IPO Market Update

IPO Market Update
May 2021
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• All abbreviations to be referred to the respective DRHP filed on SEBI website
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List of IPOs
Issues Where SEBI Observations Have Been Received and Still Valid
SEBI Final Estimated Issue

S.N. Issuer Name Issue Type DRHP Date BRLMs
Observation Size (INR mm)
Fresh: INR 8,500 mm
1 Arohan Financial Services Fresh+OFS 14-02-2021 23-04-2021 ICICI Securities and others
OFS: ~27.0mm shares
Fresh: INR 500 mm
2 Dodla Dairy Fresh+OFS 15-02-2021 23-04-2021 ICICI Securities and others
OFS: ~10.1mm shares
Fresh: INR 4,000 mm
3 Seven Islands Shipping Fresh+OFS 14-02-2021 22-03-2021 JM Financial, IIFL
OFS: INR 2,000 mm
Issues Where Offer Documents are Filed & Awaiting SEBI Observations
Estimated Issue
Size (INR mm)
Fresh: INR 15,000 mm
1 Aadhar Housing Finance Fresh+OFS 24-01-2021 ICICI Securities and others
OFS: INR 58,000 mm
2 Aditya Birla Sun Life AMC OFS 19-04-2021 OFS: ~38.9mm shares ICICI Securities and others
Fresh: INR 15,000 mm

3 Chemplast Sanmar Fresh+OFS 30-04-2021 ICICI Securities and others
OFS: INR 20,000 mm
4 Clean Science and Technology OFS 06-04-2021 OFS: INR 14,000 mm Axis, JM Financial, Kotak
Fresh: ~11.2mm shares

5 Exxaro Tiles Fresh+OFS 15-03-2021 Pantomath Capital
OFS: ~2.2mm shares
6 G R Infraprojects OFS 13-04-2021 OFS: ~11.5mm shares ICICI Securities and others
Source: SEBI Website, DRHP;

Data as of 30th April 2021 3
List of IPOs (Cont’d)
Estimated Issue
Size (INR mm)
Fresh: INR 11,600 mm Kotak, Bofa Securities, Goldman
7 Glenmark Life Sciences Fresh+OFS 16-04-2021
OFS: ~7.3mm shares Sachs, DAM Cap, BoB Caps, SBI Caps
Fresh: INR 1,000 mm
8 India Pesticides Fresh+OFS 08-02-2021 Axis, JM Financial
OFS: INR 7,000 mm
Fresh: INR 7,000 mm
9 Jana Small Finance Bank Fresh+OFS 31-03-2021 ICICI Securities and others
OFS: ~9.2mm shares
Fresh: INR 2,000 mm
10 Krishna Institute of Medical Sciences Fresh+OFS 26-02-2021 Kotak, Axis, Credit Suisse, IIFL
OFS: ~21.3mm shares
Paras Defence and Space Fresh: INR 1,200 mm
11 Fresh+OFS 06-03-2021 Anand Rathi Advisors
Technologies OFS: ~1.7mm shares
Fresh: INR 700 mm
12 Rolex Rolled Rings Fresh+OFS 17-03-2021 Equirius, IDBI Capital, JM Financial
OFS: ~6.5mm shares
Fresh: INR 2,500 mm
13 Shriram Properties Fresh+OFS 09-04-2021 ICICI Securities and others
OFS: INR 5,500 mm
Fresh: INR 6,570 mm
14 Shyam Metalics and Energy Fresh+OFS 25-02-2021 ICICI Securities and others
OFS: INR 4,500 mm
Fresh: INR 3,000 mm Kotak, Credit Suisse, JM Financial,
15 Sona BLW Precision Forging Fresh+OFS 23-02-2021
OFS: INR 57,000 mm JPM, Nomura
Fresh: INR 2,250 mm
16 Tatva Chintan Pharma Chem Fresh+OFS 31-03-2021 ICICI Securities and others
OFS: INR 2,250 mm
Fresh: INR 7,500 mm
17 Utkarsh SFB Fresh+OFS 04-03-2021 ICICI Securities and others
OFS: INR 6,000 mm
Fresh: INR 75,000 mm Kotak, Morgan Stanley, Credit Suisse,
18 Zomato Fresh+OFS 27-03-2021
OFS: INR 7,500 mm Bofa Securities, Citi
Source: SEBI Website, DRHP;

Data as of 30th April 2021 4
Issues Where SEBI Observations Have Been Received and Still
Valid
IPO Overview: Arohan Financial Services
Overview Key Financials (INR mm)

• Leading NBFC-MFI with operations in financially under-penetrated Low
Particulars FY18 FY19 FY20 1HFY21
Income States of India
• Provides income generating loans and other financial inclusion related Equity Share Capital 885 1,027 1,103 1,112
products to customers who have limited or no access to financial services Net Worth 3,819 6,972 9,626 10,153
• Largest NBFC-MFI in Eastern India and the fifth largest NBFC-MFI in India Revenue 3,279 6,516 9,345 5,074
based on Gross Loan Portfolio as of September 30, 2020
EBITDA 1,756 4,372 5,565 3,225
• Focused on optimising its customer sourcing channels, maintaining well-
established loan origination, credit underwriting and loan management Net profit for the period 306 1,249 1,351 514
processes, as well as adopting and integrating technology into its business
EPS – Basic 3.52 14.05 12.07 5.75
to improve lending outcomes and operational efficiency
• Organic growth approach involves setting up its own branches, RoNW (%) 8.11% 18.31% 13.17% 12.29%
onboarding employees, and providing credit to customers through its NAV (Per Share) 43.17 67.90 87.26 91.32
branch networks
Key Strengths Key Issue Details
• Largest NBFC-MFI in Eastern India and fifth largest NBFC-MFI in India with • 144A issuance of shares
a focus on Low Income States
Particulars INR mm
• Seasoned business model incorporating its well-established risk 8,500.0
Fresh Issue
management framework, loan approval processes and recovery drives
OFS ^
• Customer centric approach with diverse product offerings
• DRHP Date: 14-Feb-21 (Awaiting SEBI approval)
• Advanced and scalable technology-enabled infrastructure
• Company proposes to utilise the Net Proceeds towards
• Diverse borrowing relationships and access to multiple sources of capital
augmenting its capital base to meet future capital
• Promoter ownership and experienced Board and management teams requirements
• BRLMs: ICICI Securities and others
Source: DRHP, SEBI Website; ^ The issue includes OFS of up to 27.06mm shares
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Note: Please read the DRHP along with the addendum (if any) for full details. Link: https://www.icicisecurities.com/OfferDocument.aspx
IPO Overview: Dodla Dairy

• Dodla Dairy is an integrated dairy company based in south India involved ₹ Million FY18 FY19 FY20 6MFY21
in sale of milk and dairy based VAPs in the branded consumer market Equity Share
33 557 557 557
• Amongst private dairy players in the southern region, Dodla Dairy is the Capital
third highest in terms of milk procurement and second highest in terms of Revenue from
15,905 16,917 21,394 9,163
market presence (Source: CRISIL Report) Operations
• Company’s operations in India are primarily across the five Indian states of Net Worth 3,395 4,064 4,335 5,079
Andhra Pradesh, Telangana, Karnataka, Tamil Nadu and Maharashtra.
EBITDA 1,127 1,342 1,409 1,362
Company’s international operations are based in Uganda and Kenya
PAT 569 628 499 748
• Company processes and retails milk and produces dairy based value EPS (Basic) 10.21 11.27 8.96 13.43
added products (“VAPs”) such as curd, ultra high temperature processing EPS (Diluted) 10.21 11.26 8.96 13.43
(“UHT”) milk, ghee, butter, flavoured milk and ice cream amongst others RoNW % 16.74% 15.44% 11.50% 14.72%
• As of December 31, 2020, Dodla Dairy’s procurement operations consisted NAV (Per
of 6,624 VLCCs, 254 village dairy farms and third party suppliers and 90 60.99 72.99 77.87 91.23
Share)
chilling centres
• Consumer focused dairy company with a diverse range of products under • Reg S issuance
the “Dodla Dairy” and “Dodla” brands
Particulars
• Integrated business model with well-defined procurement, processing and Fresh Issue 500 INR mn
distribution capabilities OFS 10,085,444 shares
• Focused engagement and long term relationship with dairy farmers
• Stringent quality control procedures
• Fresh Issue amount to the tune of INR 394.15 mm to be
• Financial Growth and operational efficiencies
utilized for repayment of loans and capex, and balance
• Experienced Board and senior management team amount to be used for General Corporate Purposes
Source: DRHP, SEBI Website;

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IPO Overview: Seven Islands
• Third largest seaborne logistics company in India by deadweight tonnage,
as of December 2020 Particulars FY18 FY19 FY20 9MFY21
• Transport oil products classified as black oils such as fuel oil and light diesel oil, Total Income 4,152 4,703 7,280 7,426
and white oils such as naphtha, high speed diesel, superior kerosene oil and
EBITDA 2,092 1,673 2,721 4,457
gasoline and lube oils, primarily along the Indian coast, that are used in end
markets EBITDA margin 50.6% 35.8% 38.1% 60.8%
• Transport crude oil primarily from the Arabian gulf countries to Indian PAT 880 388 803 1,195
refineries along the Indian coast
% margin 21.2% 8.3% 11.0% 16.1%
• Oil products business is carried out through Small and MR vessels while
crude oil logistics business is currently carried out through Suezmax vessels Return on Avg. Net Worth 19.9% 6.4% 10.6% 13.9%*
• As of January 31, 2021, had 20 liquid cargo vessels with a total deadweight Gross Debt 4,122 4,666 7,292 8,128
capacity of 1,105,682 MT; 4 are Small vessels, 13 are MR vessels, and 3 are
Suezmax vessels. Debt to Equity 0.85x 0.65x 0.91x 0.88x
• Among the leading liquid seaborne logistics companies in India in terms of Key Issue Details
number of time charter contracts with Indian charterers in Fiscal 2020
• 144A Issuance of shares aggregating up to INR 6,000 mm
Key Strengths
Particulars INR mm
• Proven ability to acquire vessels at optimal price and deploy vessels Fresh Issue 4,000.0
OFS 2,000.0
• Longstanding relationship with major Indian oil and gas customers
Total IPO Size 6,000.0
• Quality in-house management of operations and cost competitive vessel
management • DRHP Date: 14-Feb-21 (Awaiting SEBI approval)
• Sizeable and diverse India flagged and owned operating fleet • Fresh Issue amount to the tune of INR 4,000 mm to be utilised
for acquisition of one VLCC vessel and one MR vessel in the
• Consistent financial performance
secondary market and balance amount to be used for General
• Ability to retain advantage of tax regime Corporate Purposes
• Experienced management team • BRLMs: JM Financial, IIFL
Source: DRHP, SEBI Website; *Not Annualised

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Note: Please read the DRHP along with the addendum (if any) for full details. Link: https://www.sebi.gov.in/filings/public-issues.html
Issues Where Offer Documents are Filed & Awaiting SEBI
Observations
IPO Overview: Aadhar Housing Finance
• Company is the largest Affordable HFC in India in terms of AUM, as of Particulars FY18 FY19 FY20 6MFY21
March 31, 2020 Equity Share Capital 252 252 395 395
Revenue from Operations 8,150 12,656 13,877 7,482
• They are approximately 1.5 times larger than the second largest peer set Average ticket size (₹ Mn.) 0.84 0.83 0.84 0.85
company based on AUM as on March 31, 2020. (Source: CRISIL) Retail AUM (₹ Mn.) 78,353 99,209 113,896 121,180
Gross Retail NPA (%) 0.58% 0.58% 0.82% 0.74%*
• Compared to its peers, Company has the largest customer base and the
Net Ret NPA/ Ret AUM (%) 0.46% 0.45% 0.60% 0.45%
highest disbursement for financial year ended March 31, 2020 Net worth 7,177 8,589 23,473 25,066
• Further, as at March 31, 2020, the Company has the most geographically Adjusted PAT 1,142 1,619 2,527 1,660
diversified AUM as well as the highest efficiency in terms of operating EPS – Basic 5.32 6.44 5.86 3.96*
expenditure ratios (Source: CRISIL) NAV per Share 28.54 34.15 59.48 63.50
RoNW (%) 15.91% 18.85% 8.07% 6.24%*
• Company is an entirely retail-focused affordable housing finance company, Adjusted ROE (%) 18.77% 20.53% 15.46% 13.27%
serving economically weaker and low-to-middle income customers, who Debt to Net Worth ratio 8.80 9.54 4.11 3.84
require small ticket mortgage loans. The average ticket size of the loans was CAR 18.76% 18.28% 51.42% 47.84%
₹ 0.85 million, with an average loan-to-value of 56.73%, as of Sep 30, 2020 Avg yield on Loan Book (%) 11.67% 13.84% 13.26% 13.41%
Avg cost of Borrowing (%) 8.75% 10.09% 8.90% 8.57%
NIM(%) 5.41% 6.18% 5.45% 5.29%
Key Strengths Cost to Income Ratio (%) 45.92% 47.39% 42.76% 34.61%
• Largest affordable housing finance company with best-in-class metrics in the Key Issue Details
fastest growing sub-segment of the Indian mortgage market
• 144A issuance of shares aggregating up to INR 73,000 mm
• Extensive branch network, geographical penetration and sales channels which
contribute significantly to loan sourcing and servicing Particulars INR mm
• Robust, comprehensive systems and processes for underwriting, collections Fresh Issue 15,000
and monitoring asset quality
OFS 58,000
• Access to diversified and cost-effective long-term financing with a disciplined
approach to asset liability and liquidity management Total IPO Size 73,000
• Social objectives are one of the core components of Company’s business
• DRHP Date: 24-Jan-21 (Awaiting SEBI approval)
model
• Experienced, cycle-tested and professional management team with strong • Fresh Issue amount shall be used for augmenting capital base
corporate governance to meet future capital requirements
10
IPO Overview: Aditya Birla Sun Life AMC

• Ranked as the largest non-bank affiliated AMC in India by QAAUM since
Particulars 9MFY21 9MFY20 FY20 FY19 FY18
March 31, 2018, and among the four largest AMCs in India by QAAUM
Revenue 8,627 9,565 12,338 14,061 13,231
since September 30, 2011, according to CRISIL.
Total Income 8,736 9,572 12,348 14,073 13,237
• Birla AMC manages a total AUM of ₹2,736.43 billion under our suite of PAT 3,695 3,952 4,944 4,468 3,486
mutual fund (excluding domestic FoFs), portfolio management services, EBITDA 5,207 5,550 7,027 6,839 5,522
offshore and real estate offerings, as of December 31, 2020. Equity Share Capital 180 180 180 180 180
• Established a geographically diversified pan-India distribution presence Other Equity 16,693 14,165 12,989 12,026 11,195
covering 284 locations spread over 27 states and six union territories. EPS 12.83 13.72 17.17 15.51 12.10
Dividend per share
• The distribution network is extensive and multi-channeled with a significant NA 83.33 183.33 166.67 111.00
(in ₹)*
physical as well as digital presence.
Book Value per share
58.59 49.81 45.72 42.38 39.50
(in ₹)
* Dividend of INR 77.78 per share declared and paid in the month of January 2021; On 6 th
April, 2021, each equity share of ₹10 was split into two shares of ₹5 each and seven
bonus shares of ₹5 each were issued for every one existing fully paid up equity share

• Largest Non-bank Affiliated Asset Manager in India
Particulars Shares
• Well-Recognized and Trusted Brand with Experienced Promoters
OFS 38,880,000
• Rapidly Growing Individual Investor Customer Base Driven By Strong • 144A compliant issuance. The Offer shall constitute 13.50% of
Systematic Flows and B-30 Penetration. the post-Offer paid-up Equity Share capital of the Company
• Diverse Product Portfolio with Superior Fund Performance supported by • DRHP Filing Date: 19-Apr-21 (Awaiting SEBI approval)
Research Driven Investment Philosophy
• The objects of the Offer are to (i) achieve the benefits of listing
• Pan-India, Diversified Distribution Network the Equity Shares on the Stock Exchanges; and (ii) carry out the
• Long-term Track Record of Innovation in and Use of Technology Offer for Sale of up to 38,880,000 Equity Shares by the Selling
• Award Winning Franchise Led By Experienced and Stable Management and Shareholders
Investment Teams • BRLMs: ICICI Securities and others
11
IPO Overview: Chemplast Sanmar
• Leading specialty chemicals manufacturer in India with focus on specialty Particulars FY18 FY19 FY20 9MFY21
paste PVC resin and custom manufacturing of starting materials and
intermediates for pharmaceutical, agro-chemical and fine chemicals sectors Equity Share Capital 800 670 670 670
o Largest manufacturer of specialty paste PVC resin in India, on the Net Worth 5,451 14,115 8,460 8,632
basis of installed production capacity as of December 31, 2020
Revenue from
• The company has four manufacturing facilities, of which three are located in 31,254 12,543 12,577 8,751
operations
Tamil Nadu at Mettur, Berigai and Cuddalore, and one is located in
EBITDA 5,729 2,981 2,545 2,983
Puducherry at Karaikal
• According to the CRISIL Report, high barriers to entry and limited Restated PAT 2,485 1,185 461 161
competition is expected to benefit existing manufacturers of specialty paste RoNW% 45.60% 8.39% 5.45% 1.87%*
PVC resin in India in the medium term and the demand for specialty paste
PVC resin is expected to grow at a CAGR of 6% to 8% between Financial NAV – Per share 34.07 105.27 63.10 64.38
Years 2022 and 2025
EPS – Basic / Diluted 15.53 4.53 2.04 1.20*
• Well-positioned to capture favorable industry dynamics • 144A issuance of shares aggregating up to INR 35,000.0 mm
• Leadership Position in an Industry with High Barriers to Entry (Contains provision for pre-IPO of up to INR 3,000.0 mm)
• Vertically integrated operations Particulars INR mm

Fresh Issue 15,000.0
• Quality Manufacturing Facilities with a strong focus on sustainability
OFS 20,000.0
• Operational excellence Fresh + OFS 35,000.0
• Strong Parentage and Experienced management team • DRHP Date: 30-Apr-21 (Awaiting SEBI approval)
• The Net Proceeds are proposed to be utilised towards NCD
Redemption and General Corporate Purposes

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IPO Overview: Clean Science and Technology

• Among the few companies globally focused entirely on developing newer
Particulars 9MFY20 9MFY21 FY18 FY19 FY20
technologies using in-house catalytic processes, which are eco-friendly
and cost competitive  This has enabled the company to emerge as the Equity Share Capital 14.16 13.28 14.16 14.16 13.28
largest manufacturer globally of certain specialty chemicals in terms of Net Worth 3,625 4,900 1,879 2,721 3,421
manufacturing capacities as of December 31, 2020
Revenue from
• Manufactures functionally critical specialty chemicals such as Performance 3,123 3,785 2,427 3,933 4,193
operations
Chemicals (i.e. MEHQ, BHA and AP), Pharmaceutical Intermediates (i.e. EBITDA 1,379 1,889 734 1,363 1,853
Guaiacol and DCC), and FMCG Chemicals (i.e. 4-MAP and Anisole)
EBITDA Margin% 44.16% 49.89% 30.25% 34.66% 44.19%
• Within 17 years of its incorporation, the company has grown to be the
largest manufacturer globally of MEHQ, BHA, Anisole and 4-MAP, in terms Restated PAT 1,068 1,453 489 977 1,396
manufacturing capacities RoNW% 29.46% 29.65% 26.03% 35.90% 40.82%
• Company’s key customers include Bayer AG, SRF Limited, Gennex NAV – Per share 34.13 46.13 17.69 25.61 32.21
Laboratories Limited, Nutriad International NV and Vinati Organics Limited
EPS – Basic / Diluted 10.06 13.68 4.60 9.19 13.15

• Track record of strategic process innovation through consistent R&D • 144A issuance of shares to raise up to INR 14,000mm
initiatives (Entire issuance by way of OFS)
• Among the largest producers globally of functionally critical specialty • DRHP Date: 6-Apr-21 (Awaiting SEBI approval)
chemicals used across various industries and geographies resulting in a
de-risked business model • BRLMs: Axis Capital, JM Financial, Kotak Investment Banking
• Experienced Promoters and senior management with extensive domain

knowledge
• Strong and long-standing relationships with key customers
• Automated manufacturing facilities with proven design and
commercialization capabilities and strong focus on EHS

Website *Not Annualised
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IPO Overview: Exxaro Tiles

• Engaged in manufacturing and marketing of vitrified tiles used majorly for
Particulars FY18 FY19 FY20 9MFY21
flooring solutions
• Commenced business as a partnership firm in 2007-08 as a manufacturer Equity Share Capital 336 336 336 336
of frit, which is one of the raw materials used in manufacturing of tiles and
Restated Net Worth 926 1,016 1,129 1,237
have over the years, diversified, expanded and evolved into a
manufacturer for vitrified tiles Revenue from
2,195 2,423 2,407 1,678
operations
• Over its operating history of more than a decade, it has supplied its
products for various projects including residential, commercial, educational EBITDA 394 378 430 332
institutions, hotels, hospitals, government, religious institutions, Restated PAT 91 89 113 109
builders/developers, etc
RoNW% 9.87% 8.78% 9.97% 8.77%*
• Believes that ability to meet stringent quality and technical specifications,
introduce designs to meet evolving customer preferences & state-of-the-art NAV – Per share 27.60 30.28 33.64 36.88
manufacturing facilities, upgraded in-house processes to increase
efficiencies has enabled it to establish our brand in ceramic industry EPS – Basic / Diluted 2.78 2.66 3.36 3.23

• State-of-the-art manufacturing facilities with strong focus on design and • 144A issuance of up to 13.424mm shares;
quality Fresh issuance of up to 11.186mm shares and OFS of up to
• Widespread sales and dealers network 2.238mm shares
• Wide product portfolio comprising 1000+ designs • DRHP Date: 15-Mar-21 (Awaiting SEBI approval)
• Experienced management and dedicated employee base • The Net Proceeds are proposed to be utilised towards
Prepayment/repayment of certain secured borrowings availed
by the company (INR 500mm), funding the working capital
requirements (INR 400mm) and balance for General Corporate
Purposes
• BRLM: Pantomath Capital

Website *Not Annualised
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IPO Overview: G R Infraprojects Limited
• GR Infra is an integrated road EPC company with experience in design and Particulars 9MFY21 FY20 FY19 FY18
construction of various road/highway projects across 15 States in India and Revenue from
51,082 63,727 52,826 32,955
having recently diversified into projects in the railway sector. operations
Total Income 51,561 64,211 53,231 33,356
• The principal business operations are broadly divided into three
EBITDA 13,909 16,344 13,228 6,643
categories:
% margin 27% 25% 25% 20%
• Civil construction activities, under which they provide EPC services
Profit for the year 7,020 7,992 7,145 4,127
• Development of roads, highways on a Build Operate Transfer (BOT) Profit Margin (%) 14% 12% 13% 12%
basis, including under annuity and HAM (Hybrid Annuity Model) Equity Share Capital 485 485 485 485
• Manufacturing activities, under which they process bitumen, Other Equity 36,766 29,754 21,795 14,665
manufacture thermoplastic road-marking paint, electric poles and EPS 72.40* 82.43 73.69 42.57
road signage and fabricate and galvanize metal crash barriers. Book Value per share
384.18 311.86 229.78 156.24
(in ₹)
* Not annualized
• Focused EPC player with road projects focus. Particulars Shares

• Established track record of timely execution. OFS 11,508,704
• In-house integrated model.
• DRHP Filing Date: 13-Apr-21 (Awaiting SEBI approval)
• Strong financial performance and credit rating.
• The objects of the Offer are to achieve the benefits of listing
• Experienced Promoters with strong management team the Equity Shares on the Stock Exchanges and for the offer for
sale of up to 11,508,704 Equity Shares by the Selling
Shareholders
• Reg S compliant issuance of shares

15
IPO Overview: Glenmark Life Sciences

• Leading developer and manufacturer of select high value, non-
commoditized active pharmaceutical ingredients (“APIs”) in chronic Particulars FY18 FY19 FY20 9MFY21
therapeutic areas, including cardiovascular disease (“CVS”), central Equity Share Capital 19.6 19.6 19.6 19.6
nervous system disease (“CNS”), pain management and diabetes
Net Worth 2,285 881 4,017 6,479
• API portfolio comprises specialized and profitable products, including
niche and technically complex molecules, which the company believes Revenue 12,017 14,050 15,373 14,180
reflects its capability to branch into other high value products EBITDA 3,317 4,298 4,840 4,217
• The company is also increasingly providing contract development and Net Profit for the Period 2,294 2,927 3,131 2,469
manufacturing operations (“CDMO”) services to a range of multinational
and specialty pharmaceutical companies EPS – Basic / Diluted 21.28 27.15 29.04 22.90*
• As of December 31, 2020, the company had a portfolio of 120 molecules RoNW (%) N/A 99.25% 77.94% 38.11%*
globally and sold its APIs in India and exported its APIs to multiple
NAV (Per Share) 21.20 8.17 37.26 60.10
countries in Europe, North America, Latin America, Japan and the rest of
the world
• Leadership in Select High Value, Non-Commoditized APIs in Chronic • 144A issuance of shares with primary capital raise of up to
Therapeutic Areas 11,600.0 mm and an OFS component^
• Strong Relationships with Leading Global Generic Companies • DRHP Date: 16-Apr-21 (Awaiting SEBI approval)
• Quality-Focused Compliant Manufacturing and R&D Infrastructure • The company proposes to utilize the fresh proceeds for
• Strong Focus on Sustainability in Operations payment of outstanding purchase consideration to the
Promoter for the spin-off of the API business from the
• Cost Leadership across Products through Careful Monitoring and
Promoter into its company pursuant to the Business Purchase
Continuous Effort
Agreement, Funding the capital expenditure requirements and
• Experienced Management Team with Proven Track Record for General Corporate purposes
• BRLMs: Kotak, Bofa Securities, GS, DAM Capital, BOB Caps,
SBI Capital
Source: DRHP, SEBI Website; ^ The issue includes OFS of up to ~7.3mm shares; *Not Annualised
16
IPO Overview: India Pesticides

• R&D driven agro-chemical manufacturer of Technicals with a growing
Formulations business Particulars 1HFY20 1HFY21 FY18 FY19 FY20
• Among the fastest growing agro-chemical companies in India in terms of Equity Share Capital 32 32 32 32 32
volume in Fiscal 2020
Net worth 2,137 3,291 1,439 1,870 2,568
• Also the sole Indian manufacturer and among top five manufacturers Revenue from
globally for several Technicals, such as, Folpet and Thiocarbamate 2,198 3,338 2,532 3,407 4,796
Operations
Herbicide
EBITDA 415 1,027 580 706 1,037
• Diversified into manufacturing herbicide and fungicide Technicals and APIs
Net Profit for the
 Also manufactures herbicide, insecticide and fungicide Formulations 269 725 328 439 708
Period
• Strategic focus on R&D and the R&D capabilities include two well-equipped EPS - Basic 2.41 6.51 2.94 3.94 6.35
in-house laboratories registered with the DSIR  Efforts are led by a
dedicated R&D team that comprises PhDs, masters graduates in chemistry RONW (%) 12.59% 22.03% 22.80% 23.48% 27.57%
and a biotechnological engineer NAV (₹ ) 19.18 29.54 12.92 16.79 23.05
• Strong R&D and product development capabilities • 144A issuance of shares aggregating up to INR 8,000.0 mm
• Diversified portfolio of niche and quality specialized products Particulars INR mm
• Long-term relationship with key customers Fresh Issue 1,000.0
OFS 7,000.0
• Advanced manufacturing facilities with focus on environment, health and Total IPO Size 8,000.0
safety
• Strong sourcing capabilities and extensive distribution network
• The Net Proceeds are proposed to be utilised towards funding
• Consistent track record of financial performance
working capital requirements of company to the tune of INR
• Experienced promoters and strong management team 800 mm and balance for General Corporate Purposes
• BRLMs: Axis, JM Financial
Source: DRHP, SEBI Website

17
IPO Overview: Jana Small Finance Bank
Overview Key Performance Indicators (INR mm)

• Jana SFB is one of the leading Small Finance Banks of India in terms of Financial Year
Particulars Sep-20
assets under management and deposit size as at March 31, 2020 2018 2019 2020
• As at February 28, 2021, Jana SFB had 611 Branches, including 166 Equity Share Capital 393 1,972 2,007 2,007
Branches in Unbanked Rural Centres, and 134 ATMs located in 229 districts Net Worth 15,237 6,609 10,273 11,109
in 19 states and three union territories Revenue from Operations 15,970 13,683 24,248 13,345
• Served over 8.00 million customers since 2008, including approximately
Net Profits for the period (25,038) (19,491) 301 824
3.05 million active customers
AUM 76,359 65,196 112,987 112,630
• Primary unsecured loan products are group loans (loans are offered to a
group of women as per the Joint Liability Group (“JLG”) model), Disbursements 25,157 61,345 99,954 16,601
agricultural and allied loans, and individual and micro business loans Deposits 4.5 41,987.0 96,519.5 102,299.1
• Primary secured loan products are affordable housing loans, MSME loans, Credit to Deposit Ratio (%) NA 148.07% 103.18% 99.91%
Gross NPAs as a % of gross
gold loans, loans against fixed deposits, term loans to NBFCs, two-wheeler 42.21% 8.08% 3.16% 2.72%
advances
loans, and micro housing loans CRAR (%) 34.67% 18.02% 19.25% 20.09%
• Jana SFB has the fastest growing deposit franchise among the Small EPS – Basic (787.88) (471.84) 6.21 16.25
Finance Banks in Fiscal 2020 – 3rd highest share of retail depositsas a RoNW (%) (164.32%) (294.92%) 2.93% 7.42%*
percentage of total deposits among all Small Finance Banks as at March NAV (Per Share) 387.82 140.14 202.55 218.99
31, 2020
• New age digitalised bank

• 144A compliant issue
• Robust risk and governance framework
• Professional and experienced management and Board, backed by reputed • Issue consists of a fresh issue of up to INR 7,000 million and
Shareholders
an OFS of up to 9,253,659 equity shares
• Customer-centric organization with more than 14 years’ experience in
serving underbanked and underserved customers • ICICI Securities is a Lead BRLM
• Pan-India presence with strong brand recognition
• DRHP Filing Date: 31-Mar-21 (Awaiting SEBI approval)
• Fast growing retail deposit base and diversified liability franchise
• Strong execution ability

18
IPO Overview: Krishna Institute of Medical Sciences Limited

• One of the largest corporate healthcare groups in AP and Telangana in
terms of number of patients treated and treatments offered Particulars 9MFY20 9MFY21 FY18 FY19 FY20
• Provides multi-disciplinary integrated healthcare services, with a focus on Revenue 8,564 9,714 6,637 9,180 11,226
primary secondary & tertiary care in Tier 2-3 cities and primary, secondary, EBITDA 1,865 2,760 1,028 868 2,511
tertiary and quaternary healthcare in Tier 1 cities
Net Worth 5,694 8,092 (1,584) 5406 5,981
• Operates 9 multi-specialty hospitals under the “KIMS Hospitals” brand,
Net Profit for the
with an aggregate bed capacity of 3,064, including over 2,500 operational 873 1,469 (462) (486) 1,151
Period
beds as of December 31, 2020, which is 2.2 times more beds than the
second largest provider in AP and Telangana Total Borrowings 3,482 2,618 7,032 2,881 3,208
• Offers a comprehensive range of healthcare services across over 25 EPS – Basic 12.15 18.48 (9.44) (6.89) 16.00
specialties and super specialties, including cardiac sciences, oncology, RoNW (%) 15.90% 17.72% N / A (8.82%) 19.93%
neurosciences, gastric sciences, orthopaedics, organ transplantation, renal
sciences and mother & child care NAV (Per Share) 76.45 104.28 (31.59) 78.17 80.30
• Regional leadership driven clinical excellence and affordable healthcare • 144A issuance of shares with primary capital raise of up to
• Ability to attract, train and retain high quality doctors, consultants and 2,000.0 mm
medical support staff Particulars INR mm
• Track record of strong operational and financial performance Fresh Issue 2,000.0
OFS ^
• Well positioned to consolidate in India’s large, unorganized yet rapidly
growing and underserved affordable healthcare market • DRHP Date: 26-Feb-21 (Awaiting SEBI approval)
• Disciplined approach to acquisitions resulting in successful inorganic • The company proposes to utilize the funds which are being
growth raised through the fresh Issue for repayment/pre-payment, in
• Experienced senior management team with strong institutional full or part, of certain borrowings availed by the Company and
shareholder support by its subsidiaries; and for General Corporate Purposes
• BRLMs: Kotak, Axis, CS, IIFL
Source: DRHP, SEBI Website; ^ The issue includes OFS of up to 21.34mm shares
19
IPO Overview: Paras Defence And Space Technologies

• Indian private sector company engaged in designing, developing,
manufacturing and testing of a wide range of defence and space
engineering products and solutions Equity Share Capital 56 57 284 284
• One of the leading ‘Indigenously Designed Developed and Manufactured’ Net Worth 901 1,191 1,387 1,386
(“IDDM”) category private sector company in India which caters to four
Revenue from
major segments of Indian defence sector i.e. defence and space optics, 1,493 1,544 1 ,470 374
operations
defence electronics, electro-magnetic pulse (“EMP”) protection solution
and heavy engineering EBITDA 412 428 393 92
• Sole Indian supplier of critical imaging components such as large size PAT 251 190 197 (1)
optics and diffractive gratings for space applications in India RoNW% 30.58% 17.16% 15.03% (0.11)%
• The company has five principal categories of product offerings: defence
NAV – Per share 29.38 38.90 46.03 46.07
and space optics, defence electronics, EMP protection, heavy engineering
for defence and niche technologies EPS – Basic / Diluted 8.99 6.75 6 .92 (0.05)
• Offers a wide range of products and solutions for both defence and space • Reg S issuance of shares with primary capital raise of up to
applications 1,200.0 mm and an OFS of up to 1.724mm shares
• One of the few players in high precision optics manufacturing for space • DRHP Date: 6-Mar-21 (Awaiting SEBI approval)
and defence application in India
• The company proposes to utilize the funds which are being
• Strong R&D capabilities with a focus on innovation raised through the fresh Issue for funding incremental working
• Well positioned to benefit from the Government’s “Atmanirbhar Bharat” capital requirements (INR 500mm), repayment or prepayment
and “Make in India” initiatives of all or a portion of certain borrowings/outstanding loan
facilities availed by the company (INR 100mm) and for General
• Strong relationships with a diverse customer base
Corporate Purposes
• Experienced management team
• BRLM: Anand Rathi Advisors

20
IPO Overview: Rolex Rolled Rings
• One of the top five forging companies in India (Source: ICRA Report) and a
manufacturer and global supplier of hot rolled forged and machined bearing Particulars FY18 FY19 FY20 1HFY21
rings, and automotive components for segments of vehicles including two- Equity Share Capital 240 240 240 240
wheelers, passenger vehicles, commercial vehicles, off-highway vehicles,
electric vehicles), industrial machinery, wind turbines and railways, amongst Net Worth 1,563 2,153 2,681 2,938
other segments Revenue 7,843 9,043 6,660 2,245
• Supplies domestically and internationally to large marquee customers
Net profit for the period 729 590 529 253
including some of the leading bearing manufacturing companies, tier-I
suppliers to global auto companies and some auto OEMs Total Borrowings 5,051 3,852 2,590 2,341
• Product portfolio includes a wide range of bearing rings, parts of gear box EPS – Basic 30.39 24.62 22.08 10.56*
and automotive components, among others
RoNW (%) 46.62% 27.42% 19.75% 8.62*%
• Customers typically order in large volumes, and the company caters to their
orders by using its flexible manufacturing infrastructure, skills and processes NAV (Per Share) 65.19 89.80 111.80 122.52
to achieve operational efficiency and quality
Key Issue Details
Key Strengths • Reg S issuance of shares with primary capital raise of up to

700.0 mm
• Has a comprehensive product portfolio
Particulars INR mm
• Manufacturing capabilities which offer scale, flexibility and locational Fresh Issue 700.0
advantage OFS ^
• Long standing customer relationships and geographically diversified
• DRHP Date: 17-Mar-21 (Awaiting SEBI approval)
revenue base
• The company proposes to utilize the funds which are being
• Experienced Promoters and management team with strong domain
raised through the fresh Issue for Funding long-term working
expertise
capital requirements; and for General Corporate Purposes
• Strong financial performance over the past few years
• BRLMs: Equirius, IDBI Capital, JM Financial
Source: DRHP, SEBI Website; ^ The issue includes OFS of up to 6.5mm shares; * Not Annualised
21
IPO Overview: Shriram Properties

• One of the leading residential real estate development companies in South
Particulars 9M Dec-20 FY20 FY19 FY18
India, primarily focused on the mid-market and affordable housing categories
 Among the five largest residential real estate companies in South India in Revenue from
2,936 5,720 6,501 3,684
terms of number of units launched between calendar years 2015 and 2020 operations
across Tier 1 cities of South India including Bengaluru and Chennai
Total revenue 3,440 6,318 7,238 4,198
• Bengaluru & Chennai are two key markets for the company - Among two key
residential housing markets in India, contributing to approximately 29.70% of
the launches in India, between calendar years 2012 and 2020 and 28.57% of EBITDA 869 904 799 520
the sold inventory in India between calendar years 2018 & 2020
• As of December 31, 2020, the company has 29 Completed Projects,
EBITDA % 25.26% 14.31% 11.04% 12.39%
representing 16.76 million square feet of Saleable Area
• Further, 83.69% of company’s total Saleable Area for Completed Projects were
in the mid-market category & affordable housing category (mid-market and PAT (650) (864) 488 3,430
affordable categories accounting for 51.44% and 32.25% respectively)
• As of December 31, 2020, the company has a total portfolio of 35 projects in Net worth 8,403 9,045 9,797 7,898
Ongoing Projects, Projects under Development and Forthcoming Projects
aggregating to 46.74 million square feet of estimated Saleable Area.

• Part of the Shriram Group and Backed by Marquee Investors • 144A compliant issue
• One of the Leading Residential Real Estate Development Companies in
South India with Focus on Midmarket and Affordable Housing Categories • IPO comprises of an issue amount of up to INR 8,000 Mn,
• Demonstrated Capabilities in Project Identification and Strong Execution consisting of a Fresh Issue of up to INR 2,500 Mn and an Offer
Track Record for Sale of up to INR 5,500 Mn.
• Established Strategic Relationships
• ICICI Securities is a BRLM to the transaction
• Scalable and Asset Light Business Model supported by Strong Financial
Position • DRHP Filing Date: 09-Apr-21
• Well Positioned to Benefit from Regulatory and Industry Developments
• Experienced and Professional Management Team
22
IPO Overview: Shyam Metalics

• Leading integrated metal producing company based in India with a focus Particulars 9MFY20 9MFY21 FY18 FY19 FY20
on long steel products and Ferro-alloys Equity Share Capital 2,336 2,336 467 2,336 2,336
• Among the largest producers of Ferro-alloys based on installed capacity in Net Worth 27,467 32,853 18,540 24,897 28,260
India and the fourth largest player in sponge iron industry in terms of Revenue 33,164 39,956 39,204 46,846 43,953
sponge iron capacity in India EBITDA 4,481 7,173 7,149 9,568 6,341
EBITDA margin1 13.61% 18.18% 18.97% 20.64% 14.49%
• Operates three manufacturing plants that are located at Sambalpur in
PAT 2,604 4,563 5,280 6,368 3,403
Odisha, and Jamuria and Mangalpur in WB % margin 7.85% 11.42% 13.47% 13.59% 7.74%
o Manufacturing plants are strategically located in close proximity to Gross Debt 10,410 8,863 5,641 7,221 13,305
the mineral belt in eastern India Gross Debt / Equity - 0.27x 0.30x 0.29x 0.47x
Manufacturing plants also include captive power plants with an Interest Coverage
o 9.69x 17.86x 18.52x 20.33x 10.41x
ratio
aggregate installed capacity of 227 MW, as of December 31, 2020
RoNW% 9.49% 13.89% 22.89% 24.27% 12.04%
• SMEL has zero long term debt and is a net debt free company in Fiscal NAV – Per share 117.57 140.63 79.36 106.57 120.97
2020 and amongst AA rated steel Companies in India EPS - Basic 11.15 19.53 18.17 25.86 14.57
• Integrated operations across the steel value chain • 144A issuance of shares aggregating up to INR 11,070 mm
• Strategically located manufacturing plants supported by robust Particulars INR mm

infrastructure resulting in cost and time efficiencies Fresh Issue 6,570.0
OFS 4,500.0
• Diversified product mix with strong focus on value added products, such Total IPO Size 11,070.0
as, ferro alloys, association with reputed customers and robust distribution
network • DRHP Date: 25-Feb-21 (Awaiting SEBI approval)
• Fresh Issue amount to the tune of INR 4,700 mm to be utilised
• Strong financial performance and credit ratings
for repayment / pre-payment, in full or part, of debt of the
• Experienced Promoters, Board and senior management team company and SSPL, one of its Subsidiaries, and balance
amount to be used for General Corporate Purposes
Source: DRHP, SEBI Website; 1 Margins as a % of Operating income, where Operating income is calculated as revenue from
operations (net of excise duty) plus export incentives received 23
Note: Please read the DRHP along with the addendum (if any) for full details. Link:
IPO Overview: Sona BLW Precision Forging
• One of India’s leading automotive technology companies, designing,
manufacturing and supplying highly engineered, mission critical automotive Particulars FY18 FY19 FY20 9MFY21
systems and components such as differential assemblies, differential gears,
conventional and micro-hybrid starter motors, BSG systems, EV traction Total Income 6,259 7,025 10,438 10,296
motors (BLDC and PMSM) and motor control units to automotive OEMs
EBITDA 1,705 2,002 2,423 3,003
across US, Europe, India and China, for both electrified and non electrified
powertrain segments EBITDA margin1 28.2% 28.9% 26.7% 29.2%
• In CY 2020, among the top 10 players globally in the differential bevel gear
market PAT 776 1,732 3,603 1,555
• gaining global market share across products to reach a share of Return on Net Worth2 43,742.4% 99.5% 30.6% 12.1%
approximately 5.0% for differential bevel gears, 3.0% for starter motors and
8.7% for BEV differential assemblies, in CY 2020 Gross Debt 4,878 1,460 3,068 2,847
• Have nine manufacturing and assembly facilities across India, China, Mexico
and USA, of which six are located in India
Key Issue Details
Key Strengths • 144A Issuance of shares aggregating up to INR 60,000 mm
• One of the leading manufacturers and suppliers to global EV markets Particulars INR mm
• One of the leading global companies and gaining market share, diversified Fresh Issue 3,000.0
across key automotive geographies, products, vehicle segments and OFS 57,000.0
customers Total IPO Size 60,000.0
• Strong research and development and technological capabilities in both • DRHP Date: 23-Feb-21 (Awaiting SEBI approval)
hardware and software development • Fresh Issue amount to the tune of INR 3,000 mm to be utilised
• Strong business development with customer centric approach for repayment / pre-payment, in full or part, of certain
borrowings availed by the Company and balance amount to
• Consistent financial performance with industry leading metrics
be used for General Corporate Purposes
• Highly experienced board of directors and management team
• BRLMS: Kotak, CS, JM Financial, JPM, Nomura
Source: DRHP, SEBI Website; 1 As a % of Revenue from Operations 2 Net of minority interest
24
IPO Overview: Tatva Chintan Pharma Chem

• Specialty chemicals manufacturing company engaged in the manufacture
of a diverse portfolio of structure directing agents (“SDAs”), phase transfer
catalysts (“PTCs”), electrolyte salts for super capacitor batteries and Equity Share Capital 80 80 80 80
pharmaceutical and agrochemical intermediates and other specialty Net Worth 591 797 1,177 1,447
chemicals (“PASC”)
Revenue from operations 1,358 2,063 2,632 1,917
• Tatva Chintan Pharma Chem is the largest and only commercial
manufacturer of SDAs for zeolites in India (It also enjoys the second largest EBITDA 244 343 563 446
position globally) PAT 123 205 378 311
• Focuses on application of its products which form a key ingredient to its Dividend Paid - - - 40
customers’ manufacturing and industrial processes
RoNW% 20.79% 25.78% 32.11% 21.52%*
• Continuously strives to improve its processes and infrastructure to help
reduce its impact on the environment and has accordingly, undertaken NAV – Per share 29.43 39.68 58.59 72.05
various ‘green’ chemistry processes such as electrolysis EPS – Basic / Diluted 6.12 10.23 18.81 15.50

• Leading manufacturer of structure directing agents and phase transfer • Reg S issuance of shares aggregating up to INR 4,500 mm
catalysts, with consistent quality Particulars INR mm
• Global presence with a wide customer base across various industries Fresh Issue 2,250.0
having high entry barriers OFS 2,250.0
• Diversified specialised product portfolio requiring strong technical know- Total IPO Size 4,500.0
how • DRHP Date: 31-Mar-21 (Awaiting SEBI approval)
• Modern manufacturing facilities with a focus on ‘green’ chemistry • Fresh issuance to the tune of 1,471mm to be utilised for
processes funding the capital expenditure requirements for expansion of
Dahej Manufacturing Facility and to the tune of 239.71mm for
• Strong R&D capabilities
upgradation at its R&D facility in Vadodara
• Experienced Promoters with a strong management team • BRLMs: ICICI Securities and others

25
IPO Overview: Utkarsh Small Finance Bank

• Among the most profitable SFBs in India and among the leading SFBs in
terms of return on assets and had the highest return on equity among SFBs
in India in Fiscal 2020 Equity Share Capital 4,701 7,371 7,593 7,593
• The promoter, UCL, commenced its operations as a NBFC in Fiscal 2010 Net Worth 3,949 7,728 10,195 10,974
and was focused on providing microfinance to unserved or underserved
segments and in particular in the states of Uttar Pradesh and Bihar Revenue 5,448 9,582 14,062 8 ,352
• The company is headquartered in Varanasi, Uttar Pradesh and has over the Net profit for the period (774) 1,109 1,867 779
years expanded its SFB operations strategically in states where it has been CET1 Capital Ratio 12.46% 20.34% 19.41% 19.02%
able to leverage the prior microfinance experience of UCL
EPS – Basic (2.13) 1.62 2.49 1.03*
• Operations are spread across India and are present in 18 States and Union
Territories with 528 Banking Outlets and 8,729 employees, as of 30 RoNW (%) (19.61%) 14.35% 18.32% 7.10%*
September, 2020
NAV (Per Share) 8.40 10.48 13.43 14.45
* Not Annualized
• Deep understanding of microfinance segment and strong rural and semi- • 144A issuance of shares aggregating up to INR 13,500.0 mm
urban franchise with provision for pre-IPO of up to INR 2,500.0 mm
• Fast growing deposits with strong retail liability franchise Particulars INR mm
Fresh Issue 7,500.0
• Diversified distribution network with significant cross-selling opportunities OFS 6,000.0
• Focus on robust risk management and effective operations resulting in Fresh + OFS 13,500.0
superior asset quality • DRHP Date: 4-Mar-21 (Awaiting SEBI approval)
• Strong growth with strong financial and cost efficient operational • Company proposes to utilise the Net Proceeds towards
performance Augmenting the Bank’s Tier – 1 capital base to meet its future
• High standards of corporate governance with experienced leadership team capital requirements

26
IPO Overview: Zomato

• The company’s technology platform connects customers, restaurant
partners and delivery partners, serving their multiple needs
• One of the leading Food Services platforms in India in terms of value of Equity Share Capital 0.30 0.30 0.30 0.31
food sold, as of December 31, 2020 (According to RedSeer) Net Worth 12,079 25,968 20,831 63,301
• Present in 526 cities in India, with 350,174 Active Restaurant Listings Revenue from operation 4,660 13,126 26,047 13,013
• The company’s mobile application is the most downloaded food and
Adjusted EBITDA (784) (21,435) (22,062) (2,044)
drinks application in India in each of the last three years since 2018 on iOS
App store and Google Play combined, as per App Annie’s estimates Restated net profit /
(1,037) (9,649) (23,672) (6,820)
(Loss) for the period
• While the company had a footprint across 23 countries outside India as of
December 31, 2020, it has taken a conscious strategic call to focus only on EPS – Basic / Diluted (0.33) (2.39) (5.09) (1.27)
the Indian market going forward. Given the large market opportunity in RoNW (%) (8.58%) (37.16%) (113.64%) (10.77%)
India, it believe a focused Zomato will enhance the value for all its
stakeholders Restated NAV Per Share 3.90 6.44 4.48 11.77
* Not Annualized
• Strong network effects driven by company’s unique content and • 144A issuance of shares aggregating up to INR 82,500.0 mm
transaction flywheels with provision for pre-IPO of up to INR 15,000.0 mm
• Company’s widespread and efficient on-demand hyperlocal delivery Particulars INR mm
network Fresh Issue 75,000.0
OFS 7,500.0
• The company has a technology and product-first approach to business Fresh + OFS 82,500.0
• Zomato is a strong consumer brand recognized across the length and • DRHP Date: 27-Apr-21 (Awaiting SEBI approval)
breadth of India • Company proposes to utilise the Net Proceeds towards Funding
organic and inorganic growth initiatives and General Corporate
Purposes
• BRLMs: Kotak, Morgan Stanley, Credit Suisse, Bofa Securities, Citi

27
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SEBI Final Estimated Issue

Fresh: INR 15,000 mm

Fresh: ~11.2mm shares

Source: SEBI Website, DRHP;

Source: SEBI Website, DRHP;

Overview Key Financials (INR mm)

Key Strengths Key Issue Details

Overview Key Financials (INR mm)

Source: DRHP, SEBI Website;

Source: DRHP, SEBI Website; *Not Annualised

Overview Key Financials (INR mm)

Key Strengths Key Issue Details

Overview Key Financials (INR mm)

Key Strengths Key Issue Details

• Vertically integrated operations Particulars INR mm

Source: DRHP, SEBI Website; *Not Annualised

Overview Key Financials (INR mm)

Key Strengths Key Issue Details

• Experienced Promoters and senior management with extensive domain

Source: DRHP, SEBI Website;

Overview Key Financials (INR mm)

Key Strengths Key Issue Details

Source: DRHP, SEBI Website;

Overview Key Financials (INR mm)

Key Strengths Key Issue Details

• Focused EPC player with road projects focus. Particulars Shares

Source: DRHP, SEBI Website;

Overview Key Financials (INR mm)

Overview Key Financials (INR mm)

Key Strengths Key Issue Details

Source: DRHP, SEBI Website

Overview Key Performance Indicators (INR mm)

• New age digitalised bank

Source: DRHP, SEBI Website; *Not Annualised

Overview Key Financials (INR mm)

Key Strengths Key Issue Details

Overview Key Financials (INR mm)

Key Strengths Key Issue Details

Source: DRHP, SEBI Website

Key Strengths • Reg S issuance of shares with primary capital raise of up to

Overview Key Financials (INR mm)

Key Strengths Key Issue Details

Overview Key Financials (INR mm)

Key Strengths Key Issue Details

• Strategically located manufacturing plants supported by robust Particulars INR mm

Overview Key Financials (INR mm)

Key Strengths Key Issue Details

Source: DRHP, SEBI Website; *Not Annualised

Overview Key Financials (INR mm)

Key Strengths Key Issue Details

Source: DRHP, SEBI Website

Overview Key Financials (INR mm)

Key Strengths Key Issue Details

Source: DRHP, SEBI Website;

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