Archives: Ipos

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

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

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

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

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

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

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

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

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

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