Jun, 2025 – 20th Jun, 2025	₹500 Cr

Arisinfra Solutions Limited IPO

Arisinfra Solutions Ltd. is a technology-enabled business-to-business (B2B) company operating in the rapidly growing construction materials market. The company focuses on digitizing and simplifying the entire procurement process for construction materials, offering an efficient end-to-end experience. By combining advanced technology with human expertise, Arisinfra simplifies bulk procurement of a wide range of construction materials. Leveraging a robust vendor network, Arisinfra sources and supplies materials such as aggregates, ready-mix concrete (RMC), steel, cement, construction chemicals, and walling solutions to real estate and infrastructure developers and contractors. It aims to serve as a comprehensive, one-stop solution for all construction material needs. Between April 1, 2021, and December 31, 2024, Arisinfra delivered 14.10 million metric tonnes (MT) of construction materials across 1,075 pin codes in key cities such as Mumbai, Bengaluru, and Chennai. As of December 31, 2024, the company had registered 2,659 customers and partnered with 1,729 vendors. Its customer base includes major real estate and infrastructure developers and contractors, while its vendor base comprises manufacturers and wholesale suppliers. This expanding customer and vendor base has driven a significant increase in construction material delivery volumes. The company is transforming the B2B construction materials ecosystem by minimizing the need for multiple intermediaries involved in the procurement process. Through its subsidiary, ArisUnitern Re Solutions Private Limited (ArisUnitern), the company provides a diverse range of value-added services. These include project-specific advisory and consultancy, as well as marketing and sales support tailored for real estate developers. These services enable Arisinfra to boost revenue, build long-term client relationships, and position itself as a trusted advisor and strategic partner.

Objective of the Arisinfra Limited IPO

The company proposes to utilise the Net Proceeds towards the following objects:

ÞRepayment / prepayment, in full or part, of certain outstanding borrowings availed by the company;
ÞFunding the working capital requirements of the company;
ÞInvestment in its subsidiary, Buildmex-Infra Private Limited (“Buildmex”), for funding its working capital requirements;
General corporate purposes and unidentified inorganic acquisitions.

Rationale To Arisinfra Solutions Limited IPO

Technology-driven infrastructure enhances efficiency, reduces intermediary dependence and expands B2B reach

Arisinfra is a B2B, technology-enabled company that leverages advanced tools such as AI and machine learning (ML). The company is streamlining the supply chain and reducing dependency on multiple intermediaries. Its competitive technological edge lies in the capability, functionality, and scalability of its systems, which allow it to tap into large market opportunities by enhancing operational efficiency and scale. Arisinfra’s digitized model enables easy expansion into new geographies by facilitating the seamless onboarding of customers and vendors in those regions. India’s construction materials market remains largely unorganized and fragmented, posing challenges for both vendors and customers. The involvement of multiple intermediaries complicates transactions, often resulting in delays and reduced profit margins for vendors. To address this, Arisinfra has utilized its domain expertise to streamline procurement by enabling seamless communication and negotiation, improving price discovery, expediting informed decision-making, and simplifying documentation through digital automation. The company operates a diversified business model that includes: (i) sourcing construction materials from external vendors and supplying them to developers and contractors in real estate and infrastructure projects, and (ii) offering third-party manufactured construction materials to these clients. It also manages deliveries with real-time updates to ensure coordination, convenience, and reliability. By automating document generation and simplifying transactions, Arisinfra has reduced time-to-market and leveraged opportunities to drive revenue. Its ability to shorten procurement cycles, improve productivity of its customers and vendors, and adapt to regional complexities has enabled it to accelerate growth. With digitization in the industrial B2B segment, particularly in real estate and infrastructure, still at an emerging stage (2–3% adoption), the company is well-positioned to benefit from this underpenetrated market.

Expanding the network ensures long-term strategic benefits

One of Arisinfra’s key value propositions for both customers and vendors is providing them access to a network of partners on the other side of the transaction. As the company attracts more customers, the demand for construction materials rises. This growing demand encourages more vendors to join its ecosystem. In turn, the increasing pool of vendors enhances the variety, availability, and options of construction materials, which draws even more customers. This continuous cycle of increasing customers and vendors strengthens the company’s competitive position and drives sustained expansion. In addition, the growing participation of the user base increases transaction volumes, enabling Arisinfra to gather more valuable data on market trends, customer preferences, and vendor performance. This data is used to make informed decisions, streamline its strategies, and continuously improve the user experience. The company also ensures that it engages only with verified customers and vendors, maintaining compliance across all business relationships. The number of registered vendors has risen, allowing the company to offer a wide range of construction materials at competitive prices, catering to a broad range of customer needs. Further, its vendors benefit from access to a large network of customers, including those engaged in large real estate and infrastructure projects. This is especially beneficial for MSME and SME vendors, who often struggle to access larger markets. Arisinfra has also seen an increase in its registered customer base, reflecting growing acceptance of its platform and the convenience and value it offers in the purchase of construction materials. Over time, it has attracted several large customers, further cementing its position as a preferred procurement solution for major players in the real estate and infrastructure industry.

Valuation of Arisinfra Solutions Limited IPO

Arisinfra Solutions Ltd. is a B2B technology-enabled company focused on simplifying and digitizing the procurement process for construction materials. The company leverages its network of vendors to source these materials and supplies them to developers and contractors engaged in real estate and infrastructure projects. In 2024, 50% to 55% of industrial B2B market spending was directed toward infrastructure and real estate construction, indicating significant potential for tech-led disruption due to existing inefficiencies. The infrastructure construction B2B market in India is projected to grow at a CAGR of 10% to 12% by 2029, while the total B2B real estate construction market is estimated to grow at 6% to 8% by 2029. Arisinfra’s use of advanced tools like AI and ML helps eliminate supply chain inefficiencies, reduces dependency on various intermediaries, and enables easy expansion into new geographies by facilitating a smooth onboarding process for its customers and vendors in the unorganized construction materials market. The company strengthens its competitive edge by expanding its pool of customers and vendors, giving them access to a network of partners on the other side of the transaction. Increased participation across the platform allows the company to gather valuable insights on market trends, supporting informed decision-making and strategically enhancing the user experience. Financially, Arisinfra has registered revenue growth at a CAGR of 24.1% over FY22-FY24. It has recently turned profitable, with losses of Rs. 173 million in FY24 turning into a profit of Rs. 65 million in 9MFY25. The company is currently valued at a P/E ratio of 273x on the upper price band, based on FY25 annualized earnings, which is relatively high; however, it remains well-positioned for future growth, considering that it is the only player in this emerging segment with an intention to repay debt and invest in its subsidiary. We thus recommend a ‘SUBSCRIBE’ rating for investors with a medium to long-term investment horizon.

What is the Arisinfra Solutions Limited IPO?

Arisinfra Solutions IPO is a bookbuilding of ₹499.60 crores. The issue is entirely a fresh issue of 2.25 crore shares. Arisinfra Solutions IPO bidding opened for subscription on June 18, 2025 and will close on June 20, 2025. The allotment for the Arisinfra Solutions IPO is expected to be finalized on Monday, June 23, 2025. Arisinfra Solutions IPO will be list on BSE, NSE with a tentative listing date fixed as Wednesday, June 25, 2025.

How to apply for the Arisinfra Solutions Limited IPO through StoxBox?

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

When will the Arisinfra Solutions Limited IPO open?

Arisinfra Solutions Limited IPO is opening on 18^th Jun 2025. Apply Now

What is the lot size of the Arisinfra Solutions Limited IPO?

The Lot Size of Arisinfra Solutions Limited IPO is 67 equity shares. Login to your account now.

When is the Arisinfra Solutions Limited allotment date?

The allotment Date for Arisinfra Solutions Limited IPO is 23rd Jun 2025. Login to your account now.

When is the Arisinfra Solutions Limited IPO listing date?

The listing Date for Arisinfra Solutions Limited IPO is 25th Jun 2025. Login to your account now

What is the minimum investment required for the Arisinfra Solutions Limited IPO?

In the Retail segment the minimum investment required is Rs. 14,874. Login to your account now

What is the maximum investment allowed for the Arisinfra Solutions Limited IPO?

In the Retail segment the maximum investment requirement is Rs. 1,93,362. Login to your account now

What are the risks associated with investing in the Arisinfra Solutions Limited IPO?

The company derives a significant portion of its revenue from the sale of aggregates, RMC, and steel to developers and contractors involved in real estate and infrastructure projects. Any decline in demand for these construction materials due to a downturn in the real estate and infrastructure sectors, increased competition, or unfavorable macroeconomic conditions would adversely affect its business, financial condition, operational results, and cash flows.
The company generates nearly 95% of its revenue from the states of Maharashtra, Karnataka, and Tamil Nadu. Any significant social, political, or economic disruption, natural calamities, civil disturbances, or changes in the policies of state or local governments or the government of India, as well as unfavorable developments related to competition, may negatively impact its business, operational results, financial condition, and cash flows.
Delays or defaults in payment by the customers or a reduction in credit periods granted to the company by vendors could significantly increase its trade receivables, which may adversely affect its business, results of operations, financial condition and cash flows

When will the Arisinfra Solutions Limited IPO shares be credited to my Demat account?

The Arisinfra Solutions Limited . IPO be credited to the account on allotment date which is 24th Jun 2025. Login to your account now

Where can I find the Arisinfra Solutions Limited IPO prospectus?

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

Oswal Pumps Ltd : Subscribe

Date

13th Jun 2025 - 17th Jun 2025
Price Range

Rs.584 to Rs. 614
Minimum Order Quantity

24

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Price	Lot Size	Issue Date	Issue Size
₹ 584 to ₹ 614	24	13th Jun, 2025 – 17th Jun, 2025	₹1387.34 Cr

Oswal Pumps Limited IPO

Oswal Pumps is a well-established manufacturer of solar-powered and grid-connected submersible and monoblock pumps, along with electric motors (including both induction and submersible types) and solar modules. Operating under the “Oswal” brand, the company brings over two decades of experience in engineering, product design, and manufacturing for the pump industry. The company serves a broad customer base across agriculture, residential, commercial, and industrial segments. In agriculture, the company’s pumps are used for field irrigation; in residential settings, they support water supply, gardening, and cleaning needs. Commercial clients, such as malls and hotels, use their products for water management, while industrial applications include boilers, water treatment, sewage handling, and machinery operations. As of December 2024, Oswal Pumps has executed more than 38,000 turnkey solar pumping system orders directly under the PM-KUSUM scheme across multiple states, including Haryana, Rajasthan, Uttar Pradesh, and Maharashtra. In FY23 and FY24, it emerged as one of the top suppliers under the scheme. The company stands out as one of the few fully integrated players in the country, with in-house capabilities to manufacture solar pumps, modules, and controllers, as well as providing installation services. In 2024, the company further strengthened its vertical integration by starting solar module production through its wholly owned subsidiary, Oswal Solar Structure Private Limited. Oswal Pumps distribution network in India has expanded significantly, from 473 distributors in FY22 to 636 in FY24, enabling the company to serve a broader retail market. The company also exports products to 17 countries across Asia-Pacific, the Middle East, and North Africa. In 9MFY25, the company derived majority of its revenue from the submersible pumps system, which contributed Rs. 6,562 million or 66.6% of total operational revenue. This was followed by monoblock pumps at Rs. 1,174 million (11.9%) and solar submersible pumps at Rs. 437 million (4.4%). Other contributors included electric motors at Rs. 440 million (4.5%), non-solar submersible pumps at Rs. 358 million (3.6%), solar monoblock pumps at Rs. 122 million (1.2%), non-solar monoblock pumps at Rs. 41 million (0.4%), and others at Rs. 716 million (7.3%).

Objective of the Oswal Pumps Limited IPO

The company proposes to utilize net proceeds (Rs. 8,900 million) towards funding the following objects:

funding certain capital expenditure of the company;
investment in its wholly-owned subsidiary, Oswal Solar, in the form of equity, for funding the setting up of new manufacturing units at Karnal, Haryana;
pre-payment/ re-payment, in part or full, of certain outstanding borrowings availed by the company;
investment in its wholly-owned subsidiary, Oswal Solar, in the form of equity, for repayment/prepayment, in part or full, of certain outstanding borrowings availed by Oswal Solar; and
general corporate purposes.

Proceeds from OFS constitute of Rs. 4,973 million which will not be received by the company

Rationale To Oswal Pumps Limited IPO

Deepening integration to drive margin expansion and manufacturing efficiency

The company’s vertically integrated manufacturing model positions it firmly in the pump and solar solutions space. It manufactures key components for pumps and solar modules in-house, thereby significantly reducing its dependence on external vendors. The company is well-positioned to deliver cost-efficient and high-margin solutions backed by its associate, Walso Solar Solution Private Limited, which specializes in mounting structures and other essential components for turnkey solar systems. This integration enables end-to-end control from component manufacturing to project execution, enhancing product quality, ensuring supply chain efficiency, and supporting margin expansion. Notably, the company recorded one of the highest EBITDA margins among peers in FY24 (30.1% in 9MFY25), up from 10.7% in FY22, showcasing clear operating leverage gains. Building on its already robust vertically integrated operations, the company is now strategically investing to further integrate key processes in the pump manufacturing value chain, such as no-bake casting and aluminium heat sink die casting. These processes not only reduce reliance on external vendors but also bring efficiency, quality improvements, and cost savings. The company is also developing in-house capabilities for high-value components, such as Variable Frequency Drives (VFDs) and single-phase controllers, which are currently sourced externally, to further strengthen margin control.

Integrated product diversification strategy strengthened by expanding market reach

The company’s comprehensive and diversified product portfolio across solar-powered and grid-connected pumps, electric motors, and solar modules under the ‘Oswal’ brand has enabled it to address a broad spectrum of needs in agricultural, industrial, and residential sectors, reinforcing strong brand recall over its 20+ year presence. To capitalise on this strength, the company is executing a dual strategy of product expansion and market penetration. On the product front, it is introducing new industrial pumps and motors, such as pressure pumps, helical rotor pumps, and vibrant motors, while also expanding solar module production through backward integration of critical components like EVA, aluminium frames, and junction box back sheets. These initiatives are designed to optimise cost, improve quality, and ensure long-term supply reliability. Simultaneously, the company is aggressively strengthening its market presence. It has nearly doubled its domestic distributor base to 925 as of December 2024 from 473 distributors in March 2022, with focused expansion in high-potential states such as Karnataka, Gujarat, and Tamil Nadu. On the export front, the company already supplies to 22 countries and aims to deepen its presence in global markets, including the US, Europe, and Africa, with a strong emphasis on solar modules and electric motors.

Valuation of Oswal Pumps Limited IPO

Oswal Pumps is the fastest-growing vertically integrated solar pump manufacturer in India, in terms of revenue, reporting a CAGR growth of 45.1% between FY22 and 24. The solar pump market in India was valued at Rs. 164.5 billion in FY25 and is expected to grow at a CAGR of 11.0% between FY25 and FY30, reaching Rs. 271.1 billion by FY30. Given the company’s strong brand equity in solar pumps, diversified product offerings, and integrated manufacturing capabilities, it is well-positioned to capitalise on these structural growth drivers. Its robust domestic distribution network and expanding presence in high-growth states further enhance its ability to monetise the sector’s rising demand. On the financial front, EBITDA margins expanded from 10.7% to 19.8% between FY22 and FY24, reflecting the company’s strong operational control and backward integration efforts. The company also delivered robust returns on profitability, with ROE and ROCE at 54.5% and 54.9%, respectively, for FY24, while ROAE was reported at 75.6% for the same period. The company has significantly reduced its D/E from 2.1x in FY22 to 0.4x in FY24, while the ratio for 9MFY25 stood at 0.9x. A significant uptick in short term financing primarily drove the increase. However, despite the rise in debt, the comfort remains steady, with a healthy increase in its interest coverage ratio, which rose from 4.6x to 11.2x between FY22 and 9MFY25. The issue is valued at a price-to-earnings (P/E) ratio of 21.2x on the upper price band based on FY25 earnings (annualised), which is relatively cheaper compared to its peers. Considering the above compelling factors, we recommend a “SUBSCRIBE” rating for this issue.

What is the Oswal Pumps Limited IPO?

Oswal Pumps Limited IPO is a book built issue of Rs 1387.34 crores. The issue is mix of both fresh issue and offer for sale a fresh issue of 890.00 crore shares and offer for sale is 497.34 crore. Oswal Pumps Limited bidding opened for subscription on Jun 13, 2025 and will close on Jun 17, 2025. Oswal Pumps Limited will list on BSE, NSE with tentative listing date fixed as Friday, 20, June 2025.

How to apply for the Oswal Pumps Limited IPO through StoxBox?

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

When will the Oswal Pumps Limited IPO open?

Oswal Pumps Limited IPO is opening on 13^th Jun 2025. Apply Now

What is the lot size of the Oswal Pumps Limited IPO?

The Lot Size of Oswal Pumps Limited IPO is 24 equity shares. Login to your account now.

When is the Oswal Pumps Limited allotment date?

The allotment Date for Oswal Pumps Limited IPO is 18th Jun 2025. Login to your account now.

When is the Oswal Pumps Limited IPO listing date?

The listing Date for Oswal Pumps Limited IPO is 20th Jun 2025. Login to your account now

What is the minimum investment required for the Oswal Pumps Limited IPO?

In the Retail segment the minimum investment required is Rs. 14,736. Login to your account now

What is the maximum investment allowed for the Oswal Pumps Limited IPO?

In the Retail segment the maximum investment requirement is Rs. 191,568. Login to your account now

What are the risks associated with investing in the Oswal Pumps Limited Equipments Limited IPO?

A significant portion of the company’s revenues is derived from turnkey solar pumping systems awarded through government tenders under the PM-KUSUM scheme. Any reduction in government funding, policy changes, or failure to secure future tenders could have a material impact on revenue visibility, order inflows, and cash flows.
The company is significantly dependent on its top 10 customers, who accounted for 79.5%, 72.6%, and 66.3% of revenue from operations in FY24, FY23, and FY22, respectively.
All of the company’s manufacturing facilities are located in Karnal, Haryana, which exposes operations to risks from local and regional factors.

When will the Oswal Pumps Limited IPO shares be credited to my Demat account?

The Oswal Pumps Limited . IPO be credited to the account on allotment date which is 18th Jun 2025. Login to your account now

Where can I find the Oswal Pumps Limited IPO prospectus?

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

Scoda Tubes Ltd : Subscribe

Date

28th May 2025 - 30th May 2025
Price Range

Rs.130 to Rs. 140
Minimum Order Quantity

100

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Price	Lot Size	Issue Date	Issue Size
₹ 130 to ₹ 140	100	28th May, 2025 – 30th Fri, 2025	₹220.00 Cr

Scoda Tubes Limited IPO

Scoda Tubes Limited (STL) engages in the business of manufacturing stainless steel tubes and pipes in India with over 14 years of operational experience. The company specialises in the production of both seamless and welded stainless steel tubes and pipes, catering to diverse industrial applications. Its product portfolio is categorised into two main types:

Seamless tubes and pipes: Manufactured using solid round steel bars without any seam.
Welded tubes and pipes: Produced by welding flat steel strips into circular forms

These products are used across a broad spectrum of industries, including oil and gas, chemicals, fertilisers, power, pharmaceuticals, automotive, railways, and transportation, serving engineering and EPC companies. A key strength of the company is its backward integration through an in-house hot piercing mill with a production capacity of 20,000 MT per annum, which allows it to manufacture mother hollows, which is the principal raw material for seamless products, leading to better cost control and reduced dependence on external suppliers. Surplus mother hollows are sold in the open market, contributing to revenue diversification. Scoda also earns income through job work services such as annealing, straightening, pickling, and marking. Its manufacturing facility is located on the Ahmedabad-Mehsana Highway in Gujarat, offering logistical advantages due to its proximity to Mundra Port (360 km) and the Inland Container Depot (23 km). As of December 31, 2024, the facility spans 21,199 sq. meters with annual capacities of 20,000 MT for mother hollows, 10,068 MT for seamless products, and 1,020 MT for welded products. The plant is equipped with a wide array of specialised machinery, including pilger mills, cold drawing lines, annealing furnaces, testing equipment, and TIG/MIG welded tube mills. The company’s key raw materials include stainless steel round bars for seamless tubes and stainless steel coils for welded products. The company sells its product both in the domestic market (72.0%) and international market (28.0%). Revenue breakdown of the company is as follows: seamless product (85.0%), welded products (0.6%), and others which include the sale of mother hollow and scrap (13.3%).

Objective of the Scoda Tubes Limited IPO

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

Capital expenditure towards expanding production capacity of seamless and welded tubes and pipes;
Funding part of the incremental working capital requirements of the company;
General corporate purposes.

Rationale To Scoda Tubes Limited IPO

Niche expertise and global standards driving competitive edge

Scoda Tubes has built a strong competitive moat by focusing exclusively on the stainless steel tubes and pipes segment, allowing the company to develop deep domain expertise in product customisation, quality, and customer preference alignment. This focused approach has enabled Scoda to offer a wide range of specialised products across varied specifications, giving it a unique positioning in domestic and international markets. Additionally, the company’s adherence to globally recognised quality certifications (e.g., ISO 9001, PED EU, AD 2000, DNV) and compliance with standards such as ASTM, ASME, EN, NORSOK, and IBR have facilitated its access to high-entry-barrier export markets, including the US and Europe. These accreditations not only enhance customer trust but also allow Scoda to command a premium for quality and reliability, helping the company establish a resilient and diversified customer base across 16 countries. This varied customer base results in greater revenue diversification and more sustainable operations in the longer term, hedging its business operations from potential sector-specific risks and reducing the market risk of being overly dependent on a single industrial sector or geographical location.

Fully integrated manufacturing with strategic location, enhancing cost and operational efficiency

STL’s fully integrated manufacturing setup, including its in-house hot piercing mill with a 20,000 MT capacity, offers significant operational advantages by ensuring backwards integration for seamless tube production. This in-house capability reduces dependence on external suppliers, provides cost efficiency, and improves control over product quality. The company’s manufacturing facility in Mehsana, Gujarat, is strategically placed near the Mundra Port (360 km) and an Inland Container Depot (23 km), enabling seamless logistics and export operations while reducing freight costs. With eighteen seamless and two welded production lines, Scoda is well-equipped to meet diverse customer needs efficiently. This integration, coupled with a low rejection rate (2.6% in-house, 0.3% customer-side in FY24), underscores its manufacturing precision and enhances profitability. Additionally, the company is doubling its seamless production capacity to ~20,000 MT and significantly expanding its welded capacity through timely land acquisition and a new capex cycle involving 14 new production lines and advanced machinery. The government’s anti-dumping and anti-subsidy duties on Chinese and Vietnamese imports further strengthen the domestic demand outlook, offering volume and margin tailwinds.

Valuation of Scoda Tubes Limited IPO

Scoda Tubes Limited (STL) is a stainless-steel tubes and pipes manufacturer with a growing global footprint and a clear focus on export-driven, capacity-led growth. The company has strategically positioned itself in the higher-margin seamless segment, backed by integrated manufacturing, expanding infrastructure, and industry certifications. Given these strengths, the company is well-positioned to benefit from robust domestic and global tailwinds in the stainless-steel tubes and pipes industry. STL’s consistent capacity expansions, including land acquisitions and machinery additions, will enable it to meet the expected surge in demand, particularly in the seamless segment, which enjoys more substantial margins and quality-led differentiation. Financially, STL has delivered a revenue CAGR of 43.6% between FY22 and FY24, while expanding its EBITDA margin from 5.1% to 14.7%, reflecting operational leverage and better product mix. Though high interest costs remain a concern, PAT margins have improved to 4.6%, and the interest coverage ratio has strengthened from 1.4x to 3.1x. The company continues to exhibit efficient capital use, with ROE at 28.8% and ROCE at 15.9%, positioning it favorably to leverage sectoral growth while maintaining profitability and scale. The issue is valued at a price-to-earnings (P/E) ratio of 17.3x on the upper price band based on FY25 earnings (annualised), which is relatively cheaper compared to its peers. Considering the above compelling factors, we recommend a “SUBSCRIBE” rating for this issue.

What is the Scoda Tubes Limited IPO?

Scoda Tubes Limited IPO is a book built issue of Rs 220.00 crores. The issue is entirely a fresh issue of 220.00 crore shares. Scoda Tubes Limited bidding opened for subscription on May 28, 2025 and will close on May 30, 2025. Scoda Tubes Limited will list on BSE, NSE with tentative listing date fixed as Tuesday, 04, June 2025.

How to apply for the Scoda Tubes Limited IPO through StoxBox?

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

When will the Scoda Tubes Limited IPO open?

Scoda Tubes Limited IPO is opening on 28^th May 2025. Apply Now

What is the lot size of the Scoda Tubes Limited IPO?

The Lot Size of Prostarm Info Systems Limited IPO is 100 equity shares. Login to your account now.

When is the Scoda Tubes Limited allotment date?

The allotment Date for Scoda Tubes Limited IPO is 2nd Jun 2025. Login to your account now.

When is the Scoda Tubes Limited IPO listing date?

The listing Date for Scoda Tubes Limited IPO is 4th Jun 2025. Login to your account now

What is the minimum investment required for the Scoda Tubes Limited IPO?

In the Retail segment the minimum investment required is Rs. 14,000. Login to your account now

What is the maximum investment allowed for the Scoda Tubes Limited IPO?

In the Retail segment the maximum investment requirement is Rs. 196,000. Login to your account now

What are the risks associated with investing in the Scoda Tubes Limited Equipments Limited IPO?

The company’s revenue is heavily concentrated among its top 10 customers, who contribute approximately 60% of total sales, making it vulnerable to financial and operational risks in the event of reduced purchases or the loss of one or more key clients.
The company has a high leverage ratio compared to its peers, with a D/E of 3.2x, and future expansion or acquisitions may require additional debt, potentially increasing funding obligations.
The company relies solely on its manufacturing facility in Mehsana, Gujarat, and any disruption to its operations or the region could adversely impact business performance.

When will the Scoda Tubes Limited IPO shares be credited to my Demat account?

The Scoda Tubes Limited . IPO be credited to the account on allotment date which is 3rd Jun 2025. Login to your account now

Where can I find the Scoda Tubes Limited IPO prospectus?

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

Prostarm Info Systems Limited : Subscribe

Date

27th May 2025 - 29th May 2025
Price Range

Rs.95 to Rs. 105
Minimum Order Quantity

142

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Price	Lot Size	Issue Date	Issue Size
₹ 95 to ₹ 105	142	27th May, 2025 – 29th Feb, 2025	₹168.00 Cr

Prostarm Info Systems Limited IPO

Incorporated in 2008 in India, Prostarm Info Systems (PIS) is engaged in the design, manufacturing, assembly, sales, servicing and supply of Energy Storage Equipment and Power Conditioning Equipment (Power Solution Products). The company’s product portfolio includes UPS systems, inverter systems, lift inverter systems, solar hybrid inverter systems, lithium-ion battery packs, servo-controlled voltage stabilizers (SCVS), isolation transformers, and other power solution products. In addition to its core manufactured products, PIS also sells and supplies third-party power solution products, such as batteries, reverse logistics/end-of-life products, and other assets, like IT assets, solar panels, and allied products. Since 2018, the company has strategically expanded its business operations by venturing into the engineering, procurement, and construction segment, particularly focusing on setting up rooftop solar photovoltaic (PV) power systems across India. Its operations are supported by a network of 21 branch offices, two storage facilities across 18 states, and one union territory within India. It has three manufacturing units located in the state of Maharashtra, with two in Pisoli, Pune, and one in Mahape, Navi Mumbai. These manufacturing units are accredited with ISO 9001:2015, ISO 14001:2015, ISO 45001:2018, and ISO 50001:2018 standards. Over the years, PIS has leveraged its expertise, processes, and infrastructure to cater to diverse end-use industries, including healthcare, aviation, research, BFSI, railways, defense, security, education, renewable energy, information technology, and oil & gas. It provides comprehensive power solution products to a diverse clientele comprising government bodies, private institutions, and corporate customers. Currently, PIS is an empaneled vendor for the Airports Authority of India, West Bengal Public Health Engineering Department, West Bengal Electronic Industry Development Corporation Limited, Telangana State Technology Services Limited, RailTel Corporation of India Limited, and NTPC Vidyut Vyapar Nigam Limited. Its pan-India sales and service network bolsters its extensive capability to meet varied customer needs.

Objective of the Prostarm Info Systems Limited IPO

The net proceeds of the issue are proposed to be utilized for the following objects:

Funding working capital requirements of the company;
Prepayment or repayment of all or a portion of certain outstanding borrowings availed by the company; and
Achieving inorganic growth through unidentified acquisitions and other strategic initiatives, and general corporate purposes.

Rationale To Prostarm Info Systems Limited IPO

Established customer base and sector diversification drive growth

PIS has established and will continue to strengthen relationships with its domestic customers across its various product segments. The varied applications of its products have enabled the company to build a broad customer base across multiple industries, including government, project contractors, industrial and institutional clients, dealers, and distributors. PIS caters to a range of sectors, including healthcare, aviation, research, BFSI, railways, defense, security, education, renewable energy, information technology, and oil & gas. The company offers product customizations for certain clients to meet their specific requirements. PIS’s consistent efforts to understand and fulfill customer needs significantly contribute to its position in the power solution industry and have helped the company become a one-stop shop for its customers’ power solution requirements. Some of its marquee customers across the industries include PSU banks, Larsen & Toubro Limited, Tata Power Co. Limited, and Bajaj Finance Limited. With over 15 years of experience in the power solutions industry, PIS has developed deep industry knowledge and garnered the trust of its customers. The company has a proven track record of effectively retaining customers. Its broad and evolving product portfolio, along with a continued focus on product upgradation, has enabled the company to grow its customer base and expand into a variety of industry segments. Its customer-centric approach ensures that any concerns raised by its clients are promptly addressed by the company’s dedicated after-sales support team, providing a rapid response time. The strength and loyalty of its clientele have played a crucial role in its success so far and will continue to be a significant driver of future growth. This robust customer base supports PIS’s efforts to expand market share, develop new products, and enter new markets.

In-house capabilities and infrastructure enhance cost efficiency and operational edge

PIS operates through a network of 21 branch offices and two storage facilities across 18 states and one union territory in India. This infrastructure not only supports sales but also enables the company to provide after-sales services, ensuring that customers receive reliable and timely assistance for maintenance and operational requirements. The company’s distribution network across India enables faster rollouts of new products, giving it a competitive edge over peers. PIS has significantly expanded and diversified its operations by bringing in-house production and product assembly. Its manufacturing units are equipped with the necessary infrastructure, including machinery, handling equipment, and dedicated assembly lines, to ensure a smooth manufacturing process and meet customer demands promptly. The company has developed in-house capabilities in product design, equipment testing, assembly, and quality control processes to improve cost efficiency, minimize reliance on third-party suppliers and manufacturers, and provide better production control. PIS continuously focuses on technological innovation by enhancing its in-house R&D capabilities and acquiring new technologies. The company plans to invest in additional facilities and boost production capabilities, including the design, customization, and integration of automation technologies into its processes. Optimizing production will help the company improve product quality and output, achieve economies of scale, reduce logistics and supply chain costs, and shorten time-to-market, ultimately improving profitability and customer service. To support future growth and expansion, PIS continually evaluates strategic investment opportunities in the domestic market aimed at increasing market share and diversifying its product offerings. The company is also open to acquisitions or partnerships that will add value to the business, its stakeholders, and customers.

Valuation of Prostarm Info Systems Limited IPO

Prostarm Info Systems began its commercial operations with a focus on the sale, supply, and installation of batteries and uninterruptible power supply systems (UPS) manufactured by third-party vendors. Later, the company gradually transitioned into designing, manufacturing, assembling, selling, servicing, and supplying energy storage equipment and power conditioning equipment in India. Its manufactured Power Solution Products include UPS systems, inverter systems, lift inverter systems, solar hybrid inverter systems, lithium-ion battery packs, servo-controlled voltage stabilisers, isolation transformers, and other power solution products. The power backup systems market is witnessing growth due to the ongoing issue of power shortages and ongoing technological advancements. The widening gap between the demand and supply of power in the country is driving the need for uninterrupted power supply in the industrial sectors. The company has built a strong customer base across multiple industries and serves a wide range of sectors. Its focus on client-specific needs and product customization has supported its firm positioning in the power solutions space. The company’s in-house capabilities and focus on technological innovation assist in reducing costs and enhancing operational efficiency. On the financial front, PIS has delivered a consistent track record of profitability, reporting a PAT of Rs. 227.98 million, Rs. 193.46 million, and Rs. 108.71 million in FY24, FY23, and FY22, respectively, with EBITDA margins of 9.67%, 12.65%, and 14.20% over the same periods. The issue is priced at a P/E ratio of 20.2x on the upper price band, based on FY25 earnings, which is lower compared to its peers. Considering these compelling factors, we recommend a “SUBSCRIBE” rating for the issue.

What is the Prostarm Info Systems Limited . IPO?

Prostarm Info Systems Limited . IPO is a book built issue of Rs 168.00 crores. The issue is entirely a fresh issue of 168.00 crore shares. Prostarm Info Systems bidding opened for subscription on May 27, 2025 and will close on May 29, 2025. Prostarm Info Systems will list on BSE, NSE with tentative listing date fixed as Tuesday, 03, June 2025.

How to apply for the Prostarm Info Systems Limited IPO through StoxBox?

To apply for the Prostarm Info Systems Limited IPO through StoxBox one can apply from the website and also from the app. Click here

When will theProstarm Info Systems Limited IPO open?

Prostarm Info Systems Limited IPO is opening on 27^th May 2025. Apply Now

What is the lot size of the Prostarm Info Systems Limited IPO?

The Lot Size of Prostarm Info Systems Limited IPO is 142 equity shares. Login to your account now.

When is the Prostarm Info Systems Limited allotment date?

The allotment Date for Prostarm Info Systems Limited IPO is 30^th May 2025. Login to your account now.

When is the Prostarm Info Systems Limited IPO listing date?

The listing Date for Prostarm Info Systems Limited IPO is 3rd July 2025. Login to your account now

What is the minimum investment required for the Prostarm Info Systems Limited IPO?

In the Retail segment the minimum investment required is Rs. 14,910. Login to your account now

What is the maximum investment allowed for the Prostarm Info Systems Limited IPO?

In the Retail segment the maximum investment requirement is Rs. 193,830. Login to your account now

What are the risks associated with investing in the Prostarm Info Systems Limited Equipments Limited IPO?

The company has received a show cause notice for an alleged violation under the Customs Act, 1962, for wrongly availing the exemption on basic customs duty on UPS imports. Any adverse order passed against it would materially affect the company’s financial condition and business.
The company heavily relies on its top five suppliers for over 80% of its materials and components. Any disruptions in the supply chain, increases in input prices, changes in business practices, strained relationships with third-party dealers and distributors, or failures to meet payment schedules and provide timely, accurate information could adversely impact the company’s business, operating cash flows, and financial condition.
The company derives a significant portion of its revenue from the sale of UPS systems, third-party power solution products, and other products. A decline in demand or loss of sales for these products could materially impact the company’s business, financial condition, results of operations, and cash flows.

When will the Prostarm Info Systems Limited IPO shares be credited to my Demat account?

The Prostarm Info Systems Limited . IPO be credited to the account on allotment date which is 30^th May 2025. Login to your account now

Where can I find the Prostarm Info Systems Limited IPO prospectus?

The prospectus of Prostarm Info Systems 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	Tue, May 27, 2025
IPO Close Date	Thr, May 29, 2025
Basis of Allotment	Fri, May 30, 2025
Initiation of Refunds	Mon, Jun 2, 2025
Credit of Shares to Demat	Mon, Jun 2, 2025
Listing Date	Tue, Jun 3, 2025
Cut-off time for UPI mandate confirmation	5 PM on Thru 29 May, 2025

Aegis Vopak Terminals Limited : Subscribe

Date

26th May 2025 - 28th May 2025
Price Range

Rs.223 to Rs. 235
Minimum Order Quantity

63

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Download In-depth Report

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

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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

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