IPO Market Update

IPO Market Update
May 2022
IPO Monitor – May 2022
2
Recent IPOs – Listing Gain and
Price Movement
Recent IPOs – Listing Gain and Price Movement (1/5)
Face Issue Issue Subscription- Listing Current
Issue Listing Gain Current Gain
Sr Value size Price No. of times Listing Price Price as on
Name Opening
No. Date 29-04-2022
(₹) Date (₹ Cr) (₹) QIB~ NII Retail (₹) (₹) (%) (₹) %
(BSE)
FY 21-22
54 Hariom Pipes Industries 10 30-Mar 130 153 1.87 6.80 6.94 13-Apr 214 61 40% 219.25 66 43%
53 Veranda Learning Solutions 10 29-Mar 200 137 2.13 3.81 4.40 11-Apr 157 20 15% 277.35 140 102%
52 Uma Exports 10 28-Mar 60 68 2.95 1.39 5.81 07-Apr 80 12 18% 64.10 -4 -6%
51 Ruchi Soya Industries 2 24-Mar 4,300 650 1.83 12.00 0.67 08-Apr 850 200 31% 1,097.70 448 69%
50 Vedant Fashions 1 04-Feb 3,149 866 7.49 0.81 0.16 16-Feb 936 70 8% 1,092.80 227 26%
49 Adani Wilmar 1 27-Jan 3,600 230 5.90 57.75 7.66 08-Feb 221 -9 -4% 780.25 550 239%
48 AGS Transact Technologies 10 21-Jan 680 175 2.82 24.60 1.88 31-Jan 176 1 1% 124.90 -50 -29%
47 CMS Info Systems 10 21-Dec 1,100 216 2.08 0.86 1.26 31-Dec 219 3 1% 264.30 48 22%
46 Supriya Life Sciences 2 16-Dec 700 265 32.74 162.87 49.31 28-Dec 425 160 60% 419.05 154 58%
45 HP Adhesives 10 15-Dec 126 274 1.89 18.21 47.27 27-Dec 319 45 16% 387.20 113 41%
44 Data Patterns (India) 2 14-Dec 601 555 185.88 254.89 20.21 24-Dec 864 309 56% 801.00 246 44%
43 Medplus Health Services 2 13-Dec 1,398 796 114.02 86.27 4.17 23-Dec 1,015 219 28% 995.65 200 25%
42 Metro Brands 5 10-Dec 1,368 500 8.48 2.69 0.63 22-Dec 436 -64 -13% 571.30 71 14%
41 C E Info Systems (MapmyIndia) 2 09-Dec 1,040 1,033 196.53 423.61 13.18 21-Dec 1,581 548 53% 1,487.75 455 44%
40 Shriram Properties 10 08-Dec 600 118 1.93 2.52 8.05 20-Dec 94 -24 -20% 75.80 -42 -36%
39 Rategain Travels 1 07-Dec 1,336 425 8.42 41.63 5.46 17-Dec 365 -60 -14% 354.95 -70 -16%
38 Anand Rathi Wealth 5 02-Dec 659 550 2.47 24.40 5.62 14-Dec 602 52 9% 646.50 97 18%
37 Tega Industries Ltd 10 01-Dec 619 453 214.71 661.87 25.84 13-Dec 753 300 66% 426.75 -26 -6%
4
Name Opening
No. Date 29-04-2022
(BSE)
FY 21-22
36 Star Health and Alliecd Insurance Co 10 30-Nov 6,400 900 1.08 0.13 0.64 10-Dec 849 -51 -6% 711.25 -189 -21%
35 Go Fashion (India) 10 17-Nov 1,014 690 100.27 259.01 42.26 30-Nov 1,316 626 91% 1,005.00 315 46%
34 Tarsons Products 2 15-Nov 1,023 662 74.68 183.36 8.89 26-Nov 700 38 6% 694.70 33 5%
33 Latent View Analytics 1 10-Nov 600 197 149.59 875.55 106.09 23-Nov 530 333 169% 442.05 245 124%
32 Sapphire Fods 10 09-Nov 2,073 1,180 7.53 3.12 6.65 18-Nov 1,311 131 11% 1,327.10 147 12%
31 One97 Communications 1 08-Nov 18,300 2,150 3.04 0.23 1.27 18-Nov 1,955 -195 -9% 581.45 -1,569 -73%
30 SJS Enterprises 10 01-Nov 800 542 1.48 1.82 0.77 15-Nov 540 -2 0% 427.10 -115 -21%
29 Sigachi Industries 10 01-Nov 125 163 79.86 163.23 68.94 15-Nov 575 412 253% 292.65 130 80%
28 PB Fintech 2 01-Nov 5,710 980 28.97 8.02 2.65 15-Nov 1,150 170 17% 667.90 -312 -32%
27 Fino Payments Bank 10 29-Oct 1,200 577 1.64 0.15 3.78 12-Nov 548 -29 -5% 298.40 -279 -48%
26 FSN E-Commerce Ventures 1 28-Oct 5,350 1,125 92.29 110.16 10.28 10-Nov 2,001 876 78% 1,693.20 568 51%
25 Aditya Birla Sun Life AMC 5 29-Sep 2,768 712 10.30 2.71 2.36 11-Oct 712 0 0% 521.45 -191 -27%
Paras Defence and Space
24 10 21-Sep 171 175 181.90 954.88 100.80 01-Oct 475 300 171% 676.65 502 287%
Technologies
23 Sansera Engineering 2 14-Sep 1,283 744 26.47 11.12 2.34 24-Sep 811 67 9% 791.55 48 6%
22 Vijaya Diagnostic Centres 1 01-Sep 1,894 531 13.06 0.87 0.70 14-Sep 542 11 2% 457.10 -74 -14%
21 Ami Organics Ltd 10 01-Sep 570 610 85.12 155.42 11.30 14-Sep 902 292 48% 1,134.85 525 86%
20 Chemplast Sanmar 5 10-Aug 3,850 541 2.75 1.02 1.64 24-Aug 525 -16 -3% 594.15 53 10%
19 Aptus Value Housing Finance India 2 10-Aug 2,790 353 32.39 32.71 1.04 24-Aug 330 -23 -7% 327.05 -26 -7%
5
Name Opening
No. Date 29-04-2022
(BSE)
FY 21-22
18 Cartrade Tech 10 09-Aug 2,999 1,618 35.32 39.83 2.30 20-Aug 1,600 -18 -1% 649.10 -969 -60%
17 Nuvoco Vistas Corporation 10 09-Aug 5,000 570 4.30 0.59 0.53 23-Aug 471 -99 -17% 352.80 -217 -38%
16 Windlas Biotech 5 04-Aug 406 460 23.77 14.80 20.59 16-Aug 439 -21 -5% 250.95 -209 -45%
15 Exxaro Tiles 10 04-Aug 161 120 17.64 4.56 32.20 16-Aug 126 6 5% 106.20 -14 -12%
14 Krsnaa Diagnostics 5 04-Aug 1,222 954 49.72 114.47 37.15 16-Aug 1,025 71 7% 606.85 -347 -36%
13 Devyani Internatinal 1 04-Aug 1,858 90 95.09 210.56 34.00 16-Aug 141 51 57% 172.70 83 92%
12 Rolex Rings 10 28-Jul 731 900 143.12 355.67 21.67 09-Aug 1,249 349 39% 1,226.00 326 36%
11 Glenmark Life Sciences 2 27-Jul 1,514 720 37.12 124.82 12.98 06-Aug 751 31 4% 474.85 -245 -34%
10 Tatva Chintan Pharma Chem 10 16-Jul 500 1,083 188.87 503.11 31.37 29-Jul 2,112 1,029 95% 2,310.80 1,228 113%
9 Zomato 1 14-Jul 9,375 76 54.75 34.37 6.34 23-Jul 115 39 51% 71.70 -4 -6%
8 G R Infraprojects 5 07-Jul 962 837 168.77 236.95 11.11 19-Jul 1,700 863 103% 1,567.20 730 87%
7 Clean Science and Technology 1 07-Jul 1,547 900 162.05 205.10 8.09 19-Jul 1,784 884 98% 1,944.75 1,045 116%
6 India Pesticides 1 23-Jun 800 296 43.67 52.96 9.66 05-Jul 360 64 22% 285.50 -11 -4%
5 Dodla Dairy 10 16-Jun 520 428 84.67 73.33 9.70 28-Jun 528 100 23% 494.60 67 16%
4 Krishna Institute Of Medical Sciences 10 16-Jun 2,144 825 5.26 1.81 2.13 28-Jun 1,009 184 22% 1,338.45 513 62%
3 Sona BLW Precision Forgings 10 14-Jun 5,550 291 3.53 0.36 1.21 24-Jun 302 11 4% 636.70 346 119%
2 Shyam Metalics & Energy 10 14-Jun 909 306 157.07 334.48 10.00 24-Jun 367 61 20% 327.85 22 7%
1 Macrotech Developers 10 07-Apr 2,500 486 3.06 1.01 0.24 19-Apr 439 -47 -10% 1,006.65 521 107%
6
Name Opening
No. Date 29-04-2022
(BSE)
FY 20-21
30 Barbeque-Nation Hospitality 5 24-Mar 453 500 5.11 3.06 9.22 07-Apr 492 -8 -2% 1,214.35 714 143%
29 Suryoday Small Finance Bank 10 17-Mar 581 305 2.18 1.18 2.35 26-Mar 293 -12 -4% 135.40 -170 -56%
28 Nazara Technologies 4 17-Mar 583 1,101 103.93 387.66 67.76 30-Mar 1,971 870 79% 1,562.05 461 42%
27 Kalyan Jewellers India 10 16-Mar 1,175 87 2.87 1.35 2.18 26-Mar 74 -13 -15% 60.90 -26 -30%
26 Craftsman Automation 5 15-Mar 824 1,490 5.36 2.28 2.73 25-Mar 1,350 -140 -9% 2,241.70 752 50%
25 Laxmi Organic Industries 2 15-Mar 600 130 176.73 218.79 18.03 25-Mar 156 26 20% 418.30 288 222%
24 Anupam Rasayan India 10 12-Mar 760 555 65.97 97.70 9.42 24-Mar 535 -20 -4% 831.95 277 50%
23 Easy Trip Planners 2 08-Mar 510 187 78.07 383.34 62.95 19-Mar 206 19 10% 819.40 632 338%
22 MTAR Technologies 10 03-Mar 596 575 165.10 643.47 25.30 15-Mar 1,064 489 85% 1,680.65 1,106 192%
21 Heranba Industries 10 23-Feb 625 627 67.45 266.77 10.52 05-Mar 900 273 44% 615.70 -11 -2%
20 RailTel Corp Of India 10 16-Feb 819 94 65.09 72.48 14.76 26-Feb 105 11 11% 108.70 15 16%
19 Nureca 10 15-Feb 100 400 3.12 30.19 140.53 25-Feb 635 235 59% 1,297.65 898 224%
18 Stove Kraft 10 25-Jan 413 385 8.01 31.64 21.05 05-Feb 467 82 21% 634.55 250 65%
17 Home First Finance Co(India) 2 21-Jan 1,154 518 53.11 37.68 5.76 03-Feb 612 94 18% 705.35 187 36%
16 Indigo Paints 10 20-Jan 1,169 1,490 189.75 261.93 13.74 02-Feb 2,608 1,118 75% 1,556.90 67 4%
7
Name Opening
No. Date 29-04-2022
(BSE)
FY 20-21
15 Indian Railway Finance Corp 10 18-Jan 4,633 26 3.86 2.34 2.88 29-Jan 25 -1 -4% 22.30 -4 -14%
14 Antony Waste Handling Cell 5 21-Dec 300 315 9.65 18.49 13.72 01-Jan 430 115 37% 272.95 -42 -13%
13 Mrs Bectors Food Specialities 10 15-Dec 541 288 177.92 619.66 25.44 24-Dec 501 213 74% 303.75 16 5%
12 Restaurant Brands Asia 10 02-Dec 810 60 86.45 355.48 56.92 14-Dec 115 55 92% 101.55 42 69%
11 Gland Pharma 1 09-Nov 6,480 1,500 6.40 0.49 0.19 20-Nov 1,701 201 13% 3,203.50 1,704 114%
10 Equitas Small Finance Bank 10 20-Oct 518 33 3.87 0.16 1.53 02-Nov 31 -2 -6% 54.55 22 65%
9 Likhitha Infrastructure 10 29-Sep 61 120 21.00 1.45 19.48 15-Oct 130 10 8% 303.65 184 153%
8 UTI Asset Management Co 10 29-Sep 2,160 554 3.40 0.58 1.97 12-Oct 490 -64 -12% 792.70 239 43%
7 Mazagon Dock Shipbuilders 10 29-Sep 444 145 89.87 64.25 7.15 12-Oct 216 71 49% 300.70 156 107%
6 Angel One 10 22-Sep 600 306 5.75 0.51 3.36 05-Oct 275 -31 -10% 1,952.65 1,647 538%
5 Computer Age Management Services 10 21-Sep 2,243 1,230 73.25 111.31 4.85 01-Oct 1,518 288 23% 2,474.60 1,245 101%
4 Chemcon Speciality Chemicals 10 21-Sep 318 340 109.49 445.91 35.79 01-Oct 731 391 115% 319.55 -20 -6%
3 Route Mobile 10 09-Sep 600 350 91.69 193.78 11.54 21-Sep 708 358 102% 1,636.85 1,287 368%
2 Happiest Minds Technologies 2 07-Sep 702 166 78.40 348.43 60.30 17-Sep 351 185 111% 1,000.15 834 503%
1 Rossari Biotech 2 13-Jul 496 425 85.26 236.79 6.20 23-Jul 670 245 58% 948.50 524 123%
Lead Managed by Axis Capital

Subscription - No of Times after Technical Rejection, QIB figures excluded Anchor Subscription ,
Figures in Italic form are from exchanges 8
Listing Gain and Price Movement –
Retail Bucket – Minimum Bid Lot
Listing Gain and Price Movement – Retail Bucket – Minimum Bid Lot (1/5)
Initial Bid
Amount - Current Gain
Sr Face Issue Issue Minimum Retail Listing Listing Day (as on
Name Issue Current
No. Value size Price Bid Lot Category Price Gain 29-04-2022)
Opening Listing Price as on
(₹) Date (₹ Cr) (₹) (No.) (₹) Date (₹) (₹) (%) 29-04-2022 (₹) %
FY 21-22
54 Hariom Pipes Industries 10 30-Mar 130.05 153 98 14,994 13-Apr 214.00 5,978 40% 219.25 6,493 43%
53 Veranda Learning Solutions Ltd 10 29-Mar 200.00 137 100 13,700 11-Apr 157.00 2,000 15% 277.35 14,035 102%
52 Uma Exports Ltd 10 28-Mar 60.00 68 220 14,960 07-Apr 80.00 2,640 18% 64.10 -858 -6%
51 Ruchi Soya Industries 2 24-Mar 4,300.00 650 21 13,650 08-Apr 850.00 4,200 31% 1,097.70 9,402 69%
50 Vedant Fashions 1 04-Feb 3,149.19 866 17 14,722 16-Feb 936.00 1,190 8% 1,092.80 3,856 26%
49 Adani Wilmar 1 27-Jan 3,600.00 230 65 14,950 08-Feb 221.00 -585 -4% 780.25 35,766 239%
48 AGS Transact Technologies 10 21-Jan 680.00 175 85 14,875 31-Jan 176.00 85 1% 124.90 -4,259 -29%
47 CMS Info Systems 10 21-Dec 1,100.00 216 69 14,904 31-Dec 218.50 173 1% 264.30 3,333 22%
46 Supriya Life Sciences 2 16-Dec 700.00 265 54 14,310 28-Dec 425.00 8,640 60% 419.05 8,319 58%
45 HP Adhesives 10 15-Dec 125.96 274 50 13,700 27-Dec 319.00 2,250 16% 387.20 5,660 41%
44 Data Patterns (India) 2 14-Dec 601.20 555 25 13,875 24-Dec 864.00 7,725 56% 801.00 6,150 44%
43 Medplus Health Services 2 13-Dec 1,398.30 796 18 14,328 23-Dec 1,015.00 3,942 28% 995.65 3,594 25%
42 Metro Brands 5 10-Dec 1,367.51 500 30 15,000 22-Dec 436.00 -1,920 -13% 571.30 2,139 14%
41 C E Info Systems (MapmyIndia) 2 09-Dec 1,039.60 1,033 14 14,462 21-Dec 1,581.00 7,672 53% 1,487.75 6,367 44%
40 Shriram Properties 10 08-Dec 600.00 118 125 14,750 20-Dec 94.00 -3,000 -20% 75.80 -5,275 -36%
39 Rategain Travels 1 07-Dec 1,335.74 425 35 14,875 17-Dec 364.80 -2,107 -14% 354.95 -2,452 -16%
38 Anand Rathi Wealth 5 02-Dec 659.38 550 27 14,850 14-Dec 602.05 1,405 9% 646.50 2,606 18%
37 Tega Industries Ltd 10 01-Dec 619.23 453 33 14,949 13-Dec 753.00 9,900 66% 426.75 -866 -6%
Star Health and Alliecd
36 10 30-Nov 6,400.44 900 16 14,400 10-Dec 848.80 -819 -6% 711.25 -3,020 -21%
Insurance Co
10
Initial Bid
Name Issue Current
(₹) Date (₹ Cr) (₹) (No.) (₹) Date (₹) (₹) (%) 29-04-2022 (₹) %
FY 21-22
35 Go Fashion (India) 10 17-Nov 1,014.00 690 21 14,490 30-Nov 1,316.00 13,146 91% 1,005.00 6,615 46%
34 Tarsons Products 2 15-Nov 1,024.00 662 22 14,564 26-Nov 700.00 836 6% 694.70 719 5%
33 Latent View Analytics 1 10-Nov 600.00 197 76 14,972 23-Nov 530.00 25,308 169% 442.05 18,624 124%
32 Sapphire Fods 10 09-Nov 2,073.00 1,180 12 14,160 18-Nov 1,311.00 1,572 11% 1,327.10 1,765 12%
31 One97 Communications 1 08-Nov 18,300.00 2,150 6 12,900 18-Nov 1,955.00 -1,170 -9% 581.45 -9,411 -73%
30 SJS Enterprises 10 01-Nov 800.00 542 27 14,634 15-Nov 540.00 -54 0% 427.10 -3,102 -21%
29 Sigachi Industries 10 01-Nov 125.00 163 90 14,670 15-Nov 575.00 37,080 253% 292.65 11,669 80%
28 PB Fintech 2 01-Nov 5,709.72 980 15 14,700 15-Nov 1,150.00 2,550 17% 667.90 -4,682 -32%
27 Fino Payments Bank 10 29-Oct 1,200.00 577 25 14,425 12-Nov 548.00 -725 -5% 298.40 -6,965 -48%
26 FSN E-Commerce Ventures 1 28-Oct 5,350.00 1,125 12 13,500 10-Nov 2,001.00 10,512 78% 1,693.20 6,818 51%
25 Aditya Birla Sun Life AMC 5 29-Sep 2,768.00 712 20 14,240 01-Oct 712.00 0 0% 521.45 -3,811 -27%
Paras Defence and Space
24 10 21-Sep 171.00 175 85 14,875 01-Oct 475.00 25,500 171% 676.65 42,640 287%
Technologies
23 Sansera Engineering 2 14-Sep 1,282.52 744 20 14,880 24-Sep 811.35 1,347 9% 791.55 951 6%
22 Vijaya Diagnostic Centres 1 01-Sep 1,894.26 531 28 14,868 14-Sep 542.30 316 2% 457.10 -2,069 -14%
21 Ami Organics Ltd 10 01-Sep 569.64 610 24 14,640 14-Sep 902.00 7,008 48% 1,134.85 12,596 86%
20 Chemplast Sanmar 5 10-Aug 3,850.00 541 27 14,607 24-Aug 525.00 -432 -3% 594.15 1,435 10%
Aptus Value Housing Finance
19 2 10-Aug 2,790.17 353 42 14,826 24-Aug 329.95 -968 -7% 327.05 -1,090 -7%
India
18 Cartrade Tech 10 09-Aug 2,998.51 1,618 9 14,562 20-Aug 1,600.00 -162 -1% 649.10 -8,720 -60%
11
Initial Bid
Name Issue Current
(₹) Date (₹ Cr) (₹) (No.) (₹) Date (₹) (₹) (%) 29-04-2022 (₹) %
FY 21-22
17 Nuvoco Vistas Corporation 10 09-Aug 5,000.00 570 26 14,820 23-Aug 471.00 -2,574 -17% 352.80 -5,647 -38%
16 Windlas Biotech 5 04-Aug 405.95 460 30 13,800 16-Aug 439.00 -630 -5% 250.95 -6,272 -45%
15 Exxaro Tiles 10 04-Aug 161.00 120 125 15,000 16-Aug 126.00 750 5% 106.20 -1,725 -12%
14 Krsnaa Diagnostics 5 04-Aug 1,222.34 954 15 14,310 16-Aug 1,025.00 1,065 7% 606.85 -5,207 -36%
13 Devyani Internatinal 1 04-Aug 1,858.47 90 165 14,850 16-Aug 141.00 8,415 57% 172.70 13,646 92%
12 Rolex Rings 10 28-Jul 731.10 900 16 14,400 09-Aug 1,249.00 5,584 39% 1,226.00 5,216 36%
11 Glenmark Life Sciences 2 27-Jul 1,513.60 720 20 14,400 06-Aug 751.00 620 4% 474.85 -4,903 -34%
10 Tatva Chintan Pharma Chem 10 16-Jul 500.00 1,083 13 14,079 29-Jul 2,111.80 13,374 95% 2,310.80 15,961 113%
9 Zomato 1 14-Jul 9,375.00 76 195 14,820 23-Jul 115.00 7,605 51% 71.70 -839 -6%
8 G R Infraprojects 5 07-Jul 962.33 837 17 14,229 19-Jul 1,700.00 14,671 103% 1,567.20 12,413 87%
7 Clean Science and Technology 1 07-Jul 1,546.62 900 16 14,400 19-Jul 1,784.40 14,150 98% 1,944.75 16,716 116%
6 India Pesticides 1 23-Jun 800.00 296 50 14,800 05-Jul 360.00 3,200 22% 285.50 -525 -4%
5 Dodla Dairy 10 16-Jun 520.18 428 35 14,980 28-Jun 528.00 3,500 23% 494.60 2,331 16%
Krishna Institute Of Medical
4 10 16-Jun 2,143.74 825 18 14,850 28-Jun 1,008.90 3,310 22% 1,338.45 9,242 62%
Sciences
3 Sona BLW Precision Forgings 10 14-Jun 5,550.00 291 51 14,841 24-Jun 302.40 581 4% 636.70 17,631 119%
2 Shyam Metalics & Energy 10 14-Jun 908.80 306 45 13,770 24-Jun 367.00 2,745 20% 327.85 983 7%
1 Macrotech Developers 10 07-Apr 2,500.00 486 30 14,580 19-Apr 439.00 -1,410 -10% 1,006.65 15,620 107%
7,83,696 2,45,990 31% 2,39,612 31%
12
Initial Bid
Name Issue Current
(₹) Date (₹ Cr) (₹) (No.) (₹) Date (₹) (₹) (%) 29-04-2022 (₹) %
FY 20-21
30 Barbeque-Nation Hospitality 5 24-Mar 452.87 500 30 15,000 07-Apr 492.00 -240 -2% 1,214.35 21,431 143%
29 Suryoday Small Finance Bank 10 17-Mar 580.84 305 49 14,945 26-Mar 293.00 -588 -4% 135.40 -8,310 -56%
28 Nazara Technologies 4 17-Mar 582.69 1,101 13 14,313 30-Mar 1,971.00 11,310 79% 1,562.05 5,994 42%
27 Kalyan Jewellers India 10 16-Mar 1,174.82 87 172 14,964 26-Mar 73.90 -2,253 -15% 60.90 -4,489 -30%
26 Craftsman Automation 5 15-Mar 823.70 1,490 10 14,900 25-Mar 1,350.00 -1,400 -9% 2,241.70 7,517 50%
25 Laxmi Organic Industries 2 15-Mar 600.00 130 115 14,950 25-Mar 156.20 3,013 20% 418.30 33,155 222%
24 Anupam Rasayan India 10 12-Mar 760.00 555 27 14,985 24-Mar 534.70 -548 -4% 831.95 7,478 50%
23 Easy Trip Planners 2 08-Mar 510.00 187 80 14,960 19-Mar 206.00 1,520 10% 819.40 50,592 338%
22 MTAR Technologies 10 03-Mar 596.41 575 26 14,950 15-Mar 1,063.90 12,711 85% 1,680.65 28,747 192%
21 Heranba Industries 10 23-Feb 625.24 627 23 14,421 05-Mar 900.00 6,279 44% 615.70 -260 -2%
20 Railtel Corp Of India 10 16-Feb 819.24 94 155 14,570 26-Feb 104.60 1,643 11% 108.70 2,279 16%
19 Nureca 10 15-Feb 100.00 400 35 14,000 25-Feb 634.95 8,223 59% 1,297.65 31,418 224%
18 Stove Kraft 10 25-Jan 412.63 385 38 14,630 05-Feb 467.00 3,116 21% 634.55 9,483 65%
17 Home First Finance Co(India) 2 21-Jan 1,153.72 518 28 14,504 03-Feb 612.15 2,636 18% 705.35 5,246 36%
16 Indigo Paints 10 20-Jan 1,169.12 1,490 10 14,900 02-Feb 2,607.50 11,175 75% 1,556.90 669 4%
15 Indian Railway Finance Corp 10 18-Jan 4,633.38 26 575 14,950 29-Jan 25.00 -575 -4% 22.30 -2,128 -14%
13
Initial Bid
Name Issue Current
(₹) Date (₹ Cr) (₹) (No.) (₹) Date (₹) (₹) (%) 29-04-2022 (₹) %
FY 20-21
14 Antony Waste Handling Cell 5 21-Dec 299.99 315 47 14,805 01-Jan 430.00 5,405 37% 272.95 -1,976 -13%
13 Mrs Bectors Food Specialities 10 15-Dec 540.54 288 50 14,400 24-Dec 501.00 10,650 74% 303.75 788 5%
12 Restaurant Brands Asia 10 02-Dec 810.00 60 250 15,000 14-Dec 115.35 13,838 92% 101.55 10,388 69%
11 Gland Pharma 1 09-Nov 6,479.55 1,500 10 15,000 20-Nov 1,701.00 2,010 13% 3,203.50 17,035 114%
10 Equitas Small Finance Bank 10 20-Oct 517.60 33 450 14,850 02-Nov 31.00 -900 -6% 54.55 9,698 65%
9 Likhitha Infrastructure 10 29-Sep 61.20 120 125 15,000 15-Oct 130.10 1,263 8% 303.65 22,956 153%
8 UTI Asset Management Co 10 29-Sep 2,159.88 554 27 14,958 12-Oct 490.25 -1,721 -12% 792.70 6,445 43%
7 Mazagon Dock Shipbuilders 10 29-Sep 443.69 145 103 14,935 12-Oct 216.25 7,339 49% 300.70 16,037 107%
6 Angel One 10 22-Sep 600.00 306 49 14,994 05-Oct 275.00 -1,519 -10% 1,952.65 80,686 538%
Computer Age Management
5 10 21-Sep 2,243.12 1,230 12 14,760 01-Oct 1,518.00 3,456 23% 2,474.60 14,935 101%
Services
4 Chemcon Speciality Chemicals 10 21-Sep 318.00 340 44 14,960 01-Oct 730.95 17,202 115% 319.55 -900 -6%
3 Route Mobile 10 09-Sep 600.00 350 40 14,000 21-Sep 708.00 14,320 102% 1,636.85 51,474 368%
2 Happiest Minds Technologies 2 07-Sep 702.02 166 90 14,940 17-Sep 351.00 16,650 111% 1,000.15 75,074 503%
1 Rossari Biotech 2 13-Jul 496.25 425 35 14,875 23-Jul 670.00 8,575 58% 948.50 18,323 123%
4,43,419 1,52,589 34% 5,09,780 115%
Lead Managed by Axis Capital Current price source: BSE Website 14

Issues Where SEBI Observations
Received & Still Valid
List of IPO’s (1/5)
Current/Ongoing IPOs
Promoter Category
Sl. Opening Closing Est. Issue Size
Company Issue Type & Pr. Gr Allocation Lead Managers
No Date Date (₹/Shares)
Holding QIB:HNI:Ret
Life Insurance OFS: 221,374,920 Shares

1 OFS 04-05-2022 09-05-2022 100.00% 50:15:35 Axis Capital and others
Corporation of India (Net Issue Size: 20,557 Cr)
Issues Where SEBI Observations Received & Still Valid

Date of Promoter Category
Sl. Date of Est. Issue Size
Company Issue Type SEBI & Pr. Gr Allocation Lead Managers
No Filing (₹/Shares)
Approval Holding QIB:HNI:Ret
Venus Pipes and
1 Fresh 25-12-2021 31-03-2022 64.27% Fresh: 5,074,100 Shares - SMC Capital
Tubes
Dharmaj Crop Fresh: 216 Cr
2 Fresh + OFS 28-01-2022 29-03-2022 100.00% 50:15:35 Elara Capita, Monarch Networth
Guard OFS: 1,483,000 Shares
Maini Precision Fresh: 150 Cr
3 Fresh + OFS 14-12-2021 17-03-2022 77.13% 75:15:10 ICICI Securities, IIFL Securities
Products OFS: 25,481,705 Shares
Sresta Natural Fresh: 50 Cr
4 Fresh + OFS 11-01-2022 15-03-2022 23.97% 75:15:10 Axis Capital and others
Bioproducts OFS: 7,030,962 Shares
Fresh: 200 Cr IIFL Securities, Yes Securities,
5 eMudhra Fresh + OFS 12-11-2021 11-03-2022 81.00% 50:15:35
OFS: 8,510,638 Shares Indorient Financial
Fresh: 100 Cr
6 Hexagaon Nutrition Fresh + OFS 24-12-2021 04-03-2022 99.44% 50:15:35 Equirus Capital, SBI Capital Markets
OFS: 30,113,918 Shares
Fresh: 3,800,000 Shares
7 Abans Holding Fresh + OFS 29-09-2021 25-02-2022 97.42% 50:15:35 Aryaman Financial
16
Fresh: 175 Cr
8 Elin Electronics Fresh + OFS 17-11-2021 23-02-2022 53.98% 50:15:35 Axis Capital and others
OFS: 585 Cr
JK Files & SBI Capital Markets, DAM Capital,
9 OFS 09-12-2021 23-02-2022 100.00% OFS 800 Cr 50:15:35
Engineering HDFC Bank
Kotak Mahindra Capital, Morgan
10 API Holdings Fresh 10-11-2021 17-02-2022 NA Fresh: 6,250 Cr 75:15:10 Stanley, BofA Securities, Citigroup
Global, JM Financial
Wellness Forever Fresh: 400 Cr IIFL Securities, Ambit, DAM Capital,
11 Fresh + OFS 01-10-2021 16-02-2022 48.89% 75:15:10
Medicare OFS: 16,044,709 Shares HDFC Bank
CMR Green Fresh: 300 Cr

Technologies OFS: 33,414,138 Shares
Capital Small Fresh: 450 Cr
Finance Bank OFS: 3840087 shares
Fresh: 120 Cr
14 Jesons Industries Fresh + OFS 20-11-2021 08-02-2022 100.00% 50:15:35 Axis Capital and others
OFS: 12,157,000 shares
Kotak Mahindra Capital, Morgan
15 Delhivery Fresh + OFS 02-11-2021 13-01-2022 NA Fresh: 6,250 Cr 75:15:10 Stanley, BofA Sec, Citigroup Global,
JM Fin
Radiant Cash Fresh: 60 Cr IIFL Securities, Motilal Oswal, Yes
16 Fresh + OFS 11-10-2021 11-01-2022 62.79% 50:15:35
Management OFS: 30,125,000 Shares Securities
Five Star Business ICICI Securities, Edelweiss Securities
17 OFS 10-11-2021 07-01-2022 44.31% Fresh:2,751.95 Cr 50:15:35
Finance Kotak Mahindra Capital, Nomura
17
Fresh: 1,350 Cr
18 Waaree Energies Fresh + OFS 28-09-2021 03-01-2022 95.74% 50:15:35 Axis Capital and others
OFS:4,007,500 shares
Fresh: 17.50 Cr
19 GPT Healthcare Fresh + OFS 18-10-2021 29-12-2021 99.97% 50:15:35 DAM Capital, SBI Capital Markets
Veeda Clinical Fresh: 331.60 Cr SBI Capital Markets, ICICI Securities,
20 Fresh + OFS 28-09-2021 21-12-2021 52.42% 50:15:35
Research OFS: 500 Cr JM Financial, Systematix
Fresh: 500 Cr Kotak Mahindra Capital, Credit
21 Global Health Fresh + OFS 30-09-2021 21-12-2021 35.04% 50:15:35
OFS: 48,440,000 Shares Suisse, Jefferies India, JM Financial
Sahajanand Medical Fresh:410.33 Cr

Technologies OFS: 1089.67 Cr
Fresh: 350 Cr
23 Keventer Agro Fresh + OFS 10-08-2021 16-12-2021 93.84% 75:15:10 Axis Capital and others
LE Travenues Fresh: 750 Cr
24 Fresh + OFS 13-08-2021 16-12-2021 - 75:15:10 Axis Capital and others
Technology (ixigo) OFS: 850 Cr
Emcure Fresh: 1,100 Cr
25 Fresh + OFs 18-08-2021 08-12-2021 81.59% 50:15:35 Axis Capital and others
Pharmaceuticals OFS: 18,168,356 Shares
ESDS Software Fresh: 322 Cr
Solution OFS: 21,525,000 Shares
Sterlite Power
27 Fresh 17-08-2021 02-12-2021 74.43% Fresh: 1,250 Cr 75:15:10 Axis Capital and others
Transmission
Godavari Fresh: 370 Cr
28 Fresh + OFS 24-09-2021 26-11-2021 81.06% 50:15:35 Equirus Capital, JM Financial
Biorefineries OFS: 6,558,278 Shares
18
Fresh: 300 Cr ICICI Securities, DAM Capital, IIFL
29 VLCC Health Care Fresh + OFS 14-08-2021 25-11-2021 82.38% 75:15:10
OFS: 8,922,672 Shares Securities
Fresh: 150 Cr JM Financial, Edelweiss Financial,
30 India1 Payments Fresh + OFS 07-09-2021 24-11-2021 51.05% 75:15:10
OFS: 10,305,180 Shares IIFL Securities
Fresh: 390 Cr ICICI Securities, CLSA, Credit Suisse
31 Healthium Medtech Fresh + OFS 06-09-2021 24-11-2021 99.79% 50:15:35
OFS: 39,100,000 Shares Securities, Nomura Financial
Gemini Edibles &
32 OFS 09-08-2021 23-11-2021 68.40% OFS: 2,500 Cr 50:15:35 Axis Capital and others
Fats India
Electronics Mart
Anand Rathi, IIFL Securities, JM
33 India (Bajaj Fresh 22-09-2021 22-11-2021 99.99% Fresh: 500 Cr 50:15:35
Financial
Electronics)
Fresh: 510 Cr
34 Puranik Builders Fresh + OFS 21-09-2021 18-11-2021 100.00% 50:15:35 Elara Capital, Yes Securities
OFS: 945,000 Shares
Prudent Corporate Fresh: 8,281,340 Shares
35 OFS 17-08-2021 18-11-2021 56.94% 50:15:35 Axis Capital and others
Advisory Services OFS: 268,000 Shares
Tracxn
36 OFS 17-08-2021 17-11-2021 52.06% OFS: 38,672,208 Shares 75:15:10 IIFL Securities
Technologies
Fusion Micro Fresh: 600 Cr ICICI Sec, CLSA India, IIFL Sec, JM
37 Fresh + OFS 11-08-2021 16-11-2021 85.57% 50:15:35
Finance OFS: 021,966,841 Shares Financial
Inspira Enterprise Fresh: 300 Cr

India OFS: 500 Cr
ESAF Small Finance Fresh: 800 Cr
Bank OFS: 197.78 Cr
19
Penna Cement Fresh: 1,300 Cr
Industries OFS: 250 Cr
Skanray Fresh:400 Cr
41 Fresh + OFS 27-06-2021 08-10-2021 63.76% 75:15:10 Motilal Oswal, Nomura, ICICI Sec
Technologies OFS: 14,106,347 Shares
One Mobikwik Fresh: 1,500 Cr ICICI Sec, BNP Paribas, Credit
42 Fresh + OFS 12-07-2021 07-10-2021 64.62% 75:15:10
Systems OFS: 400 Cr Suisse, IIFL Sec, Jefferies India
Popular Vehicles & Fresh: 150 Cr

Services OFS: 4,266,666 Shares
Paradeep Fresh: 1,255 Cr
Phosphates OFS: 120,035,800 Shares
Northern Arc Fresh: 300 Cr
Capital OFS: 36,520,585 Shares
Chemspec
46 OFS 14-07-2021 30-08-2021 100.00% OFS: 700 Cr 50:15:35 Axis Capital and others
Chemicals
47 Go Airlines (India) Fresh 14-05-2021 26-08-2021 100.00% Fresh: 3,600 Cr 75:15:10 I-Sec, Citigroup, Morgan Stanley
Shri Bajrang Power
48 Fresh 13-07-2021 26-08-2021 93.58% Fresh: 700 Cr 50:15:35 Equirus Capital, SBI Cap Markets
and Ispat
Fincare Small Fresh: 300 Cr
49 Fresh+ OFS 10-05-2021 28-07-2021 78.58% 75:15:10 Axis Capital and others
Finance Bank OFS: 1,000 Cr
Jana Small Finance Fresh: 700 Cr
Bank OFS: 9,253,659 Shares
Utkarsh Small Fresh: 750 Cr
51 Fresh + OFS 04-03-2021 03-06-2021 100.00% 75:15;10 I-Sec, IIFL Sec, Kotak
Finance Bank OFS: 600 Cr
20
Issues Offer Documents Filed &
Awaiting SEBI Observations
Issues Offer Documents Filed & Awaiting SEBI Observations
Promoter Category
No. Filing (₹/Shares)
Holding QIB:HNI:Ret
1 Uniparts India OFS 28-04-2022 75.54% OFS: 15,731,942 Shares 50:15:35 Axis Capital and others
2 Sah Polymers Fresh 22-04-2022 100.00% N.A. 75:15:10 Pantomath Capital
Kaynes Technology Fresh: 650 Cr

3 Fresh + OFS 18-04-2022 88.39% 50:15:35 DAM Capital, IIFL Securities
India OFS: 7,200,000 Shares
Fresh: 325 Cr
4 Senco Gold Fresh + OFS 18-04-2022 95.23% 50:15:35 IIFL Securities, Ambit Pvt Ltd, SBI Capital Markets
OFS: 200 Cr
Fresh: 250 Cr
5 Prasol Chemical Fresh + OFS 13-04-2022 92.07% 50:15:35 JM Financial, DAM Capital
Fresh: 90 Cr JM Financial, Ambit Pvt Ltd, DAM Capital, Equirus
6 Biba Fashion Fresh + OFS 12-04-2022 64.75% 75:15:10
OFS: 27,762,010 Shares Capital, HSBC Securities
Gold Plus Glass Fresh: 300 Cr

7 Fresh + OFS 11-04-2022 100.00% 75:15:10 Axis Capital and others
Industry OFS: 12,826,224 Shares
Fresh: 500 Cr
8 DCX Systems Fresh + OFS 05-04-2022 98.20% 75:15:10 Axis Capital and others
OFS: 100 Cr
Yatharth Hospital Fresh: 610 Cr Intensive Fiscal Services, Ambit Pvt Ltd, IIFL
9 and Truma Care Fresh + OFS 01-04-2022 96.91% 50:15:35
OFS: 6,551,690 Shares Securities
Services
ICICI Securities, Kotak Mahindra Capital,
10 KFin Technologies OFS 01-04-2022 75.90% OFS: 2,400 Cr 75:15:10
J.P.Morgan, IIFL Securities, Jefferies India
Fresh: 500 Cr
11 Hemani Industries Fresh + OFS 29-03-2022 100.00% 50:15:35 JM Financial, Kotak Mahindra Capital
OFS: 2,000 Cr
22
Promoter Category
Holding QIB:HNI:Ret
Gujarat Polysol Fresh: 87 Cr
12 Fresh + OFS 29-03-2022 100.00% 50:15:35 Inga Ventures
Chemicals OFS: 327 Cr
Edelweiss Financial, Haitong Securities, Motilal
13 Joyalukkas India Fresh 28-03-2022 99.99% Fresh: 2,300 Cr 50:15:35
Oswal, SBI Capital Markets
Fresh: 750 Cr
14 Yatra Online Fresh + OFS 25-03-2022 98.55% 75:15:10 SBI Capital Markets, DAM Capital, IIFL Securities
HMA Agro Fresh: 150 Cr
15 Fresh + OFS 24-03-2022 100.00% 50:15:35 Aryaman Financial Services
Industries OFS: 330 Cr
Fresh: 18,258,427 Shares
16 PKH Ventures Fresh + OFS 24-03-2022 100.00% 50:15:35 IDBI Capital, BOB Capital Markets
Fresh: 1,500 Cr
17 Vikram Solar Fresh + OFS 24-03-2022 93.08% 50:15:35 JM Financial, Kotak Mahindra Capital
18 Mukka Proteins Fresh 21-03-2022 64.77% Fresh: 80,000,000 Shares 50:15:35 Finshore Management Services
Corrtech Fresh: 350 Cr

19 Fresh + OFS 17-03-2022 100.00% 50:15:35 Equirus Capital
International OFS: 4,000,000 Shares
20 Navi Technologies Fresh 14-03-2022 97.77% Fresh: 3,350 Cr 75:15:10 Axis Capital and others
Motilal Oswal, Equirus Capital, ICICI Securities,
21 EbixCash Limited Fresh 10-03-2022 100.00% Fresh: 6,000 Cr 50:15:35
SBI Capital Markets, Yes Securities
India Exposition Fresh: 450 Cr
22 Fresh + OFS 08-03-2022 100.00% 75:15:10 Emkay Global
Mart OFS: 11,210,659 Shares
Suraj Estate
23 Fresh 07-03-2022 100.00% Fresh: 500 Cr 75:15:10 Centrum Capital, Anand Rathi Advisors
Developers
23
Promoter Category
Holding QIB:HNI:Ret
Bikaji Foods
24 OFS 23-02-2022 77.97% OFS: 29,373,984 Shares 50:15:35 Axis Capital and others
International
Archean Chemical Fresh: 1,000 Cr IIFL Securities, ICICI Securities, JM Financial
25 Fresh + OFS 21-02-2022 70.30% 75:15:10
Industries OFS: 19,071,288 Shares
Fedbank Financial Fresh: Rs.900 Cr ICICI Securities, Equirus Capital, IIFL Securities,
26 Fresh + OFS 21-02-2022 73.31% 50:15:35
Services OFS: 16,497,973 Shares JM Financial
Macleods Kotak Mahindra Capital, Citigroup Gobal,
27 OFS 15-02-2022 100.00% OFS: 60,482,040 Shares 50:15:35
Pharmaceuticals Edelweiss, ICICI Securities, Nomura Financial
TVS Supply Chain Fresh:300 Cr
Solutions OFS: 13,293,514 Shares
Fresh: 300 Cr
29 KIDs Clinic India Fresh + OFS 11-02-2022 - 75:15:10 Axis Capital and others
Fresh: 150 Cr
30 Cogent E-Services Fresh + OFS 09-02-2022 100.00% 50:15:35 DAM Capital, IIFL Securities
Fresh: 370 Cr Edelweiss Financial, DAM Capital, Equirus
31 Inox Green Energy Fresh + OFS 08-02-2022 93.84% 50:15:35
OFS: 370 Cr Capital, IDBI Capital, Systematix
Harsha Engineers Fresh: 455 Cr

International OFS: 300 Cr
Fresh + Fresh: 400 Cr
33 Ethos 01-02-2022 82.32% 50:15:35 Emkay Global, Incred Capital
OFS OFS: 1,108,037 Shares
Imagine Marketing Fresh: 900 Cr
(“BoAt”) OFS: 1,100 Cr
24
Promoter Category
Holding QIB:HNI:Ret
Fresh + Fresh: 500 Cr ICICI Securities, Credit Suisse, J.P.Morgan,
35 FabIndia 24-01-2022 55.06% 50:15:35
OFS OFS: 25,050,543 Shares Nomura, SBI Capital Markets, Equirus
36 Dreamfolk Services OFS 24-01-2022 100.00% OFS: 21,814,200 Shares 75:15:10 Equirus Capital, Motilal Oswal
Fresh: 150 Cr
37 Landmark Cars Fresh + OFS 19-01-2022 60.24% 50:15:35 Axis Capital and others
OFS: 612 Cr
Course5 Fresh: 300 Cr
Intelligence OFS: 300 Cr
Fresh: 500 Cr
39 Sanathan Textiles Fresh + OFS 12-01-2022 100.00% 50:15:35 Edelweiss Financial, JM Financial
Fresh: 757 Cr
40 Aether Industries Fresh + OFS 29-12-2021 98.71% 50:15:35 HDFC Bank, Kotak Mahindra Capital
Capillary Fresh: 200 Cr ICICI Securities, Kotak Mahindra Capital, Nomura
41 Fresh + OFS 27-12-2021 98.06% 75:15:10
Technologies OFS: 650 Cr Financial
Fresh: 900 Cr
42 TBO Tek Fresh + OFS 25-12-2021 51.26% 75:15:10 Axis Capital and others
OFS: 1,200 Cr
Protean eGov ICICI Securities, Equirus Capital, IIFL Securities,
43 OFS 21-12-2021 - OFS: 12,080,140 Shares 50:15:35
Technologies Nomura Financial
Fresh + Fresh: 1,250 Cr
44 Snapdeal 27-12-2021 99.99% 75:15:10 Axis Capital and others
OFS OFS: 30,769,600 Shares
Fresh: 2,501.90 Cr Kotak Mahindra Capital, Citigroup Global, BNP
45 Bharat FIH Fresh + OFS 24-12-2021 100.00% 75:15:10
OFS: 2,501.90 Cr Paribas, HSBC Securities
25
Promoter Category
Holding QIB:HNI:Ret
Asianet Satelite Fresh: 300 Cr
Communications OFS: 465 Cr
Syrma SGS Fresh:926 Cr
47 Fresh + OFS 14-12-2021 62.89% 50:15:35 DAM Capital, ICICI Securities, IIFL Securities
Technology OFS: 3,369,360 Shares
48 Nandan Terry Fresh 10-12-2021 79.65% Fresh: 254.96 Cr 50:15:35 Holani Consultants, BOI Merchant Bankers
Fresh: 2,000 Cr
49 Droom Technology Fresh + OFS 12-11-2021 100.00% 75:15:10 Axis Capital and others
OFS: 1,000 Cr
Fresh: 7,000 Cr Kotak, J P Morgan, Citi-group, ICICI Securities,
50 Oravel Stays (OYO) Fresh + OFS 30-09-2021 94.94% 75:15:10
OFS: 1,430 Cr Nomura, JM Financial
Fresh: 200 Cr
51 BVG India Fresh + OFS 30-09-2021 67.01% 50:15:35 ICICI Securities, JM Financial, HSBC Securities
Fresh: 500 Cr
52 Lava International Fresh + OFS 28-09-2021 89.61% 50:15:35 Axis Capital and others
Tamilnadu Fresh: 15,840,000 Shares
53 Fresh + OFS 04-09-2021 - 75:15:10 Axis Capital and others
Mercantile Bank OFS: 15,827,495 Shares
54 Infinion Biopharma Fresh 01-09-2021 76.29% Fresh: 4,500,000 Shares 75:15:10 Aryaman Financial
Maximus
55 FPO 26-08-2021 63.63% FPO: 27 Cr 00:50:50 Aryaman Financial
International
56 UMA Converter Fresh 01-07-2021 94.96% Fresh: 36 Cr 75:15:10 GYR Capital Advisors
Aadhar Housing Fresh: 1,500 Cr
57 Fresh + OFS 24-01-2021 98.72% 50:15:35 I-Sec, Citigroup, Nomura, SBICap
Finance OFS: 5,800 Cr
26
Current / Ongoing IPOs
Life Insurance Corporation of India
Promoters: The President of India acting through the Ministry of Finance, Government of India
Offer Details: Offer for sale of 221,374,920 Equity Shares; Reservation for Employee and Policyholder
Issue Opening Date: 04-05-2022 Issue Closing Date: 09-05-2022 Face Value: ₹ 10/--
Approx Issue Size-Net (₹ Cr): 20,557 BRLMs: Axis Capital, Kotak Mahindra Capital, BofA Securities, Citigroup Global, Goldman Registrar: KFin
Category Allocation - QIB:HNI:Retail: 50:15:35 Sachs, ICICI Securities, JM Financial, J P Morgan, Nomura, SBI Capital Market Technologies
Objects of the Offer: To achieve the benefits of listing the Equity Shares on the Stock Exchanges.
Company Overview Business/Product Overview

• Life Insurance Corporation of India (“LIC”) was established on September 1, 1956. • LIC has a broad, diversified product portfolio covering various segments
• LIC had the highest gap in market share by life insurance GWP relative to the across individual products and group products.
second-largest life insurer in India. • Their individual products comprise (i) participating insurance products and
• LIC is ranked 5th globally by life insurance GWP and 10th globally in terms of total (ii) non-participating products, which include (a) savings insurance
assets. products; (b) term insurance products; (c) health insurance products; (d)
annuity and pension products; and (e) unit linked insurance products.
• LIC is the largest asset manager in India as at December 31, 2021 with AUM of ₹40.1
trillion, on a standalone basis which is 1.1 times the entire Indian mutual fund • Their group products comprise (i) group term insurance products, (ii) group
industry’s AUM. savings insurance products; (iii) group savings pension products; and (iv)
group annuity products.
Brief Financials ₹ in Cr Key Strengths

As at Dec’31 As at March 31, • 5th largest life insurer globally by GWP and the largest player in the fast
Particulars
2021(09) 2021(12) 2020(12) 2019 (12) growing and underpenetrated Indian life insurance sector;
Equity Share Capital 6,325.00 100.00 100.00 100.00 • Trusted brand and a customer-centric business model;
Net worth 8,230.50 6,514.64 854.65 815.33 • Cross-cyclical product mix and an individual product portfolio;
• Presence across India through an omni-channel distribution network;
Premium Earned 285,341.93 405,398.50 382,475.52 339,971.63
• Harnessing technology capabilities to support customer connect and drive
Income from Investments 226,253.73 285,520.42 242,836.31 225,043.54 operating efficiencies;
Net Profit/Loss for the Period 1715.31 2,974.14 2,710.48 2,627.38 • Largest asset manager in India with an established track record;
EPS (₹) 2.71^ 4.70 4.29 4.15 • Robust risk management framework.
Net Asset Value (₹) 13.01 10.30 1.35 1.29
Source: RHP, * Restated Consolidated, ^not annualised. Back 28

Brief summary of Issues – SEBI
Observation Received & Still Valid
Note: Issue Size is indicative, excluding OFS,
if specified in terms of shares
Venus Pipes & Tubes Limited
Promoters: Megharam Sagramji Choudhary, Jayantiram Motiram Choudhary, Dhruv Mahendrakumar Patel and Arun Kothari.
Offer Details: Fresh Issue of 5,074,100 Equity Shares
Date of SEBI Filing: 25-12-2021 Date of SEBI Approval: 31-03-2022 Face Value: ₹ 10/--
Approx Issue Size (₹ Cr): -
BRLMs: SMC Capital Registrar: KFin Technologies
Category Allocation - QIB:HNI:Retail: N.A.
Objects of the Offer: Financing the project cost towards capacity expansion, technological upgradation and cost optimization; support backward integration for
manufacturing of hollow pipes; To meet long-term working capital requirements.

• Venus Pipes & Tubes Limited is one of the growing stainless-steel pipes and tubes • Under their brand name “Venus”, they supply their Products for
manufacturer and exporter in India having approximately 6 years of experience. applications in diverse sectors including (i) chemicals, (ii) engineering; (iii)
• They manufactures stainless-steel tubular products in 2 broad categories: fertilizers; (iv) pharmaceuticals; (v) power; (vi) food processing; (vii) paper;
and (viii) oil and gas.
(i) seamless tubes/pipes; and (ii) welded tubes/pipes.
• They have 1 manufacturing plant which is strategically located at Dhaneti
• They are currently manufacturing 5 product lines, namely, (i) stainless steel high
(Kutch, Gujarat) with total installed capacity of 10,800 MTPA.
precision & heat exchanger tubes; (ii) stainless steel hydraulic & instrumentation
tubes; (iii) stainless steel seamless pipes; (iv) stainless steel welded pipes; and (v) • Currently they are exporting their products to 18 countries.
stainless steel box pipes (“Products”).

As at Jun’30 As at March 31, • International Accreditations and product approvals;
Particulars
2021(03) 2021(12) 2020(12) 2019 (12)
• Specialised production of Stainless-Steel Pipes and Tubes;
Equity Share Capital 8.73 8.73 8.73 8.73
• Multi-fold demand of the Products;
Net worth 46.75 39.93 16.28 12.17
Revenue from Operations 81.06 309.33 177.81 118.75 • Customer Diversification;
EBITDA 9.35 34.78 11.64 8.29 • Experienced & Qualified Team.
Net Profit/Loss for the Period 6.81 23.63 4.13 3.75
EPS (₹) 5.20^ 18.04 3.15 2.86
RoNW (%) as stated 14.56%^ 59.18% 25.36% 30.80%
Net Asset Value (₹) 35.69 30.48 12.43 9.29
Source: DRHP, * Restated Consolidated. ^ not annualised; Ratios adjusted for bonus issue. Back 30
Dharmaj Crop Guard Limited
Promoters: Rameshbhai Ravajibhai Talavia, Jamankumar Hansarajbhai Talavia, Jagdishbhai Ravjibhai Savaliya and Vishal Domadia
Offer Details: Fresh Issue of Equity Shares aggregating upto ₹ 216 Cr and Offer for Sale of 1,483,000 Equity Shares, Reservation for Employees
Approx Issue Size (₹ Cr): 216^
BRLMs: Elara Capital, Monarch Networth Capital Registrar: Link Intime
Category Allocation - QIB:HNI:Retail: 50:15:35
Objects of the Offer: Funding capital expenditure; Funding incremental working capital requirements; Repayment and/or pre-payment, in full and/or part, of certain
borrowings.

• Dharmaj Crop Guard Limited is an agrochemical company engaged in the business of • The company classify their agrochemicals business into the brands
manufacturing, distributing, and marketing of a wide range of agro chemicals such as business, the domestic institutional business and the exports
insecticides, fungicides, herbicides, plant growth regulator, micro fertilizers and institutional business.
antibiotic to the B2C and B2B customers. • The agrochemical formulations are sold as branded products to farmers.
• They export their products to more than 20 countries in Latin America, East African They sell bulk products and pack-to-pack products to their institutional
Countries, Middle East and Far East Asia. They sell their agrochemical products in customers.
granules, powder and liquid forms. • The main products manufactured and sold by the company:
• They manufacture and sell general insect and pest control chemicals for Public Health • Insecticides: Padgham, Lubrio, Nilaayan, Prudhar, Remora
protection.
• Fungicides: Gagandip, Sajaag, Lokraj, Rishmat, Kaviraj
• Herbicides: Dharozar, Aatmaj, Rodular, Mohak, Sadavirum
Brief Financials ₹ in Cr • Plant Growth Regulator: Rujuta, Greenoka, Surisva, Stabilizer
As at Oct’30 As at March 31,
Particulars
2021(07) 2021(12) 2020(12) 2019 (12)
Equity Share Capital 16.46 16.46 16.46 2.00 Key Strengths
Net worth 74.46 56.14 35.22 10.46 • Diversified portfolio of the products and consistent focus on quality and
Revenue from Operations 227.26 302.41 198.22 139.36 innovation;
EBITDA 29.18 32.04 18.58 11.01 • Strong R&D capabilities with focus on innovation and sustainability;
Net Profit/Loss for the Period 18.67 20.96 10.76 5.02 • Established distribution network with strong branded products and stable
EPS (₹) 7.56^ 8.49 5.75 3.35 relationship with the institutional customers;
RoNW (%) as stated 25.07%^ 37.33% 30.55% 48.03% • Experienced Promoters and management team.
Net Asset Value (₹) 30.16 22.75 18.82 6.97
Source: DRHP, *Restated Summary, ^not annualised Back 31

Maini Precision Products Limited
Promoters: Sandeep Kumar Maini, Gautam Maini and Chetan Kumar Maini
Offer Details: Fresh Issue of Equity Shares aggregating upto ₹ 150 Cr and Offer for Sale of 25,481,705 Equity Shares.
BRLMs: ICICI Securities, IIFL Securities Registrar: Link Intime
Objects of the Offer:Repayment / prepayment, in part or full, of all or certain borrowings of the company;

• Maini Precision Products Limited is an end-to-end solutions provider engaged in • Company’s products are classified into two business, being
process design, engineering, manufacturing, testing, and supply of a variety of
precision products and assemblies. (a) Aerospace, which comprises precision products manufactured for
• Company7’s Top-5 products for Fiscal 2021 were machined and ground shafts, PF aerospace and defense, and
pumps, bearing housings, heavy duty engine parts, and the GDI pump body. (b) Automotive and industrial, which comprises precision products
manufactured for clean internal combustion engines, fuel injections
• They had a diverse portfolio of over 126 product families, and more than 50 customers
and transmissions (internal combustion engines, fuel injections and
as of June 30, 2021.
transmissions collectively referred to as “Clean Powertrain”),
hydraulics and industrial, agriculture and legacy automotive.
• They are capable of diverse and critical manufacturing and finishing

Brief Financials ₹ in Cr processes, as well as ancillary activities which helps them provide end-to-
end solutions for the customer requirements
As at Jun’30 As at March 31,
Particulars
2021(03) 2021(03) 2021(12) 2020(12) 2019 (12)
Equity Share Capital 8.26 8.26 8.26 8.26 8.26 Key Strengths
Net worth (84.46) (51.91) (82.48) (34.43) (10.93) • Advanced manufacturing processes, engineering expertise and quality
assurance;
Revenue from Operations 135.65 55.81 427.36 570.80 560.31
• Strategic supplier with a diversified business and product portfolio;
Adj. EBITDA 20.13 (2.76) 41.80 82.71 85.40 • Diversified customer base with long-term relationships with customer;
Net Profit/Loss for the Period (2.77) (14.99) (46.88) (22.65) (18.36) • Global delivery model, with “end-to-end” capabilities;
• Robust technological, innovation and R&D capabilities.
Net Asset Value (₹)# (6.22) 1.66 (5.74) 5.89 11.58
Source: DRHP, * Restated Summary. ^ not annualised, #Net Asset Value includes the revaluation reserves Back 32
Sresta Natural Bioproducts Limited
Promoters: Rajashekar Reddy Seelam, Renuka Seelam and Balasubramanian Narayanan
Offer Details: Fresh Issue of Equity Shares aggregating upto ₹ 50 Cr and Offer for Sale of 7,030,962 Equity Shares
BRLMs: Axis Capital, JM Financial Registrar: KFin Technologies
Objects of the Offer: Funding the working capital requirements; Repayment or pre-payment in full or part, of certain outstanding unsecured / secured borrowings.

• Sresta Natural Bioproducts Limited’s brand, ‘24 Mantra’, is the largest brand in the • The company has diversified product portfolio that can be classified under
packaged organic food segment (excluding organic packaged food market beverage 4 key categories comprising products:
and packaged tea and coffee) by market share with approximately 29% market share • Basic staples: offers variants of rice, flours, cereals and pulses;
in Fiscal 2020ort). They are engaged in the business of procuring, processing,
• Speciality staples: offers oils, salts, sweeteners, grains, speciality flours
manufacturing, marketing and research and development of organic food products.
etc.
• One of the leading Indian organic food brands in the USA with presence in 39 states
• Spices and condiments: offer processed spices
across Indian Ethnic Stores and Mainstream Stores and have a presence in 34
countries as of September 30, 2021. • Processed food beverages and value added products: offers a wide
variety of processed food, beverages and value added products.
• They function under an ‘asset light’ model under which they own 3
secondary processing units in India.
Brief Financials ₹ in Cr
As at Sep’30 As at March 31,

Particulars
2021(06) 2020(06 2021(12) 2020(12) 2019 (12) Key Strengths
Equity Share Capital 18.27 18.26 18.26 18.26 18.26
Net worth • Market leader and one of the pioneers in the rapidly growing organic foods
77.36 73.45 18.26 18.26 18.25
industry in India with a diversified and innovative product portfolio;
Revenue from Operations 160.01 155.61 312.07 262.28 205.51 • Pan-India presence and market leadership fostered by an omni-channel
Adj. EBITDA 8.83 16.43 24.91 23.70 6.20 distribution network;
Net Profit/Loss for the Period 1.14 7.32 10.39 9.46 (3.47) • One of the leading Indian organic food brands in the USA with exports to a
EPS (₹) 0.62^ 4.01^ 5.69 5.18 (1.93) total of 34 countries;
• Large scale and efficient sourcing and procurement network;
RoNW (%) as stated 1.47%^ 9.97% 13.61% 14.22% (6.11)% • Asset-light model with strategically located processing facilities.
Net Asset Value (₹) 42.33 40.23 41.82 36.43 31.11
Source: DRHP, * Restated Statement ^ not annualised Back 33

eMudhra Limited
Promoters: Venkatraman Srinivasan and Taarav Pte. Ltd.
Offer Details: Fresh Issue of Equity Shares aggregating upto ₹ 200 Cr and Offer for Sale of 8,510,638 Equity Shares. Pre-IPO Placement of ₹ 39 Cr
BRLMs: IIFL Securities, Yes Securities, Indorient Financial Registrar: Link Intime
Objects of the Offer: Repayment or pre-payment, in full or in part, of all or certain borrowings; Funding working capital requirements; Purchase of equipments and funding
of other related costs for proposed data centers; Funding of expenditure relating to product development; Investment in eMudhra INC.

• eMudhra Limited is the largest licensed Certifying Authority in India with a market Digital Trust Services:
share of 37.9% in the digital signature certificates market space in Financial Year 2021 • Digital Trust Services in the capacity of a Certifying Authority in India and
having grown from 36.5% in Financial Year 2020. internationally,
• They are engaged in the business of providing Digital Trust Services and Enterprise • digital signature certificates provide cryptographic digital identities
Solutions to individuals and organisations functioning in various industries. Enterprise Solutions:
• The company is a ‘one stop shop’ player in secure digital transformation and provides • emSigner offering eSignature workflow solutions for paperless office;
a wide spectrum of services and solutions from issuance of certificates as a certifying • emAS offering authentication solutions; and
authority to offering identity, authentication and signing solutions. • emCA offering public key infrastructure solutions.
These are both web and mobile app enabled.
In their Enterprise Solutions, they provide identity, authentication and
authorization solutions, that are both web and mobile app enabled
As at Sep’30 As at March 31, Key Strengths

Particulars
2021(06) 2021(12) 2020(12) 2019 (12)
Equity Share Capital 35.09 35.09 35.09 35.09 • Largest licensed Certifying Authority in India;
• One stop shop solution provider in secure digital transformation;
Net worth 128.61 107.36 92.14 75.64
• Technology certifications, accreditations and membership in international
Revenue from Operations 91.95 131.59 116.45 101.58 bodies;
EBITDA 32.69 40.79 32.29 32.31 • Technology backed infrastructure to support quality and security of
Net Profit/Loss for the Period 19.92 25.36 18.42 17.44 services and solutions;
EPS (₹) 2.84^ 2.49 2.37 2.48 • Diverse, longstanding and growing customer base;
RoNW (%) as stated 15.51%^ 16.26^ 18.07^ 23.05^ • Partnerships with leading Indian and global channel partners and
enterprise solution partners.
Net Asset Value (₹) 18.33 15.30 13.13 10.78
Source: DRHP, * Restated Consolidated. ^ not annualised Back 34

Hexagon Nutrition Limited
Promoters: Arun Purushottam Kelkar, Subhash Purushottam Kelkar, Vikram Arun Kelkar and Dr. Nikhil Arun Kelkar
Offer Details: Fresh Issue of Equity Shares aggregating upto ₹ 100 Cr and Offer for Sale of 30,113,918 Equity Shares
Date of SEBI Filing: 24-12-2021 Date of SEBI Approval: 04-03-2022 Face Value: ₹1/--
BRLMs: Equirus Capital, SBI Capital Markets Registrar: KFin Technologies
Objects of the Offer: Repayment and/or pre-payment, in full and/or part, of certain borrowings; Funding the incremental working capital; Funding capital expenditure;
Investment in the subsidiary.

• Hexagon Nutrition Limited is a differentiated and research oriented pure-play nutrition • Company’s product portfolio addresses a broad spectrum of aspects such
company. They are the only holistic nutrition player that offers products across clinical as fortification of foods, therapeutic nutrition, clinical nutrition and
products, micronutrient premixes and therapeutic products. alleviation of malnutrition.
• They focus on holistic nutrition products encompassing a wide range of nutritional and • Fully integrated company engaged, right from product development to
nutrition enhancing products. They have developed their brands “PENTASURE”, marketing including research and development and manufacturing, with a
“OBESIGO” and “PEDIAGOLD” which are leading names in the health, wellness, and focus on quality.
clinical nutrition space. • They have 3 manufacturing facilities, in Nasik, Chennai and Thoothukudi
• Had presence across India and products have been exported to around 70 countries.

Particulars
2021(06) 2021(12) 2020(12) 2019 (12) Key Strengths
Net worth • Pioneer in micronutrient premix formulations business in the South Asia
153.06 138.03 116.74 99.25
and the market leader in customised premix formulations in India;
Revenue from Operations 124.89 209.97 203.84 230.65
• A leading brands in wellness and clinical nutrition
EBITDA 23.39 34.40 29.66 25.74
• Long standing relationships with marquee clients;
• Strong R&D capabilities with focus on innovation;
EPS (₹) 1.38^ 2.07 1.68 1.34
• Extensive manufacturing capabilities of products;
RoNW (%) as stated 9.94%^ 16.56% 15.91% 14.94%
• Well established pan India omni-channel distribution.
Net Asset Value (₹) 12.47 11.24 9.51 8.07
Source: DRHP, * Restated Consolidated. ^ not annualised;, Ratios post conversion of CCPS Back 35
Elin Electronics Limited
Promoters: Mangi Lall Sethia, Kamal Sethia, Kishore Sethia, Gaurav Sethia, Sanjeev Sethia, Sumit Sethia, Suman Sethia, Vinay Kumar Sethia and Vasudha Sethia
Offer Details: Fresh Issue of Equity Shares aggregating upto ₹ 175 Cr and Offer for Sale of Equity Shares aggregating upto ₹ 585 Cr
Date of SEBI Filing:17-11-2021 Date of SEBI Approval: 23-02-2022 Face Value: ₹ 5/--
Approx Issue Size (₹ Cr): 760
BRLMs: Axis Capital, JM Financial Registrar: KFin Technologies
Objects of the Offer: Repayment/ prepayment, in full or part, of certain borrowings; Funding capital expenditure towards upgrading and expanding the existing facilities.

• Elin Electronics Limited is a leading electronics manufacturing services (“EMS”) • They manufacture and assemble a wide array of products and provide
manufacturer of end-to end product solutions for major brands of lighting, fans, and end-to-end product solutions.
small/ kitchen appliances in India, and are one of the largest fractional horsepower • Their product portfolio includes LED lighting, fans and switches; small
motors manufacturers in India. appliances; fractional horsepower motors; medical diagnostic cartridges;
• They serve under both original equipment manufacturer (“OEM”) and original design plastic moulded and sheet metal parts and components; and other
manufacturer (“ODM”) business models. miscellaneous products such as terminal block, stainless steel blade, die
• They offer innovative solutions to their customers, which include leading international casting and radio sets.
and national consumer electronics brands. • The company has 3 manufacturing facilities which are strategically
located in Ghaziabad (Uttar Pradesh), Baddi (Himachal Pradesh) and
Verna (Goa).

Particulars
2021(06) 2021(12) 2020(12) 2019 (12)
Equity Share Capital 20.42 6.81 6.81 4.96 • Established market position in key verticals including leadership in
fractional horsepower motors;
Net worth 282.45 262.27 227.77 199.02
• Diversified products resulting in a de-risked business model;
• Entrenched relationships with a marquee customer base;
EBITDA 38.46 69.00 56.24 58.21
• High degree of backward integration resulting in higher efficiencies,
enhanced quality of products and customer retention capability;
EPS (₹) 4.73^ 8.53 6.73 7.12
• Consistent and strong track record of financial performance.
RoNW (%) as stated 6.84%^ 13.29% 12.07% 14.61%
Net Asset Value (₹) 69.16 64.22 55.77 48.73
Source: DRHP, * Restated Consolidated. ^ not annualised, Back 36

JK Files & Engineering Limited
Promoters: Raymond Limited
Offer Details: Offer for Sale of Equity Shares aggregating upto ₹ 800 Cr; Reservation for employees
BRLMs: SBI Capital Markets, DAM Capital, HDFC Bank Registrar: KFIn Technologies
Objects of the Offer: To achieve the benefits of listing the Equity Shares on the Stock Exchanges

• JK Files & Engineering Limited is engaged in the manufacturing of precision • The company primarily sell and market their tools and hardware products
engineered components for tools and hardware (files and drills) and marketing of hand in India through their umbrella brand, ‘JK SuperDrive’, and in the
tools, power tool accessories and power tool machines and manufacturing of auto international markets, through various subbrands including ‘JK Sun
components and engineering products (ring gears, flexplates and water pump Flower’, ‘JK Eye’, ‘JK Three Files’, ‘JK Two Files’, ‘Premium Scissors’, ‘JK
bearings). Sher’, ‘JK
• The company has the largest installed manufacturing capacity and was the second
largest supplier globally of steel files (2020) RPAL is amongst the key global ring gear
players and has the highest volume share in terms of supply to OEMs for domestic
production of PV and CV in Fiscal 2021.

Particulars • Leadership position in complex and high-quality precision engineered and
2021(03) 2021(12) 2020(12) 2019 (12) automotive components;
Equity Share Capital 8.74 8.74 8.74 8.74 • Comprehensive product portfolio;
Net worth 112.17 102.63 78.83 64.45 • De-risked business model with diversification;
Revenue from Operations 110.48 344.26 375.99 401.33 • Long term and well established relationships with distributors and marquee
EBITDA 16.05 47.76 39.02 47.30 domestic and global OEMs;
Net Profit/Loss for the Period 9.61 25.57 14.30 16.79 • Strong engineering capabilities with strategically located manufacturing
EPS (₹) 1.83^ 4.85 2.68 3.16 facilities;
RoNW (%) as stated 8.55%^ 24.81% 17.85% 25.72% • Consistent financial performance;
Net Asset Value (₹) 18.21 16.66 12.80 10.46 • Strong parentage of the Raymond group.
Source: DRHP, * Restated Consolidated. ^ not annualised, Back 37

API Holdings Limited
Promoters: The company is a professionally managed company and does not have an identifiable promoter
Offer Details: Fresh Issue of Equity Shares aggregating upto ₹ 6,250 Cr; Pre-IPO placement of ₹ 1,250 Cr
Approx Issue Size (₹ Cr): 6,250 BRLMs: Kotak Mahindra Capital, Morgan Stanley, BofA Securities, Citigroup Global,
Registrar: Link Intime
Category Allocation - QIB:HNI:Retail: 75:15:10 JM Financial
Objects of the Offer:Prepayment or repayment of all or a portion of certain outstanding borrowings; Funding organic growth initiatives; Pursuing inorganic growth through
acquisitions and other strategic

• API Holdings Limited is India’s largest digital healthcare platform (based on GMV of • The company operates an integrated, end-to-end business that aims to
products and services sold for the year ended March 31, 2021). Their integrated, end- provide solutions for healthcare needs of consumers across the following
to-end business aims to provide solutions for consumers’ healthcare needs, including critical stages
information on illness and wellness, tele-consultation, diagnostics and treatment • providing digital tools and information on illness and wellness,
through pharmaceutical products and devices. • offering teleconsultation,
• Their custom-built proprietary technology, unified data platforms, supply chain • offering diagnostics and radiology tests, and
capabilities, and deep understanding of the dynamic interplay of the healthcare value
• delivering treatment protocols including products and devices.
chain enable them to serve each stakeholder, consultants, consumers, diagnostic
• Company’s businesses have a presence across the country, with last-mile
labs, and company.
capabilities to deliver in over 18,587 pin codes (for June 2021) via
PharmEasy marketplace, allowing them the ability to provide access in an
Brief Financials ₹ in Cr affordable manner to the common man.

Particulars
2021(03) 2021(12) 2020(12) Key Strengths
Equity Share Capital 29.54 25.62 0.01
• Integrated business model with stakeholder relationships across the
Net worth 4,518.03 3,439.38 246.24 healthcare value chain;
Revenue from Operations 1,196.81 2,335.27 667.54 • Recognized PharmEasy brand;
EBITDA (292.59) (569.33) (386.21) • Technology driven approach;
Adj. EBITDA • Track record of Acquiring and Integrating Businesses;
(282.81) (512.52) (362.29)
• Scaled supply chain capabilities;
Net Loss for the Period (313.89) (641.34) (335.28)
• Resilient business model with scale and improving financial metrics.
Net Asset Value (₹) 8.91 8.00 0.85
Source: DRHP, * Restated Consolidated. Back 38

Wellness Forever Medicare Limited
Promoters: Ashraf Mohammed Biran, Gulshan Haresh Bakhtiani, and Mohan Ganpat Chavan
Offer Details: Fresh Issue of Equity Shares aggregating upto ₹ 400 Cr and Offer for Sale of 16,044,709 Equity Shares by Selling Shareholder.
BRLMs: IIFL Securities, Ambit Pvt Ltd, DAM Capital, HDFC Bank Registrar: Link Intime
Objects of the Offer:Funding capital expenditure for setting up of new stores; Repayment/prepayment, in part or full, of all or certain of their borrowings; Funding
incremental working capital requirements.

• Wellness Forever Medicare Limited is India’s 3rd largest retail pharmacy and wellness • The company has expanded their retail footprint to a total 236 stores in 23
network by number of stores, with a leading position in Western India in terms of total cities across the Indian states of Maharashtra, Karnataka and Goa serving
revenues. They operate a large omni-channel, hyperlocal retail network under their a registered customer base of 6.7 million customers as of June 30, 2021
“Wellness Forever” brand, serving as a one-stop solution for their customers’ wellness • Their business is technology-focused and supported by the IT-enabled
needs with most of their stores operating 24x7. distribution, fulfilment and other logistics capabilities.
• The company focuses on providing their customers with a retail experience that goes
• The retail network encompasses both their owned stores as well as their
beyond purchasing medicines. They offer a wide assortment of merchandise including
franchise network.
fast-moving consumer goods, fast-moving health goods, nutraceuticals and medical
equipment, among other products, alongside over-the-counter and prescription • They have added 116 new stores to their network during the past three
medicines. fiscal years.
As at March 31,
Particulars
2021 2020 2019# Key Strengths
• Unique retail platform within India’s fast-growing pharmaceutical retail
Net worth 266.69 168.72 111.08 sector;
Revenue from Operations 924.02 863.25 676.98 • Demonstrated track record of retail footprint expansion;
EBITDA as stated 76.18 87.92 71.13 • Omni-channel, hyper-local presence increasing customer touch points;
Net Profit/Loss for the Year • Valuable and trusted “Wellness Forever” brand;
(34.85) (5.32) (1.33)
• Growth-ready, technology-backed infrastructure platform.
EPS (₹) (7.11) (1.16) (0.31)
Net Asset Value (₹) 54.43 36.64 26.86
Source: DRHP, * Restated Consolidated , #Proforma Back 39

CMR Green Technologies Limited
Promoters: Gauri Shankar Agarwala, Mohan Agarwal, Kalawati Agarwal and Pratibha Agarwal.
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.
Approx Issue Size (₹ Cr): 300^ Registrar: Kfin
BRLMs: Axis Capital, ICICI Securities, JM Financial
Category Allocation - QIB:HNI:Retail: 75:15:10 Technologies
Objects of the Offer: Repayment / prepayment, in full or in part, of certain borrowings availed by the company.

• CMR Green Technologies Limited is the largest metal recycler in the domestic • The company produce following alloys:
aluminium recycling industry and amongst the largest in the world. • ADC12 - This alloy has high mechanical properties and good castability.
• They are primarily focused on the recycling of aluminium, which involves the • ADC6 - This alloy offers good corrosion resistance and elasticity for
processing of aluminium based metal scrap to manufacture aluminium alloys and various safety applications,
supplying them both in liquid form as well as solid ingots, and on the manufacturing of • HS1H - This alloy has high resistance to corrosion.
zinc alloys. • DAA1 – This alloy has good castability and corrosion resistance.
• Additionally, they focus on segregation and recycling of other metals including • LM6 - This alloy has a high resistance to corrosion and excellent
stainless steel, copper and brass, and recycling of end-of-life vehicles. castability.
• LM4 - This alloy is suitable for general engineering purposes.
• They currently operate through 12 manufacturing facilities.
• Company’s customers primarily include OEMs and Tier 1 companies in the
Brief Financials ₹ in Cr automotive manufacturing sector. Tier 1 companies are companies that
directly supply to OEMs.
As at March 31,
Particulars
2021 2020# 2019# Key Strengths
Equity Share capital Suspense Account 870.29 - - • The leading recycler in the domestic aluminium recycling industry in India;
Net worth 762.31 21.68 21.55 • The long-standing relationships with the customers;
Revenue from Operations 2,913.19 - - • Leading supplier of liquid aluminium;
EBITDA as stated 336.53 (0.01) (0.01) • Strategic alliances through joint ventures;
Net Profit for the Year 40.73 0.12 0.05 • Strong and diversified supplier base for sourcing raw materials;
EPS (₹) 0.98 0.05 0.02 • Operates an environment friendly business that is supported by green
RoNW (%) as stated 2.84% 0.57% 0.23% technologies and processes;
Net Asset Value (₹) 34.45 9.19 9.14 • The facilities, technology, quality processes and engineering expertise;
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 Back 40
Capital Small Finance Bank Limited
Promoters: Sarvjit Singh Samra, Amarjit Singh Samra, Navneet Kaur Samra, Surinder Kaur Samra and Dinesh Gupta
Offer Details: 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
BRLMs:Axis Capital, Edelweiss Financial, SBI Capital Markets Registrar: Link Intime
Objects of the Offer: Augmentation of the Bank’s Tier-I capital base to meet the Bank’s future capital requirements.

• Capital Small Finance Bank commenced operations as India’s first small finance bank • The Bank currently offer a variety of credit and deposit products and
in 2016, and is among the leading SFBs in India in terms of asset quality, cost of services to their customers and are a one stop solution for their financial
funds, retail deposits and CASA deposits for Fiscal 2021. needs, providing a range of diverse offerings.
• They have the most diversified portfolio with sizeable book in multiple asset classes as • The Bank operates on a branch-based model. Headquartered in
compared to other SFBs with a highest proportion of secured lending of 99% as of Jalandhar, Punjab, they have over the years expanded their SFB
Fiscal 2021 among the SFBs. operations strategically in the north Indian states.
• They have the best asset quality among the SFBs represented by lowest GNPA and
• They have also created a strong asset liability franchise and offer suite of
NNPA of 2.08% and 1.13% respectively as of Fiscal 2021. They have an experience of
products and services beyond credit and deposits.
over 2 decades in the banking industry having operated as the largest local area bank
prior to their conversion into a small finance bank. • The loan portfolio comprises agricultural, MSME and trading, mortgage
lending, retail loans and loans to large corporates.

Particulars
2021(03) 2021(03) 2021(12) 2020(12) 2019 (12) Key Strengths
• Strong retail liability franchise with a high share of CASA;
Net worth 464.20 414.02 450.79 406.78 250.32
Revenue from Operations 136.44 124.20 511.44 458.14 346.29 • Secured and diversified advances portfolio;
EBITDA 20.29 12.91 70.23 49.92 38.69 • Robust credit assessment processes and risk management practices;
Net Profit/Loss for the Period 12.18 6.80 40.78 25.38 19.41 • Customer centric approach and deep understanding of target customers;
EPS –Basic (₹) 3.59^ 2.01^ 12.04 8.18 6.82 • Consistent track record of growth with constantly improving operational
EPS – Diluted (₹) 3.57^ 2.01^ 11.98 8.16 6.82 and profitability metrics.
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 Back 41

Jesons Industries Limited
Promoters: Dhiresh Shashikant Gosalia
Offer Details: Fresh Issue of Equity Shares aggregating upto ₹120 Cr and Offer for Sale of 12,157,000 Equity Shares. Employee Reservation of upto 77,000
Equity shares, Pre-IPO Placement of ₹24 Cr.
Date of SEBI Filing: 20-11-2021 Date of SEBI Approval: 08-02-2022 Face Value: ₹ 5/-
BRLMs: Axis Capital, JM Financial Registrar: Link Intime
Objects of the Offer: Repayment/ prepayment, in full or part, of certain borrowings availed of by the company and their Subsidiary, Jesons Techno Polymers LLP.

• Jeson Industries Limited is one of the leading manufacturers of specialty coating • SCE: The company manufactured a wide variety of emulsion binders of
emulsions (“SCE”) and water based pressure sensitive adhesives (“PSA”) in tape and different chemistries, such as, Pure Acrylic, Styrene Acrylic, VAM Acrylic,
label segments (in terms of sales value), in India. VAM Veova, PVA Homopolymers.
• Their products are used in various end user industries, such as paints, packaging, and • PSAs are a type of non-reactive adhesive which forms a bond when upon
chemicals for construction, textiles, leather, carpet and paper. application of pressure against a surface. They supply PSA to the tape and
• Amongst the Indian manufacturers, they have one of the largest range of products in label manufacturing industries.
SCEs and PSAs product categories. • They have 6 strategically located manufacturing facilities, comprising 2
• They are one of the leading SCE suppliers to the Indian paint sector with about 30% facilities at the Daman 1 at Roorkee, 1 at chennai, 1 at Mundra and 1 at
market share in the segment in Fiscal 2021, in terms of sales value Vapi.

Particulars • Diversified product portfolio and customised customer solutions;
2021(03) 2021(12) 2020(12) 2019 (12)
• One of the leading players in SCEs and PSAs with diversified geographical
Equity Share Capital 8.94 8.94 8.94 8.94 presence spanning key regions;
Net worth 317.15 262.84 168.92 142.75 • Strategically located production facilities;
Revenue from Operations 438.43 1,085.72 901.37 917.69 • Diversified customer base with long term relationships with marquee
EBITDA 73.72 128.82 47.49 47.87 customers both domestically as well as globally;
Net Profit/Loss for the Period 54.27 92.88 29.65 24.75 • Innovation and R&D led product offering.
EPS (₹) 10.13^ 17.55 5.51 4.62
RoNW (%) as stated 17.12%^ 35.80% 17.49% 17.34%
Net Asset Value (₹) 59.16 49.03 31.51 26.63

Delhivery Limited
Promoters: The company is a professionally managed company and does not have an identifiable promoter.
Offer Details: Fresh Issue of Equity Shares aggregating upto ₹ 5,000 Cr and Offer for Sale of Equity Shares aggregating upto ₹ 2,460. Reservation for Employee.
Date of SEBI Filing: 02-11-2021 Date of SEBI Approval:. 13-01-2022 Face Value: ₹1/--
Approx Issue Size (₹ Cr): 7,460
BRLMs: Kotak Mahindra Capital, Morgan Stanley, BofA Securities, Citigroup Global Registrar: Link Intime
Category Allocation: QIB: HNI: Retail: 75:15:10
Objects of the Offer:Funding organic growth initiatives; Funding inorganic growth through acquisitions and other strategic initiatives.

• Delhivery Limited was incorporated on June 22, 2011. • Company’s business is guided by 3 operating principles: People-
• The company is largest and fastest growing fully integrated logistics player in India by centricity; Growth through partnership: Efficiency, always.
revenue as of Fiscal 2021. They provide a full-range of logistics services, including • The integration of their technology platform with their physical network and
express parcel delivery, heavy goods delivery, part-truckload freight, truckload freight, its operations enables them to provide comprehensive supply chain
warehousing, supply chain solutions, cross border express and freight services and solutions to a wide range of customers.
supply chain software. • In the 3 months ended June 30, 2021, they provides supply chain solutions
• This is achieved through their high-quality logistics infrastructure and network to a diverse base of 21,342 Active Customers such as e-commerce
engineering, a vast network of domestic and global partners and significant market-places, direct-to-consumer e-tailers and enterprises and SMEs.
investments in automation, all of which are orchestrated by their self-developed • The key differentiators of their business are:Integrated solutions;
logistics operating system that is guided in real-time by deep sources of proprietary Proprietary logistics operating system; Data Intelligence;
network and environmental data. Automation;
• Unified Infrastructure and Network; Asset-light operations; and
Entrepreneurial team:
As at Jun’30 As at March 31, Key Strengths

Particulars
2021(03) 2021(12) 2020(12) 2019 (12)
Equity Share Capital 1.64 1.63 0.98 0.96 • Rapid growth, extensive scale and improvement in unit economics;
Net worth 4,743.63 2,836.80 3,170.41 3,388.28 • The proprietary logistics operating system;
Revenue from Operations 1,317.72 3,646.53 2,780.58 1,653.90 • Vast data intelligence capabilities;
EBITDA (36.44) (100.38) (172.05) (137.07) • The network design and engineering;
Adj. EBITDA (51.01) (253.28) (253.19) (187.64) • Integrated portfolio of logistics services;
Net Profit/Loss for the Period (129.58) (415.74) (268.93) (1783.30) • Strong relationships with a diverse customer base;
Net Asset Value (₹) 82.57 54.79 61.51 65.94 • Extensive ecosystem of partners, enabling an asset-light business model.
Source: DRHP, *Restated Summary Back 43

Radiant Cash Management Services Limited
Promoters: Col. David Devasahayam and Dr. Renuka David
Offer Details: Fresh Issue of Equity Shares aggregating upto ₹ 60 Cr and Offer for Sale of 30,125,000 Equity Shares by Selling Shareholder
Date of SEBI Filing: 12-10-2021 Date of SEBI Approval:.10-01-2022 Face Value: ₹1/--
BRLMs: IIFL Securities, Motilal Oswal, Yes Securities Registrar: Link Intime
Objects of the Offer: Funding working capital requirements; Funding of capital expenditure requirements for purchase of specially fabricated armoured vans.

• Radiant Cash Management Services Limited incorporated on March 23, 2005. • Company’s services include cash pickup & delivery, beat & call points,
• The company is an integrated cash logistics player with leading presence in retail cash cash vaulting & processing, network currency management, inter-city /
management (“RCM”) segment of the cash management services industry in India and intra-city movement, cash vans dedicated and ad hoc requests, bullion
is one of the largest players in the RCM segment in terms of network locations or movement, currency chest operations and man behind counter.
touch points served as of July 31, 2021. • The Company provides services across 12,150 pin codes in India covering
• Their marquee clients includes some of the largest foreign, private and public sector all districts (other than Lakshadweep) with about 42,420 touch points
banks, and the end user of their services include some of the largest e-commerce serving more than 4,700 locations as of July 31, 2021.
companies, retail chains, NBFCs, insurance firms, ecommerce logistics players, • As on July 31, 2021, they had 1,761 employees and 6,056 contractual
railways and retail petroleum distribution outlets workers in addition to guards and drivers hired on ad-hoc or contractual
basis through their Group Company, RPFPL and third parties.
Brief Financials ₹ in Cr • As on July 31, 2021, they had a fleet of 694 fabricated vans.

Particulars
2021(03) 2021(12) 2020(12) 2019 (12)
Equity Share Capital 1.03 1.03 1.11 1.11 • Leading integrated cash logistics player in a consolidating industry present
across the value chain of retail cash management
Net worth 109.14 127.10 119.57 105.72
• Pan India presence with strong network in Tier 2 and Tier 3+ locations and
fast growing end user segments
EBITDA 11.61 49.76 55.77 41.20
• Diversified client base with long standing relationship and ability to cross-
Net Profit/Loss for the Period 7.44 32.43 36.50 25.02 sell value added services
EPS (₹) 0.73^ 3.20 3.60 2.47
• Robust Operational Risk Management
RoNW (%) as stated 6.82%^ 25.52% 30.53% 23.66%
• Significantly built up technology to optimise operational profitability.
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 , Back 44
Five Star Business Finance Limited
Promoters: Lakshmipathy Deenadayalan, Hema Lakshmipathy, Shritha Lakshmipathy, Matrix Partners India Investment Holdings II, LLC and SCI Investments V
Offer Details: Offer of Sale of Equity Shares aggregating upto ₹ 2,751.95.
Date of SEBI Filing: 10-11-2021 Date of SEBI Approval:.07-01-2022 Face Value: ₹ 1/--
Approx Issue Size (₹ Cr): 2,751.95 BRLMs: ICICI Securities, Edelweiss Financial, Kotak Mahindra Capital, Nomura
Registrar: KFin Technologies
Category Allocation: QIB: HNI: Retail: 50:15:35 Financial
Objects of the Offer:.To achieve the benefits of listing the Equity Shares

• Five Star Business Finance Limited was incorporated on Mary 7, 1984. • The company is a lender that provide secured loans to small business
• The company is an NBFC providing secured business loans to micro-entrepreneurs owners and self-employed individuals, as well as small mortgage loans to
and self-employed individuals, each of whom is largely excluded by traditional meet certain personal needs of their customers.
financing institutions. They are headquartered in Chennai, Tamil Nadu with a strong • They target customers in urban and semi-urban locations in India, as well
presence in south India and all of their loans are secured by their borrowers’ property, as rural markets who typically derive income from “everyday” cash and
predominantly being self–occupied residential property. carry businesses with a focus on services; with household cash-flows of
• They have developed a business model that is predicated on arriving at an appropriate approx. ₹25,000 to ₹40,000 per month; who can provide collateral and
risk framework, with the optimal instalment to income ratio to ensure that their whose family will act as co-applicants on the loan.
customers have the necessary means to repay the loan after meeting their regular • Over 95% of their loan portfolio comprises loans from between ₹0.1 million
obligations and other event-based capital requirements. to ₹1.0 million in disbursed value, with an at the time of disbursement
across their portfolio of ₹0.26 million, ₹0.31 million and ₹0.34 million in
Financial Years 2021, 2020 and 2019, respectively.
Key Strengths
Particulars
2021(06) 2021(12) 2020(12) 2019 (12) • Fastest AUM growth with more than ₹30,000 million in AUM;
Equity Share Capital 29.01 25.65 25.58 23.90 • Develop an underwriting model that evaluates the cash-flows of small
Net worth 3,453.31 2,318.17 1,944.58 1,364.89 business owners and self-employed individuals;
Revenue from Operations 610.69 1,049.74 786.72 408.91 • Strong on-ground collections infrastructure to maintain a robust asset
EBITDA 458.01 813.02 576.30 302.69 quality;
Net Profit/Loss for the Period 217.55 358.99 261.95 156.41 • Ability to successfully expand to new underpenetrated geographies;
EPS – Basic (₹) 7.96^ 14.01 10.32 6.88 • 100% in-house sourcing, comprehensive credit assessment and robust
RoNW (%) as stated 14.53% 16.85% 15.35% 15.11% risk management and collections framework;
Net Asset Value (₹) 119.02 85.26 71.68 57.11 • Access to diversified and cost-effective long-term financing.
Source: DRHP, * Restated Statement. ^ not annualised, , Back 45

Waaree Energies Limited
Promoters: Hitesh Chimanlal Doshi, Virenkumar Chimanlal Doshi and Mahavir Thermoequip Pvt Ltd
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.
Approx Issue Size (₹ Cr): 1,350^
BRLMs: Axis Capital, HSBC Securities, ICICI Securities, Intensive Fiscal Services Registrar: Link Intime
Objects of the Offer: Proposing to finance the cost of establishing (a) 2 GW p.a.solar cell manufacturing facility (“Solar Cell Facility”), and (b) 1 GW p.a. solar PV module
manufacturing facility (“Solar Module Facility”),

• Waaree Energies Limited was incorporated on December 18, 1990. • Their solar energy product portfolio consists of the following PV modules:
• The company is one of the major players in the solar energy industry in India focused • Multicrystalline modules; and
on PV module manufacturing, with an aggregate installed capacity of 2 GW as of • Monocrystalline modules, comprising Merlin flexible modules and
March 31, 2021. monocrystalline passivated emitter and rear cell modules, which include
• They operate three manufacturing facilities comprising 4 factories at Surat, Tumb and bifacial modules (framed and unframed), building integrated photo voltaic
Nandigram in Gujarat, India.In Fiscal 2021, modules.
• Their products were sold across India, and they made export sales to 19 International • The company manufactures and sell their PV modules under the “Waaree”
jurisdictions. As of June 30, 2021, they had 388 franchisees in 25 states and 2 Union brand. Their products are differentiated on the basis of module technology
Territories across India. and type as well as cell size and sold across different ranges.
• Leveraging their expertise in manufacturing high quality solar modules and
substantial experience in the solar industry, they provides EPC solutions
Brief Financials ₹ in Cr as a contractor.
As at March 31, Key Strengths

Particulars
2021(12) 2020(12) 2019 (12)
Equity Share Capital 197.14 197.14 197.14 • Leading solar PV module manufacturer in India well positioned to capture
strong industry tailwinds and growth prospects for solar energy
Net worth 344.69 297.72 256.42
• Marquee customer base in India and globally
Revenue from Operations 1,952.78 1,995.78 1,591.04
• Deep penetration into the rooftop segment through their pan-India
EBITDA as stated 125.42 117.78 165.36 franchisee network
Net Profit for the Year 48.19 39.02 82.34 • Consistent track record of financial performance leading to strong balance
EPS (₹) 2.50 2.12 4.18 sheet position
RoNW (%) as stated 14.28% 14.01% 32.11% • High quality manufacturing with stringent quality control and global
Net Asset Value (₹) 17.48 15.10 13.01 accreditations
Source: DRHP, *Restated Summary Back 46

GPT Healthcare Limited
Promoters: GPT Sons Pvt Ltd, Dwarika Prasad Tantia, Dr. Om Tantia and Shree Gopal Tantia
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.
Approx Issue Size (₹ Cr): 17.50^
BRLMs: DAM Capital, SBI Capital Markets Registrar: Link Intime
Objects of the Offer: Purchase of medical equipment.
• GPT Healthcare Limited was incorporated on August 17, 1989. • The company offers a comprehensive range of healthcare services across
• The company is one of the leading regional corporate healthcare companies in over 35 and super specialties, including internal medicine and diabetology,
Eastern India in terms of number of beds and hospitals commissioned by them. nephrology, laparoscopic and general surgery, gynaecology and obstetrics,
critical care, gastroenterology, orthopaedics and joint replacements,
• They operates a chain of mid-sized hospitals under the “ILS Hospitals” brand and pro
interventional cardiology, neurology, neurosurgery etc.
vide integrated healthcare services, with a focus on secondary and tertiary care.
• Each of their hospitals also provides integrated diagnostic services and
• They own, operate and manage a network of 4 multispecialty hospitals, of which 3
pharmacies that cater to their patients.
hospitals are located in West Bengal and 1 hospital in Tripura; with a total capacity of
556 beds, offering a comprehensive range of healthcare services across over 35 • The few of their key specialties are:Laparoscopic and general surgery,
specialties and super specialties. Nephrology, Gastroenterology, and Interventional cardiology.

As at Sep’30 As at March 31, • Well-positioned in under-penetrated healthcare delivery markets in
Particulars
2021(06) 2021(12) 2020(12) 2019 (12) prominent locations with dense population
Equity Share Capital 57.94 57.94 57.94 57.94 • Diversified speciality mix and location mix
Net worth 143.50 132.64 125.60 114.60 • Track record of operating and financial performance and growth
Revenue from Operations 90.19 242.75 211.84 171.87 • Mid-sized hospitals leading to high return on capital
EBITDA 25.90 55.10 40.03 39.83 • Ability to attract, train and retain quality medical professionals
Net Profit/Loss for the Period 16.15 21.09 10.96 14.95 • Clinical excellence and affordability creating value proposition to patients
and attendants
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 Back 47
Veeda Clinical Research Limited
Promoters: Basil Pvt Ltd
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
Approx Issue Size (₹ Cr): 831.60^
BRLMs: SBI Capital Markets, ICICI Securities, JM Financial, Systematix Corporate Services Registrar: Link Intime
Objects of the Offer:. Repayment/prepayment of certain indebtedness availed by the subsidiary-Bioneeds; Funding capital expenditure requirements of the company; Investment in the
Bioneeds for financing capital expenditure requirements; Funding further acquisition of equity shares of Bioneeds; Investment in the Joint Venture; Funding working capital requirements.

• Veeda Clinical Research Limited was incorporated on April 23, 2004. • The company offers a full suite of clinical trials together with related
• Is one of the largest independent full service clinical research organization (“CRO”) in services and pre-clinical studies. In particular, they have with expertise in
India as of March 31, 2020, on the basis of revenue. PK studies as well as trials in generic molecules, NCEs and
• With over 16 years of experience, they have partnered with members of the biopharmaceuticals.
pharmaceutical fraternity globally, to deliver efficacious clinical research solutions such • They recently acquired pre-clinical trial capabilities with their recent
as bioavailability and bioequivalence studies, as well as a full suite of clinical trials acquisition of Bioneeds. Bioneeds has strong capabilities in preclinical
including pre-clinical, early phase and late phase clinical trials, together with related services, drug research and development, chemistry services –analytical
services across most aspects of the drug development and drug launch value chain, studies and regulatory compliances.
across the global markets particularly North America, Europe and Asia. • They offer a range of clinical development programs and services to small,
mid-size and global pharmaceutical, biotech, generic and medical device
companies with fully ICH-GCP compliant operations.
Particulars
2021 2020 2019#
Equity Share Capital 0.60 0.59 0.59 • One of the largest independent full service CROs in India;
Instruments in the nature of equity 35.23 35.23 35.23 • Extensive scientific competence to service a global clientele;
Net worth 169.44 88.00 87.97 • Successful track record of stringent compliance culture;
Revenue from Operations 195.81 151.27 218.44 • Ongoing investments to provide technology driven CRO solutions;
EBITDA as stated 66.72 19.39 88.20 • Increase the presence across regulated markets in the US and the EU;
Net Profit for the Year 62.97 (0.04) 44.16
• Increased focus on pre-clinical services to facilitate innovator drug
EPS (₹) 15.39 (0.01) 12.17 development and discovery;
RoNW (%) as stated 37.16% (0.05)% 50.20%
• Expanding the presence in biosimilars;
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 Back 48
Global Health Limited
Promoters: Dr. Naresh Trehan
Date of SEBI Filing: 30-09-2021 Date of SEBI Approval:. 21-12-2021 Face Value: ₹ 2/--
BRLMs: Kotak Mahindra Capital, Credit Suisse, Jefferies India, JM Financial Registrar:KFin Technologies
Objects of the Offer:. Repayment/prepayment of borrowings, in full or part, of their subsidiaries, GHPPL and MHPL.
• Global Health Limited was incorporated on • The company operates and provide a broad range of speciality services,
• The company is one of the largest private multi-speciality tertiary care providers divided into the following areas: The Heart Institute; The Institute of
operating in the North and East regions of India, with key specialties of cardiology and Neurosciences; The Institute of Digestive and Hepatobiliary Sciences;
cardiac science, neurosciences, oncology, digestive and hepatobiliary sciences, The Institute of Liver Transplantation and Regenerative Medicine etc.
orthopaedics, liver transplant, and kidney and urology. • They operates 5 multi-speciality clinics and out-patient facilities across
• They were founded by Dr. Naresh Trehan, a world-renowned cardiovascular and northern and eastern India.
cardiothoracic surgeon, and under the “Medanta” brand, they have a network of 4
• As at March 31, 2019, they had 1,722 installed beds, which grew to 2,176
hospitals currently in operation (Gurugram, Indore, Ranchi and Lucknow), a hospital
installed beds as at March 31, 2021, representing a growth of 26.36%.
which is under construction with an operational outpatient facility (Patna), and one
hospital (Noida) planned for development.
Key Strengths
As at March 31,
Particulars
2021 2020 2019# • Leading tertiary and quaternary care provider in India, well recognised for
Equity Share Capital 49.59 49.35 49.13 clinical expertise in particular in dealing with complicated cases;
Net worth 1,382.34 1,349.54 1,295.50 • Focus on clinical research and academics;
Revenue from Operations 1,446.74 1,500.42 1,455.80 • ‘Doctor-led’ hospitals driven by skilled and experienced doctors;
EBITDA as stated 222.85 230.45 217.90 • Large-scale hospitals with world-class infrastructure and high-end medical
Net Profit for the Year 28.81 36.33 51.30 equipment and technology;
• Track record of strong operational and financial performance;
EPS (₹) 1.15 1.45 2.06
• Focus on under-served areas with dense population and presence in top
RoNW (%) as stated 2.08% 2.69% 3.96% or capital cities of large states (NCR, Lucknow and Patna).
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 Back 49
Sahajanand Medical Technology Limited
Promoters: Bhargav Dhirajlal Kotadia and Shree Hari Trust
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.
BRLMs: Axis Capital, BofA Securities, Edelweiss Financial, UBS Securities Registrar: Link Intime
Objects of the Offer: Repayment/ prepayment of certain indebtedness; Funding the working capital requirement of the indirect foreign subsidiary, Vascular Innovations Co
Ltd. (“Vascular Innovations”);

• Sahajanand Medical Technologies Limited was incorporated on October 25, 1999. • The company research, design, develop, manufacture and market vascular
• The company is a leading medical devices company that researches, designs, devices in India and globally. They have direct operations in 10 countries and
develops, manufactures and markets vascular devices globally. distributor sales presence in more than 59 countries through a network of 67
• distributors in these countries, as of March 31, 2021. They manufacture and
• They differentiate their product offering by providing customers with high quality supply their products domestically and to certain key markets in Europe.
products at market appropriate prices supported by strong clinical data. • Their products are divided into 3 main product verticals:
• They have a leading market share of 21%, 25% and 31% in Fiscals 2019, 2020 and • Interventional cardiology: Devices used for the treatment of blockages in
2021, respectively, of the total DES sales volume in India. heart vessels (coronary artery disease);
• Structural Heart Intervention: Devices used for the treatment of
• They are among the Top-5 companies in terms of market share (by sales volume of
abnormalities in the tissues, walls, and valves of the heart;,
DES) in each of Germany, Netherlands, Italy and Poland, as of March 31, 2021.
• Peripheral intervention: Devices used in treating peripheral vascular
diseases;
Brief Financials ₹ in Cr • Others: Accessories such as PTMC balloons, sizing balloons etc.
As at March 31,
Particulars Key Strengths
2021 2020 2019
Equity Share Capital 8.89 8.89 8.89 • Technologically advanced products in an industry with high barriers to entry;
Net worth 343.33 414.60 390.19 • Market leading position in interventional cardiology in India, leveraging on
Revenue from Operations 588.52 479.91 326.12 industry growth drivers;
Adj. EBITDA as stated 47.80 55.73 54.65 • Fast growth in international markets;
Net Profit for the Year (72.34) 25.44 33.43 • Robust and efficient manufacturing capabilities generating healthy margins;
• Proven R&D capabilities; and
EPS – Basic (₹) (8.13) 2.76 4.00
• Experienced and stable leadership team supported by a highly skilled
RoNW (%) as stated (21.06)% 5.92% 8.57% employee base
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. Back 50
Keventer Agro Limited
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
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.
BRLMs: Axis Capital, ICICI Securities, JM Financial Registrar: Link Intime
Objects of the Offer: Repayment and/ or pre-payment, in full or part, of certain borrowings; Funding capital expenditure requirements of the company;
• Keventer Agro Limited is a leading fast-moving consumer goods (“FMCG”) company • Company’s business primarily comprises of the (i) packaged foods &
headquartered out of Kolkata with interests in packaged, dairy and fresh food beverage; and (ii) dairy & fresh segments.
products. • The packaged foods & beverage segment primarily involves the
• Their comprehensive range of products span across various brands and categories manufacturing, packaging, marketing, distribution of products which
with more than 90 SKUs as of March 31, 2021, and a presence across the value chain include (i) “Frooti” or “Appy” or “B Fizz” or “Appy Fizz” or “Bailley” or
in fresh, frozen and ambient long shelf life food product categories. “Smoodh” which are licensed to them pursuant to various franchisee
• Their products cater to ‘needs’ and the ‘wants’ of their consumers by satisfying their agreements entered into with Parle Agro Private Limited (“Parle Agro”);
daily nutrition needs and delighting them with their range of indulgent and “on-the-go” and (ii) “ready-to-cook” and frozen food under “Keventer” brand.
products. • Their dairy & fresh segment primarily involves (i) sourcing, processing,
• Their “ready-to- eat” and “ready-to-cook” products facilitate ease of cooking for their marketing, distribution and sale of pouch milk, pouch curd, ice-cream, set-
consumers. curd, UHT milk, milkshakes and lassi under the “Metro” and “Keventer”
brands; and (ii) sourcing, ripening, distribution, branding and sale of
Brief Financials ₹ in Cr bananas under the “Keventer” brand.

Particulars
2021 2020 2019
Equity Share Capital 13.11 13.11 13.11 • One of the leading players in the East and North East of India, across a
Net worth 96.10 173.14 170.04 wide and varied product range that serves a cross section of different
Adj. Net worth 327.32 336.54 342.35 customers;
Revenue from Operations 830.20 945.11 881.72 • Robust multi-channel distribution platform and use of technology to derive
Adj. EBITDA 48.69 43.55 63.64 distribution efficiencies;
Net Profit/Loss for the Year (76.18) 3.42 (0.12) • Strong track record of introducing new products and innovation supported
EPS-Diluted (₹) (29.05) (0.87) (0.04) by successful placement through established distribution platform;
RoNW (%) as stated (79.27)% 1.97% (0.07)% • State-of-the-art manufacturing infrastructure, superior sourcing and
Net Asset Value (₹) 38.69 68.07 66.888 stringent quality and food safety procedures.
Source: DRHP, * Unconsolidated Financial Statement Back 51

Le Travenues Technology Limited (ixigo)
Promoters: The company is a professionally managed company and does not have an identifiable promoter
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;
Reservation for Employees
BRLMs: Axis Capital, ICICI Securities, Kotak Mahindra Capital, Nomura Financial Registrar: Link Intime
Objects of the Offer: Organic and inorganic growth initiatives.

• Le Travenues Technology Limited (“ixigo”) incorporated on June 3, 2006. • Ixigo is the leading travel ecosystem for the ‘next billion users’, with their
• The company is a technology company focused on empowering Indian travellers to focus on localized content and app features that aim at solving problems of
plan, book and manage their trips across rail, air, buses and hotels. travelers.
• They assist travellers in making smarter travel decisions by leveraging AI, machine • They are the largest Indian OTA in the online train bookings segment and
learning and data science led innovations on their OTA platforms, comprising their their train-centric mobile applications, ixigo trains and ConfirmTkt, were
websites and mobile applications. collectively the leading B2C distribution platforms for IRCTC with 42%
• Travellers can book train, flight and bus tickets, hotels and cabs, while accessing utility market share, in terms of rail bookings among the OTAs and B2C
tools and services including train PNR status and confirmation predictions, train seat distributors of IRCTC in Fiscal 2021.
availability alerts, train running status updates and delay predictions, bus running • Their bus-focused app, AbhiBus, was the 2nd largest bus-ticketing OTA in
status, personalized recommendations, instant fare alerts and automated customer India, with a 10% market share in online bus ticket bookings, in Fiscal
support services. 2021.
• They are also the 3rd largest flight OTA in India with a market share of 12%
Brief Financials ₹ in Cr in online air bookings in Fiscal 2021.
• They have the highest app usage among OTAs with 37.48 million users,
As at March 31, based on MAUs in March 2021.
Particulars
2021 2020 2019#
Equity Share Capital 0.04 0.04 0.04 Key Strengths
Instruments entirely equity in nature 232.57 - -
Net worth 29.94 (225.05) (199.38) • Market leader with deep penetration in the underserved ‘next billion user’
Revenue from Operations 135.57 111.60 40.37 segment;
EBITDA as stated 6.14 (23.10) (51.71) • AI and technology driven operations;
Adj. EBITDA as stated 8.21 (3.66) (38.99) • Strong consumer travel brand built with user-first approach;
Net Profit/Loss for the Year 7.53 (26.61) (57.35) • Strong unit economics with high operating leverage and organic flywheel;
EPS - Basic (₹)~ 99.25 (367.88) (793.12) • Experienced management team with lean organization structure.
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.
Back 52
Equity share capital before the offer is ₹36.84 C
Emcure Pharmaceuticals Limited
Promoters: Satish Mehta and Sunil Mehta
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.
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
Objects of the Offer: Prepayment or scheduled repayment of all or a portion of certain outstanding borrowings availed by the company.
• Emcure Pharmaceuticals Limited (“Emcure”) was incorporated on April 16, 1981. • Emcure develop, manufacture and market a broad range of
pharmaceutical products globally. They seek to establish a presence in
• Emcure is one of the leading Indian pharmaceutical companies engaged in
several and diverse markets and, for the FY2021, no single product or
developing, manufacturing and globally marketing a broad range of pharmaceutical
country outside India contributed to more than 13% of their proforma
products across several major therapeutic areas.
revenue from operations.
• They were ranked as (i) the 12th largest pharmaceutical company in India and (ii) the
• In India, they have a focus on chronic (including sub-chronic) therapeutic
largest pharmaceutical company in India in the gynecology, blood related and HIV
areas, such as the gynecology, cardiovascular, oncology/anti-neoplastics,
antivirals therapeutic areas, based on sales in India in the financial year 2021.
HIV, blood-related therapeutic areas. As of June 30, 2021, they were
• They are an R&D driven company with a differentiated product portfolio that includes present in a total of 19 therapeutic areas viz. Gynecology, Cardiovascular,
orals, injectables and biologics, as well as an mRNA platform through which they are Vitamins, minerals and nutrients, Anti-infectives, Gastrointestinal, Pain and
currently developing a COVID-19 vaccine. analgesics, HIV antivirals, Respiratory etc.
• As of June 30, 2021, they sold over 350 brands across the above
therapeutic areas in India.
As at March 31,
Particulars
2021 2020 2019
Net worth 2,273.02 1,911.95 1,829.26
Revenue from Operations 6,056.41 5,048.55 4,717.18 • Well-placed to Leverage Leading Position in the Domestic Market Large,
EBITDA as stated 1,178.77 682.77 858.77 Diversified and Fast-Growing Product Portfolio in International Markets;
Adj. EBITDA as stated 1,267.36 786.25 882.23 • Strong R&D Capabilities Driving Differentiated Portfolio of Products
Net Profit/Loss for the Year 418.59 100.61 202.97 Demonstrated Capabilities of Building Brands;
EPS (₹) 21.68 4.62 10.47 • Extensive and Diversified Manufacturing Capacity;
RoNW (%) as stated 17.25% 4.37% 10.35% • De-Risked Business Model with Diversified Income Base;
Net Asset Value (₹) 125.68 105.72 101.15 • Environmental, Social and Governance (“ESG”) Focused Business.
Source: DRHP, *Restated Consolidated Back 53

ESDS Software Solution Limited
Promoters: Piyush Prakashchandra Somani
Offer Details: Fresh Issue of Equity Shares aggregating upto ₹ 322 Cr and Offer for Sale of upto 21,525,000 Equity Shares by Selling Shareholders. Pre IPO
Placement of ₹ 60 Cr.
BRLMs: Axis Capital, IIFL Securities Registrar: Link Intime
Objects of the Offer: Purchase cloud computing equipment for data centers; Funding long-term working capital requirements; Repayment/pre-payment of certain term loans.
• ESDS Software Solutions Limited is amongst India’s leading managed cloud service • Cloud computing is the on-demand availability of computer system
and end to end multi-cloud requirements provider. resources, especially data storage (cloud storage) and computing power,
• They have built a comprehensive cloud platform which their customers rely on, without direct active management by the user.
consisting of cloud infrastructure, well-architected solutions aimed at reducing cost • The IaaS model specializes in delivering cloud computing infrastructure as
and providing safety, flexibility, scalability and reliability to enterprises compared with an on demand service. IaaS are self-service models.
the traditional on-premise IT models. • Public cloud is a public, hyperscale, multi-tenant platform where
• As part of their portfolio, they offers (i) cloud computing infrastructure as a service computing services can be reserved or rented on demand.
(IaaS) which includes their patented vertically auto scalable cloud technology platform • Private cloud is cloud infrastructure operated solely for a single
and (ii) software as a service (SaaS) and managed services. organization and operates on a dedicated infrastructure.
• Virtual public cloud functions like a private cloud that run on public or
Brief Financials ₹ in Cr shared infrastructure.
As at March 31, • Hybrid cloud model includes a combination of private and public cloud
Particulars offerings.
2021 2020 2019
Net worth 180.55 144.85 103.89
Revenue from Operations 171.93 158.57 135.58 • The “one stop shop” for managed cloud solutions to a diversified and
EBITDA as stated 63.81 51.72 47.15 marquee clientele;
Net Profit for the Year 5.49 0.94 13.81 • Robust and scalable business model with multiple levers of growth;
EPS - Basic (₹) 1.03 0.04 2.49 • The innovative billing solutions that derive value to customers;
EPS - Diluted (₹) 0.96 0.04 2.39 • Leadership position in the industry with a proven track record;
RoNW (%) as stated 2.99% 0.14% 12.53%
• Strength and experience of their senior management team.
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 Back 54
Sterlite Power Transmission Limited
Promoters: Twin Star Overseas Limited and Anil Agarwal
Offer Details: Fresh Issue of Equity Shares aggregating upto ₹1,250 Cr, Reservation for Employee, Pre IPO Placement of ₹220 Cr
BRLMs: Axis Capital, ICICI Securities, JM Financial Registrar: KFin Technologies
Objects of the Offer: Repayment or pre-payment, in full or part, of certain borrowings availed by the company and KTL.
• Sterlite Power Transmission Limited has two business lines: Global Infrastructure and • In India, the company typically outsource the construction of their projects
Solutions. to external contractors. In Brazil, they partner with external construction
• Their Global Infrastructure business line bids for, designs, constructs, owns and companies to develop projects on a BOOT basis.
operates power transmission assets and currently has operations in India and Brazil. • Currently, they have completed 10 power transmission projects in India
• Their Solutions business line consists of the products sub-segment, which and one in Brazil, which they have sold.
manufactures and supplies a wide range of products including high performance • Further, they currently have 11 projects in various stages of construction
power conductors, optical ground wire and extra-high voltage cables; and the Master and development (5 in India and 6 in Brazil). As of March 31, 2021, their
System Integration sub-segment. current and sold projects comprised 25 projects.
• They also operate the Convergence business line, which leverages existing power • Their 10 completed projects and 5 ongoing projects in India span 9,246
utility infrastructure for telecommunications purposes by building optical fibre ckm with a total capital expenditure of INR 24,486 crore.
infrastructure on top of existing utilities networks.
Key Strengths
As at March 31,
Particulars • Leadership position in the Indian power transmission sector;
2021 2020 2019
Equity Share Capital 12.24 12.24 12.24 • Track record of executing complex projects successfully;
Net worth 1,097.24 64.04 (675.68) • An integrated player offering solutions across the entire transmission
Revenue from Operations 2,092.39 3,004.32 3,555.01 infrastructure value chain, with high growth potential for the solutions and
Adj. EBITDA as stated 1,793.22 2,405.63 459.63 convergence segments;
Profit/Loss before Tax 1,159.78 1,338.28 (483.67) • High ROCE and an efficient capital structure with access to multiple
Net Profit/Loss for the Year 870.12 942.97 (524.80) funding sources;
EPS (₹) 142.22 154.13 (85.78) • Highly experienced Board, management and technical team;
RoNW (%) as stated 68.42% 234.64% 97.00%
• Purpose driven organization, with a strong focus on ESG.
Net Asset Value (₹) 207.85 65.69 (88.43)

Godvari Biorefineries Limited
Promoters: Samir Shantilal Somaiya and Somaiya Agencies Pvt Ltd
Offer Details: Fresh Issue of Equity Shares aggregating upto ₹ 370 Cr and Offer for Sale of upto 6,558,278 Equity Shares by Selling Shareholder, Pre IPO
BRLMs: Equirus Capital, JM Financial Registrar: Link Intime
Objects of the Offer: Repayment/pre-payment, in full or in part, of certain borrowings; Funding capital expenditure for expansion of sugarcane crushing capacity ; and Funding capital
expenditure for establishing a potash manufacturing unit at the Sameerwadi Manufacturing Facility.

• Godavari Biorefineries Limited was incorporated on January 12, 1956. • Company’s Sameerwadi Manufacturing Facility is among the Top-10 sugar
• The company is one of the largest producers of ethanol and a pioneer in complexes in India and they are one of the largest producers of ethanol in
manufacturing ethanol-based chemicals in India. India with an installed capacity of 380 KLPD as at June 30, 2021.
• Their diversified product portfolio comprises of bio-based chemicals, sugar, rectified • The company utilise sugarcane as a feedstock to manufacture a wide
spirits, ethanol, other grades of alcohol and power, range of products, including sugar, ethanol, bio-based chemicals and
• They are the only company in India to have such a vast portfolio of bio-based products power and were among the first few companies in India to utilise
and are also the largest manufacturer of MPO worldwide, one of only 2 manufacturers sugarcane juice and syrup for the production of ethanol.
of natural 1,3 butylene glycol globally, the 4th largest manufacturer of ethyl acetate in • The chemicals manufactured by them comprise of ethanol-based
India, and the only company in India to produces bio ethyl acetate. chemicals such as ethyl acetate, bio-ethyl acetate, MPO, 1,3 butylene
• for increasing fuel ethanol blending, they intend to expand the capacity for glycol, crotonaldehyde, acetaldehyde, acetic acid, bio- acetic acid and
manufacturing ethanol from 380 KLPD (as at June 30, 2021) to 570 KLPD. paraldehyde
• (collectively, the “Bio-based Chemicals”).

Particulars
2021 2020 2019
Equity Share Capital 41.94 41.94 38.38 • One of the largest producers of ethanol and a pioneer in manufacturing
Net worth 213.49 186.70 117.37 ethanol based chemicals in India;
Revenue from Operations 1,538.17 1,459.15 1,552.23 • Fully integrated biorefinery company with good relationships with farmers;
EBITDA as stated 165.83 116.98 146.16 • Diversified product portfolio and well-established relationships with a
Net Profit for the Year 27.16 4.06 5.53 diversified customer base acrossindustries;
EPS (₹) 6.47 1.00 1.46 • Well developed in-house research and development capabilities; and
RoNW (%) as stated 12.72% 2.18% 4.71% • Member of the Somaiya group and experienced promoter, board of
Net Asset Value (₹) 50.90 45.89 30.89 directors and key managerial personnel

VLCC Health Care Limited
Promoters: Vandana Luthra and Mukesh Luthra
Offer Details: Fresh Issue of Equity Shares aggregating upto ₹ 300 Cr and Offer for Sale of upto 8,922,672 Equity Shares by Selling Shareholders-Mukesh
Luthra, OIH Mauritius Ltd, Leon International Ltd., Pre IPO Placement of ₹ 100 Cr
BRLMs: ICICI Securities, DAM Capital, IIFL Securities Registrar: KFin Technologies
Objects of the Offer:To set up VLCC Wellness Clinics, VLCC Institute and refurbishment of certain existing clinics; Repayment and/or pre-payment of certain borrowings; investment for
brand development; Investment in digital and information technology infrastructure.

• VLCC Health Care Limited operates VLCC branded Wellness & Beauty clinics, and • VLCC Wellness Clinics: VLCC, having the most diverse portfolio and
VLCC branded institutes for skill development in beauty and nutrition, as well as presence in all service areas, has among the largest scale and breadth of
manufacture and sell VLCC branded personal care products. operations within the Wellness & Beauty Industry in India. In India, they
• The company was among the first multi-outlet corporate operations in the Wellness & have an extensive reach with 191 Wellness Clinics spread across 106
Beauty Industry, which was at the time mostly composed of individually operated, cities in 23 states, 88 of which are franchisee operated.
small scale businesses. • Personal Care Products: VLCC is focused on building a carefully curated
• Since inception, the Company’s mission has been to transform lives by making portfolio of innovative and differentiated Personal Care Products. They
Wellness & Beauty accessible to women and men. In over 30 years of operation, the have diversified portfolio of natural skincare, hair-care, and body-care
VLCC brand has grown to become synonymous with Wellness & Beauty in Indian products in-house, under the VLCC Natural SciencesTM brand through
households. their subsidiary VLCC Personal Care Limited. As of March 31, 2021, they
marketed over 118 products in skin care, hair care, and body care
categories in India.
As at March 31, • VLCC Institutes: VLCC has opened their Institutes to teach entry-level
Particulars and advanced level skill enhancement courses in beauty and nutrition.
2021 2020 2019
Net worth 70.97 66.10 73.22
Revenue from Operations 532.92 769.57 852.43 • VLCC’s stature as a leading brand in the Indian Wellness & Beauty
EBITDA as stated 150.12 147.89 123.30 Industry
Profit/Loss before Tax 5.14 (16.53) (53.25) • Bespoke integrated business model and capability to leverage scale,
Net Profit/Loss for the Year 6.24 (15.31) (52.71) scope, and breadth
EPS -Basic (₹) 1.63 (4.09) (12.93) • Capability to identify and innovate a differentiated product portfolio
RoNW (%) as stated 8.6% (23.3)% (66.5)% • Attractive financial structure
Net Asset Value (₹) 18.84 17.55 19.44 • Experienced promoters and strong management capability

India1 Payment Limited
Promoters: David Scott Glen, The Banktech Group and BTI Payments Singapore.
Offer Details: Fresh Issue of Equity Shares aggregating upto ₹ 150 Cr and Offer for Sale of upto 10,305,180 Equity Shares by Selling Shareholders; Pre IPO
Placement of ₹ 30 Cr, Reservation for Employees.
BRLMs: JM Financial, Edelweiss Financial, IIFL Securities Registrar: Link Intime
Objects of the Offer: Repayment and/ or pre-payment, in full or part, of certain borrowings; Funding capital expenditure requirements for setting up of ATMs.

• India1 Payments Limited was incorporated on June 30, 2006. • Company’s operating model aims to maximize customer availability of their
• They are the largest independent non-bank ATM operator in India, based on the ATMs and to yield a better local customer experience.
number of ATM transactions in Fiscal 2021 and installed base as of March 31, 2021. • An important part of their model has been to franchise some of their ATMs,
• As of June 30, 2021, they operated a network of 8,520 ATMs across 14 states and primarily to local entrepreneurs in the SURU regions.
union territories in India, which they brand as “india1ATM”. • As of June 30, 2021, they had over 900 franchisees assisting the
• Their ATM business is focused on semi urban regions and rural regions in India, operations of over 2,000 ATMs.
where 7,619 ATMs (89.42% of their ATMs) were located as of June 30, 2021. • The company deploy their ATMs on leased premises. These leases are
generally for a period of 5 years, but are terminable by the Company upon
30 days’ notice.
As at March 31,
2021 2020# 2019#
• Focused presence in under-banked semi-urban and rural areas
Instruments entirely equity in nature 4.94 3.84 1.25
• Largest white label ATM operator with growing ATM network
Net worth 196.32 148.55 49.56
Revenue from Operations 317.60 256.06 229.28 • ATM operating model enriching the local customer experience and yielding
higher customer availability
EBITDA as stated 145.52 111.35 87.94
• Favourable regulatory environment
Net Profit/Loss for the Year 3.34 (5.87) (24.18)
• Growing profitability and cash flows through focus on unit economics and
EPS- Basic (₹) 1.80 (3.17) (13.07)
active cost management
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 Back 58
Healthium Medtech Limited
Promoters: Quinag Acquisition (FDI) Ltd.
Offer Details: Fresh Issue of Equity Shares aggregating upto ₹ 390 Cr and Offer for Sale of upto 39,100,000 Equity Shares by Promoter Selling Shareholders –
Quinag Acquisition (FDI) Ltd and Individual Selling Shareholder.
BRLMs: ICICI Securities, CLSA India, Credit Suisse Securities, Nomura Financial Registrar: KFin Technologies
Objects of the Offer: Repayment and/or pre-payment, in full or part, of certain borrowings; Investment into their subsidiaries; and Acquisitions and other strategic initiatives.

• Healthium Medtech Limited was incorporated on December 28, 1992. • The company is a global medtech company focused on products used in
• They are largest independent medical device company and 2nd largest company surgical, post-surgical and chronic care.
overall, in the surgical consumables market in India with a 7.91% share based on • They operate across 3 key markets, India, UK and rest of the world and 4
value; focus areas, namely, advanced surgery, urology, arthroscopy and wound
• The largest non-captive surgical needles manufacturer, with a 22.30% share in overall care.
volume sales globally, and 45.41% share of the non-captive market; • Their portfolio includes: Surgical Consumables, Urology, Arthroscopy.
• One of the largest independent medical device companies and the 3rd largest • The company manages their business across 3 key markets, namely,
company overall in the urology collection devices market in the UK, with a 13.96% India, UK and the rest of the world.
market share.
• Since Fiscal 2018, they have sold 30 new products and looks to expand
• Their vision is to deliver access to precision medtech products to every patient their product portfolio by introducing new products in their focus areas and
globally. in adjacent areas.
Particulars
2021 2020 2019
Equity Share Capital 9.26 9.25 9.25 • Leading medtech company with global reach;
Net worth 981.47 918.96 961.64 • An innovative and comprehensive product suite;
Revenue from Operations 713.36 639.18 584.02 • Extensive sales network and market access across the focus areas;
EBITDA as stated 153.93 95.57 54.43
Net Profit for the Year 85.43 36.76 13.73 • High precision, integrated and scaled manufacturing facilities;
EPS (₹) 18.47 7.95 2.97 • The proven track record of driving inorganic growth;
RoNW (%) as stated 8.70% 4.00% 1.43% • A proven track record of robust financial performance.
Net Asset Value (₹) 211.68 198.75 207.98
Source: DRHP, * Restated Consolidated, Equity Shares outstanding prior to the Offer is ₹ 9.78 Cr, Back 59
Gemini Edible & Fats India Limited
Promoters: Pradeep Chowdhry, Alka Chowdhry, GAIE and GAI
Offer Details: Offer for Sale of Equity Shares aggregating upto ₹ 2,500 Cr by Selling Shareholders.
BRLMs: Axis Capital, Credit Suisse, Kotak Mahindra Capital, Nomura Financial Registrar: KFin Technologies

• Gemini Edibles & Fats India Limited is one of the leading and the fastest growing • Branded retail consumer: In the branded retail consumer vertical, they
edible oils and fats companies in India. manufacture and market oils such as sunflower oil, rice bran oil, mustard
• The company is engaged in the business of manufacturing, distribution and branding oil, groundnut oil, palm kernel oil and palmolein oil, under their own brands.
of edible oils and specialty fats in India. Premium oils such as sunflower, rice bran, mustard and groundnut are
sold under the ‘Freedom’ brand while palm oil is sold under the ‘First Klass’
• They are the market leaders in the sunflower oil category with their ‘Freedom’ brand, in
brand. As of June 30, 2021, they have a distribution network which
the states of Telangana, Andhra Pradesh, and Odisha, and hold the 3rd largest market
consists of over 30 depots and over 1,100 distributors and wholesalers
share in the state of Karnataka.
through which their products reach retail outlets in approximately 640
• They were ranked 2nd by market share in the sunflower segment of the Refined Oil in towns in the states of Telangana, Andhra Pradesh, Odisha and Karnataka.
Consumer Packs category in India, as of March 31, 2021.
• Industrial consumer: In the industrial consumer vertical, they produce
and market oils and fats such as high stability frying oils, palm oils, cocoa
butter substitutes, inter-esterified vegetable fats and shortenings to
Brief Financials ₹ in Cr companies in the food industry,
As at March 31,
Particulars
2021 2020 2019
Net worth 1,624.56 1,055.10 870.07
Revenue from Operations 7,765.96 6,500.25 5,422.75 • Leading and reputable consumer brands in the edible oil sector.
Profit/Loss Before Tax 765.10 243.66 169.54 • One of the leading manufacturers of specialty fats and oils.
Net Profit/Loss for the Year 570.77 185.85 109.35 • Modern and strategically located manufacturing facilities.
EPS (₹) 55.48 18.07 11.78 • Extensive and well-established sales and distribution network.
RoNW (%) as stated 35.1% 17.6% 12.6% • Technology-enabled distribution capability.
Net Asset Value (₹) 157.92 102.56 84.57 • An experienced and professional senior management team.
Source: DRHP, * Restated Summary Back 60

Electronics Mart India Limited (Bajaj Electronics)
Promoters: Pavan Kumar Bajaj and Karan Bajaj
Offer Details: Fresh Issue of Equity Shares aggregating upto ₹ 500 Cr
BRLMs: Anand Rathi Advisors, IIFL Securities, JM Financial Registrar: KFin Technologies
Objects of the Offer: Funding of capital expenditure for expansion and opening of stores and warehouses; Funding incremental working capital requirements; Repayment / prepayment,
in full or part, of all or certain borrowings.

• Electronics Mart India Limited was originally formed as a sole proprietorship under the • The company offers a diversified range of products with focus on large
name of ‘M/s Bajaj Electronics’ at Hyderabad in 1980. appliances (air conditioners, televisions, washing machines and
• The company is the 4th largest consumer durable and electronics retailer in India and refrigerators), mobiles and small appliances, IT and others.
as of Financial Year 2020. They are the largest player in the Southern region in • As on August 15, 2021, the company had 99 stores across 31 cities / urban
revenue terms with dominance in the states of Telangana and Andhra Pradesh. agglomerates with a retail business area of 0.99 million sq. ft.
• They offers a diversified range of products with includes more than 6,000 SKUs across • The company operates their business activities across 3 channels of retail,
product categories like large appliances, mobiles, small appliances, IT and other from wholesale and e-commerce.
more than 70 consumer durable and electronic brands. • They operates 85 MBOs under the name “Bajaj Electronics”, 1 MBO under
• As on August 15, 2021, they operated 99 stores with 88 Multi-Brand Outlets (MBOs) the name “Tirupati Electronics” and 2 specialized stores under the name
and 11 Exclusive Brand Outlets (EBOs) across 31 cities / urban agglomerates with a “Kitchen Stories” which caters to the kitchen specific demands of their
retail business area of 0.99 million sq. ft. customers. Further, they are in the process of setting up another
specialised store format under the name “Audio & Beyond” focusing on
Brief Financials ₹ in Cr high end home audio and home automation solutions.
As at March 31,
2021 2020 2019
Net worth 491.92 433.08 340.50 • The 4th largest consumer durable and electronics retailer in India with a
Revenue from Operations 3,201.88 3,172.48 2,823.65 leadership position in South India.
EBITDA as stated 203.88 227.64 215.99 • One of the fastest growing consumer durable and electronics retailer with
Net Profit for the Year 79.56 112.18 123.56 consistent track record of growth and industry leading profitability.
EPS (₹) 1.95 2.72 2.57 • Market presence and geographic reach with cluster-based expansion.
RoNW (%) as stated 11.92% 18.84% 22.64% • The business model provide operational flexibility to create long term
Net Asset Value (₹) 16.40 14.44 11.35 sustainable footprint.
Source: DRHP, * Restated Consolidated Back 61

Puranik Builders Limited
Promoters: Shailesh Puranik, Shrikant Puranik, Yogesh Puranik, Nilesh Puranik, Puranik Business Private Trust and Puranik Family Private Trust.
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.
BRLMs: Elara Capital, Yes Securities Registrar: KFin Technologies
Objects of the Offer: Prepayment or repayment of all or a portion of certain outstanding borrowings availed by the company on a consolidated basis.

• Puranik Builders Limited was incorporated on May 8, 1990. • Company’s projects primarily cater to certain research-based strategic
• They are among the prominent residential real estate developers in Mumbai price ranges within the mid-income affordable housing market segment. In
Metropolitan Region (“MMR”) and Pune Metropolitan Region (“PMR”) based on terms of overall awareness for real estate brands in Thane, Puraniks was
number of units currently being marketed in these regions. third, in the order of awareness, among the 30 brands for evaluation in
Thane
• They are also among the leading residential real estate developers in the growing
• As of July 31, 2021, they had completed 35 projects in the MMR and PMR.
Thane region of MMR based on the projects currently being marketed and
The key completed and ongoing theme-based projects includes Rumah
corresponding units sold.
Bali, Puraniks City Reserva and Tokyo Bay in the MMR, and Aldea
• They have a longstanding presence of over 31 years in the real estate market in India, Espanola and Abitante in the PMR.
developing residential projects in the mid-income affordable housing segment in the • As of July 31, 2021, theyhad 23 Ongoing Projects with an aggregate
MMR and the PMR real estate markets. Developable Area of 1,305,632 sq.mtr. In addition, they had 17
Forthcoming Projects with an aggregate estimated Developable Area of
Brief Financials ₹ in Cr 1,263,526 sq.mtr.
As at Jul’31 As at March 31,

Key Strengths
Particulars
2021(04) 2021(04) 2021(12) 2020(12) 2019(12)
• Longstanding operations in the real estate markets of MMR and PMR;
Equity Share Capital 57.65 57.65 57.65 57.65 57.65 • Focus on and experience in the mid-income affordable housing segment;
Net worth 352.97 303.26 336.73 302.91 258.86 • Strategic pricing for the MMR and PMR micro-markets;
Revenue from Operations 190.61 41.72 502.27 720.61 715.19 • Differentiated and diversified product offerings;
EBITDA 51.31 8.57 164.27 192.29 209.26 • Integrated project execution and management capabilities;
Net Profit/Loss for the Period 17.53 0.39 36.30 51.23 71.27 • Established brand and customer goodwill in the MMR and the PMR
EPS (₹) 2.97^ 0.14^ 6.08 7.72 10.70 markets;
RoNW (%) as stated 4.85%^ 0.27%^ 10.41% 14.69% 23.83% • Strong pipeline of projects;
Net Asset Value (₹) 61.23 52.61 58.41 52.54 44.90 • Asset-light model for development of projects.
Source: DRHP, * Restated Consolidated, ^not annualised Back 62

Prudent Corporate Advisory Services Limited
Promoters: Sanjay Shah
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
BRLMs: Axis Capital, ICICI Securities, Equirus Capital Registrar: Link Intime
Objects of the Offer: achieve the benefits of listing the Equity Shares on the Stock Exchanges

• Prudent Corporate Advisory Services Limited is one of the largest independent retail • The company becomes an important interface between asset management
wealth management services group (excluding banks) in India and is amongst the top companies (“AMCs”) and mutual fund distributors or independent financial
mutual fund distributors in terms of average assets under management (“AAUM”) and advisors.
commission received. • The company provides wealth management services to 13,51,274 unique
• They offers a technology enabled, comprehensive investment and financial services retail investors through 23,262 MFDs on their business-to-business-to-
platform with end-to-end solutions critical for financial products distribution and consumer (“B2B2C”) platform and are spread across branches in 110
presence across both online and offline channels. locations in 20 states in India, as on December 31, 2021. Of their
branches, 50 are locations in beyond the top 30 cities (“B-30”) markets and
• As on December 31, 2021, their assets under management from the mutual fund
60 are locations in the top 30 cities (“T-30”) markets.
distribution business (“AUM”) stood at ₹48,411.47 crore with 92.14% of their total AUM
• The company has pan-India presence with a network of 23,262 MFDs
being equity oriented.
representing 18.46% of the industry as of December 31, 2021.
Key Strengths
As at March 31,
Particulars
2021 2020 2019 • Operates in an underpenetrated Indian asset management industry;
• Growing financial products distribution platform;
Net worth 157.65 112.52 83.10
Revenue from Operations 286.51 234.83 221.98 • Granular retail AUM with a mix skewed towards high-yield equity AUM;
EBITDA as stated 61.91 46.67 38.21 • Value proposition has led to increased participation and long-standing
Profit/Loss before Tax 60.52 37.43 28.65 relationship with MFDs;
Net Profit/Loss for the Year 45.30 27.85 21.02 • Track record of innovation and use of technology;
EPS -Basic (₹)~ 10.96 6.74 5.08
• Pan-India diversified distribution network with ability to expand;
RoNW (%) as stated 28.73% 24.75% 25.30%
Net Asset Value (₹)~ 38.13 27.21 20.10 • Highly scalable, asset-light and cash generative business model.
Source: DRHP, * Restated Consolidated, ~ EPS and NAV calculated on increased Share capital of ₹20.67 Cr Back 63
Traxcn Technologies Limited
Promoters: Neha Singh and Abhishek Goyal
Offer Details: Offer for Sale of upto 38,672,208 Equity Shares by Selling Shareholders
BRLMs: IIFL Securities Registrar: Link Intime
Objects of the Offer: To achieve the benefits of listing the Equity Shares on the Stock Exchanges

• Incorporated on August 11, 2012, Tracxn Technologies Limited is among the leading The company provide a detailed private market intelligence platform for their
global market intelligence providers for private company data and rank among the top global customer base:
five players globally in terms of number of companies profiled offering data of private • Private Company Data: provide an extensive global database of private
market companies across sectors and geographies. companies across sectors, geographies and stages. Customers use this
• They have one of the largest global coverage of private companies in emerging database for sourcing, diligence and tracking private companies across
technology sectors. They operate a Software as a Service-based platform, Tracxn, that various sets of criteria to address their requirements. As of May 31, 2021,
scanned over 550 million web domains, and profiled over 1.4 million entities across theyprofiled over 1.40 million entities across 1,805 Feeds categorized
1,805 Feeds categorized across industries, sectors, sub-sectors, geographies, across industries, sectors, sub-sectors, geographies, affiliations and
affiliations and networks globally, as of May 31, 2021. networks globally.
• Emerging Technology Sector Data: They provide one of the largest
coverage of private companies in emerging technology sectors globally. As
Brief Financials ₹ in Cr of May 31, 2021, they covered 1,805 Feeds and 35 practice areas globally.
As at March 31,
Particulars
2021 2020 2019
Key Strengths
Net worth 22.22 (135.24) (82.90) • Leading global provider of differentiated private market data and
Revenue from Operations 43.78 37.33 33.19 intelligence
EBITDA as stated 17.06 (22.45) (20.60) • Diverse, longstanding and growing global customer base
Net Profit/Loss for the Year (5.35) (54.03) 12.40 • Scalable and secure technology platform conceptualized and developed in-
house
EPS - Basic (₹) (0.55) (5.54) 1.27 • Significant cost advantages from India-based operations; and
EPS - Diluted (₹) (1.52) (5.54) (1.75) • Experienced Promoters, Board of Directors and senior management team,
Net Asset Value (₹) 2.28 (13.87) (8.50) backed by marquee investors.
Source: DRHP, * Restated Statement, Ratios calculated on increased Equity share capital of ₹10.03 Cr, being outstanding prior to
Back 64
the offer, assuming conversion of CCPS into equity shares and issuance of bonus shares.
Fusion Micro Finance Limited
Promoters: Devesh Sachdev, Creation Investments Fusion, LLC, Creation Investments Fusion II, LLC and Honey Rose Investment Ltd.
Offer Details: 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
BRLMs: ICICI Sec, CLSA India, IIFL Sec, JM Financial Registrar: Link Intime
Objects of the Offer: To utilize the Net Proceeds towards augmenting its capital base

• Fusion Micro Finance Limited is a microfinance company providing financial services • Company’s microfinance lending business is based on a group lending
to underserved women across India in order to facilitate their access to greater model, catering exclusively to women. A joint liability group (typically
economic opportunities. comprising five to seven members) provides joint and several guarantees
• They had the 3rd fastest gross loan portfolio growth of 44% among the top NBFC-MFIs for loans obtained by each member of the group.
in India between the financial year 2018 and 2021, and they were one of the youngest • Company’s wide range of financial products is designed according to
companies among the top 10 NBFC-MFIs in India in terms of AUM as of March 31, various life-cycle needs of their customers.
2021.
• Income-generating loans : Agriculture-allied and agriculture;
• As of March 31, 2021, 2020 and 2019, the total AUM was ₹4,637.84 crore, ₹3,606.52
Manufacturing and production; Trade and retail; Services; and others. This
crore and ₹2,641.39 crore, respectively. As of March 31, 2021, they had 2.12 million
also includes top-up loans and cross-sell loans.
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. • They also offers MSME loans to eligible enterprises.
• They also grant emergency loans to existing customers to fund urgent
Brief Financials ₹ in Cr financial requirements arising out of unforeseen events
As at March 31,
Particulars
2021 2020 2019
Key Strengths
Equity Share Capital 79.04 78.95 61.58 • Well diversified and extensive pan-India presence;
Net worth 1,246.36 1,198.89 625.85
Revenue from Operations 855.81 720.26 494.31 • Proven execution capabilities with strong rural focus;
EBITDA 435.79 440.24 324.78 • Diversified sources of capital and effective asset liability management;
Profit/Loss Before Tax 56.79 100.00 68.40 • Robust underwriting process and risk management policies;
Net Profit/Loss for the Year 43.94 69.61 50.67 • Technologically advanced operating model; and
EPS - Diluted (₹) 5.49 10.32 10.35
RoNW (%) as stated 3.53% 5.81% 8.10% • Stable and experienced management team supported by marquee
investors.
Net Asset Value (₹) 150.92 145.32 97.23
Source: DRHP, *Restated Statement Back 65

Inspira Enterprise India Limited
Promoters: Prakash Jain, Chetan Jain, Vishal Jain, Manjula Jain Family Trust and Prakash Jain Family Trust
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
Approx Issue Size (₹ Cr): 800 BRLMs: Axis Capital, JM Financial, Nomura Financial, SBI Capital Markets, Yes
Category Allocation: QIB: HNI: Retail: 75:15:10 Securities
Objects of the Offer: Funding working capital requirements; Prepayment or repayment of all or a portion of certain outstanding borrowings availed by the company.

• Inspira Enterprise India Limited is a leading digital transformation company in India The company classifies their business into the following lines of business:
with a focus on cyber-security, and a global presence across several verticals. • Cyber Security: They offers integrated portfolio of enterprise security
• They provide cyber security and digital transformation services to their clients and services to deliver large-scale cyber security transformation projects,
have executed large cyber-security transformation projects, infrastructure and digital enabling their clients to effectively manage risk and defend against
transformation projects for various institutions in India. emerging threats.
• They have been ranked among the top 250 MSSP providers globally by MSSP Alert in • Digital Solutions: offered through ANKIOS®, a converged architecture
the year 2020, and mentioned among 35 MSSP providers in Forrester’s Now Tech: designed to create opportunities through disruptive digital technologies.
Managed Security Services in Asia Pacific, Q4 2020 report. Through their wide range • Integrated Enterprise Solutions: This comprises (i) network engineering
of offerings across multiple verticals and geographies, they possess capabilities services that includes network infrastructure solutions, (ii) infrastructure
spanning the digital lifecycle of services ranging from consultation, architecture, platform as a service involving traditional infrastructure solutions and
solution design and implementation, to monitoring and providing managed services. hosted data centre solutions, and (iii) infrastructure management services
Key Strengths
As at March 31,
Particulars • Leading provider of cyber-security solutions in an industry with high entry
2021 2020 2019#
Equity Share Capital 6.04 6.04 6.04 barriers;
Net worth 114.30 72.40 53.04 • Integrated digital transformation service provider with end-to-end
Revenue from Operations 802.76 762.33 624.77 capabilities across verticals;
EBITDA as stated 52.20 39.92 26.28 • Consulting led business and delivery model with an extensive footprint
Profit/Loss before Tax 48.94 30.03 19.85 across India and internationally;
Net Profit/Loss for the Year 36.15 19.71 4.26
• Global client base with longstanding relationships;
EPS -Basic (₹) 4.98 2.72 0.59
RoNW (%) as stated 31.63% 27.22% 8.03% • Diversified vertical-experience with a proven track record for BFSI
Net Asset Value (₹) 15.76 9.98 7.31 solutions;
Source: DRHP, * Restated Consolidated, #Proforma Back 66

ESAF Small Finance Bank Limited
Promoters: Kadambelil Paul Thomas and ESAF Financial Holdings Pvt Ltd
Offer Details: Fresh issue of Equity Shares aggregating upto ₹ 800 Cr and Offer for sale of Equity Shares aggregating up to ₹197.78 Cr; Pre IPO Placement of
₹ 300 Cr., Offer includes Employee Reservation.
Approx Issue Size (₹ Cr): 997.78
BRLMs: Axis Capital, Edelweiss Financial, ICICI Securities, IIFL Securities Registrar: Link Intime
Objects of the Offer: Augmentation of Bank’s Tier-I capital base to meet the future capital requirements.

• Incorporated on May 5, 2016, ESAF Small Finance Bank is one of the leading small • Company’s asset products comprise (a ) micro loans, (b) retail loans, (c)
finance banks in India in terms of client base size, yield on advances, Net Interest MSME and corporate loans and (d) agricultural loans.
Margin, assets under management CAGR, total deposit CAGR, loan portfolio • Their target customers for their micro loans are women in unserved and
concentration in rural and semi-urban areas and ratio of micro loan advances to gross underserved households in India. As at May 31, 2021, they had over 2.28
advances. million micro loan customers, all of whom were women.
• Along with their Promoters, they have a history of more than 25 years of primarily • The Retail loans target customers for their retail loans are salaried
serving the unserved and underserved, with a focus on financial inclusion. individuals, the self -employed, businesses and customers who have
graduated from micro loans.
• As at May 31, 2021, they had over 4.68 million customers in 21 states and 2 union
• MSME and corporate loans target customers for their MSME and
territories.
corporate loans are MSMEs, NBFCs, MFIs and their existing micro loan
customers who want to grow their business.
• For Agricultural loans, the target customers are individual farmers and
Brief Financials ₹ in Cr joint borrowers engaged in agriculture and allied activities.
As at March 31,
2021 2020 2019
Net worth 1,352.06 1,084.08 893.69 • Deep understanding of the microfinance segment
Interest Earned 1,641.17 1,413.25 1031.64 • Strong rural and semi-urban banking franchise;
EBITDA 284.96 415.36 336.46 • Fast growing retail deposit portfolio with low concentration risk;
Net Profit/Loss for the Year 105.40 190.39 90.28 • Strong customer connections driven by the customer centric products and
EPS - (₹) 2.46 4.45 2.37 processes and other non -financial services for micro loan customers;
RoNW (%) as stated 7.80% 17.56% 10.10% • Technology driven model with an advanced information technology
Net Asset Value (₹) 30.08 25.34 20.89 platform.
Source: DRHP, * Restated Statement Back 67

Penna Cement Industries Limited
Promoters: P. Prathap Reddy, Pioneer Builders and P R Cement Holdiings Ltd
Offer Details: Fresh Issue of Equity Shares aggregating upto ₹1,300 Cr and Offer for Sale of Equity Shares aggregating upto ₹250 Cr. Pre-IPO placement of
₹500 Cr
Approx Issue Size: (Rs.Cr): 1,550 BRLMs: Axis Capital, Edelweiss Financial, ICICI Securities, JM Financial, Yes
Category Allocation: QIB: HNI: Retail: 50:15:35 Securities
Objects of the Offer: Repayment/pre-payment, in full or part, of certain borrowings; Funding of capital expenditure requirements towards the KP Line II project; Funding of the capital
expenditure requirements towards upgrading the raw grinding and cement mill at Talaricheruvu; and setting up waste heat recovery plant.

• Penna Cement Industries is one of the largest privately held cement companies in • The company produce different varieties of cement by mixing different
India and a leading integrated cement player in terms of cement production capacity, proportions of gypsum, flyash, slag and other additives to clinker, a semi-
as of March 31, 2021, with a strong brand recall in the southern and western states of finished product produced from heating limestone through a rotary kiln
India. process.
• With over 25 years of operations, they have been able to leverage their brand, • They currently produce three cement variants:OPC; PPC; and PSC.
strategically located integrated manufacturing facilities and extensive distribution • Ordinary Portland Cement (“OPC”):Penna Premium OPC 53 Grade
network to successfully expand their business in west and east India markets and Sri Cement’, ‘Penna Premium OPC 43 Grade Cement’ a nd ‘Penna
Lanka, and intend to further expand into north, central and other east India markets Premium OPC 42.5 N Grade Cement ’.
through a phased expansion plan. • Portland Pozzolana Cement (“PPC”): PPC is a special blended
cement and they manufacture PPC by inter-grinding clinker with high-
quality processed fly ash along with gypsum.
Brief Financials ₹ in Cr • Portland Slag Cement (“PSC”): They manufacture PSC, which is a
slag-based blended cement as per BIS specification.
As at March 31,
2021 2020 2019#
Net worth 1,157.12 1,068.71 1,062.84 • One of the market leaders in south India with a strong brand recall and
Revenue from Operations 2,476.40 2,167.61 2,156.18 extensive distribution network;
EBITDA 479.85 338.36 308.95 • Strategically located integrated manufacturing facilities and packing
Profit/Loss Before Tax 229.95 36.44 55.43 terminals which provide access to south, west and east India markets;
Net Profit/Loss for the Year 152.07 23.02 85.13 • Access to quality raw materials and coal;
EPS - Basic (₹) 11.36 1.72 6.36 • Well positioned to benefit from the growth in the cement industry;
RoNW (%) as stated 13.14% 2.16% 8.01% • Experienced promoter and management team with an established track
Net Asset Value (₹) 86.48 79.87 79.43 record of project and timely execution .
Source: DRHP, * Restated Consolidated Summary Back 68

Skanray Technologies Limited
Promoters: Vishwaprasad Alva, Agnus Capital LLP, Chayadeep Properties Pvt Ltd and Skanray Healthcare Partners LLP
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
BRLMs: Motilal Oswal, Nomura Financial, ICICI Securities Registrar: Link Intime
Objects of the Offer: Funding inorganic growth; Funding working capital requirements; Investment in the subsidiaries; Funding capital expenditure.

• Skanray Technologies Limited is among the key Indian medical device players • The company designs, develops, and manufactures a range of medical
engaged in designing, development, manufacturing and marketing of medical devices. devices across various modalities.
• They are a multi-product company offering a diversified portfolio of products, including • Their portfolio of products can broadly be classified into 2 categories:
patient monitoring systems, cardiology devices, respiratory management systems and • 1. Products that they develop and manufacture that are marketed and sold
radiology/ imaging systems, to hospitals, OEMs and for personal medical use/ retail under the “Skan”, “Cardia”, “CEI” brands with related sub-brands
sale globally. (“Skanray Products”); and
• Company’s products are designed and developed in-house based on intellectual • 2. Products they design, develop and manufacture that are sold to third
property that they own. parties, including multinational corporations that market and sell these
products under their own brands as own-branded labelled products (“OEM
Products”).
• Their portfolio of Skanray Products can be classified into 3 broad
Brief Financials ₹ in Cr categories: (i) critical care products, (ii) radiology products and (iii)
respiratory management systems.
As at Dec’ 31, As at March 31,
Particulars
2020(09) 2021(12) 2020(12) 2019(12)
Key Strengths
Net worth 172.06 39.27 33.56 60.98 • Well-positioned to capitalize on a growing market, being a major player in
Revenue from Operations 346.93 145.61 162.51 131.92 the Indian medical industry;
EBITDA 191.90 (5.05) (8.19) (7.72) • Well-diversified and globally certified portfolio of products;
Net Profit/Loss for the Period 132.73 3.76 (29.42) (23.32) • Proven research and development capabilities;
EPS (₹) 45.75 1.34 (10.32) (8.98) • Strong manufacturing and infrastructure capabilities;
RoNW (%) as stated 77.10% 12.29% (84.77)% (37.96)% • Strategic go-to-market approach with an extensive distribution network and
Net Asset Value (₹) 59.57 13.60 11.62 24.66 longstanding customer relationships.

One Mobikwik Systems Limited
Promoters: Bipin Preet Singh, Upasana Rupkrishan Taku, Koshur Family Trust and Narinder Singh Family Trust
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.
BRLMs: ICICI Sec, BNP Paribas, Credit Suisse, IIFL Sec, Jefferies India Registrar: Link Intime
Objects of the Offer: Funding organic growth initiatives; and Funding inorganic growth.

• One Moobikwik Systems Limited is a fintech company - one of the largest mobile • Company’s business operations are divided into 3 distinct business
wallets (MobiKwik Wallet) and Buy Now Pay Later (BNPL) players in India based on segments: (i) BNPL; (ii) Consumer Payments (MobiKwik Wallet); and (iii)
mobile wallet GMV and BNPL GMV, respectively, in Fiscal 2021. Payment Gateway (Zaakpay).
• They are focused on addressing the unmet credit needs of the fast growing online • They had acquired Clearfunds, an online mutual fund platform, in 2018 to
transactors by combining the convenience of everyday mobile payments with the offer wealthtech products. As of March 31, 2021, they have partnered with
benefits of Buy Now Pay Later (BNPL). 36 asset management companies, including UTI Mutual Fund, DSP and
• They are a technology-first company leveraging big data analytics and deep data Aditya Birla Sun Life Mutual Fund.
science (including machine learning) to continuously delight users and merchants on • They have received an approval to act as a ‘Corporate Agent’ from the
their platform. IRDAI.
• To further enhance their value proposition to their online merchants, they introduced • They have partnered with 4 insurance companies, including SBI General
their payment gateway,Zaakpay, in 2012. Insurance, Aegon Life and Chola MS to offer a wide range of micro
Insurance products.
As at March 31,
Particulars
2021 2020 2019
Key Strengths
Instruments entirely Equity in nature 14.43 13.33 12.73 • Strong network effects resulting in growth across business verticals;
Net worth (20.01) (30.85) (1.57) • Large engaged user base with low CAC;
Revenue from Operations 288.57 355.68 148.48 • MobiKwik is a strong consumer brand recognised across India;
EBITDA (101.81) (84.64) (141.87)
Profit/Loss Before Tax (110.26) (98.05) (151.20) • Technology and product first approach to business.
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 Back 70
Popular Vehicles and Services Limited
Promoters: John K. Paul, Francis K. Paul and Naveen Philip
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.
BRLMs: Axis Capital, Dam Capital, Centrum Capital Registrar: Link Intime
Objects of the Offer: Repayment and/or pre-payment, in full or part, of certain borrowings; availed by the company and their subsidiaries.

• Popular Vehicles and Services Limited was incorporated on July 5, 1983. • The company categorises its business into 4 key segments, namely
• The company is a leading diversified automotive dealership in India in terms of passenger cars, luxury vehicles, commercial vehicles and others.
revenue, with a presence across the automotive retail value chain, including sale of • As a diversified and fully integrated automotive dealership company, the
new passenger and commercial vehicles, services and repairs, spare parts company caters to the complete life-cycle of vehicle ownership, right from
distribution, sale of pre-owned passenger vehicles and facilitation of sale of third-party operating driving schools, retailing new vehicles, servicing and repairing
financial and insurance products. vehicles, distributing spare parts, to facilitating sale or exchange of pre-
• The company operates passenger vehicle dealerships of Maruti Suzuki, Honda and owned vehicles and facilitation of sale of third-party financial and insurance
JLR and the commercial vehicle dealership of Tata Motors (Commercial). products.
• As of March 31, 2021, they operates through their expansive network of 59 • In addition to benefiting from the inherent synergies arising out of such
showrooms, 99 sales outlets and booking offices, 83 authorised service centres, 29 complementary business verticals, their diversified income streams also
retail outlets, and 25 warehouses located across State in India. contribute to higher profitability margins at their dealerships.
Particulars
2021 2020 2019
Equity Share Capital 12.54 12.54 12.54 • Strong capabilities in high volume and high margin services and repair
Net worth 246.00 212.77 197.85 offerings leading to business stability;
Revenue from Operations 2,893.53 3,171.62 3,901.96 • Long standing presence in the automotive industry and established
EBITDA 174.85 138.98 142.47 relationships with leading OEMs;
Profit/Loss Before Tax 47.25 8.00 31.65 • Deep penetration in markets and Strong presence in pre-owned passenger
Net Profit/Loss for the Year 32.46 12.49 21.37 vehicle sales segment contributing to higher margin growth.
EPS (₹) 25.88 9.96 17.42 • Presence across the complete life cycle of vehicle ownership leading to
RoNW (%) as stated 13.19% 5.87% 10.80% greater customer retention and diversified revenue streams;
Net Asset Value (₹) 196.17 169.67 157.77

Paradeep Phosphate Limited
Promoters: ZMPPL, ZACL, OCP and Government of India
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
BRLMs: Axis Capital, ICICI Securities, JM Financial, SBI Capital Markets Registrar: Link Intime
Objects of the Offer: Part-financing the acquisition of the Goa Facility; Repayment/prepayment of certain of the borrowings.

• The company was incorporated in 1981. Zuari Maroc Phosphates Pvt Ltd (“ZMPPL”), • They are primarily engaged in manufacturing, trading, distribution and
a joint venture of Zuari Agro Chemicals Ltd (“ZACL”) and OCP Group S.A. (“OCP”), sales of a variety of complex fertilizers such as DAP, three grades of NPK,
currently holds 80.45% of the equity share capital of the company, with the balance Zypmite, Phospho-gypsum and HFSA. Their fertilizers are marketed under
being held by the GoI. some of the key brand names in the market ‘Jai Kisaan - Navratna’ and
• Paradeep Phosphates Limited is the 3rd largest private sector manufacturers of non- ‘Navratna’.
urea fertilizers in India and 2nd largest in terms of DAP volume sales as of March 2021. • They are also engaged in distribution, trading and sales of MOP,
• Company’s manufacturing facilities are located in Paradeep, Odisha and includes a Ammonia, City compost and P2O5-HSS.
DAP and NPK production facility, a Sulphuric acid production plant and a Phosphoric • As of March 31, 2021, they also own large parcels of land aggregating to
acid production plant. approximately 2,282.42 acres in Paradeep,Odisha.
Key Strengths
As at March 31,
Particulars
2021 2020 2019 • Well-positioned to capture favorable Indian fertilizer industry dynamics
Equity Share Capital 575.45 575.45 575.45 supported by conducive government regulations;
Net worth 1,827.51 1,603.53 1,482.71 • Second largest manufacturer of Phosphatic fertilizers in India;
Revenue from Operations 5,164.73 4,192.87 4,357.91 • Driving raw material efficiency through backward integration of facilities
EBITDA as stated 561.26 493.83 480.75 and effective sourcing;
Profit/Loss before Tax 366.50 229.56 251.40 • Secure and certified manufacturing facility and infrastructure and unutilised
Net Profit/Loss for the Year 223.27 193.22 158.96 land available for expansion;
EPS (₹) 3.88 3.36 2.76 • Strategic location of the manufacturing facility and sizeable material
RoNW (%) as stated 12.22% 12.05% 10.72% storage, handling and port facilities.
Net Asset Value (₹) 31.76 27.87 25.77
Source: DRHP, * Consolidated Statement Back 72

Northern Arc Capital Limited
Promoters: The company is a professionally managed company and has no identifiable promoter.
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.
BRLMs: Axis Capital, Credit Suisse, IIFL Securities, SBI Capital Markets Registrar: KFin Technologies
Objects of the Offer: Augmenting company’s capital base to meet the future capital requirements.

• Northern Arc Capital Limited is a platform in the financial services sector set up • The company operates with a risk management framework that uses a
primarily with the mission of catering to the diverse credit requirements of under- combination of proprietary quantitative data analytics based on over 22
served households and businesses by providing efficient and reliable access to debt million unique data points and qualitative field-level insights that aid credit
finance. assessment and monitoring.
• Registered with the RBI as an NBFC not accepting public deposits, they have been • Their proprietary integrated technology system called ‘Nimbus by Northern
operating in the financial inclusion space for over a decade with a business model Arc™’ (“Nimbus”) enables them to do this efficiently at scale.
diversified across offerings, sectors, products, geographies and borrower segments. • They operates in focussed sectors including microfinance, MSME finance,
• The company provides access to credit to under-served households and businesses vehicle finance (includes commercial vehicle and two-wheeler finance),
directly and indirectly through their Originator Partners. consumer finance, affordable housing finance and agricultural supply chain
finance.
• Since the inception of their platform, they have cumulatively raised over ₹ 950 billion in
• Their diversified platform taps into a large network of financial institution
funds for their clients
partners, technology platforms (such as financial technology businesses
Brief Financials ₹ in Cr (“Fintechs”)) and other entities.
As at March 31,
2021 2020 2019
Net worth 1,582.32 1,506.43 1,167.52 • Large, diversified and growing base of Originator Partners and Investor
Revenue from Operations 681.17 632.82 601.56 Partners with demonstrated long-term relationships;
EBITDA 429.70 460.43 481.61 • Nimbus, the proprietary technology system, expands business
Profit Before Tax 99.99 144.49 174.80 opportunities and drives efficiencies;
Net Profit for the Year 76.59 102.93 115.42 • Demonstrated track record of offering customized debt products;
EPS - Diluted (₹) 5.35 7.92 10.91 • Diversified business model across sectors, offerings, products,
RoNW (%) as stated 4.27% 6.16% 8.49% geographies and borrower segments;
Net Asset Value (₹) 179.97^ 172.21 148.98 • Robust risk management framework based on domain know-how.
Source: DRHP, * Restated Consolidated ^ before conversion of CCPS Back 73

Chemspec Chemical Limited
Promoters: Jayant Vora, Mitul Vora, Rushabh Vora and BACS LLP
Offer Details: Offer for sale of equity shares aggregating upto ₹ 700 Cr
Date of SEBI Filing: 14-07-2021 Date of SEBI Approval: 30-08-2021 Face Value: ₹ 2/-
Objects of the Offer: Achieve the benefits of listing the Equity Shares on the Stock Exchanges.

• Chemspec Chemicals Limited is one of the leading manufacturers globally of critical • Under the FMCG segment, they manufacture UV filters which are used as
additives for FMCG ingredients used in skin and hair care products and intermediates the primary ingredient in sunscreens, vitamins used in skin care, fairness
for pharmaceutical APIs used in anti-hypertension drugs. and anti-ageing creams and ingredients used antibacterial soaps and
• They are one of the largest manufacturers of UV absorbers globally and are among handwashes.
the top- 2 global manufacturers of personal care ingredients catering to skin and hair • They also manufacture molecules used in anti-dandruff shampoos. Such
care. molecules include “piroctone olamine”, which has anti-fungal properties
and help reduce erythema, scaling and aids with folliculitis spinulosa
• They manufacture their products at their production facility at Taloja, Maharashtra, and
decalvans (“FSD”).
their global distribution network in the last 3 Fiscals was spread across 43 countries in
• In their pharmaceuticals segment, they manufacture intermediates for
North America, Europe, the APAC region (including Japan), the Middle East and
sartans, which is relatively new group of pharmaceutical drugs used to
Africa.
treat hypertension.
• They currently manufacture their products at the facility at Taloja. As of
Brief Financials ₹ in Cr March 31, 2021, their facility had a production capacity of 6,000 TPA.
As at March 31,
2021 2020 2019
Net worth 183.33 102.25 58.48 • Leadership position in an industry with a high entry barrier;
Revenue from Operations 505.91 596.61 325.98 • Long-standing relationships with a marquee customer and distributor base
EBITDA 123.83 102.53 24.54 across geographies;
Profit/Loss Before Tax 111.17 85.85 7.60 • Continuous R&D and process improvement to drive product development;
Net Profit/Loss for the Period 81.08 60.75 5.12
• Diversified portfolio of functionally critical products across segments; and
EPS (₹) 16.11 10.40 0.79
RoNW (%) as stated 44.23% 59.41% 8.75% • Advanced manufacturing facility, registered with the US FDA, with strong
Net Asset Value (₹) 36.43 20.32 9.02 focus on environment, sustainability, health and safety measures.

Go Airlines (India) Limited
Promoters: Nusli Neville Wadia, Jehangir Nusli Wadia , Ness Nusli Wadia and Go Investment
Offer Details: Fresh Issue of Equity Shares aggregating upto ₹3,600 Cr
BRLMs: ICICI Securities, Citigroup Global, Morgan Stanley Registrar: Link Intime
Objects of the Offer: Prepayment or scheduled repayment of all or a portion of certain outstanding borrowings and dues; Replacement of letter of credits.

• Incorporated on April 29, 2004, Go Airlines (India) Limited is an ultra-low-cost carrier • As of February 10, 2021, their fleet inventory consisted of 56 aircraft, of
("ULCC") and one of the fastest growing airlines in India, increasing domestic market which 46 aircraft were A320 NEO models and 10 were A320 CEO models.
share from 8.8% in fiscal 2018 to 10.8% in fiscal 2020. Of these 10 A320 CEOs, three were in the process of redelivery, which will
• They are focused on maintaining low unit costs and delivering compelling value to further enhance the homogenous nature of their fleet.
customers that drives their unit revenues. • They currently have an order book of 98 A320 NEO aircraft and expect to
• Their target customers are young Indians and MSME businesses, and their product take delivery of eight additional A320 NEOs, in fiscal 2022, 14 in fiscal
and service offerings are uniquely attractive to these large and growing segments of 2023 and 14 in fiscal 2024.
the Indian population. • Company’s passenger volume increased at a CAGR of 22.4% from 10.8
• They have a dynamic and flexible network, which allows them to alter routes and million passengers in fiscal 2018 to 16.2 million passengers in fiscal 2020.
increase or decrease the number of flights between locations based on demand in • As of January 31, 2020, they covered a network of 28 domestic and nine
these markets. international destinations.

As at Dec’31, As at March 31, • Simple, fuel-efficient and next generation fleet;
Particulars
2020(09) 2020(12) 2019(12) 2018(12) • Strong focus on operational efficiency and reliability;
• Established position in slot-constrained airports, with best in class
Net worth (1,961.50) (1,490.70) (1,012.80) (625.84) efficiency;
Revenue from Operations 1,319.45 7,051.63 5,788.71 4,476.96
• Selling experiences for the young Indian leisure and MSME travelers;
EBITDA 417.94 339.20 941.97 1024.25
• Demonstrated track record of growth across key performance indicators;
Profit/Loss Before Tax (724.62) (1876.92) (717.85) (37.06) Highly experienced Board and management team backed by the Wadia
Net Profit/Loss for the Period (470.69) (1270.74) (386.60) (31.21) group.
Net Asset Value (₹) (124.50) (94.60) (67.50) (41.70)
Source: DRHP, * Restated Consolidated Summary Back 75

Shri Bajrang Power and Ispat Limited
Promoters: Suresh Goel, Rajendra Goel, Narendra Goel, Anand Goel, Atlanta Securities Pvt Ltd and Banka Finance & Securities Pvt Ltd
Offer Details: Fresh issue of Equity Shares aggregating upto ₹ 700 Cr
BRLMs: Equirus Capital, SBI Cap Markets Registrar: Link Intime
Objects of the Offer: Repayment and/or pre-payment, in full and/or part, of certain borrowings; Funding incremental working capital requirements of the company;

• Shri Bajrang Power and Ispat Limited (“SBPIL”) has emerged as one of the leading • The company typically sell TMT Bars, ERW Pipes and HB wires through
integrated steel companies based out of central India and is one of the top 10 players their distribution network to individual buyers including individual house
in India in terms of capacity for iron ore pellets, iron ore beneficiation and sponge iron. builders and contractors. The company caters primarily to the
• They utilizes their captive iron mine with an approval to mine 1.2 MTPA and infrastructure and construction industry in India, especially across the
manganese ore mines to manufacture intermediate and long steel products, such as, central and western regions of India through 11 distributors with a network
TMT Bars, ERW pipes manufactured through tubular section mill (“ERW Pipes”), wire of 514 dealers.
rods, HB wires including binding wires, ferro alloys, steel billets, iron pellets and • They currently operates 3 manufacturing units (“Units”) which are
sponge iron. strategically located in Raipur.
• The company has a consistent track record of delivering operating profitability, and • As of May 31, 2021, the aggregate saleable metal capacity of their Units
since Fiscal 2005, they have remained profitable in each of the Fiscal was 1.76 million metric tonne per annum (“MTPA”).
• Their key Institutional Customers include Dilip Buildcon Ltd, Mehrotra
• Buildcon Pvt Ltd, Gayatri Projects Ltd, Jhajharia Nirman Ltd, Modern Road
Makers Pvt Ltd and Sadbhav Engineering Ltd.
As at March 31,
Particulars
2021 2020 2019 Key Strengths
Net worth 1,143.73 831.35 685.59 • One of the leading integrated steel companies based out of central India;
Revenue from Operations 3,031.21 2,663.71 2,685.23 • Diversified product mix with strong focus on value added products and well
recognized brands;
EBITDA 629.07 396.55 532.22
• Established market presence and relationships with channel partners
Profit/Loss Before Tax 435.63 184.37 321.14
supported by large distribution network;
Net Profit/Loss for the Period 298.93 141.05 237.47 • Strategically located Units with robust infrastructure helps achieve cost
EPS (₹) 57.30 26.87 45.39 optimization;
RoNW (%) as stated 26.14% 16.97% 34.64% • Track record of growth in financial performance.
Net Asset Value (₹) 218.75 159.00 131.13

Fincare Small Finance Bank Limited
Promoters: Fincare Business Services Ltd
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
Approx Issue Size (₹ Cr): 1,330 BRLMs: Axis Capital, ICICI Securities, IIFL Securities, SBI Capital Markets, Ambit
Category Allocation: QIB: HNI: Retail: 75:15:10 Pvt. Ltd.
Objects of the Offer: Augmenting its Tier-1 capital base to meet the future capital requirements.
• Fincare Small Finance Bank Limited (“FSFB”) is a "digital-first" SFB with a focus on • They follow a business model focused on financial inclusion and aim to
unbanked and under-banked customers, especially in rural and semi-urban areas. provide individuals and businesses with affordable financial products and
According to CRISIL, among comparable SFB peers in India, FSFB had the highest services that meet their needs.
growth rate in advances over Fiscal 2018 to Fiscal 2020. • Company’s suite of deposit products comprises term deposits, recurring
• Their business objective is to enhance access to savings, credit and other financial deposits, current accounts and savings accounts. As of December 31,
products for unbanked and under-banked individuals, MSMEs and unorganized 2020, they had 2.68 million deposit accounts (including 0.25 million 101
entities, especially in rural areas, by leveraging technology and last-mile distribution. accounts), covering both existing microloan customers and new customer
segments.
• The Bank and Promoter are backed by marquee investors, including True North Fund
• They have an extensive network of 528 banking outlets, 219 business
V LLP, Wagner Limited, Tata Opportunities Fund, LeapFrog Investments, SIDBI,
correspondent outlets and 108 ATMs (of which 85 are cash recyclers)
Kotak Mahindra Life Insurance and Edelweiss Tokio Life Insurance.
spread across 16 states and three union territories, covering 192 districts
and 38,809 villages and which reached 2.7 million customers, as of
Brief Financials ₹ in Cr December 31, 2020.
As at Dec 31, As at March 31

2021(09) 2021(12) 2020(12) 2019(12)
Net worth 1,008.59 903.77 665.99 337.54 • Customer-centric approach driven by digital banking and automation;
Interest Earned 939.55 1,070.26 605.15 313.96 • Strong commitment to financial inclusion;
EBITDA 147.11 219.63 122.50 (82.81) • Multi-channel, low cost distribution network with diversified geographic
Profit/Loss Before Tax 134.89 202.73 110.30 (89.84) presence;
Net Profit/Loss for the Period 103.93 143.45 101.98 (97.55) • Fast-growing stable deposit base with a growing CASA franchise;
EPS - Basic (₹) 16.34~ 24.43 22.41 (26.04) • Stable and experienced professional leadership team;
RoNW (%) 10.33%~ 15.87% 15.31% (28.90)% • Robust risk management policies, leading to healthy asset quality;
Net Asset Value (₹) 158.56 142.08 118.01 90.11 • Strong track record of financial and operational performance.
Source: DRHP, * Summary Statement, ~ Not annualised Back 77

Jana Small Finance Bank Limited
Promoters: Jana Capital Ltd and Jana Holdings 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.
BRLMs: Axis Capital, ICICI Securities, SBI Capital Markets Registrar: KFin Technologies
Objects of the Offer: Augmenting the Bank’s Tier–1 capital base to meet the Bank’s future capital requirements
• Incorporated on July 24, 2006, Jana Small Finance Bank is one of the Top-4 SFBs in • The bank is the fastest growing deposit franchise among the Small
India in terms of AUM and deposit size and have the 2nd most geographically Finance
diversified portfolio with a pan-India presence as at the end of Fiscal 2020. • Banks in Fiscal 2020. They had the 3rd highest share of retail deposits
• They have the fastest growing deposit franchise among the SFBs in Fiscal 2020. They (comprising retail CASA and retail term deposits).
offer a range of digital products, services and platforms and their core banking is • As at February 28, 2021, they had 611 Branches, including 166 Branches
supported by integrated multi-channel operations. in Unbanked Rural Centres, and 134 ATMs located in 229 districts in 19
states and 3 union territories. They have served over 8 million customers
• Their deep understanding of the financial needs of the under-banked and underserved
since 2008, including approximately 3.05 million active customers.
customers allows them to continue focusing on serving their financial needs.
• They are also a corporate agent for third-party life insurance products,
general (non-life) insurance products and health insurance products,
including COVID-19 insurance products. They also offer point of sales
Brief Financials ₹ in Cr (“POS”) terminals and Payment Gateway services through their merchant
acquiring partners.
As at Sep 30, As at March 31,
Particulars
2020(06) 2019(06) 2020(12) 2019(12) 2018(12)
Equity Share Capital 200.73 197.16 200.72 197.16 39.29 Key Strengths
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 • New age digitalised bankk;
EBITDA 124.48 (7.16) 122.67 (1,849.68) (2,327.19) • Robust risk and governance framework;
Net Profit for the Period 82.44 (55.34) 30.13 (1,949.07) (2,503.80) • Customer-centric organization with more than 14 years’ experience in
serving underbanked and underserved customers;
EPS - Basic (₹) 16.25~ (11.74)~ 6.21 (471.84) (787.88)
• Pan-India presence with strong brand recognition;
EPS - Diluted (₹) 15.42~ (11.74)~ 5.90 (471.84) (787.88)
• Fast growing retail deposit base and diversified liability franchise;
RoNW (%) as stated 7.42%~ (9.15)%~ 2.93% (294.92)% (164.32)% • Strong execution ability.
Net Asset Value (₹) 218.99 128.33 202.55 140.14 387.82
Source: DRHP, * Restated summary, ~ Not annualised Back 78

Utkarsh Small Finance Bank Limited
Promoters: Utkarsh CoreInvest 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
BRLMs: ICICI Securities, IIFL Securities, Kotak Mahindra Capital Registrar: KFin Technologies
Objects of the Offer: Augmenting its Tier–1 capital base to meet its future capital requirements.

• Utkarsh Small Finance Bank Limited is among the most profitable SFBs in India and • The Bank offers a range of financial products and services that address the
among the leading SFBs in terms of return on assets and had the highest return on specific requirements of their customer segments and while assessing
equity among SFBs in India in Fiscal 2020. factors including income profile and the type of security available. The
• They are headquartered in Varanasi, Uttar Pradesh. Their operations are spread asset products include (i) microbanking loans that include joint liability
across India and are present in 18 States and Union Territories with 528 Banking group loans, individual loans and two-wheeler loans; (ii) retail loans that
Outlets and 8,729 employees, as of September 30, 2020. includes unsecured loans, and secured loans.
• Bank’s business operations across India were severely affected during the
• As of September 30, 2020, 27.08% of their Banking Outlets were located in Unbanked
first quarter of Fiscal 2022. Their collections and disbursements were
Rural Centres (“URCs”). Their operations are focused in rural and semi-urban areas
significantly impacted on account the second wave.
and as of September 30, 2020, they had 2.74 million customers (both deposit and
credit). • They have implemented a Board approved policy to restructure loans for
segments eligible and assist customers in need of additional time to repay
Brief Financials ₹ in Cr loans. Bank’s liquidity coverage ratio was 166.20% as of March 31, 2021.
As at Sep 30, As at March 31

2020(06) 2020(12) 2019(12) 2018(12)
Equity Share Capital 759.27 759.27 737.05 470.05 • Deep understanding of microfinance segment and strong rural and semi-
Net worth as stated 1,097.37 1,019.50 772.76 394.89 urban franchise;
Interest Earned 786.73 1,307.69 900.20 501.06 • Fast growing deposits with strong retail liability franchise;
EBITDA 124.92 275.89 184.27 (95.27) • Diversified distribution network with significant cross-selling opportunities;
Net Profit for the period 77.87 186.74 110.87 (77.42) • Robust risk management and effective operations resulting in superior
EPS (₹) 1.03~ 2.49 1.62 (2.13) asset quality;
RONW (%) 7.10%~ 18.32% 14.35% (19.61)% • High standards of corporate governance with experienced leadership
NAV (₹) 14.45 13.43 10.48 8.40 team.
Source: DRHP, * Restated summary,~ not annualized Back 79

Brief summary of Issues –
Offer Documents Filed &
Awaiting SEBI Observations
Note: Issue Size is indicative, excluding OFS,

if specified in terms of shares
Uniparts India Limited
Promoters:Gurdeep Soni and Paramjit Singh Soni
Offer Details: Offer for Sale of 15,731,942 Equity Shares
Date of SEBI Filing: 28-04-2022 Date of SEBI Approval: N.A. Face Value: ₹ 10/-
BRLMs: Axis Capital, DAM Capital, JM Financial Registrar: Link Intime
Category Allocation - QIB:HNI:Retail:50:15:35
Objects of the Offer: Listing of the Equity Shares will enhance the visibility and brand image.

• Uniparts India Limited (“Uniparts”) is a global manufacturer of engineered systems and • Most of company’s products are structural and load bearing parts of the
solutions and are one of the leading suppliers of systems and components for the off- equipment and are subject to strict tolerances, specifications and process
highway market in the agriculture and construction, forestry and mining and controls.
aftermarket sectors on account of their presence across over 25 countries. • They had an estimated 14.45% market share* of the global 3PL market in
• They are a concept-to-supply player for precision products for off-highway vehicles. Fiscal 2021 in terms of value and an estimated 5.87% market share** in the
• Company’s product portfolio includes core product verticals of 3-point linkage systems global PMP market in the CFM sector in Fiscal 2021 in terms of value.
and precision machined parts as well as adjacent product verticals of power take off, • Uniparts also cater to the aftermarket segment especially for 3PL product
fabrications and hydraulic cylinders or components thereof. range. They provide replacements of 3PL parts to organized aftermarket
retailers and distributors in North America, Europe, South Africa and
Australia.
As at Dec’31 As at March 31, Key Strengths

Particulars
2021(09) 2021(12) 2020(12) 2019 (12)
• Leading market presence in global off-highway vehicle systems and
Equity Share Capital 44.62 44.62 44.62 44.62 components segment;
Net worth 665.96 559.38 464.17 421.98 • Engineering driven, vertically integrated precision solutions provider;
Revenue from Operations 880.89 903.14 907.22 1,060.57 • Global business model optimizing cost-competitiveness and customer
EBITDA 201.35 163.93 127.81 139.85 supply chain risks;
Net Profit/Loss for the Period 122.34 92.39 62.64 69.60 • Long-term relationships with key global customers, including major OEMs,
EPS – Diluted (₹) 27.11^ 20.47 13.88 15.42 resulting in a well-diversified revenue base;
RoNW (%) as stated 18.37%^ 16.52% 13.50% 16.49% • Strategically located manufacturing and warehousing facilities;
Net Asset Value (₹) 147.55 123.94 102.84 93.50 • Strong financial position with robust financial performance metrics.
Source: DRHP, * Restated Statement , ^not annualised Back 81

Kaynes Technology India Limited
Promoters: Ramesh Kunhikannan, Savitha Ramesh and RK Family Trust
Offer Details: Fresh issue of Equity Shares aggregating upto ₹ 650 Cr and Offer for Sale of 7,200,000 Equity Shares; Employee Reservation ₹ 1.5 Cr; Pre-IPO
Placement of ₹ 130 Cr
BRLMs: DAM Capital, IIFL Securities Registrar: Link Intime
Objects of the Offer: Repayment /Prepayment of certain Borrowings, Funding Capital Exprenditure/ Working capital requirements, Investment in Wholly owned subsidiary,

• Kaynes Techonology India Limited (“Kaynes”) is a leading end-to-end and IoT • Kaynes is among the first companies in India to offer design-led electronics
solutions enabled integrated electronics manufacturing player, having capabilities manufacturing to original equipment manufacturers (“OEMs”) using their
across the entire spectrum of electronics system design and manufacturing services. mature embedded design capabilities.
• Kaynes has over 3 decades of experience in providing conceptual design, process • They classify their operations under the following business verticals: OEM
engineering, integrated manufacturing and life-cycle support for major players in the – Box Build:; OEM – Turnkey Solutions; ODM: Product Engineering and
automotive, industrial, aerospace and defence, outer-space, nuclear, medical, IOT etc. IoT Solutions.
• Their advanced manufacturing infrastructure enables theym to undertake a high mix • They operates 8 strategically located manufacturing facilities across India.
and high value addition of products across industry verticals. It also includes one design facility and two service centres.

Particulars
2021(09) 2021(12) 2020(12) 2019 (12)
• Internet of Things (“IoT”) solutions enabled integrated electronics
Equity Share Capital 7.69 6.80 6.80 6.80 manufacturing player;
Net worth 181.61 136.51 95.76 84.63 • Diversified business model with portfolio having applications;
Revenue from Operations 467.78 420.63 368.24 364.23 • Long-standing relationships with marquee customer base;
EBITDA 53.65 40.89 41.33 35.05 • Global certifications for each industry vertical catered to;
Net Profit/Loss for the Period 21.82 9.73 9.36 9.73 • Strong supply chain and sourcing network;
EPS – Diluted (₹) 4.66^ 2.15 2.32 2.38 • Track record of consistent financial performance.
RoNW (%) as stated 11.89%^ 6.87% 9.90% 11.46%
Net Asset Value (₹) 35.33 29.57 23.47 20.74
Source: DRHP, * Restated Consolidated , ^not annualised Back 82

Senco Gold Limited
Promoters: Suvankar Sen, Jai Hanuman Shri Siddhivinayak Trust and Om Gaan Ganpataye Bajrangbali Trust
Offer Details: Fresh issue of Equity Shares aggregating upto ₹325 Cr and Offer for Sale of Equity Shares aggregating upto ₹200 Cr.Pre-IPO Placement of ₹65 Cr
BRLMs: IIFL Securities, Ambit Pvt Ltd, SBI Capital Markets Registrar: KFin Technologies
Category Allocation - QIB:HNI:Retail: 50:15:.35
Objects of the Offer: Funding working capital requirements of the Company.

• Senco Gold Limited (“Senco”) is a pan-India jewellery retail player with a history of • Senco’s other offerings also include costume jewellery, gold and silver
more than 5 decades. coins and utensils made of silver.
• They are the largest organized jewellery retail player in the eastern region of • Their products are sold under the “Senco Gold & Diamonds” tradename,
India.They have the widest geographical footprint in non-eastern states. through multiple channels, including 70 Company Operated Showrooms
• Senco primarily sell gold and diamond jewellery and also sell jewellery made of silver, and 57 Franchisee Showrooms and various online platforms, including their
platinum and precious and semi-precious stones and other metals. website www.sencogoldanddiamonds.com.
• Senco offers more than 108,000 designs for gold jewellery and more than
46,000 designs for diamond jewellery.
As at Nov’30 As at March 31, Key Strengths

Particulars 2021(08) 2021(12) 2020(12) 2019 (12)
• Strong brand name with heritage / legacy of over 5 decades;
Consolidate Consolidate Standalone Standalone
• Largest organized jewellery retail player in the eastern region of India;
Equity Share Capital 53.19 53.19 53.19 53.19 • Strong ‘Company Operated Showroom’ base complemented by an
Revenue from Operations 2,467.26 2,660.38 2,420.34 2,484.26 established asset-light ‘franchise’ model leading to operating leverage;
Adj EBITDA 183.13 174.85 205.45 164.01 • Calibrated focus on light, affordable jewellery with the intention to cater to
Net Profit/Loss for the Period 101.57 64.48 90.93 72.06 the upwardly mobile and younger generation;
EPS (₹) 15.28^ 9.25 13.68 10.84 • Established Systems and Procedures to mitigate risk and improve
RoNW (%) as stated 15.62%^ 10.65% 17.86% 16.66% efficiencies;
Net Asset Value (₹) 105.02 90.64 83.00 70.20

Prasol Chemicals Limited
Promoters: Nishith R Shah, Gaurang N Parikh, Dhaval N Parikh, Pankil N Dharia, Sachin J Parikh, Rakesh Gupta, Nishith R Dharia, Kunal T Dharia, and Suketu Parikh
Offer Details: Fresh issue of Equity Shares aggregating upto ₹ 250 Cr and Offer for Sale of 9,000,000 Equity Shares aggregating upto ₹ Cr. Pre-IPO Placement
of ₹ 50 Cr
BRLMs: JM Financial, DAM Capital Registrar: KFin Technologies
Objects of the Offer: Repayment/ prepayment, in full or part, of certain borrowings; Funding working capital requirements.

• Prasol Chemicals Limited is among the leading forward integrated manufacturers of • As of December 31, 2021, they manufactured 75+ specialty products which
acetone derivatives and phosphorous derivatives in India. formed part of their portfolio and they have 32 products which are in the
• Their products have end uses in 4 segments namely pharmaceuticals, agrochemicals, pipeline.
home and personal care and performance chemicals. • They have 2 manufacturing facilities, at Khopoli and Mahad located in
• They are a GoI certified Two Star Export House Company with the global distribution Maharashtra which cater to the domestic as well as export markets.
network spread across 45 countries across Asia, North America and the European
Union as on December 31, 2021.

Particulars
2021(09) 2021(12) 2020(12) 2019 (12)
• Among the leading forward integrated manufacturers of acetone derivatives
Equity Share Capital 2.90 2.90 2.90 2.90 and phosphorous derivatives in India;
Net worth 229.52 180.21 155.39 118.75 • Focus on research and development enabling diversified product portfolio
Revenue from Operations 626.93 595.54 531.24 498.30 and customised customer solutions;
EBITDA 89.64 58.17 62.91 51.70 • Long standing relationships with a diversified customer base;
Net Profit/Loss for the Period 50.10 25.08 37.77 23.72 • Strong global presence;
EPS (₹) 34.55^ 17.30 26.05 16.39 • Focus on long term sustainability through various environmental friendly
RoNW (%) as stated 21.83%^ 13.92% 24.31% 19.97% initiatives.
Net Asset Value (₹) 158.29 124.29 107.17 81.90

Biba Fashions Limited
Promoters: Siddharath Bindra, Meena Bindra, Shradha Bindra, Kaveri Tradex Pvt Ltd and Dhanvan Impex LLP.
Offer Details: Fresh issue of Equity Shares aggregating upto ₹ 90 Cr and Offer for Sale of 27,762,010 Equity Shares aggregating upto ₹ Cr. Pre-IPO Placement
of ₹ 18 Cr
BRLMs: JM Financial, Ambit, DAM Capital, Equirus Capital, HSBC Securities Registrar: Link Intime
Category Allocation - QIB:HNI:Retail:
Objects of the Offer: Repayment and /or prepayment of certain borrowings availed by the company;

• Biba Fashions Limited (“Biba”) is one of India’s largest consumer lifestyle brands with • Biba offers their customers well-designed and high-quality products across
a leading position in the women’s Indian wear category in terms of market share. segments and have one of the widest portfolios of products amongst
• Launched in 1986, their flagship brand ‘BIBA’ is a ‘category creator’ in the women’s women’s apparel brands in India in terms of SKUs, as of February 2022.
Indian wear segment, benefiting from a rich legacy, leading market position across the • Their range of products include salwar kameez dupattas, Mix-n-Match
category and an industry-leading online presence. wear, Ready-to-Stitch wear, kidswear, bottom-wear and accessories; range
• Biba develop, design, source, market and sell a wide portfolio of Indian wear for of products across jewellery, footwear, wallets and fragrances.
women and girls across their multiple brands. • As of December 31, 2021, they had 427 EBOs, comprising 308 BIBA-
branded outlets and 119 Rangriti-branded outlets across 27 states and 160
cities in India, 930 LFSs across 29 states and 267 cities in India and 30
MBOs.
As at Dec’31 As at March 31,

Particulars
2021(09) 2021(12) 2020(12) 2019 (12) Key Strengths
• Leading market position and strong brand equity across a diverse set of
Net worth 334.58 316.14 287.94 286.84 consumers across the value chain;
Revenue from Operations 487.68 525.82 757.21 729.41 • Diversified pan-India distribution with a strong foothold on both offline and
EBITDA 84.84 62.31 135.28 129.71 online channels;
Net Profit/Loss for the Period 18.24 (11.84) 8.91 20.24 • Significant investments in digital capabilities;
EPS – Diluted (₹) 1.46^ (0.96) 0.74 1.69 • Strong in-house design and tech-first supply chain capabilities;
RoNW (%) as stated 5.45%^ (3.74)% 3.07% 7.31% • Well positioned to capitalise on the strong industry growth profile.
Net Asset Value (₹) 26.75 25.28 24.05 23.96

Gold Plus Glass Industry Limited
Promoters:Subhash Tyagi, Suresh Tyagi, Jimmy Tyagi, and Aashish Tyagi
Offer Details: Fresh issue of Equity Shares aggregating upto ₹ 300 Cr and Offer for Sale of 12,826,224 Equity Shares
BRLMs: Axis Capital, IIFL Securities, Jefferies India, SBI Capital Markets Registrar: KFin Technologies
Objects of the Offer: Repayment/prepayment of all or certain of the borrowings; Funding incremental working capital requirements of the company.

• Gold Plus Glass Industry Limited (“Gold Plus”) is the 2nd largest float glass • Company’s product portfolio comprises clear glass, 22 kinds of value-
manufacturer in India with 16% share of manufacturing capacity for float glass in added glass products and 11 kinds of processed glass products, of varying
Fiscal 2021. thickness between 2 mm and 12 mm.
• Their significant operations and focus on value-added glass segment have led them to • Their products cater to a range of end use industries including construction,
become one of the leading players in India with 30% market share of sales volume for automotive, and industrial sectors, with a variety of applications.
value-added glass and 15% market share of sales volume for clear glass in Fiscal • Gold Plus operates a single manufacturing facility for all of their clear and
2021. Company’s products cater to a range of end use industries including automotive, value-added glass, located at Roorkee, Uttarakhand.
construction and industrial sectors, with a variety of applications.

2021(09) 2021(12) 2020(12) 2019 (12)
Equity Share Capital 75.66 75.66 75.66 75.66 • Leading player in the high-growth Indian glass industry with significant
Net worth barriers to entry;
384.22 211.86 154.12 234.00
Revenue from Operations • Comprehensive product portfolio catering to a wide range of industries;
1,029.98 852.55 628.65 780.38
EBITDA 334.98 157.32 37.67 47.03 • Extensive distribution network with a large business associate base;
Net Profit/Loss for the Period 172.50 57.65 (79.91) (79.08) • Strategically located manufacturing facility with large capacity and
advanced infrastructure;
EPS – Diluted (₹) 18.47^ 6.17 (10.56)% (10.45)%
• Well established brand with targeted sales and marketing initiatives;
RoNW (%) as stated 44.90%^ 27.21% (51.85)% (33.79)%
• Improving financial performance.
Net Asset Value (₹) 50.78 28.00 20.37 30.92

DCX Systems Limited
Promoters: Dr. H.S. Raghavendra Rao, NCBG Holdings Inc and VNG Technology Pvt Ltd
Offer Details: Fresh issue of Equity Shares aggregating upto ₹500 Cr and Offer for Sale of Equity Shares aggregating upto ₹100 Cr. Pre-IPO Placement of ₹50
Cr
BRLMs: Axis Capital, Edelweiss Financial, Saffron Capital Registrar: Link Intime
Objects of the Offer: Repayment/ prepayment, in full or part, of certain borrowings; Funding working capital requirements; Investment in wholly owned Subsidiary.

• DCX Systems Limited (“DCX”) is primarily engaged in system integration and • DCX classify their operations under the following business verticals:
manufacturing a comprehensive array of cables and wire harnesses assemblies and • System Integration: DCX undertake system integration in areas of radar
are also involved in kitting and are among the leading Indian players for the systems, sensors, electronic warfare, missiles, and communication
manufacture of electronic sub-systems and cable and wire harness in terms of systems.
manufacturing capability
• Cable and Wire Harness Assemblies: DCX manufactures
• and revenues in Fiscal 2021. comprehensive array of cables and wire harnesses assemblies.
• DCX commenced operations in 2011 and are the Indian Offset Partner for foreign • Kitting: DCX supply assembly ready kits of electronic and electro-
original equipment manufacturers for executing defence manufacturing projects. mechanical parts and undertake all aspects of procurement.

2021(09) 2020(09) 2021(12) 2020(12) 2019 (12)
Equity Share Capital 3.50 3.50 3.50 3.50 3.50 • Among the preferred Indian Offset Players for the defence and aerospace
industry with global accreditations;
Net worth 79.94 45.49 46.79 17.17 7.45
• Technology enabled and scalable end-to-end capabilities;
Revenue from Operations 728.24 548.49 641.16 449.26 299.87
• Business model with visibility of cash flows and ability to mitigate
Adj. EBITDA 59.78 27.10 32.48 45.20 19.73
operational and technology risk;
Net Profit/Loss for the Period 33.20 28.29 29.56 9.74 4.59
• Strategically located in Special Aerospace Economic Zone;
EPS – Diluted (₹) 4.74^ 4.04^ 4.22 1.39 0.66
• Well-positioned to capitalize on industry tailwinds;
RoNW (%) as stated 41.53%^ 62.19%^ 63.18% 56.75% 61.54%
• Track record of consistent financial performance.
Net Asset Value (₹) 11.42 6.50 6.68 2.45 1.06

Yatharth Hospital & Trauma Care Services Limited
Promoters: Ajay Kumar Tyagi and Kapil Kumar
Offer Details: Fresh issue of Equity Shares aggregating upto ₹ 610 Cr and Offer for Sale of 6,551,690 Equity Shares. Pre-IPO Placement of ₹ 122 Cr
BRLMs: Intensive Fiscal, Ambit, IIFL Securities Registrar: Link Intime
Objects of the Offer: Repayment/ prepayment, in full or part, of certain borrowings availed by the company, and subsidiaries; Funding capital expenditure expenses for 2
hospitals and subsidiaries; Funding inorganic growth initiatives.

• Yatharth Hospital & Truma Care Services Limited (“Yatharth”) is among the top 10 • Company’s critical care program comprises 318 critical care beds, as of
largest private hospitals in the National Capital Region of Delhi (“Delhi NCR”) in terms January 31, 2022. All of their hospitals based in Delhi NCR are accredited
of number of beds in Fiscal 2021. by the NABH.
• Currently, they operate 3 super specialty hospitals in Delhi NCR, i.e., at Noida, • As of January 31, 2022, they engaged 370 doctors and offer healthcare
Greater Noida and Noida Extension, Uttar Pradesh. Their total bed capacity was 1,405 services across several specialties and super specialties.
beds. • To assist their patient care, Yatharth has introduced ‘Mitra Robot’, an
• They have recently acquired a 305-bedded multi-speciality hospital in Orchha, Madhya artificial intelligence humanoid, in their Noida Extension hospital.
Pradesh near Jhansi, Uttar Pradesh (“Jhansi-Orchha”).

2021(06) 2021(12) 2020(12) 2019 (12)
Equity Share Capital 16.38 16.38 16.38 16.38 • Among the leading super-specialty hospital in Delhi NCR with diverse
specialty and payer mix;
Net worth 99.51 72.46 54.29 55.60
• Advanced and high-end medical equipment and technology;
• Ability to attract quality doctors, nurses, paramedical, and other staff;
EBITDA 63.75 67.01 37.57 19.45
• Experienced and qualified professional management team with strong
Net Profit/Loss for the Period 26.98 19.59 (2.05) 3.98
execution track record;
EPS (₹) 4.12^ 2.77 (0.20) 0.63
• Track record of stable operating and financial performance and growth.
RoNW (%) as stated 27.11%^ 25.06% (2.40)% 7.15%
Net Asset Value (₹) 60.76 44.24 33.16 33.96

KFin Technologies Limited
Promoters: General Atlantic Singapore Fund Pte. Ltd.
Offer Details: Offer for Sale of Equity Shares aggregating upto ₹ 2,400 Cr
Approx Issue Size (₹ Cr): 2,400 BRLMs: ICICI Securities, Kotak Mahindra Capital, J P Morgan, IIFL Securities,
Registrar: Bigshare Services
Category Allocation - QIB:HNI:Retail: Jefferies India

• KFin Technologies Limited (“KFin”) is a leading technology driven financial services • KFin signed on 2 new AMCs that are yet to launch operations as on
platform providing comprehensive services and solutions to the capital markets January 31, 2022.
ecosystem including asset managers and corporate issuers across asset classes in • Through their acquisition of Hexagram, KFin serves 6 AMCs in India on
India and provide several investor solutions including transaction origination and fund accounting, of which, 3 are their existing AMC clients in India for
processing for mutual funds and private retirement schemes in Malaysia, Philippines investor solutions.
and Hong Kong.
• As on January 31, 2022, they are the only investor and issuer solutions
• As on January 31, 2022, they are India’s largest investor solutions provider to Indian provider in India that offers services to asset managers such as mutual
mutual funds, based on number of AMC clients serviced. funds, alternative investment funds, wealth managers and pension as well
• They are servicing 270 funds of 157 asset managers in India as on January 31, 2022. as corporate issuers in India, besides servicing overseas clients in South
East Asia and Hong Kong.

Particulars
2021(09) 2020(09) 2021(12) 2020(12) 2019 (12) • Scaled platform with strong track record of growth and market leadership;
Equity Share Capital 167.57 150.84 150.84 150.84 165.83 • They diverse multi-asset class platform is well-positioned to benefit from
Net worth 589.95 434.43 346.40 409.58 519.28 strong growth across large markets in India and South East Asia;
Revenue from Operations 458.66 338.83 481.14 449.87 162.43 • Unique “platform-as-a-service” business model providing comprehensive
EBITDA 208.97 145.01 217.45 164.02 67.94 end-to-end solutions enabled by proprietary technology solutions;
Net Profit/Loss for the Period 97.69 23.60 (64.51) 4.52 8.96 • Deeply entrenched, long-standing client relationships with a diversified and
EPS (₹) 6.34^ 1.56^ (4.28) 0.28 1.46 expanding client base;
RoNW (%) as stated 16.56%^ 5.43%^ (18.62)% 1.10% 1.72% • Asset-light business model with recurring revenue model, high operating
leverage, profitability and cash generation.
Net Asset Value (₹) 35.21 28.80 22.96 27.15 31.31

Hemani Industries Limited
Promoters: Jayesh Mohan Dama, Mohan Sunderji Dama and Minal Mohan Dama
Offer Details: Fresh issue of Equity Shares aggregating upto ₹ 500 Cr and Offer for Sale of Equity Shares aggregating upto ₹ 1,500 Cr; Pre-IPO Placement of ₹
100 Cr.
BRLMs: JM Financial, Kotak Mahindra Capital Registrar: Link Intime
Objects of the Offer: Funding the capital expenditure requirements for the capacity expansion; Repayment/prepayment of certain borrowings; Investment in the wholly
owned Subsidiary, HCCP; Funding the long-term working capital requirement.

• Hemani Industries Limited is an Indian chemical company focused on the • The company operates 3 modern manufacturing facilities in Gujarat,
manufacturing and marketing of a range of agrochemicals and specialty chemicals. located in Dahej, Ankleshwar and Saykha, which are strategically located
They have a presence across the entire value chain, Technicals, Formulations and near the Hazira Port.
Intermediates. • They have a R&D laboratory at their Ankleshwar Facility.
• The end uses of their products includes crop protection (insecticides, herbicides and
• Company’s product portfolio was sold to over 1,700 total customers during
fungicides) as well as products used for wood protection, veterinary, household and
the last 10 years.
public health applications.
• They are an export-focused business, and are old their products in over 60 countries • They added 166 new customers and served 665 total customers during the
in Fiscal 2021. 9 month ended December 31, 2021.

Particulars
2021(06) 2020(06) 2021(12) 2020(12)
• Leading market positions across their major agrochemical and specialty
Equity Share Capital 9.01 9.01 9.01 9.01 chemical products;
Net worth 711.17 497.68 597.83 427.13 • Global presence in a market with high entry barriers;
Revenue from Operations 714.40 495.04 1,171.92 1,000.02 • Large customer base with long lasting relationships;
EBITDA 154.78 104.84 247.76 188.80 • Strong R&D capabilities;
Profit after Tax for the Period 112.71 68.33 169.41 133.47 • Operational excellence with focus on quality and vertical integration;
EPS (₹) 12.52^ 7.59^ 18.81 14.82 • Robust financial performance.
RoNW (%) as stated 15.86%^ 14.10%^ 28.34% 31.25%
Net Asset Value (₹) 78.97 55.27 66.39 47.43

Gujarat Polysol Chemicals Limited
Promoters: Shaileshkumar Balvantrai Desai and Umang Shailesh Desai
Offer Details: Fresh issue of Equity Shares aggregating upto ₹ 87 Cr and Offer for Sale of Equity Shares aggregating upto ₹ 327 Cr.
BRLMs: Inga Ventures Registrar: Link Intime
Objects of the Offer: Repayment/prepayment, in full or part, of certain borrowings availed of by the Company.

• Gujarat Polysol Chemicals Limited is amongst the leading chemicals manufacturers • The vast majority of products that they manufacture use the aromatic
for the Infra-tech (Construction), agro, dyes and leather industries in India. They are organic compounds. The wide range of chemicals and intermediates that
amongst the leading suppliers of dispersing agents in the Infra-tech, dye and they manufacture can be classified as Infra-tech (construction) chemicals;
pigments, and textile and leather industries and a leading supplier of powder Agro-chemicals (pesticide formulations); Dyes, pigments and textile
surfactants in India. chemicals; and Leather chemicals.
• They are amongst the leading manufacturers of poly carboxylate ether (PCE) liquid in • During the 6 month period ended September 30, 2021, they manufactured
India. an aggregate of 130 products.
• They are one of the few manufacturers of PCE powder globally and the only • The company has 3 Manufacturing Facilities located in Gujarat and a unit
manufacturer of PCE powder in India. located in the Union Territory of Dadra & Nagar Haveli and Daman and
Diu.

Particulars
2021(06) 2021(12) 2020(12) 2019 (12)
• Strong and diversified customer base;
• Leading chemical manufacturer of large and diverse bouquet of products;
Net worth 139.72 124.41 76.10 55.85
• Strong focus on R&D;
• Extensive manufacturing capabilities of products with stringent quality
EBITDA 26.36 64.30 38.68 31.86 norms and procedures;
Net Profit/Loss for the Period 15.52 39.84 20.19 12.80 • Strong promoters and experienced management team;
EPS – Diluted (₹) 7.70^ 19.77 10.02 6.38 • Strong and consistent financial performance.
RoNW (%) as stated 11.11%^ 32.02 26.53 22.92
Net Asset Value (₹) 69.32 65.50 57.67 42.65

Joyalukkas India Limited
Promoters: Alukkas Varghese Joy
Offer Details: Fresh issue of Equity Shares aggregating upto ₹2,300 Cr
BRLMs: Edelweiss Financial, Haitong Securities, Motilal Oswal, SBI Capital Markets Registrar: Link Intime
Objects of the Offer: Repayment or pre-payment, in full or part, of certain borrowings; Financing the opening of 8 new showrooms

• Joyallukkas India Limited is one of the leading jewellery companies in India in terms of • Company’s jewellery products consist of 4 main products: • Gold jewellery;
revenue in Fiscal 2021. Their jewellery business includes sale of jewellery made of • Diamond jewellery; • Silver jewellery; and • Platinum and other precious
gold, studded and other jewellery products that include diamond, platinum, silver and metal/stones-based jewellery.
other precious stones. • They offers gold jewellery, diamond and other studded jewellery, jewellery
• They operates 85 showrooms under the “Joyalukkas” brand across 68 cities in India made from silver, platinum and other precious metal-based jewellery.
with an area aggregating approximately 344,458 square feet, as of January 31, 2022. • They have 8 sub-brands, namely “Pride”, “Eleganza”, “Apurva”, “Ratna”,
• Their product profile includes traditional, contemporary and combination designs “Veda”, “Zenina”, “Masaaki pearls” and “Li’l Joy”.
across jewellery lines, usages and price points. • As of January 31, 2022, they operated 85 showrooms spread across 68
cities in India, with an entrenched presence towards south India.
Key Strengths
Particulars
2021(06) 2020(06) 2021(12) 2020(12) 2019 (12) • Established homegrown brand with robust sales and marketing strategy;
Equity Share Capital 70.03 70.03 70.03 70.03 70.03 • Leading jewellery company in India and well positioned to capitalize on
Net worth industry growth;
1,916.70 1,426.90 1,650.72 1,177.82 1,117.54
Revenue from Operations • Presence across India with a strong foothold in South India;
4,012.26 2,088.77 8,066.29 8,023.79 8,091.84
EBITDA 498.44 495.49 946.25 648.56 587.68 • Diversified product portfolio across categories and price points;
Net Profit/Loss for the Period 268.95 248.61 471.75 40.71 116.14 • Strong track record of growth, profitability and unit economics.
EPS (₹) 3.49^ 3.23^ 6.12 0.53 1.51
RoNW (%) as stated 13.54%^ 16.61%^ 27.42% 3.26% 9.78%
Net Asset Value (₹) 283.68 213.74 245.70 178.18 169.57
Source: DRHP, * Restated Statement, ^not annualised Back 92

Yatra Online Limited
Promoters: THCL Travel Holding Cyprus Ltd and Asia Consolidated DMC Pte. Ltd.
Offer Details: Fresh issue of Equity Shares aggregating upto ₹ 750 Cr and Offer for Sale of 9,328,358 Equity Shares; Pre-IPO placement of ₹145 Cr
BRLMs: SBI Capital Markets, DAM Capital, IIFL Securities Registrar: Link Intime
Objects of the Offer: Strategic investments, acquisitions and inorganic growth;Investment in customer acquisition and retention, technology, and organic growth initiatives.

• Yatra Online Limited is India’s largest corporate travel services provider and the 2nd • The company is the leading corporate travel service provider in India with
largest online travel company in India among key OTA players in terms of gross approximately 700 large corporate customers and over 46,000 registered
booking revenue and operating revenue, for Fiscal 2020. SME customers.
• Yatra Online, Inc., a Cayman Islands limited company with shares listed in the United • Company’s business is based on a common technology platform that
States of America on NASDAQ Capital Market under the symbol “YTRA”, is the serves their customers through multiple mobile applications as well as
holding company of company’s Promoters, THCL and Asia Consolidated DMC Pte. their website www.yatra.com.
Ltd. • Company’s products and services are organized primarily in the following
• It has largest number of hotel and accommodation tie-ups amongst key OTA players segments: (i) Airline Tickets, (ii) Hotels and Holiday packages, and (iii)
of over 2,094,000 tie-ups, as on October 29, 2021. Other Services.
Key Strengths
Particulars
2021(06) 2021(12) 2020(12) 2019 (12) • Trusted brand with a proven track record and targeted marketing strategy;
Equity Share Capital 11.19 11.09 10.62 10.23 • Synergistic Multi-Channel Platform for Business and Leisure Travelers;
• Comprehensive Selection of Service and Product Offerings;
Net worth 112.74 123.49 212.43 234.05
• Large and Loyal Customer Base;
• Integrated Technology Platform;
EBITDA 0.86 (49.69) (24.57) (129.24)
• Experienced management team with an established track record;
Adj. EBITDA 15.67 2.23 28.65 (101.62) • Largest inventory of Domestic Hotels; and
Net Profit/Loss for the Period (19.03) (118.86) (69.86) (212.50) • Corporate relationships.
Net Asset Value (₹) 10.12 11.51 20.13 25.41

HMA Agro Industries Limited
Promoters: Wajid Ahmed, Gulzar Ahmad, Mohammad Mehmood Qureshi, Mohammad Ashraf Qureshi and Zulfiqar Ahmad Qurashi
Offer Details: Fresh issue of Equity Shares aggregating upto ₹ 150 Cr and Offer for Sale of Equity Shares aggregating upto ₹ 330 Cr
BRLMs: Aryaman Financial Services Registrar: Bigshare Services
Objects of the Offer: Funding working capital requirements of the company

• HMA Agro Industries Limited is a star export house and one of the largest exporters of • Company’s products are mainly packaged under the brand name “Black
buffalo meat in India accounting for more than 10% of India’s export of frozen buffalo Gold”, “Kamil” & “HMA” and exported to over 40 countries all over the
meat. The company only deals in buffalo meat and allied products. globe.
• Company’s products are self-branded, packaged and exported to over 40 countries. • They have own 4 fully integrated packaged meat processing plants which
• Currently they are one of the Top-3 market leaders in export of Packaged Frozen are located at Aligarh, Mohali, Agra and Parbhani and are in the process of
Buffalo Meat Products from India and they have recently begun product diversification setting up 5th at Haryana. They are also in advanced stages to acquire an
process and exports of products such as Frozen Fish and Basmati Rice. additional plant at Unnao.
• Company’s facilities are approved for export to UAE, Iraq, Saudi Arabia,
Oman, Bahrain, Jordan, Algeria, Egypt, Angola, Vietnam, Indonesia,
Georgia, Malaysia, Combodia and other Middle East, CIS, African
Countries etc. Approximately 90% of their sales are in form of exports.

Particulars
2021(06) 2021(12) 2020(12) 2019 (12) Key Strengths
Net worth 321.87 259.71 187.05 141.45 • Production Quality and well established Set up
Revenue from Operations 1,462.21 1,707.50 2,372.79 2,742.15 • Well educated and experienced team
EBITDA 93.25 110.02 88.96 62.71 • Long standing relations with their customer base and well-established
marketing set up
• Well established brand
EPS (₹) 13.15^ 15.28 9.66 6.56
• Global Presence
RoNW (%) as stated 38.78%^ 27.96 24.54% 22.03%
Net Asset Value (₹) 67.74 54.66 39.37 29.77

PKH Ventures Limited
Promoters: Pravin Kumar Agarwal.
Offer Details: Fresh issue of upto 18,258,427 Equity Shares and Offer for Sale of upto 9,831,461Equity Shares; Pre-IPO Placement of 1,500,000 Equity Shares
BRLMs: IDBI Capital, BOB Capital Markets Registrar: Link Intime
Objects of the Offer: Investment in the subsidiary, Halaipani Hydro Project Pvt Ltd; Funding long-term working capital requirements in Garuda Construction; and Pursuing
inorganic growth through acquisitions and other strategic initiatives.

• PKH Venture Limited is in the business of Construction & Development, Hospitality • The Civil Construction business is executed by their subsidiary and
and Management Services. construction arm, Garuda Construction.
• The company is managing and operating restaurants, lounges, retail outlets, food • The Hospitality vertical is in the business of owning, managing and
stalls, bars, staff canteens and food supply at various airports across the country. The operating hotels, restaurants, QSRs, spas and sale of food products.
company developed 2 hotels in Mumbai viz., Golden Chariot Hotel & Spa, Vasai and • The Management Services currently provides miscellaneous MEP works
Golden Chariot, the Boutique Hotel near Mumbai International Airport. services such as annual maintenance of their projects and certain third
• The company has executes Civil Construction works for Third Party Developer party O&M contracts.
projects and have also been awarded 2 Government Projects.

Particulars
2021(06) 2021(12) 2020(12) 2019 (12) Key Strengths
Net worth • Established Track Record;
211.04 184.72 149.40 135.32
Revenue from Operations • Visible growth through increasing Third Party Developer Order Book,
110.84 241.51 165.89 160.41
Development Projects and Government Projects;
EBITDA 81.44 78.62 22.62 9.90
• Diverse Business Model;
• Asset light model of the Civil Construction business;
EPS (₹) 4.11^ 5.06 2.35 0.41
• Strong financial performance and robust balance sheet.
RoNW (%) as stated 12.47%^ 16.55% 9.43% 1.80%
Net Asset Value (₹) 32.98 28.87 24.88 22.54

Vikram Solar Limited
Promoters: Hari Krishna Chaudhary, Gyanesh Chaudhary, Hari Krishna Chaudhary Family Trust, Gyanesh Chaudhary Family Trust, Vikram Financial Services Ltd and
Vikram Capital Management Pvt Ltd
Offer Details: Fresh issue of Equity Shares aggregating upto ₹ 1,500 Cr and Offer for Sale of 5,000,000 Equity Shares; Reservation for Employees; Pre-IPO
BRLMs: JM Financial, Kotak Mahindra Capital Registrar: Link Intime
Objects of the Offer: Funding capital expenditure for setting up of a 2,000 MW integrated solar cell and solar module manufacturing facility

• Vikram Solar Limited is one of India’s largest module manufacturers, in terms of • The company has been operating in the business of solar PV module
operational capacity, producing solar photo-voltaic (“PV”) modules. technologies for the last 12 years.
• The company had a domestic market share of approximately 19.00 with 2,500 MW • The company expanded their global footprint through a sales office in the
(inclusive of trial production. United States of America and a procurement office in China and have
• The company strive to deliver reliable solar solutions through innovative products, and supplied solar PV modules to customers in 32 countries, as of December
they achieve this through their specialized high efficiency PV module manufacturing, 31, 2021.
comprehensive EPC solutions and O&M services. • Their products and services cater to multiple business divisions viz.
Domestic solar PV module sales; EPC and O&M services and Exports.

2021(06) 2021(12) 2020(12) 2019 (12)
Equity Share Capital 23.53 23.53 27.93 27.93 • One of the largest Indian solar module manufacturer with 2,500 MW;
Net worth 390.42 412.91 364.10 339.23 • Ability to provide EPC and O&M services as a supplemental value add to
Revenue from Operations 597.85 1,610.14 1,639.68 2,016.84 their solar PV module manufacturing business;
EBITDA 35.29 194.50 162.18 182.82 • Strong brand recognition with an established track record;
Net Profit/Loss for the Period (18.96) 38.19 22.52 40.82 • The business and operations are supported by macroeconomic factors
EPS (₹) (0.73)^ 1.48 0.86 1.55 and a favourable regulatory landscape;
RoNW (%) as stated (4.86)%^ 9.25% 6.19% 12.03% • Track record of being an early adopter in technology with manufacturing
Net Asset Value (₹) 15.25 16.05 13.75 13.13 facilities based on global best practices.

Corrtech International Limited
Promoters: Amit Indrasen Mittal, Sandeep Indrasen Mittal and IEC Projects Ltd.
Offer Details: Fresh issue of Equity Shares aggregating upto ₹ 350 Cr and Offer for Sale of 4,000,000 Equity Shares
BRLMs: Equirus Capital Registrar: Link Intime
Objects of the Offer: Redemption of debentures; Repayment or pre-payment, in full or in part, of certain borrowings; Financing the capital expenditure; Infusion of equity
into subsidiary company; Funding incremental working capital requirements.

• Corrtech International Limited is one of the leading focused providers of pipeline laying • Company’s customers in O&G Services Business include large players in
solutions including hydrocarbon pipeline laying works in India. the Indian oil and gas sector.
• The company has also emerged as amongst the leading player in horizontal • CEL is engaged in providing EPC solutions towards process facilities for
directional drilling (“HDD”) and cathodic protection solutions (“CPS”) over the years. material and feed handling in oil and gas refineries and petrochemical
• They, through their subsidiary, Corrtech Energy Ltd(“CEL”), manufacture precision complexes.
components and provide products and services to the gas turbines and steam turbines • Order Book for the O&G Services Business as of December 31, 2021, was
operators along with services to the aerospace and defence sectors. over ₹2,440 crore.
• Their Manufacturing Business caters to diverse industry segments
including energy, defence and general manufacturing.

Particulars
2021(06) 2021(12) 2020(12) 2019 (12) Key Strengths
Net worth • Long term relationship with clients and pre-qualification experience;
160.67 142.52 118.03 91.26
Revenue from Operations • Established track record of completed projects and geographical footprint
479.27 990.93 778.22 560.73
EBITDA 45.94 95.62 97.87 74.11 • Large order book;
Net Profit/Loss for the Period 15.48 28.56 34.95 24.47 • Diverse fleet of equipment;
EPS (₹) 3.28^ 6.06 7.42 5.19 • Experienced promoters and management with efficient project execution
team.
RoNW (%) as stated 9.61%^ 20.06% 29.46% 26.67%
Net Asset Value (₹) 126.11 116.26 97.77 75.14

Navi Technologies Limited
Promoters: Sachin Bansal
Offer Details: Fresh issue of Equity Shares aggregating upto ₹3,350 Cr; Pre-IPO Placement of ₹ 670 Cr
Approx Issue Size (₹ Cr): 3,350 BRLMs: Axis Capital, BofA Securities, Credit Suisse Securities, Edelweiss Financial, ICICI
Category Allocation - QIB:HNI:Retail: 75:15:10 Securities
Objects of the Offer: Investment into the subsidiaries – NFPL and NGIL

• Navi Technologies Limited is a technology-driven financial products and services • Personal Loan: During the 9 months ended December 31, 2021, they
company focusing on the digitally connected young middle-class population of India. disbursed 308,383 personal loans amounting to ₹1,572.44 crore, with an
• The company has adopted a mobile-first approach, utilizing their strong in-house average ticket size of ₹50,990.
technology and product expertise to build customer-centric products. • Home Loan: As of December 31, 2021, they had an AUM of ₹177.71
• They have expanded offerings under the “Navi” brand to include personal loans, home crore and have disbursed 604 loans with an average ticket size of ₹0.39
loans, general insurance and mutual funds. They also offer microfinance loans, crore.
through a wholly-owned Subsidiary, under the “Chaitanya” brand. • General Insurance: Launched through the acquisition of DHFL General
Insurance Ltd in February 2020.
• Health Insurance: As of December 31, 2021, 61.17% of their health
Brief Financials ₹ in Cr insurance policies sold were approved without any human assistance.

Particulars
2021(09) 2021(12) 2020(12) 2019 (12) Key Strengths
Equity Share Capital 2,881.39 2,881.39 2,874.93 51.00
Net worth • Mobile first approach driving better customer engagement and experience;
3,731.10 3,933.25 3,951.29 53.07
Revenue from Operations • End-to-end ownership of product;
96.58 136.66 55.95 12.57
EBITDA (77.82) 234.22 47.73 4.57 • In-house full-stack technology capabilities;
Net Profit/Loss for the Period (206.43) 71.19 (8.07) 2.07 • Risk management, data science and machine learning leveraged
operating model;
EPS (₹) (7.16)^ 2.45 (2.09) 7.31
• Network effect, cross-sell and up-sell.
RoNW (%) as stated (5.53)%^ 1.81% (0.20)% 3.90%
Net Asset Value (₹) 129.49 136.51 137.44 104.06

EBIXCASH Limited
Promoters: Ebix Inc. and Ebix Singapore Pte. Ltd.
Offer Details: Fresh issue of Equity Shares aggregating upto ₹6,000 Cr; Reservation for Employees; Pre-IPO Placement of ₹1,200 Cr
BRLMs: Motilal Oswal, Equirus Capital, ICICI Securities, SBI Capital Markets, Yes Securities Registrar: Link Intime
Objects of the Offer: Funding the working capital requirements of the subsidiaries, Ebix Travels Pvt Ltd and EbixCash World Money Ltd; Purchase of outstanding
compulsorily convertible debentures from Ebix Asia Holdings Inc, Mauritius (“Ebix Mauritius”).

• Ebixcash Limited is a technology enabled provider of digital products and services in • The company provides a variety of products in India and in over 75
the B2C, B2B and financial technology arena, through an integrated business model. international jurisdictions, including (i) front-end focused domestic and
• They organize their business along 4 primary business segments, (i) payment international money remittance, foreign exchange, pre-paid gift cards,
solutions, (ii) travel, (iii) financial technologies and (iv) BPO services and start-up utility payments, Aadhaar Enabled Payment Services, PoS services,
initiatives. ticketing services; and (ii) back-end focused SaaS and self-hosted
solutions for the financial sector.
• They bring together the advantages of B2B, B2C and B2B2C models within a single
omni-channel platform. • They also provides BPO call centre services to companies in the financial,
insurance, telecommunications and travel industries, among others.
• They utilize a “Phygital” that combines over 650,000 physical agent distribution outlets.
• As of December 31, 2021, they had grown the employee count of the BPO
business to over 2,850 employees, while also adding 21 new clients, and
Brief Financials ₹ in Cr had converted it into a profitable business.

Particulars
2021(06) 2020(06) 2021(12) 2020(12) 2019 (12)
• Integrated business model offering one-stop-shop for B2B, B2C and
Equity Share Capital 0.23 0.23 0.23 0.23 0.23 B2B2C;
Net worth 4,195.21 3,756.00 4,013.27 3,769.97 3,364.52 • Operating in regulated industries with a large network, resulting in a high
Revenue from Operations 2,653.42 1,140.83 4,152.53 2,170.02 1,888.33 barrier to entry;
EBITDA 339.60 188.49 511.73 496.50 624.52 • Multiple cross-selling opportunities, synergies, network effect and wide
reach for customer acquisition;
Net Profit/Loss for the Period 191.10 (19.09) 230.05 243.34 459.53 • Proprietary technology offering that is flexible and customizable for wide
EPS (₹)# 2.14^ (0.12)^ 2.66 2.97 4.67 application across a variety of customer requirements;
RoNW (%) as stated 4.57%^ (0.43)%^ 5.92% 7.61% 13.45% • Successfully acquired complementary businesses, integrated them into
Net Asset Value (₹) 44.64 39.97 42.71 39.15 34.34 their ecosystem, and turned them profitable.
Source: DRHP, * Restated Consolidated , #continued operations, ^not annualised Back 99

India Exposition Mart Limited
Promoters: Company is a professionally managed company and does not have an identifiable promoter
Offer Details: Fresh Issue of Equity Shares aggregating upto ₹450 Cr and Offer for Sale of 11,210,659 Equity Shares. Reservation for Employee, Pre-IPO
BRLMs: Emkay Global Registrar: KFin Technologies
Objects of the Offer: Funding capital expenditure requirements for expansion of the existing infrastructure facilities; Prepayment or repayment of all or a portion of certain
outstanding borrowings.

• India Exposition Mart Limited is one of the leading venue planner and provider in India, • Their Expo Centre & Mart is strategically located at Greater Noida which
offering technology driven, world-class facilities and safety standards suitable for is a prominent MICE destination in India. It is a world class venue with
hosting international business-to-business exhibitions, conferences, congresses, facilities for all kinds of business events in a covered area of 2,34,453.29
product launches, and promotional events, amongst others. sq mtr.
• As on December 31, 2021, they have an order book aggregating to a value of ₹ • As of December 31, 2021, India Expo Centre & Mart houses over 800
121.52 crore from different exhibitions. permanent show rooms of Indian exporters, and has 14 multi-purpose
• They have approximately 15 years of operating experience in the management and halls,
• organization of exhibitions and trade fairs. • 29 meeting rooms, 4 open areas, 4 speciality restaurants and an ongoing
guest house project (under-construction) with 128 rooms and amenities.

Particulars
2021(06) 2021(12) 2020(12) 2019 (12) Key Strengths
• Established track record and brand recognition;
Net worth 130.34 135.52 150.95 115.44
• Domain knowhow and execution track record;
• World class infrastructure and onsite amenities including ability to provide
EBITDA (2.54) (13.40) 65.84 48.61
a bouquet of services required for organizing exhibitions;
Net Profit/Loss for the Period (5.33) (16.46) 44.90 29.63
• Strong relationships with exhibition organisers;
EPS (₹) (0.70)^ (2.22) 6.07 4.00
• Well-connected into the Indian and Global exhibition ecosystem.
RoNW (%) as stated (3.97)%^ (12.13)% 29.74% 25.66%
Net Asset Value (₹) 17.61 18.31 20.40 15.60
Source: DRHP, *Restated Statement, ^not annualised Back 100

Suraj Estate Developers Limited
Promoters: Rajan Meenathakonil Thomas
Offer Details: Fresh Issue of Equity shares aggregating to ₹500 Cr
BRLMs: Centrum Capital, Anand Rathi Advisors Registrar: Link Intime
Objects of the Offer: Repayment/Prepayment of the aggregate outstanding borrowings of the company and the subsidiaries; Acquisition of land or land development
rights.

• Suraj Estate Developers is among the Top 2 developers with 15.25% market share as • In residential portfolio, they are present across the “value luxury” and
per supply (in number of units) and rank 3rd with 13.50% market share for calendar “luxury” segments across multiple price points.
years 2016 to 2021 (till Q3). • In Commercial portfolio, they have constructed and sold built-to-suit
• The company has been involved in the real estate business since 1986, and develop corporate headquarters to their institutional clientele namely, Saraswat
real estate across the residential and commercial sectors in the South Central Mumbai Cooperative Bank Ltd (Prabhadevi) and Clearing Corporation of India Ltd
region. (Dadar).
• They are one of the market leaders in the redevelopment projects in South Central • They have completed 42 projects with a developed area of more than
Mumbai sub markets. From 2016 to 2021(till Q3), they had launched 14 residential 1,046,543 sq.ft in the South Central Mumbai region. In addition to the
projects out of which 12 projects (~86%) are redevelopment projects. Completed Projects, they have 9 Ongoing Project with a developable area
of
Brief Financials ₹ in Cr • 1,970,445 sq.ft and saleable RERA carpet area 442,616 sq.ft and 21
Upcoming Projects with an estimated carpet area of 928,400 sq.ft.
As at Oct’31 As at March 31,
Particulars
2021(07) 2021(12) 2020(12) 2019 (12) Key Strengths
• Established brand having a long standing presence in Value Luxury
Net worth 24.48 29.15 23.01 21.70
Segment and Luxury Segment in the residential real estate market of
Revenue from Operations 109.62 239.99 86.93 34.58 South Central Mumbai region;
EBITDA 68.56 86.63 66.56 54.35 • Strong expertise in tenant settlement in the redevelopment projects;
Net Profit/Loss for the Period 11.90 6.28 1.52 1.62 • Strong project pipeline providing near term cash flow visibility;
EPS (₹) 3.75^ 1.98 0.48 0.51 • Innovative marketing and sales strategies at low cost;
RoNW (%) as stated 48.59%^ 21.54% 6.59% 7.48% • Proven track record of efficient execution, project management skills,
Net Asset Value (₹) 7.71 45.90 36.24 34.17 ability to deliver projects at competitive cost.
Source: DRHP, *Restated Consolidated, ^not annualised Back 101

Bikaji Foods International Limited
Promoters: Shiv Ratan Agarwal, Deepak Agarwal, Shiv Ratan Agarwal (HUF) and Deepak Agarwal (HUF)
Offer Details: Offer for Sale of 29,373,984 Equity Shares. Reservation for employees.
Date of SEBI Filing: 23-02-2022 Date of SEBI Approval: N.A. Face Value: ₹ 1/--
Approx Issue Size (₹ Cr):
BRLMs: Axis Capital, JM Financial, IIFL Securities, Intensive Fiscal, Kotak Mahindra Capital Registrar: Link Intime

• Bikaji Foods International Limited is one of India’s largest fast-moving consumer • Product range includes six principal categories: bhujia, namkeen,
goods (“FMCG”) brands with an international footprint, selling Indian snacks and packaged sweets, papad, western snacks as well as other snacks which
sweets, and are among the fastest growing companies in the Indian organised snacks primarily includes gift packs (assortment), frozen food, mathri range and
market. cookies.
• The product range includes 6 principal categories: bhujia, namkeen, packaged sweets, • Largest manufacturer of Bikaneri bhujia with annual production of 26,690
papad, western snacks and other snacks which primarily includes gift packs tonnes.
(assortment), frozen food, mathri range and cookies. • The 2nd largest manufacturer of handmade papad with an annual
• In the 6 months ended September 30, 2021, they sold more than 250 products under production capacity of 9,000 tonnes in Fiscal 2021.
the Bikaji brand. • One of the largest manufacturers of rasgulla, soan papdi and gulab jamun
with annual capacity of 24,000 tonnes, 23,040 tonnes and 12,000 tonnes
respectively.

Particulars
2021(06) 2021(12) 2020(12) 2019 (12)
• Well-established brand with pan-India recognition;
• Diversified product portfolio focused on various consumer segments;
Net worth 795.49 604.10 529.17 469.77
• Strategically located, large scale sophisticated manufacturing facilities with
Revenue from Operations 771.73 1310.75 1074.55 901.36 stringent quality standards;
EBITDA 71.67 144.77 94.60 93.27 • Extensive pan-India and global distribution network, arrangements with
Net Profit/Loss for the Period 40.93 90.34 56.37 50.93 reputed retail chains and growing e-commerce and exports channel;
EPS (₹) 1.71^ 3.71 2.32 2.11 • Extensive distribution network in India;
RoNW (%) as stated 5.27%^ 14.93% 10.65% 10.84% • Strategic arrangements with retail chains in India and international
Net Asset Value (₹) 31.83 24.85 21.76 19.32 markets.
Source: DRHP, *Restated Summry, ^not annualised Back 102

Archean Chemical Industries Limited
Promoters: Chemikas Speciality LLP, Ravi Pendurthi and Ranjit Pendurthi.
Offer Details: Fresh Issue of Equity Shares aggregating upto ₹ 1,000 Cr and Offer for Sale of 19,071,288 Equity Shares. Pre-IPO Placement of ₹ 180 Cr
Approx Issue Size: (₹ Cr): 1,000^
BRLMs: IIFL Securities, ICICI Securities, JM Financial Registrar: Link Intime
Objects of the Offer: Redemption or earlier redemption, in part or full, of NCDs issued by the company.

• Archean Chemical Industries Limited is a leading specialty marine chemical • Company’s integrated manufacturing facility is structured around 3
manufacturer in India and focused on producing and exporting bromine, industrial salt, products: bromine, industrial salt, and sulphate of potash.
and sulphate of potash to customers around the world. • Bromine is the only non-metallic element that is a liquid at standard
• The company produce their products from their brine reserves in the Rann of Kutch, conditions. Bromine is widely distributed in nature but in relatively small
located on the coast of Gujarat, and they manufacture their products at their facility amounts, mainly as soluble salts.
near Hajipir in Gujarat. • Industrial salt is the principal material in chlorine and caustic soda
• As of September 30, 2021, they marketed their products to 13 global customers in 13 production (together, known as chloralkali) and is widely used in the
countries and to 29 domestic customers. chemical and food and beverage industries.
• Sulphate of potash, also known as potassium sulphate, is a high-end,
specialty fertilizer for chlorine-sensitive crops.
Brief Financials ₹ in Cr • They are the largest exporter of Bromine from India.

2021(06) 2021(12) 2020(12) 2019 (12)
Equity Share Capital 19.27 19.27 19.27 19.27 • Leading market position, expansion and growth in bromine and industrial
Net worth 130.25 72.37 5.97 42.37 salt;
Revenue from Operations 450.51 740.76 608.17 565.51 • High entry barriers in the specialty marine chemicals industry;
EBITDA 192.72 276.25 156.81 194.34 • Established infrastructure and integrated production with cost efficiencies;
Net Profit/Loss for the Period 58.06 66.61 (36.24) 39.97 • Focus on environment and safety;
EPS (₹) 5.62^ 6.45 (3.51) 5.44 • Largest Indian exporter of bromine and industrial salt with global customer
RoNW (%) as stated 44.58%^ 92.04 (60.70) 94.34 base;
Net Asset Value (₹) 12.61 7.01 0.58 5.76 • Strong and consistent financial performance.

Fedbank Financial Services Limited
Promoters: The Federal Bank Limited
Offer Details: Fresh Issue of Equity Shares aggregating upto ₹900 Cr and Offer for Sale of 16,497,973 Equity Shares. Reservation for Employee, Pre-IPO
Date of SEBI Filing: 22-02-2022 Date of SEBI Approval: N.A. Face Value: ₹10/--
BRLMs: ICICI Securities, Equirus Capital, IIFL Securities, JM Financial Registrar: Link Intime
Objects of the Offer: Augmenting Tier – I capital base to meet the future capital requirements, arising out of the growth of the business and assets.

• Fedbank Financial Services Limited is a retail focused NBFC promoted by The • The company operates a “twin engine” business model, two 2
Federal Bank Ltd. complementary products, namely gold loans and instalment loans to
• They are the fastest growing gold loan NBFC among the gold loan peer set in India as MSMEs and emerging self-employed individuals (“ESEIs”). They also
of March 31, 2021. have a “Phygital” door-step model, a combination of digital and physical
initiatives, for providing customized services to customers across all of the
• They are one among five private bank-promoted NBFCs in India.
products.
• They have the lowest cost of borrowing among the MSME and gold loan peer set in • They have a well-tailored suite of products targeted to match their
India in Fiscal 2021. customers’ needs, which includes housing loans, small ticket loan against
• As on March 31, 2021, they are the NBFC with the 3rd fastest AUM growth in the last property (“LAP”), medium ticket LAP, unsecured business loans, and gold
3 fiscal years in India with a CAGR of 49% between Fiscals 2018 and 2021. loans.
• As of September 30, 2021, they are present in 15 states and union
Brief Financials ₹ in Cr territories with a strong presence in Southern and Western regions of
India.
Particulars
2021(06) 2021(12) 2020(12) 2019 (12)
Key Strengths
Net worth 1,069.63 834.73 691.16 458.63 • Presence in large, underpenetrated markets with strong growth potential;
Revenue from Operations 405.67 691.83 453.74 253.21 • “twin engine” business model which ensures growth and risk insulation;
EBITDA 229.59 417.39 276.31 172.50 Focus on retail loan products with a collateralized lending model;
Net Profit/Loss for the Period 33.57 61.68 39.14 36.13 • Strong underwriting capability and presence in select customer segment;
EPS - Basic (₹) 1.10^ 2.19 1.61 1.76 • Experienced, cycle tested management team;
RoNW (%) as stated 3.14%^ 7.39 5.66 7.88 • Well diversified funding profile with an advantage of lower cost of funds;
Net Asset Value (₹) 33.58 28.79 25.28 19.94 • Technology driven company with scalable operating model.
Source: DRHP, *Restated Summry, ^not annualised Back 104

Macleods Pharmaceuticals Limited
Promoters: Girdharilal Bawri, Banwarilal Bawri, and Dr. Rajendra Agarwal.
Offer Details: Offer of sale of 60,482,040 Equity Shares; Reservation for Employees,
Approx Issue Size (₹ Cr): - BRLMs: Kotak Mahindra Capital, Citigroup Global, Edelweiss Financial, ICICI
Category Allocation - QIB:HNI:Retail: 50:15:35 Securities, Nomura Financial
Objects of the Offer: Achieve the benefits of listing the Equity Shares on the Stock Exchanges

• Established in 1989, Macleods Pharmaceuticals is the 7th largest in the Indian • The company is engaged in developing, manufacturing, and marketing a
pharmaceutical market (“IPM”) by Domestic Sales . wide range of formulations across several major therapeutic areas
• They have the highest number of WHO pre-qualified products globally with 65 including anti-infectives, cardiovascular, anti-diabetic, dermatology, and
registrations, and the highest number of WHO pre-qualified anti-TB product hormone treatment.
registrations with 32 registrations, as at December 31, 2021. • They had a portfolio of 595 brands in the IPM from Fiscal 2017 to Fiscal
• They were ranked amongst the top 10 companies in 8 out of top 10 therapies in the 2021.
Covered Market (by Domestic Sales) in Fiscal 2021. • Based on Domestic Sales in Fiscal 2021, they had 2 brands in the top 100
Indian brands, and 7 brands in the top 300 Indian brands.
• Their brand Panderm++, crossing ₹ 1 billion in Domestic Sales in Fiscal
2021 and ranking 1st in the molecular group of Clobetasol+Miconazole+
Neomycin in the IPM

2021(06) 2021(12) 2020(12) 2019 (12)
Equity Share Capital 19.96 19.96 19.96 19.96 • Leading and fast-growing company with significant presence in the IPM;
Net worth 4,413.14 3,794.77 7,566.64 6,014.28
• Proven track record of building brands;
Revenue from Operations 4,080.16 7,199.42 6,902.82 5,870.44
• Diversified presence across global markets with calibrated business
EBITDA 769.89 2,096.66 1,724.32 1,340.89 model;
Net Profit/Loss for the Period 638.05 2,022.84 1,572.12 1,423.46 • Environmental, social and governance focused, including extensive
EPS (₹) 10.56^ 33.74 26.18 23.72 involvement in global access;
RoNW (%) as stated 14.46%^ 53.31% 20.78% 23.67% • R&D-led differentiated portfolio of products;
Net Asset Value (₹) 73.70 63.37 126.36 100.44 • Diversified and quality-compliant manufacturing capabilities.
Source: DRHP, * Restated Consolidated; ^not annualised Back 105

TVS Supply Chain Solutions Limited
Promoters: TVS Mobility Pvt Ltd, T.S. Rajam Rubbers Pvt Ltd, Dhinrama Mobility Solution Pvt Ltd and Ramachandhran Dinesh
Offer Details: Fresh Issue of Equity Shares aggregating upto ₹ 2,000 Cr and Offer for Sale of 59,477,497 Equity Shares. Pre-IPO Placement of ₹ 400 Cr
Approx Issue Size (₹ Cr): 2,000^ BRLMs: Axis Capital, JM Financial, J P Morgan, BNP Paribas, Edelweiss Financial,
Category Allocation - QIB:HNI:Retail: 75:15:10 Equirus Capital
Objects of the Offer:Prepayment or repayment of all or a portion of certain outstanding borrowings; Purchasing minority stake from existing shareholders of the
Subsidiary; Capitalisation of strategically important step-down Subsidiaries.

• Promoted by the erstwhile TVS Group, TVS Supply Chain Solutions Limited is among • Company’s solutions spanning the entire value chain from sourcing to
India’s largest and fastest growing integrated supply chain solutions provider in India. consumption can be divided into 2 segments:
• For the last 15 years, they have managed large and complex supply chains across • Integrated supply chain solutions (“ISCS”): Their capabilities
multiple industries in India and select global markets through customized tech- includes sourcing and procurement, integrated transportation, logistics
enabled solutions. operation centers, in-plant logistics operations, finished goods,
• Globally, they provided integrated supply chain solutions to 8,956 customers during aftermarket fulfillment and supply chain consulting
the 6 months ended September 30, 2021, while in India, they provided their solutions • Network solutions (“NS”): The capabilities includes Global forwarding
to 827 customers in the same period. solutions (“GFS”), which involves managing end-to-end freight
forwarding and distribution across ocean, air and land, warehousing and
at port storage and value added services, and time critical final mile
solutions (“TCFMS”).

Particulars
2021(06) 2021(12) 2020(12) 2019 (12)
• Critical scale in a fast-growing and fragmented third-party logistics market;
• Leader in end-to-end solutions enabled by domain expertise, global
Net worth 324.75 490.69 510.80 619.55 network;
Revenue from Operations 4,240.13 6,933.60 6,604.55 6,779.92 • Robust in-house technology differentiation;
Adj. EBITDA 309.49 442.34 295.82 541.14 • Long and consistent track-record of successful integration of acquisitions;
• Long-term customer relationship in diversified and attractive industries
Net Profit/Loss for the Period (58.71) (76.34) (248.00) (32.55)
through encirclement;
Net Asset Value (₹) 9.80 14.89 15.93 19.50 • Resilient business model with multiple drivers of profitable growth.
RoCE (%) 2.48% (4.56)% (3.99)% 6.02%
Source: DRHP, *Restated Consolidated, Back 106

Kids Clinic India Limited (Cloudnine)
Promoters: The Company is a professionally managed company and does not have an identifiable promoter.
Offer Details: Fresh Issue of Equity Shares aggregating upto ₹ 300 Cr and Offer for Sale of 13,293,514 Equity Shares. Reservation for Employee, Pre-IPO
BRLMs: Axis Capital, JM Financial, ICICI Securities Registrar: KFin Technologies
Objects of the Offer: Repayment and/or pre-payment, in full or part, of certain borrowings; Setting up new centers at various locations; Acquisition of further shareholding
in the subsidiary - Acquity Labs.

• Incorporated on December 15, 2005, Kids Clinic India Limited (“Cloudnine”) provides • Cloudnine is the leading brand in the super-speciality mother and baby-
their customers world-class medical expertise, advanced facilities, and staff dedicated care space in Fiscal 2021, based on the highest revenue and highest
to the holistic well-being of mother and baby, for a pregnancy journey filled with love number of hospitals as of Fiscal 2021 among the super-specialty mother
and laughter. and baby care hospitals 18 centres and at 23 centres as of September 30,
• As of Fiscal 2019, 2020, 2021 and September 30, 2021, they had assisted with 2021.
13,532, 15,975, 16,801 and 9,155 deliveries, respectively, and had provided 6,238, • They provides expectant mothers with quality medical expertise,
6,166, 5,994 and 3,782 fertility services, respectively. medically-advanced facility infrastructure and a bespoke motherhood
journey covering most of their needs.
• The company rely on digitization and leverage technology to enhance the
quality of their clinical services, while targeting significant wallet share of
customers and managing customer relationships.
Particulars
2021(06) 2020(06) 2021(12) 2020(12) 2019 (12) Key Strengths
• Leading specialised mother and baby care chain;
Net worth 224.47 215.73 203.83 233.51 240.97 • Differentiated, comprehensive and customer-focused approach;
Revenue from Operations 371.65 260.26 554.59 516.30 418.18 • Clinical excellence and advanced medical technologies;
• Integrated digital ecosystem and proprietary technology stack;
EBITDA -Operating 33.28 11.22 30.09 23.34 (17.55)
• Ability to attract, train and retain high-quality doctors and staff;
Net Profit/Loss for the Period (9.86) (18.30) (34.71) (29.62) (65.47) • Scalable model and disciplined approach for growth;
Net Asset Value (₹) 52.31 50.95 48.14 55.15 57.41 • Stable and robust financial performance with greater predictability.
Source: DRHP, Restated Consolidated Back 107

Cogent E-Services Limited
Promoters: Abhinav Singh, Arunabh Singh, Pranjal Kumar, Gaurav Abrol, Boomerang and TSSR.
Offer Details: Fresh Issue of Equity Shares aggregating upto ₹ 150 Cr and Offer for Sale of 9,468,297 Equity Shares. Pre-IPO Placement of ₹ 30 Cr
BRLMs: DAM Capital, IIFL Securities Registrar: Link Intime
Objects of the Offer:Funding investment in IT assets for expansion and existing IT infrastructure; funding working capital requirements.

• The company is an end-to-end omnichannel customer experience (“CX”) solutions • Leveraging on their insights on customer behavior and preferences across
provider that enables businesses and brands to connect with their end customers, industry verticals derived from their analysis of data collected from
transform CX across all their touchpoints and channels, and improve response times, customer interactions over the years, together with their industry and
business outcomes and performance. technology expertise, they help evaluate, customize and execute CX
• The company offers omnichannel solutions for a variety of touchpoints along the strategies and programs for their clients to address their clients’ needs at
customer interaction value chain from customer sales and support. all stages of their CX journey.
• Since 2016, they have processed more than 1 billion transactions (including calls, • The company is present in seven cities in India (being, Noida, Vadodara,
chats, emails etc.). Bengaluru, Mangaluru, Meerut, Bareilly and Thane) and had 9,022 full-
time equivalent (“FTE”) Customer Service Associates (“CSA”) and 7,609
seats located across 14 sites.

Particulars
2021(06) 2021(12) 2020(12) 2019 (12)
• One stop shop CX solutions provider with omni-channel capabilities
Equity Share Capital 1.00 1.00 0.81 0.81 providing customized solutions to the clients;
Net worth 89.04 64.70 45.12 35.89 • Strong domain intelligence across industry verticals in the Indian market,
Revenue from Operations 180.55 273.94 248.13 159.41 enabling them to be agile in the process;
EBITDA 43.72 50.42 30.81 17.36 • Integration across geographies and sites reduces the time to market;
Net Profit/Loss for the Period 24.311 20.12 8.90 4.64 • Demonstrated financial performance.
EPS (₹) 7.51^ 6.22 2.75 1.43
RoNW (%) as stated 27.30%^ 31.09% 19.72% 12.92%
Net Asset Value (₹) 27.52 20.00 13.95 11.10
Source: DRHP, *Restated Statemdent, ^not annualised Back 108

Inox Green Energy Services Limited
Promoters: Inox Wind Ltd
Offer Details: Fresh Issue of Equity Shares aggregating upto ₹ 370 Cr and Offer for Sale of Equity Shares aggregating upto ₹ 370 Cr, Pre-IPO Placement of
₹ 70 Cr
Approx Issue Size (₹ Cr) : 740
BRLMs: Edelweiss Financial, DAM Capital, Equirus Capital, IDBI Capital, Systematix Registrar: Link Intime
Objects of the Offer: Repayment and/ or pre-payment, in full or part, of certain borrowings; Redemption of Non- Convertible Debentures in full.

• Incorporated in 2012 and a subsidiary of Inox Wind Ltd , Inox Green Energy Services • The company provides exclusive O&M services for all WTGs sold by Inox
Limited is a major wind power operation and maintenance (“O&M”) service provider Wind Ltd through the entry of long-term O&M contracts between the WTG
within India. purchaser and themselves for terms which typically range between 5 to 20
• The company is engaged in the business of providing long-term O&M services for years.
wind • As of December 31, 2021, the consolidated order book of IWL stood at
• projects, specifically the provision of O&M services for wind turbine generators
• an aggregate capacity of 1,298.7 MW, comprising binding contracts for the
(“WTGs”) and the common infrastructure facilities.
supply of 2 MW capacity WTGs with an aggregate capacity of 774 MW
• The company enjoy a synergistic relationship with and a part of the Inox GFL group of
and letters of intent, which are subject to the execution of binding
companies.
contracts, for its new 3.3 MW capacity WTGs with an aggregate capacity
of 524.7 MW.

Particulars
2021(09) 2021(12) 2020(12) 2019 (12)
• Strong and diverse existing portfolio base;
• Established track record, favourable national policy support and visibility
Net worth 808.64 42.96 96.54 48.95 for future growth;
Revenue from Operations 127.10 172.25 165.32 164.35 • Reliable cash flow supported by long-term O&M contracts with high credit
EBITDA 75.03 77.27 95.35 84.19 quality counterparties;
Net Profit/Loss for the Period (3.00) (27.73) 1.68 17.15 • Supported and promoted by the parent company, IWL;
EPS (₹) (0.15)^ (2.29) 0.20 6.98 • Established supply chain in place.
RoNW (%) as stated (0.37)%^ (64.54)% 1.74% 35.04%
Net Asset Value (₹) 34.41 3.34 8.31 8.53

Harsha Engineers International Limited
Promoters: Rajendra Shah, Harish Rangwala,Vishal Rangwala, and Pilak Shah.
Offer Details: : Fresh Issue of Equity Shares aggregating upto ₹ 455 Cr and Offer for Sale of Equity Shares aggregating upto ₹ 300 Cr, Pre-IPO Placement of
₹ 90 Cr
BRLMs: Axis Capital, Equirus Capital, JM Financial Registrar: Link Intime
Objects of the Offer:Pre-payment or scheduled repayment of a portion of the existing borrowing; Funding capital expenditure; Infrastructure repairs and renovation of the
existing production facilities.

• Incorporated on, Harsha Engineers International Limited is the largest manufacturer of • Company’s business comprises:
precision bearing cages, in terms of revenue, in organsied sector in India, and • Engineering business: Manufactures bearing cages (in brass, steel
amongst the leading manufacturers of precision bearing cages in the world. and polyamide materials), complex and specialised precision stamped
• The company offers diversified suite of precision engineering products across components, welded assemblies and brass castings and cages &
geographies and end-user industries. bronze bushings; and
• They have ~ 50% of the market share in the organised segment of the Indian bearing • Solar EPC business: Provides complete comprehensive turnkey
cages market and 5.2% of the market share in the global organised bearing cages solutions to all solar photovoltaic requirements.
market for brass, steel and polyamide cages in CY 2020. • They offers a wide range of bearing cages starting from 20 mm to 2,000
mm in diameter and their bearing cages find its application in the
Brief Financials ₹ in Cr automotive, railways, aviation & aerospace, construction, mining,
agriculture, electrical and electronics, renewables sectors etc.
Particulars
2021(06) 2021(12) 2020(12) 2019 (12)
Net worth 478.84 433.22 378.02 1.41 • Comprehensive solution provider offering diversified suite of precision
Revenue from Operations 629.46 873.75 885.85 122.52 engineering products across geographies and end-user industries;
EBITDA 88.60 124.96 100.06 (27.48) • Long standing relationships with leading clientele;
Net Profit/Loss for the Period 43.71 45.44 21.91 (27.41) • Strategically located domestic and international production facilities and
warehouses;
EPS (₹) 8.74^ 9.09 6.26 (13.70) • Expertise in Tooling, design development and automation;
RoNW (%) as stated 9.13%^ 10.49% 5.80% (1946.52)% • Consistent track record of growth and financial performance.
Net Asset Value (₹) 95.77 86.64 75.60 0.70

Ethos Limited
Promoters: Yashovardhan Saboo, KDDL Limited and Mahen Distribution Ltd
Offer Details: Fresh Issue of Equity Shares aggregating upto ₹400 Cr and Offer for Sale of 1,108,037 Equity Shares; Pre-IPO Placement of ₹50 Cr
BRLMs: Emkay Global, Incred Capital Registrar: Kfin Tecchnologies
Objects of the Offer: Repayment or pre-payment, in full or in part, of all or certain borrowings; Funding working capital requirements; Financing the capital expenditure.

• Ethos Limited is India’s largest luxury and premium watch retail player delivering a • The company operates an Omnichannel retail platform across India and
content-led luxury retail experience to customers through their online and physical sell their products through their (i) stores categorised as Ethos Summit
presence. They have their chain of 50 physical retail stores in 17 cities in India in a Stores, multi-brand stores, Ethos Boutiques, Airport Store, CPO luxury
multi store format. watch lounge and mono-brand boutiques, and (ii) via online channel
• The company retails 50 premium and luxury watch brands like Omega, IWC (including Online Leads).
Schaffhausen, Jaeger LeCoultre, Panerai, Bvlgari, H. Moser & Cie, Rado, Longines, • Company’s website visitors can research about the latest watch launches,
Baume & Mercier, Oris SA, Corum, Carl F. Bucherer, Tissot, Raymond Weil, Louis reviews and choose from over 7,000 premium, bridge to luxury, luxury and
Moinet and Balmain. high luxury watches across 50 brands and as of December 31, 2021, their
• They enjoy a healthy market share of 20% in the luxury watch retail segment and 13% website had 21,844,216 number of visitor sessions.
in the premium and luxury watch retail segment in India. • In addition to the premium and luxury watch retail, they also undertake
retail of certified pre-owned luxury watches under ‘Certified Pre-Owned’
Brief Financials ₹ in Cr (“CPO”) luxury watch lounge located at New Delhi.

Particulars
2021(06) 2021(12) 2020(12) 2019 (12)
Key Strengths
Net worth 160.49 155.60 149.85 130.39 • Largest luxury watch Omnichannel retail player of India;
Revenue from Operations 223.31 386.57 457.85 443.53 • Preferred destination for luxury and high luxury watches in India
EBITDA 27.01 56.44 54.40 58.26 • Access to large luxury customer base;
Net Profit/Loss for the Period 3.75 5.79 (1.33) 9.89 • Strategically located stores;
EPS (₹) 2.06^ 3.18 (0.75) 5.22 • Strong and long-standing relationships with luxury watch brands;
RoNW (%) as stated 2.34%^ 3.72% (0.89)% 7.58% • Leadership position in an attractive luxury watch market;
Net Asset Value (₹) 87.61 85.43 82.28 77.14 • Early mover advantage in certified pre-owned business.

Imagine Marketing Limited (“BoAt”)
Promoters: Sameer Mehta and Aman Gupta
Offer Details: Fresh Issue of Equity Shares aggregating upto ₹ 900 Cr and Offer for Sale of Equity Shares aggregating upto ₹ 1,100 Cr; Employee Reservation
for Equity Shares aggregating upto ₹ 1.50 Cr; Pre-IPO Placement of ₹ 180 Cr
BRLMs: Axis Capital, BofA Securities, Credit Suisse, ICICI Securities Registrar: Link Intime India
Objects of the Offer::. Repayment/prepayment, in full or part, of certain borrowings

• Imagine Marketing Ltd is a digital-first consumer products company and one of the The company offers products, which comprise:
largest Indian digital-first brands in terms of revenue from operations for the financial • Audio (wired headphones and earphones, wireless headphones and
year 2021. earphones (neckbands), true wireless stereo (“TWS”), Bluetooth speakers
• Founded in 2013 and led by their flagship brand “boAt” launched in 2014, the company and home theatre systems and sound bars),
has established leading market positions in volume and value terms in India across • Wearables (smartwatches),
multiple, high-growth consumer categories such as audio and smart-watch. • Gaming accessories (wired & wireless headsets, mouse and keyboards),
• As of September 30, 2021, for the 2nd quarter of Financial Year 2022, they were • Personal care appliances (trimmers and grooming kits) and Mobile
ranked #1 in India among the wireless hearables brands by value and volume and #2 accessories (chargers, cables, power banks and other accessories).
among smart-watch brands in India in terms of volume.
• The company benefited from their relationships with industry participants:
Qualcomm, Bharat FIH Ltd, Google, Dolby International AB, Dolby
Brief Financials ₹ in Cr Laboratories Licensing Corp., Airoha Technology Corp. and Realtek
Semiconductor Corp and integrate components and technology.
Particulars
2021(06) 2021(12) 2020(12) 2019 (12) Key Strengths
Net worth • One of the largest Indian digital-first brands with leading market positions
632.97 464.17 71.53 23.10
across multiple fast-growing product categories;
Revenue from Operations 1,547.87 1,313.72 609.11 225.85
• The flagship brand “boAt” is a consumer brand with strong market
EBITDA 173.37 134.48 76.24 14.14 positioning and a clear value proposition;
• The digital-first platform capabilities are targeted to enable growth and
EPS (₹) 11.17^ 8.53 4.78 0.80 continue to allow to build a presence across multiple consumer categories;
RoNW (%) as stated 18.69%^ 18.64% 66.82% 34.80% • Professional, founder-driven management team.
Net Asset Value (₹) 62.97 46.18 7.15 2.31

Fabindia Limited
Promoters: Bimla Nanda Bissell, William Nanda Bissell, Monsoon Latane Bissell, Madhukar Khera and JLB Partners Holding Inc.
Offer Details: Fresh Issue of Equity Shares aggregating upto ₹ 500 Cr and Offer for Sale of 25,050,543 Equity Shares; Reservation for Employees; Pre-IPO
Approx Issue Size (₹ Cr): 500^ BRLMs: ICICI Securities, Credit Suisse, J.P.Morgan, Nomura, SBI Capital Markets,
Category Allocation - QIB:HNI:Retail: Equirus
Objects of the offer: Voluntary redemption of NCDs issued by the company and the accrued interest thereon; Prepayment or scheduled re-payment of a portion of certain
outstanding borrowings and the accrued interest thereon.

• Fabindia Limited is a consumer lifestyle platform with an established legacy focused • The company offers a diverse portfolio of lifestyle products to the
on authentic, sustainable and Indian traditional lifestyle products. customers across Apparel and Accessories, Home and Lifestyle, Personal
• Their brands, ‘Fabindia’ and ‘Organic India’ are well recognized brands in India, with Care and Organic Food categories.
focus on the core principles of “Celebrating India” and “Healthy Conscious Living”, • The primary business verticals includes:Apparel and accessories, Home
respectively. and lifestyle, Personal care, Organic food.
• Their business model is focused on sustainability by design and they have sought to • They deliver an omnichannel experience with the pan-India network of 309
create a differentiated supply-side community with their model of engaging a network Fabindia stores and Experience Centers, 74 Organic India stores and a
of vendors (which in turn engage artisans) and farmers across India. network of retail touchpoints for Organic India (including general trade
stores, modern trade stores and chemists), as of September 30, 2021, and
their online platforms www.fabindia.com, www.organicindia.com, their
Brief Financials ₹ in Cr mobile application, ‘Fabindia’ and third party marketplaces.

Particulars
2021(06) 2021(12) 2020(12) 2019 (12)
• Leading consumer lifestyle platform focused on authentic craft-based and
organic products;
Net worth 601.83 648.21 735.41 743.31
• Positioned to address growth in demand for high quality Indian lifestyle
Revenue from Operations 556.04 1,059.64 1,508.05 1,474.31 and organic products;
EBITDA 55.10 100.65 272.38 350.42 • ‘Sustainable-by-design’ business model;
Net Profit/Loss for the Period (51.73) (117.14) 30.69 84.36 • Established sourcing base and supply chain infrastructure;
EPS (₹) (3.10)^ (7.45) 2.88 5.77 • Omni-Channel Presence;
RoNW (%) as stated (7.58)%^ (16.65)% 5.67% 11.21% • Capital efficient business model, with track record of delivering growth and
Net Asset Value (₹) 40.72 43.99 50.84 51.46 return on capital.
Source: DRHP, * Restated Consolidated. ^ not annualised; # for continued and dis-continued operations Back 113
Dreamfolks Services Limited
Promoters: Liberatha Peter Kallat, Mukesh Yadav and Dinesh Nagpal
Offer Details: Offer for Sale of 21,814,200 Equity Share
BRLMs: Equirus Capital, Motilal Oswal Registrar: Link Intime
Objects of the Offer: To benefits of listing the Equity Shares on the Stock Exchanges.

• Dreamfolk Services Limited is a dominant player and India's largest airport service • Company’s platform and services portfolio allows Card Networks, Card
aggregator platform facilitating an enhanced airport experience to passengers Issuers, and Corporate Clients to build bespoke solutions addressing
leveraging a technology driven platform. disparate aspects of airport services for Consumers.
• Company’s asset-light business model integrates Card Networks, Card Issuers and • They have continued to augment the Client base over the years and, as at
other Corporate Clients with various airport lounge operators and other airport related December 31, 2021, have 44 Clients including the Card Networks and
service providers on a unified technology platform. many of India’s prominent Card Issuers.
• They facilitate access to the following airport related services (i) lounges, (ii) food and • Company’s Client portfolio also includes prominent airlines, a tele-
beverage (iii) spa, (iv) meet and assist, (v), airport transfer (vi) transit hotels /nap room communication company, an online travel agency (OTA) and other
access, and (vii) baggage transfer (collectively, the Services). corporates in India.
• As of September 30, 2021, 10.72 million Paxes, cumulatively, had availed
of their services, since Fiscal 2019.

2021(06) 2021(12) 2020(12) 2019 (12)
Equity Share Capital 10.45 4.75 4.75 4.75 • Dominant player in the airport lounge aggregation industry in India with
Net worth 64.66 64.30 65.51 34.17 strong tailwinds;
Revenue from Operations 85.06 105.63 367.04 248.28 • Entrenched relationships with marquee Clients;
EBITDA 3.00 2.10 45.85 23.62 • Strong business moat due to flywheel effect led by Clients and Operators
network;
Net Profit/Loss for the Period 1.11 (1.45) 31.68 15.27
• Ability to capitalize on growing Consumer base;
EPS (₹) 0.21^ (0.28) 6.06 2.92
• Asset and human resource light business model;
RoNW (%) as stated 1.72%^ (2.25)% 48.36 44.70
• Proprietary technology platform that ensures scalability.
Net Asset Value (₹) 12.38 12.31 12.54 6.54
Source: DRHP, * Restated Consolidated. ^ not annualised; Back 114

Landmark Cars Limited
Promoters: Sanjay Karsandas Thakker
Offer Details: Fresh Issue of Equity Shares aggregating upto ₹ 150 Cr and Offer for Sale of Equity Shares aggregating upto ₹ 612 Cr; Reservation for
Employees; Pre-IPO Placement of ₹ 131 Cr
BRLMs: Axis Capital, ICICI Securities Registrar: Link Intime
Objects of the Offer: Repayment/pre-payment, in full or in part, of certain borrowings availed by the company and Subsidiaries.

• Landmark Cars Limited is a leading premium automotive retail business in India with • In the 6 months ended September 30, 2021 and in Fiscal 2021, they sold
dealerships for Mercedes-Benz, Honda, Jeep, Volkswagen and Renault. They also 8,295 and 13,282 new vehicles, respectively, including new passenger
cater to the commercial vehicle retail business in India. vehicles of Mercedes-Benz, Honda, Volkswagen, Jeep and Renault and
• They have a presence across the automotive retail value chain, including sales of new new commercial vehicles of Ashok Leyland.
vehicles, after-sales service (including sales of spare parts, lubricants and • Their after-sales service and spare parts offerings at each of the
accessories), sales of pre-owned passenger vehicles and facilitation of sales of third- dealerships comprise repair and collision repair services and include both
party financial and insurance products. warranty work, insurance claim work and customer paid services.
• They have a network of 112 outlets in 8 Indian states, comprised of 61 sales
• They operates on two business models: (1) they facilitate the sale of used
showrooms and outlets and 51 after-sales service and spares outlets, as of September
vehicles through their agents on a commission basis; and (2) they also
30, 2021.
take the vehicles on their books for sale after any needed refurbishment.
• They facilitates the sale of third-party financial products including
insurance policies and vehicle finance through their dealerships.
Particulars
2021(06) 2021(12) 2020(12) 2019 (12)
Net worth 208.55 181.78 169.13 187.96
• Leading automotive dealership for major OEMs with a strong focus on high
Revenue from Operations 1,412.84 1,956.10 2,218.61 2,826.52 growth segments;
EBITDA 77.65 120.06 83.20 88.63 • Growing presence in after-sales segment leading predictable growth in
Net Profit/Loss for the Period 27.95 11.15 (28.94) (24.43) revenues and superior margins;
• Comprehensive business model capturing entire customer value-chain;
EPS (₹) 7.58^ 3.09 (7.84) (7.01)
and
RoNW (%) as stated 13.32%^ 6.23% (16.99)% (13.44)% • Robust business processes leveraging technological innovation and
Net Asset Value (₹) 56.93 49.62 46.17 52.14 digitalization.
Source: DRHP, * Restated Consolidated. ^ not annualised; Back 115

Course5 Intelligence Limited
Promoters: Ashwin Ramesh Mittal, Riddhymic Technologies Pvt Ltd, Riddhymic Technoserve LLP and AM Family Private Trust
Offer Details: Fresh Issue of Equity Shares aggregating upto ₹300 Cr and Offer for Sale of Equity Shares aggregating upto ₹ 300 Cr; Reservation for
Employees; Pre-IPO Placement of ₹ 60 Cr
Objects of the Offer: Inorganic growth initiatives; Working capital requirements; Product and IP initiatives; Expansion of the geographical footprint.

• Incorporated on July 28,2000, Course5 Intelligence Limited is one of the leading pure- • The company had differentiated solutioning approach through their AI
play data analytics and insights companies among the entities incorporated in India, in driven products and solutions. They have set up Course5 AI Labs in
terms of revenue in Fiscal 2020. Bangalore and Toronto, that are AI-led innovation and research and
• They are an independent digital, marketing and customer analytics company. They development centres.
have significant expertise in analytics for digital, D2C and omni-channel models. • Company’s Expertise in TMT Industry:
• Their AI driven products and their solutions and IP-led solutions are supported by • Digital Analytics and Insights;
industry specific domain experience and the latest technologies and aim at enabling • Marketing Analytics and Insights;
organizations to solve complex issues relating to their customers, markets and • Customer Analytics;
competition at speed and scale. • Enterprise AI.
• Expertise in Specialized Life Sciences Industry:
• Pharmaceutical companies are also using digital and analytics to get
Brief Financials ₹ in Cr insights on aligning internal resources versus hiring outside help.
Particulars
2021(06) 2020(06) 2021(12) 2020(12) 2019 (12) Key Strengths
Net worth • Leading data analytics and insights player with significant expertise in
123.46 116.42 133.54 103.72 87.21
digital, D2C and omni-channel models driving digital models and strategic
Revenue from Operations 143.68 112.22 247.19 255.84 230.56 decisions and insights;
Adj. EBITDA 37.97 21.63 48.21 31.08 27.53 • Deep AI and advanced analytics capabilities supplementing creation of IP-
Net Profit/Loss for the Period 26.82 12.80 29.72 16.93 17.93 led solutions;
EPS (₹) 2.41^ 1.11^ 2.57 1.46 1.30 • Well diversified, longstanding and large global marquee clients across key
target industries;
RoNW (%) as stated 21.73%^ 10.99%^ 22.26^ 16.32^ 20.56^ • Global delivery team with expertise across data sources, analytics, and
Net Asset Value (₹) 12.17 10.05 11.53 8.96 7.53 cloud tech stack enabling unified view of the customer.
Source: DRHP, * Restated Statement ^ not annualised Back 116

Sanathan textiles Limited
Promoters: Nimbus Trust, D&G Family Trust, A&J Family Trust, P&B Family Trust, Pareshkumar Dattani, Ajaykumar Dattani, Anilkumar Dattani, and Dineshkumar Dattani
Offer Details: Fresh Issue of Equity Shares aggregating upto ₹ 500 Cr and Offer for Sale of 11,400,000 Equity Shares; Pre-IPO Placement of ₹ 100 Cr
Approx Issue Size (₹ Cr): 500^ Registrar: Kfin
BRLMs: Edelweiss Financial, JM Financial
Category Allocation - QIB:HNI:Retail: 50:15:35 Technologies
Objects of the Offer: Prepayment or scheduled repayment of all, or a portion, of certain outstanding borrowings; Funding working capital requirements.

• Sanathan Textiles Limited is one of the few companies in India with presence across • Company’s business is divided into 3 separate yarn business verticals,
the polyester, cotton and technical textile sectors. All the three yarn verticals are consisting of: a) Polyester yarn products; b) Cotton yarn products; and c)
housed under a single corporate entity. Yarns for technical textiles and industrial uses.
• This has facilitated their diversification into new segments which in turn has helped • They have recently set up a new business – recycled yarn, where they buy
them in serving a large number of customers across various sectors. chips made from recycled materials and convert them into yarns for
• As on September 30, 2021, they have a diversified product portfolio with capability to fabrics.
manufacture more than 12,900 varieties of yarn products with more than 100,000 • The company manufactures their products at their facility at Silvassa. As of
SKUs that are used in various forms and for varied end uses. September 30, 2021, this manufacturing facility has a production capacity
of 221,050 MTPA.
• For Fiscal 2021, they exported its products to more than 41 countries with
more than 50% of the revenue from export sales. As on September 30,
2021, they had more than 295 distributors in more than 37 countries.
Particulars
2021(06) 2021(12) 2020(12) 2019 (12) Key Strengths
Net worth 801.03 630.91 444.37 399.51 • One of the few companies in India with presence across the polyester,
Revenue from Operations 1,430.94 1,918.36 2,116.60 2,340.39 cotton and technical textile sectors;
Adj. EBITDA 261.21 327.94 212.66 234.67 • Focus on the product development of new products;
Net Profit/Loss for the Period 170.78 185.63 46.02 55.23 • Fully integrated yarn manufacturing set up at a strategic location;
EPS (₹) 23.75^ 25.80 6.40 7.68 • Long standing association with leading consumer brands;
RoNW (%) as stated 21.32%^ 29.42% 10.36% 13.82% • Deep knowledge and understanding of optimal product assortment;
Net Asset Value (₹) 111.34 87.70 61.77 55.53 • Healthy financial performance.
Source: DRHP, * Restated Summary, ^ not annualised; Back 117

Aether Industries Limited
Promoters: Ashwin Desai, Purnima Desai, Rohan Ashwin Desai, Dr. Aman Desai, AJD Family Trust, PAD Family Trust, RAD Family Trust, AAD Family Trust and AAD
Business Trust
Offer Details: Fresh Issue of Equity Shares aggregating upto ₹ 757 Cr and Offer for Sale of 2,751,000 Equity Shares; Reservation for Employees; Pre-IPO
Date of SEBI Filing:29-12-2021 Date of SEBI Approval: N.A. Face Value: ₹ 10/--
BRLMs: HDFC Bank, Kotak Mahindra Capital Registrar: Link Intime
Objects of the Offer:Prepayment or repayment of all or a portion of certain outstanding borrowings; Funding capital expenditure; Funding working capital requirements.

• Aether Industries Limited is a speciality chemical manufacturer in India producing • The company has 3 business models under which they operate:
advanced intermediates and speciality chemicals involving complex and differentiated • large scale manufacturing of their own intermediates and speciality
chemistry and technology core competencies. chemicals;
• Their business started in 2013, with a vision to create a niche in the global chemical • contract research and manufacturing services (“CRAMS”) and
industry. In their first phase through Fiscal 2017, they focused on building their team
• contract/exclusive manufacturing.
and infrastructure and on their R&D centred around building their core competencies.
• They specialize in products based on an intricate marriage of complex
• Revenue generation commenced with the second phase in Fiscal 2018. They are one
chemistry and technology core competencies.
of the fastest growing specialty chemical companies in India, growing at CAGR of
~60% between Fiscals 2018 and 2021. • Company’s products are advanced intermediates and speciality chemicals
that occupy a position in the chemical industry value chain

Particulars
2021(06) 2020(06) 2021(12) 2020(12) 2019 (12) Key Strengths
Net worth 231.64 111.25 174.33 78.28 38.55 • Differentiated portfolio of market-leading products;
Revenue from Operations 291.27 225.70 449.82 301.81 201.18 • Focus on R&D to leverage the core competencies of chemistry and
EBITDA 91.16 52.61 116.13 73.73 49.60 technology;
Net Profit/Loss for the Period 57.51 33.04 71.12 39.96 23.34 • Long standing relationships with a diversified customer base;
EPS (₹) 5.18^ 3.51^ 7.36 4.24 2.48 • Synergistic Business Models focused on Large Scale Manufacturing,
CRAMS and Contract Manufacturing;
RoNW (%) as stated 24.83%^ 29.67%^ 40.79% 51.04% 60.54%
• Focus on Quality, Environment, Health and Safety;
Net Asset Value (₹) 20.85 11.81 15.69 8.31 4.09
Source: DRHP, Back 118

Capillary Technologies India Limited
Promoters: Capillary Technologies International Pte. Ltd.
Offer Details: Fresh Issue of Equity Shares aggregating upto ₹ 200 Cr and Offer for Sale of Equity Shares aggregating upto ₹ 650 Cr;
Pre-IPO Placement of ₹40 Cr
BRLMs: ICICI Securities, Kotak Mahindra Capital, Nomura Financial Registrar: Lin Intime
Objects of the Offer: Repayment/prepayment of all or certain portion of outstanding borrowings; Investment in product development, investments in technology and other
growth initiatives; Strategic investments and acquisitions.

• Capillary Technologies India Limited is a technology-first company and offer artificial • Company’s all products are powered by Artificial Intelligence Retail
intelligence (“AI”)-based cloud-native Software-as-a-Solution (“SaaS”) products and Analytics (“aiRA”).
solutions such as automated loyalty management and customer data platforms • As of October 31, 2021, they had 8 offices and they served over 250
(“CDP”). brands across more than 30 countries.
• Their diversified product suite and technology platform allows their customers to run
• They had presence across the United States, India, Middle East, and Asia,
end-to-end loyalty programs.
in particular, South East Asia.
• They are the market leader in Asia-Pacific region with a 39% market share in terms of
loyalty management capabilities in 2020 based on the geographies. • As of October 31, 2021, they had served more than 875 million users and
in Fiscal 2021, they processed 1,975.27 million transactions.

2021(06) 2021(12) 2020(12) 2019 (12)
Equity Share Capital 2.33 2.33 2.33 2.33 • Market leader in consumer engagement and loyalty management in Asia;
Net worth 38.00 32.50 11.93 6.62 • High growth and high margin United States operations;
Revenue from Operations 33.17 114.90 166.12 173.15 • Strong partnerships and high recall in the loyalty industry;
EBITDA 3.62 22.23 8.99 (1.71) • Quality and diverse customer relationships;
Net Profit/Loss for the Period 2.53 16.94 0.21 (11.67) • Scalable cloud-based infrastructure;
EPS (₹) 0.53^ 3.54 0.04 (2.44) • Platform that supports multiple use-cases;
RoNW (%) as stated 6.65%^ 52.13% 1.73% (176.23)% • Innovative analytics and AI-driven SaaS solutions;
Net Asset Value (₹) 7.94 6.79 2.49 1.38 • Healthy growth with demonstrated operating leverage.
Source: DRHP, * Restated Summary ^ not annualised; #Adjusted figures; Equity capital is ₹10.00 Cr before the issue. Back 119
TBO Tek Limited
Promoters: Ankush Nijhawan, Gaurav Bhatnagar, LAP Travel Private Limited and Manish Dhingra
Offer Details: Fresh Issue of Equity Shares aggregating upto ₹ 900 Cr and Offer for Sale of Equity Shares aggregating upto ₹ 1,200 Cr by Selling Shareholder
BRLMs: Axis Capital, Credit Suisse Securities, Jefferies India, JM Financial Registrar: KFin Technologies
Objects of the Offer:Growth and strengthening of their platform by adding new Buyers and Suppliers; Strategic acquisitions and investments towards inorganic growth.

• TBO Tek Limited is one of the leading global travel distribution platforms. They • The company solves problems of discovery, reliability, transactions, and
simplify the business of travel for Suppliers and Buyers through their 2-sided service by aggregating global travel supply and global travel demand on
technology platform that enables Suppliers and Buyers to transact seamlessly with one platform and enable them to transact seamlessly.
each other. • They enable Suppliers to get instant access to a global Buyer base
• They aggregate supply from hotels, airlines, rail, car rental companies, transfer without any additional investments in technology or manpower.
providers, cruise companies and other via direct connectivity or through third part
• Their integrated web and mobile-based platform allows retail travel
aggregators.
buyers (travel agencies and independent travel advisors) to operate their
• Buyers use their platform to search, book and pay for global travel supply. Their
business through their platform.
platform settles payments on both the Buyer and Supplier fronts, managing for
multiple currencies on both ends.

Particulars
2021(06) 2021(12) 2020(12) 2019 (12) Key Strengths
Net worth 222.43 204.07 240.34 160.95 • Platform creating network effect with interlinked flywheels to enhance
Revenue from Operations 171.79 141.81 570.79 440.86 value proposition for partners;
Adj. EBITDA 15.76 (22.69) 84.95 43.78 • Modular and scalable proprietary technology platform;
Net Profit/Loss for the Period 17.74 (34.14) 72.93 26.33 • Ability to generate and leverage large data assets;
EPS (₹) 1.70^ (3.28) 7.00 2.53 • Data driven decision making across the enterprise;
RoNW (%) as stated 7.98%^ (16.73)% 30.34% 16.36% • Capital efficient business model.
Net Asset Value (₹) 21.34 19.58 23.06 15.44
Source: DRHP, * Restated Consolidated. ^ not annualised; Equity Capital stands ₹10.42 Cr before the offer. Back 120
Protean eGov Technologies Limited
Promoters: The Company is a professionally managed company and does not have any identifiable promoter
Offer Details: Offer for sale of 12,080,140 Equity Shares by Selling Shareholders
BRLMs: ICICI Securities, Equirus Capital, IIFL Securities, Nomura Financial Registrar: Link Intime
Objects of the Offer::To Achieve the benefits of listing the Equity Shares on the Stock Exchange.

• Protean eGov Technologies Limited is a key IT-enabled solutions company in India • The company has been instrumental in establishing public digital
engaged in conceptualizing, developing and executing nationally critical and infrastructure and creating e-governance interventions impacting multiple
population scale greenfield technology solutions. sectors of the Indian economy.
• They partner with the government and have over 25 years of experience in creating • Since inception, they have implemented and managed 18 projects spread
digital public infrastructure and developing innovative citizen-centric e-governance across seven ministries and autonomous bodies.
solutions. They are among the leading Indian companies in the e-governance sector in • These projects have resulted in reduction of turnaround time by digitizing
terms of profitability, operating income, operating profit and operating profit margin in processes, ensuring better compliance with government policies.
Fiscal 2020.

Particulars
2021(09) 2020(09) 2021(12) 2020(12) 2019 (12) Key Strengths
Net worth 711.60 782.15 667.75 753.55 665.47 • Pioneer and market leader in universal, citizen centric and population
Revenue from Operations 506.83 421.35 603.13 716.14 755.24 scale e-governance solutions;
Adj. EBITDA 85.07 71.85 84.84 147.75 177.02 • Secure, scalable and advanced technology infrastructure;
Adj EBITDA Margin (%) 16.78% 17.05% 14.07% 20.63% 23.44% • Large physical infrastructure with pan-India network and scale;
Net Profit/Loss for the Period 73.93 70.42 92.19 121.85 123.53 • Diversified, granular and annuity based service offerings;
EPS - Diluted (₹) 18.36^ 17.44^ 23.00 30.41 30.86 • Track record of healthy financial performance.
RoNW (%) as stated 10.39%^ 9.00%^ 13.81% 16.17% 18.56%
Source: DRHP & Addendum, * Restated Consolidated. ^ not annualised Back 121
Snapdeal Limited
Promoters: Company is a professionally managed company and does not have an identifiable promoter
Offer Details: Fresh Issue of Equity Shares aggregating upto ₹1,250 Cr and Offer for Sale of 30,769,600 Equity Shares. Pre-IPO placement of ₹ 250 Cr
BRLMs: Axis Capital, BofA Securities, CLSA India, JM Financial Registrar: Link Intime
Objects of the Offer:Funding organic growth initiatives;

• Founded in 2007, Snapdeal Limited is India’s largest pure-play value eCommerce • The company offers an eCommerce platform for the value-seeking yet
platform, in terms of revenue for the FY2020. Further, with over 20 crore app aspirational users that can be conveniently accessed on their mobile
installations on Google Play Store, they are the most installed pure-play value phones through their application or through their mobile-optimised website.
eCommerce application and one of the Top-4 online lifestyle shopping destinations in • Company’s platform hosts a wide selection of merchandise across lifestyle
terms of total app installations in India, as of August 31, 2021. categories: fashion; home and general merchandise; beauty and personal
• Snapdeal’s value proposition meets the distinct buying needs of ‘Bharat’ shoppers. care; and others.
• Their platform was also ranked by App Annie (a mobile market data and analytics • They primarily derive revenues through marketing fees and freight and
platform) in the ‘Top Publisher Award 2020’ as among the top 10 shopping apps in collection fees that they charge from their sellers.
India in terms of monthly active users (“MAUs”) for the year 2019

Particulars
2021(06) 2021(12) 2020(12) 2019 (12) Key Strengths
Equity Share Capital 39.44 39.44 39.44 39.44 • India’s largest pure-play value eCommerce platform;
Net worth 312.97 519.05 653.33 644.97 • Wide selection of value merchandize at affordable prices from a network of
quality-focused sellers;
Revenue from Operations 238.59 471.76 846.40 839.43 • Discovery-led and personalized buying journey driven by artificial
intelligence;
Adj. EBITDA (170.46) (99.87) (320.06) (244.39) • Asset-light and technology-backed logistics and UniMove Logistics
Net Profit/Loss for the Period (177.08) (125.44) (273.54) (187.03) Platform; High touch, easy-to-reach and multi-lingual user support;
• Proprietary technology stack custom-built for the needs of value
Net Asset Value (₹) 7.94 13.16 16.57 16.35 eCommerce.
Source: DRHP, * Restated Consolidated. ^post Bonus Equity Capital, # from continued and discontinued operations Back 122
Bharat FIH Limited
Promoters: Wonderful Stars and FIH Mobile
Offer Details: Fresh Issue of Equity Shares aggregating upto ₹2,501.90 Cr and Offer for Sale of Equity Shares aggregating upto ₹2,501.90 Cr by Promoter Group
Selling Shareholder
Approx Issue Size (₹ Cr): 5,003.80
BRLMs: Kotak Mahindra Capital, Citigroup Global, BNP Paribas, HSBC Securities Registrar: KFin Technologies
Objects of the Offer: Funding capital expenditure requirements towards upgradation and expansion; Investment in the subsidiary for financing its capital expenditure
requirements; Funding working capital requirements.

• Bharat FIH Limited is the largest EMS provider in India, with approximately 15% The company has organizes their business into 7 strategic business units
market revenue share in Financial Year 2021. (SBUs). Company’s end products of their manufacturing operations
• In addition to their EMS services, which mainly comprise manufacturing services, they comprise:
are building the capabilities to provide OEMs with a comprehensive, vertically • Mobile phone modules and systems;
integrated “one-stop solution” comprising a range of ODM services including product • Electric vehicle components (dashboards, head units, vehicle control units
design and development, component manufacturing and sourcing, logistics, and after- and Battery management systems);
sales services. • Television systems, hearables (true wireless stereos/headsets);
• They have also been expanding their business into high-growth industries. • Mechanics (metal parts, plastic polycarbonate materials and enclosures).
• They conduct their operations across their campuses based in South India.
The EMS services principally comprise manufacturing services:
• PCB assembly and testing;
Brief Financials ₹ in Cr • Final assembly, testing and packing.
Particulars
2021(06)$ 2020(06)# 2021(12)# 2020(12)# 2019(12)# Key Strengths
Equity Share Capital 2,380.95 2,380.95 2,380.95 2,380.95 1,665.95
Net worth • Largest EMS provider in India by revenue market share;
2,925.49 2,762.41 2,835.74 2,673.88 1,567.80
• Availability of PLIs;
Revenue from Operations 10,155.79 6,394.58 15,854.86 26,635.56 34,345.39 • Long-term, strategic relationships with industry leading OEM customers;
EBITDA 245.83 179.32 386.93 693.28 (26.92) • Large-scale, high quality and state-of-the-art manufacturing and assembly
Net Profit/Loss for the Period 89.17 88.19 161.92 389.71 (222.87) capabilities;
EPS (₹) 0.37^ 0.37^ 0.68 2.08 (1.57) • In-house capabilities across the ODM value chain, enabling vertical
integration;
RoNW (%) as stated 3.05%^ 3.19% 5.71% 14.57% (14.22)% • Ability to drive innovation through advanced research and development
Net Asset Value (₹) 12.29 11.60 11.91 14.26 11.10 capabilities.
Source: DRHP, $ Consolidated, #Unconsolidate, * Restated Statement. ^ not annualised Back 123
Asianet Satellite Communications Limited
Promoters: Viren Rajan Raheja and Akshay Rajan Raheja
Offer Details: Fresh Issue of Equity Shares aggregating upto ₹ 300 Cr and Offer for Sale of Equity Shares aggregating upto ₹465 Cr by Promoter Group Selling
Shareholder
BRLMs: Axis Capital, Nomura Financial Registrar: Link Intime
Objects of the Offer: Repayment/ prepayment, in full or part, of certain borrowings availed of by the company and subsidiary; Capital expenditure towards continued
expansion of network infrastructure.

• Asianet Satellite Communications Limited is one of the leading internet service • As of September 30, 2021, they had approximately 1.14 million active
providers offering broadband internet services and multi system operator offering digital cable television subscribers and their digital cable television
digital cable television services. services reached 734 cities, towns and villages in Southern State of India.
• They are predominantly present in Kerala, amongst other southern states. • In respect of their cable television business, they were among the Top-13
• They were among the Top-3 fixed broadband providers in the Kerala market and had MSOs/ HITS operators in India as of June 2021.
a market share of approximately 19% in fiscal 2021 with 0.28 million wired broadband • Apart from subscription fees from subscribers for the cable television
subscribers in the Kerala market. services, They also receive placement fees from the free-to-air channels
for placing such channels at a particular logical channel number, and
incentive/promotional fees from broadcasters of pay channels for
promoting their channels/bouquets of channels.

Particulars
2021(06) 2021(12) 2020(12) 2019 (12) Key Strengths
Net worth 230.64 212.30 179.91 179.46 • One of the leading ISPs and MSO with significant market share in the fixed
line broadband and digital cable television market in Kerala;
• Underpinned by technologically advanced infrastructure and network;
Adj. EBITDA 77.18 138.02 111.01 102.53
• Well-positioned to capitalize on the growth in the fixed broadband market;
• Strong brand identity in the markets they operates;
EPS (₹) 1.66^ 3.08 0.03 0.92
• Strong financial metrics.
RoNW (%) as stated 7.23%^ 14.62 0.16 5.16
Net Asset Value (₹) 22.91 21.08 17.87 17.82
Source: DRHP, * Restated Consolidated. ^ not annualised, #RONWdoes not include preference share capital Back 124
Syrma SGS Technology Limited
Promoters: Sandeep Tandon, Jasbir Singh Gujral, Veena Kumari Tandon and Tancom Electronics Pvt Ltd
Offer Details: Fresh Issue of Equity Shares aggregating upto ₹ 926 Cr and Offer for Sale of 3,369,360 Equity Shares; Pre IPO Placement of ₹ 80 Cr
BRLMs: DAM Capital, ICICI Securities, IIFL Securities Registrar: Link Intime
Objects of the Offer:

• Syrma SGS Technology Limited is a technology-focussed engineering and design • Company’s current product portfolio:
company engaged in turnkey electronics manufacturing services, specialising in • Printed circuit board assemblies (“PCBA”):
precision manufacturing for diverse end-use industries. Among the large bouquet of • Radio frequency identification (“RFID”) products:
EMS players in India, they are one of the fastest growing Indian-headquartered ESDM • Electromagnetic and electromechanical parts,
companies. • Other products
• The company has a track record of technical innovation which involves working with • They manufactured high precision coils for hard disk drives starting in
the engineering teams of their marquee customers, and over the years, they have 2005 and USB drives in 2008. They have commenced manufacturing of
evolved to provide integrated services and solutions to OEMs, from the initial product controllers of the EV battery management systems in 2020.
concept stage to volume production through concept co-creation and product • They currently operate through 11 strategically located manufacturing
realization. facilities in north India

Particulars
2021(03) 2021(12) 2020(12) 2019 (12) Key Strengths
• One of the leading design and electronic manufacturing services company;
Net worth 244.01 238.17 101.71 57.19 • Consistent track record of financial performance;
Revenue from Operations 133.19 438.30 397.08 354.00 • Diversified and continuously evolving and expanding product portfolio and
EBITDA 12.18 52.93 69.90 43.08 service offerings;
• Established relationships with marquee customers across various
countries;
EPS (₹) 0.64^ 3.32 6.19 2.93 • State-of-the-art manufacturing capabilities.
RoNW (%) as stated 2.31%^ 16.92 55.81 45.45
Net Asset Value (₹) 28.28 27.61 14.34 8.07
Source: DRHP, * Restated Standalone. ^ not annualised, Back 125

Nandan Terry Limited
Promoters: Vedprakash Chiripal, Brijmohan D. Chiripal, Chiripal Exim LLP and Devkinandan Corporation LLP.
Offer Details: Fresh Issue of Equity Shares aggregating upto ₹ 254.96 Cr; Pre-IPO of ₹ 40 Cr
Approx Issue Size (₹ Cr): 254.96
BRLMs: Holani Consultants, BOI Merchant Bankers Registrar: Link Intime
Objects of the Offer:Part repayment / pre-payment of certain secured loans; Funding the working capital requirements.

• Nandan Terry Limited was incorprated on January 27, 2015 • The company manufactures cotton yarn which are in turn used as a raw
• The company is a fully vertically integrated company engaged in principle business of material in manufacturing of terry towels & toweling products.
manufacturing terry towels & toweling products. They procure cotton from domestic • Additionally, they sell yarn manufactured in their units to ensure full
and international markets and manufacture cotton yarns which are in turn used as a utilization of their installed capacity.
raw material. • They also, at times, sell woven fabric cloth manufactured in their units that
• The company has 5 manufacturing units and facilities are situated in the state of is not suitable as per quality requirements of their customers.
Gujarat

Particulars
2021(06) 2021(12) 2020(12) 2019 (12)
Net worth 149.09 116.95 92.90 93.73 • Strong Technological Capabilities with vertically integration;
• Strategic location of existing Manufacturing Facilities;
• Strong sales and marketing capabilities;
Net Profit/Loss for the Period 30.62 23.37 1.22 (0.50) • Experienced and Dedicated Management Team.
EPS (₹) 6.69^ 5.11 0.27 (0.11)
Net Asset Value (₹) 32.58 25.56 20.30 20.48
Source: DRHP, * Restated Statement. ^ not annualised, Back 126

Droom Technology Limited
Promoters: Sandeep Aggarwal and Droom Pte. Ltd.
Offer Details: Fresh Issue of Equity Shares aggregating upto ₹2,000 Cr and Offer for Sale of Equity Shares aggregating upto ₹1,000 Cr. Pre-IPO Placement of
₹ 400 Cr.
Approx Issue Size (₹ Cr): 3,000 BRLMs: Axis Capital, ICICI Securities, Edelweiss Financial, HSBC Securities,
Category Allocation - QIB:HNI:Retail: 75:15:10 Nomura Financial
Objects of the Offer:Funding organic growth initiatives; Funding inorganic growth initiatives.

• Droom Technology Limited is a technology and data science company that facilitates • Their automobile ecommerce platform, which includes their website and
automobile buying and selling online through a combination of their asset-light mobile apps, offers users convenience and a curated experience to buy
automobile e-commerce platform along with a technology-driven vertically integrated and sell new and used vehicles and encompasses every element of
proprietary ecosystem of products and services for the automobile industry. automobile buying from searching for a vehicle, creating buying
• The company offers a 21st-century e-commerce experience for automobiles and is requirements, price discovery, booking, certification to purchase and
one of the leading e-commerce platforms for used cars sales in India. financing and doorstep delivery.
• As a pure-play automobile e-commerce company, they are able to reach
• Over 1.15 million vehicles listed that includes both used, new cars and 2-wheelers and
out to a potential buyer online, they offers an end-to-end e-commerce
other vehicles, as of September 30, 2021.
solution including technology platform, digital catalogue, online payment,
vehicle inspection and certification service, and vehicle delivery service.

Particulars
2021(03) 2021(12) 2020(12) 2019 (12)
• Market leader in pure-play automobile e-commerce platform;
• Technology and data science company offering superior value proposition
Net worth 80.39 18.92 59.26 74.11 to entire automobile value chain;
• Diverse range of proprietary technology-driven ecosystem products and
Revenue from Operations 79.08 125.33 172.17 135.97 solutions;
EBITDA (30.80) (58.79) (79.49) (101.71) • Scale driving network effect;
• Robust unit economics, high operating leverage and sound financial
Net Loss for the Period (32.59) (68.88) (89.60) (105.37) profile;
Net Asset Value (₹) • Founder-led experienced management team.
4.97 1.43 4.48 7.11

Oravel Stays Limited (OYO)
Promoters: Ritesh Agarwal, RA Hospitality Holdings (Cayman) and SVF India Holdings (Cayman) Ltd
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
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
Objects of the Offer:Funding organic and inorganic growth initiatives; Prepayment or repayment, in part, of certain borrowings availed by subsidiaries.

• Oravel Stays Limited (OYO) is a leading, new-age technology platform empowering • Company’s Patrons are owners, lessors and/or operators of storefronts
the large yet highly fragmented global hospitality ecosystem. They have been focused listed on their platform. The company power their Patrons’ hotel and home
on reshaping the short-stay accommodation space since their incorporation in 2012. operations with their integrated, full-stack technology suite and focus on
• Their unique business model helps their Patrons transform fragmented, unbranded designing technology solutions.
and underutilized hospitality assets into branded, digitally-enabled storefronts with • They have an asset-light business model and a lean cost structure.
higher revenue generation potential and provides their customers (being travellers and • Company’s Patrons choose to engage with them primarily due to their 5
guests who book storefronts on their platform) with access to a broad range of high- core value propositions:
quality storefronts at a compelling price point • Integrated full-stack technology suite;
• Enabling digital presence;
• Access to a large Customer base through their D2C channels;
• Increased revenue generation potential;
Brief Financials ₹ in Cr • OYO brand affiliation.
As at March 31,
Particulars
Equity Share Capital 0.03 0.03 0.01 • Scaled footprint with leadership in Core Growth Markets;
Net worth 3,384.80 6,505.13 6,323.70 • Full-stack technology platform driving strong value proposition for the
patrons and Customers;
• High degree of engagement with their Patron and Customer community;
EBITDA as stated (1,869.45) (6,124.08) (1,854.59) • Virtuous flywheel driven by strong network effects;
Net Profit/Loss for the Year^ (3,943.84) (13,122.78) (2,364.53) • Strong and trusted consumer brand;
• Inherent financial strength with strong unit economics.
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-
Back 128
division and conversion ratio of Preference shares
BVG India Limited
Promoters: Hanmantrao Ramdas Gaikwad and Umesh Gautam Mane
Pre IPO Placement of ₹ 40 Cr.
BRLMs: ICICI Securities, JM Financial, HSBC Securities Registrar: Link Intime
Objects of the Offer: Repayment and/or pre-payment of certain borrowings of the company.

• BVG India Limited is one of India’s largest integrated services companies with more • The company provides 20 services under the integrated services segment,
than 54,000 employees as of June 30, 2021. They offer a wide range of integrated comprising various soft services, hard services, and specialized services.
services including soft services such as mechanized house-keeping, industrial Soft services comprise housekeeping, horticulture and landscaping, pantry
housekeeping, manpower supply, security services and janitorial services, hard and cleaning, manpower supply, coach cleaning, security services, pest
services such as electro-mechanical works and highway maintenance, and specialized control, janitorial and front office support services.
services such as paint-shop cleaning and logistics management. • Hard services comprise electro-mechanical works, engineering,
• They offer these services to a diverse base of clients operating across sectors procurement and construction services for solar plants, turnkey facility
including industrial and consumer sector, transport and transit infrastructure sector, management etc.
hospitals and healthcare sector, and to government establishments.
• Specialized services comprise logistics, production support, system
cleaning, paint-shop cleaning, bus maintenance, factory relocation and
other services.
As at March 31,
Particulars
2021 2020 2019# Key Strengths
• One of the largest integrated services companies in India;
• Diverse base of clients with longstanding relationships;
Net worth 781.13 699.49 580.49
• Comprehensive portfolio of services across sectors;
• Differentiated business model and strong financial track record;
Net Profit for the Year 86.10 122.50 84.52
• Quality oriented delivery of services.
EPS (₹) 33.16 47.19 32.55
RoNW (%) as stated 11.02% 17.51% 14.56%
Net Asset Value (₹) 303.82 272.07 225.78

Lava International Limited
Promoters: Hari Om Rai, Shailendra Nath Rai, Sunil Bhalla and Vishal Sehgal.
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.
BRLMs: Axis Capital, BOB Capital Markets, DAM Capital, SBI Capital Markets Registrar: Link Intime
Objects of the Offer: Marketing and brand building activities; Funding acquisition and other strategic initiatives; Investment in Material Subsidiaries for funding their
working capital requirements.

• Lava International Limited is one of the largest feature phone manufactures in both • The company manufacture and assemble their mobile handsets at their
India and in the global market. They also manufacture smart phones with a focus on own manufacturing facility located in Noida, India (the “Noida Facility”),
the sub-US$ 200 mobile handset market. using surface-mount technology (“SMT”) which is a leading technology in
• The range of products they offer include feature phones, smart phones, tablets and mobile handset manufacturing.
other electronic accessories. In addition, they offer mobile handset solutions to OEMs • As of August 31, 2021, they had 4 SMT lines and 12 assembly lines
globally. operated by 3,105 workers, with a production capacity of 42.52 million
Feature Phone Equivalent handsets per annum.
• As a leading end-to-end focused mobile handset and mobile handset solutions
• The company sell mobile handsets, tablets and other electronic
Company based in India, they also have presence in many emerging markets.
accessories internationally through strategic collaborations with domestic
telecommunications companies and local distributors and retailers.
Brief Financials ₹ in Cr • The company owns a significant portfolio of intellectual property rights,
including 98 trademark registrations in India, 12 trademarks overseas and
As at March 31, three registered copyrights.
Particulars
2021 2020 2019
Key Strengths
Instruments in the nature of equity 5.10 5.00 5.00 • A leading end-to-end focused mobile handset and mobile handset
Net worth 1,589.12 1,408.06 1,255.28 solutions company in India with growing international presence;
Revenue from Operations 5,512.87 5,264.33 5,108.35 • Robust research and development capabilities with a strong track record in
EBITDA as stated 251.22 199.26 183.20 product innovation and design;
• Large-scale state-of-the-art manufacturing and quality service capabilities;
Net Profit for the Year 172.61 107.76 73.18
• Extensive distribution network supported by advanced information
EPS - Basic (₹) 3.46 2.16 1.47 technology capabilities.
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 filing DRHP Back 130
Tamilnad Mercantile Bank Limited
Promoters: The Bank is a professionally managed bank and does not have an identifiable promoter or promoter group.
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).
BRLMs: Axis Capital, Motilal Oswal, SBI Capital Markets Registrar: Link Intime
Objects of the Offer: Augmentation of the Bank’s Tier-I capital base to meet the Bank’s future capital requirements.

• Tamilnadu Mercantile Bank Limited is one of the oldest and leading old private sector • The bank is one of the oldest private sector banks in India offering
banks in India with a history of almost 100 years. They offer a wide range of banking products and services primarily to retail, agricultural customers and MSME
and financial services primarily to micro, small and medium enterprises, agricultural in semi-urban and rural areas of places where they located.
and retail customers.
• The products and services offered to the customers can be divided into
• As of June 30, 2021, they have 509 branches, of which 106 branches are in rural, 247 two categories - Asset Products (i.e. advances) and Deposit Products.
in semi-urban, 80 in urban and 76 in metropolitan centres.
• Advances: The advances portfolio primarily consists of lending to (a)
• As of June 30, 2021, their overall customer base was approximately 4.93 million of
Retail customers; (b) agricultural customers and (c) MSMEs (“RAM”).
which 69.96% comprised customers who had been associated with them for over 5
years. • Deposits: The deposits portfolio consists of term deposits, recurring
deposits, savings bank and current bank accounts amongst others. Total
deposits of the Bank have increased at a CAGR of 8% to ₹409,704.16
Brief Financials ₹ in Cr million in Fiscal 2021.
As at March 31,
Particulars
• Strong legacy, loyal customer base and focus on improving servicing
Net worth 4,579.98 3,979.65 3,618.26
framework;
Interest earned 3,609.05 3,466.11 3,224.46
• Strong presence in Tamil Nadu with focus to increase presence in other
EBITDA as stated 1,251.62 1,030.10 966.81 strategic regions;
Net Profit/Loss for the Year 603.33 407.69 258.58
• Advances with focus on MSME, agricultural and retail segments;
EPS (₹) 42.34 28.61 18.14
• Consistently growing deposit base with focus on low-cost retail CASA;
RoNW (%) as stated 13.17% 10.24% 7.15%
• Strong asset quality, underwriting practices and risk management policies.
Net Asset Value (₹) 321.38 279.25 253.89
Source: DRHP, * Restated Consolidated, Back 131

Aadhar Housing Finance Limited
Promoters: BCP Topco VII Pte 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
BRLMs: ICICI Securities, Citigroup Global, Nomura Financial, SBI Cap Markets Registrar: KFin Technologies
Objects of the Offer: Augmenting its capital base to meet the future capital requirements.

• Aadhar Housing Finance Limited is the largest Affordable HFC in India in terms of • The company targeting primarily first-time home buyers in economically
AUM, as of March 31, 2020. They are approximately 1.5 times larger than the 2nd weaker and low-to-middle income customers. They serve formal and
largest peer set company based on AUM as on March 31, 2020. informal customers in salaried and self-employed segments. As of
• Compared to their peers, they have the largest customer base as on March 31, 2020 September 30, 2020, salaried customers accounted for 64.83% of their
and have the highest disbursement for financial year ended March 31, 2020. Further Gross AUM and self-employed customers account for 35.17% of Gross
as at March 31, 2020, they have the most geographically diversified AUM as well as AUM.
the highest efficiency in terms of operating expenditure ratios. • As of September 30, 2020, they have 165,000+ loan accounts. Apart from
home loans, they also offer loans against property, loans for renovation
and property extension and loans for purchase of commercial property.
• As of September 30, 2020, home loans and non-home loans (including
respective insurance portion) accounted for 85% and 15% of their Gross
Brief Financials ₹ in Cr AUM, respectively.
Particulars
2020(06) 2020(12) 2019(12) 2018(12) Key Strengths
• Largest affordable housing finance company with best-in-class metrics in
Net worth as stated 2,506.61 2,347.27 858.87 717.72
the fastest growing sub-segment of the Indian mortgage market;
Revenue from Operations 748.15 1,387.67 1,265.61 815.00
• Extensive branch network, geographical penetration and sales channels;
EBITDA 618.68 1035.98 989.27 630.27
Robust, comprehensive systems and processes for underwriting,
Net Profit for the period 198.77 230.91 234.92 160.83 collections and monitoring asset quality;
EPS - Basic (₹) 3.96^ 5.86 6.44 5.32
• Access to diversified and cost-effective long-term financing with a
EPS - Diluted (₹) 3.85^ 5.83 6.39 5.32 disciplined approach to asset liability and liquidity management;
RONW (%) 6.24%^ 8.07% 18.85% 15.91%
• Social objectives are one of the core components of the business model.
NAV -Diluted (₹) 61.66 57.74 33.91 28.54
Source: DRHP, * Consolidated summary, ~ Not annualised Back 132

Disclaimer
 The presentation is only for restricted circulation to the addressed parties. This presentation does not constitute an engagement or offer for the engagement from Axis Capital Limited
or any of its affiliates (“Axis Group”) to any party and the information contained herein will not form the basis of any contract.
 Neither Axis Capital nor any of their respective affiliates, shareholders, directors, employees, agents or representatives makes any warranty or representation as to the accuracy or
completeness of the information contained herein (including statements of opinion and expectation, whether communicated in written, oral, visual or electronic form) or as to the
reasonableness of any assumptions contained herein. In particular, no representation or warranty is given as to the achievement or reasonableness of, any information.
 Consequently, neither Axis Capital nor any of their respective affiliates, shareholders, directors, employees, agents or advisors shall be liable for any loss or damage (direct or indirect)
suffered as a result of reliance upon any statements contained in, or any omission from this presentation and expressly disclaim any and all liability relating to or resulting from the use
of this presentation.
 This presentation should not be distributed, reproduced, or used without the express consent of Axis Capital.
 Nothing contained in this presentation should be relied upon as a promise or representation as to the future. The pro forma and information contained herein was prepared expressly
for use herein and is based on certain assumptions and management's analysis of information available at the time this presentation was prepared. There is no representation,
warranty or other assurance in this regard.
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IPO Market Update

Lead Managed by Axis Capital

Lead Managed by Axis Capital Current price source: BSE Website 14

Life Insurance OFS: 221,374,920 Shares

Issues Where SEBI Observations Received & Still Valid

CMR Green Fresh: 300 Cr

Sahajanand Medical Fresh:410.33 Cr

Inspira Enterprise Fresh: 300 Cr

Popular Vehicles & Fresh: 150 Cr

Kaynes Technology Fresh: 650 Cr

Gold Plus Glass Fresh: 300 Cr

Corrtech Fresh: 350 Cr

Harsha Engineers Fresh: 455 Cr

Company Overview Business/Product Overview

Brief Financials ₹ in Cr Key Strengths

Source: RHP, * Restated Consolidated, ^not annualised. Back 28

Company Overview Business/Product Overview

Brief Financials ₹ in Cr Key Strengths

Company Overview Business/Product Overview

Source: DRHP, *Restated Summary, ^not annualised Back 31

Company Overview Business/Product Overview

• They are capable of diverse and critical manufacturing and finishing

Company Overview Business/Product Overview

As at Sep’30 As at March 31,

Source: DRHP, * Restated Statement ^ not annualised Back 33

Company Overview Business/Product Overview

As at Sep’30 As at March 31, Key Strengths

Source: DRHP, * Restated Consolidated. ^ not annualised Back 34

Company Overview Business/Product Overview

As at Sep’30 As at March 31,

Company Overview Business/Product Overview

As at Sep’30 As at March 31, Key Strengths

Source: DRHP, * Restated Consolidated. ^ not annualised, Back 36

Company Overview Business/Product Overview

Brief Financials ₹ in Cr Key Strengths

Source: DRHP, * Restated Consolidated. ^ not annualised, Back 37

Company Overview Business/Product Overview

As at Jun’30 As at March 31,

Source: DRHP, * Restated Consolidated. Back 38

Company Overview Business/Product Overview

Source: DRHP, * Restated Consolidated , #Proforma Back 39

Company Overview Business/Product Overview

Company Overview Business/Product Overview

As at Jun’30 As at March 31,

Source: DRHP, * Summary Restated; ^ not annualised Back 41

Company Overview Business/Product Overview

Brief Financials ₹ in Cr Key Strengths

Source: DRHP, * Restated Consolidated. ^ not annualised Back 42

Company Overview Business/Product Overview

As at Jun’30 As at March 31, Key Strengths

Source: DRHP, *Restated Summary Back 43

Company Overview Business/Product Overview

As at Jun’30 As at March 31, Key Strengths

Company Overview Business/Product Overview

Source: DRHP, * Restated Statement. ^ not annualised, , Back 45

Company Overview Business/Product Overview

As at March 31, Key Strengths

Source: DRHP, *Restated Summary Back 46

Company Overview Business/Product Overview

Brief Financials ₹ in Cr Key Strengths

Company Overview Business/Product Overview

Company Overview Business/Product Overview

Company Overview Business/Product Overview