Category: LISTED IPO

Munish Forge Limited

Exploring the Munish Forge IPO: A Deep Dive into a Niche Manufacturer

The Indian stock market is constantly buzzing with new opportunities, and for investors looking at the Small and Medium Enterprise (SME) segment, the upcoming Munish Forge IPO presents an intriguing prospect. This book-built issue is set to open its doors to public subscription, offering a chance to invest in a company with a strong manufacturing base and a diverse clientele, including the Indian Army. Let’s delve into the details of this offering, analyzing its financial health, growth prospects, and what it means for potential investors.

Unveiling Munish Forge Ltd.

Established in July 1986, Munish Forge Limited is a specialized manufacturer of high-quality forged components. The company’s product portfolio is impressive, encompassing items like flanges, scaffolding, auto parts, tank tracks, bomb shells, and various steel accessories, all crafted to stringent customer specifications and international standards. Their strategic importance is highlighted by their role as a key supplier to the Indian Army for critical components such as Battle Tank Track Chains and Bomb Shells.

Munish Forge serves a broad spectrum of industries, including defense, oil and gas, automotive, construction, and infrastructure. With globally recognized certifications like ISO 9001:2015, ISO 14001-2015, IATF-16949-2016, and PED, the company demonstrates its unwavering commitment to quality. Their manufacturing processes leverage modern techniques, including induction furnaces and solar power, reflecting a focus on efficiency and environmental responsibility.

Strategic Business Strengths

**Integrated Operations**: The company manages its entire manufacturing process in-house, from die design and forging to machining, heat treatment, plating, and packaging. This end-to-end control ensures superior quality and swift delivery.
**Advanced Engineering**: Munish Forge utilizes cutting-edge technology such as CNC machines, robotic welders, and CAD/CAM systems, along with advanced simulation tools. This approach boosts product reliability and optimizes production timelines.
**Diverse & Prestigious Clientele**: The company boasts a robust client base, including Original Equipment Manufacturers (OEMs) and Tier-1 suppliers across Europe, North America, the Middle East, and India.

The Initial Public Offering: Key Details

The Munish Forge IPO is a book-built offering totaling ₹73.92 crores. It comprises a fresh issue of 0.64 crore shares (aggregating ₹61.02 crores) and an Offer For Sale (OFS) of 0.13 crore shares (aggregating ₹12.90 crores). The shares are set to be listed on the NSE SME platform.

Munish Forge IPO Snapshot

Detail	Information
Issue Size	₹73.92 Crores
Issue Type	Book Built Issue (SME)
Price Band	₹91 to ₹96 per share
Face Value	₹10 per share
Lot Size	1,200 Shares
Total Shares Offered	77,00,400 shares
Listing Exchange	NSE SME

IPO Reservation Structure

Investor Category	Shares Offered
Qualified Institutional Buyers (QIB)	Not more than 50% of Net Offer
Retail Individual Investors (RII)	Not less than 35% of Net Offer
Non-Institutional Investors (NII)	Not less than 15% of Net Offer

Investment Lot Size Details

Investors can bid for a minimum of 2,400 shares, and in multiples of 1,200 shares thereafter. The minimum investment for various investor categories is outlined below (based on the upper price band):

Investor Category	Lots (Min)	Shares (Min)	Amount (Min)
Individual Investors (Retail)	2	2,400	₹2,30,400
Small HNI (S-HNI)	3	3,600	₹3,45,600
Big HNI (B-HNI)	9	10,800	₹10,36,800

IPO Timetable: Key Dates to Remember

Mark your calendars! The Munish Forge IPO opens on September 30, 2025, and concludes on October 3, 2025. Here’s a tentative schedule for the entire process:

Munish Forge IPO Journey

**Sep 30, 2025**
IPO Open

**Oct 3, 2025**
IPO Close

**Oct 6, 2025**
Allotment

**Oct 7, 2025**
Refunds/Demat

**Oct 8, 2025**
Listing

Financial Health and Valuation Insights

A thorough examination of Munish Forge’s financial performance is crucial for any potential investor. The company has shown a positive trend in its profitability and asset growth over recent years.

Company Financial Performance (Restated, Amount in ₹ Crores)

Period Ended	Dec 31, 2024	Mar 31, 2024	Mar 31, 2023	Mar 31, 2022
Assets	146.78	113.22	107.01	121.41
Total Income	130.93	161.58	161.18	125.10
Profit After Tax (PAT)	10.53	4.39	1.97	1.43
Net Worth	51.09	40.61	36.03	34.11
Total Borrowing	60.78	47.16	50.22	59.14

Key Performance Indicators (KPIs) – as of March 31, 2024

Indicator	Value
Return on Equity (ROE)	10.81%
Return on Capital Employed (ROCE)	9.88%
Debt/Equity Ratio	1.16
Profit After Tax (PAT) Margin	2.75%
Price to Book Value	2.28
Market Capitalization	₹231.07 Crores

The financial data reveals a company with increasing assets and significant growth in Profit After Tax (PAT) from ₹1.43 Cr in FY22 to ₹10.53 Cr as of Dec 2024 (9 months). The debt-to-equity ratio of 1.16 indicates a moderate reliance on debt, which the company aims to address with the IPO proceeds.

Earnings Per Share (EPS) & Price-to-Earnings (P/E) Ratio

Metric	Pre-IPO	Post-IPO
EPS (Rs)	2.48	5.84
P/E (x)	38.74	16.45

*Note: Pre-IPO EPS is based on shares as of RHP date and FY24 earnings. Post-IPO EPS is based on post-issue shares and annualized Dec 2024 earnings.*

Promoter Group and Shareholding

The leadership of Munish Forge Ltd. comprises Mr. Davinder Bhasin, Mr. Dev Arjun Bhasin, Ms. Minakshi Bhasin, Munish Promoters and Developers Private Limited, and Dev Arjuna Enterprises Private Limited.

Holding Stage	Percentage
Pre-Issue Promoter Holding	100.00%
Post-Issue Promoter Holding (Approx.)	73.61%

Objectives of the Share Issue

Munish Forge intends to utilize the net proceeds from the IPO for several strategic initiatives, aimed at bolstering its operational capabilities and financial stability:

Funding capital expenditure, including civil construction and the acquisition of additional plant and machinery.
Repayment or pre-payment of certain existing debt facilities.
Meeting working capital requirements to support ongoing operations and growth.
General corporate purposes.

Understanding the Business: A SWOT Analysis

Munish Forge: Opportunities & Challenges

Strengths:
- Integrated manufacturing operations ensure quality control and efficiency.
- Strong R&D and innovation-driven engineering utilizing modern technologies.
- Strategic supplier to critical sectors like defense (Indian Army).
- Diverse international and domestic clientele.
- Adherence to high-quality international certifications.
Weaknesses:
- Moderate debt-to-equity ratio (though IPO aims to reduce this).
- SME listing may imply lower liquidity compared to mainboard shares.
- Potential reliance on specific high-value contracts.
Opportunities:
- “Make in India” initiative and increasing defense expenditure.
- Growing demand from infrastructure, construction, and automotive sectors.
- Expansion into new international markets for specialized components.
- Technological advancements can further improve cost efficiency and product range.
Threats:
- Fluctuations in raw material prices (e.g., steel).
- Intense competition from domestic and international players.
- Economic slowdowns impacting manufacturing and infrastructure sectors.
- Regulatory changes or policy shifts affecting defense and oil & gas industries.

How to Participate in the Munish Forge IPO

For prospective investors, applying for the Munish Forge IPO is a straightforward process. You can apply online using either UPI or ASBA (Application Supported by Blocked Amount) through your bank’s net banking portal.

Key Intermediaries

**Lead Manager**: Gretex Corporate Services Ltd.
**Registrar**: Skyline Financial Services Pvt.Ltd. (responsible for allotment and refunds)

Company Contact Information

**Address**: Village-Gobindgarh, Adj. Phase-VII, Focal Point, Ludhiana, Punjab, 141010
**Phone**: +91 94177 30280
**Email**: cs@munishforge.com
**Website**: https://munishforge.com/

Final Thoughts for Potential Investors

The Munish Forge IPO provides an opportunity to invest in a well-established manufacturing company with a critical role in the defense and industrial sectors. Its integrated operations, commitment to quality, and a diverse customer base are significant positives. While the SME nature of the listing might mean higher volatility and potentially lower liquidity compared to mainboard stocks, the company’s consistent financial performance and strategic growth objectives, backed by the IPO proceeds, present a compelling narrative.

Before making any investment decision, it is always recommended to conduct your own due diligence, evaluate your risk appetite, and consider consulting with a financial advisor. Understanding the company’s long-term vision and how it aligns with your investment goals is paramount.

September 28, 2025

Sunsky Logistics Limited

Unlocking Growth Potential: A Comprehensive Look at the Sunsky Logistics IPO

In the dynamic world of logistics, a new opportunity is on the horizon. Sunsky Logistics Ltd. is gearing up for its Initial Public Offering (IPO), inviting investors to be a part of its journey in the integrated logistics sector. This blog post delves into the specifics of this upcoming SME IPO, examining the company’s profile, financial performance, strategic objectives, and what it could mean for potential investors.

Introducing Sunsky Logistics Ltd.: A Pillar in Integrated Freight

Established in 2020, Sunsky Logistics Ltd. has quickly carved a niche as an integrated logistics solutions provider. The company’s diverse service portfolio includes vital components of the supply chain such as freight forwarding, efficient cargo handling, door-to-door distribution networks, multi-transport operations, and crucial custom clearance services.

Their commitment to comprehensive solutions is underlined by key accreditations:

Obtained a Multimodal Transport Operator (MTO) license in 2021, enabling seamless transportation across rail, air, road, and sea.
A proud member of global networks like World Shipping Alliance (WSA) and Bling Logistics Network Inc (Bling).
Secured the Ocean Transportation Intermediary (OTI) ocean freight certificate from the Federal Maritime Commission (FMC) in 2022.

Sunsky Logistics boasts an international presence, having processed services across various countries including the USA, Uganda, UAE, Oman, Guatemala, Australia, and Iraq during the fiscal year 2025. With a dedicated team, the company focuses on delivering efficient and reliable logistics across multiple verticals.

Core Service Offerings:

Ocean Freight Forwarding
Air Freight Forwarding
Specialized Project Cargo Handling
Expert Custom Clearance
Seamless Door-to-Door Delivery
Reliable Inland Transportation

Key Aspects of the Initial Public Offering

Here’s a quick overview of the essential details surrounding the Sunsky Logistics IPO:

Detail	Information
IPO Type	Fixed Price Issue, SME IPO
Issue Price	₹46 per share
Face Value	₹2 per share
Lot Size	3,000 shares
Total Issue Size	36,60,000 shares (₹16.84 Crores)
Issue Nature	Entirely a Fresh Issue
Listing Exchange	BSE SME

IPO Journey: Key Dates to Remember

Understanding the timeline is crucial for any investor. Here’s a visual representation of the important dates for the Sunsky Logistics IPO:

Opening Bid

Sep 30, 2025

Closing Bid

Oct 3, 2025

Allotment Finalized

Oct 6, 2025

Market Debut

Oct 8, 2025

Note: The allotment for the Sunsky Logistics IPO is expected to be finalized on October 6, 2025, with the shares tentatively listing on BSE SME on October 8, 2025.

Investment Structure and Share Allocation

The IPO has a clearly defined allocation structure to ensure broad participation:

Investor Category	Shares Offered	Percentage
Market Maker	1,86,000	5.08%
Non-Institutional Investors (NII/HNI)	17,28,000	47.21%
Retail Individual Investors (RII)	17,46,000	47.70%
Total Shares Offered	36,60,000	100.00%

Minimum Investment Details:

Investors can apply for a minimum of 3,000 shares (1 lot) and in multiples thereafter.

Investor Category	Minimum Lots	Shares	Amount (₹)
Retail Individual Investor (Min)	2	6,000	2,76,000
High Net-worth Individual (HNI) (Min)	3	9,000	4,14,000

Analyzing Sunsky Logistics’ Financial Performance

A glance at the company’s financial statements reveals a robust growth trajectory, particularly between fiscal years 2024 and 2025.

Financial Metric (₹ Crore)	31 Jul 2025	31 Mar 2025	31 Mar 2024	31 Mar 2023
Total Assets	12.31	8.22	5.17	2.76
Total Income	8.45	22.27	14.81	9.38
Profit After Tax (PAT)	1.37	2.59	1.25	0.31
Net Worth	5.90	4.53	1.99	0.74
Total Borrowings	3.93	2.03	1.77	1.13

Sunsky Logistics has demonstrated significant financial momentum. Its revenue surged by 50%, and Profit After Tax (PAT) remarkably increased by 107% between the financial years ending March 31, 2024, and March 31, 2025. This growth signals strong operational efficiency and market presence.

Key Performance Indicators (KPIs) and Valuation Metrics:

As of March 31, 2025, the company’s market capitalization stands at ₹57.20 Crores. Here’s a look at its critical performance indicators:

KPI	Value (as of Mar 31, 2025)
Return on Equity (ROE)	79.42 %
Return on Capital Employed (ROCE)	59.34%
Debt/Equity Ratio	0.45
Return on Net Worth (RoNW)	57.16%
PAT Margin	11.74%
EBITDA Margin	16.81%
Price to Book Value	8.91

Metric	Pre-IPO	Post-IPO
Earnings Per Share (EPS)	₹2.95 (FY25)	₹3.31 (Annualized Jul 2025)
Price-to-Earnings (P/E) Ratio	15.6	13.91

Strategic Use of IPO Proceeds

The funds raised from this IPO are earmarked for strategic initiatives aimed at bolstering the company’s operational capabilities and financial health:

Investment in new assets: A significant portion (₹6.42 Crores) will be utilized for the purchase of Flatbed Trailers, enhancing their transportation fleet and service capacity.
Debt Reduction: ₹3.50 Crores are allocated for the prepayment or repayment of existing outstanding borrowings, which will strengthen the balance sheet.
Working Capital Boost: ₹2.75 Crores will be channeled into meeting working capital requirements, ensuring smooth day-to-day operations and growth initiatives.
General Corporate Purposes: The remaining ₹2.52 Crores will be used for general corporate needs, providing flexibility for future growth and contingencies.

Leadership and Governance

The company is guided by its dedicated promoters, Akash A Shah and Shah Vaibhavi Akash. Their commitment is reflected in the promoter holding structure:

Pre-Issue Promoter Holding: 95%
Post-Issue Promoter Holding: 67.05%

IPO Facilitators:

Book Running Lead Manager: Nirbhay Capital Services Pvt.Ltd.
Registrar to the Issue: Kfin Technologies Ltd.
Market Maker: Rikhav Securities Ltd.

Strategic Analysis: Strengths, Weaknesses, Opportunities, Threats (SWOT)

A comprehensive evaluation of Sunsky Logistics’ internal and external factors can offer a clearer picture for potential investors.

Strengths:

Integrated Service Portfolio: Offers a wide range of logistics services, from freight forwarding to customs clearance, providing a one-stop solution.
Global Network & Accreditations: Membership in WSA and Bling, along with MTO and OTI licenses, demonstrates a strong global reach and compliance.
Robust Financial Growth: Consistent increase in revenue and significant PAT growth indicate operational efficiency and strong market acceptance.
Experienced Promoters: The promoters’ deep knowledge and expertise in the logistics domain are a key asset.
Diverse Customer Base: Strong relationships with a varied customer base contribute to stable revenue streams.

Weaknesses:

Employee Base Size: A relatively small number of employees (9 as of July 2025) might suggest a high reliance on outsourcing or a lean operational model, which could pose scaling challenges without adequate internal capacity.
Capital Intensive Nature: The logistics sector requires continuous investment in assets, as highlighted by the IPO objective to purchase trailers.
Fixed Price Issue: While simple, a fixed price issue might not fully capture higher demand if investor interest proves exceptional.

Opportunities:

Growing Logistics Market: India’s logistics sector is experiencing significant growth, driven by e-commerce, manufacturing, and infrastructure development.
Expansion Potential: The planned purchase of trailers and capital for working needs opens avenues for expanded service offerings and geographical reach.
Technological Integration: Scope to further integrate technology for optimized route planning, inventory management, and real-time tracking to enhance efficiency.
Diversification of Services: Potential to explore niche logistics segments or add value-added services.

Threats:

Intense Competition: The logistics market is highly fragmented with numerous players, both organized and unorganized.
Economic Volatility: Fluctuations in economic activity, trade policies, and global demand can directly impact logistics volumes.
Fuel Price Fluctuations: Rising fuel costs can significantly impact operational expenses and profit margins.
Regulatory Changes: Evolving government regulations and trade policies can introduce complexities and compliance costs.
Infrastructure Challenges: Despite improvements, infrastructure bottlenecks can still affect delivery times and efficiency.

Final Considerations for Potential Investors

The Sunsky Logistics IPO presents an opportunity to invest in a growing integrated logistics company with a strong track record of financial growth and strategic expansion plans. Its established global network and accreditations position it well within the sector.

As with any investment, it’s crucial for prospective investors to conduct their own thorough due diligence. Assess the company’s financials, future outlook, and the inherent risks associated with the logistics industry and SME IPOs. Consider consulting with a financial advisor to align this investment with your personal financial goals and risk appetite.

Company & Registrar Contact Information

For further inquiries, interested parties may contact:

Sunsky Logistics Ltd.

T.F-316, I Square, Nr. Shukan Mall Cross Road, Sola, Ahmedabad, Gujarat, 380060
Phone: +91-9737166446
Email: cs@sunskylogistics.com

Registrar: Kfin Technologies Ltd.

Phone: 04067162222, 04079611000
Email: sunsky.ipo@kfintech.com

September 28, 2025

Chiraharit Limited

Chiraharit IPO: Charting a Sustainable Investment Path in Green Infrastructure

In the dynamic world of investments, Initial Public Offerings (IPOs) often capture significant attention. When an offering comes from a company dedicated to sustainable solutions, it sparks even greater interest. Chiraharit Ltd., a company with a strong focus on green infrastructure and water management, is set to make its debut on the BSE SME platform. This blog post delves into the specifics of the Chiraharit IPO, offering a comprehensive look at the company’s business, financial health, and the investment opportunity it presents.

About Chiraharit Ltd.: Pioneering Sustainable Solutions

Established in 2006, Chiraharit Limited has carved a niche for itself by delivering innovative solutions across vital sectors, with a core emphasis on sustainability and quality. The company’s expertise lies in executing turnkey Engineering, Procurement, and Construction (EPC) projects, particularly in the burgeoning water and renewable energy domains. They aim to provide efficient, sustainable solutions that address specific project challenges and ensure optimal performance.

Core Service Offerings:

Water Management: From advanced Solar Module Cleaning Systems and comprehensive Irrigation Solutions for agriculture and landscapes, to robust Water Pipeline Solutions for industrial and residential projects. They also supply various piping materials including HDPE, UPVC, CPVC, PVC, and Sprinkler Pipes and Fittings.
Renewable Energy: Specializing in the construction of Compressed Bio-Gas (CBG) plants, providing complete turnkey execution for civil, mechanical, and pumping systems, thereby fostering sustainable energy production.
Construction: Undertaking construction projects for both industrial and residential sectors.

Understanding the Chiraharit IPO: Key Details at a Glance

The upcoming IPO is a fixed-price issue aiming to raise capital through a fresh issuance of shares. Here’s a breakdown of the crucial information for prospective investors:

IPO Offering Structure:

Detail	Specification
Issue Type	Fixed Price Issue (SME IPO)
Total Issue Size	1,47,96,000 shares (aggregating up to ₹31.07 Cr)
Offer Price	₹21 per share
Face Value	₹1 per share
Listing At	BSE SME
Book Running Lead Manager	Finshore Management Services Ltd.
Registrar	Bigshare Services Pvt.Ltd.
Market Maker	Anant Securities

Important Dates and Timeline:

Mark your calendars for these key dates related to the Chiraharit IPO:

Event	Date
IPO Open Date	Monday, September 29, 2025
IPO Close Date	Friday, October 3, 2025
Allotment Finalization (Tentative)	Monday, October 6, 2025
Initiation of Refunds (Tentative)	Tuesday, October 7, 2025
Credit of Shares to Demat (Tentative)	Tuesday, October 7, 2025
Listing Date (Tentative)	Wednesday, October 8, 2025

IPO Journey at a Glance:

Open

Sep 29

Oct 3

Allotment

Oct 6

Listing

Oct 8

The progress bar visually represents the key milestones in the IPO timeline, from the opening of the subscription window to the expected listing date.

Investment Lot Size and Categories:

Investors can subscribe to the IPO in specific lot sizes. The minimum application varies for different investor categories:

Investor Category	Minimum Lots	Shares	Amount (₹)
Retail Individual Investor (Min)	2	12,000	2,52,000
HNI (Min)	3	18,000	3,78,000

The issue has reserved a significant portion for both Retail Individual Investors (RIIs) and Non-Institutional Investors (NIIs), ensuring broad participation.

NII (HNI) Shares Offered: 70,26,000 (47.49%)
Retail Shares Offered: 70,26,000 (47.49%)
Market Maker Shares Offered: 7,44,000 (5.03%)

Chiraharit’s Financial Journey: Performance & Valuation

A deep dive into the company’s financials reveals a promising growth trajectory. Chiraharit Ltd. has demonstrated substantial increases in both revenue and profitability in recent years.

Key Financial Highlights (₹ Crore):

Particulars	31 Mar 2025	31 Mar 2024	31 Mar 2023
Assets	40.58	25.77	22.71
Total Income	59.80	30.57	33.03
Profit After Tax (PAT)	6.02	0.60	0.42
Net Worth	9.57	3.31	2.57
Total Borrowing	20.22	16.30	15.92

From fiscal year 2024 to 2025, Chiraharit Ltd. experienced an impressive 96% increase in revenue and a phenomenal 898% surge in Profit After Tax (PAT), indicating strong operational performance and growing market penetration.

Key Performance Indicators (KPIs) and Valuation:

Metric (as of Mar 31, 2025)	Value
Market Capitalization	₹115.07 Cr
Return on Equity (ROE)	62.91%
Return on Capital Employed (ROCE)	32.29%
Debt/Equity Ratio	2.11
PAT Margin	10.10%
EBITDA Margin	16.36%
Price to Book Value	8.79
EPS (Pre-IPO)	₹1.51
P/E (Pre-IPO)	13.95x
EPS (Post-IPO)	₹1.10
P/E (Post-IPO)	19.11x

Promoter Holding:

The company is promoted by Mr. Pavan Kumar Bang, Mrs. Tejaswini Yarlagadda, and Mr. Venkata Ramana Reddy Gaggenapalli. Their holding will adjust post-issue:

Promoter Holding Pre-Issue: 100.00%
Promoter Holding Post-Issue: 73%

Capitalizing on Growth: Objectives of the IPO

The primary purpose of the IPO is to fuel Chiraharit Ltd.’s expansion and strengthen its financial position. The net proceeds from the fresh issue will be utilized for several strategic objectives:

Funding Capital Expenditure for a new HDPE Ball Valves and Fittings Manufacturing Unit (₹5.26 Cr).
Repayment and/or pre-payment, in full or part, of certain existing borrowings (₹3.90 Cr).
Meeting working capital requirements (₹14.13 Cr).
Covering issue-related expenses (₹3.11 Cr).
Addressing general corporate expenses (₹4.66 Cr).

Strategic Outlook: A SWOT Analysis of Chiraharit Ltd.

To provide a holistic view, let’s analyze Chiraharit Ltd.’s positioning using a SWOT framework:

Strengths:

Diversified Service Portfolio: Engaged in both water management and renewable energy sectors, reducing reliance on a single segment.
Experienced Management: Promoters and directors possess extensive domain knowledge and industry experience.
Robust Order Book: A strong order book of ₹51.38 crore as of August 31, 2025, provides revenue visibility.
Strong Project Execution: Proven capabilities in delivering complex EPC projects.
Significant Financial Growth: Impressive revenue and PAT growth in the last fiscal year.
Strategic Partnerships: Collaborations that enhance capabilities and ensure excellence in project delivery.
Commitment to Quality: Emphasis on quality assurance and adherence to industry standards.

Weaknesses:

SME Platform Listing: SME IPOs generally carry higher inherent risks due to smaller market capitalization and liquidity compared to mainboard listings.
Debt/Equity Ratio: A Debt/Equity ratio of 2.11 indicates a relatively higher reliance on debt, which could be a concern if not managed effectively.
Dependence on Projects: Revenue generation is project-based, which can lead to fluctuations in income.

Opportunities:

Growing Demand for Green Solutions: Increasing global and national focus on sustainability, water conservation, and renewable energy (e.g., CBG plants) presents vast market opportunities.
Government Initiatives: Supportive government policies and incentives for green infrastructure and renewable energy projects can boost demand.
Expansion Potential: Opportunity to expand service offerings or geographical reach given its expertise.
New Manufacturing Unit: The proposed HDPE Ball Valves and Fittings Manufacturing Unit can enhance vertical integration and cost efficiencies.

Threats:

Intense Competition: Operating in competitive sectors with established players.
Regulatory Changes: Changes in environmental policies or government regulations could impact operations or project feasibility.
Project Execution Risks: Delays or cost overruns in large-scale projects could affect profitability.
Economic Slowdown: General economic downturns could reduce infrastructure spending and project awards.

Participating in the Chiraharit IPO: How to Apply

Applying for an IPO is a straightforward process, primarily done through your stockbroker’s platform. Here’s a general guide:

Online Application: Most brokerage firms offer online IPO application services through their trading platforms or dedicated IPO sections. You can usually apply using either UPI (Unified Payments Interface) for smaller applications or ASBA (Applications Supported by Blocked Amount) through your bank’s net banking portal.
Demat Account: A valid Demat account is essential to hold the shares if allotted.
Minimum Investment: Be aware of the minimum lot size and corresponding investment amount (as detailed in the “Investment Lot Size and Categories” section above) when submitting your bid.
Check Allotment Status: After the IPO closes, you can check the allotment status on the registrar’s website or your broker’s platform on the tentative allotment date.

Important Company and Registrar Information:

Chiraharit Ltd. Contact Details:

Address: Malaxmi Courtyard, Survey No. 157, Khajaguda Village, Chitrapuri Colony Post, Hyderabad, Telangana, 500104
Phone: +91 7738561210
Email: cs@chiraharit.com

IPO Registrar (Bigshare Services Pvt.Ltd.) Contact:

Phone: +91-22-6263 8200
Email: ipo@bigshareonline.com

Final Thoughts for Potential Investors

The Chiraharit IPO offers an opportunity to invest in a company that operates in high-growth, sustainability-driven sectors. With its robust project execution capabilities, diversified portfolio, and strong financial growth, the company appears well-positioned to capitalize on the increasing demand for green infrastructure and water solutions.

However, like all investments, especially in the SME segment, it comes with its own set of considerations. Investors are encouraged to conduct thorough due diligence, assess their risk appetite, and review the detailed prospectus before making any investment decisions. Understanding the company’s long-term vision and the broader market trends in sustainable development will be key to evaluating this offering.

September 28, 2025

Om Freight Forwarders Limited

Charting the Course: A Deep Dive into Om Freight Forwarders IPO

The Indian capital market is buzzing with excitement, and among the noteworthy offerings is the upcoming Initial Public Offering (IPO) of Om Freight Forwarders Limited. As a prominent player in the logistics sector, Om Freight Forwarders is setting sail to raise capital, presenting a unique opportunity for investors to participate in its growth journey. Let’s delve into the specifics of this IPO to understand what it entails for potential investors.

Understanding Om Freight Forwarders Limited

Established in June 1995, Om Freight Forwarders is a Mumbai-based, third-generation logistics company with an impressive track record spanning over four decades. It has carved a significant niche for itself, operating across five continents and serving more than 700 locations globally.

Core Business Operations

The company provides a comprehensive suite of logistics services, integrating technology for seamless operations:

International Freight Forwarding (air, sea, LCL, break bulk, bulk, ODC, super ODC)
Customs Clearance
Vessel Agency and Project & Charter Services
Domestic Transportation (road, rail, sea)
Inventory Warehousing and Distribution
Material Handling Services
Additional services like bonded trucking, trans-shipping, cross trade, and post-shipment activities.

In the fiscal year 2025, Om Freight Forwarders managed a substantial cargo volume of 66.86 million metric tons, showcasing its robust operational capabilities. The company boasts 28 branches across India and an extensive international network, facilitated by strategic global partnerships.

Key Strengths of the Company

Comprehensive end-to-end logistics solutions.
A proven history of delivering high-quality and efficient services.
Strong operational capabilities supported by its owned fleet of 135 commercial vehicles and equipment.
A focus on building and maintaining long-term client relationships.
Diversified presence across various industry verticals.
A skilled and experienced management team with profound industry knowledge.
Significant integration of technology for enhanced efficiency and transparency (e.g., paper-free documentation, GPS tracking, real-time shipment monitoring).

Om Freight Forwarders IPO: Key Investment Details

This IPO is a significant event for the company and the logistics sector. Here’s a quick overview of the offering:

IPO Snapshot

Detail	Information
Issue Type	Book Building Public Issue
Total Issue Size	90,60,074 shares (aggregating up to ₹122.31 Cr)
Fresh Issue	18,10,074 shares (aggregating up to ₹24.44 Cr)
Offer for Sale (OFS)	72,50,000 shares (aggregating up to ₹97.88 Cr)
Face Value	₹10 per share
Price Band	₹128.00 to ₹135.00 per share
Listing On	BSE, NSE

Important Dates for Your Calendar

Mark these key dates to ensure you don’t miss out on the Om Freight Forwarders IPO:

IPO OpenSep 29, 2025

IPO CloseOct 3, 2025

Allotment FinalizedOct 6, 2025

Refunds InitiatedOct 7, 2025

Shares CreditedOct 7, 2025

ListingOct 8, 2025

Event	Date
IPO Opening Date	Monday, September 29, 2025
IPO Closing Date	Friday, October 3, 2025
Tentative Allotment Date	Monday, October 6, 2025
Initiation of Refunds	Tuesday, October 7, 2025
Credit of Shares to Demat Account	Tuesday, October 7, 2025
Tentative Listing Date	Wednesday, October 8, 2025
UPI Mandate Confirmation Cut-off	5 PM on Friday, October 3, 2025

Investment Lot Sizes

Investors can bid for a minimum of 111 shares and in multiples thereof. Here’s a breakdown of the minimum and maximum investment per investor category:

Application Category	Lots	Shares	Amount (at upper price band)
Retail Individual Investor (Min)	1	111	₹14,985
Retail Individual Investor (Max)	13	1,443	₹194,805
Small HNI (Min)	14	1,554	₹209,790
Small HNI (Max)	66	7,326	₹989,010
Big HNI (Min)	67	7,437	₹1,003,995

Purpose of the Issue

The net proceeds from the IPO are intended for the following strategic objectives:

Funding capital expenditure requirements related to the acquisition of commercial vehicles and heavy equipment (approximately ₹17.15 crores).
General corporate purposes to support overall business growth and operational needs.

Promoter Holdings

The promoters of Om Freight Forwarders Limited are Rahul Jagannath Joshi, Jitendra Maganlal Joshi, Harmesh Rahul Joshi, and Kamesh Rahul Joshi.

Holding Type	Percentage
Pre-Issue Promoter Holding	99.04%
Post-Issue Promoter Holding	72.09%

Financial Health and Performance Analysis

Understanding a company’s financial performance is crucial for any investor. Here’s a look at Om Freight Forwarders’ restated consolidated financials:

Recent Financial Performance (₹ in Crores)

Period Ended (March 31)	2025	2024	2023
Total Assets	312.02	268.84	305.18
Total Income	494.05	421.32	493.35
Profit After Tax (PAT)	21.99	10.35	27.16
EBITDA	37.71	11.96	33.33
Net Worth	173.47	151.58	139.24
Total Borrowings	26.95	24.47	7.53

Between FY2024 and FY2025, the company demonstrated a 17% increase in revenue and a significant 113% surge in Profit After Tax (PAT). This indicates a strong recovery and growth trajectory in the most recent fiscal year.

Key Performance Indicators (KPIs) and Valuation

As of March 31, 2025, the market capitalization of Om Freight Forwarders IPO is approximately ₹454.62 Crores. Here are some key metrics:

KPI	Value (as of Mar 31, 2025)
Return on Equity (ROE)	13.53%
Return on Capital Employed (ROCE)	15.80%
Debt/Equity Ratio	0.17
Return on Net Worth (RoNW)	12.68%
PAT Margin	4.49%
EBITDA Margin	7.69%
Price to Book Value	2.48

When considering valuation post-IPO:

Pre-IPO EPS: ₹6.90
Post-IPO EPS: ₹6.53
Pre-IPO P/E (x): 19.56
Post-IPO P/E (x): 20.67

Strategic Insights: SWOT Analysis

A comprehensive SWOT analysis helps potential investors gauge the company’s position and future prospects.

Strengths

Established Presence: Four decades of experience and a vast global and domestic network.
Diversified Service Portfolio: Offering end-to-end logistics solutions catering to varied client needs.
Asset-Backed Operations: Ownership of a substantial fleet and equipment enhances operational control and efficiency.
Strong Client Relationships: A history of quality service fostering long-term client retention.
Technological Adoption: Embracing digital solutions for transparency and efficiency.
Experienced Management: A leadership team with deep industry expertise.

Weaknesses

Intense Competition: Operating in a highly competitive and fragmented logistics market.
Capital Intensive Nature: Logistics businesses require significant investment in assets and infrastructure.
Dependence on Economic Cycles: Performance can be influenced by broader economic slowdowns impacting trade and commerce.
Vulnerability to Fuel Price Volatility: High reliance on transportation makes the company susceptible to fluctuating fuel costs.

Opportunities

Growing Indian Logistics Sector: Favorable government policies (e.g., PLI schemes, Gati Shakti) and infrastructure development are boosting the sector.
E-commerce Boom: Expanding e-commerce necessitates robust logistics and warehousing solutions.
Digital Transformation: Further integration of AI, IoT, and data analytics can optimize operations and customer experience.
Expansion into New Geographies/Verticals: Opportunities to broaden service offerings or penetrate untapped markets.
Consolidation in the Sector: Potential for strategic acquisitions to enhance market share and capabilities.

Threats

Regulatory Changes: Evolving government policies, trade agreements, and environmental regulations can impact operations.
Technological Disruption: Rapid advancements by competitors or new entrants could challenge existing business models.
Global Economic Downturns: International trade disruptions or recessions could severely affect freight volumes.
Infrastructure Bottlenecks: Persistent issues with roads, ports, and other infrastructure can hinder efficiency.
Cybersecurity Risks: Increased reliance on technology also exposes the company to potential cyber threats.

Navigating Your Application

For those considering applying, understanding the reservation structure is key.

Investor Category Reservations

Investor Category	Shares Offered (of Net Issue)	Maximum Bidding Limits	Bidding at Cut-off Price
Qualified Institutional Buyers (QIB)	Not more than 50%	–	No
Retail Individual Investors (RII)	Not less than 35%	Up to ₹2 Lakhs	Yes
Non-Institutional Investors (NII)	Not less than 15%	sNII: ₹2 Lakhs to ₹10 Lakhs bNII: Above ₹10 Lakhs	No

How to Apply for the IPO

Applying for an IPO is a straightforward process, typically done through two primary methods:

ASBA (Application Supported by Blocked Amount): Available through your bank’s net banking portal. The application amount remains blocked in your account until allotment.
UPI (Unified Payments Interface): Offered by many brokerage firms. You submit your application via your broker, and then approve a mandate through your UPI app.

The issue is managed by Smart Horizon Capital Advisors Pvt. Ltd. as the book running lead manager, and Bigshare Services Pvt. Ltd. is the registrar for the issue, responsible for managing application and allotment processes.

A Final Word

The Om Freight Forwarders IPO offers a glimpse into a well-established and technologically driven logistics company poised for further expansion. With its strong operational base, diversified services, and a clear growth strategy, it presents an interesting proposition for investors looking to tap into India’s burgeoning logistics sector.

As with any investment, prospective investors are encouraged to conduct their own thorough due diligence, consider market conditions, and consult with a financial advisor to make informed decisions. The logistics industry is dynamic, and understanding the company’s fundamentals in detail is paramount.

September 28, 2025

Glottis Limited

Decoding the Glottis Ltd. IPO: A Deep Dive for Investors

Decoding the Glottis Ltd. IPO: A Deep Dive for Savvy Investors

The Indian market is buzzing with activity, and new Initial Public Offerings (IPOs) are always a point of keen interest for investors looking for growth opportunities. We’re excited to bring you a comprehensive analysis of the upcoming Glottis Ltd. IPO, a significant player in the logistics sector. This detailed guide will help you understand the company, its financials, the IPO structure, and what it could mean for your investment portfolio.

Understanding Glottis Ltd.: A Logistics Innovator

Glottis Limited, though recently incorporated in June 2024, operates a robust and established logistics business, providing extensive transportation solutions across ocean, air, and road. The company’s multifaceted approach ensures efficient movement of goods across various sectors, demonstrating its strong capabilities in a dynamic industry.

Core Business Activities:

Ocean Freight Forwarding: Handling both import and export, including project cargo and full container loads.
Air Freight Forwarding: Efficient solutions for both international import and export needs.
Road Transportation: Comprehensive domestic road logistics services.
Ancillary Services: Value-added offerings like warehousing, storage, cargo handling, third-party logistics (3PL), and customs clearance.

With an impressive track record, Glottis Limited managed approximately 95,000 TEUs (Twenty-foot Equivalent Units) of imports via ocean freight in Fiscal Year 2024 alone. The company has a widespread presence across India with 8 branch offices in major transportation hubs and boasts a global reach, exporting products to continents including Europe, North America, South America, Africa, the Middle East, and Asia.

Their extensive network, as of January 2025, comprises 171 overseas agents, 98 shipping lines, 52 transporters, 43 customs house agents, 22 airlines, and 20 consol agents. This broad ecosystem, combined with ownership of 17 commercial vehicles, positions Glottis to scale effectively with market demand.

Key Strengths Setting Glottis Apart:

Niche Market Leadership: A prominent freight forwarding player specifically operating within the rapidly expanding Renewable Energy Industry.
Optimized Network: A vast network of intermediaries coupled with efficient utilization of their asset portfolio.
Scalable Multimodal Operations: Capabilities to manage diverse projects with flexibility and efficiency.
Robust Customer Relationships: Long-standing partnerships with a diverse client base spanning multiple industries and over 100 countries.
Global Footprint: A strong international presence that supports extensive trade routes.
Experienced Management: A skilled and seasoned team with deep industry knowledge.

Unpacking the Glottis IPO: Essential Investor Details

Here’s a snapshot of the Glottis IPO, providing critical information for potential investors:

IPO Offer Details:

Particular	Detail
Issue Type	Book-Built Issue
Total Issue Size	₹307.00 Crores (2,37,98,740 shares)
Fresh Issue	₹160.00 Crores (1,24,03,100 shares)
Offer for Sale (OFS)	₹147.00 Crores (1,13,95,640 shares)
Face Value	₹2 per equity share
Price Band	₹120.00 to ₹129.00 per equity share
Listing At	BSE, NSE
Promoters	Ramkumar Senthilvel and Kuttappan Manikandan

IPO Timeline: Key Dates to Remember

Stay informed with the important dates for the Glottis IPO:

Open: Sep 29, 2025

Close: Oct 1, 2025

Allotment: Oct 3, 2025

Listing: Oct 7, 2025

The cut-off time for UPI mandate confirmation is 5 PM on Wednesday, October 1, 2025.

Investment Lot Sizes and Application Details:

Investors can bid for a minimum of 114 shares and in multiples thereafter. Here’s a breakdown of the minimum and maximum investment for different investor categories:

Investor Category	Minimum Lots	Minimum Shares	Minimum Amount (at upper price band)	Maximum Lots	Maximum Shares	Maximum Amount (at upper price band)
Retail Individual Investor	1	114	₹14,706	13	1,482	₹1,91,178
Small Non-Institutional Investor (sNII)	14	1,596	₹2,05,884	67	7,638	₹9,85,302
Big Non-Institutional Investor (bNII)	68	7,752	₹10,00,008	–	–	–

Share Reservation for Different Investor Types:

Investor Category	Shares Offered
Qualified Institutional Buyers (QIB)	Not more than 30% of the Offer
Retail Individual Investors	Not less than 40% of the Offer
Non-Institutional Investors (NII)	Not less than 30% of the Offer

The IPO also includes participation from Anchor Investors, details of which are typically made public closer to the IPO opening.

Financial Health and Valuation Insights

Glottis Ltd. has demonstrated impressive financial performance, especially in the recent fiscal years. The company’s revenue saw a significant increase of 89% and profit after tax (PAT) grew by 81% between the financial year ending March 31, 2024, and March 31, 2025.

Financial Performance Summary (Restated):

Period Ended	Assets (₹ Cr)	Total Income (₹ Cr)	Profit After Tax (₹ Cr)	EBITDA (₹ Cr)	Net Worth (₹ Cr)	Reserves and Surplus (₹ Cr)	Total Borrowing (₹ Cr)
31 Mar 2025	156.10	942.55	56.14	78.45	98.53	82.53	22.14
31 Mar 2024	81.72	499.39	30.96	40.36	42.35	41.35	8.08
31 Mar 2023	72.08	478.77	22.44	33.47	11.52	10.52	30.61

Key Performance Indicators (KPIs) and Valuation Metrics:

As of March 31, 2025, the market capitalization of Glottis IPO stands at ₹1192.00 Crores. A look at its KPIs provides further insights:

KPI (as of 31 Mar 2025)	Value
Return on Equity (ROE)	56.98%
Return on Capital Employed (ROCE)	72.58%
Debt/Equity Ratio	0.22
Return on Net Worth (RoNW)	56.98%
Profit After Tax (PAT) Margin	5.97%
EBITDA Margin	8.34%
Price to Book Value	10.47

The Earnings Per Share (EPS) stands at ₹7.02 pre-IPO and is projected at ₹6.08 post-IPO. The Price-to-Earnings (P/E) ratio is 18.38 pre-IPO and 21.23 post-IPO. While the company’s financial growth is strong, some market observers suggest that the issue might be fully priced, reflecting its recent positives.

Promoter Holding:

Pre-Issue Promoter Holding: 98.98%
Post-Issue Promoter Holding: This value will be updated post-IPO, reflecting the equity dilution from the fresh issue.

IPO Objectives: Fueling Future Growth

Glottis Ltd. intends to utilize the net proceeds from the IPO for strategic investments aimed at strengthening its operational capabilities and market presence:

Capital Expenditure: A significant portion, ₹132.54 crores, is allocated for purchasing commercial vehicles and containers, enhancing the company’s asset base and service capacity.
General Corporate Purposes: The remaining funds will be used for general corporate needs, providing flexibility for business expansion, working capital, and other strategic initiatives.

Strategic Outlook: A SWOT Analysis of Glottis Ltd.

To provide a balanced perspective, let’s examine Glottis Ltd. through a SWOT lens:

Strengths:

Robust financial growth with impressive revenue and profit increases in recent years.
Specialization in logistics for the renewable energy sector, a high-growth market.
Extensive and well-established network of agents, shipping lines, and transporters.
Scalable multimodal operations capable of handling diverse and complex projects.
Strong, long-standing relationships with a broad and international customer base.
Experienced and knowledgeable management team.
Low Debt-to-Equity ratio, indicating a healthy financial structure.

Weaknesses:

Operates in a highly competitive and fragmented logistics industry, posing constant pressure.
While financials are strong, the “extraordinary earnings” for FY25 might raise questions about sustainability or potential one-off factors.
The IPO appears “fully priced” based on current valuations, potentially limiting immediate listing gains.
Relatively recent incorporation (June 2024), despite a historical financial track record, might suggest a newer corporate structure.

Opportunities:

Continued growth in the Indian and global logistics sectors, driven by e-commerce expansion and manufacturing boosts.
Rising demand for specialized logistics services in sectors like renewable energy.
Potential for strategic acquisitions or consolidation in the fragmented market.
Further expansion into new international markets and service offerings.
Leveraging technology for improved operational efficiency and customer experience.

Threats:

Intense competition from both organized and unorganized players in the logistics sector.
Vulnerability to global economic downturns, geopolitical tensions, and trade disruptions.
Fluctuations in fuel prices and other operational costs can impact profitability.
Evolving regulatory landscape and compliance requirements in the logistics industry.
Technological disruptions and rapid changes in supply chain management practices.

Participating in the Glottis IPO: A Quick Guide

Applying for an IPO like Glottis Ltd. is straightforward for most investors:

Online Application: You can apply online using either UPI (Unified Payments Interface) or ASBA (Applications Supported by Blocked Amount) methods.
Through Your Broker: Many popular stockbrokers facilitate IPO applications directly through their platforms. For instance, if you’re a customer with a broker like Zerodha, you can log into your back office (Console), navigate to the IPO section, and submit your application. You’ll then approve the mandate via your UPI app (e.g., net banking app or BHIM).
Bank Net Banking: For ASBA applications, your bank’s net banking portal will have a dedicated IPO section where you can apply.

Remember to keep the IPO opening and closing dates, as well as the UPI mandate cut-off time, in mind to ensure your application is processed successfully.

Company Contact Information:

Glottis Ltd. Address: New No. 46, Old No. 311, 1st Floor, Thambu Chetty Street, Chennai, Tamil Nadu, 600001
Phone: +91 444266 5587
Email: info@glottislogistics.in
Website: www.glottislogistics.in

IPO Registrar Details:

The registrar for the Glottis IPO is responsible for managing the application process, allotment, and refunds.

Registrar Name: Kfin Technologies Ltd.
Phone: 04067162222, 04079611000
Email: glottisltd.ipo@kfintech.com
Website: ipostatus.kfintech.com

Final Thoughts for Potential Investors

Glottis Ltd. presents an intriguing investment opportunity, backed by strong financial growth and a strategic position in the logistics sector, particularly within renewable energy. The company’s extensive network and experienced management are certainly compelling factors.

However, as with any investment, it’s crucial to consider all aspects. While the company’s recent financial performance is impressive, the IPO appears to be priced to reflect these positives. Prospective investors should perform their own thorough due diligence, assess market conditions, and align their investment decisions with their individual financial goals and risk tolerance.

The logistics sector is pivotal for economic growth, and companies like Glottis Ltd. play a vital role. Understanding their business model, financial health, and the objectives behind their public offering is key to making an informed investment choice.

September 28, 2025

Sodhani Capital Limited

Sodhani Capital IPO: Charting Investment Opportunities in Financial Services

The Indian financial market is buzzing with activity, and a new player is set to make its debut on the BSE SME platform. Sodhani Capital Limited, a financial services firm with a focus on mutual fund distribution, is launching its Initial Public Offering (IPO). This offering presents an intriguing opportunity for investors looking to participate in the growth story of a company rooted in financial advisory and distribution. Let’s delve into the specifics of this upcoming IPO.

About Sodhani Capital Limited: Guiding Financial Futures

Established in 1992, Sodhani Capital Limited has built a strong foundation in the financial services sector. The company primarily specializes in offering financial product distribution services, with a significant emphasis on mutual funds. It caters to a diverse client base, including retail investors and High-Net-Worth Individuals (HNIs), assisting them in achieving their financial objectives.

With a notable presence in Jaipur, Rajasthan, the company blends traditional physical consultations and seminars with modern digital platforms like webinars and online services. This hybrid approach allows them to effectively serve clients not just in metropolitan areas but also in Tier-II and Tier-III cities. Their business model is anchored on three core pillars: unwavering customer focus, leveraging technology, and robust corporate governance. Revenue generation is primarily through distribution commissions from various Asset Management Companies (AMCs).

Key Service Offerings:

**Diverse Mutual Funds:** Providing access to equity, debt, hybrid, and Equity Linked Savings Schemes (ELSS).
**Equity Funds:** Aimed at long-term capital appreciation and growth.
**Debt Funds:** Designed for stability and consistent income.
**Hybrid Funds:** Striking a balance between growth and income for moderate returns.
**ELSS Funds:** Offering attractive tax-saving opportunities under Section 80C.
**Systematic Investment Plans (SIPs):** Encouraging disciplined savings habits for long-term wealth creation.

Initial Public Offering Snapshot

Sodhani Capital’s IPO is structured as a fixed-price issue, aiming to raise capital through both fresh issuance of shares and an offer for sale. Here’s a quick overview of the offering:

Detail	Specification
Issue Type	Fixed Price Issue (SME IPO)
Total Issue Size	₹10.71 Crores
Number of Shares	21,00,000 Equity Shares
Face Value	₹10 per share
Issue Price	₹51 per share
Fresh Issue Component	0.17 Crore shares (₹8.62 Crores)
Offer for Sale (OFS) Component	0.04 Crore shares (₹2.09 Crores)
Listing Platform	BSE SME

Important Dates for Your Calendar

Mark these crucial dates if you are considering participating in the Sodhani Capital IPO. The timeline below highlights the key events from subscription opening to listing.

IPO Open

IPO Close

Allotment

Demat Credit

Listing

Sep 29, 2025

Oct 1, 2025

Oct 3, 2025

Oct 6, 2025

Oct 7, 2025

*Note: The cut-off time for UPI mandate confirmation is 5 PM on Wednesday, October 1, 2025.*

Investment Lot Size & Application Details

For individual investors, understanding the minimum and maximum investment brackets is vital. The Sodhani Capital IPO has specific lot sizes for different investor categories.

Investor Category	Application Lots (Min)	Shares (Min)	Amount (Min)
Individual Investors (Retail)	2	4,000	₹2,04,000
High Net Worth Individuals (HNI)	3	6,000	₹3,06,000

Share Reservation Breakdown:

The total shares offered are strategically reserved for various investor categories to ensure broad participation.

**Market Maker:** 1,06,000 shares (5.05%)
**Non-Institutional Investors (NII/HNI):** 9,97,000 shares (47.48%)
**Retail Individual Investors (RII):** 9,97,000 shares (47.48%)
**Total Shares Offered:** 21,00,000 shares (100.00%)

Decoding Sodhani Capital’s Financial Performance

A look at the company’s recent financial statements provides insights into its operational health and growth trajectory.

Period Ended (March 31)	2025 (₹ Crore)	2024 (₹ Crore)	2023 (₹ Crore)
Assets	7.60	5.36	2.29
Total Income	4.13	3.75	2.48
Profit After Tax (PAT)	2.18	2.21	1.20
EBITDA	3.05	2.92	1.68
Net Worth	7.42	5.23	2.02
Total Borrowing	0.05	0.05	0.07

**Financial Highlights:** Sodhani Capital Ltd. demonstrated a 10% increase in revenue between FY2024 and FY2025. However, the Profit After Tax (PAT) saw a slight dip of 1% during the same period, suggesting either increased operational costs or strategic investments impacting short-term profitability. Assets and Net Worth have shown consistent growth over the three fiscal years presented.

Key Valuation Metrics (KPIs):

As of March 31, 2025, the company’s valuation metrics offer a deeper understanding of its efficiency and financial standing.

Metric	Value
Market Capitalization	₹40.52 Crores
Return on Equity (ROE)	29.45%
Return on Capital Employed (ROCE)	40.47%
Debt/Equity Ratio	0.07
Profit After Tax (PAT) Margin	53.26%
EBITDA Margin	74.41%
Price to Book Value	2.71
Earnings Per Share (Pre-IPO)	₹3.49
P/E Ratio (Pre-IPO)	14.61x
Earnings Per Share (Post-IPO)	₹2.75
P/E Ratio (Post-IPO)	18.55x

These metrics indicate a company with strong profitability (high PAT and EBITDA margins) and efficient use of capital (high ROE and ROCE). A low debt-to-equity ratio signifies a healthy financial structure with minimal reliance on external borrowings.

Promoters and Shareholding Structure

The leadership of Sodhani Capital Limited is spearheaded by Rajesh Kumar Sodhani, Priya Sodhani, Ritika Sodhani, and Aastha Sodhani, who are the company’s promoters. Prior to the IPO, the promoters held 100% of the company’s shares, demonstrating their strong commitment and belief in the business. Post-IPO, their shareholding will dilute as new shares are issued and existing ones are sold through the Offer for Sale component, thereby broadening the ownership base.

Objectives Behind the Public Offering

The capital raised through this IPO will be strategically utilized to fuel Sodhani Capital’s growth and expansion plans. The key objectives of the issue include:

**Office Expansion:** Acquiring new office premises in Mumbai, Maharashtra, to expand geographical reach and operational capacity.
**Brand Enhancement:** Investing in marketing and branding initiatives to increase brand visibility and market presence.
**Technological Advancement:** Developing a dedicated Mutual Fund Investment Application to enhance client experience and digital service delivery.
**IT Infrastructure Upgrade:** Procuring essential Information Technology (hardware and software) infrastructure for both the new Mumbai office and existing operations.
**General Corporate Needs:** Allocating funds for routine corporate requirements and operational flexibility.
**Interior Work:** Funding the interior setup for the proposed Mumbai office premises.

Strategic Outlook: A SWOT Analysis

Understanding the internal and external factors influencing Sodhani Capital’s business environment is crucial.

Strengths:

**Established Network:** Strong relationships with clients, financial advisors, and Asset Management Companies (AMCs), fostering trust and growth.
**Commission-Based Revenue:** A stable income stream derived from both upfront and trail commissions, ensuring recurring revenue.
**Hybrid Business Model:** Effective combination of physical presence and digital platforms, catering to a wide geographical client base including Tier-II and Tier-III cities.
**High Profitability:** Demonstrated strong PAT and EBITDA margins, indicating efficient operations.
**Diversified Fund Offerings:** Comprehensive range of mutual fund products to meet varied investor needs.

Weaknesses:

**Small Team Size:** A relatively compact workforce (15 employees) might limit scalability and rapid expansion without further hiring.
**Slight PAT Decline:** Despite revenue growth, a marginal dip in Profit After Tax (FY24 to FY25) indicates potential pressures on net earnings or increased operational investments.
**Reliance on Commissions:** Business model heavily dependent on distribution commissions, making it susceptible to changes in AMC policies or regulatory frameworks.

Opportunities:

**Market Penetration:** Significant scope to expand market share in under-served Tier-II and Tier-III cities through its hybrid model.
**Digital Adoption:** Increasing digital literacy and adoption of online investment platforms offers a fertile ground for its planned mutual fund investment application.
**Financialization of Savings:** India’s growing economy and increasing awareness about financial planning can drive higher adoption of mutual funds.
**Product Expansion:** Potential to diversify into other financial products or advisory services beyond mutual fund distribution.

Threats:

**Regulatory Changes:** Evolving regulations in the financial services sector, particularly concerning mutual fund distribution, could impact operations and revenue.
**Intense Competition:** Facing competition from larger, established financial institutions, full-service brokers, and emerging fintech startups.
**Market Volatility:** Fluctuations in capital markets can affect investor confidence, leading to lower investments in mutual funds and impacting commission income.
**Economic Slowdown:** Adverse macroeconomic conditions could reduce disposable income and risk appetite, impacting business growth.

How to Participate in the Sodhani Capital IPO

Interested investors can apply for the Sodhani Capital IPO through various online platforms.

**UPI-based Application:** Many popular brokerage platforms allow investors to apply for IPOs using UPI as a payment gateway. Typically, you would log into your broker’s console, navigate to the IPO section, select Sodhani Capital IPO, enter your UPI ID, quantity, and price, and then approve the mandate via your UPI app (e.g., BHIM, Google Pay, banking apps).
**ASBA Application:** Investors can also apply through the ASBA (Application Supported by Blocked Amount) facility available in their bank’s net banking portal. This method ensures that funds remain in your account until allotment.

The allotment for Sodhani Capital IPO is expected to be finalized on October 3, 2025. Following this, shares will be credited to successful applicants’ demat accounts by October 6, 2025, leading up to the tentative listing on October 7, 2025.

Company & Registrar Information

Company Contact Details:

**Address:** 1st floor C-373, C Block, Vaishali Nagar, Jaipur, Rajasthan, 302021
**Phone:** +91 9694875201
**Email:** cs@sodhanicapital.com
**Website:** https://sodhanicapital.com/

IPO Registrar Details:

**Registrar Name:** NSDL Database Management Ltd.
**Phone:** +91 22 2499 4200
**Email:** sunilk@ndml.in
**Website:** https://www.ndml.in/index.php

Concluding Thoughts on Sodhani Capital IPO

Sodhani Capital Limited’s IPO offers a gateway into the thriving Indian financial services sector, particularly its mutual fund distribution segment. With a robust operational history since 1992, a clear growth strategy involving technological enhancement and geographical expansion, and healthy financial metrics, the company presents itself as an interesting proposition. However, potential investors should carefully weigh the opportunities against the competitive landscape and regulatory environment inherent in the financial advisory space. As with any investment, thorough due diligence and consulting with a financial advisor are recommended before making a decision.

September 28, 2025

Vijaypd Ceutical Limited

Charting the Course: A Deep Dive into Vijaypd Ceutical’s Upcoming IPO

The Indian market is abuzz with the impending launch of the Vijaypd Ceutical IPO, set to open its doors to investors in September 2025. This Small and Medium Enterprise (SME) offering presents an opportunity for those looking to invest in the pharmaceutical and consumer goods distribution sector. Let’s unpack the essential details of this upcoming public issue, examining its business, financial standing, and potential market implications.

Important Dates to Watch: Your IPO Timeline

Understanding the key dates is crucial for any potential investor. Here’s a timeline of the Vijaypd Ceutical IPO process:

IPO Journey: Key Dates at a Glance

Opening Bid

Sep 29, 2025

Closing Bid

Oct 1, 2025

Allotment Status

Oct 3, 2025

Demat Credit

Oct 6, 2025

Listing Day

Oct 7, 2025

Understanding the Public Offering

Vijaypd Ceutical Ltd. is launching a fixed price issue, aiming to raise capital through fresh equity.

Detail	Information
Issue Type	Fixed Price IPO
Face Value	₹10 per share
Issue Price	₹35 per share
Total Issue Size	55,00,000 shares (₹19.25 Crores)
Offer for Sale Type	Entirely Fresh Issue
Listing Exchange	NSE SME

Application & Lot Details

Investors can apply in specific lot sizes, with different minimums for retail and High Net-worth Individual (HNI) categories.

Investor Category	Minimum Lots	Shares	Amount (₹)
Retail Individual Investor (Min)	2	8,000	2,80,000
HNI (Min)	3	12,000	4,20,000

Public Offering Allocation

The issue reserves a portion for various investor categories.

Investor Category	Shares Offered	Percentage (%)
Market Maker	2,84,000	5.16%
Non-Institutional Investors (NII)	26,08,000	47.42%
Retail Individual Investors (RII)	26,08,000	47.42%
Total Shares Offered	55,00,000	100.00%

Meet Vijaypd Ceutical Ltd.

Established in October 1971, Vijaypd Ceutical Limited boasts a rich history in the distribution of pharmaceutical products and a diverse array of consumer goods. The company operates as a key intermediary, functioning as representatives, dealers, agents, stockists, suppliers, traders, and packers, providing comprehensive services across its value chain.

Their extensive product portfolio caters to the pharmaceutical, wellness, and Fast-Moving Consumer Goods (FMCG) sectors. This includes a wide range of medicines (injections, tablets, capsules, ointments, etc.), essential vitamins, hormones, enzymes, wellness tonics, diagnostic kits, personal care items (soaps, sanitizers, baby care), ayurvedic formulations, cosmetics, food products, dental care, and crude drugs.

As of March 31, 2025, Vijaypd Ceutical has built a robust distribution network, serving over 2,109 pharmacies, clinics, and nursing homes across four districts, covering 20 distinct locations. The company collaborates with more than 170 healthcare product manufacturers, ensuring access to an impressive inventory of over 19,000 Stock Keeping Units (SKUs). This extensive reach and product variety underscore their commitment to meeting varied customer demands while upholding quality and reliability in pharmaceutical supply. Furthermore, the company proudly holds certifications from FDA, FSSAI, and BMC, highlighting its adherence to stringent industry standards.

Strengths, Weaknesses, Opportunities, and Threats (SWOT) Analysis

A thorough SWOT analysis helps in understanding the internal and external factors influencing Vijaypd Ceutical’s business landscape.

Strengths

Extensive Network: Long-standing relationships with over 2,100 clients and 170+ manufacturers across 20 locations.
Diverse Product Portfolio: Offers over 19,000 SKUs covering pharmaceuticals, wellness, and FMCG, reducing reliance on a single product category.
Established Market Presence: Operating since 1971, demonstrating stability and experience in the distribution sector.
Strong Certifications: FDA, FSSAI, and BMC approvals signify adherence to high quality and regulatory standards.
Experienced Management: A seasoned leadership team with a proven track record in execution.
Robust Financial Growth: Significant increases in revenue and profit in recent financial years.

Weaknesses

Dependency on Manufacturers: As a distributor, reliance on third-party manufacturers for product supply can pose risks.
Capital Intensive Expansion: The planned manufacturing plant requires substantial capital expenditure, which could strain resources if not managed efficiently.
Promoter Share Dilution: A noticeable reduction in promoter holding post-issue, which some investors might view with caution.
SME Segment Volatility: Smaller companies listed on SME exchanges can sometimes experience higher price volatility compared to mainboard listings.

Opportunities

Growing Healthcare Market: India’s pharmaceutical and wellness industry continues to expand, driven by rising healthcare awareness and expenditure.
Backward Integration: The new manufacturing plant offers an opportunity for backward integration, enhancing control over the supply chain and potentially improving margins.
Market Expansion: Potential to expand distribution network into new geographies or deepen penetration in existing markets.
Product Diversification: Scope to introduce new specialized products or segments in high-growth areas.

Threats

Intense Competition: Highly fragmented and competitive market with both organized and unorganized players.
Regulatory Changes: The pharmaceutical industry is subject to strict and evolving regulations which could impact operations and profitability.
Supply Chain Disruptions: Vulnerability to external factors impacting logistics, raw material availability, or manufacturing processes.
Pricing Pressure: Constant pressure on margins due to competition and regulatory caps on drug prices.

Purpose of the Public Offering

Vijaypd Ceutical plans to deploy the net proceeds from this IPO towards strategic initiatives designed to bolster its growth and operational capabilities. The key objectives are:

Capital Expenditure for Manufacturing Plant: A significant portion (₹10.83 Crores) is earmarked for the construction of a Pharmaceutical API/Intermediates and Chemicals manufacturing plant and the purchase of machinery in MIDC – Shrirampur, Ahmednagar, Maharashtra. This move signifies a strategic shift towards enhancing control over their supply chain and potentially improving margins by venturing into manufacturing.
Debt Management: Approximately ₹5.10 Crores will be utilized for the repayment or pre-payment of existing company borrowings, strengthening the balance sheet and reducing financial leverage.
General Corporate Purposes: The remaining funds (₹0.74 Crores) will be allocated for general corporate needs, providing flexibility for operational requirements, business development, and other strategic initiatives.

Financial Health Snapshot

A review of Vijaypd Ceutical’s recent financial performance reveals a company on a growth trajectory.

Particulars	FY2025 (₹ Cr)	FY2024 (₹ Cr)	FY2023 (₹ Cr)
Total Assets	57.15	33.27	32.87
Total Income	107.59	54.34	50.59
Profit After Tax (PAT)	4.80	1.65	0.18
EBITDA	8.59	4.87	1.32
Net Worth	32.17	1.00	4.93
Total Borrowing	21.77	30.04	25.56

Between FY2024 and FY2025, the company demonstrated impressive financial acceleration, with revenue surging by 98% and profit after tax (PAT) climbing by a remarkable 191%. This robust growth indicates strong operational efficiency and market demand for its products.

Key Performance Indicators (KPIs)

Essential financial ratios provide further insight into the company’s performance and efficiency as of FY2025.

KPI	Value
Return on Equity (ROE)	28.91%
Return on Capital Employed (ROCE)	17.30%
Debt/Equity Ratio	0.68
Return on Net Worth (RoNW)	14.91%
PAT Margin	4.49%
EBITDA Margin	8.04%

Promoters and Their Stake

The vision and direction of Vijaypd Ceutical are steered by its dedicated promoters: Samit Madhukar Shah, Bhavin Dhirendra Shah, Rahul Dhirendra Shah, Narendra Nagindas Shah, Dina Madhukar Shah, and Hemanti Jitendra Shah. Their collective leadership has guided the company through its journey.

Promoter Holding	Percentage (%)
Pre-Issue	78.30%
Post-Issue	56.25%

Support & Facilitation

Key institutions play a vital role in the smooth execution of the IPO process:

Lead Manager: Smart Horizon Capital Advisors Pvt.Ltd.
Registrar: Kfin Technologies Ltd. (responsible for IPO applications, allotment, and refunds)
Market Maker: Shreni Shares Ltd. (facilitates liquidity post-listing)

Concluding Thoughts: Navigating the Opportunity

The Vijaypd Ceutical IPO presents an interesting proposition within the healthcare and consumer goods distribution space. With a strong track record of growth, a diversified product range, and strategic plans for backward integration into manufacturing, the company appears poised for further expansion. The IPO’s objectives to fund a new manufacturing plant and reduce debt are positive signals for future stability and profitability.

As with any investment, it’s prudent for potential investors to conduct their own diligent research, consider the inherent risks associated with SME listings, and evaluate their investment goals before participating. The robust financial performance and strategic vision outlined by Vijaypd Ceutical suggest a company with potential, but a thorough understanding of all factors is always recommended.

Stay informed and make wise investment choices!

September 28, 2025

Om Metallogic Limited

Om Metallogic IPO: Unveiling Investment Prospects in Metal Recycling

In the dynamic world of Indian capital markets, Initial Public Offerings (IPOs) often capture the attention of investors seeking growth opportunities. As a potential gateway to participating in a company’s journey, understanding the intricate details of an IPO is crucial. This blog post delves into the upcoming Om Metallogic IPO, offering a comprehensive analysis of its business, financial health, and the strategic objectives behind its public offering. Join us as we explore what this metal recycling specialist brings to the table for the investment community.

A Glimpse into Om Metallogic Ltd.: Pioneering Metal Recycling

Established in 2011, Om Metallogic Limited is a key player in the recycling sector, focusing on transforming aluminium-based metal scrap into high-quality aluminium alloys. These alloys, produced in various forms like cubes, ingots, shots, and notch bars, are vital components across numerous industries.

The Business Model: Sustainability Meets Industry Demand

The company’s core operations revolve around the efficient recycling and processing of non-ferrous metals, including aluminium, copper, brass, and zinc. By recovering these metals from industrial scrap and end-of-life products, Om Metallogic provides valuable raw materials, contributing significantly to a circular economy.

State-of-the-art production facilities with an impressive monthly capacity of 800 tons.
Advanced machinery ensures efficient conversion of scrap into premium aluminium ingots.
Strong commitment to quality assurance, meeting rigorous industry standards.
Robust distribution network serving both domestic and international markets.
Manufacturing facility located in Ballabhgarh, Haryana, with a 5,280 Ton per Annum capacity.
As of August 31, 2025, the company boasts a dedicated team of 17 employees.

Diverse Product and Service Portfolio:

Recycled Non-Ferrous Metals: High-quality raw materials from aluminium, copper, brass, and zinc scrap.
Metal Ingots and Alloys: Standardized and custom alloy ingots for automotive, electrical, construction, and manufacturing sectors.
Metal Scrap Processing: Comprehensive services including collection, segregation, cutting, and melting.
Custom Recycling Solutions: Tailored services for industrial clients to manage waste and recover resources.
Sustainable Metal Sourcing: Providing eco-friendly metal alternatives to help clients meet ESG goals.
Logistics & Supply Chain Services: Integrated services for timely and secure delivery of processed metals.

Key Details of the Upcoming Share Offering

The Om Metallogic IPO is a Fixed Price Issue on the BSE SME platform, designed to raise capital through a fresh issue of shares.

Issue at a Glance:

Particular	Detail
IPO Type	SME Fixed Price Issue
Issue Price per Share	₹86.00
Face Value	₹10 per share
Total Issue Size	25,98,400 shares (aggregating up to ₹22.35 Crores)
Sale Type	Entirely a Fresh Issue
Listing Platform	BSE SME
Lead Manager	Corporate Makers Capital Ltd.
Registrar	Skyline Financial Services Pvt.Ltd.
Market Maker	Prabhat Financial Services Ltd.

Crucial Dates for Investors: Navigating the IPO Timeline

Understanding the key dates is essential for any investor planning to participate in the Om Metallogic IPO.

IPO Open Sep 29, 2025

IPO Close Oct 1, 2025

Allotment Finalized Oct 3, 2025

Demat Credit Oct 6, 2025

Listing Date Oct 7, 2025

Note: The above timeline shows the tentative schedule for the IPO process. Dates are subject to change by the company or regulatory bodies.

Investment Tiers and Lot Sizes:

Investors can bid for a minimum of 3,200 shares and in multiples of 1,600 shares thereafter. Here’s a breakdown of the minimum and maximum investment for different investor categories:

Investor Category	Application Lots (Min)	Shares (Min)	Amount (Min)
Individual Investors (Retail)	2	3,200	₹2,75,200.00
High Net Worth Individuals (HNI)	3	4,800	₹4,12,800.00

Share Allocation Structure:

The shares are allocated among different investor categories as follows:

Investor Category	Shares Offered	Percentage of Total Issue
Non-Institutional Investors (NII / HNI)	12,33,600	47.48%
Retail Individual Investors (RII)	12,33,600	47.48%
Market Maker	1,31,200	5.05%
Total Shares Offered	25,98,400	100.00%

Financial Health and Growth Trajectory

Om Metallogic Ltd. has demonstrated robust financial growth, showcasing a healthy upward trend in its revenue and profitability over recent financial years.

Recent Performance Snapshot (Amounts in ₹ Crore):

Period Ended	March 31, 2025	March 31, 2024	March 31, 2023
Assets	30.98	25.11	23.33
Total Income	60.41	38.91	37.84
Profit After Tax (PAT)	4.12	2.22	1.10
EBITDA	6.24	3.73	2.42
Net Worth	11.78	7.66	4.87
Total Borrowing	10.35	11.04	11.55

Notably, the company’s revenue surged by 55% and profit after tax (PAT) rose by a remarkable 86% between the fiscal years ending March 31, 2024, and March 31, 2025, highlighting strong operational efficiency and market demand.

Key Performance Metrics (as of March 31, 2025):

A deeper look into the company’s key performance indicators provides further insights into its operational efficiency and valuation.

Key Metric	Value
Return on Equity (ROE)	42.37%
Return on Capital Employed (ROCE)	55.50%
Debt/Equity Ratio	0.88
Return on Net Worth (RoNW)	34.96%
Profit After Tax (PAT) Margin	6.87%
EBITDA Margin	10.40%
Price to Book Value	3.84
Market Capitalization	₹67.62 Crores
Earnings Per Share (Pre-IPO)	₹7.82
P/E Ratio (Pre-IPO)	10.99x
Earnings Per Share (Post-IPO)	₹5.24
P/E Ratio (Post-IPO)	16.42x

Behind the Offering: Purpose and Vision

The capital raised through this IPO is earmarked for strategic initiatives aimed at bolstering Om Metallogic’s growth and operational capabilities.

Utilisation of Funds (Issue Objectives):

The net proceeds from the IPO are proposed to be utilized for the following key objectives:

Financing the modernization and expansion of the existing manufacturing unit (₹2.31 Crores).
Partially funding working capital requirements (₹8.50 Crores).
Repayment or pre-payment of certain company borrowings (₹6.00 Crores).
Meeting general corporate purposes (₹3.33 Crores).

Promoter Commitment:

The promoters, Mr. Manish Sharma and Mrs. Seema Sharma, demonstrate significant stake in the company:

Promoter Holding Pre-Issue: 88.51%
Promoter Holding Post-Issue: 59.26%

Evaluating Om Metallogic: A Strategic Analysis (SWOT)

A SWOT analysis offers a balanced perspective on the company’s internal strengths and weaknesses, alongside external opportunities and threats.

Strengths:

Experienced promoters and skilled workforce driving operations.
Robust in-house manufacturing capabilities supported by advanced technology.
Diversified client base ensuring stable revenue streams.
Strong focus on product quality and continuous innovation.
Impressive financial growth with rising revenues and profits.
Healthy Return on Equity (ROE) and Return on Capital Employed (ROCE).

Weaknesses:

Potential dependence on raw material availability and fluctuating scrap prices.
Scalability challenges inherent to SME operations compared to larger players.
Working capital intensive nature of the recycling business.
Reliance on specific industry sectors for product demand.

Opportunities:

Increasing global and domestic demand for recycled metals driven by ESG initiatives.
Government support and incentives for sustainable industrial practices.
Potential for expanding product portfolio into new alloys or applications.
Growth in automotive and construction sectors demanding lightweight, corrosion-resistant materials.

Threats:

Volatility in commodity prices (aluminium, copper, zinc) impacting profitability.
Intense competition from organized and unorganized players in the metal recycling industry.
Changes in environmental regulations or trade policies.
Economic downturns affecting industrial production and demand for alloys.
Technological disruptions in recycling processes.

Understanding the Application Process

Participating in an IPO has become significantly streamlined. Most investors apply online through their brokerage accounts, leveraging mechanisms like UPI and ASBA.

UPI Application: Many popular discount brokers facilitate IPO applications via UPI, where you link your bank account to your UPI ID and approve the payment mandate. This is a quick and efficient method for retail investors.
ASBA Application: Available through the net banking portal of your bank, ASBA (Application Supported by Blocked Amount) ensures funds are blocked in your account until allotment, not debited immediately. This provides an added layer of security and convenience.
Consult your chosen broker’s platform for specific instructions on applying. Generally, you navigate to the IPO section, select the desired IPO, enter your bid details (quantity and price for fixed-price issues), and confirm your application.

Company and IPO Support Contacts

Corporate Connect:

For direct inquiries regarding Om Metallogic Ltd.:

Address: Kila No. 17, Harfala Road, Village Sikri, Opp. Gopal Jee Milk Plant, Ballabhgarh, Faridabad District, Haryana, 121004
Phone: 0129-2989582
Email: info@ommetallogic.in
Website: http://www.ommetallogic.in/

Issue Management Team:

For queries related to the IPO application and allotment process:

Registrar: Skyline Financial Services Pvt.Ltd.
- Phone: 02228511022
- Email: ipo@skylinerta.com
- Website: https://www.skylinerta.com/ipo.php
Lead Manager: Corporate Makers Capital Ltd.

Final Thoughts: Navigating Your Investment Decision

The Om Metallogic IPO presents an opportunity to invest in a growing company within the vital metal recycling sector. With a strong financial track record, clear objectives for fund utilization, and experienced promoters, the company appears poised for further expansion. However, like all investments, it comes with inherent risks. Prospective investors are encouraged to conduct thorough due diligence, carefully reviewing the company’s prospectus, understanding the industry landscape, and aligning their decision with their personal financial goals and risk tolerance. A well-informed decision is always the cornerstone of successful investing.

September 28, 2025

Suba Hotels Limited

Exploring the Suba Hotels IPO: A Gateway to Hospitality Investment

The Indian hospitality sector is buzzing with activity, and a new opportunity is on the horizon for investors looking to tap into this growth. Suba Hotels Ltd., a prominent name in the mid-market hotel segment, is gearing up for its Initial Public Offering (IPO). This blog post aims to provide a comprehensive analysis of the Suba Hotels IPO, helping you understand its potential and make an informed investment decision.

Navigating the IPO Journey: Key Dates

For any IPO, understanding the timeline is crucial. Here’s a professional representation of the Suba Hotels IPO schedule:

IPO Open

Sep 29, 2025

IPO Close

Oct 1, 2025

Allotment

Oct 3, 2025

Listing

Oct 7, 2025

Unpacking Suba Hotels: A Deep Dive

A Glimpse into the Hospitality Innovator

Suba Hotels Limited, established in 1997, has emerged as a significant player in India’s mid-market hotel segment. Their strategy focuses on offering a diverse range of brands, catering to upscale, upper-midscale, midscale, and economy segments, with a strong presence in tier 2 and tier 3 cities.

**Extensive Portfolio:** As of July 2025, Suba Hotels manages 88 operational hotels with 4,096 rooms across 50 cities.
**Growth Pipeline:** An additional 40 hotels with 1,831 rooms are in the pre-opening phase, indicating robust expansion plans.
**Diversified Model:** The company operates through a mix of owned, managed, revenue-share/lease, and franchised hotels, showcasing a flexible business approach.
**Geographic Focus:** Owned hotels are located in key cities like Ahmedabad, Bhuj, Junagadh, Vadodara (Gujarat), and Pithampur (Madhya Pradesh).

The Investment Window: IPO Details at a Glance

Here’s a breakdown of the essential details concerning the Suba Hotels IPO:

Detail	Information
Issue Type	Book Building IPO (SME)
Face Value	₹10 per share
Price Range	₹105 to ₹111 per share
Issue Size	67,99,200 shares (aggregating up to ₹75.47 Crores)
Fresh Issue	Entirely a fresh issue of shares
Listing At	NSE SME
Market Capitalization	₹269.09 Crores (at upper price band)

Understanding Your Investment: Lot Size & Application

The IPO specifies minimum and maximum application sizes for different investor categories:

Investor Category	Application Lots (Min)	Shares (Min)	Amount (Min)
Individual Investors (Retail)	2	2,400	₹2,66,400
Small High Net-worth Individuals (S-HNI)	3	3,600	₹3,99,600
Big High Net-worth Individuals (B-HNI)	8	9,600	₹10,65,600

Note that for retail investors, the maximum application is typically limited to the minimum HNI investment threshold, preventing over-concentration by a single retail entity.

Financial Health Check: Company Performance

Suba Hotels has demonstrated strong financial growth in recent years, reflecting its expansion and operational efficiency. Here’s a snapshot of its consolidated financial performance:

Period Ended (₹ Crore)	31 Mar 2025	31 Mar 2024	31 Mar 2023
Total Assets	123.04	100.07	85.23
Total Revenue	79.98	53.00	35.20
Profit After Tax (PAT)	15.15	8.96	2.78
Net Worth	47.61	32.33	23.46
Total Borrowing	50.23	45.73	46.09

Between FY2024 and FY2025, the company reported a notable 51% increase in revenue and a 69% surge in Profit After Tax (PAT), indicating robust operational momentum.

Key Performance Metrics: A Closer Look

Investors often examine key performance indicators (KPIs) to gauge a company’s efficiency and profitability. As of March 31, 2025, Suba Hotels’ key metrics were:

Metric	Value
Return on Equity (ROE)	31.82%
Return on Capital Employed (ROCE)	35.55%
Debt/Equity Ratio	1.06
PAT Margin	18.94%
EBITDA Margin	29.09%
Price to Book Value	4.07

When considering valuation, the Pre-IPO Earnings Per Share (EPS) stands at ₹8.69, leading to a P/E ratio of 12.78x. Post-IPO, the diluted EPS is projected at ₹6.25, resulting in a P/E of 17.76x. This indicates that the IPO is priced considering future growth prospects.

The Driving Force: Promoters and Objectives

Who’s Behind the Helm?

The promoters of Suba Hotels Ltd. are Click Hotels Private Limited, Mansur Mehta, and Mubeen Mehta. Their vision and leadership have been instrumental in the company’s growth trajectory.

**Pre-Issue Promoter Holding:** 84.69%
**Post-Issue Promoter Holding:** (To be calculated based on equity dilution, which is the difference between pre-issue and post-issue shareholding).

What’s the Capital For?

The net proceeds from the IPO are intended to be utilized for specific growth-oriented objectives:

**Capital Expenditure:** A significant portion (₹53.48 Crores) is earmarked for funding capital expenditure requirements, primarily for the upgradation and last-mile funding of hotel premises. This suggests a focus on enhancing existing properties and completing ongoing projects.
**General Corporate Purposes:** The remaining funds will be allocated towards general corporate purposes, providing the company with flexibility for operational needs, strategic initiatives, and overall business growth.

Navigating the Market: Opportunities and Challenges

Strengths: What Makes Suba Hotels Stand Out?

Suba Hotels boasts several competitive advantages that position it well in the hospitality sector:

**Leading Mid-Market Player:** Recognized as one of India’s largest domestic hotel chains in the mid-scale segment, with a distinct business model.
**Broad Geographical Reach:** Extensive coverage across numerous cities, including a strong footprint in rapidly growing tier 2 and 3 cities.
**Robust Distribution Network:** Established channels for bookings and customer reach.
**Value Creation Expertise:** Proven ability to acquire underperforming hotels and enhance their value through renovation or rebranding.
**Experienced Leadership:** Backed by seasoned promoters and a capable management team.

Weaknesses: Areas to Consider

While strong, potential investors should also be aware of inherent challenges:

**Highly Competitive Industry:** The hospitality sector is fragmented and intensely competitive, with many national and international players.
**Economic Sensitivity:** Hotel occupancy and revenue are susceptible to economic downturns, travel restrictions, and discretionary spending patterns.
**Capital Intensive Business:** Operating and expanding a hotel chain requires substantial ongoing capital investment.
**Reliance on Management:** Continued success relies heavily on the management team’s ability to maintain high service standards and expand efficiently.

Opportunities: Pathways for Growth

The company is well-positioned to capitalize on several market opportunities:

**Growing Domestic Tourism:** India’s rising disposable incomes and increasing domestic travel present a significant growth opportunity.
**Untapped Tier 2 & 3 Cities:** The company’s focus on these markets allows it to penetrate segments with less competition and higher growth potential.
**Strategic Acquisitions:** Continued ability to identify and revitalize underperforming assets.
**Brand Building:** Further strengthening its diverse brand portfolio can enhance market share and pricing power.

Threats: External Factors to Monitor

External factors could impact the company’s performance:

**Economic Slowdown:** A significant economic downturn could adversely affect leisure and business travel.
**New Entrants & Competition:** Increased competition from new domestic and international hotel chains.
**Regulatory Changes:** Evolving government policies related to tourism, land use, or licensing could pose challenges.
**Pandemic-related Disruptions:** Future health crises could once again impact the hospitality sector.

The Application Process: How to Participate

For those interested in applying for the Suba Hotels IPO, the process is streamlined:

**Online Application:** Most investors apply online through their brokerage accounts using either UPI (Unified Payments Interface) as a payment gateway or ASBA (Applications Supported by Blocked Amount) through net banking.
**Broker Platforms:** Popular stockbrokers in India typically facilitate IPO applications directly from their trading platforms or back-office portals. You would log in, navigate to the IPO section, enter your bid details (UPI ID, quantity, price), and then approve the mandate via your UPI app.
**Demat Account:** A valid Demat account is essential for holding the allotted shares.

Key Stakeholders: Registrar and Market Maker

Understanding the intermediaries involved in an IPO provides clarity on the process:

**Book Running Lead Manager:** Unistone Capital Pvt.Ltd.
**Registrar of the Issue:** Bigshare Services Pvt.Ltd. (They are responsible for IPO allotment and managing investor records).
**Market Maker:** NNM Securities Pvt.Ltd. (Market makers provide liquidity for the stock post-listing, especially crucial for SME issues).

Concluding Thoughts: A Potential Opportunity

Suba Hotels Ltd. presents itself as a dynamic player in India’s growing mid-market hospitality sector. With a robust expansion strategy, strong financial performance, and an experienced management team, the company appears poised for continued growth. The IPO offers an opportunity to invest in a sector that is integral to India’s burgeoning domestic tourism and business travel.

While the issue is priced to reflect its recent strong performance and future potential, new investors should exercise due diligence, considering the inherent competitiveness and economic sensitivities of the hospitality industry. For well-informed investors, allocating moderate funds with a medium to long-term investment horizon might be a strategy to consider for this promising SME listing. Always consult with a financial advisor before making investment decisions.

September 28, 2025

Dhillon Freight Carrier Limited

Decoding the Dhillon Freight Carrier IPO: Your Comprehensive Guide

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Decoding the Dhillon Freight Carrier IPO: Your Comprehensive Guide

The Indian stock market is buzzing with activity, especially in the Small and Medium Enterprises (SME) segment. These IPOs offer unique opportunities for investors to participate in the growth stories of emerging companies. Today, we’re diving deep into the upcoming Dhillon Freight Carrier IPO, a logistics solution provider that’s set to list on the BSE SME platform. If you’re considering an investment, this guide will provide you with all the crucial details to make an informed decision.

Unveiling Dhillon Freight Carrier Ltd.: The Company Behind the IPO

Dhillon Freight Carrier Ltd. is a prominent player in the logistics sector, specializing in comprehensive road transportation services. They offer a diverse portfolio, including parcel/less than truck-load (LTL) services, robust contract logistics, and flexible fleet rental/leasing solutions.

The company’s operational footprint spans across key Indian states like West Bengal, Bihar, Delhi, and Uttar Pradesh, serving a broad spectrum of both B2B (business-to-business) and B2C (business-to-consumer) clientele. With an impressive in-house fleet of 62 vehicles and a sprawling network of 22 booking offices, pickup facilities, warehouses, and delivery points, Dhillon Freight Carrier demonstrates a strong operational backbone in the competitive logistics landscape.

Key Strengths:

**Diverse Service Offerings:** From LTL to contract logistics, catering to varied client needs.
**Broad Customer Base:** Serving industries such as Apparel, engineering goods, electrical hardware, footwear, and paints.
**Robust Fleet:** Ownership of 62 vehicles ensures operational control and reliability.
**Modern Approach:** A focus on a young and modern fleet, including electric three-wheelers, indicates a forward-looking and sustainable strategy.

Understanding the Dhillon Freight Carrier IPO

This public offering from Dhillon Freight Carrier Ltd. is a fixed-price issue designed to raise capital for strategic growth initiatives. Here’s a snapshot of the IPO specifics:

Detail	Specification
Issue Type	Fixed Price Issue
Total Issue Size	₹10.08 Crores
Number of Shares Offered	14,00,000 Equity Shares
Face Value	₹10 per share
Issue Price	₹72 per share
Listing At	BSE SME
Lead Manager	Finshore Management Services Ltd.
Registrar	Kfin Technologies Ltd.
Market Maker	Anant Securities

Navigating the IPO Journey: Key Dates

Staying informed about the IPO timeline is crucial for potential investors. Here’s a tentative schedule for the Dhillon Freight Carrier IPO:

IPO Open

Sep 29, 2025

IPO Close

Oct 1, 2025

Allotment Finalization

Oct 3, 2025

Tentative Listing

Oct 7, 2025

*Dates are tentative and subject to change.

Investment Demographics: Lot Size and Application

The Dhillon Freight Carrier IPO allows investors to apply in specific lot sizes. Understanding these details is key for planning your investment:

Investor Category	Minimum Lots	Minimum Shares	Minimum Investment Amount
Individual Retail Investor	2	3,200	₹2,30,400
High Net-worth Individual (HNI)	3	4,800	₹3,45,600

The minimum application for retail investors is ₹2,30,400 for 3,200 shares, while HNIs need to invest at least ₹3,45,600 for 4,800 shares.

The total issue of 14,00,000 shares is strategically distributed among different investor categories:

Investor Category	Shares Offered	Percentage (%)
Market Maker	70,400	5.03%
Non-Institutional Investors (NII/HNI)	6,65,600	47.54%
Retail Individual Investors (RII)	6,64,000	47.43%
Total Shares Offered	14,00,000	100.00%

Promoter’s Stake: Pre & Post IPO

The promoters of Dhillon Freight Carrier Ltd. are Mr. Karan Singh Dhillon, Mr. Karamveer Singh Dhillon, and Mrs. Joyce Singh Dhillon. Their commitment to the company is reflected in their significant shareholding:

**Promoter Holding Pre-Issue:** 100%
**Promoter Holding Post-Issue:** 64.29%

The reduction in promoter holding post-issue is a result of the fresh issuance of shares to the public, which dilutes their overall stake.

Financial Health Check

A look at the company’s financial journey reveals a growing trajectory. Between March 31, 2024, and March 31, 2025, Dhillon Freight Carrier Ltd. demonstrated commendable growth:

**Revenue** increased by 2%.
**Profit After Tax (PAT)** significantly rose by 58%.

Here’s a detailed financial breakdown (amounts in ₹ Crore):

Period Ended	March 31, 2025	March 31, 2024	March 31, 2023
Assets	9.71	9.16	6.78
Total Income	25.22	24.73	29.91
Profit After Tax (PAT)	1.73	1.09	0.36
EBITDA	3.67	3.31	1.74
Net Worth	5.23	3.50	1.50
Reserves and Surplus	2.71	0.98	1.33
Total Borrowing	3.34	4.80	4.39

Key Financial Metrics at a Glance (as of March 31, 2025)

These metrics provide deeper insights into the company’s operational efficiency and valuation:

Metric	Value
Market Capitalization	₹28.22 Crores
Return on Equity (ROE)	39.65%
Return on Capital Employed (ROCE)	31.77%
Debt/Equity Ratio	0.64
Return on Net Worth (RoNW)	33.09%
PAT Margin	6.99%
EBITDA Margin	14.84%
Price to Book Value	3.47
Earnings Per Share (EPS) Pre-IPO	₹6.86
Earnings Per Share (EPS) Post-IPO	₹4.41
P/E Ratio Pre-IPO	10.49x
P/E Ratio Post-IPO	16.32x

Purpose of the Public Offering

The net proceeds from the Dhillon Freight Carrier IPO are earmarked for strategic investments aimed at bolstering the company’s operational capabilities and facilitating future growth. The key objectives include:

**Acquisition of Transportation Vehicles:** A significant portion of the funds will be utilized for purchasing new goods transportation vehicles and their necessary fabrication, expanding the company’s fleet and capacity.
**General Corporate Purposes:** The remaining funds will be allocated towards general corporate expenses, supporting day-to-day operations, working capital needs, and other strategic requirements.

A Prudent Look: Analyzing the Investment Opportunity (SWOT Analysis)

Before making any investment decision, it’s wise to conduct a thorough analysis. Here’s a SWOT assessment for Dhillon Freight Carrier Ltd., based on the provided data and general industry insights:

Strengths (Internal Positives):

**Established Presence & Network:** A strong network of 22 offices and operational presence across four key states.
**Diverse Service Portfolio:** Offering LTL, contract logistics, and fleet services caters to a wide market.
**Owned Fleet:** Owning 62 vehicles provides better control over operations, costs, and quality compared to relying solely on third-party logistics.
**Consistent Financial Growth:** Demonstrated growth in revenue and significant rise in PAT, indicating efficient operations and profitability.
**Focus on Modernization:** Adoption of electric three-wheelers shows a forward-thinking approach towards sustainability and potentially lower operating costs.

Weaknesses (Internal Negatives):

**Regional Concentration:** Operations primarily focused on four states might limit growth beyond these regions without significant expansion efforts.
**Competition Intensity:** The logistics sector is highly competitive with numerous organized and unorganized players.
**Capital Intensive:** Purchasing new vehicles and maintaining a fleet requires substantial capital expenditure.

Opportunities (External Positives):

**Growing Logistics Sector:** India’s logistics industry is poised for significant growth driven by e-commerce boom, infrastructure development, and manufacturing expansion.
**Technology Adoption:** Scope to further integrate technology (e.g., IoT, AI for route optimization, warehouse management) to enhance efficiency and customer experience.
**Expansion into New Geographies/Segments:** Potential to expand services to new regions or specialized logistics segments.
**Government Initiatives:** Favorable government policies and infrastructure projects (e.g., National Logistics Policy, Bharatmala Pariyojana) can boost the sector.

Threats (External Negatives):

**Fuel Price Volatility:** Significant fluctuations in fuel prices can directly impact operating costs and profitability.
**Economic Slowdown:** A general economic downturn can reduce freight volumes, affecting revenue.
**Regulatory Changes:** New regulations in transportation or environmental policies could increase compliance costs.
**Intensified Competition:** Growing competition from larger, more established players or new entrants.

Your IPO Questions Answered

Here are some frequently asked questions about applying for IPOs, particularly through popular brokerage platforms:

How to Apply for Dhillon Freight Carrier IPO?

You can apply online using either UPI (Unified Payments Interface) or ASBA (Application Supported by Blocked Amount) as a payment method. ASBA is typically available through the net banking portal of your bank account. UPI IPO applications are offered by most online stockbrokers.

For instance, if you’re a customer of a prominent discount broker, you can usually apply through their online platform:

Log in to your broker’s platform (e.g., Console for Zerodha, or their respective IPO sections).
Navigate to the ‘IPOs’ section.
Find the ‘Dhillon Freight Carrier IPO’ and click to bid.
Enter your UPI ID, the desired quantity of shares (in multiples of the lot size), and the price.
Submit your application.
Finally, approve the mandate request that appears on your UPI app (like BHIM, Google Pay, PhonePe, or your bank’s UPI app).

When Will Dhillon Freight Carrier IPO Allotment Be Finalized?

The finalization of the Basis of Allotment for Dhillon Freight Carrier IPO is tentatively scheduled for **Friday, October 3, 2025**. The allotted shares are expected to be credited to your demat account by **Monday, October 6, 2025**.

When is the Dhillon Freight Carrier IPO Listing Date?

The tentative listing date for the Dhillon Freight Carrier IPO on the BSE SME platform is **Tuesday, October 7, 2025**.

Company and Registrar Information

Dhillon Freight Carrier Ltd. Contact Details:

Chatterjee International Building,
33A Jawaharlal Nehru Road,
20th Floor, Suite No. A03, Middleton Row,
Kolkata, West Bengal, 700071
Phone: +91 99031 30247
Email: cs@dfclogistics.in
Website: www.dfclogistics.in

IPO Registrar:

Kfin Technologies Ltd.
Phone: 04067162222, 04079611000
Email: dfc.ipo@kfintech.com
Website: https://ipostatus.kfintech.com/

Conclusion

The Dhillon Freight Carrier IPO presents an opportunity to invest in a growing logistics company with a clear business model and a commitment to modernization. With solid financial growth, strategic utilization of IPO proceeds, and a diversified service portfolio, the company appears well-positioned in India’s expanding logistics sector. However, like all investments, it comes with its inherent risks, especially as an SME listing. Potential investors are encouraged to conduct their own diligent research, consider the company’s fundamentals, the sector’s outlook, and their personal risk appetite before making an investment decision.

September 28, 2025

Category: LISTED IPO

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**IPO Timetable: Key Dates to Remember**

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Weaknesses:

Opportunities:

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Chiraharit’s Financial Journey: Performance & Valuation

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Weaknesses:

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