Archives: Ipos

Augmont Enterprises Limited is an integrated precious metals company engaged across the gold and silver value chain, with operations spanning procurement and refining, bullion trading, digital gold and silver, jewellery manufacturing, international sales and technology-enabled gold-backed financial services. The company operates through two key verticals: enterprise sales through its Augmont SPOT’ platform and international sales, and consumer-focused offerings through its ‘Augmont Gold For All’ platform. Its portfolio includes physical gold and silver bars and coins, digital gold and silver, Gold SIPs, Gold FDs, gold loan technology, EMI Gold, gold recycling, ETFs and jewellery. Augmont SPOT caters to jewellers, bullion dealers and manufacturers, enabling online purchase and physical delivery of gold and silver. In FY26, the platform generated revenue of Rs. 81,750.6 crore, contributing 86.8% of revenue from operations, and had over 5,223 registered members. The company operates two gold and silver refineries with a combined annual capacity of 284 tonnes and a jewellery manufacturing facility in Jaipur, supplying international markets including Hong Kong, Turkey and the UAE. Through ‘Augmont Gold For All’, launched in FY21, the company enables consumers to buy, sell, and store gold and silver digitally, invest through Gold SIPs, purchase physical bullion, recycle old gold, and access gold-loan-related services. As of March 31, 2026, its digital gold products had reached over 49.62 million registered consumers directly and through alliances. The company aims to scale its consumer business, strengthen procurement, refining and manufacturing capabilities, expand its distribution network and leverage technology and AI/ML to drive customer engagement and growth.

Tempsens Instruments (India) Limited is a thermal engineering and specialised cable manufacturer with over three decades of experience, designing and manufacturing customised temperature sensing solutions, electrical heating solutions, and specialised cables. Its product portfolio includes thermocouples, RTDs, infrared pyrometers, thermal imagers, thermowells, temperature transmitters, electrical heaters, furnaces, instrumentation cables and thermocouple cables, catering to end-user industries including metals, power, oil & gas, chemicals, cement, glass, automotive, pharmaceuticals, defence and renewables. The diversified product portfolio enables the company to address varied thermal management and industrial connectivity requirements, while reducing dependence on a single product category. In FY26, temperature sensing solutions, specialised cables and electrical heating solutions contributed 44.6%, 34.7% and 20.7%, respectively, to revenue from operations. The company, together with its subsidiaries and joint ventures, operates 15 manufacturing units, including 10 units in Udaipur, India and five overseas facilities across the UAE, South Korea, Indonesia, Germany and Poland, providing a geographically diversified manufacturing footprint and supporting local customer servicing. In FY26, revenue from operations stood at Rs. 4,448.8 million, while the company served more than 3,800 customers across multiple industries; its top 10 customers contributed only 18.6% of revenue, indicating low customer concentration. Export sales contributed 28.5% of revenue from operations, with the company having sold its products in more than 80 countries between FY24 and FY26. The company is focused on strengthening its backwards-integrated manufacturing capabilities, expanding its international presence, developing advanced thermal sensing and heating solutions and increasing cross-selling across its diversified customer base. Its in-house capabilities, including alloy melting, rolling, cable manufacturing, machining, assembly and calibration, along with strong R&D and product certifications, provide a foundation for customised solutions, quality control and continued product innovation.

Gaja Alternative Asset Management Limited is an independent, home-grown alternative asset manager with 20 years of vintage experience, managing India-focused Category I and II AIFs and advising offshore funds. Its independent ownership structure allows shareholders to capture 100% of the economic value generated through management fees, carried interest and sponsor commitments. Gaja has progressively scaled its private equity franchise, with fund sizes increasing from Rs. 21 crores in Prior Investments to Rs.  178 crores in Fund IV, currently under deployment. It has also diversified into the secondary private equity market through its newly launched Eastgate Secondaries Fund. The company focuses on the Indian mid-market, targeting Rs. 50-250 crores investments across EEE, Financial Services, Consumer and Digital Technology B2B platforms. Its proprietary EIBC research framework has enabled 26 of 28 investments to be sourced through proprietary negotiations. Gaja has delivered a strong investment track record across multiple cycles, generating an average 3.3x MOIC across its funds and investments. Prior Investments and Fund II delivered gross MOICs of 5.60x and 3.8x, respectively, while Fund III and IV rank favourably on TVPI and IRR versus vintage peers. The company operates through a 16-member core team, supported by three former CXOs, enabling an active “invest-and-collaborate” approach. Senior leadership has an average tenure of 17 years, with zero KMP and senior management attrition during FY23-FY25. Gaja maintains sponsor commitments averaging 6.41% of fund sizes, well above the 2.5% regulatory minimum, while its proprietary advisor network enables cost-efficient fundraising with limited reliance on third-party distributors. The company plans to launch Fund V with a Rs. 250 crores target corpus in FY27 and a Rs. 125 crores Secondaries Fund, supporting further asset-base expansion. Its capital-efficient model delivered 60.4% PAT margin in FY26 and a virtually debt-free balance sheet.

Incorporated in 2009 and backed by global private equity major The Blackstone Group, which holds a ~89% pre-issue stake, Horizon Industrial Parks Limited is India’s largest industrial and logistics infrastructure platform by total network size. The company focuses on the acquisition, development, and operation of Grade-A logistics parks, fulfilment centres, in-city last-mile hubs, and specialized industrial facilities across key consumption and manufacturing corridors. As of May 31, 2026, Horizon operated 45 assets across 10 cities, with a Total Network of 58.58 mn sq. ft. and an Operational Network of 28.55 mn sq. ft. at a committed occupancy of 93.56%. The company’s diversified portfolio spans warehouses, industrial facilities, and in-city centres, catering to structurally growing segments such as e-commerce, 3PL, retail, FMCG, automotive, EVs, electronics, renewable energy, and specialty chemicals. Its asset-leasing model provides recurring and relatively predictable rental income, while strategic presence across key markets such as Delhi-NCR, Mumbai, Bengaluru, Chennai, Pune, Hyderabad, Ahmedabad and Nagpur provides strong exposure to India’s expanding manufacturing, consumption and organized logistics ecosystem. The company has built a strong institutional customer base of 107 marquee clients, supported by long-term relationships and high tenant stickiness. Existing customer expansions contributed 43.81% of incremental contracted area since FY23, highlighting strong retention and wallet-share expansion. Backed by Blackstone’s global logistics expertise and asset-management capabilities, the company has rapidly scaled its platform, with 40 of its 45 assets acquired since the change in ownership in 2021, reinforcing its ability to pursue inorganic growth and expand its Pan-India footprint.

Lalithaa Jewellery Mart (LJM) operates a mass-market, value-conscious jewellery retail model, positioned as a trusted, accessible brand for customers seeking quality jewellery at affordable prices, differentiated from premium and metro-centric chains. The core business centres on gold, silver and diamond jewellery, with gold forming the dominant category at 92% of FY26 revenue, designed around traditional South Indian aesthetics and regional preferences. To build customer loyalty, the company operates structured jewellery purchase schemes, ‘Dhana Vandhanam’ and ‘Free-yo-Flexi’, under which customers commit to monthly instalments over a defined tenure, with the accumulated amount redeemable exclusively towards a jewellery purchase along with a discount on value addition charges; Dhana Vandhanam additionally credits a bonus to the corpus on completion of the full tenure. These schemes function as a purchase-linked savings mechanism rather than a conventional investment, with the benefit accruing only as a discount on jewellery bought from the company. LJM operates 61 stores across 51 cities in South India, with 23 stores in Andhra Pradesh and 20 in Tamil Nadu forming the core of the network, followed by 10 in Telangana, 7 in Karnataka and 1 in Puducherry. The company has also built meaningful penetration in Tier II and Tier III cities and towns, reflecting a deliberate strategy to extend its reach beyond the region’s largest urban centres. This footprint is backed by in-house manufacturing facilities in Chennai and Kanchipuram, spanning an aggregate 63,862 sq. ft. and supported by 816 exclusive karigars as of FY26, enabling greater control over design, quality and cost.  Revenue and profitability have grown at a pace well ahead of the broader organised jewellery retail industry, aided by continued store additions, deeper market penetration and repeat-purchase behaviour from customer schemes, with FY26 revenue at Rs. 25,024 crores.

Behari Lal Engineering Limited is an integrated manufacturer of steel and engineering products with over two decades of experience in the steel industry. The company manufactures a diversified portfolio of alloy steel products, metal rolls and engineering castings, catering to end-user industries including steel, mining, railways, construction, power, paper, rubber, cement and sugar. Its ability to manufacture customised products supports its presence across varied applications, while the diversified product mix reduces dependence on a single product segment. In FY26, alloy steel products, metal rolls and engineering castings contributed 45.8%, 26.4% and 19.5%, respectively, to revenue from operations.  The company operates two manufacturing facilities in Mandi Gobindgarh, Punjab, spread across ~790,000 sq. ft., with a combined installed capacity of 119,690 MT, including 54,690 MT of finished steel processing capacity and 65,000 MT of rolling mill capacity. Capacity utilisation stood at 87.7% in FY26, indicating healthy utilisation of its existing manufacturing base. The company has also commenced construction of a third manufacturing facility at Village Salani, Mandi Gobindgarh, which is expected to augment capacity and support future business growth. The company has established relationships with a diversified domestic and international customer base, with repeat customers contributing 84.7% of FY26 revenue, providing relatively strong customer retention and revenue visibility. It has served customers across 21 countries spanning five continents. The company is focused on increasing the contribution of higher-value products, expanding its export and end-user markets, adding new product grades and improving wallet share with existing customers. Its in-house engineering and manufacturing capabilities, supported by advanced machinery and established quality certifications, provide a foundation for product customisation and capacity expansion. 

Shiprocket Limited is an end-to-end, merchant-first and API-led e-commerce enablement platform providing integrated solutions across logistics, shipping, checkout, fulfilment, payments, and cross-border trade. The company is the largest new-age horizontal e-commerce enablement platform in India by FY26 revenue and caters to MSMEs and large retailers selling through online and offline channels. Its business is broadly divided into Core Business and Emerging Business. The Core Business, comprising Domestic Shipping and Shipping Apps, contributes 73.4% of FY26 revenue, offering access to logistics partners along with services such as tracking, COD remittance, shipment protection, returns and shipping management. The Emerging Business contributes the remaining 26.6% of revenue and includes Cargo and Fulfilment, Cross-border, Ads and Marketing Solutions and other merchant solutions such as Fastrr Checkout, Shiprocket Fintech and Shiprocket Quick. Shiprocket follows an asset-light, consumption-based model, with revenue linked to merchant usage, transaction volumes and GMV processed, and is supported by an ecosystem of over 250 partners across logistics, payments, technology, and fulfilment. In FY26, the platform served 214,769 active merchants, which processed 202.1 million transactions and reached 69.6 million end consumers, providing a strong base for expanding its share of merchant spending across the e-commerce value chain.

Milky Mist Dairy Food Limited, incorporated in July 2014 and headquartered in Perundurai, Erode District, Tamil Nadu, is a major Indian fast-moving consumer goods company specializing in Value-Added Dairy Products (VADP). Tracing its origin to a partnership firm founded in 1998 under the name “M.M.D. Dairy”, the company is promoted by Sathishkumar T and Anitha S. Milky Mist operates an integrated farm-to-consumer business model that encompasses direct raw milk procurement, centralized tech-enabled manufacturing, cold-chain distribution, and direct retail reach. As of March 31, 2026, the company offers a portfolio of 22 product categories with 640 Stock Keeping Units (SKUs). Its offerings include core dairy products like paneer, cheese (cheddar, mozzarella, processed), curd, ghee, butter, ice creams, yoghurt, and UHT long-shelf-life products, alongside fast-growing non-dairy and convenience food categories such as chocolates, sweetened condensed milk, khova, and Ready-to-Eat (RTE) / Ready-to-Cook (RTC) items like tofu, parotta, and chapati. These products are marketed under the umbrella brand “Milky Mist”, sub-brands such as “SmartChef”, “Capella”, and “Misty Lite”, and acquired brand names including “Briyas” and “Asal”.  The company’s operations are anchored by its primary manufacturing facility located at Perundurai, Erode, Tamil Nadu. Raw milk is predominantly procured from Tamil Nadu, which accounted for 94.5% of its total raw milk procurement in FY26, with additional sourcing expanding into Maharashtra, Karnataka, Telangana, and Andhra Pradesh. Milky Mist procures raw milk primarily through direct arrangements with dairy farmers (accounting for 74.3% of milk procurement in FY26), supported by an extensive network of Milk Chilling Centres and Bulk Milk Coolers. To preserve product quality and shelf-life across temperature-sensitive categories, the company utilizes specialized reefer logistics and temperature-monitoring systems. As of March 31, 2026, Milky Mist distributes its products across 22 states and 5 union territories in India through a network of 4,001 distributors, reaching general trade, modern trade supermarkets, quick commerce, e-commerce, and HoReCa channels, alongside exports to over 15 international markets. South India represents its primary market, generating 69.2% of total revenue from operations in FY26.

Dhoot Transmission Limited (DTL) is one of India’s leading electrical and electronics (E&E) companies, engaged in the design, engineering, manufacturing and supply of wiring harnesses and electrical distribution systems for both internal combustion engine (ICE) vehicles and electric vehicles (EVs). Its diversified product portfolio includes battery packs, switches, sensors, controllers, connectors, junction boxes, high-voltage interconnection systems and data cables, catering to the stringent performance, safety, and reliability requirements of OEMs across automotive and non-automotive applications. The company ranks among the top two players in the Indian two-wheeler (2W) and three-wheeler (3W) wiring harness market, with a 41% market share by value in FY26. It is also the market leader in electric 2W and 3W wiring harnesses, with a market share of nearly 70%. Beyond its leadership in 2W and 3W, the company has diversified its presence across commercial vehicles (CVs), off-highway vehicles (OHW), and farming and industrial equipment, while continuing to expand its product portfolio through the development of new sensor technologies. Wiring harnesses remain its largest revenue contributor, accounting for over 77% of revenue from operations in FY26. The company operates 23 manufacturing facilities, supported by engineering and design centres and warehouses across India and overseas, while two additional manufacturing plants are under construction. The company has also established backward integration across critical components, including terminals, connectors, cables, and moulded parts.

Molbio Diagnostics Limited (MDL) is a molecular diagnostics company that develops and manufactures rapid point-of-care (POC) diagnostic solutions for infectious and non-communicable diseases. Its business is built around the proprietary Truenat platform, a portable, battery-operated molecular testing system that enables healthcare providers to diagnose diseases in about one hour, even in locations with limited laboratory infrastructure. The Truenat platform comprises two devices that work together. A patient’s sample is first processed in Trueprep, which automatically extracts the genetic material (DNA/RNA). The processed sample is then placed on a disease-specific Truenat test chip and inserted into Truelab, a compact real-time PCR (Polymerase Chain Reaction) analyser that detects the disease. By simply changing the test chip, the same workstation can diagnose multiple diseases. The platform supports 43 diagnostic tests (assays) covering 30 diseases, including Tuberculosis (TB), COVID-19, HIV, Hepatitis B & C and HPV. Notably, its TB test is one of only two rapid molecular diagnostics globally endorsed by the World Health Organization (WHO) for initial TB diagnosis and rifampicin resistance detection. MDL follows a razor-and-blade business model, selling Trueprep and Truelab workstations to hospitals, diagnostic laboratories, government healthcare programmes and international health agencies, while generating recurring revenue through proprietary Truenat test chips and reagents that work exclusively on its devices. Consequently, every installed workstation creates recurring demand for consumables, with test kits contributing 74% of FY26 revenue, while devices accounted for 14.5%. The company derives 85% of its revenue from Indian government agencies and international health institutions, while TB diagnostics contributed 70.2% of product revenue, highlighting its strong positioning in national disease control programmes. MDL has a presence in over 90 countries, although 90% of FY26 revenue was generated from India. Operations are supported by six manufacturing facilities with an annual capacity of 5,400 devices and 39 million test kits. Innovation is driven by its R&D subsidiary Bigtec, where 153 researchers, including 136 scientists, support product development. The company invested Rs. 875 million, equivalent to 6.1% of FY26 revenue, towards R&D and holds a portfolio of 207 patents globally. Supported by experienced promoters, MDL has established itself as a leading innovator in the molecular diagnostics industry.