AXIS IPO Diary November 2021

IPO Monitor
November2021
IPO Updates
IPO MARKET UPDATES

Recent IPOs – Listing Gain and Price Movement
IPOs at a Glance
Face Current
Issue Issue size Issue Subscription- No. of times
Listing
Listing Gain
Sr Value Opening Price Listing Price Price as on Current Gain
Name
No. Date 29-10-2021
Date
(`) (` Cr) (`) QIB~ NII Retail (`) (`) (%) (BSE) (`) %
FY 21-22
25 Aditya Birla Sun Life AMC 5 29-09-21 2,768.00 712 10.36 4.39 3.24 11-10-21 712.00 0 0% 649.00 -63 -9%
24 Paras Defence and Space Technologies 10 21-09-21 171.00 175 175.39 973.99 118.44 01-10-21 475.00 300 171% 937.60 763 436%
23 2 14-09-21 1,282.52 744 26.47 11.37 3.15 24-09-21 811.35 67 9% 711.75 -32 -4%
Sansera Engineering
22 Vijaya Diagnostic Centres 1 01-09-21 1,894.26 531 13.07 1.32 1.09 14-09-21 542.30 11 2% 563.55 33 6%
21 10 01-09-21 569.64 610 86.02 155.44 13.42 14-09-21 902.00 292 48% 1,025.05 415 68%
Ami Organics Ltd
20 Chemplast Sanmar 5 10-08-21 3,850.00 541 2.75 1.02 1.64 24-08-21 525.00 -16 -3% 651.30 110 20%
19 2 10-08-21 2,790.17 353 32.39 32.71 1.04 24-08-21 329.95 -23 -7% 329.85 -23 -7%
Aptus Value Housing Finance India
18 Cartrade Tech 10 09-08-21 2,998.51 1,618 35.32 39.85 2.30 20-08-21 1,600.00 -18 -1% 1,197.90 -420 -26%
17 10 09-08-21 5,000.00 570 4.30 0.60 0.53 23-08-21 471.00 -99 -17% 526.70 -43 -8%
Nuvoco Vistas Corporation
16 Windlas Biotech 5 04-08-21 405.95 460 23.77 14.80 20.59 16-08-21 439.00 -21 -5% 309.00 -151 -33%
15 10 04-08-21 161.00 120 17.64 4.56 32.20 16-08-21 126.00 6 5% 147.60 28 23%
Exxaro Tiles
14 Krsnaa Diagnostics 5 04-08-21 1,222.34 954 49.72 114.47 37.15 16-08-21 1,025.00 71 7% 671.05 -283 -30%
13 1 04-08-21 1,858.47 90 95.09 212.03 34.00 16-08-21 141.00 51 57% 122.70 33 36%
Devyani Internatinal
12 10 28-07-21 731.10 900 143.12 355.67 21.67 09-08-21 1,249.00 349 39% 1,166.80 267 30%
Rolex Rings
11 2 27-07-21 1,513.60 720 37.12 124.82 12.98 06-08-21 751.00 31 4% 633.35 -87 -12%
Glenmark Life Sciences
10 Tatva Chintan Pharma Chem 10 16-07-21 500.00 1,083 188.87 503.11 31.37 29-07-21 2,111.80 1,029 95% 2,505.55 1,423 131%
9 Zomato 1 14-07-21 9,375.00 76 54.76 34.44 6.34 23-07-21 115.00 39 51% 131.60 56 73%
8 G R Infraprojects 5 07-07-21 962.33 837 168.77 236.95 11.11 19-07-21 1,700.00 863 103% 1,965.00 1,128 135%
7 Clean Science and Technology 1 07-07-21 1,546.62 900 65.42 206.03 8.09 19-07-21 1,784.40 884 98% 2,076.05 1,176 131%
6 India Pesticides 1 23-06-21 800.00 296 43.67 52.96 9.66 05-07-21 360.00 64 22% 335.90 40 13%
5 Dodla Dairy 10 16-06-21 520.18 428 84.67 73.33 9.70 28-06-21 528.00 100 23% 588.40 160 37%
4 Krishna Institute Of Medical Sciences 10 16-06-21 2,143.74 825 5.26 1.81 2.13 28-06-21 1,008.90 184 22% 1,115.95 291 35%
3 Sona BLW Precision Forgings 10 14-06-21 5,550.00 291 3.53 0.36 1.21 24-06-21 302.40 11 4% 647.55 357 123%
2 Shyam Metalics & Energy 10 14-06-21 908.80 306 157.07 334.48 10.00 24-06-21 367.00 61 20% 337.15 31 10%
1 Macrotech Developers 10 07-04-21 2,500.00 486 3.06 1.02 0.24 19-04-21 439.00 -47 -10% 1,054.30 568 117%
FY 20-21
30 Barbeque-Nation Hospitality 5 24-03-21 452.87 500 5.11 3.06 9.22 07-04-21 492.00 -8 -2% 1,253.60 754 151%
29 Suryoday Small Finance Bank 10 17-03-21 580.84 305 2.18 1.18 2.35 26-03-21 293.00 -12 -4% 179.05 -126 -41%
28 Nazara Technologies 4 17-03-21 582.69 1,101 103.93 387.66 67.76 30-03-21 1,971.00 870 79% 2,645.70 1,545 140%
27 Kalyan Jewellers India 10 16-03-21 1,174.82 87 2.87 1.35 2.18 26-03-21 73.90 -13 -15% 76.35 -11 -12%
26 Craftsman Automation 5 15-03-21 823.70 1,490 5.36 2.28 2.73 25-03-21 1,350.00 -140 -9% 2,630.60 1,141 77%
25 Laxmi Organic Industries 2 15-03-21 600.00 130 176.73 218.79 18.03 25-03-21 156.20 26 20% 458.10 328 252%
24 Anupam Rasayan India 10 12-03-21 760.00 555 65.97 97.70 9.42 24-03-21 534.70 -20 -4% 803.20 248 45%
23 Easy Trip Planners 2 08-03-21 510.00 187 78.07 383.34 62.95 19-03-21 206.00 19 10% 479.05 292 156%
22 MTAR Technologies 10 03-03-21 596.41 575 165.10 643.47 25.30 15-03-21 1,063.90 489 85% 1,618.35 1,043 181%
21 Heranba Industries 10 23-02-21 625.24 627 67.45 266.77 10.52 05-03-21 900.00 273 44% 706.00 79 13%
20 Railtel Corp Of India 10 16-02-21 819.24 94 65.09 72.48 14.76 26-02-21 104.60 11 11% 125.25 31 33%
19 Nureca 10 15-02-21 100.00 400 3.12 30.19 140.53 25-02-21 634.95 235 59% 1,732.75 1,333 333%
18 Stove Kraft 10 25-01-21 412.63 385 8.01 31.64 21.05 05-02-21 467.00 82 21% 1,026.55 642 167%
17 Home First Finance Co(India) 2 21-01-21 1,153.72 518 53.11 37.68 5.76 03-02-21 612.15 94 18% 711.55 194 37%
16 Indigo Paints 10 20-01-21 1,169.12 1,490 189.75 261.93 13.74 02-02-21 2,607.50 1,118 75% 2,381.35 891 60%
15 Indian Railway Finance Corp 10 18-01-21 4,633.38 26 3.86 2.34 2.88 29-01-21 25.00 -1 -4% 24.25 -2 -7%
14 Antony Waste Handling Cell 5 21-12-20 299.99 315 9.65 18.49 13.72 01-01-21 430.00 115 37% 289.65 -25 -8%
13 Mrs Bectors Food Specialities 10 15-12-20 540.54 288 177.92 619.66 25.44 24-12-20 501.00 213 74% 402.15 114 40%
12 Burger King India 10 02-12-20 810.00 60 86.45 355.48 56.92 14-12-20 115.35 55 92% 152.60 93 154%
11 Gland Pharma 1 09-11-20 6,479.55 1,500 6.40 0.49 0.19 20-11-20 1,701.00 201 13% 3,693.50 2,194 146%
10 Equitas Small Finance Bank 10 20-10-20 517.60 33 3.87 0.16 1.53 02-11-20 31.00 -2 -6% 64.30 31 95%
9 Likhitha Infrastructure 10 29-09-20 61.20 120 21.00 1.45 19.48 15-10-20 130.10 10 8% 356.55 237 197%
8 UTI Asset Management Co 10 29-09-20 2,159.88 554 3.40 0.58 1.97 12-10-20 490.25 -64 -12% 1,035.80 482 87%
7 Mazagon Dock Shipbuilders 10 29-09-20 443.69 145 89.87 64.25 7.15 12-10-20 216.25 71 49% 257.25 112 77%
6 Angel Broking 10 22-09-20 600.00 306 5.75 0.51 3.36 05-10-20 275.00 -31 -10% 1,242.50 937 306%
5 Computer Age Management Services 10 21-09-20 2,243.12 1,230 73.25 111.31 4.85 01-10-20 1,518.00 288 23% 3,012.95 1,783 145%
4 Chemcon Speciality Chemicals 10 21-09-20 318.00 340 109.49 445.91 35.79 01-10-20 730.95 391 115% 406.75 67 20%
3 Route Mobile 10 09-09-20 600.00 350 91.69 193.78 11.54 21-09-20 708.00 358 102% 1,878.50 1,529 437%
2 Happiest Minds Technologies 2 07-09-20 702.02 166 78.40 348.43 60.30 17-09-20 351.00 185 111% 1,271.85 1,106 666%
1 Rossari Biotech 2 13-07-20 496.25 425 85.26 236.79 6.20 23-07-20 670.00 245 58% 1,413.70 989 233%
Lead Managed by Axis Capital

Subscription - No of Times after Technical Rejection, QIB figures excluded Anchor Subscription
IPO Updates
Current / On-going IPOs

Issue Issue Category
Sl. Issue Closing Price Band
Company Size Opening Allocation Lead Managers
No Date (`)
(` Cr) Date QIB:HNI:Ret
Axis Capital, Edelweiss
S.J.S. Enterprises 800 01-11-2021 03-11-2021 531 – 542 50:15:35
1 Financial, IIFL Securities
Offer for sale of Equity Shares aggregating upto ₹ 800 Cr by Selling shareholders
PB Fintech 5,710 01-11-2021 03-11-2021 940 – 980 75:15:10 Kotak, Morgan Stanley,
2 Fresh Issue of Equity shares aggregating upto ₹ 3,750 Cr and Offer for sale of Equity shares Citigroup Global, ICICI Sec,
aggregating upto ₹ 1,960^ Cr HDFC Bank, IIFL Sec, Jefferies
Sigachi Industries 125 01-11-2021 03-11-2021 161 -163 50:15:35 Unistone Capital
3
Fresh Issue of 7,695,000 Equity shares
Axis Capital, CLSA India,
Fino Payments Bank 1,200 29-10-2021 02-11-2021 560 - 577 75:15:10
4 ICICI Securities, Nomura
Fresh Issue of Equity shares aggregating upto ₹ 300 Cr and Offer for sale of 15,602,999 Equity shares
BofA Securities, Citigroup
FSN E-Commerce
5,350 28-10-2021 01-11-201 1085 - 1125 75:15:10 Global, ICICI Securities,
5 Ventures
JM Financial
Fresh Issue of Equity shares aggregating upto ₹ 630 Cr and Offer for sale of 41,972,660 Equity shares
Forthcoming IPOs
Latent View Axis Capital, ICICI Securities,
600 09-11-2021 11-11-2021 TBA 75:15:10
Technology Haitong Securities
1
Fresh Issue of Equity Shares aggregating upto ₹ 474 Cr and Offer for Sale of Equity Shares aggregating upto ₹ 126 Cr by
Promoter and other Selling Shareholders, Reservation for Employee
Sapphire Food JM Financial, BofA
TBA 09-11-2021 11-11-2021 TBA 75:15:10
2 India Securities, ICICI Securities,
Offer for Sale of upto 17,569,941 Equity Shares IIFL Securities
One97
Communications 18,300 08-11-2021 10-11-2021 2080 - 2,150 75:15:10 Axis Capital and others
3
(paytm)
Fresh Issue of Equity shares aggregating upto ₹ 8,300 Cr and Offer for sale of Equity shares aggregating upto ₹ 10,000 Cr
Issues Where SEBI Observations Received & Still Valid

Promo- Est.
Category
Sl. Issue Date of Date of SEBI ter & Dilution Issue
Company Allocation Lead Managers
No Type Filing Approval Pr. Gr % Size
Holding (`Cr) QIB:HNI:Ret
Tarsons Fresh ICICI Securities, Edelweiss
10-08-2021 22-10-2021 51.00% - 150^ 50:15:35
Products + OFS Financial, SBI Capital
1 Fresh Issue of Equity Shares aggregating upto ₹ 150 Cr and Offer for Sale of 13,200,000 Equity Shares by Promoter Selling
Shareholders and Investor Selling Shareholder-Clear Vision Investment Holdings Pte Ltd., Pre IPO Placement of ₹ 30 Cr,
Reservation for Employees
Anand Rathi
OFS 19-07-2021 21-10-2021 74.96% - - 50:15:35 Equirus Capital, BNP
Wealth
2 Paribas, IIFL Sec, Anand
Offer for sale of 12,000,000 Equity Shares by Promoter Selling Shareholders and other Selling
Rathi Advisors
shareholders
ESAF Small Fresh 997.7
26-07-2021 20-10-2021 74.43% - 50:15:35 Axis Capital and others
Finance Bank + OFS 8
3 Fresh issue of Equity Shares aggregating upto ₹ 800 Cr and Offer for sale of Equity Shares aggregating upto ₹197.78 Cr by
Promoters and other Selling Shareholders-PNB Metlife, Bajaj Allinz Life, PI Ventures, Pre IPO Placement of ₹ 300 Cr,
Reservation for Employee
Adani
Fresh 03-08-2021 14-10-2021 100.00% - 4,500 50:15:35 Kotak, J P Morgan, BofA
Wilmar
4 Sec, Credit Suisse, ICICI
Fresh Issue of Equity Shares aggregating upto ₹ 4,500 Cr. Reservation for Employee and Adani
Sec, HDFC Bank, BNP
Enterprises Ltd (“AFL”) Shareholders
Penna
Fresh
Cement 14-05-2021 14-10-2021 98.04% - 1,550 50:15:35 Axis Capital and others
5 + OFS
Industries
Fresh Issue aggregating upto ₹ 1,300 Cr and Offer for sale aggregating upto ₹ 250 Cr by Selling Shareholder
IPO Updates
Star Health
and Allied Fresh
22-07-2021 13-10-2021 62.80% - 2,000^ 75:15:10 Axis Capital and others
6 Insurance + OFS
Company
Fresh issue of Equity Shares aggregating upto ₹ 2,000 Cr and Offer for sale of 60,104,677 equity shares
Skanray Fresh Motilal Oswal, Nomura,
27-06-2021 08-10-2021 63.76% - 400^ 75:15:10
7 Technologies + OFS ICICI Sec
Fresh Issue of Equity Shares aggregating upto ₹ 400 Cr and Offer for Sale of 14,106,347 Equity Shares
One ICICI Sec, BNP Paribas,
Fresh
Mobikwik 12-07-2021 07-10-2021 64.62% - 1,900 75:15:10 Credit Suisse, IIFL Sec, -
+ OFS
8 Systems Jefferies India
Fresh issue of Equity Shares aggregating upto ₹ 1,500 Cr and Offer for sale of equity shares aggregating upto ₹ 400 Cr. Pre-
IPO placement of ₹ 400 Cr. Reservation of Employee.
Popular
Fresh
Vehicles & 05-08-2021 29-09-2021 65.79% - 150^ 50:15:35 Axis Capital and others
+ OFS
9 Services
Fresh Issue of Equity Shares aggregating upto ₹ 150 Cr and Offer for sale of 4,266,666 Equity shares by Selling Shareholders.
Reservation of Employee
Paradeep Fresh
16-08-2021 22-09-2021 100.00% - 1,255^ 50:15:35 Axis Capital and others
Phosphates + OFS
10
Fresh Issue of Equity Shares aggregating upto ₹ 1,255 Cr and Offer for Sale of 120,035,800 Equity Shares by Selling
Shareholders
Northern Arc Fresh
15-07-2021 03-09-2021 99.42% - 300^ 50:15:35 Axis Capital and others
Capital + OFS
11
Fresh issue of Equity Shares aggregating upto ₹ 300 Cr and Offer for sale of 36,520,585 equity shares. Pre IPO placement of
₹ 150 Cr., Reservation of Employee.
Chemspec
OFS 14-07-2021 30-08-2021 100.00% - 700 50:15:35 Axis Capital and others
12 Chemicals
Offer for sale of equity shares aggregating upto ₹ 700 Cr
Go Airlines I-Sec, Citigroup, Morgan
Fresh 14-05-2021 26-08-2021 100.00% - 3,600 75:15:10
13 (India) Stanley
Fresh Issue of Equity Shares aggregating upto ₹ 3,600 Cr
Shri Bajrang
Equirus Capital, SBI Cap
Power and Fresh 13-07-2021 26-08-2021 93.58% - 700 50:15:35
14 Ispat Markets
Fresh issue of Equity Shares aggregating upto ₹ 700 Cr

Ruchi Soya
FPO 13-06-2021 13-08-2021 98.90% - 4,300 50:15:35 Axis Capital and others
15 Industries
Follow on Offer of Equity Shares aggregating upto ₹ 4,300 Cr. Reservation for Employees.
Fincare Small Fresh+
10-05-2021 28-07-2021 78.58% - 1,330 75:15:10 Axis Capital and others
Finance Bank OFS
16
Fresh Issue aggregating upto ₹ 330 Cr and Offer for Sale aggregating upto ₹ 1,000 Cr by Promoters. Pre IPO Placement of ₹
200 Cr
Supriya Fresh
17-05-2021 23-07-2021 99.98% - 1,200 75:15:10 Axis Capital and others
Lifescience + OFS
17
Issue of Equity Shares aggregating upto ₹ 1,200 Cr (Fresh Issue of Equity Shares aggregating upto ₹ 200 Cr and Offer for
Sale of Equity Shares upto ₹ 1,000 Cr by Promoter Selling Shareholders).
Jana Small Fresh
01-04-2021 09-07-2021 42.08% - 700^ 75:15:10 Axis Capital and others
Finance Bank + OFS
18
Fresh Issue aggregating upto ₹ 700 Cr and Offer for Sale of 9,253,659 by Bajaj Allianz, Enam Securities, ICICI Prudential Life,
Vallabh Bhansali and other selling shareholders. Reservation for Employees, Pre-IPO Placement of ₹ 500 Cr.
Shriram Fresh
10-04-2021 15-06-2021 31.98% - 800 75:15:10 Axis Capital and others
Properties + OFS
19
Fresh Issue aggregating upto ₹250 Cr and Offer for Sale aggregating upto ₹550 Cr by selling shareholders- Omega TC,
TCFSL, TPG Asia, WSI/WSQI. Reservation for Employees.
Utkarsh Small Fresh
04-03-2021 03-06-2021 100% - 1,350 75:15;10 I-Sec, IIFL Sec, Kotak
Finance Bank + OFS
20
Fresh Issue aggregating upto ₹ 750 Cr and Offer for Sale aggregating upto ₹ 600 Cr by Promoter Selling Shareholder,
Reservation for Employees, Pre-IPO Placement of ₹ 250 Cr
IPO Updates
Arohan
Fresh Edelweiss, I-Sec, Nomura,
Financial 15-02-2021 23-04-2021 34.32% - 850^ 50:15:35
+OFS SBICap
Services
21
Fresh Issue aggregating upto ₹ 850 Cr and Offer for Sale of 27,055,893 Equity Shares by Selling Shareholders (Maj Invest
Financial, Michael & Susan Dell Foundation, Tano India Private Equity Fund II, TR Capital Mauritius and Aavishkaar
Goodwell India Microfinance Development Company II Ltd), Reservation for Employees, Pre-IPO Placement of ₹ 150 Cr.
Seven
Fresh
Islands 15-02-2021 22-03-2021 99.54% - 600 50:15:35 JM, IIFL Sec
+ OFS
22 Shipping
Fresh Issue aggregating upto ₹ 400 Cr and Offer for Sale aggregating upto ₹ 200 Cr by Selling Shareholders (FIH Mauritius
Investment Ltd, Thomas Wilfred Pinto and Leena Metylda Pinto), Reservation for Employees.
Issues Offer Documents Filed & Awaiting SEBI Observations

Promoters Est. Issue Category
Sl. Issue Dilution Size Allocation
Company Date of Filing & Pr. Gr. Lead Managers
No Type (%)
Holdings (`Cr) QIB:HNI:Ret
Capital Small Finance Fresh +
30-10-2021 23.57% - 450^ 50:15:35 Axis Capital and others
Bank OFS
1
Fresh Issue of Equity Shares aggregating upto ₹ 450 Cr and Offer for Sale of 3,840,087 Equity Shares by Selling Shareholder;
Reservation for Employee, Pre-IPO Placement of ₹ 90 Cr
Fresh + DAM Capital, SBI
GPT Healthcare 15-10-2021 99.97% - 17.50^ 50:15:35
OFS Capital Markets
2
Fresh Issue of Equity Shares aggregating upto ₹ 17.50 Cr and Offer for Sale of 29,887,486 Equity Shares by Selling
Shareholder.
Radiant Cash Fresh + IIFL Securities, Motilal
12-10-2021 62.79% - 60^ 50:15:35
Management OFS Oswal, Yes Securities
3
Fresh Issue of Equity Shares aggregating upto ₹ 60 Cr and Offer for Sale of 30,125,000 Equity Shares by Selling
Shareholder
ICICI Securities, JM
Fresh +
BVG India 30-09-2021 67.01% - 200^ 50:15:35Financial, HSBC
OFS
4 Securities
Fresh Issue of Equity Shares aggregating upto ₹ 200 Cr and Offer for Sale of 7,196,214 Equity Shares by Selling Shareholder.
Pre IPO Placement of ₹ 40 Cr.
Kotak, J P Morgan, Citi-
Fresh +
Oravel Stays (OYO) 30-09-2021 94.94% - 8,430 75:15:10 group, ICICI Securities,
OFS
5 Nomura, JM Financial
Fresh Issue of Equity Shares aggregating upto ₹ 7,000 Cr and Offer for Sale of Equity Shares aggregating upto ₹ 1,430 Cr by
Selling Shareholder. Reservation of Employee, Pre-IPO Placement of ₹ 1,400 Cr
Wellness Forever Fresh + IIFL Securities, Ambit,
30-09-2021 - 400^ 75:15:10
Medicare OFS DAM Capital, HDFC Bank
6
Fresh Issue of Equity Shares aggregating upto ₹ 400 Cr and Offer for Sale of 16,044,709 Equity Shares by Selling Shareholder
Fresh +
PKH Ventures 30-09-2021 100.00% - - 50:15:35 Monarch Networth
OFS
7
Fresh Issue of 24,273,000 Equity Shares and Offer for Sale of 5,000,000 Equity Shares by Promoter Selling Shareholder, Pre-
IPO Placement of 250,000 Equity Shares.
Kotak Mahindra Capital,
Fresh +
Global Health 30-09-2021 35.04% - 500^ 50:15:35 Credit Suisse, Jefferies
8 OFS
India, JM Financial
Fresh Issue of Equity Shares aggregating upto ₹ 500 Cr and Offer for Sale of 48,440,000 Equity Shares by Selling Shareholder.
Fresh +
Abans Holding 29-09-2021 97.42% 25.53% - 50:15:35 Aryaman Financial
OFS
8
Fresh Issue of 3,800,000 Equity Shares and Offer for Sale of 9,000,000 Equity Shares by Promoter Selling ng Shareholder, Pre-
IPO Placement of 250,000 Equity Shares.
Veeda Clinical Fresh + SBI Capital Markets, ICICI
28-09-2021 52.42% - 831.61 50:15:35
Research OFS Securities, JM Financial,
10
Fresh Issue of Equity Shares aggregating upto ₹ 331.60 Cr and Offer for Sale of Equity Shares Systematix Corporate
aggregating upto ₹ 500 Cr by Selling Shareholder, Reservation of Employee Services
IPO Updates

No Type (%)
Fresh +
Lava International 28-09-2021 89.61% - 500^ 50:15:35 Axis Capital and others
OFS
11
Fresh Issue of Equity Shares aggregating upto ₹ 500 Cr and Offer for Sale of upto 43,727,603 Equity Shares by Selling
Shareholder, Reservation for Employee, Pre IPO Placement of ₹ 100 Cr.
Fresh +
Waaree Energies 28-09-2021 95.74% - 1,350^ 50:15:35 Axis Capital and others
OFS
12
Fresh Issue of Equity Shares aggregating upto ₹ 1,350 Cr and Offer for Sale of upto 4,007,500 Equity Shares by Selling
Shareholder, Reservation for Employee, Pre IPO Placement of ₹ 270 Cr.
Sahajanand Medical Fresh +
28-09-2021 44.97% - 1,500 75:15:10 Axis Capital and others
Technologies OFS
13
Fresh Issue of Equity Shares aggregating upto ₹ 410.33 Cr and Offer for Sale of Equity Shares aggregating upto ₹ 1,089.67 by
Selling Shareholder, Pre IPO Placement of ₹ 185 Cr.
CMR Green Fresh +
Technologies OFS
14
Shareholder, Pre IPO Placement of ₹ 60 Cr
Fresh + Equirus Capital, JM
Godavari Biorefineries 24-09-2021 81.06% - 370^ 50:15:35
OFS Financial
15
Shareholder, Pre IPO Placement of ₹ 100 Cr.
Fresh + JM Financial, IIFL
Data Patterns India 22-09-2021 59.95% - 300^ 50:15:35
OFS Securities
16
Shareholder, Pre IPO Placement of ₹ 60 Cr.
Electronics Mart India Fresh 22-09-2021 99.99% - 500 50:15:35 Anand Rathi, IIFL
17
Fresh Issue of Equity Shares aggregating upto ₹ 500 Cr Securities, JM Financial
Fresh + Elara Capital, Yes
Puranik Builders 21-09-2021 100.00% - 510^ 50:15:35
OFS Securities
18
Fresh Issue of Equity Shares aggregating upto ₹ 510 Cr and Offer for Sale of upto 945,000 Equity Shares by Selling
Shareholder, Pre IPO Placement of ₹ 150 Cr, Reservation for Employees.
Hariom Pipe Industries Fresh 20-09-2021 99.10% - - 50:15:35 ITI Limited
19
Fresh Issue of 8,500,000 Equity Shares
Vedant Fashions
OFS 10-09-2021 92.50% - - 50:15:35
20 (Manyavar) Axis Capital and others
Offer for Sale of upto 36,364, 838 Equity Shares by Selling Shareholder
Fresh + JM Financial, Edelweiss
India1 Payments 07-09-2021 51.05% - 150^ 75:15:10
OFS Financial, IIFL Securities
21
Shareholders; Pre IPO Placement of ₹ 30 Cr, Reservation for Employees.
Fresh +
Healthium Medtech 06-09-2021 99.79% - 390^ 50:15:35
OFS ICICI Securities, CLSA,
22 Fresh Issue of Equity Shares aggregating upto ₹ 390 Cr and Offer for Sale of upto 39,100,000 Equity Credit Suisse Securities,
Shares by Promoter Selling Shareholders – Quinag Acquisition (FDI) Ltd and Individual Selling Nomura Financial
Shareholder.
Tamilnadu Mercantile Fresh +
04-09-2021 - - - 75:15:10 Axis Capital and others
Bank OFS
23
Initial public offering of 15,840,000 Equity Shares (Fresh Issue of upto 15,827,495 Equity Shares and Offer for Sale of upto
12,505 Equity Shares by Selling Shareholders).
ESDS Software Fresh +
Solution OFS
24
Shareholders. Pre IPO Placement of ₹ 60 Cr.
Infinion Biopharma 01-09-2021 76.29% 30.10% 75:15:10 Aryaman Financial
25
Fresh Issue of 4,500,000 Equity Shares. Pre-IPO placement of 700,000 Equity Shares.
C. E. Info Systems
OFS 31-08-2021 65.64% 18.90% - 50:15:35 Axis Capital and others
(Mapmyindia)
26
Offer for Sale of upto 7,547,959 Equity Shares by Selling Shareholder – Rashmi Verma, Qualcomm Asia Pacific Pte Ltd, Zenrin
Co Ltd.
IPO Updates

No Type (%)
Fresh +
Metro Brands 20-08-2021 84.02% - 250^ 50:15:35 Axis Capital and others
OFS
27
Fresh Issue of Equity Shares aggregating upto ₹ 250 Cr and Offer for Sale of upto 21,900,100 Equity Shares by Promoter,
Promoter Group Selling Shareholders and Investor Selling Shareholder. Pre IPO Placement of ₹ 10 Cr.
AGS Transact ICICI Securities, HDFC
OFS 19-08-2021 98.23% - 800 50:15:35
28 Technologies Bank, JM Financial
Offer for Sale of Equity Shares aggregating upto ₹ 800 Cr by Promoter Selling Shareholders and Other Selling Shareholders
Emcure Fresh +
18-08-2021 81.59% - 1,100^ 50:15:35 Axis Capital and others
Pharmaceuticals OFs
29 Fresh Issue of Equity Shares aggregating upto ₹ 1,100 Cr and Offer for Sale of upto 18,168,356 Equity Shares by Promoter,
Promoter Group Selling Shareholders and Investor Selling Shareholder-BC Investments IV Ltd, Pre IPO Placement of ₹ 200 Cr,
Reservation for Employees.
Tega Industries OFS 18-08-2021 98.02% - - 50:15:35 Axis Capital and others
30 Offer for Sale of upto 13,669,478 Equity Shares by Promoter Selling Shareholders and Investor Selling Shareholder-Wagner
Ltd. Pre IPO Placement of ₹ 100 Cr
Rategain Travel Fresh +
18-08-2021 83.82% - 400^ 75:15:10 Kotak Mahindra Capital,
Technology OFS
31 IIFL Securities, Nomura
Fresh Issue of Equity Shares aggregating upto ₹ 400 Cr and Offer for Sale of upto 22,605,530 Equity
Financial
Shares by Selling Shareholders, Reservation for Employee
Tracxn Technologies OFS 17-08-2021 52.06% - - 75:15:10
32 IIFL Securities
Offer for Sale of upto 38,672,208 Equity Shares by Selling Shareholders
Medplus Health Fresh +
17-08-2021 96.52% - 1,638.72 50:15:35 Axis Capital and others
Services OFS
33
Fresh Issue of Equity Shares aggregating upto ₹ 600 Cr and Offer for Sale of Equity Shares aggregating upto ₹ 1,038.72 Cr.
Reservation for Employee
Sterlite Power
Fresh 17-08-2021 74.43% - 1,250 75:15:10 Axis Capital and others
34 Transmission
Fresh Issue of Equity Shares aggregating upto ₹ 1,250 Cr, Reservation for Employee, Pre IPO Placement of ₹ 220 Cr
Inspira Enterprises Fresh +
17-08-2021 100.00% - 800 75:15:10 Axis Capital and others
India OFS
35
Fresh Issue of Equity Shares aggregating upto ₹ 300 Cr and Offer for Sale of Equity Shares aggregating upto ₹ 500 Cr by
Selling Shareholders, Pre-IPO Placement of ₹ 75 Cr., Reservation for Employee
Prudent Corporate
OFS 17-08-2021 56.94% - - 50:15:35 Axis Capital and others
Advisory Services
36
Offer for Sale of 8,549,340 Equity Shares by Selling Shareholders (8,281,340 equity shares by Wagner Ltd and 268,000 Equity
Shares by Shirish Patel), Reservation for Employee
Fresh + ICICI Securities, DAM
VLCC Health Care 14-08-2021 82.38% - 300^ 75:15:10
OFS Capital, IIFL Securities
37
Shareholders-Mukesh Luthra, OIH Mauritius Ltd, Leon International Ltd., Pre IPO Placement of ₹ 100 Cr
CMS Info Systems OFS 14-08-2021 100.00% - 2,000 50:15:35 Axis Capital and others
38 Offer for Sale of Equity Shares aggregating upto ₹ 2,000 Cr by the Promoter Selling Shareholder –Sion Investment Holdings
Pte. Ltd.
Fresh + JM Financial, DAM
Go Fashion India 13-08-2021 99.99% - 125^ 75:15:10
39 OFS Capital, ICICI Securities
Fresh Issue of Equity Shares aggregating upto ₹ 125 Cr and Offer for Sale of 12,878,389 Equity Shares by Selling Shareholders.
LE Travenues Fresh +
13-08-2021 - - 1,600 75:15:10 Axis Capital and others
Technology (ixigo) OFS
40 Fresh Issue of Equity Shares aggregating upto ₹ 750 Cr and Offer for Share of Equity Shares aggregating upto ₹ 850 Cr by
Selling Shareholders -Aloke Bajpai, Rajnish Kumar, Saif Partners India IV Ltd, Micromax Informatics Ltd, Reservation for
Employees.
Fresh + ICICI Sec, CLSA India, IIFL
Fusion Micro Finance 11-08-2021 85.57% - 600^ 50:15:35
OFS Sec, JM Financial
41
Fresh Issue of Equity Shares aggregating upto ₹ 600 Cr and Offer for Sale of 21,966,841 Equity Shares by Selling Shareholders.
Pre IPO Placement of ₹ 120 Cr
IPO Updates

No Type (%)
Fresh +
Keventer Agro 10-08-2021 93.84% - 350^ 75:15:10 Axis Capital and others
OFS
42
Fresh Issue of Equity Shares aggregating upto ₹ 350 cr and Offer for Share of upto 10,767,664 Equity Shares., Pre IPO
Placement of ₹ 50 Cr., Reservation for Employees
Gemini Edibles & Fats
OFS 09-08-2021 68.40% - 2,500 50:15:35 Axis Capital and others
43 India
Offer for Sale of Equity Shares aggregating upto ₹ 2,500 Cr by Selling Shareholders
Aadhar Housing Fresh I-Sec, Citigroup, Nomura,
24-01-2021 98.72% - 7,300 50:15:35
Finance + OFS SBICap
44
Fresh Issue aggregating upto ₹ 1,500 Crore and Offer for sale aggregating upto ₹ 5,800 Crore (BCP Topco VII Pte. Ltd.-The
Promoter Selling Shareholder. (Pre IPO Placement of ₹ 75 Cr)
BRIEF SUMMARY OF CURRENT /ONGOING IPOS

Current / Ongoing IPOs
01. S J S Enterprises Limited

Offer Details: Offer for sale of Equity Shares aggregating upto ₹ 800 Cr by Selling shareholders.
Promoters: Evergraph Holdings Pte Ltd and K A Joseph
Date of Opening 01-11-2021 Date of Closing: 03-11-2021 Face value: ₹ 10/-
Approx. Issue Size ( ₹ Cr): 800 GCBRLMs: Axis Capital, Edelweiss Financial, IIFL Securities
Category Allocation: QIB:HNI:Retail: 50:15:35
 S.J.S. Enterprises Limited (“SJS”) was incorporated on June 10, 1987. SJS is one of the leading players in the Indian
decorative aesthetics industry in terms of revenue as at March 31, 2021. SJS is a “design-to-delivery” aesthetics
solutions provider with the ability to design, develop and manufacture a diverse product portfolio for a wide range of
customers primarily in the automotive and consumer appliance industries.
 The company supplied over 115 million parts with more than 6,000 SKUs in Fiscal 2021 to around 170 customers in
approximately 90 cities across 20 countries.
 SJS also manufactures a wide range of aesthetics products that cater to the requirements of the commercial vehicles,
medical devices, farm equipment and sanitary ware industries.
 Their product offerings include decals and body graphics, 2D appliques and dials, 3D appliques and dials, 3D lux
badges, domes, overlays, aluminium badges, “In-mould” label or decoration parts (“IML/IMD(s)”), lens mask
assembly and chrome-plated, printed and painted injection moulded plastic parts. They also offers a variety of
accessories for the two-wheelers’ and passenger vehicles’ aftermarket under their “Transform” brand.
 SJS has developed long-standing relationships with several customers. As at June 30, 2021, company’s relationship
with its 10 largest customers in terms of revenue averaged approximately 15 years.
 SJS manufactures their products from modern manufacturing facilities located in Bengaluru and Pune in India, with
the facility in Pune acquired as part of the recent acquisition of their Subsidiary. As at June 30, 2021, the annual
production capacity of the Bengaluru and Pune facilities was 20.97 crore and 2.95 crore products, respectively.
Industry: The Indian aesthetics products industry generated ₹19.90 billion revenue in Fiscal 2021. The aesthetics products
industry is expected to benefit from the increasing use by consumers of premium, aesthetically superior and technologically
advanced products. Advances in technology have increased realizations for aesthetic product manufacturers. The growth of the
Indian decorative aesthetics market in value terms is expected to surpass volume growth in demand for two-wheeler,
passenger vehicle and consumer durables over the Fiscal 2021 to Fiscal 2026 period. and is expected to grow at a CAGR of
approximately 20% over the same period to reach approximately ₹49.20 billion by Fiscal 2026. The global aesthetics industry is
expected to follow a similar trend.
IPO Updates
BRIEF FINANCIAL DETAILS* (₹ IN CRS)

As at Jun’ 30, As at Mar’ 31,
2021 (03) 2021 (12) 2020 (12) 2019 (12)
Equity Share Capital 30.44 30.44 30.44 30.44
Reserves 289.32 284.78 249.21 208.12
Net worth 319.76 315.22 279.65 238.56
Revenue from Operations 74.27 251.62 216.17 237.25
Revenue Growth (%) - 16.40% (8.89)% -
EBITDA as stated 18.59 79.70 68.61 64.32
EBITDA Margin (%) 25.03% 31.68% 31.74% 27.11%
Profit Before Tax 12.76 64.18 54.35 52.96
Net Profit for the period 9.50 47.77 41.29 37.60
Net Profit Margin (%) 12.79% 18.98% 19.10% 15.85%
EPS (₹) 3.12^ 15.69 13.56 12.35
RoNW (%) 2.97%^ 15.15% 14.76% 15.76%
NAV (₹ ) 105.05 103.56 91.88 78.37
ROCE (%) - 31.63% 26.44% 28.28%
Source: RHP *Restated Summary Consolidated, ^not annualised;
02. PB Fintech Limited (Policy Bazaar)

Offer Details: Fresh Issue of Equity shares aggregating upto ₹ 3,750 Cr and Offer for sale of Equity shares aggregating upto ₹
1,960^ Cr (^at upper Band)
Promoters: The company is a professionally managed company and does not have an identifiable promoter
Date of Opening: 01-11-2021 Date of Closing: 03-11-2021 Face value: ₹ 2/-
Approx. Issue Size ( ₹ Cr): 5,710 GCBRLMs: Kotak Mahindra Capital, Morgan Stanley, Citigroup Global,
Category Allocation: QIB:HNI:Retail: 75:15:10 ICICI Securities, HDFC Bank, IIFL Securities, Jefferies India
 PB Fintech Limited (“PB Fintech”) was incorporated on June 4, 2008. PB Fintech has built India’s largest online
platforms – ‘Policybazaar’ for Insurance and ‘Paisabazaar’ for lending products leveraging the power of technology,
data and innovation. They provide convenient access to insurance, credit and other financial products and aim to
create awareness amongst Indian households about the financial impact of death, disease and damage.
 PB Fintech launched Policybazaar, which is India’s largest digital insurance marketplace with 93.4% market share
based on the number of policies sold. Furthermore, in Fiscal 2020, 65.3% of all digital insurance sales in India by
volume were transacted through Policybazaar. In Fiscal 2021, 3.7 million policies, representing 80.4% of the new
policies sold through their Policybazaar platform.
 As of September 30, 2021, 48 Insurer Partners have offered over 390 Term, Health, Motor, Home and Travel
Insurance Products on the Policybazaar platform.
 In 2014, PB Fintech launched Paisabazaar which is India’s largest digital consumer credit marketplace with a 53.7%
market share, based on disbursals in Fiscal 2021. Paisabazaar is also widely used to access credit scores, with
approximately 22.5 million Consumers cumulatively having accessed their credit score through their platform as of
June 30, 2021.
Industry: In FY2020, India had a ₹7.6 trillion (US$ 102 billion) insurance industry, measured in terms of Total Premium.
This industry is expected to grow at a 17.8% CAGR to reach ₹39 trillion (US$ 520 billion) by FY2030, with life, health and
other general insurance growing at 18.8%, 15.3% and 13.5% CAGR respectively. However, as compared with global
peers, India has a highly underpenetrated insurance market. India was amongst the lowest in the world in terms of Sum
Assured as percentage of GDP in 2020. India’s mortality protection gap as a percentage of protection was at 83% in 2019,
one of highest in the world.
IPO Updates

As at March 31,
Particulars 2021 2020 2019
Equity Share Capital 0.05 0.04 0.04
Instruments entirely equity in nature 1.19 1.07 0.84
Net worth 1,991.73 1,265.85 490.29
Revenue from Operations 886.66 771.30 492.25
Adj EBITDA (61.51) (303.22) (285.52)
Adj EBITDA Margin (%) (6.94)% (39.31)% (58.00)%
Loss Before Tax (141.91) (294.84) (337.43)
Net Profit/Loss for the Year (150.24) (304.03) (346.81)
Net Asset Value (₹)~ 54.52 36.13 16.98
Source: DRHP, * Restated Statement, ~NAV calculated on increased share capital. Equity share capital before the offer is ₹ 82.25 Cr
03. Sigachi Industries Limited

Offer Details: Fresh Issue of 7,695,000 Equity Shares
Promoters: Rabindra Prasad Sinha, Chidambarnathan Shanmuganathan, Amit Raj Sinha and RPS Projects & Developers
Pvt Ltd
Approx. Issue Size ( ₹ Cr): 125 BRLMs: Unistone Capital
 Sigachi Industries Limited (“Sigachi”) was incorporated on January 11, 1989. Sigachi manufactures chlorinated
paraffin and hydrochloric acid in their manufacturing unit situated at Hyderabad. In the year 1990, Sigachi diversified
its product portfolio to manufacture Microcrystalline Cellulose (“MCC”). Presently, they manufacture 59 different
grades of MCC at their manufacturing units.
 The company commenced its export operations in the year 1996 by exporting its first order of MCC to Bangkok. In the
year 2000, with an aim to diversify their business activities, Sigachi started manufacturing premium grade
microcrystalline cellulose by successfully commissioning a spray drier and a multi-fuel furnace, which in turn also
increased their manufacturing capacity from 720 MTPY to 1,080 MTPY.
 Sigachi operates 3 manufacturing units namely, Unit I situated at Hyderabad and Unit II and Unit III are situated at
Jhagadia and Dahej.
 They have entered into operations and management agreements with Gujarat Alkalies and Chemicals Ltd (“GACL”) for
operating and managing the manufacturing units owned by GACL and for contract manufacturing of sodium chlorate,
stable bleaching powder and poly aluminum chloride in the said units.
Industry: The MCC market is projected to grow from USD 938 million in 2019 to USD 1,315 million by 2024, at a CAGR of
7%, between 2019 and 2024. The growth of the MCC market is triggered by the increasing demand for processed food
and growing production of pharmaceutical and cosmetic & personal care products.
2021(03) 2020(03) 2021(12) 2020(12) 2019(12)
Equity Share Capital 7.68 7.68 7.68 7.68 3.07
Reserves 95.56 62.91 86.52 56.90 41.81
Net worth as stated 103.24 70.59 94.20 64.59 44.88
Revenue from Operations 54.95 43.79 192.76 139.06 128.99
Revenue Growth (%) 25.49% - 38.62% 7.81% -
EBITDA as stated 12.38 9.91 42.04 29.65 29.85
EBITDA Margin (%) 22.53% 22.63% 21.81% 21.32% 23.14%
Profit/Loss Before Tax 11.55 8.98 38.48 25.34 24.73
Net Profit for the period 8.99 6.06 30.26 20.32 19.01
Net Profit (% ) 16.36% 13.84% 15.70% 14.61% 14.74%
EPS (₹ )~ 3.90 2.63 13.13 8.81 8.25
RONW (%) 8.71% 8.58% 32.12% 31.46% 42.36%
NAV-Basic (₹ )~ 44.79 30.62 40.87 28.02 19.47
Source: RHP *Restated Consolidated;. ^not annualised; ~ on increased share capital
IPO Updates
04. Fino Payments Bank Ltd

Offer Details: Fresh Issue of Equity shares aggregating upto ₹ 300 Cr and Offer for sale of 15,602,999 Equity shares
Promoters: Fino PayTech Ltd
Approx. Issue Size ( ₹ Cr): 1,200 BRLMs: Axis Capital, CLSA India, ICICI Securities, Nomura Financial
 Fino Payments Bank Limited (“Fino Bank”) was incorporated on June 23, 2007. Fino Bank is a growing fintech company
offering a diverse range of financial products and services that are primarily digital and have a payments focus. The Bank
offers such products and services to their target market via a pan-India distribution network and proprietary technologies,
and since 2017, they have grown their operational presence to cover over 90% of districts as of September 31, 2021.
 Fino Bank operates an asset light business model that is underpinned by their “phygital” delivery model (i.e., a combination
of physical and digital) and relies on their merchant network and other participants.
 Bank’s products and services includes various Current Accounts and Savings Accounts (“CASA”), issuance of debit card and
related transactions, facilitating domestic remittances, open banking functionality (via their Application Programming
Interface (“API”)), withdrawing and depositing cash (via micro-ATM or Aadhaar Enabled Payment System “AePS”) and Cash
Management Services (“CMS”).
 As of June 30, 2021, Fino Banks has built a pan-India presence with 724,671 merchants (own and API) which are typically
located in Tier-2 and Tier-3 towns. They currently have approximately 17,430 active BCs across India. Additionally, they
operate 54 branches and 130 Customer Service Points (“CSPs”).
 Fino Bank is currently a wholly-owned subsidiary of Fino Paytech Ltd, whose principle shareholders include marquee
investors such as ICICI Bank Ltd, Intel Capital Corporation, International Finance Corporation, HAV3 Holdings (Mauritius)
Ltd, Blackstone GPV Capital Partners (Mauritius) VI-B FDI Ltd and Bharat Petroleum Corporation Ltd.
Industry: In 2015, the RBI laid down the framework for payments banks with the objective of widening the spread of
payment services and deposit products to small businesses, low-income households, migrant labour workers and other
unorganized entities by enabling high volume low value transactions. Their target addressable market as of March 31,
2021 is approximately ₹0.85 trillion by potential revenue. Such addressable market refers to the potential revenue pool
available to companies providing CASA deposit accounts in rural and semi-urban areas and also providing the entire
range of payment and remittances related services across urban, semi-urban and rural areas.

2021(03) 2020(03) 2021(12) 2020(12) 2019(12)
Reserves 109.10 87.34 105.97 85.49 117.53
Interest earned 6.06 4.43 20.26 18.13 19.15
Non-Interest Income 200.19 146.90 770.77 673.27 351.97
Total Income 206.24 151.32 791.03 691.40 371.12
Growth in Total Income (%) 36.29% - 14.41% 86.30% -
Net Profit/(Loss) for the period 3.13 1.85 20.47 (32.04) (62.38)
EPS (₹ ) 0.40 0.24 2.62 (4.11) (8.00)
RoNW (%) as stated 2.1%^ 1.4% 14.6% (21.9)% (32.3)%
NAV (₹ ) 19.70^ 16.91 19.30 16.67 20.78
Source: RHP *Restated Summary, EPS and NAV calculated on increased equity Capital, ^not annualised
05. FSN E-Commerce Ventures Limited (Nykaa)

Offer Details: Fresh Issue of Equity shares aggregating upto ₹ 630 Cr and Offer for sale of 41,972,660 Equity shares
Promoters: Falguni Nayar, Sanjay Nayar, Falguni Nayar Family Trust and Sanjay Nayar Family Trust
Approx. Issue Size ( ₹ Cr): 5,350 GCBRLMs: Kotak Mahindra Capital, Morgan Stanley
Category Allocation: QIB:HNI:Retail: 75:15:10 BRLMs: BofA Securities, Citigroup Global, ICICI Securities, JM Financial
 FSN E-Commerce Ventures Limited (“Nykaa”) was incorporated on April 24, 2012. Nykaa is a digitally native consumer
technology platform, delivering a content-led, lifestyle retail experience to consumers. They have a diverse portfolio of
beauty, personal care and fashion products, including their owned brand products manufactured by them.
IPO Updates
 Nykaa has two business verticals:
• Nykaa: Beauty and personal care
• Nykaa Fashion: Apparel and accessories
 As of March 31, 2021, Nykaa offered approximately 3.1 million SKUs from 4,078 national and international brands to their
consumers across business verticals. For the 3 months ended June 30, 2021, the total GMV was ₹1,469.61 crore, which grew
238.8% from the 3 months ended June 30, 2020
 The beauty and personal care offering is extensive with 256,149 SKUs from 2,644 brands primarily across make-up, skincare,
haircare, bath and body, fragrance, grooming appliances, personal care, and health and wellness categories as of August 31,
2021.
 The company manufactures owned brand beauty and personal care which are sold under their owned brands such as
“Nykaa Cosmetics”, “Nykaa Naturals” and “Kay Beauty”.
Nykaa opened their first physical store in 2014, and has 80 physical stores across 40 cities as of August 31, 2021. Their physical
stores currently exist in 3 formats, Nykaa Luxe, Nykaa On Trend and Nykaa Kiosks
Industry: The company has a large market opportunity aggregating ₹10.6 trillion (US$152 billion) in the growing beauty,
personal care and fashion industry by the calendar year 2025 in India. The Indian beauty and personal care market is
estimated to grow to approximately ₹2 trillion (US$28 billion) by the calendar year 2025 from ₹1.1 trillion (US$16 billion)
in the calendar year 2020. The Indian fashion market is estimated to grow to approximately ₹8.7 trillion (US$124 billion)
by the calendar year 2025 from ₹3.8 trillion (US$54 billion) in the calendar year 2020.

2021(03) 2020(03) 2021(12) 2020(12) 2019(12)
Reserves 683.41 339.31 474.88 307.60 216.32
Revenue from Operations 816.99 288.64 2,440.90 1,767.53 1,111.39
Revenue Growth (%) 183.05% - 38.10% 59.04% -
EBITDA as stated 26.94 (45.34) 161.43 81.06 20.51
EBITDA Margin (%) as stated 3.30% (15.71)% 6.61% 4.59% 1.85%
Profit/Loss Before Tax 3.15 (66.23) 75.34 (12.43) (31.72)
Net Profit for the period~ 3.52 (54.51) 61.95 (16.34) (24.54)
Net Profit (% )as stated 0.43% (18.88)% 2.54% (0.92)% (2.21)%
EPS-Basic (₹ )~ 0.08^ (1.23)^ 1.39 (0.39) (0.59)
Return on Restated Net worth (%) 0.49%^ (15.29)%^ 12.62% (5.16)% (10.63)%
NAV-Basic (₹ )~ 15.47 8.06 11.00 7.52 5.55
Source: RHP *Restated Consolidated, ~Adjusted for sub-division of equity shares and issuance of bonus equity share. ^not annualised
Forthcoming IPOs
01. Latent View Analytics Limited
Offer Details: Fresh Issue of Equity shares aggregating upto ₹ 474 Cr and Offer for sale of Equity Shares aggregating
upto ₹ 126 Cr
Promoters: Adugudi Viswanathan Venkatraman and Pramadwathi Jandhyala
Approx. Issue Size ( ₹ Cr): 600 BRLMs: Axis Capital, ICICI Securities, Haitong Securities
 Latent View Analytics Limited (“Latent View”) was incorporated on January 3, 2006. The company is among the leading pure-play
data analytics services companies in India, based on their expertise of the entire value chain of data analytics from data and
analytics consulting to business analytics and insights, advanced predictive analytics, data engineering and digital solutions. Across
industries, data and analytics are being leveraged by enterprises to guide business strategy and optimize spending decisions.
 The company, design and engineer result-oriented analytics solutions for clients across industries, that enable them to operate
more efficiently by predicting outcomes that fuel digital transformation and sustainability. Their expertise in business analytics
includes analytics with respect to customer profiling, targeted marketing, supply chain management, finance and risk management,
and HR functions.
 Latent View classifies their business into:
• Consulting services, that involves understanding relevant business trends, challenges, and opportunities and preparing a
roadmap of data and analytics initiatives that addresses them;
IPO Updates
• Data engineering, that is undertaken to design, architect and implement the data foundation required to undertake analytics;
• Business analytics, that delivers analysis and insights for clients to take more accurate, timely and impactful decisions;
• Digital solutions that they develop to automate business processes, predict trends, and generate actionable insights.
 Latent View provides services primarily to companies in Technology, CPG and Retail, Industrials, and BFSI industries. They serve
clients across countries in the United States, Europe, and Asia through their subsidiaries in the United States, Netherlands,
Germany, United Kingdom and Singapore, and their sales offices in San Jose, London and Singapore.
Latent View has emerged as one of the most trusted partners to several Fortune 500 companies in recent years, and has worked with
over 30 Fortune 500 companies in the last 3 Fiscals. Some of the key clients that they work include Adobe, Uber Technology and 7-
Eleven
Industry: Across industries, data and analytics are being leveraged by enterprises to guide business strategy and optimize
spending decisions amid growing financial uncertainties. (Source: Zinnov Report). Overall Analytics application market,
excluding EDM spending, is estimated to grow to $240 billion in 2024. Almost 50% of the spending on Analytics
applications is attributed to five key enterprise functions – customer, marketing, supply chain, finance and risk, and HR

2021(03) 2020(03) 2021(12) 2020(12) 2019(12)
Reserves 461.23 370.46 436.97 347.11 266.06
Revenue Growth (%) 20.27% - (1.44)% 7.79% -
EBITDA as stated 28.69 28.62 112.88 95.85 78.05
EBITDA (%) as stated 32.67% 39.18% 36.90% 30.88% 27.11%
Adj. EBITDA as stated 27.05 21.70 104.57 80.43 72.68
Adj. EBITDA (%) as stated 30.80% 29.71% 34.19% 25.91% 25.24%
Profit/Loss Before Tax 28.57 28.69 115.92 90.19 70.51
Net Profit for the period 22.31 22.80 91.46 72.85 59.67
Net Profit (% )as stated 25.41% 31.23% 29.90% 23.47% 20.72%
EPS-Basic (₹ ) 1.30^ 1.34^ 5.35 4.28 3.52
EPS-Diluted (₹ ) 1.25^ 1.25^ 5.10 3.99 3.26
RoNW (%) 4.83%^ 6.14%^ 20.89% 20.94% 22.36%
NAV (₹ ) 27.02 21.79 25.63 20.42 15.73
ROCE (%) 5.86% 5.84% 23.89% 23.12% 27.23%
Source: RHP *Restated Consolidated; ^not annualised; EPS and NAV calculated on increase share capital.
02. Sapphire Foods India Limited

Offer Details: Offer for Sale of 17,569,941 Equity Shares by Promoters and other Selling Shareholders
Promoters: QSR Management Trust and Sapphire Foods Mauritius Ltd
Approx. Issue Size ( ₹ Cr): TBA BRLMs: JM Financial, BofA Securities, ICICI Securities, IIFL Securities
 Sapphire Foods India Limited (“Sapphire Foods”) was incorporated on November 10, 2009. Sapphire Foods is YUM’s
largest franchisee operator in the Indian subcontinent with revenue from operations of ₹ 1,340.41 crore and ₹
1,019.62 crore for the financial years 2020 and 2021, respectively.
 Company’s association with Yum started in 2015 and they presently have the non-exclusive rights to operate
restaurants under 3 of YUM’s leading brands, namely, the KFC, Pizza Hut and Taco Bell brands in the Territories.
 They are also Sri Lanka’s largest international QSR chain in terms of revenue for the financial year 2021 (with revenue
of ₹ 190 crore representing 35% of the total market revenue) and number of restaurants operated as of March 31,
2021 (with 68 restaurants representing 39% of the total number of outlets in the market). They have also established
a presence in the Maldives.
 As of June 31, 2021, they owned and operated 209 KFC restaurants in India and the Maldives, 239 Pizza Hut
restaurants in India, Sri Lanka and the Maldives, and 2 Taco Bell restaurants in Sri Lanka. In 2020, KFC, Pizza Hut and
Taco Bell recorded system sales worldwide of US$26.2 billion, US$11.9 billion and US$11.7 billion, respectively.
IPO Updates
 Their total number of restaurants in the Territories grew from 376 restaurants as of March 31, 2019 to 450
restaurants as of June 30, 2021.
 They operate warehouses across 5 cities in India to service their restaurants in India. They have also adopted YUM’s
global online and digital channel solutions to enhance customer experience in both their physical and digital
restaurants and achieve operating efficiency and financial controls within their organization.
 As of June 30, 2021, the company had 7,020 permanent employees and 36 consultants and contractual employees, a
majority of whom work under the finance function.
 The company has attracted marquee investors such as affiliates of Samara Capital, Goldman Sachs, CX Partners,
Creador and Edelweiss.
Industry: Within the organized food services market in India, the QSR chain sub-segment is the fastest growing sub-
segment, with its value expected to grow at a CAGR of approximately 23% from ₹ 188 billion in financial 2020 to ₹ 534
billion in financial year 2025. Chicken and pizza are amongst the largest categories within the QSR chain sub-segment. As
of March 31, 2021, KFC and Pizza Hut restaurants comprised approximately 7% and 6%, respectively, of the total number
of outlets of key QSR brands in India.

2021(03) 2020(03) 2021(12) 2020(12) 2019(12)
Reserves# 373.06 365.46 391.50 438.62 322.86
Revenue Growth (%) 173.02% - (23.93)% 12.28% -
Company EBITDA 42.72 (0.44) 178.74 185.60 148.68
Company Adj. EBITDA 9.35 (34.33) 38.18 66.19 43.46
Loss before Tax (25.64) (74.88) (98.69) (160.98) (68.30)
Net Loss for the year (26.40) (75.17) (99.90) (159.25) (69.40)
NAV (₹ ) 80.67 82.74 84.16 97.30 84.90
Debt Equity Ratio 0.21 0.15 0.16 0.14 0.24
Source: RHP *Restated Consolidated, Reserve net of Capital Reserve
03. One97 Communications Limited

Offer Details: Fresh Issue of Equity shares aggregating upto ₹ 8,300 Cr and Offer for sale of Equity shares aggregating
upto ₹ 10,000 Cr
Approx. Issue Size ( ₹ Cr): 18,300 GCBRLMs: Axis Capital, Morgan Stanley, Goldman Sach
Category Allocation: QIB:HNI:Retail: 75:15:10 BRLMs: ICICI Securities, JP Morgan, Citigroup Global, HDFC Bank
 One97 Communications Limited (“Paytm”) was incorporated on December 22, 2000. The company is India’s leading
digital ecosystem for consumers and merchants. Paytm offers ‘Payment Services’, ‘Commerce and Cloud Services’,
and ‘Financial Services’ to 33.3 crore consumers and over 2.18 crore merchants registered with them, as of June 30,
2021. Their 2-sided (consumer and merchant) ecosystem enables commerce, and provides access to financial services,
by leveraging technology to improve the lives of their consumers and help their merchants grow their businesses.
 The company launched Paytm in 2009, as a “mobile-first” digital payments platform to enable cashless payments for
Indians, giving them the power to make payments from their mobile phones. Starting with bill payments and mobile
top-ups as the first use cases, and Paytm Wallet as the first Paytm Payment Instrument, they have built the largest
payments platform in India based on the number of consumers, number of merchants, number of transactions and
revenue as of March 31, 2021.
 Paytm is available across the country with “Paytm karo” (i.e. “use Paytm”) evolving into a verb for hundreds of
millions of Indian consumers, shopkeepers, merchants and small businesses.
 The "Paytm" brand is India's most valuable payments brand, with a brand value of US$ 6.3 billion, and Paytm remains
the easiest way to transact across multiple methods.
IPO Updates
 Paytm is the only payments company in India that, together with their affiliates, owns each layer of the payment
stack. It offer services such as Paytm Wallet, Paytm QR, Paytm Soundbox, Gold investments and Fixed Deposit, Paytm
Postpaid, Merchant Cash Advance and FASTag.
Industry: India is a country of hundreds of millions of young and aspiring consumers who are underserved for payments
and financial services products that serve their needs. There are millions of small businesses in India that would benefit
by having increased access to affordable software, technology and financial services. Consumers and small businesses
can be served through technology-led, digital-first commerce, according to RedSeer. The market segments that they
serve have large growth potential, due to significant under-penetration, and the ability of technology to grow the
market.

2021(03) 2020(03) 2021(12) 2020(12) 2019(12)
Reserves 6,205.3 7,770.1 6,474.3 8,044.8 5,667.4
Net worth as stated 6,265.8 7,830.5 6,534.8 8,105.2 5,724.9
Revenue Growth (%) 61.61% - (14.58)% (1.51)% -
EBITDA as stated (370.9) (331.6) (1,767.3) (2,634.4) (4,366.1)
Adj. EBITDA as stated (331.9) (321.1) (1,654.8) (2,468.3) (4,211.5)
Profit/Loss Before Tax (378.8) (288.5) (1,698.3) (2,958.2) (4,232.1)
Net Loss for the period~ (381.9) (284.4) (1,701.0) (2,942.4) (4,230.9)
Net Asset Value (₹ ) 104 130 108 135 100
Source: RHP *Restated Consolidated, ~ from continuing and discontinued operations.
Issues Where SEBI Observations Received & Still Valid
01. Tarsons Products Limited

Offer Details: Fresh Issue of Equity Shares aggregating upto ₹ 150 Cr and Offer for Sale of 13,200,000 Equity Shares by
Promoter Selling Shareholders and Investor Selling Shareholder-Clear Vision Investment Holdings Pte Ltd., Pre IPO Placement
of ₹ 30 Cr, Reservation for Employees
Promoters: Sanjive Sehgal and Rohan Sehgal
Date of Filing: 10-08-2021 Date of SEBI Approval: 22-10-2021 Face value: ₹ 2/-
Approx. Issue Size ( ₹ Cr): 150^ BRLMs: ICICI Securities, Edelweiss Financial, SBI Capital Markets
Company: Tarsons Products Limited is a leading Indian life sciences company, engaged in designing, developing, manufacturing
and supplying a diverse range of quality lab-ware products used in laboratories across research organizations, academic
institutes, CROs, pharmaceutical companies, diagnostics companies and hospitals. They manufacture a range of quality lab-
ware products which helps advance scientific discovery and improve healthcare. They currently operate through their 5
manufacturing facilities located in West Bengal. The company caters to a diverse range of end customers across various sectors
which include research organizations, academic institutions, pharmaceutical companies, CROs, academic institutions,
diagnostic companies and hospitals. They distribute their products to these end customers on a pan-India basis through
authorised distributors.
Industry: The Company caters to the global laboratory equipment market which is expected to register a growth of 4.90%
CAGR from 2020 to 2025 to reach USD 20.5 billion by 2025 from USD 16.2 billion in 2020. With high penetration expected in
the coming years, plastic lab-ware is expected to replace glassware products by another 15% to reach a market share of
approximately 67% by Fiscal 2025, given plastic products are superior in terms of shelf life, handling, and safety benefits. As a
result, the global plastic laboratory products market which was estimated to be USD 8.4 billion in Fiscal 2020 and is expected to
expand at a CAGR of approximately 10.50% to reach approximately USD 13.8 billion by Fiscal 2025. The plastic lab-ware market
in India is estimated as ₹12,250 million as of Fiscal 2020 in value terms and estimated to expand at a CAGR of 16% to reach
approximately ₹25,755 million by Fiscal 2025. As a result, with increased investments by the Government of India in
pharmaceuticals and biotech R&D, the research ecosystem in India presents a significant opportunity for lab-ware market in
the near future, which in turn will open multiple avenues for export of lab-ware products from India.
IPO Updates

As at March 31,
2021 2020 2019#
Particulars Consolidated Standalone
Net worth 244.34 197.57 135.27
EBITDA 108.82 73.41 77.64
Profit/Loss Before Tax 92.43 53.13 55.83
Net Profit/Loss for the Year 68.87 40.53 38.96
EPS - Basic (₹)~ 13.43 7.94 7.65
RoNW (%) as stated 28.19% 20.51% 28.80%
Net Asset Value (₹)~ 47.65 38.72 26.56
Source: DRHP, * Restated Statement, # Proforma, ~EPS and NAV calculated on increased Share Capital of ₹ 10.19 Cr and after the sub-division of equity share of ₹10 each
into equity shares of ₹ 2 each as per EGM dtd 16.06.2021.
02. Anand Rathi Wealth Limited

Offer Details: Offer for sale of 12,000,000 Equity Shares by Promoter Selling Shareholders and other Selling shareholders .
Promoters: Anand Rathi, Pradeep Gupta and Anand Rathi Financial Services Ltd
Approx. Issue Size ( ₹ Cr): NA BRLMs: Equirus Capital, BNP Paribas, IIFL Sec, Anand Rathi Advisors
Company: Anand Rathi Wealth Limited is one of the leading non-bank wealth solutions firms in India and has been
ranked amongst the top three non-bank mutual fund distributors in India by gross commission earned in Fiscal 2020.
They serve a wide spectrum of clients through a mix of wealth solutions, financial products and technology solutions.
Industry: The Company operates in the financial services industry with a focus on mutual fund distribution and sale of
financial products.

As at March 31,
Net worth 241.30 185.52 123.94
EBITDA 83.77 111.07 106.25
EPS - Basic (₹) 11.02 15.16 14.67
EPS - Diluted (₹) 10.87 14.95 14.40
RoNW (%) as stated 18.69% 33.09% 47.77%
Net Asset Value (₹) 58.47 45.76 30.71
Source: DRHP, * Restated Consolidated, ~The computation of the ratios given above is after taking into account the bonus allotment by the company on July 16, 2021
03. ESAF Small Finance Bank Limited

Offer Details: Fresh issue of Equity Shares aggregating upto ₹ 800 Cr and Offer for sale of Equity Shares aggregating up
to ₹197.78 Cr by Promoter Selling Shareholders and other Selling shareholders-PNB Metlife, Bajaj Allinz Life, PI
Ventures etc.; Pre IPO Placement of ₹ 300 Cr., Offer includes Employee Reservation.
Promoters: Kadambelil Paul Thomas and ESAF Financial Holdings Pvt Ltd
Approx. Issue Size ( ₹ Cr): 997.78 BRLMs: Axis Capital, Edelweiss Financial, ICICI Securities, IIFL Securities
IPO Updates
Bank: ESAF Small Finance Bank is one of the leading small finance banks in India in terms of client base size, yield on
advances, Net Interest Margin, assets under management CAGR, total deposit CAGR, loan portfolio concentration in
rural and semi-urban areas and ratio of micro loan advances to gross advances. Along with their Promoters, they have a
history of more than 25 years of primarily serving the unserved and underserved, with a focus on financial inclusion. As
at May 31, 2021, they had over 4.68 million customers in 21 states and 2 union territories.
Industry: On November 27, 2014, the RBI released guidelines for a new class of banking entity called “Small Finance
Banks” that will cater to the diverse needs of low income groups. The objective of SFBs is to extend banking services to
the underserved and un-served population of India through savings instruments, and supplying credit to small business
units, small and marginal farmers, micro and small industries, and other unorganised sector/lending through informal
channels. SFBs take deposits, which provide them with a lower cost of funds compared with NBFCs. The RBI has awarded
SFB licenses to 11 players.

As at March 31,
Net worth 1,352.06 1,084.08 893.69
Interest Earned 1,641.17 1,413.25 1031.64
EBITDA 284.96 415.36 336.46
EPS - (₹) 2.46 4.45 2.37
RoNW (%) as stated 7.80% 17.56% 10.10%
Net Asset Value (₹) 30.08 25.34 20.89
Source: DRHP, * Restated Statement
04. Adani Wilmar Limited

Offer Details: Fresh Issue of Equity Shares aggregating upto ₹ 4,500 Cr. Reservation for Employee and Adani Enterprises Ltd
(“AFL”) Shareholders
Promoters: Adani Enterprises Ltd, Adani Commodities LLP and Lence Pte Ltd
Approx. Issue Size ( ₹ Cr): 4,500 GCBRLMs: Kotak Mahindra Capital, J P Morgan, BofA Sec, Credit Suisse
Category Allocation: QIB:HNI:Retail: 50:15:35 BRLMs: ICICI Sec, HDFC Bank, BNP Paribas
Company: Adani Wilmar Limited is one of the few large FMCG food companies in India to offer most of the essential
kitchen commodities for Indian consumers, including edible oil, wheat flour, rice, pulses and sugar. Essential
commodities, such as edible oils, wheat flour, rice, pulses and sugar, account for approximately 66% of the spend on
essential kitchen commodities in India. They offer a range of staples such as wheat flour, rice, pulses and sugar. Their
products are offered under a diverse range of brands across a broad price spectrum and cater different customer groups.
Industry: The Company operates in the following industries: Packaged Food Industry – They are one of the fastest
growing packaged food companies in India, based on the growth in revenues during the last five years; Packaged Edible
Oil Industry - As of March 31, 2021, the Refined Oil in Consumer Packs market share of their branded edible oil was of
18.3%, putting them as the dominant No. 1 edible oil brand in India; Personal Care Industry – They have introduced
soaps, hand-wash and sanitizers; Castor Oil and Derivatives Industry; and Oleochemical Industry.

As at March 31,
Net worth 3,298.14 2,570.70 2,111.01
Revenue from Operations 37,090.42 29,657.04 28,797.46
EBITDA 1,430.56 1,419.48 1,253.46
EPS (₹) 6.37 4.03 3.29
RoNW (%) as stated 22.06% 17.93% 17.79%
Net Asset Value (₹) 28.86 22.49 18.47
Source: DRHP, * Restated Consolidated
IPO Updates
05. Penna Cement Industries Limited

Offer Details: Issue of Equity Shares aggregating upto ₹ 1,550 Cr (Fresh Issue of Equity Shares aggregating upto ₹ 1,300
Cr and Offer for Sale of Equity Shares aggregating upto ₹ 250 Cr). The company may consider a Pre-IPO placement of
₹500 Cr
Promoters: P. Prathap Reddy, Pioneer Builders and P R Cement Holdiings Ltd
Date of Filing: 14-05-2021 Date of SEBI Approval: 14-10-2021 Face Value: ₹ 10/-
Approx. Issue Size ( ₹ Cr): 1,550 BRLMs: Axis Capital, Edelweiss Financial, ICICI Securities,
Category Allocation: QIB:HNI:Retail: 50:15:35 JM Financial, Yes Securities
Company: Penna Cement Industries is one of the largest privately held cement companies in India and a leading
integrated cement player in terms of cement production capacity, as of March 31, 2021, with a strong brand recall in the
southern and western states of India. With over 25 years of operations, they have been able to leverage their brand,
strategically located integrated manufacturing facilities and extensive distribution network to successfully expand their
business in west and east India markets and Sri Lanka, and intend to further expand into north, central and other east
India markets through a phased expansion plan.
Industry: The cement demand in India is expected to grow at a CAGR of 6%-7% from Fiscal 2021 to Fiscal 2026 in
comparison to a CAGR of 4% during Fiscal 2015 and Fiscal 2020, primarily on account of a number of infrastructure
investments and a healthy revival in housing demand. In particular, the cement demand in central India, north India,
south India, east India and west India is expected to grow at a CAGR of 6.5%-7.5%, 4.5%-5.5%, 5%-6%, 8%-8.5% and
5.5%- 6.5%, respectively, between Fiscal 2021 and Fiscal 2026.
As at March 31,
Net worth 1,157.12 1,068.71 1,062.84
EBITDA 479.85 338.36 308.95
EPS - Basic (₹) 11.36 1.72 6.36
RoNW (%) as stated 13.14% 2.16% 8.01%
Net Asset Value (₹) 86.48 79.87 79.43
Source: DRHP, * Restated Consolidated Summary
06. Star Health And Allied Insurance Company Limited

Offer Details: Fresh issue of Equity Shares aggregating upto ₹ 2,000 Cr and Offer for sale of 60,104,677 equity shares
by Promoter Selling Shareholders and other Selling shareholders.
Promoters: Safecrop Investments India LLP, WestBridge AIF I and Rakesh Jhunjhunwala
Approx. Issue Size ( ₹ Cr): 2,000^ GCBRLMs: Axis Capital, Kotak Mahindra Capital, BOFA Securities,
Citigroup Global, ICICI Securities
Category Allocation: QIB:HNI:Retail: 75:15:10 BRLMs: CLSA India, Credit Suisse, Jefferies India, Ambit Pvt Ltd, DAM
Capital, IIFL Securities, SBI Capital Market
Company: Star Health And Allied Insurance Company Limited is the largest private health insurer and largest retail health
insurance company in India and they had GWP of ₹9,348.95 crore in Fiscal 2021. Their comprehensive health insurance
products suite insured 2.05 crore lives in Fiscal 2021, in retail health and group health, which accounted for 89.3% and
10.7%, respectively, of their total health GWP in Fiscal 2021. Company’s products target a variety of customer segments,
including individuals, families, students, senior citizens, as well as persons with pre-existing medical conditions across the
broader middle market customer segment.
Industry: The Indian health insurance market remains in the early stages of its life cycle and continues to be one of the
most underpenetrated health insurance markets globally, according to CRISIL Research. A number of demographic
factors are expected to continue to drive growth in the health insurance industry in India, with the retail health
insurance segment in India being particularly attractive due to its lower penetration, density and claims ratio, as well as
its higher premium per person, compared to other health insurance segments in India, according to CRISIL Research.
IPO Updates

As at March 31,
Net worth 3,484.64 1,628.68 1,215.69
Income from Operations (908.10) 461.93 226.15
EBITDA (974.62) 468.47 235.94
Profit/Loss Before Tax (1,045.95) 413.43 182.25
Net Profit/Loss for the Year (825.58) 268.00 128.23
EPS - Basic (₹) (16.54) 5.59 2.81
EPS - Diluted (₹) (16.54) 5.48 2.78
RoNW (%) as stated (23.69)% 16.46% 10.55%
Net Asset Value (₹) 63.58 33.20 26.68
07. Skanray Technologies Limited

Offer Details: Fresh Issue of Equity Shares aggregating upto ₹ 400 Cr and Offer for Sale of 14,106,347 Equity Shares. Pre
IPO Placement of ₹ 350 Cr
Promoters: Vishwaprasad Alva, Agnus Capital LLP, Chayadeep Properties Pvt Ltd and Skanray Healthcare Partners LLP
Date of Filing: 27-06-2021 Date of SEBI Approval: 08.10.2021 Face value: ₹ 10/-
Approx. Issue Size ( ₹ Cr): 400^ BRLMs: Motilal Oswal, Nomura Financial, ICICI Securities
Company: Skanray Technologies Limited is among the key Indian medical device players engaged in designing,
development, manufacturing and marketing of medical devices. They are a multi-product company offering a diversified
portfolio of products, including patient monitoring systems, cardiology devices, respiratory management systems and
radiology/ imaging systems, to hospitals, OEMs and for personal medical use/ retail sale globally. Company’s products
are designed and developed in-house based on intellectual property that they own.
As at Dec’31 As at March 31,
Particulars 2020(9) 2020(12) 2019(12) 2018(12)
Net worth 172.06 39.27 33.56 60.98
EBITDA 191.90 (5.05) (8.19) (7.72)
Profit/Loss Before Tax 175.02 (28.85) (29.42) (23.32)
Net Profit/Loss for the Period 132.73 3.76 (29.42) (23.32)
EPS (₹) 45.75 1.34 (10.32) (8.98)
RoNW (%) as stated 77.10% 12.29% (84.77)% (37.96)%
Net Asset Value (₹) 59.57 13.60 11.62 24.66
08. One Mobikwik Systems Limited

Offer Details: Fresh issue of Equity Shares aggregating upto ₹1,500 Cr and Offer for sale of equity shares aggregating
upto ₹ 400 Cr Pre IPO placement of ₹ 400 Cr. Reservation of Employee.
Promoters: Bipin Preet Singh, Upasana Rupkrishan Taku, Koshur Family Trust and Narinder Singh Family Trust
Date of Filing: 12-07-2021 Date of SEBI Approval: 07.10.2021 Face value: ₹ 2/-
Approx. Issue Size ( ₹ Cr): 1,900 BRLMs: ICICI Sec, BNP Paribas, Credit Suisse, IIFL Sec, Jefferies India
IPO Updates
Company: One Moobikwik Systems Limited is a fintech company - one of the largest mobile wallets (MobiKwik Wallet)
and Buy Now Pay Later (BNPL) players in India based on mobile wallet GMV and BNPL GMV, respectively, in Fiscal 2021.
They are focused on addressing the unmet credit needs of the fast growing online transactors by combining the
convenience of everyday mobile payments with the benefits of Buy Now Pay Later (BNPL). They are a technology-first
company leveraging big data analytics and deep data science (including machine learning) to continuously delight users
and merchants on their platform.
Industry: India’s online transacting users have rapidly grown at a CAGR of approximately 15% from 180 million in Fiscal
2018 to over 250 million in Fiscal 2021. However, India had only 30-35 million unique credit card users resulting in a low
credit card penetration of 3.5%, as of March 31, 2021. In addition, India’s online BNPL market has rapidly grown to reach
US$ 3-3.5 billion in disbursals in Fiscal 2021 and is expected to grow to US$ 45-50 billion by Fiscal 2026 driven by user
growth.
As at March 31,
Instruments entirely Equity in nature 14.43 13.33 12.73
Net worth (20.01) (30.85) (1.57)
EBITDA (101.81) (84.64) (141.87)
Profit/Loss Before Tax (110.26) (98.05) (151.20)
Net Profit/Loss for the Period (111.30) (99.92) (147.97)
Net Asset Value (₹) (3.88) (6.24) (0.33)
Source: DRHP, * Restated Consolidated, Equity share capital before the offer is ₹ 11.12 Cr
09. Popular Vehicles And Services Limited

Offer Details: Fresh Issue of Equity Shares aggregating upto ₹ 150 Cr and Offer for Sale of upto 4,266,666 Equity Shares by
Selling Shareholder-Banyan Tree Growth Capital II, LLC. Reservation for Employee.
Promoters: John K. Paul, Francis K. Paul and Naveen Philip
Approx. Issue Size ( ₹ Cr): 150^ BRLMs: Axis Capital, Dam Capital, Centrum Capital
Company: Popular Vehicles and Services Limited is a leading diversified automotive dealership in India in terms of
revenue, with a presence across the automotive retail value chain, including sale of new passenger and commercial
vehicles, services and repairs, spare parts distribution, sale of pre-owned passenger vehicles and facilitation of sale of
third-party financial and insurance products. The company operates passenger vehicle dealerships of Maruti Suzuki,
Honda and JLR and the commercial vehicle dealership of Tata Motors (Commercial).
Industry: Dealership forms an intrinsic part of the automobile sector playing the role of an intermediary between the
customers and the manufacturers. There are more than 17,000 dealerships with nearly 27,000 touch points across India
catering to customers of two-wheelers, passenger vehicles, CVs, three-wheelers and tractors. These dealerships employ
4-4.5 million people at sales outlets and associated service centres combined. Two-wheelers dominate the number of
dealerships with nearly 60% share, followed by the passenger vehicles segment with ~15% share and CVs forming
another ~10%. The remaining is formed by 3-wheelers and tractor dealers. Presence of three-wheelers and tractor
distributorships is relatively limited.
As at March 31,
Net worth 246.00 212.77 197.85
EBITDA 174.85 138.98 142.47
EPS (₹) 25.88 9.96 17.42
RoNW (%) as stated 13.19% 5.87% 10.80%
Net Asset Value (₹) 196.17 169.67 157.77
Source: DRHP, * Restated Summary
IPO Updates
10. Paradeep Phosphates Limited

Offer Details: Fresh Issue of Equity Shares aggregating upto ₹ 1,255 Cr and Offer for Sale of 120,035,800 Equity Shares by
Selling Shareholders
Promoters: ZMPPL, ZACL, OCP and Government of India
Approx. Issue Size ( ₹ Cr): 1,255^ BRLMs: Axis Capital, ICICI Securities, JM Financial, SBI Capital Markets
rd
Company: Paradeep Phosphates Limited is the 3 largest private sector manufacturers of non-urea fertilizers in India
nd
and 2 largest in terms of DAP volume sales as of March 2021. They are primarily engaged in manufacturing, trading,
distribution and sales of a variety of complex fertilizers such as DAP, three grades of NPK, Zypmite, Phospho-gypsum and
HFSA. Their fertilizers are marketed under some of the key brand names in the market ‘Jai Kisaan - Navratna’ and
‘Navratna’. The company was incorporated in 1981. Zuari Maroc Phosphates Pvt Ltd (“ZMPPL”), a joint venture of Zuari
Agro Chemicals Ltd (“ZACL”) and OCP Group S.A. (“OCP”), currently holds 80.45% of the equity share capital of the
company, with the balance being held by the GoI.
Industry: Fertilisers are composed of the following basic nutrients: the primary nutrients are nitrogen, phosphorous and
potassium, which are required in large quantities and are normally supplied through chemical fertilizers; secondary
nutrients and micronutrients. In addition, operations in the fertilizer industry are capital intensive due to high costs of
land acquisition, construction of manufacturing facilities and high costs of equipment and machinery. Due to certain
factors such as increase in crop intensity, increase in per capita food consumption and dietary changes, per capita rise in
income and ease of credit availability and high subsidy support from the Government. The Company expects to continue
witnessing growth in the Indian fertilizer industry.

As at March 31,
Particulars 2021 2020 2019#
Net worth 1,827.51 1,603.53 1,482.71
EBITDA as stated 561.26 493.83 480.75
Profit/Loss before Tax 366.50 229.56 251.40
EPS (₹) 3.88 3.36 2.76
RoNW (%) as stated 12.22% 12.05% 10.72%
Net Asset Value (₹) 31.76 27.87 25.77
Source: DRHP, * Consolidated Statement
11. Northern Arc Capital Limited

Offer Details: Fresh issue of Equity Shares aggregating upto ₹300 Cr and Offer for sale of 36,520,585 equity shares. Pre
IPO placement of ₹ 150 Cr., Reservation of Employee.
Promoters: The company is a professionally managed company and has no identifiable promoter.
Approx. Issue Size ( ₹ Cr): 300^ BRLMs: Axis Capital, Credit Suisse, IIFL Securities, SBI Capital Markets
Company: Northern Arc Capital Limited is a platform in the financial services sector set up primarily with the mission of
catering to the diverse credit requirements of under-served households and businesses by providing efficient and
reliable access to debt finance. Registered with the RBI as an NBFC not accepting public deposits, they have been
operating in the financial inclusion space for over a decade with a business model diversified across offerings, sectors,
products, geographies and borrower segments. The company provides access to credit to under-served households and
businesses directly and indirectly through their Originator Partners.
Industry: The Indian financial system includes banks and NBFCs. Though the banking system dominates financial services,
NBFCs have grown in importance by carving a niche for themselves by catering to customers in under-banked regions or
those who were unable to access traditional financial institutions, due to absence of credit history or collateral. Over the
last decade, NBFCs have witnessed phenomenal growth. The market share of NBFCs in overall systemic credit has
IPO Updates
increased from 16% in fiscal 2015 to 20% in fiscal 2021, the reason for which is their ability to offer differentiated
solutions to tap into the large unmet demand of various sectors.

As at March 31,
Net worth 1,582.32 1,506.43 1,167.52
EBITDA 429.70 460.43 481.61
Profit Before Tax 99.99 144.49 174.80
Net Profit for the Year 76.59 102.93 115.42
EPS - Basic (₹) 7.71 11.05 12.66
EPS - Diluted (₹) 5.35 7.92 10.91
RoNW (%) as stated 4.27% 6.16% 8.49%
Net Asset Value (₹) 179.97^ 172.21 148.98
Source: DRHP, * Restated Consolidated ^ before conversion of CCPS
12. Chemspec Chemicals Limited

Offer Details: Offer for sale of equity shares aggregating upto ₹ 700 Cr
Promoters: Jayant Vora, Mitul Vora, Rushabh Vora and BACS LLP
Approx. Issue Size ( ₹ Cr): 700 BRLMs: Axis Capital, JM Financial
Company: Chemspec Chemicals Limited is one of the leading manufacturers globally of critical additives for FMCG
ingredients used in skin and hair care products and intermediates for pharmaceutical APIs used in anti-hypertension
drugs. They are one of the largest manufacturers of UV absorbers globally and are among the top- 2 global
manufacturers of personal care ingredients catering to skin and hair care. They manufacture their products at their
production facility at Taloja, Maharashtra, and their global distribution network in the last 3 Fiscals was spread across 43
countries in North America, Europe, the APAC region (including Japan), the Middle East and Africa.
Industry: The global chemicals market is expected to grow at 6.2% CAGR; reaching USD 6,780 billion by 2025. The Indian
chemicals market is valued at USD 166 billion (approximately 4% share in the global chemical industry) with the
commodity chemicals accounting for almost 46% of such share. The specialty chemical industry forms approximately
47% of the domestic chemical market, which is expected to grow at a CAGR of around 11 to 12% over the same period.
nd
Pharmaceutical API make up for the 2 largest share of around 20% of the specialty chemical market with an anticipated
growth of over 11% by 2025 (forecast).

As at March 31,
Net worth 183.33 102.25 58.48
EBITDA 123.83 102.53 24.54
Net Profit/Loss for the Period 81.08 60.75 5.12
EPS (₹) 16.11 10.40 0.79
RoNW (%) as stated 44.23% 59.41% 8.75%
Net Asset Value (₹) 36.43 20.32 9.02
IPO Updates
13. Go Airlines (India) Limited

Offer Details: Fresh Issue of Equity Shares aggregating upto ₹ 3,600 Cr
Promoters: Nusli Neville Wadia, Jehangir Nusli Wadia , Ness Nusli Wadia and Go Investment
Approx. Issue Size ( ₹ Cr): 3,600 BRLMs: ICICI Securities, Citigroup Global, Morgan Stanley
Company: Go Airlines (India) Limited is an ultra-low-cost carrier ("ULCC") and one of the fastest growing airlines in India,
increasing domestic market share from 8.8% in fiscal 2018 to 10.8% in fiscal 2020. They are focused on maintaining low
unit costs and delivering compelling value to customers that drives their unit revenues. Their target customers are young
Indians and MSME businesses, and their product and service offerings are uniquely attractive to these large and growing
segments of the Indian population.
Industry: The primary business of the industry in which the company operates, is the aviation business.

Particulars 2020(9) 2020(12) 2019(12) 2018(12)
Net worth (1,961.50) (1,490.70) (1,012.80) (625.84)
Revenue from Operations 1,319.45 7,051.63 5,788.71 4,476.96
EBITDA 417.94 339.20 941.97 1024.25
Profit/Loss Before Tax (724.62) (1876.92) (717.85) (37.06)
Net Profit/Loss for the Period (470.69) (1270.74) (386.60) (31.21)
Net Asset Value (₹) (124.50) (94.60) (67.50) (41.70)
Source: DRHP, * Restated Consolidated Summary
14. Shri Bajrang Iron and Ispat Limited

Offer Details: Fresh issue of Equity Shares aggregating upto ₹ 700 Cr
Promoters: Suresh Goel, Rajendra Goel, Narendra Goel, Anand Goel, Atlanta Securities Pvt Ltd and Banka Finance &
Securities Pvt Ltd
Approx. Issue Size ( ₹ Cr): 700 BRLMs: Equirus Capital, SBI Cap Markets
Company: Shri Bajrang Power and Ispat Limited (“SBPIL”) has emerged as one of the leading integrated steel companies
based out of central India and is one of the top 10 players in India in terms of capacity for iron ore pellets, iron ore
beneficiation and sponge iron. They utilizes their captive iron mine with an approval to mine 1.2 MTPA and manganese
ore mines to manufacture intermediate and long steel products, such as, TMT Bars, ERW pipes manufactured through
tubular section mill (“ERW Pipes”), wire rods, HB wires including binding wires, ferro alloys, steel billets, iron pellets and
sponge iron. The company has a consistent track record of delivering operating profitability, and since Fiscal 2005, they
have remained profitable in each of the Fiscal.
Industry: Steel has contributed immensely towards India’s economic growth. This is evident from the similar growth
patterns of India’s GDP and steel consumption in the country, which also highlights the economy’s dependence on steel.
A gradual expansion in GDP and rise in income has led to robust growth in auto, consumer durables, railways, affordable
housing, and rural housing along with low base effect of Fiscal 2017 (demonetisation). As the backbone of the economy,
the steel sector continues to play a pivotal role in India’s journey towards the ambitious target to achieve a ₹371.0tn
economy goal by Fiscal 2025. Despite unprecedented challenges due to Covid-19 and subsequent lockdowns, the
government’s vision of ramping up steelmaking capacity to 300mn tonnes by 2030 remains unaltered.

As at March 31,
Net worth 1,143.73 831.35 685.59
EBITDA 629.07 396.55 532.22
IPO Updates
As at March 31,
Net Profit/Loss for the Period 298.93 141.05 237.47
EPS (₹) 57.30 26.87 45.39
RoNW (%) as stated 26.14% 16.97% 34.64%
Net Asset Value (₹) 218.75 159.00 131.13
15. Ruchi Soya Industries Limited

Offer Details: Follow on Offer of Equity Shares aggregating upto ₹ 4,300 Cr. Reservation for Employees.
Promoters: Acharya Balkrishna, Ram Bharat, Snehlata Bharat, Ruchi Soya Industries Ltd Beneficiary Trust, Patanjali
Ayurved Ltd, Vedic Broadcasting Ltd, Patanjali Peya Pvt Ltd, Patanjali Natural Biscuits Pvt Ltd, Divya Packmaf Pvt Ltd,
Divya Yog Mandir Trust, Patanjali Gramudyog Nayas, Patanjali Parivahan Pvt Ltd, Vedic Ayurmed Pvt Ltd, Sanskar Info
TV Pvt Ltd, Patanjali Agro India Pvt Ltd, SS Vitran Healthcare Pvt Ltd, Patanjali Paridhan Pvt Ltd, Gangotri Ayurveda Ltd,
Swasth Aahar Pvt Ltd, Patanjali Renewable Energy Pvt Ltd and Yogakshem Sansthan.
Approx. Issue Size ( ₹ Cr): 4,300 BRLMs: Axis Capital, SBI Capital Markets, ICICI Securities
Company: Ruchi Soya Industries Limited is a diversified FMCG and FMHG focused company, with strategically located
manufacturing facilities and well recognised brands having pan India presence. They are one of the largest FMCG
companies in the Indian edible oil sector and one of the largest fully integrated edible oil refining companies in India.
Being the pioneers and largest manufacturers of soya foods has aided their brand ‘Nutrela’ in becoming a household and
generic name in India. They are across the entire value chain in palm and soya segment, with a healthy mix of upstream
and downstream business.
Ruchi Soya is the largest player in terms of allocated zones for palm Plantation by GoI. Their integration also extends
downstream to the oleochemicals and other by-product and derivatives business. They are pioneers in soya chunks
which are associated with nutrition and good health. Leveraging upon the brand ‘Nutrela’, they have launched a range of
premium edible oils and blended edible oils and ‘Nutrela High Protein Chakki Atta’ and ‘Nutrela Honey’ in Fiscal 2021.
Further they have expanded their packaged food portfolio by acquiring the ‘Patanjali’ product portfolio of biscuits,
cookies, rusks, noodles, and breakfast cereals. In Fiscal 2022, they forayed into a niche and a high growth FMHG segment
with the launch of their Nutraceutical business. They are also into the wind power generation business.
Industry: Edible oils are indispensable to Indian cooking. Growing population, changing tastes and preferences of
consumers, shifting consumption pattern towards branded oils and consistent marketing and distribution initiatives by
leading edible oil brands is leading to rising consumption of edible oils in the country. The total consumption of edible oil
in Indian in FY 2020 has been estimated to be 22 Mn MT. Out of the total requirement, it is estimated that ~10 Mn MT is
produced domestically from primary (Soybean, Rapeseed & Mustard, Groundnut, Sunflower, Safflower & Niger) and
secondary sources (Oil palm, Coconut, Rice Bran, Cotton seeds & Tree Borne Oilseeds) and remaining 60%, is met
through import. Out of 10 Mn MT, almost 7 Mn MT is available for sale in B2B and B2C markets.

As at June’30 As at March 31,
Particulars 2021(3)# 2021(12) 2020(12) 2019(12)
Other equity excluding Revaluation Reserve 4,003.26 4,062.41 3,311.75 (4,543.49)
Revenue from Operations 5,266.16 16,318.63 13,117.79 12,729.23
Profit/Loss Before Tax 238.62 5,144.00 7,658.02 76.72
Net Profit/Loss for the Period 173.53 680.77 7,672.02 76.72
EPS (₹) 5.87~ 23.02 872.04 229.63
Source: Company WebSite, * Restated Standalone, #unaudited ~ Not annualised
IPO Updates
16. Fincare Small Finance Bank Limited

Offer Details: Fresh Issue of Equity Shares aggregating upto ₹330 Cr and Offer for Sale of Equity Shares aggregating
upto ₹ 1,000 Cr by Promoter Selling Shareholder. Reservation for Employees, Pre IPO Placement of ₹ 200 Cr.
Promoter: Fincare Business Services Ltd
Approx. Issue Size ( ₹ Cr): 1,330 BRLMs: Axis Capital, ICICI Securities, IIFL Securities, SBI Capital
Category Allocation: QIB:HNI:Retail: 75:15:10 Markets, Ambit Pvt. Ltd.
Bank: Fincare Small Finance Bank Limited (“FSFB”) is a "digital-first" SFB with a focus on unbanked and under-banked
customers, especially in rural and semi-urban areas. According to CRISIL, among comparable SFB peers in India, FSFB had
the highest growth rate in advances over Fiscal 2018 to Fiscal 2020. They follow a business model focused on financial
inclusion and aim to provide individuals and businesses with affordable financial products and services that meet their
needs. Their business objective is to enhance access to savings, credit and other financial products for unbanked and
under-banked individuals, MSMEs and unorganized entities, especially in rural areas, by leveraging technology and last-
mile distribution.
Industry: SFBs' AUM clocked a 30% CAGR from Fiscal 2017 to Fiscal 2020. The top three SFBs accounted for
approximately 61% of the aggregate AUM as of fiscal 2020, up from 55% in fiscal 2017. These three players logged a 35%
CAGR during the period. The top six players account for approximately 86% of the market share. CRISIL Research expects
the sector's loan portfolio to see a strong 22% CAGR in the near-term as most of the SFBs have completed the transition
phase and are likely to benefit from the operating leverage.

Particulars 2020(9) 2020(12) 2019(12) 2018(12)
Net worth 1,008.59 903.77 665.99 337.54
Interest Earned 939.55 1,070.26 605.15 313.96
EBITDA 147.11 219.63 122.50 (82.81)
Profit/Loss Before Tax 134.89 202.73 110.30 (89.84)
Net Profit/Loss for the Period 103.93 143.45 101.98 (97.55)
EPS - Basic (₹) 16.34~ 24.43 22.41 (26.04)
RoNW (%) 10.33%~ 15.87% 15.31% (28.90)%
Net Asset Value (₹) 158.56 142.08 118.01 90.11
Source: DRHP, * Summary Statement, ~ Not annualised
17. Supriya Lifescience Limited

Offer Details: Issue of Equity Shares aggregating upto ₹ 1,200 Cr (Fresh Issue of Equity Shares aggregating upto ₹ 200
Cr and Offer for Sale of Equity Shares upto ₹ 1,000 Cr by Promoter Selling Shareholders).
Promoter: Satish Waman Wagh
Approx. Issue Size ( ₹ Cr): 1,200 BRLMs: Axis Capital, ICICI Securities
Company: Supriya Lifescience Limited is one of the key Indian manufacturers and suppliers of active pharmaceuticals
ingredients (“APIs”), with a focus on research and development. As of March 31, 2021, they have niche product offerings
of 39 APIs focused on diverse therapeutic segments such as antihistamine, analgesic, anaesthetic, vitamin, anti-asthmatic
and antiallergic. They have consistently been the largest exporter of Chlorpheniramine Maleate and Ketamine
Hydrochloride from India, contributing to 45-55% and 65-70%, respectively, of the API exports from India, between Fiscal
2017 and 2020. They were among the largest exporters of Salbutamol Sulphate from India in Fiscal 2020 in terms of
volume.
Industry: Global pharmaceutical market has grown by around 5.5-6.0% CAGR from ~USD 925 billion in CY14 to ~USD
1,300 billion in CY20. It is expected to sustain this growth over the next 5 years to reach USD 1,630-1,730 billion in CY25.
New product launches, widespread population aging and sedentary lifestyles leading to increased chronic disease
prevalence, technological advances, new methods for drug discovery, and an increase in pharmaceutical drug usage have
been some of the key growth drivers for the industry. Globally, the pharmaceutical companies are offering drugs for
customized individual treatment for better treatment against different diseases, and precision medicine which aims to
provide medical care according to the patient's individual characteristics, needs, preferences, and genetic makeup.
IPO Updates

Particulars 2020(9) 2020(12) 2019(12) 2018(12)
Net worth 225.07 149.16 93.79 54.66
EBITDA 114.86 109.45 72.76 30.55
Profit/Loss Before Tax 103.35 96.20 57.10 14.46
Net Profit/Loss for the Period 76.19 73.37 39.42 8.73
EPS - Basic (₹) 10.41~ 10.03 5.39 1.19
RoNW (%) as stated 33.85%~ 49.19% 42.03% 15.97%
Net Asset Value (₹) 30.57 20.38 12.82 7.47
Source: DRHP, * Summary Statement, ~ Not annualized
18. Jana Small Finance Bank Ltd.

Offer Details: Fresh Issue aggregating upto ₹ 700 Cr and Offer for Sale of 9,253,659 by Bajaj Allianz, Enam Securities,
ICICI Prudential Life, Vallabh Bhansali and other selling shareholders. Reservation for Employees, Pre-IPO Placement of
₹ 500 Cr.
Promoters: Jana Capital Ltd and Jana Holdings Ltd
Approx. Issue Size ( ₹ Cr): 700^ BRLMs: Axis Capital, ICICI Securities, SBI Capital Markets
Bank: Jana Small Finance Bank is one of the top four SFBs in India in terms of AUM and deposit size and have the second
most geographically diversified portfolio with a pan-India presence as at the end of Fiscal 2020. They have the fastest
growing deposit franchise among the SFBs in Fiscal 2020. They offer a range of digital products, services and platforms
and their core banking is supported by integrated multi-channel operations. Their deep understanding of the financial
needs of the under-banked and underserved customers allows them to continue focusing on serving their financial
needs.
Industry: SFBs offer basic banking services such as payment, accepting deposits and lending to the unserved and the
underserved segments of the Indian economy, including small businesses, marginal farmers, micro and small industries,
and the unorganised sector. SFBs are focused on serving the unbanked and under-banked customers at the bottom of
the pyramid to drive financial inclusion. The growth in the SFB industry in the recent years is illustrated by the
exponential growth in both advances and deposits as well as the growth of SFBs’ share in total banking industry in terms
of its credit and deposit.

As at Sep’30 As at March 31,
Particulars 2020(6) 2019(6) 2020(12) 2019(12) 2018(12)
Net worth 1,110.89 605.17 1,027.32 660.88 1,523.69
Interest earned 1,256.52 872.67 1,991.52 1,250.54 1,554.79
EBITDA 124.48 (7.16) 122.67 (1,849.68) (2,327.19)
Net Profit for the Period 82.44 (55.34) 30.13 (1,949.07) (2,503.80)
EPS - Basic (₹) 16.25~ (11.74)~ 6.21 (471.84) (787.88)
EPS - Diluted (₹) 15.42~ (11.74)~ 5.90 (471.84) (787.88)
RoNW (%) as stated 7.42%~ (9.15)%~ 2.93% (294.92)% (164.32)%
Net Asset Value (₹) 218.99 128.33 202.55 140.14 387.82
Source: DRHP, * Restated summary, ~ Not annualised
IPO Updates
19. Shriram Properties Ltd.

Offer Details: Issue of Equity shares of ₹ 800 Cr (Fresh Issue of Equity Shares aggregating upto ₹ 250 Cr and Offer for
Sale of Equity Shares aggregating upto ₹ 550 Cr by selling shareholders- Omega TC, TCFSL, TPG Asia, WSI/WSQI.
Reservation for Employees.
Promoters: M. Murali, Shriram Properties Holdings Pvt Ltd and Shriram Group Executives Welfare Trust
Date of Filing: 10-04-2021 Date of SEBI Approval: 15-06-2021 Face value: ₹ 10/-each
Approx. Issue Size ( ₹ Cr): 800 BRLMs: Axis Capital, ICICI Securities, Nomura Financial
Company: Shriram Properties Limited is one of the leading residential real estate development companies in South India,
primarily focused on the mid-market and affordable housing categories. They are among the 5 largest residential real
estate companies in South India in terms of number of units launched between calendar years 2015 and 2020 across
Tier- 1 cities of South India including Bengaluru and Chennai. They are present in the mid-market premium and luxury
housing categories as well as commercial and office space categories in their core markets.
Particulars 2020 (09) 2020 (12) 2019 (12) 2018 (12)
Net worth as stated 840.26 904.46 979.70 937.88
EBITDA 86.89 90.41 79.93 52.01
Profit Before Tax (33.49) (81.66) 82.92 312.16
Net Profit for the period (65.02) (86.39) 48.79 343.01#
EPS (₹ ) (4.38)~ (5.80) 3.39 23.15
RONW (%) NA NA 5.13% 36.63%
NAV (₹ ) 56.62 60.94 66.01 63.19
Source: DRHP, * Restated Consolidated ~ Not annualised, # Credit of Deferred Tax
20. Utkarsh Small Finance Bank Ltd.

Offer Details: Fresh Issue of Equity Shares aggregating upto ₹ 750 Cr and Offer for Sale of Equity shares aggregating
upto ₹ 600 Cr by Promoter Selling Shareholder, Reservation for Employees, Pre-IPO Placement of ₹ 250 Cr
Promoter: Utkarsh CoreInvest Ltd
Approx. Issue Size ( ₹ Cr): 1,350 BRLMs: ICICI Securities, IIFL Securities, Kotak Mahindra Capital
Bank and Industry: Utkarsh Small Finance Bank Limited is 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. They
are headquartered in Varanasi, Uttar Pradesh. Their operations are spread across India and are present in 18 States and
Union Territories with 528 Banking Outlets and 8,729 employees, as of September 30, 2020. As of September 30, 2020,
27.08% of their Banking Outlets were located in Unbanked Rural Centres (“URCs”) as against the regulatory requirement
of 25% of banking outlets of SFBs to be located in URCs. Their operations are focused in rural and semi-urban areas and
as of September 30, 2020, they had 2.74 million customers (both deposit and credit). Small finance banks’ AUM
registered a growth rate at a CAGR of 30% during Fiscal 2017 and Fiscal 2020. The top three SFB’s accounted for
approximately 61% of the aggregate AUM as of March 31, 2020, which increased from 55% as of March 31, 2017.

Particulars 2020(06) 2020(12) 2019(12) 2018(12)
Net worth as stated 1,097.37 1,019.50 772.76 394.89
Interest Earned 786.73 1,307.69 900.20 501.06
EBITDA 124.92 275.89 184.27 (95.27)
Net Profit for the period 77.87 186.74 110.87 (77.42)
EPS (₹ ) 1.03~ 2.49 1.62 (2.13)
RONW (%) 7.10%~ 18.32% 14.35% (19.61)%
NAV (₹ ) 14.45 13.43 10.48 8.40
Source: DRHP, * Restated summary,~ not annualised
IPO Updates
21. Arohan Financial Services Ltd.

Offer Details: Fresh Issue of Equity Shares upto ₹ 850 Cr and Offer for Sale of 27,055,893 Equity Shares by Selling
Shareholders (Maj Invest Financial, Michael & Susan Dell Foundation, Tano India Private Equity Fund II, TR Capital
Mauritius and Aavishkaar Goodwell India Microfinance Development Co II Ltd), Reservation for Employees, Pre-IPO
Placement of ₹ 150 Cr.
Promoters: AVMS and I-Cap
Approx. Issue Size ( ₹ Cr): 850^ BRLMs: Edelweiss Financial, ICICI Securities, Nomura Financial,
Category Allocation: QIB:HNI:Retail: 50:15:35 SBI Capital Markets
Company: Arohan Financial Services Limited is a leading NBFC-MFI with operations in financially under-penetrated Low
Income States of India. The company provides income generating loans and other financial inclusion related products to
customers who have limited or no access to financial services. As of September 30, 2020, their GLP was ₹4,857 crore.
th
They were the largest NBFC-MFI in Eastern India and the 5 largest NBFC-MFI in India based on GLP as of September 30,
nd
2020. Between Fiscal 2017 to Fiscal 2020, they had the 2 highest GLP CAGR of 68% among the top 5 NBFC-MFIs in India,
as well as the highest customer growth among the top 5 NBFC-MFIs at 49% CAGR between Fiscal 2018 to Fiscal 2020.
Industry: MFIs have a significant role to play in furthering financial inclusion in India. As of March 31, 2020, the largest
share of microfinance was held by 84 NBFC-MFIs with a gross loan portfolio of ₹737 billion. The microfinance industry in
India has recorded healthy growth in the past few years. The microfinance industry’s gross loan portfolio increased at a
CAGR of 24% to reach approximately ₹3.20 trillion in Fiscal 2020 from approximately ₹1.70 trillion in Fiscal 2017. The
business of NBFC-MFIs (including SFBs) has grown sharply in recent years and reached ₹2,317 billion as of the end of
Fiscal 2020.
Particulars 2020(06) 2020(12) 2019(12) 2018(12)
Net worth as stated 1,015.27 962.63 697.16 381.86
EBITDA 322.55 556.48 437.19 175.58
EPS – Basic (₹ ) 5.75~ 12.07 14.05 3.52
RONW (%) 6.16%~ 13.17% 18.31% 8.11%
NAV (₹ ) 91.32 87.26 67.90 43.17
Source: DRHP, * Restated summary ~ not annualised
22. Seven Islands Shipping Ltd.

Offer Details: Fresh Issue of Equity Shares upto ₹ 400 Cr and Offer for Sale of shares aggregating upto ₹ 200 Cr by
Selling Shareholders (FIH Mauritius Investment, Thomas Wilfred Pinto and Leena Metylda Pinto, Employee reservation.
Approx. Issue Size ( ₹ Cr): 600 BRLMs: JM Financial, IIFL Securities
Company and Industry: As of December 2020, Seven Islands Shipping Limited is the 3rd largest seaborne logistics company in
India by deadweight tonnage. In 2020, the company held a significant market share in Indian time charters of crude oil imports.
They are among the few Indian shipping companies that have delivered positive net profits in each of the past 3 Fiscals and
their Return on Average Equity and Return on Average Capital Employed is among the highest in the seaborne logistics industry
in India. All their 20 vessels are registered and flagged in India and operate as Indian owned and Indian flagged vessels. The
Company is present in the liquid products trade where liquid products like white oils, black oils, lube oil and liquid chemicals
are transported in product vessels classified as Small vessels, Medium Range or MR vessels and Long Range or LR vessels. They
are also engaged in the crude oil logistics business where crude oil is transported in vessels classified as Aframax, Suezmax and
Very Large Crude Carriers or VLCCs.
IPO Updates

Particulars 2020(09) 2020(12) 2019(12) 2018(12)
Net worth as stated 919.89 800.97 720.67 484.50
EBITDA 445.70 272.13 167.26 209.23
EPS (₹ ) as stated 20.88~ 14.03 8.13 18.50
RONW (%) 13.90%~ 10.60% 6.40% 19.90%
NAV (₹ ) 160.74 139.96 150.87 101.86
Source: DRHP, * Summary Statement, ~ not annualised
Issues Offer Documents Filed & Awaiting SEBI Observations

01. Capital Small Finance Bank Limited
Selling Shareholder; Reservation for Employee, Pre-IPO Placement of ₹ 90 Cr
Promoters: Sarvjit Singh Samra, Amarjit Singh Samra, Navneet Kaur Samra, Surinder Kaur Samra and Dinesh Gupta
Date of Filing: 30-10-2021 Date of SEBI Approval: N.A. Face value: ₹ 10/-
Approx. Issue Size ( ₹ Cr): 450^ BRLMs: Axis Capital, Edelweiss Financial, SBI Capital Markets
Company: Capital Small Finance Bank commenced operations as India’s first small finance bank in 2016, and is among the
leading SFBs in India in terms of asset quality, cost of funds, retail deposits and CASA deposits for Fiscal 2021. They have the
most diversified portfolio with sizeable book in multiple asset classes as compared to other SFBs with a highest proportion of
secured lending of 99% as of Fiscal 2021 among the SFBs. They have the best asset quality among the SFBs represented by
lowest GNPA and NNPA of 2.08% and 1.13% respectively as of Fiscal 2021. They have an experience of over 2 decades in the
banking industry having operated as the largest local area bank prior to their conversion into a small finance bank.
Industry: Small finance banks’ AUM clocked 26% CAGR during fiscals 2016 -2021. With their localised past experience, SFBs,
especially the ones which were existing as local area banks have the ability to manage local stakeholders and maintain
operational efficiency more effectively. CRISIL Research expects the sector’s loan portfolio to see a strong ~22% CAGR in the
near term as most of the SFBs have completed the transition phase and likely to get benefit from the operating leverage. The
share of SFBs in deposits as well as credit has seen a steady rise over the years and is expected to reach 1% and 1.5%
respectively by fiscal 2024 from the current 0.6% and 1.0% in deposits and credits in fiscal 2021.

As at Jun’30 As at March 31,
Particulars 2021(03) 2020(03) 2021(12) 2020(12) 2019(12)
Net worth 464.20 414.02 450.79 406.78 250.32
Interest Earned 136.44 124.20 511.44 458.14 346.29
EBITDA 20.29 12.91 70.23 49.92 38.69
Net Profit/Loss for the Period 12.18 6.80 40.78 25.38 19.41
EPS – Basic (₹) 3.59^ 2.01^ 12.04 8.18 6.82
EPS – Diluted (₹) 3.57^ 2.01^ 11.98 8.16 6.82
RoNW (%) as stated 2.62 1.64 9.05 6.24 7.75
Net Asset Value (₹)~ 136.52 122.46 132.93 120.32 87.89
Source: DRHP, * Summary Restated; ^ not annualised
IPO Updates
02. GPT Healthcare Limited

Offer Details: Fresh Issue of Equity Shares aggregating upto ₹ 17.50 Cr and Offer for Sale of 29,887,486 Equity Shares by
Selling Shareholder.
Promoters: GPT Sons Pvt Ltd, Dwarika Prasad Tantia, Dr. Om Tantia and Shree Gopal Tantia
Approx. Issue Size ( ₹ Cr): 17.50^ BRLMs: DAM Capital, SBI Capital Markets
Company: GPT Healthcare Limited is one of the leading regional corporate healthcare companies in Eastern India in terms of
number of beds and hospitals commissioned by them. They operates a chain of mid-sized hospitals under the “ILS Hospitals”
brand and provide integrated healthcare services, with a focus on secondary and tertiary care. As of September 30, 2021, they
operate 4 multi-specialty hospitals, with a total capacity of 556 beds, offering a comprehensive range of healthcare services
across over 35 specialties and super specialties. Each of their hospitals also provides integrated diagnostic services and
pharmacies catering to their patients.
Industry: The healthcare delivery market in India is expected to grow at a CAGR of 15%-17% between Fiscal Years 2021 and
2025 and reach ₹ 7.67 trillion in Fiscal Year 2025. The share of treatments (in value terms) by private players is expected to
increase from 58% in Fiscal Year 2021 to nearly 73% in Fiscal Year 2025. North-eastern states have ranked lower on Niti Ayog
health index indicating under penetration of healthcare facilities.

Particulars 2021(03) 2021(12) 2020(12) 2019(12)
Net worth 143.50 132.64 125.60 114.60
EBITDA 25.90 55.10 40.03 39.83
EPS (₹) 2.02^ 2.64 1.37 1.87
RoNW (%) as stated 11.25%^ 15.90% 8.72% 13.05%
Net Asset Value (₹)~ 18.11 16.75 15.87 14.50
Source: DRHP, * Restated Consolidated; ~ As adjusted for the Bonus Issue and outstanding CCPS. ^ not annualised
03. Radiant Cash Management Limited

Promoters: Col. David Devasahayam and Dr. Renuka David
Approx. Issue Size ( ₹ Cr): 60^ BRLMs: IIFL Securities, Motilal Oswal, Yes Securities
Company: Radiant Cash Management Limited is an integrated cash logistics player with leading presence in retail cash
management (“RCM”) segment of the cash management services industry in India and is one of the largest players in the RCM
segment in terms of network locations or touch points served as of July 31, 2021. The Company provides services across 12,150
pin codes in India covering all districts (other than Lakshadweep) with about 42,420 touch points serving more than 4,700
locations as of July 31, 2021. Their marquee clients includes some of the largest foreign, private and public sector banks, and
the end user of their services include some of the largest e-commerce companies, retail chains, NBFCs, insurance firms,
ecommerce logistics players, railways and retail petroleum distribution outlets. For the four months ended July 31, 2021 and
Fiscals 2021, 2020 and 2019, the total annual currency movement, or the total value of the currency passing through their RCM
business, amounted to ₹ 368.39 billion, ₹ 912.22 billion, ₹ 1,290.77 billion and ₹ 1,131.34 billion. They operates their business
across 5 verticals, namely 1) cash pick-up and delivery; 2) network currency management (also known as cash burial in industry
parlance); 3) cash processing; 4) cash vans /cash in transit and 5) other value added services.
Industry: Cash in Circulation (CIC) is the sum of cash held by banks and currency held by the general public. In the last decade
(FY 11- FY 21), CIC has almost increased 3 folds (at a CAGR of 9.85%), showing a positive growth rate for the period. A growth in
CIC is essential for higher economic activity in the country and augurs well for the companies engaged in cash management
industry. While demonetization had a significant impact on CIC, the release of pentup demand after re-monetization, wealth
IPO Updates
redistribution, and lower lending rates, led to a v-shaped recovery of the total cash in circulation, which has since then almost
doubled (in FY 21). As on August 20, 2021, CIC in India stood at a value of ₹ 29.5 trillion. CIC is predicted to reach ₹ 41.5 trillion
by FY25, growing at a CAGR of 9.95%.

Particulars 2021(03) 2021(12) 2020(12) 2019(12)
Net worth 109.14 127.10 119.57 105.72
EBITDA 11.61 49.76 55.77 41.20
EPS (₹) 0.73^ 3.20 3.60 2.47
RoNW (%) as stated 6.82%^ 25.52% 30.53% 23.66%
Net Asset Value (₹) 10.78 12.55 11.80 10.43
Source: DRHP, * Restated Statement. ^ not annualised, Equity Shares outstanding prior to the Offer is ₹ 10.13 Cr
04. BVG India Limited

Selling Shareholder. Pre IPO Placement of ₹ 40 Cr.
Promoters: Hanmantrao Ramdas Gaikwad and Umesh Gautam Mane
Approx. Issue Size ( ₹ Cr): 200^ BRLMs: ICICI Securities, JM Financial, HSBC Securities
Company: BVG India Limited is one of India’s largest integrated services companies with more than 54,000 employees as of
June 30, 2021. They offer a wide range of integrated services including soft services such as mechanized house-keeping,
industrial housekeeping, manpower supply, security services and janitorial services, hard services such as electro-mechanical
works and highway maintenance, and specialized services such as paint-shop cleaning and logistics management. They offer
these services to a diverse base of clients operating across sectors including industrial and consumer sector, transport and
transit infrastructure sector, hospitals and healthcare sector, and to government establishments.
Industry: The outlook of facility management services in India is optimistic due to rising awareness of associated benefits of
using facility management services among end users and need for improved safety, comfort and professional maintenance of
assets. The facility management market in India is estimated to grow at a CAGR of 27.0% between Fiscal 2021 and Fiscal 2023.
Majority of the growth is expected from commercial, retail and industrial sectors. In addition, increasing preference for
professional facility management in the residential sector coupled incidence of high rise residences that require facility
management solutions is expected to drive growth.

As at March 31,
Net worth 781.13 699.49 580.49
EPS - Basic (₹) 33.16 47.19 32.55
RoNW (%) as stated 11.02% 17.51% 14.56%
Net Asset Value (₹) 303.82 272.07 225.78
Source: DRHP, * Restated Consolidated.
IPO Updates
05. Oravel Stays Limited (OYO)

Offer Details: Fresh Issue of Equity Shares aggregating upto ₹ 7,000 Cr and Offer for Sale of Equity Shares aggregating
upto ₹ 1,430 Cr by Selling Shareholder. Reservation of Employee, Pre-IPO Placement of ₹ 1,400 Cr
Promoters: Ritesh Agarwal, RA Hospitality Holdings (Cayman) and SVF India Holdings (Cayman) Ltd
Approx. Issue Size ( ₹ Cr): 8,430 GCBRLMs: Kotak Mahindra Capital, J P Morgan, Citigroup Global
Category Allocation: QIB:HNI:Retail: 75:15:10 BRLMs: ICICI Securities, Nomura Financial, JM Financial
Company: Oravel Stays Limited (OYO) is a leading, new-age technology platform empowering the large yet highly fragmented
global hospitality ecosystem1. They have been focused on reshaping the short-stay accommodation space since their
incorporation in 2012. Their unique business model helps their Patrons transform fragmented, unbranded and underutilized
hospitality assets into branded, digitally-enabled storefronts with higher revenue generation potential and provides their
customers (being travelers and guests who book storefronts on their platform) with access to a broad range of high-quality
storefronts at a compelling price point.
Industry: Within the travel and tourism industry, the short-stay accommodation market is one of the fastest growing segments.
The short-stay accommodation segment refers to stays of up to 1 month. Going forward, the total short-stay accommodation
market is projected to reach US$1.9 trillion in 20302. Most of the global short-stay accommodation supply is independent,
unorganised and fragmented. Company’s global total addressable market opportunity as of December 31, 2019 consisted of 54
million storefronts that their full-stack technology platform could have potentially empowered.

As at March 31,
Net worth 3,384.80 6,505.13 6,323.70
EBITDA as stated (1,869.45) (6,124.08) (1,854.59)
Net Profit/Loss for the Year^ (3,943.84) (13,122.78) (2,364.53)
Net Asset Value (₹)~ 5.63 10.83 13.11
Source: DRHP, * Restated Summary. Equity Shares outstanding prior to the Offer prior to conversion of Issued Preference Shares is ₹ 129.45 Cr
^Restated loss for the year from continuing and discontinued operations. ~NAV post issuance of Bonus shares, Sub-division and conversion ratio of Preference shares.
06. Wellness Forever Medicare Limited

Promoters: Ashraf Mohammed Biran, Gulshan Haresh Bakhtiani, and Mohan Ganpat Chavan
Approx. Issue Size ( ₹ Cr): 400^ BRLMs: IIFL Securities, Ambit Pvt Ltd, DAM Capital, HDFC Bank
Company: Wellness Forever Medicare Limited is India’s 3rd largest retail pharmacy and wellness network by number of stores,
with a leading position in Western India in terms of total revenues. They operate a large omni-channel, hyperlocal retail
network under their “Wellness Forever” brand, serving as a one-stop solution for their customers’ wellness needs with most of
their stores operating 24x7. The company focuses on providing their customers with a retail experience that goes beyond
purchasing medicines. They offer a wide assortment of merchandise including fast-moving consumer goods, fast-moving health
goods, nutraceuticals and medical equipment, among other products, alongside over-the-counter and prescription medicines.
Industry: The Indian pharmacy retail sector has been witnessing healthy growth over the past few years due to an increasing
consumer base and rising healthcare expenditure. The modern pharmacy retail has been registering healthy growth largely
because of rising demand for OTC and prescription drugs, wellness products and private label products. Modern pharmacy
retail is estimated to grow at a CAGR of 25% in the coming 5 years growing significantly faster than other categories. Entry of
new players, investments in e-commerce and omni-channels platforms is aiding this transition.
IPO Updates

As at March 31,
Net worth 266.69 168.72 111.08
EBITDA as stated 76.18 87.92 71.13
Net Loss for the Year (34.85) (5.32) (1.33)
EPS (₹) (7.11) (1.16) (0.31)
Net Asset Value (₹) 54.43 36.64 26.86
07. Global Health Limited

Promoters: Dr. Naresh Trehan
Approx. Issue Size ( ₹ Cr): 500^ BRLMs: Kotak Mahindra Capital, Credit Suisse, Jefferies India,
Category Allocation: QIB:HNI:Retail: 50:15:35 JM Financial
Company: Global Health Limited is one of the largest private multi-speciality tertiary care providers operating in the North and
East regions of India, with key specialties of cardiology and cardiac science, neurosciences, oncology, digestive and
hepatobiliary sciences, orthopaedics, liver transplant, and kidney and urology. They were founded by Dr. Naresh Trehan, a
world-renowned cardiovascular and cardiothoracic surgeon, and under the “Medanta” brand, they have a network of four
hospitals currently in operation (Gurugram, Indore, Ranchi and Lucknow), a hospital which is under construction with an
operational outpatient facility (Patna), and one hospital (Noida) planned for development.
Industry: The Indian healthcare delivery industry is estimated to post a healthy 15-17% CAGR between fiscals 2021 and 2025,
driven by pent up demand, strong fundamentals, increasing affordability and Ayushman Bharat Yojana. India’s bed density (bed
count per 10,000 population) of 15 beds is below the global median (29 beds, as of 2018) and other developing countries.
Amongst the underpenetrated micro-markets in India, Lucknow and Patna had an estimated total of 978 and 455 beds,
respectively, in key private hospitals for a population of approximately 2.8 million and 1.7 million, respectively.

As at March 31,
Net worth 1,382.34 1,349.54 1,295.50
EBITDA as stated 222.85 230.45 217.90
EPS (₹) 1.15 1.45 2.06
RoNW (%) as stated 2.08% 2.69% 3.96%
Net Asset Value (₹) 55.76 54.70 52.73
Source: DRHP, * Restated Summary. #Proforma, Equity Shares outstanding prior to the Offer is ₹ 9.26 Cr
08. Veeda Clinical Research Limited

Offer Details: Fresh Issue of Equity Shares aggregating upto ₹ 331.60 Cr and Offer for Sale of Equity Shares aggregating
upto ₹ 500 Cr by Selling Shareholder, Reservation of Employee
Promoters: Basil Pvt Ltd
Approx. Issue Size ( ₹ Cr): 831.60 BRLMs: SBI Capital Markets, ICICI Securities, JM Financial, Systematix
Category Allocation: QIB:HNI:Retail: 50:15:35 Corporate Services
Company: Veeda Clinical Research Limited is one of the largest independent full service clinical research organization
(“CRO”) in India as of March 31, 2020, on the basis of revenue. With over 16 years of experience, they have partnered
with members of the pharmaceutical fraternity globally, to deliver efficacious clinical research solutions such as
IPO Updates
bioavailability and bioequivalence studies, as well as a full suite of clinical trials including pre-clinical, early phase and late
phase clinical trials, together with related services across most aspects of the drug development and drug launch value
chain, across the global markets particularly North America, Europe and Asia.
Industry: CROs are key constituent of drug development process, providing services to pharmaceutical, biotechnology
and medical device companies, governments, academic institutions and research entities. Global CRO market is
projected to reach USD 90.8 Bn by 2026 from USD 63.9 Bn in 2021. Indian CRO market captures about 3% of the global
market share by value, estimated at USD 2 Bn in 2021 and is expected to be the fastest growing market with a CAGR of
about 12% from 2021 to 2026.

As at March 31,
Instruments in the nature of equity 35.23 35.23 35.23
Net worth 169.44 88.00 87.97
Net Profit for the Year 62.97 (0.04) 44.16
EPS (₹) 15.39 (0.01) 12.17
RoNW (%) as stated 37.16% (0.05)% 50.20%
Net Asset Value (₹) 41.41 21.53 24.24
Source: DRHP, * Restated Summary. #Proforma, Equity Shares outstanding prior to the Offer is ₹ 9.26 Cr
09. Lava International Limited

Offer Details: Fresh Issue of Equity Shares aggregating upto ₹ 500 Cr and Offer for Sale of upto 43,727,603 Equity Shares
by Selling Shareholder, Reservation for Employee, Pre IPO Placement of ₹ 100 Cr.
Promoters: Hari Om Rai, Shailendra Nath Rai, Sunil Bhalla and Vishal Sehgal.
Approx. Issue Size ( ₹ Cr): 500^ BRLMs: Axis Capital, BOB Capital Markets, DAM Capital, SBI Capital
Category Allocation: QIB:HNI:Retail: 50:15:35 Markets
Company: Lava International Limited is one of the largest feature phone manufactures in both India and in the global market.
They also manufacture smart phones with a focus on the sub-US$ 200 mobile handset market. The range of products they offer
include feature phones, smart phones, tablets and other electronic accessories. In addition, they offer mobile handset solutions
to OEMs globally. As a leading end-to-end focused mobile handset and mobile handset solutions Company based in India, they
also have presence in many emerging markets.
Industry: In the fiscal year 2021, there were 10.43 crore units of feature phones and 17.06 crore of smartphones in the mobile
phone market of India. While the mobile phone subscription market in India keeps growing, users have been shifting from
feature phones to entry level smartphones. The company is expanding in the African market, which shares similarities with the
Indian market. The mobile phone market in the United States is dominated by smartphones. The company faces competitions
from both Indian companies and foreign mobile handset manufacturers.

As at March 31,
Particulars 2021 2020# 2019#
Instruments in the nature of equity 5.10 5.00 5.00
Net worth 1,589.12 1,408.06 1,255.28
EBITDA as stated 251.22 199.26 183.20
EPS - Basic (₹) 3.46 2.16 1.47
RoNW (%) as stated 10.86% 7.65% 5.83%
Net Asset Value (₹)# 31.82 28.19 25.13
Source: DRHP, * Restated Consolidated. #Adjusted for the impact of bonus issue and stock split after the end of the year but before the date of filing the DRHP.
IPO Updates
10. Waaree Energies Limited

Offer Details: Fresh Issue of Equity Shares aggregating upto ₹ 1,350 Cr and Offer for Sale of upto 4,007,500 Equity Shares
by Selling Shareholder, Reservation for Employee, Pre IPO Placement of ₹ 270 Cr.
Promoters: Hitesh Chimanlal Doshi, Virenkumar Chimanlal Doshi and Mahavir Thermoequip Pvt Ltd
Approx. Issue Size ( ₹ Cr): 1,350^ BRLMs: Axis Capital, HSBC Securities, ICICI Securities, Intensive Fiscal
Category Allocation: QIB:HNI:Retail: 50:15:35 Services
Company: Waaree Energies Limited is one of the major players in the solar energy industry in India focused on PV module
manufacturing, with an aggregate installed capacity of 2 GW as of March 31, 2021. Their solar energy product portfolio consists
of the following PV modules: (i) multicrystalline modules; and (ii) monocrystalline modules, comprising Merlin flexible modules
and monocrystalline passivated emitter and rear cell modules, which include bifacial modules (framed and unframed), building
integrated photo voltaic modules. They operate three manufacturing facilities comprising four factories at Surat, Tumb and
Nandigram in Gujarat, India.
Industry: Renewable energy sources are a cleaner source of energy than conventional ones. Renewable energy capacity
additions have seen strong growth over the past 5 years, increasing to approximately 140 GW in Fiscal 2021 from
approximately 31.6 GW in Fiscal 2014. Solar energy potential is the greatest in India amongst all the commercially available
renewable energy sources. CRISIL Research expects 62-64 GW of solar capacity additions over Fiscals 2022 to 2026 and
domestic module manufacturers to benefit from a demand potential stemming from various schemes, solar rooftop and in-
house solar project development, along with export potential of 1.8-2.4 GW.

As at March 31,
Particulars 2021 2020# 2019#
Net worth 344.69 297.72 256.42
EBITDA as stated 125.42 117.78 165.36
EPS (₹) 2.50 2.12 4.18
RoNW (%) as stated 14.28% 14.01% 32.11%
Net Asset Value (₹) 17.48 15.10 13.01
11. Sahjanand Medical Technologies Limited

Offer Details: Fresh Issue of Equity Shares aggregating upto ₹ 410.33 Cr and Offer for Sale of Equity Shares aggregating
upto ₹ 1,089.67 by Selling Shareholder, Pre IPO Placement of ₹ 185 Cr.
Promoters: Bhargav Dhirajlal Kotadia and Shree Hari Trust
Approx. Issue Size ( ₹ Cr): 1,500 BRLMs: Axis Capital, BofA Securities, Edelweiss Financial, UBS Securities
Company: Sahajanand Medical Technologies Limited is a leading medical devices company that researches, designs, develops,
manufactures and markets vascular devices globally. They differentiate their product offering by providing customers with high
quality products at market appropriate prices supported by strong clinical data. They have a leading market share of 21%, 25%
and 31% in Fiscals 2019, 2020 and 2021, respectively, of the total DES sales volume in India. They are among the Top-5
companies in terms of market share (by sales volume of DES) in each of Germany, Netherlands, Italy and Poland, as of March
31, 2021
Industry: Global prevalence of cardiovascular diseases almost doubled from 27.1 crore in 1990 to 52.3 crore in 2019. Growing
disease prevalence combined with heightened awareness, diagnosis and treatment, has triggered the growth of the global
vascular device market, which is expected to reach USD 23.0 billion by 2026. The global vascular devices market can be
segmented into interventional cardiology, structural heart and peripheral vascular on the basis of therapy areas.
IPO Updates

As at March 31,
Particulars 2021 2020# 2019#
Net worth 343.33 414.60 390.19
Adj. EBITDA as stated 47.80 55.73 54.65
Net Profit for the Year (72.34) 25.44 33.43
EPS – Basic (₹) (8.13) 2.76 4.00
RoNW (%) as stated (21.06)% 5.92% 8.57%
Net Asset Value (₹) 38.62 46.64 46.63
Source: DRHP, * Restated Consolidated. As per the Board Resolution the company has approved and issue 4,200,000 Equity Shares to the SMT ESOP Trust prior to the filing of
RHP.
12. CMR Green Technologies Ltd

Offer Details: Fresh Issue of Equity Shares aggregating upto ₹ 300 Cr and Offer for Sale of upto 33,414,138 Equity
Shares by Selling Shareholder, Pre IPO Placement of ₹ 60 Cr.
Promoters: Gauri Shankar Agarwala, Mohan Agarwal, Kalawati Agarwal and Pratibha Agarwal.
Approx. Issue Size ( ₹ Cr): 300^ BRLMs: Axis Capital, ICICI Securities, JM Financial
Company: CMR Green Technologies Limited is the largest metal recycler in the domestic aluminium recycling industry and
amongst the largest in the world. They are primarily focused on the recycling of aluminium, which involves the
processing of aluminium based metal scrap to manufacture aluminium alloys and supplying them both in liquid form as
well as solid ingots, and on the manufacturing of zinc alloys. Additionally, they focus on segregation and recycling of
other metals including stainless steel, copper and brass, and recycling of end-of-life vehicles where they undertake
dismantling, shredding and sorting of ELV parts.
Industry: Total aluminium (primary and secondary) demand in India in Fiscal 2020 is estimated at 3.7 million tonnes,
logging a CAGR of 5-6% over Fiscals 2015 to fiscal 2020. The demand for secondary aluminium in India zoomed at a CAGR
of 9-10% from Fiscal 2015 to 2020, while primary aluminium demand registered a CAGR of 3-4% only. Demand for
primary and secondary aluminium is estimated at 2.4 and 1.3 million tonnes, respectively, in Fiscal 2020. The demand for
secondary aluminium is primarily led by healthy demand from the auto sector. Rising demand from packaging, consumer
durables and construction sectors also led to increased demand. Due to better cost dynamics the share of secondary
aluminium in aggregate aluminium market in India rose to 35-36% as of Fiscal 2020 from 29-30% in Fiscal 2015.

As at March 31,
Particulars 2021 2020# 2019#
Equity Share capital Suspense Account 870.29 - -
Net worth 762.31 21.68 21.55
Revenue from Operations 2,913.19 - -
EBITDA as stated 336.53 (0.01) (0.01)
EPS (₹) 0.98 0.05 0.02
RoNW (%) as stated 2.84% 0.57% 0.23%
Net Asset Value (₹) 34.45 9.19 9.14
Source: DRHP, * Restated Consolidated. #Proforma, Net profit inFY2020 and FY2019 due to the share in profit of Associates and Joint Venture, Equity Shares outstanding
prior to the Offer is ₹ 44.25 Cr
IPO Updates
13. Godavari Biorefineries Ltd

by Selling Shareholder, Pre IPO Placement of ₹ 100 Cr.
Promoters: Samir Shantilal Somaiya and Somaiya Agencies Pvt Ltd
Approx. Issue Size ( ₹ Cr): 370^ BRLMs: Equirus Capital, JM Financial
Company: Godawari Biorefineries Limited is one of the largest producers of ethanol and a pioneer in manufacturing
ethanol-based chemicals in India. Their diversified product portfolio comprises of bio-based chemicals, sugar, rectified
spirits, ethanol, other grades of alcohol and power, They are the only company in India to have such a vast portfolio of
bio-based products and are also the largest manufacturer of MPO worldwide, one of only 2 manufacturers of natural 1,3
th
butylene glycol globally, the 4 largest manufacturer of ethyl acetate in India, and the only company in India to produces
bio ethyl acetate
Industry: The bio-based chemicals market has been growing exponentially owing to the increasing need for
environmentally sustainable solutions and the market for bio-based chemicals in 2020 was valued at USD 72 billion
growing at a CAGR of 10-12%. The global ethyl acetate market is expected to grow at a CAGR of more than 4.5% over the
next decade in terms of volume. Further, the global ethanol market was valued at USD 93.7 Bn in 2020 with a steady
growth rate in past of CAGR ~6.5% since 2015, while the Indian ethanol market is projected to grow from USD 3.6 Bn in
2020 to USD 8.9 Bn by 2025, exhibiting a CAGR of 19.8% during 2020-2025.

As at March 31,
Net worth 213.49 186.70 117.37
EBITDA as stated 165.83 116.98 146.16
EPS (₹) 6.47 1.00 1.46
RoNW (%) as stated 12.72% 2.18% 4.71%
Net Asset Value (₹) 50.90 45.89 30.89
Source: DRHP, * Restated Consolidated.
14. Data Patterns (India) Ltd

by Selling Shareholder, Pre IPO Placement of ₹ 60 Cr.
Promoters: Srinivasagopalan Rangarajan and Rekha Murthy Rangarajan
Approx. Issue Size ( ₹ Cr): 300^ BRLMs: JM Financial, IIFL Securities
Company: Data Patterns India Limited is among the few vertically integrated defence and aerospace electronics solutions
provider catering to the indigenously developed defence products industry. With net profitability growth of approximately
164% between Fiscal 2020 and Fiscal 2021, they are one of the fastest growing companies in the Defence and Aerospace
Electronics sector in India. They have proven in-house design and development capabilities and experience of more than 3
decades (including through their erstwhile subsidiary) in the defence and aerospace electronics space. Their offerings cater to
the entire spectrum of defence and aerospace platforms – space, air, land and sea.
Industry: The global defence expenditure is expected to grow to $ 2031 billion by 2025 due increased geo-political uncertainty
even though countries face economic pressures due to COVID 19 disruption. There is a structural shift in the defence budget
with increased allocation for modernisation funds, and approval of non-relapsable fund. The fund available to the defence
industry participants during Fiscal 2022 to Fiscal 2031 is estimated at $ 339 billion. Additionally, Fiscal 2021 was characterized
by an overspend of 18.6% above the budgeted capital allocation on back of the emergency purchases following the face off
with China.
IPO Updates

As at March 31,
Net worth 207.47 153.19 132.59
EPS (₹) 11.89 4.50 1.65
RoNW (%) as stated 26.79% 13.74% 5.81%
Net Asset Value (₹) 44.38 32.77 28.37
Source: DRHP, * Restated Statement, Equity Shares outstanding prior to the Offer is ₹ 9.35 Cr
15. Electronics Mart India Ltd

Offer Details: Fresh Issue of Equity Shares aggregating upto ₹ 500 Cr
Promoters: Pavan Kumar Bajaj and Karan Bajaj
Date of Filing:22-09-2021 Date of SEBI Approval: N.A. Face value: ₹ 10/-
Approx. Issue Size ( ₹ Cr): 500 BRLMs: Anand Rathi Advisors, IIFL Securities, JM Financial
Company: Electronics Mart India Limited is the 4th largest consumer durable and electronics retailer in India and as of Financial
Year 2020. They are the largest player in the Southern region in revenue terms with dominance in the states of Telangana and
Andhra Pradesh. They offer a diversified range of products with includes more than 6,000 SKUs across product categories like
large appliances, mobiles, small appliances, IT and other from more than 70 consumer durable and electronic brands. As on
August 15, 2021, they operated 99 stores with 88 Multi-Brand Outlets (MBOs) and 11 Exclusive Brand Outlets (EBOs) across 31
cities / urban agglomerates with a retail business area of 0.99 million sq. ft.
They are one of the fastest growing consumer durable & electronics retailers in India with a revenue CAGR of 25.60% from
Financial Year 2015 to Financial Year 2020. They have consistently demonstrated profitability with a robust operating
performance. They have the highest EBITDA margins in Financial Year 2020 amongst its peers.
Industry: Despite short-term impact, long-term industry growth story remains intact. India’s retail industry clocked a healthy
9.5% compound annual growth rate between fiscals 2016 and 2020, backed by rising urbanisation, nuclearisation, increased
disposable incomes, and improving affordability and consumer sentiment. CRISIL Research estimates the size of India’s
consumer durables industry, including large consumer durables mobile phones, and smaller appliances, at ~ Rs 2.4 trillion as of
Financial Year 2021. The industry recorded ~12% CAGR between fiscal 2015 and 2019 backed by increasing disposable incomes,
lower penetration, widening product base, competitive pricing, lowering replacement cycles, etc. However, the industry
recorded a decline of 20% in fiscal 2021 on account of pandemic. The consumer durables industry has to log an accelerated 13-
15% CAGR during fiscals 2021-2026 to reach ₹ 4.5-5 trillion.

As at March 31,
Net worth 491.92 433.08 340.50
EBITDA as stated 203.88 227.64 215.99
EPS (₹) 1.95 2.72 2.57
RoNW (%) as stated 11.92% 18.84% 22.64%
Net Asset Value (₹) 16.40 14.44 11.35
IPO Updates
16. Puranik Builders Ltd

Offer Details: Fresh Issue of Equity Shares aggregating upto ₹ 510 Cr and Offer for Sale of upto 945,000 Equity Shares by
Selling Shareholder, Pre IPO Placement of ₹ 150 Cr, Reservation for Employees.
Promoters: Shailesh Puranik, Shrikant Puranik, Yogesh Puranik, Nilesh Puranik, Puranik Business Private Trust and
Puranik Family Private Trust.
Approx. Issue Size ( ₹ Cr): 510^ BRLMs: Elara Capital, Yes Securities
Company: Puranik Builders Limited is among the prominent residential real estate developers in Mumbai Metropolitan
Region (“MMR”) and Pune Metropolitan Region (“PMR”) based on number of units currently being marketed in these
regions. They are also among the leading residential real estate developers in the growing Thane region of MMR based
on the projects currently being marketed and corresponding units sold. They have a longstanding presence of over 31
years in the real estate market in India, developing residential projects in the mid-income affordable housing segment in
the MMR and the PMR real estate markets.
Industry: India’s current population provides a huge base for India’s real estate sector, especially in tier 1 cities such as
Mumbai and Pune owing to rapid urbanization. The affordable and mid-income housing continue to account for the
largest share in new unit launches and accounted for 88% of the share in 2020. The increase in share can be attributed to
the government’s efforts towards affordable and mid-income (AMI) housing coupled with consistent demand in the
segment, especially from the end-users. The AMI segment is the largest segment and is expected to continue to be the
largest segment in the coming years.

As at Jul’31 As at March 31,
Particulars 2021(04) 2020(04) 2021(12) 2020(12) 2019(12)
Net worth 352.97 303.26 336.73 302.91 258.86
EBITDA 51.31 8.57 164.27 192.29 209.26
Net Profit/Loss for the Period 17.53 0.39 36.30 51.23 71.27
EPS (₹) 2.97^ 0.14^ 6.08 7.72 10.70
RoNW (%) as stated 4.85%^ 0.27%^ 10.41% 14.69% 23.83%
Net Asset Value (₹) 61.23 52.61 58.41 52.54 44.90
Source: DRHP, * Restated Consolidated, ^not annualised
17. Vedant Fashions Limited (Manyavar)

Offer Details: Offer for Sale of upto 36,364, 838 Equity Shares by Selling Shareholder
Promoters: Ravi Modi, Shilpi Modi and Ravi Modi Family Trust (acting thro’ its trustee Modi Fiduciary Services Pvt Ltd)
Approx. Issue Size ( ₹ Cr): - BRLMs: Axis Capital, Edelweiss Financial, ICICI Securities, IIFL
Category Allocation: QIB:HNI:Retail: 50:15:35 Securities, Kotak Mahindra Capital
Company: Vedant Fashions Limited is the largest company in India in the men’s Indian wedding and celebration wear
segment in terms of revenue, OPBDIT and profit after tax for the Financial Year 2020. Moreover, their ‘Manyavar’ brand
is a category leader in the branded Indian wedding and celebration wear market with a pan India presence. Through
their multi-channel network, they forecast and launch on-trend designs of a diverse range of attires and accessories for
every celebratory occasion, and cater to the needs of their customers through their portfolio of leading and
differentiated brands.
Industry: CRISIL estimates the Indian wedding and celebration wear apparel market to grow at a 15% to 17% over
Financial Years 2022 to 2025, with an estimated 9.5 million to 10 million weddings per year. The average expenditure on
Indian weddings ranges from ₹1 million to ₹2 million for a single-day function, with multi-day and multi-event weddings
now an increasing trend in urban India. Consumers are also increasingly prefer ready-to-wear Indian wedding and
celebration wear with the branded celebration wear market expected to grow at 18% to 20% as consumers migrate
towards branded Indian wedding and celebration wear.
IPO Updates

Particulars 2021(03) 2021(12) 2020(12) 2019(12)
Net worth 1,136.147 1,090.65 1,065.25 882.01
EBITDA 80.26 281.71 398.77 337.95
EPS (₹) 1.82~ 5.36 9.45 7.04
RoNW (%) as stated 3.98%~ 12.19% 22.21% 20.00%
Net Asset Value (₹) 45.87 44.03 42.56 35.25
Source: DRHP, * Restated Summary, ~not annualised
18. India1 Payments Limited

by Selling Shareholders; Pre IPO Placement of ₹ 30 Cr, Reservation for Employees.
Promoters: David Scott Glen, The Banktech Group and BTI Payments Singapore.
Approx. Issue Size ( ₹ Cr): 150^ BRLMs: JM Financial, Edelweiss Financial, IIFL Securities
Company: India1 Payments Limited is the largest independent non-bank ATM operator in India, based on the number of
ATM transactions in Fiscal 2021 and installed base as of March 31, 2021. As of June 30, 2021, they operated a network of
8,520 ATMs across 14 states and union territories in India, which they brand as “india1ATM”. Their ATM business is
focused on semi urban regions and rural regions in India, where 7,619 ATMs (89.42% of their ATMs) were located as of
June 30, 2021.
Industry: As of March 31, 2021, the total number of ATMs deployed in India was 238,588 (excluding cash recyclers), and
the number of installed ATMs has grown at a CAGR of 2.4% between Fiscal 2016 to Fiscal 2021. CRISIL Research projects
the number of ATMs installed in India to reach approximately 296,000 by March 2026, translating into net addition of
approximately 57,000 deployments over a 5-year period ending Fiscal 2026. Most of these new deployments are
expected by CRISIL Research to take place in the SURU regions.

As at March 31,
Particulars 2021 2020# 2019#
Net worth 196.32 148.55 49.56
EBITDA as stated 145.52 111.35 87.94
Net Profit/Loss for the Year 3.34 (5.87) (24.18)
EPS- Basic (₹) 1.80 (3.17) (13.07)
RoNW (%) as stated 1.70% (3.95)% (48.79)%
Net Asset Value (₹) 106.13 80.31 26.79
Source: DRHP, * Restated Statement., #Proforma, Equity Shares outstanding prior to the Offer is ₹ 16.21 Cr
19. Healthium Medtech Limited

by Promoter Selling Shareholders – Quinag Acquisition (FDI) Ltd and Individual Selling Shareholder.
Promoters: Quinag Acquisition (FDI) Ltd.
Approx. Issue Size ( ₹ Cr): 390^ BRLMs: ICICI Securities, CLSA India, Credit Suisse Securities, Nomura
Category Allocation: QIB:HNI:Retail: 50:15:35 Financial
IPO Updates
Company: Healthium Medtech Limited is a global medtech company focused on products used in surgical, post-surgical
and chronic care. Their vision is to deliver access to precision medtech products to every patient globally. They operate
across 3 key markets, India, UK and rest of the world and 4 focus areas, namely, advanced surgery, urology, arthroscopy
and wound care.
Industry: The global market for surgical consumables, arthroscopy and urology is expected to grow at a CAGR of 4.99 %
between 2021 and 2025 and estimated to be USD 28.75 billion in 2025. The demand for surgical consumables and
arthroscopy is based on the volume of inpatient treatment and surgical procedures which are expected to grow at
5.11% CAGR between 2021 and 2025. The market for surgical consumables and arthroscopy in India is estimated to be
USD 455.84 million in 2021 and estimated to grow at a CAGR of 9.60% between 2021 and 2025. The demand for surgical
consumables and arthroscopy is based on the volume of inpatient treatment and surgical procedures which are expected
to grow at 9.83% CAGR between 2021 and 2025. The Indian surgical consumables market is expected to grow at a CAGR
of 15.47% over the next two calendar years, driven by surgery volumes growing at a CAGR of 9.83% (2021- 25). The
urology consumables market in the UK is expected to grow at a CAGR of 4.60% between 2021 and 2025.

As at March 31,
Net worth 981.47 918.96 961.64
EPS (₹) 18.47 7.95 2.97
RoNW (%) as stated 8.70% 4.00% 1.43%
Net Asset Value (₹) 211.68 198.75 207.98
Source: DRHP, * Restated Consolidated, Equity Shares outstanding prior to the Offer is ₹ 9.78 Cr
20. Tamilnadu Mercantile Bank Limited

Offer Details: Initial public offering of 15,840,000 Equity Shares (Fresh Issue of upto 15,827,495 Equity Shares and Offer
for Sale of upto 12,505 Equity Shares by Selling Shareholders).
Promoters: The Bank is a professionally managed bank and does not have an identifiable promoter or promoter group.
Approx. Issue Size ( ₹ Cr): - BRLMs: Axis Capital, Motilal Oswal, SBI Capital Markets
Company: Tamilnadu Mercantile Bank Limited is one of the oldest and leading old private sector banks in India with a
history of almost 100 years. They offer a wide range of banking and financial services primarily to micro, small and
medium enterprises, agricultural and retail customers. As of June 30, 2021, they have 509 branches, of which 106
branches are in rural, 247 in semi-urban, 80 in urban and 76 in metropolitan centres. As of June 30, 2021, their overall
customer base was approximately 4.93 million of which 69.96% comprised customers who had been associated with
them for over 5 years.
Industry: The Indian banking sector is significantly under-penetrated which provides immense opportunities for banks
and other financial institutions. The banking sector enjoyed healthy deposit growth of ~10% CAGR between Fiscals 2015
and 2020. Traditionally, public banks have accounted for the major proportion of the banking credit outstanding.
However, low profitability, weak capital position, low operational efficiency, and increase in stressed loans in the past
few years led to slowdown in their loan growth. As a result, public banks gradually lost market share to private banks,
which were relatively well capitalised and had higher degree of operational efficiency.
IPO Updates

As at March 31,
Net worth 4,579.98 3,979.65 3,618.26
Interest earned 3,609.05 3,466.11 3,224.46
EBITDA as stated 1,251.62 1,030.10 966.81
EPS (₹) 42.34 28.61 18.14
RoNW (%) as stated 13.17% 10.24% 7.15%
Net Asset Value (₹) 321.38 279.25 253.89
Source: DRHP, * Restated Consolidated,
21. ESDS Software Solution Limited

by Selling Shareholders. Pre IPO Placement of ₹ 60 Cr.
Promoters: Piyush Prakashchandra Somani
Approx. Issue Size ( ₹ Cr): 322^ BRLMs: Axis Capital, IIFL Securities
Company: ESDS Software Solutions Limited is amongst India’s leading managed cloud service and end to end multi-cloud
requirements provider. They have built a comprehensive cloud platform which their customers rely on, consisting of
cloud infrastructure, well-architected solutions aimed at reducing cost and providing safety, flexibility, scalability and
reliability to enterprises compared with the traditional on-premise IT models. As part of their portfolio, they offers (i)
cloud computing infrastructure as a service (IaaS) which includes their patented vertically auto scalable cloud technology
platform and (ii) software as a service (SaaS) and managed services.
Industry: Indian cloud services market has grown at a CAGR of 27.8% during Fiscal 2015 to 2020 and is expected to grow
at a CAGR of 34.7%, from ₹ 284.4 billion in Fiscal 2020 to ₹ 1,261.7 billion in Fiscal 2025. The cloud services market in
India was undergoing a cloud transition phase, which got accelerated by the perpetuation of the pandemic in 2020. The
third wave of IT adoption led by cloud computing has allowed firms to transform backend operations, resulting in
enhanced value proposition for the customers. In India, the industry has gained momentum with over 200 data centers.
The global SaaS market is expected to grow multifold in next few years owing to increased awareness among enterprises
for its usage, advancement in technologies etc.
As at March 31,
Net worth 180.55 144.85 103.89
EPS - Basic (₹) 1.03 0.04 2.49
EPS - Diluted (₹) 0.96 0.04 2.39
RoNW (%) as stated 2.99% 0.14% 12.53%
Net Asset Value (₹) 34.57 27.74 19.89
Source: DRHP, * Restated Consolidated, Equity Shares outstanding prior to offer (post conversion of the Preference Shares and CCDs) ₹ 8.46 Cr
22. C. E. Info Systems Limited (MapmyIndia)

Offer Details: Offer for Sale of upto 7,547,959 Equity Shares by Selling Shareholder – Rashmi Verma, Qualcomm Asia Pacific
Pte Ltd, Zenrin Co Ltd.
Promoters: Rakesh Kumar Verma and Rashmi Verma
Approx. Issue Size ( ₹ Cr): - BRLMs: Axis Capital, JM Financial, Kotak Mahindra Capital, DAM
Category Allocation: QIB:HNI:Retail: 50:15:35 Capital
IPO Updates
Company: C. E. Info Systems Limited is a data and technology products and platforms company, offering proprietary
digital maps as a service, software as a service and platform as a service. They are India’s leading provider of advanced
digital maps, geospatial software and location-based IoT technologies. They provide products, platforms, APIs and
solutions across a range of digital map data, software and IoT under the MapmyIndia and Mappls brands to marquee
and renowned global tech giants, new-age consumer IT companies, leading automotive manufacturers, large businesses
across industry segments including BFSI, telecom, FMCG, logistics and key government organisations.
Industry: As per the F&S Report, the digital maps and location intelligence services market consists of (i) digital maps
services market, and (ii) navigation solutions and telematics market, delivered in a B2B and a B2B2C setting. The total
Indian addressable market of digital maps and location-based intelligence services is expected to grow to USD 7.74
billion (₹474.9 billion) in 2025 at around 15.5% CAGR from 2019 to 2025. The total global addressable market is expected
to reach around USD 173.61 billion (₹12.9 trillion) by 2025 growing at a CAGR (2019-2025) of 13%.
As at March 31,
Net worth 358.00 297.74 285.20
EPS - Basic (₹) 15.07 5.88 8.51
EPS - Diluted (₹) 14.66 5.70 8.25
RoNW (%) 16.60% 7.79% 11.77%
Net Asset Value- - Diluted (₹) 88.28 73.14 70.07
23. Metro Brands Limited

by Promoter, Promoter Group Selling Shareholders and Investor Selling Shareholder. Pre IPO Placement of ₹ 10 Cr.
Promoters: Rafique A. Malik, Farah Malik Bhanji, Alisha Rafique Malik, Rafique Malik Family Trust and Aziza Malik
Family Trust
Approx. Issue Size ( ₹ Cr): 250^ BRLMs: Axis Capital, Ambit Pvt Ltd, DAM Capital, Equirus Capital, ICICI
Category Allocation: QIB:HNI:Retail: 50:15:35 Securities, Motilal Oswal
Company: Metro Brands Limited is an Indian footwear retailer targeting the economy, mid and premium segments in the
footwear market. They opened their first store under the Metro brand in Mumbai in 1955 and have since evolved into a
one-stop shop for all footwear needs, by retailing a wide range of branded products for the entire family including men,
women, unisex and kids, and for every occasion including casual and formal events. As of March 31, 2021, the company
operated 586 Stores across 134 cities spread across 29 states and union territories in India.
Industry: The Indian footwear industry has witnessed increased activity over the last few years, with changing consumer
attitude towards footwear. The footwear segment comprises approximately 1.5% share of total retail industry and is
estimated at ₹ 1 trillion as of Fiscal 2020. The segment is expected to grow in the coming years to reach an estimated ₹
1.4 trillion by Fiscal 2025, growing at a CAGR of approximately 21% between Fiscals 2021 and 2025.

As at March 31,
Net worth 827.57 807.29 649.87
Revenue from Operations 800.06 1,285.16 1,217.07
EBITDA as stated 170.93 353.51 337.33
EPS (₹) 2.43 6.05 5.75
RoNW (%) 8.24% 19.41% 22.75%
Net Asset Value (₹) 31.17 30.40 24.47
IPO Updates
24. AGS Transact Technologies Limited

Offer Details: Offer for Sale of Equity Shares aggregating upto ₹ 800 Cr by Promoter Selling Shareholders and Other Selling
Shareholders
Promoters: Ravi B. Goyal and Vineha Enterprises Pvt Ltd
Approx. Issue Size ( ₹ Cr): 800 BRLMs: ICICI Securities, HDFC Bank, JM Financial
Company: AGS Transact Technologies Limited is one of the largest integrated omni-channel payment solutions provider
in India in terms of providing digital and cash-based solutions to banks and corporate clients, as of March 31, 2021. The
company provides customised products and services comprising ATM and CRM outsourcing, cash management and
digital payment solutions including merchant solutions, transaction processing services and mobile wallets. As of March
31, 2021, they were the second largest company in India in terms of revenue from ATM managed services under the
outsourcing model, and revenue from cash management and number of ATMs replenished.
Industry: Cash payment transactions, and consequently, the demand for ATMs, CRMs and related services, is expected
to continue to grow due to, among others, GoI initiatives such as Direct Benefit Transfer and PMJDY. At the same time,
the launch of new and innovative payment products, increased demand for cashless transactions due to the COVID-19
pandemic, increasing smartphone adoption, a growing need for faster payment modes and a strong push from the GoI
and regulators towards adoption of digital channels have driven the increase in digital payments.

As at March 31,
Net worth 558.66 498.96 424.93
EBITDA as stated 476.76 495.46 442.88
EPS - Basic (₹) 4.62 7.00 5.58
EPS - Diluted (₹) 4.55 6.90 5.53
RoNW (%) 10.29% 16.70% 15.91%
Net Asset Value (₹) 47.11 42.08 35.84
25. Emcure Pharmaceuticals Limited

Offer Details: Fresh Issue of Equity Shares aggregating upto ₹ 1,100 Cr and Offer for Sale of upto 18,168,356 Equity
Shares by Promoter, Promoter Group Selling Shareholders and Investor Selling Shareholder-BC Investments IV Ltd, Pre IPO
Placement of ₹ 200 Cr, Reservation for Employees.
Promoters: Satish Mehta and Sunil Mehta
Approx. Issue Size ( ₹ Cr): 1,100^ GCBRLMs: Axis Capital, BofA Securities, Credit Suisse Sec, JM Financial
Category Allocation: QIB:HNI:Retail: 50:15:35 BRLMs: BOB Capital
Company: Emcure Pharmaceuticals Limited is one of the leading Indian pharmaceutical companies engaged in
developing, manufacturing and globally marketing a broad range of pharmaceutical products across several major
th
therapeutic areas. They were ranked as (i) the 12 largest pharmaceutical company in India and (ii) the largest
pharmaceutical company in India in the gynecology, blood related and HIV antivirals therapeutic areas, based on sales in
India in the financial year 2021. They are an R&D driven company with a differentiated product portfolio that includes
orals, injectables and biologics, as well as an mRNA platform through which they are currently developing a COVID-19
vaccine that has enabled them to reach a range of target markets across over 70 countries with a strong presence in
Europe and Canada.
Industry: The global pharmaceutical market has grown at a CAGR of around 4.5% to 5% from approximately US$1,090
billion in the calendar year 2016 to approximately US$1,270 billion in the calendar year 2020. It is expected to sustain
this growth over the next five years to reach approximately US$1,650 to US$1,700 billion in the calendar year 2026. New
IPO Updates
product launches, widespread population aging and sedentary lifestyles leading to increased chronic disease prevalence,
technological advances, new methods for drug discovery, and an increase in pharmaceutical drug usage have been some
of the key growth drivers for the industry.

As at March 31,
Net worth 2,273.02 1,911.95 1,829.26
EBITDA as stated 1,178.77 682.77 858.77
Adj. EBITDA as stated 1,267.36 786.25 882.23
EPS (₹) 21.68 4.62 10.47
RoNW (%) as stated 17.25% 4.37% 10.35%
Net Asset Value (₹) 125.68 105.72 101.15
26. Tega Industries Limited

Offer Details: Offer for Sale of upto 13,669,478 Equity Shares by Promoter Selling Shareholders and Investor Selling
Shareholder-Wagner Ltd. Pre IPO Placement of ₹ 100 Cr
Promoters: Madan Mohan Mohanka, Manju Mohanka, Mehul Mohanka, Manish Mohanka and NFSPL
Approx. Issue Size ( ₹ Cr): - BRLMs: Axis Capital, JM Financial
Company: Tega Industries Limited is a leading manufacturer and distributor of specialized ‘critical to operate’ and
recurring consumable products for the global mineral beneficiation, mining and bulk solids handling industry, on the
nd
basis of sales for calendar year 2020. Globally, they are the 2 largest producers of polymer-based mill liners, on the
basis of revenues for calendar year 2020. They offer comprehensive solutions to marquee global clients in the mineral
beneficiation, mining and bulk solids handling industry, through their wide product portfolio.
Industry: In 2020, Asia-Pacific accounted for 71% of the global mining industry, followed by North America with 9%.
Global commodity mineral production during 2020 was 10.2 billion tons. The GDP contribution of the mining and
quarrying sector, both in terms of nominal and real GDP, has declined over the last decade. Global crushing, screening,
and mineral processing equipment market size was estimated at $20 billion in 2020. Global growth is expected to
accelerate to 5.6% in 2021 and be partially supported by the low GDP base effect from 2020.

As at March 31,
Net worth 613.72 462.49 401.11
EBITDA as stated 238.64 117.23 106.00
EPS - Basic (₹) 24.10 11.57 5.76
EPS - Diluted (₹) 20.48 9.84 4.90
RoNW (%) as stated 22.23% 14.16% 8.14%
Net Asset Value (₹) 105.04 78.78 68.13
IPO Updates
27. Rategain Travel Technology Limited

by Selling Shareholders, Reservation for Employee
Promoters: Bhanu Chopra and Megha Chopra
Approx. Issue Size ( ₹ Cr): 400^ BRLMs: Kotak Mahindra Capital, IIFL Securities, Nomura Financial
Company: Rategain Travel Technology Limited is among the leading distribution technology companies globally and is
the largest Software as a Service (“SaaS”) company in the hospitality and travel industry in India. They offer travel and
hospitality solutions across travel verticals including hotels, airlines, online travel agents (“OTAs”), meta-search
companies, vacation rentals, package providers, car rentals, rail, travel management companies, cruises and ferries. They
offer inter-connected products that manage revenue creation value chain for customers by leveraging the big-data
capabilities and integration with other technology platforms helping hospitality and travel providers acquire guests,
retain them and seek to maximize their margins.
Industry: As per the Phocuswright Report, the total addressable market for third-party travel industry technology
excluding hardware was US $5.91 billion in 2021. These numbers will increase over the next few years because of
advances in technology as well as from COVID-19 impacts. The pace of innovation in travel technology has been slow in
the last 25 years. But it has accelerated much more rapidly in the past 10 years and hit hyper speed (for travel) in some
areas, with disruptive innovators driving everyone to move faster and produce more and better-quality applications.

As at March 31,
Net worth 244.92 137.72 143.23
Profit/Loss before Tax (24.63) (17.76) 9.49
Net Profit/Loss for the Year (28.58) (20.10) 11.03
EPS (₹) (3.09) (2.27) 1.24
RoNW (%) as stated (11.67)% (14.60)% 7.70%
Net Asset Value (₹) 26.49 15.52 16.14
Source: DRHP, * Restated Consolidated, #Proforma, Current Equity share capital of ₹.9.64 Cr includes 17,798,880 equity shares to be issued upon conversion of CCCPS.
28. Tracxn Technologies Limited

Offer Details: Offer for Sale of upto 38,672,208 Equity Shares by Selling Shareholders
Promoters: Neha Singh and Abhishek Goyal
Approx. Issue Size ( ₹ Cr): - BRLM: IIFL Securities
Company: Tracxn Technologies Limited is among the leading global market intelligence providers for private company
data and rank among the top five players globally in terms of number of companies profiled offering data of private
market companies across sectors and geographies. They have one of the largest global coverage of private companies in
emerging technology sectors. They operate a Software as a Service-based platform, Tracxn, that scanned over 550
million web domains, and profiled over 1.4 million entities across 1,805 Feeds categorized across industries, sectors, sub-
sectors, geographies, affiliations and networks globally, as of May 31, 2021.
Industry: The global B2B information services market which was close to around USD 140 billion in 2020 is estimated to
be a USD 190 billion market in 2025 growing at compound annual growth rate of around 6.16% according to Frost and
Sullivan estimates. The total available market for private market data service industry is expected to grow at a rate of
close to 6.79%. The growth of the market is expected to be mainly dependent on the growth of number of PE, VC and
other investment firms, large corporates and other entities who will be willing to invest in private companies.
IPO Updates

As at March 31,
Net worth 22.22 (135.24) (82.90)
EBITDA as stated 17.06 (22.45) (20.60)
Net Profit/Loss for the Year (5.35) (54.03) 12.40
EPS - Basic (₹) (0.55) (5.54) 1.27
EPS - Diluted (₹) (1.52) (5.54) (1.75)
Net Asset Value (₹) 2.28 (13.87) (8.50)
Source: DRHP, * Restated Statement, Ratios calculated on increased Equity share capital of ₹ 10.03 Cr, being outstanding prior to the offer, assuming conversion of CCPS into
equity shares and issuance of bonus shares.
29. Medplus Health Services Limited

Offer Details: Fresh Issue of Equity Shares aggregating upto ₹ 600 Cr and Offer for Sale of Equity Shares aggregating upto
₹ 1,038.72 Cr. Reservation for Employee
Promoters: Gangadi Madhukar Reddy, Lone Furrow Investments Pvt Ltd and Agilemed Investments Pvt Ltd
Approx. Issue Size ( ₹ Cr): 1,638.72 BRLMs: Axis Capital, Credit Suisse Securities, Edelweiss Financial,
Category Allocation: QIB:HNI:Retail: 50:15:35 Nomura Financial
nd
Company: Medplus Health Services Limited is the 2 largest pharmacy retailer in India in terms of revenue from
operations and number of stores, as of financial year 2021. They offer a wide range of products, including (i)
pharmaceutical and wellness products such as medicines, vitamins, medical devices and test kits, and (ii) FMCG products
such as home and personal care products, including toiletries, baby care products, soaps and detergents and sanitizers.
st
They were the 1 pharmacy retailer in India to offer an omni-channel platform and continue to scale up their network.
Industry: In terms of the Technopak Report, the pharmacy retail industry is expected to grow at a CAGR of 11% in the
next 4 years, with FMCG products playing an increasingly important role in the product mix with sales contributions of up
to 30% for modern organized pharmacy stores. As per the Technopak Report, the modern pharmacy retail segment is
estimated to grow at 27% CAGR, and faster than other segments within pharmacy retail. B&M stores adopting the
hyperlocal model and omnichannel retail platform is also emerging as important players in the pharmacy retail market.

As at March 31,
Net worth 730.55 527.80 291.34
EPS -Basic (₹)# 6.13 0.21 1.15
RoNW (%) as stated# 8.74% 0.41% 4.09%
Source: DRHP, * Restated Consolidated, # EPS and RONW stated after the sub-division of equity share of ₹10 each into equity shares of ₹ 2 each as per AGM dtd.9.7.2021.
Equity share capital before the offer and prior to the conversion of Preference shares is ₹ 38.26 Cr.
30. Sterlite Power Transmission Limited

Offer Details: Fresh Issue of Equity Shares aggregating upto ₹ 1,250 Cr, Reservation for Employee, Pre IPO Placement of ₹
220 Cr
Promoters: Twin Star Overseas Limited and Anil Agarwal
Approx. Issue Size ( ₹ Cr): 1,250 BRLMs: Axis Capital, ICICI Securities, JM Financial
IPO Updates
Company: Sterlite Power Transmission Limited has two business lines: Global Infrastructure and Solutions. Their Global
Infrastructure business line bids for, designs, constructs, owns and operates power transmission assets and currently has
operations in India and Brazil. Their Solutions business line consists of the products sub-segment, which manufactures
and supplies a wide range of products including high performance power conductors, optical ground wire and extra-high
voltage cables; and the Master System Integration subsegment, which provides solutions for the upgrade, uprate and
fiberization of existing transmission infrastructure projects. They also operate the Convergence business line, which
leverages existing power utility infrastructure for telecommunications purposes by building optical fibre infrastructure
on top of existing utilities networks.
Industry: The power sector in India is governed by central and state regulatory agencies including the CERC, the CEA and
the state electricity regulatory commissions. Robust generation capacity addition over the years and government’s focus
on 100% rural electrification through last mile connectivity has led to extensive expansion of the transmission and
distribution system across the country. The total length of domestic transmission lines rose from 3,39,737 ckm in fiscal
2016 to 4,41,821 ckm in fiscal 2021. Brazil’s power sector is set to see robust growth over the coming decade, in which
Fitch forecasts total electricity capacity will increase from 181.6GW in year-end 2020 to 238.5GW in 2030. Subsequently,
electricity generation will reach 785TWh in 2030—up from 601TWh in 2020.

As at March 31,
Net worth 1,097.24 64.04 (675.68)
Adj. EBITDA as stated 1,793.22 2,405.63 459.63
Profit/Loss before Tax 1,159.78 1,338.28 (483.67)
Net Profit/Loss for the Year 870.12 942.97 (524.80)
EPS (₹) 142.22 154.13 (85.78)
RoNW (%) as stated 68.42% 234.64% 97.00%
Net Asset Value (₹) 207.85 65.69 (88.43)
31. Inspira Enterprise India Limited

Offer Details: Fresh Issue of Equity Shares aggregating upto ₹ 300 Cr and Offer for Sale of Equity Shares aggregating upto
₹ 500 Cr by Selling Shareholders, Pre-IPO Placement of ₹ 75 Cr., Reservation for Employee
Promoters: Prakash Jain, Chetan Jain, Vishal Jain, Manjula Jain Family Trust and Prakash Jain Family Trust
Approx. Issue Size ( ₹ Cr): 800 BRLMs: Axis Capital, JM Financial, Nomura Financial, SBI Capital
Category Allocation: QIB:HNI:Retail: 75:15:10 Markets, Yes Securities
Company: Inspira Enterprise India Limited is a leading digital transformation company in India with a focus on cyber-
security, and a global presence across several verticals. They provide cyber security and digital transformation services to
their clients and have executed large cyber-security transformation projects, infrastructure and digital transformation
projects for various institutions in India. They have been ranked among the top 250 MSSP providers globally by MSSP
Alert in the year 2020, and mentioned among 35 MSSP providers in Forrester’s Now Tech: Managed Security Services in
Asia Pacific, Q4 2020 report. Through their wide range of offerings across multiple verticals and geographies, they
possess capabilities spanning the digital lifecycle of services ranging from consultation, architecture, solution design and
implementation, to monitoring and providing managed services.
Industry: Cyber security has become the top priority for CIOs as businesses look out for the best-in-class security tools
and partners who could build improved cyber security architecture for them. Countries have also been improving their
national cyber-security commitment. Technical measures are being designed to build implementation frameworks,
technical mechanisms and national cyber-security strategies. Countries are also taking tangible action against cybercrime
and encouraging public-private partnerships to develop best practices. Globally, countries have started to realize the
importance of cyber-security. Despite tighter IT budgets during the on-going pandemic, the global cyber security market
is estimated to have grown by 7.9% in 2020 to be valued at $127.3 billion.
IPO Updates

As at March 31,
Net worth 114.30 72.40 53.04
EPS -Basic (₹) 4.98 2.72 0.59
RoNW (%) as stated 31.63% 27.22% 8.03%
Net Asset Value (₹) 15.76 9.98 7.31
Source: DRHP, * Restated Consolidated, #Proforma
32. Prudent Corporate Advisory Services Limited

Offer Details: Offer for Sale of 8,549,340 Equity Shares by Selling Shareholders (8,281,340 equity shares by Wagner Ltd and
268,000 Equity Shares by Shirish Patel), Reservation for Employee
Promoter: Sanjay Shah
Approx. Issue Size ( ₹ Cr): - BRLMs: Axis Capital, ICICI Securities, Equirus Capital
Company: Prudent Corporate Advisory Services Limites is one of the largest independent retail wealth management
services group (excluding banks) in India and is amongst the top mutual fund distributors in terms of average assets
under management (“AAUM”) and commission received. They offers a technology enabled, comprehensive investment
and financial services platform with end-to-end solutions critical for financial products distribution and presence across
both online and offline channels. They provides wealth management services to 772,899 unique retail investors through
17,583 MFDs on their B2B2C platform and are spread across branches in 105 locations in 20 states in India, as on May
31, 2021.
Industry: The financial distribution industry in India has grown rapidly. In the long term, i.e. between March 2021 and
March 2026, the overall industry’s AUM is projected to sustain a high growth trajectory of 11-13% CAGR, reaching ₹ 57
trillion. National distributors (“NDs”), among others offer services such as execution of trades, account administration,
in-depth investment research and custodian services. Typically, Independent financial advisors (“IFAs”) and insurance
agents cater to retail investors. So far, banks and NDs have dominated the mutual fund distribution industry, together
accounting for ₹ 6.55 trillion of average AUM, as per AMFI’s Commission Report of 2020-21.

As at March 31,
Net worth 157.65 112.52 83.10
EPS -Basic (₹)~ 10.96 6.74 5.08
RoNW (%) as stated 28.73% 24.75% 25.30%
Net Asset Value (₹)~ 38.13 27.21 20.10
Source: DRHP, * Restated Consolidated, ~ EPS and NAV calculated on increased Share capital of ₹ 20.67 Cr
IPO Updates
33. VLCC Health Care Limited

by Selling Shareholders-Mukesh Luthra, OIH Mauritius Ltd, Leon International Ltd., Pre IPO Placement of ₹ 100 Cr
Promoters: Vandana Luthra and Mukesh Luthra
Approx. Issue Size ( ₹ Cr): 300^ BRLMs: ICICI Securities, DAM Capital, IIFL Securities
Company: VLCC Health Care Limited operates VLCC branded Wellness & Beauty clinics, and VLCC branded institutes for
skill development in beauty and nutrition, as well as manufacture and sell VLCC branded personal care products. The
company was among the first multi-outlet corporate operations in the Wellness & Beauty Industry, which was at the
time mostly composed of individually operated, small scale businesses. Since inception, the Company’s mission has been
to transform lives by making Wellness & Beauty accessible to women and men. In over 30 years of operation, the VLCC
brand has grown to become synonymous with Wellness & Beauty in Indian households.
Industry: The Company operates in the Wellness & Beauty industry. There is a huge opportunity in the fast-growing
wellness sector, which in the post-COVID-19 era will become even more relevant for consumers of all ages, given the
heightened awareness towards proactive and preventive healthcare and wellness. The pandemic has also led to digital
health and wellness as a new emerging global theme, with customer’s also actively consuming wellness and health
related options available on-line. There is immense potential of new opportunities as spending on health and wellness
has become a necessity rather than discretionary making business highly scalable.
As at March 31,
Net worth 70.97 66.10 73.22
EBITDA as stated 150.12 147.89 123.30
Profit/Loss before Tax 5.14 (16.53) (53.25)
EPS -Basic (₹) 1.63 (4.09) (12.93)
RoNW (%) as stated 8.6% (23.3)% (66.5)%
Net Asset Value (₹) 18.84 17.55 19.44
34. CMS Info Systems Limited

Offer Details: Offer for Sale of Equity Shares aggregating upto ₹ 2,000 Cr by the Promoter Selling Shareholder –Sion
Investment Holdings Pte. Ltd.
Promoter: Sion Investment Holdings Pte. Ltd.
Approx. Issue Size ( ₹ Cr): 2,000 BRLMs: Axis Capital, DAM Capital, Jefferies India, JM Financial
Company: CMS Info Systems Limited is India’s largest cash management company based on number of ATM points and
number of retail pick-up points as of March 31, 2021. Their integrated business platform is supported by customised
technology and process controls, which enables them to offer their customers a wide range of tailored cash
management and managed services solutions, while generating cross-selling opportunities and driving synergies and
efficiencies across their business. They cater to broad set of outsourcing requirements for banks, financial institutions,
organised retail and e-commerce companies in India. They operate their business in 3 segments: cash management
services, managed services and others.
Industry: The cash management value chain in India includes primarily cash management services, which includes ATM
cash management, retail cash management and cash-in-transit; and ATM managed services, which include white label
ATM and Brown Label ATM services, banking automation product sales and services (“AMC”), and software and
technology solutions. The total available market for the cash management services and managed services markets,
including AMC, multi-vendor software and remote monitoring was ₹85 billion in Fiscal Year 2021 and is estimated to
reach a size of ₹214 billion by Fiscal Year 2027, growing at a CAGR of 16.58%.
IPO Updates

As at March 31,
Net worth 984.48 850.39 745.90
EBITDA as stated 309.44 258.96 211.09
EPS -Basic (₹) 11.39 9.10 6.50
RoNW (%) as stated 17.12% 15.84% 12.89%
Net Asset Value (₹) 66.52 57.46 50.40
35. Go Fashion (India) Limited

Selling Shareholders.
Promoters: Prakash Kumar Saraogi, Gautam Saraogi, Rahul Saraogi, PKS Family Trust and VKS Family Trust
Approx. Issue Size ( ₹ Cr): 125^ BRLMs: JM Capital, DAM Capital, ICICI Securities
Company: Go Fashion (India) Limited is among the largest women’s bottom-wear brands in India, with a market share of
approximately 8% in the branded women’s bottom-wear market in Fiscal 2020. They are engaged in the development,
design, sourcing, marketing and retailing a range of women’s bottom-wear products under the brand, ‘Go Colors’. Their
bottom-wear products, including churidars, leggings, dhotis, harem pants, patiala, palazzos, culottes, pants, trousers and
jeggings, are sold across multiple categories such as ethnic wear, western wear, fusion wear, athleisure, denims, plus
sizes and girls wear making their portfolio ‘universal’ and for every occasion.
Industry: Women’s bottom-wear market contributed 8.3% of women’s apparel market amounting to ₹ 135,470 million in
Fiscal 2020. The women’s bottom-wear market is expected to grow at a CAGR of 12.4% to reach ₹ 243,150 million by
Fiscal 2025 and is among the fastest growing categories in women wear. Women bottom-wear products comprise the
ethnic, fusion and western categories. The overall share of bottom-wear category in women’s apparel is expected to
increase from 8.3% in Fiscal 2020 to 9.6% in Fiscal 2025. The branded women’s bottomwear market is expected to see
the continued high growth in the future as well.
As at March 31,
Net worth 282.94 286.30 228.33
Profit/Loss before Tax (3.14) 68.29 42.21
Net Profit/Loss for the Year (3.54) 52.63 30.94
EPS (₹) (0.68) 10.08 5.93
RoNW (%) as stated (1.25) 18.38 13.55
Net Asset Value (₹) 54.21 54.85 43.74
IPO Updates
36. LE Travenues Technology Limited (ixigo)

Offer Details: Fresh Issue of Equity Shares aggregating upto ₹ 750 Cr and Offer for Share of Equity Shares aggregating upto ₹
850 Cr by Selling Shareholders -Aloke Bajpai, Rajnish Kumar, Saif Partners India IV Ltd, Micromax Informatics Ltd, Reservation
for Employees
Approx. Issue Size ( ₹ Cr): 1,600 BRLMs: Axis Capital, ICICI Securities, Kotak Mahindra Capital, Nomura
Category Allocation: QIB:HNI:Retail: 75:15:10 Financial
Company: Le Travenues Technology Limited is a technology company focused on empowering Indian travelers to plan,
book and manage their trips across rail, air, buses and hotels. They assist travelers in making smarter travel decisions by
leveraging AI, machine learning and data science led innovations on their OTA platforms, comprising their websites and
mobile applications. Travelers can book train, flight and bus tickets, hotels and cabs, while accessing utility tools and
services including train PNR status and confirmation predictions, train seat availability alerts, train running status
updates and delay predictions, bus running status, personalized recommendations, instant fare alerts and automated
customer support services.
Industry: The total Indian travel market grew at a CAGR of 10% reaching ₹ 3.90 trillion in 2020 when the travel industry
was impacted by COVID-19. This market size is expected to grow by 7% and reach ₹ 5.01 trillion by 2024. The 'next billion
users' travel market accounts for 90% of the train and bus segments each, 50% of the flights segment and 55% of the
hotels segment in 2020. This weighs in at over 62% of the overall travel market and amounts to ₹ 2,430 billion in 2020.
As at March 31,
Instruments entirely equity in nature 232.57 - -
Net worth 29.94 (225.05) (199.38)
EBITDA as stated 6.14 (23.10) (51.71)
Adj. EBITDA as stated 8.21 (3.66) (38.99)
EPS - Basic (₹)~ 99.25 (367.88) (793.12)
Net Asset Value (₹)~ 413.56 (3,111.07) (2,757.23)
Source: DRHP, * Restated Consolidated # Proforma, ~ EPS ( Nominal Value per Share – ₹ 1/-) and Net Asset Value as stated. Equity share capital before the offer is ₹36.84 Cr
37. Fusion Micro Finance Limited

Selling Shareholders. Pre IPO Placement of ₹ 120 Cr
Promoters: Devesh Sachdev, Creation Investments Fusion, LLC, Creation Investments Fusion II, LLC and Honey Rose
Investment Ltd.
Approx. Issue Size ( ₹ Cr): 600^ BRLMs: ICICI Sec, CLSA India, IIFL Sec, JM Financial
Company: Fusion Micro Finance Limited is a microfinance company providing financial services to underserved women
rd
across India in order to facilitate their access to greater economic opportunities. They had the 3 fastest gross loan
portfolio growth of 44% among the top NBFC-MFIs in India between the financial year 2018 and 2021, and they were
one of the youngest companies among the top 10 NBFC-MFIs in India in terms of AUM as of March 31, 2021. As of March
31, 2021, 2020 and 2019, the total AUM was ₹4,637.84 crore, ₹3,606.52 crore and ₹2,641.39 crore, respectively. As of
March 31, 2021, they had 2.12 million active borrowers which were served by their 725 branches and 6,351 employees
spread across 326 districts in 18 states and union territories in India.
Industry: The microfinance industry has recorded healthy growth in the past few years. The industry’s gross loan
portfolio increased at a CAGR of 28% since the financial year 2017 to reach approximately ₹2.7 trillion in the financial
year 2021, despite the impact of various events such as demonetisation, farm loan waivers, natural calamities and the
IL&FS crisis. The demand for microfinance products and services has increased due to improving awareness and reach
leading to increased volumes. NBFC-MFIs have recovered quicker than expected during the current COVID-19 pandemic,
IPO Updates
and loan disbursements in the microfinance industry have reverted to pre-COVID levels during the second half of the
financial year 2021.

As at March 31,
Net worth 1,246.36 1,198.89 625.85
EBITDA 435.79 440.24 324.78
EPS - Basic (₹) 5.56 10.47 10.49
EPS - Diluted (₹) 5.49 10.32 10.35
RoNW (%) as stated 3.53% 5.81% 8.10%
Net Asset Value (₹) 150.92 145.32 97.23
38. Keventer Agro Limited

Offer Details: Fresh Issue of Equity Shares aggregating upto ₹ 350 Cr and Offer for Share of upto 10,767,664 Equity
Shares., Pre IPO Placement of ₹ 50 Cr., Reservation for Employees.
Promoters: Mayank Jalan, Keventer Global Pvt Ltd, MKJ Developers Ltd, Edward Keventer Pvt Ltd, Keventer Capital Ltd,
Sarvesh Housing Projects Pvt Ltd and Speedage Trade Ltd
Approx. Issue Size ( ₹ Cr): 350^ BRLMs: Axis Capital, ICICI Securities, JM Financial
Company: Keventer Agro Limited is a leading fast-moving consumer goods (“FMCG”) company headquartered out of
Kolkata with interests in packaged, dairy and fresh food products. Their comprehensive range of products span across
various brands and categories with more than 90 SKUs as of March 31, 2021, and a presence across the value chain in
fresh, frozen and ambient long shelf life food product categories. Their products cater to ‘needs’ and the ‘wants’ of their
consumers by satisfying their daily nutrition needs and delighting them with their range of indulgent and “on-the-go”
products. Their “ready-to- eat” and “ready-to-cook” products facilitate ease of cooking for their consumers.
Industry: The Fast-Moving Consumer Goods (FMCG) Industry is currently the fourth largest contributor to the Indian
economy. In FY20, the FMCG market in India was estimated at ₹ 6.75 lakh crores expected to reach ₹ 11.20 lakh crores
by Fiscal 2025. At an aggregate level, the FMCG market is expected to grow at a CAGR of 11% in the period Fiscal 2020
and Fiscal 2025. Packaged food segment forms major share of the FMCG market in India. The Eastern and the North
Eastern Region of India contribute approximately ~11.5% of the total FMCG Market share in Fiscal 2020. The
contribution of various subsegments within FMCG, mirrors the national trend. However, Eastern and North Eastern
regions is expected to grow at a faster rate than the overall market and contribute ~12.75% of total FMCG market by the
Fiscal 2025.
As at March 31,
Particulars 2021 2020
Equity Share Capital 13.11 13.11
Net worth 96.10 173.14
Adj. Net worth 327.32 336.54
Revenue from Operations 830.20 945.11
EBITDA (20.86) 52.27
Profit/Loss Before Tax (78.81) 1.68
Net Profit/Loss for the Year (76.18) 3.42
EPS-Basic (₹) (29.05) 1.30
EPS-Diluted (₹) (29.05) (0.87)
RoNW (%) as stated (79.27)% 1.97%
Net Asset Value (₹) 38.69 68.07
Source: DRHP, * Unconsolidated Financial Statement
IPO Updates
39. Gemini Edibles & Fats India Limited

Offer Details: Offer for Sale of Equity Shares aggregating upto ₹ 2,500 Cr by Selling Shareholders.
Promoters: Pradeep Chowdhry, Alka Chowdhry, GAIE and GAI
Approx. Issue Size ( ₹ Cr): 2,500 BRLMs: Axis Capital, Credit Suisse, Kotak Mahindra Capital, Nomura
Financial
Company: Gemini Edibles & Fats India Limited is one of the leading and the fastest growing edible oils and fats
companies in India. The company is engaged in the business of manufacturing, distribution and branding of edible oils
and specialty fats in India. They are the market leaders in the sunflower oil category with their ‘Freedom’ brand, in the
rd
states of Telangana, Andhra Pradesh, and Odisha, and hold the 3 largest market share in the state of Karnataka. They
nd
were ranked 2 by market share in the sunflower segment of the Refined Oil in Consumer Packs category in India, as of
March 31, 2021.
Industry: The Company operates in the edible oils and fats industry. They are one of the leading and the fastest growing
edible oils and fats companies in India. As of March 31, 2021, in the sunflower segment of the ROCP category, their
th
market share was 17.6%, ranking them as #2 in India. They were ranked 5 by market share in the branded edible oil
market in India for Fiscal 2020. They are one of the largest players in specialty fats in south India with a 16% market
share in the region.

As at March 31,
Net worth 1,624.56 1,055.10 870.07
EPS (₹) 55.48 18.07 11.78
RoNW (%) as stated 35.1% 17.6% 12.6%
Net Asset Value (₹) 157.92 102.56 84.57
40. Aadhar Housing Finance Ltd.

Offer Details: Fresh Issue of Equity sha.res aggregating upto ₹ 1,500 Cr and Offer for sale of equity shares aggregating
upto ₹ 5,800 Cr (BCP Topco VII Pte. Ltd-The Promoter Selling Shareholder.
Promoter: BCP Topco VII Pte Ltd
Approx. Issue Size ( ₹ Cr): 7,300 BRLMs: ICICI Securities, Citigroup Global, Nomura Financial, SBI Cap
Category Allocation: QIB:HNI:Retail: 50:15:35 Markets
Company: Aadhar Housing Finance Limited is the largest Affordable HFC in India in terms of AUM, as of March 31, 2020.
nd
They are approximately 1.5 times larger than the 2 largest peer set company based on AUM as on March 31, 2020.
Compared to their peers, they have the largest customer base as on March 31, 2020 and have the highest disbursement
for financial year ended March 31, 2020. Further as at March 31, 2020, they have the most geographically diversified
AUM as well as the highest efficiency in terms of operating expenditure ratios. They are an entirely retail-focused
affordable housing finance company, serving economically weaker and low-to-middle income customers.
Industry: India’s mortgage market is divided into two segments by ticket size of the housing loan at the time of
disbursement - loans with ticket size of more than ₹ 1.5 million, and loans with ticket size of ₹ 1.5 million and below. The
former can be called normal mortgage market, which is prominent in the metro/urban areas, and the latter which
generally includes houses in the outskirts of these areas and semi-urban and rural areas can be defined as affordable
housing market. The overall size of the affordable housing finance market was around ₹ 4 trillion as of March 2020.
IPO Updates

Particulars 2020(06) 2020(12) 2019(12) 2018(12)
Net worth as stated 2,506.61 2,347.27 858.87 717.72
Revenue from Operations 748.15 1,387.67 1,265.61 815.00
EBITDA 618.68 1035.98 989.27 630.27
EPS - Basic (₹ ) 3.96^ 5.86 6.44 5.32
EPS - Diluted (₹ ) 3.85^ 5.83 6.39 5.32
RONW (%) 6.24%^ 8.07% 18.85% 15.91%
NAV - Basic (₹ ) 63.50 59.48 34.15 28.54
NAV -Diluted (₹ ) 61.66 57.74 33.91 28.54
Source: DRHP, * Consolidated summary, ~ Not annualised
Note: ^ Issue Size is indicative, excluding OFS, if specified in terms of shares

AXIS CAPITAL LIMITED
Registered office: Axis House, 8th Floor, Wadia International Center, Pandurang Budhkar Marg, Worli, Mumbai 400 025. Tel: +91 22
4325 2525; Fax: +91 22 4325 3000
www.axiscapital.co.in
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the information presented in this report. The views and opinions expressed in this document may or may not match or may be contrary with the views, estimates, rating and target
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IPO Monitor

IPO MARKET UPDATES

Lead Managed by Axis Capital

Current / On-going IPOs

Issues Where SEBI Observations Received & Still Valid

Fresh issue of Equity Shares aggregating upto ₹ 700 Cr

Issues Offer Documents Filed & Awaiting SEBI Observations

Promoters Est. Issue Category

Promoters Est. Issue Category

Promoters Est. Issue Category

BRIEF SUMMARY OF CURRENT /ONGOING IPOS

01. S J S Enterprises Limited

BRIEF FINANCIAL DETAILS* (₹ IN CRS)

02. PB Fintech Limited (Policy Bazaar)

BRIEF FINANCIAL DETAILS* (₹ IN CRS)

03. Sigachi Industries Limited

04. Fino Payments Bank Ltd

BRIEF FINANCIAL DETAILS* (₹ IN CRS)

05. FSN E-Commerce Ventures Limited (Nykaa)

BRIEF FINANCIAL DETAILS* (₹ IN CRS)

BRIEF FINANCIAL DETAILS* (₹ IN CRS)

02. Sapphire Foods India Limited

BRIEF FINANCIAL DETAILS* (₹ IN CRS)

03. One97 Communications Limited

BRIEF FINANCIAL DETAILS* (₹ IN CRS)

Issues Where SEBI Observations Received & Still Valid

01. Tarsons Products Limited

BRIEF FINANCIAL DETAILS* (₹ IN CRS)

02. Anand Rathi Wealth Limited

BRIEF FINANCIAL DETAILS* (₹ IN CRS)

03. ESAF Small Finance Bank Limited

BRIEF FINANCIAL DETAILS* (₹ IN CRS)

04. Adani Wilmar Limited

BRIEF FINANCIAL DETAILS* (₹ IN CRS)

05. Penna Cement Industries Limited

06. Star Health And Allied Insurance Company Limited

BRIEF FINANCIAL DETAILS* (₹ IN CRS)

07. Skanray Technologies Limited

08. One Mobikwik Systems Limited

09. Popular Vehicles And Services Limited

10. Paradeep Phosphates Limited

BRIEF FINANCIAL DETAILS* (₹ IN CRS)

11. Northern Arc Capital Limited

BRIEF FINANCIAL DETAILS* (₹ IN CRS)

12. Chemspec Chemicals Limited

BRIEF FINANCIAL DETAILS* (₹ IN CRS)

13. Go Airlines (India) Limited

BRIEF FINANCIAL DETAILS* (₹ IN CRS)

14. Shri Bajrang Iron and Ispat Limited

BRIEF FINANCIAL DETAILS* (₹ IN CRS)

15. Ruchi Soya Industries Limited

BRIEF FINANCIAL DETAILS* (₹ IN CRS)

16. Fincare Small Finance Bank Limited

BRIEF FINANCIAL DETAILS* (₹ IN CRS)

17. Supriya Lifescience Limited

BRIEF FINANCIAL DETAILS* (₹ IN CRS)

18. Jana Small Finance Bank Ltd.

BRIEF FINANCIAL DETAILS* (₹ IN CRS)

19. Shriram Properties Ltd.

20. Utkarsh Small Finance Bank Ltd.

BRIEF FINANCIAL DETAILS* (₹ IN CRS)

21. Arohan Financial Services Ltd.

22. Seven Islands Shipping Ltd.

BRIEF FINANCIAL DETAILS* (₹ IN CRS)