Category: LISTED IPO

Star Imaging & Path Lab Limited

Star Imaging IPO: A Detailed Look into the Diagnostic Healthcare Offering

The Indian healthcare sector continues its robust growth trajectory, driven by increasing health awareness and demand for quality diagnostic services. Against this backdrop, Star Imaging & Path Lab Ltd. is poised to enter the public market with its Initial Public Offering (IPO). This comprehensive guide delves into the specifics of this upcoming offering, providing potential investors with a clear picture of the company, its financials, and the key details of the IPO.

Spotlight on Star Imaging & Path Lab Ltd.

Established in 2004, Star Imaging & Path Lab Ltd. has built a reputation as a comprehensive diagnostic service provider. The company’s core mission revolves around delivering accurate and timely medical test reports to support effective diagnosis and treatment. With a strong network and a focus on advanced technology, they serve both individual patients and healthcare institutions across various regions.

Services Portfolio:

Radiology: Offering a range of imaging services including Digital X-rays, Mammography, advanced CT scans, and 4D & 5D ultrasound services.
Pathology: Specializing in crucial laboratory tests such as Haematology, Microbiology, PCR (polymerase chain reaction), and Histopathology.
General Diagnostics: Providing a spectrum of routine and specialized testing services.

Distinguishing Strengths:

The company prides itself on several key competitive advantages:

Precision Diagnostics: A commitment to delivering highly accurate test results.
Specialized Expertise: A team of experienced medical professionals ensuring quality service.
Rigorous Procedures: Adherence to proper sample collection and processing protocols for reliable outcomes.

As of late 2024, Star Imaging & Path Lab Ltd. employs over 200 full-time professionals, including their executive directors, underscoring their operational capacity.

Decoding the IPO: Essential Offering Details

The Star Imaging IPO is structured as a book-building issue, aiming to raise a significant sum to fuel its expansion and operational needs. Here’s a breakdown of the key elements:

Issue Overview:

Detail	Description
IPO Dates	August 8, 2025 to August 12, 2025
Face Value	₹10 per share
Price Range	₹135 to ₹142 per share
Minimum Lot Size	1,000 shares
Issue Type	Book-building IPO
Listing Platform	BSE SME Exchange

Overall Issue Size:

The total offering comprises 48,92,000 shares, aggregating up to ₹69.47 Crores. This includes a mix of:

Fresh Issuance: 39.20 lakh shares (approx. ₹55.66 Crores) to raise new capital for the company.
Offer for Sale (OFS): 9.72 lakh shares (approx. ₹13.80 Crores) by existing shareholders.

A portion of the shares (4,80,000 shares, worth ₹6.82 Cr) is reserved for the market maker, Share India Securities Limited.

IPO Timeline: A Key Dates Guide

Understanding the IPO schedule is crucial for potential investors to plan their applications and track progress.

Open: Aug 8, 2025

Close: Aug 12, 2025

Allotment: Aug 13, 2025

Listing: Aug 18, 2025

Key Intermediaries:

Book-Running Lead Manager: Share India Capital Services Private Limited
Registrar to the Issue: Kfin Technologies Limited
Market Maker: Share India Securities Limited

Financial Performance Review & Valuation Insights

A look at Star Imaging & Path Lab Ltd.’s recent financial results provides a crucial perspective on its operational health and growth trajectory.

Growth Trends (Consolidated Figures):

The company has demonstrated consistent growth, with revenue increasing by 5% and profit after tax (PAT) seeing a significant 28% rise between the fiscal years ending March 31, 2024, and March 31, 2025.

Financials (₹ Crore)	Mar 31, 2025	Mar 31, 2024	Mar 31, 2023
Assets	98.16	81.64	61.23
Total Income	83.79	79.97	58.68
Profit After Tax (PAT)	15.96	12.45	0.58
EBITDA	28.60	22.34	5.81
Net Worth	47.15	31.35	18.93
Reserves and Surplus	33.65	29.85	17.43
Total Borrowing	32.73	30.64	26.56

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

These ratios offer deeper insights into the company’s efficiency, profitability, and financial leverage:

Metric	Value
Return on Equity (ROE)	40.65%
Return on Capital Employed (ROCE)	29.92%
Debt/Equity Ratio	0.69
Return on Net Worth (RoNW)	40.65%
PAT Margin	19.10%
EBITDA Margin	34.22%
Price to Book Value	4.07

The market capitalization of Star Imaging IPO at the upper price band stands at approximately ₹247.36 Crores.

Earnings and Valuation Multiples:

Analyzing the Earnings Per Share (EPS) and Price-to-Earnings (P/E) ratio provides a quick glance at the company’s valuation in relation to its earnings.

Metric	Pre-IPO	Post-IPO
EPS (₹)	11.82	9.16
P/E (x)	12.01	15.5

Note: Pre-IPO EPS is based on pre-issue shareholding and latest FY earnings (March 31, 2025). Post-IPO EPS is calculated based on post-issue shareholding and annualized FY earnings (March 31, 2025).

Investor Categories & Application Details

The IPO has specific allocations for different investor segments, along with minimum and maximum application sizes for retail and High Net Worth Individuals (HNIs).

Reservation Structure:

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

Minimum & Maximum Investment per Application:

The lot size for an application is 1,000 shares. Here’s how investment amounts vary by investor type:

Investor Type	Lots (Min)	Shares (Min)	Amount (Min)
Retail Individual Investors (RII)	2	2,000	₹2,84,000
Small HNI (S-HNI)	3	3,000	₹4,26,000
Big HNI (B-HNI)	8	8,000	₹11,36,000

The maximum investment for a Retail investor is 2,000 shares (₹2,84,000). For S-HNI, the maximum is 7,000 shares (₹9,94,000).

Strategic Use of Capital: IPO Objectives

The funds raised through this IPO are earmarked for several key initiatives, aiming to bolster the company’s operations and future growth.

The net proceeds from the issue will be primarily utilized for:

Meeting Working Capital Needs: Approximately ₹25.00 Crores will be allocated to support day-to-day operational requirements.
Debt Reduction: Around ₹12.00 Crores is planned for the repayment or prepayment of existing company borrowings, strengthening the balance sheet.
Capital Expenditure: An investment of ₹5.14 Crores is dedicated to purchasing refurbished medical equipment for existing facilities, enhancing service capabilities.
General Corporate Purposes: Remaining funds will be used for various strategic initiatives, including business development, technology upgrades, and other general corporate needs.

Founders’ Stake and Dilution

The promoters of Star Imaging & Path Lab Ltd. are Mr. Pawan Gupta and Ms. Chhaya Gupta. Their stake in the company will see a change post-IPO due to the fresh issue of shares.

Holding Stage	Percentage
Pre-Issue Shareholding	100%
Post-Issue Shareholding	71.92%

This indicates an equity dilution of approximately 28.08% post-IPO.

Strategic Outlook: A SWOT Analysis

Understanding the internal strengths and weaknesses, alongside external opportunities and threats, provides a holistic view of Star Imaging & Path Lab Ltd.’s market position.

Strengths:

Established Market Presence: Over two decades of experience in the diagnostic sector, building trust and a client base.
Comprehensive Service Offering: A wide range of radiology and pathology tests under one roof attracts diverse patient needs.
Advanced Technological Infrastructure: Utilization of modern equipment for accurate and efficient diagnostic services.
Skilled Professional Team: Experienced medical personnel contribute to service quality and reliability.

Weaknesses:

Capital Intensive Business: High costs associated with acquiring and maintaining advanced diagnostic equipment.
Competition from Larger Chains: Facing intense competition from well-established national and regional diagnostic chains with deeper pockets and wider reach.
Dependency on Referrals: Significant portion of business may rely on doctor referrals, making client acquisition strategies crucial.
Regulatory Compliance: Adherence to evolving healthcare regulations can pose operational challenges and costs.

Opportunities:

Growing Healthcare Expenditure: Increasing public and private spending on healthcare in India, especially diagnostics.
Rising Health Awareness: Greater emphasis on preventive healthcare and early diagnosis drives demand for diagnostic tests.
Technological Advancements: Scope for adopting AI, machine learning, and automation for improved efficiency and new service offerings.
Expansion Potential: Opportunities to expand geographical reach or specialize in niche diagnostic areas.

Threats:

Intense Competition and Price Pressure: High competition could lead to pricing wars, impacting profit margins.
Economic Slowdown: Economic downturns might reduce discretionary healthcare spending by individuals.
Technological Obsolescence: Rapid advancements in medical technology necessitate continuous investment to stay competitive.
Data Security and Privacy Concerns: Handling sensitive patient data requires robust cybersecurity measures and compliance with data protection laws.

Connecting with Star Imaging & Path Lab Ltd.

Company Contact Information:

Address: 4B/4, Tilak Nagar, Near Sant Pura, Tilak Nagar West Delhi, New Delhi, New Delhi, 110018
Phone: +91 9990019189
Email: cs@starimaging.in
Website: https://www.starimaging.in/

IPO Registrar Details:

For any queries related to share allotment or other IPO-related processes, Kfin Technologies Limited is the official registrar.

Phone: 04067162222, 04079611000
Email: sipll.ipo@kfintech.com
Website: https://kosmic.kfintech.com/ipostatus/

Participating in the IPO: A General Guide

Investors keen on applying for the Star Imaging IPO can typically do so online through their brokerage accounts. The most common methods are:

UPI (Unified Payments Interface): Many brokers offer IPO applications via UPI, where you link your bank account for payment.
ASBA (Application Supported by Blocked Amount): This method is available through your bank’s net banking portal, where the application amount is blocked in your account but not debited until allotment.

The general steps involve logging into your trading account’s IPO section, selecting the Star Imaging IPO, entering your bid details (quantity and price), and approving the payment mandate.

Final Takeaways: Considerations for Potential Investors

The Star Imaging & Path Lab Ltd. IPO presents an opportunity to invest in a growing diagnostic healthcare company. The company’s consistent financial performance, strategic utilization of IPO proceeds for expansion and debt reduction, and its position in a high-demand sector are noteworthy.

However, like all investments, it comes with inherent risks. Prospective investors should carefully evaluate the company’s financials, understand the competitive landscape of the diagnostic industry, and consider the broader market conditions. It is always advisable to conduct thorough due diligence and consult with a financial advisor to align the investment with individual risk tolerance and financial goals before making any investment decisions.

August 5, 2025

ANB Metal Cast Limited IPO

Decoding the ANB Metal Cast IPO: An In-depth Analysis

Unveiling the ANB Metal Cast IPO: A Comprehensive Investment Overview

The Indian primary market is buzzing, and the upcoming ANB Metal Cast IPO is set to capture investor attention. This SME IPO offers a unique opportunity to participate in the growth story of a company specializing in high-quality aluminum extrusions. But what exactly does ANB Metal Cast do, and what should potential investors know before considering an application? Let’s dive deep into the details, financials, and strategic outlook of this exciting public offering.

Company Overview: Shaping the Future with Aluminum

Incorporated in March 2019, ANB Metal Cast Limited has quickly established itself as a manufacturer of high-quality aluminum extrusion products. Their versatile offerings cater to a wide array of industries, showcasing their adaptability and market relevance.

Core Operations and Product Portfolio:

Manufacturing Expertise: The company specializes in producing a comprehensive range of aluminum extrusion products, including essential components like motor bodies, various profiles, round bars, and specialized solar profiles.
Architectural Solutions: They also provide crucial elements for construction and design, such as railings and sliding windows, highlighting their presence in the architectural sector.
Diverse Offerings: Beyond core extrusions, their product line extends to hardware items, engineering products, kitchen profiles, and standard aluminum extrusion forms like channels, sections, flat bars, and tubes.
Industry Reach: ANB Metal Cast serves critical sectors including electronics, automotive, mechanical, solar, and architectural industries, demonstrating a broad market footprint.
Geographical Presence: Their products are distributed across several Indian states, including Delhi, Gujarat, Haryana, Karnataka, Maharashtra, Rajasthan, and Tamil Nadu.
Manufacturing Hub: The company operates a dedicated 50,000 sq. ft. manufacturing unit in Rajkot, Gujarat, focusing on both aluminum extrusions and non-ferrous metal alloys.

Key Strengths & Growth Drivers

ANB Metal Cast’s success is underpinned by several key strengths that position it for continued growth and resilience in the competitive manufacturing landscape.

Extensive Product Diversity: A broad portfolio allows them to cater to varied customer needs and reduce dependence on a single product segment.
Customization Prowess: The ability to offer tailored solutions provides a significant competitive edge, attracting a wider client base.
Robust Supply Chain Relations: Strong ties with raw material suppliers ensure consistent quality and timely procurement, crucial for uninterrupted production.
Optimized Resource Utilization: Efficient management of resources contributes to operational effectiveness and cost control.
Strict Quality Control: A stringent quality assurance framework ensures consistent product standards, building customer trust and brand reputation.

ANB Metal Cast IPO: Snapshot for Investors

Understanding the core details of the IPO is crucial for any potential investor. Here’s a quick look at the key parameters:

Detail	Description
IPO Type	Book Building SME IPO
Issue Size	32,00,000 equity shares (aggregating up to ₹49.92 Crores)
Sale Type	Entirely a Fresh Issue
Face Value	₹10 per share
Price Range	₹148 to ₹156 per share
Listing Exchange	NSE SME
Market Maker Reservation	2,00,000 shares (aggregating up to ₹3.12 Cr) for Pure Broking Private Limited
Net Offer to Public	30,00,000 shares (aggregating up to ₹46.80 Cr)

Investment Timeline: Key Dates to Remember

Timing is everything in an IPO. Here’s the tentative schedule for the ANB Metal Cast IPO, from application to listing:

Aug 8, 2025

IPO Open

Aug 12, 2025

IPO Close

Aug 13, 2025

Tentative Allotment

Aug 14, 2025

Shares to Demat

Aug 18, 2025

Tentative Listing

Please note that all dates are tentative and subject to change.

Application Details & Lot Sizes

For retail investors, understanding the minimum and maximum investment requirements is key.

Application Category	Minimum Lots	Minimum Shares	Minimum Amount	Maximum Lots	Maximum Shares	Maximum Amount
Individual Investors (Retail)	2	1,600	₹2,49,600	2	1,600	₹2,49,600
Small HNI (S-HNI)	3	2,400	₹3,74,400	8	6,400	₹9,98,400
Big HNI (B-HNI)	9	7,200	₹11,23,200	–	–	–

Investors can apply for the IPO using either UPI or ASBA as a payment method, simplifying the application process through various brokers and bank platforms.

Financial Performance Overview

ANB Metal Cast has demonstrated robust financial growth in recent years, reflecting its operational efficiency and market demand for its products.

Restated Financial Highlights (Amount in ₹ Crores):

Period Ended	31 Mar 2025	31 Mar 2024	31 Mar 2023
Assets	98.05	63.58	44.02
Total Income	162.64	112.15	84.28
Profit After Tax (PAT)	10.25	5.34	1.85
EBITDA	17.47	10.71	3.15
Net Worth	33.97	10.67	5.37
Reserves and Surplus	25.33	7.67	2.37
Total Borrowing	34.33	34.13	15.92

The company’s revenue increased by an impressive 45% and profit after tax (PAT) soared by 92% between the financial years ending March 31, 2024, and March 31, 2025, indicating strong operational leverage and market expansion.

Key Performance Indicators (KPIs) as of March 31, 2025:

KPI	Value
Return on Equity (ROE)	45.91%
Return on Capital Employed (ROCE)	24.13%
Debt/Equity Ratio	1.01
Return on Net Worth (RoNW)	45.91%
Profit After Tax (PAT) Margin	6.30%
EBITDA Margin	10.74%
Price to Book Value	3.72

The market capitalization of ANB Metal Cast IPO is ₹184.62 Crores at the upper price band.

Earnings and Valuation:

Metric	Pre IPO	Post IPO
EPS (Rs)	11.87	8.66
P/E (x)	13.15	18.02

Note: The Pre-IPO EPS is based on pre-issue shareholding and FY25 earnings. Post-IPO EPS is based on post-issue shareholding and annualized FY25 earnings.

Leadership & Shareholding Structure

The company’s strong foundation is built on its leadership and a clearly defined shareholding structure.

Promoter: The company is promoted by Avnishkumar Dhirajlal Gajera.

Promoter Holding:

Holding Type	Percentage
Pre-Issue Shareholding	91.49%
Post-Issue Shareholding	(To be calculated based on equity dilution)

IPO Reservation Categories:

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

Strategic Utilization of Funds (Issue Objectives)

ANB Metal Cast Limited intends to utilize the net proceeds from this public offering for strategic initiatives aimed at bolstering its manufacturing capabilities and ensuring sustained growth.

Capital Expenditure for Expansion: A significant portion (₹13.70 Crores) is earmarked for expanding existing manufacturing facilities. This includes constructing additional floor space and installing new plant and machinery to enhance production capacity.
Long-Term Working Capital: Approximately ₹21.50 Crores will be used to partly fund the company’s long-term working capital requirements, ensuring smooth day-to-day operations and facilitating future growth.
General Corporate Purposes: The remaining funds will be allocated for general corporate needs, providing flexibility for various business operations and unforeseen requirements.

Key Intermediaries

The IPO process is facilitated by experienced financial entities:

Book-Running Lead Manager: Sun Capital Advisory Services (P) Ltd
Registrar to the Issue: Kfin Technologies Limited
Market Maker: Pure Broking Private Limited

Company Contact Details:

ANB Metal Cast Ltd.
Riverwave Off. No 9, 8th Floor, Near Lords Pradhyuman,
Kalawad Road, Rajkot, Gujarat, 360005
Phone: 98255 98259
Email: cs@anbmetalcast.com
Website: https://anbmetalcast.com/

Strategic Insights: SWOT Analysis

A comprehensive look at ANB Metal Cast’s internal and external factors provides a clearer picture for investors.

Strengths:

Diverse Product Range: Caters to multiple industries, reducing dependency on a single sector.
Strong Financial Growth: Significant revenue and PAT growth demonstrate operational efficiency.
Customization Capabilities: Ability to meet specific client needs adds value and market differentiation.
Robust Manufacturing Base: A dedicated, well-equipped facility in a strategic location (Rajkot, Gujarat).
Quality Focus: Stringent quality control ensures high standards and customer satisfaction.

Weaknesses:

Dependence on Raw Material Prices: Volatility in aluminum prices could impact profitability margins.
Competition: Operating in a competitive market with both organized and unorganized players.
Scalability Challenges: Scaling up operations rapidly might require significant capital injection and resource management.

Opportunities:

Growing End-User Industries: Increasing demand from the automotive, solar, and construction sectors in India.
Government Initiatives: “Make in India” and infrastructure development drives can boost demand for aluminum extrusions.
Expansion into New Geographies: Potential to tap into unexplored markets within India or even explore export opportunities.
Product Innovation: Developing new or specialized extrusion profiles for emerging applications.

Threats:

Economic Downturns: A general slowdown in the economy could reduce industrial and construction activity, affecting demand.
Regulatory Changes: New environmental or industrial regulations could increase compliance costs.
Technological Disruption: Emergence of alternative materials or manufacturing processes could pose a long-term challenge.

Conclusion: A Look Ahead for ANB Metal Cast

The ANB Metal Cast IPO presents an intriguing proposition for investors seeking exposure to the manufacturing sector, particularly in aluminum extrusions. The company’s impressive financial performance, diverse product portfolio, and clear objectives for utilizing the IPO proceeds suggest a strong growth trajectory. While the SME platform inherently carries higher risk, the company’s demonstrated strengths and strategic plans for expansion could be compelling factors for consideration. As with any investment, a thorough review of the RHP and careful consideration of one’s investment objectives and risk appetite are essential before making a decision.

August 5, 2025

All Time Plastics Limited IPO

All Time Plastics IPO: Your Essential Investment Overview

The Indian stock market continues to be a vibrant space for new investment opportunities, with Initial Public Offerings (IPOs) frequently capturing investor attention. This time, we turn our gaze towards All Time Plastics Ltd. (ATPL), a long-standing and significant player in the plastic houseware manufacturing industry, as it gears up for its mainboard IPO. Understanding the intricate details of ATPL’s offering is paramount for any investor aiming to make a well-informed decision. Let’s dive deep into this upcoming IPO, covering everything from the company’s operational strengths and financial standing to the finer points of its public offering.

All Time Plastics Ltd.: A Rich History of Crafting Everyday Essentials

Established in 1971, All Time Plastics Limited (ATPL) has solidified its position as a leading Indian manufacturer of plastic houseware products. The company strategically serves both Business-to-Business (B2B) clients through its white-label manufacturing services and directly engages Business-to-Consumer (B2C) markets with its proprietary brand, “All Time Branded Products.”

As of March 31, 2025, ATPL’s product range is impressively diverse, featuring 1,848 Stock-Keeping Units (SKUs) organized into eight distinct categories:

Prep Time: Including essential kitchen tools such as chopping boards, strainers, mixing bowls, and measuring tools.
Containers: A wide array of food storage solutions like crisper, store fresh, and lock & safe containers.
Organization: Various containers designed for miscellaneous storage needs.
Hangers: Different types of hangers for clothing.
Meal Time: Practical kitchenware for serving and dining.
Cleaning Time: Products suchas dish drainers, bins, and dustpans.
Bath Time: Comprehensive range of bathroom products.
Junior: Child-friendly tableware, cutlery, and other items.

ATPL boasts robust, long-standing relationships with globally recognized retailers including IKEA, Asda Stores Limited, Michaels Stores, Inc., and Tesco Plc, underscoring its commitment to international quality and widespread market penetration. Within India, the company effectively reaches consumers through 22 modern trade retailers, such as Spencer’s Retail Limited, and a well-established network of five super distributors and 38 direct distributors spread across 23 states and six union territories. The company’s operations are supported by a dedicated workforce of 690 employees and 1,589 contract laborers as of March 31, 2025.

The Public Offering: Snapshot of Key Information

The All Time Plastics IPO is structured as a book-built issue, combining fresh equity shares and an offer for sale (OFS). Here are the essential details:

Key Aspect	Details
Issue Type	Mainboard Book Building Issue
Total Issue Size	₹400.60 Crores
Fresh Issue Component	₹280.00 Crores (1.02 Cr shares)
Offer For Sale (OFS) Component	₹120.60 Crores (0.44 Cr shares)
Face Value per Share	₹2
Price Band	₹260 to ₹275 per share
Minimum Bid Quantity	54 shares
Listing Exchanges	BSE, NSE

Understanding Investment Tiers: Lot Size Breakdown

The number of shares an investor can apply for is defined by the lot size, with varying investment amounts for different categories of investors:

Investor Category	Minimum Lots	Minimum Shares	Minimum Investment (at upper price band)
Retail Individual Investor (RII)	1	54	₹14,850
Small Non-Institutional Investor (sNII)	14	756	₹2,07,900
Big Non-Institutional Investor (bNII)	68	3,672	₹10,09,800

For retail investors, the maximum application is 13 lots (702 shares), amounting to ₹1,93,050.

IPO Journey: Key Dates on the Timeline

Plan your investment strategy around these important tentative dates for the All Time Plastics IPO:

Open Date
Aug 7, 2025

Close Date
Aug 11, 2025

Allotment
Aug 12, 2025

Listing Date
Aug 14, 2025

Evaluating Financial Performance: A Robust Overview

All Time Plastics Ltd. has shown a consistent upward trend in its financial performance over recent fiscal years. A closer look at its consolidated and standalone financials highlights its operational strength:

Financial Aspect (₹ in Crores)	Mar 31, 2025	Mar 31, 2024	Mar 31, 2023
Total Assets	562.32	415.46	400.48
Total Income	559.24	515.88	443.76
Profit After Tax (PAT)	47.29	44.79	28.27
EBITDA	101.34	97.10	73.38
Net Worth	249.13	202.35	157.84
Total Borrowings	218.51	142.35	171.74

Notably, the company’s revenue expanded by 8% from FY2024 to FY2025, and its Profit After Tax (PAT) rose by a healthy 6% in the same period, signaling effective management and growth.

Key Performance Metrics and Valuation Insights

To assess the company’s operational efficiency and market valuation, here are key performance indicators as of March 31, 2025:

Performance Metric	Value
Return on Equity (ROE)	19.01%
Return on Capital Employed (ROCE)	16.99%
Debt/Equity Ratio	0.88
Profit After Tax (PAT) Margin	8.46%
EBITDA Margin	18.16%
Price to Book Value (P/B)	7.15

The projected market capitalization for All Time Plastics IPO is ₹1801.37 Crores. In terms of Price-to-Earnings (P/E) valuation, based on the upper end of the price band:

Pre-IPO P/E: Approximately 32.17x
Post-IPO P/E: Approximately 38.09x

Utilizing the Proceeds: Objectives of the IPO

The capital raised from the IPO is strategically allocated to bolster All Time Plastics Ltd.’s financial health and operational capabilities:

Debt Optimization: A substantial portion, ₹143.00 Crores, is designated for the prepayment or repayment of certain outstanding borrowings, aiming to strengthen the company’s balance sheet and reduce financial leverage.
Manufacturing Capacity Enhancement: ₹113.71 Crores will be invested in acquiring new equipment and machinery for the Manekpur Facility, signaling a clear intent to expand production capacity and enhance manufacturing efficiency.
General Corporate Requirements: The remaining funds will be utilized for general corporate purposes, providing flexibility for ongoing business operations, strategic initiatives, and future growth opportunities.

Company Stewardship: Promoter Holdings

The company’s leadership comprises Kailesh Punamchand Shah, Bhupesh Punamchand Shah, and Nilesh Punamchand Shah, who are the dedicated promoters. Their commitment is reflected in the shareholding structure:

Pre-Issue Promoter Holding: 90.98%
Post-Issue Promoter Holding: 70.15%

Strategic Landscape: A SWOT Analysis of All Time Plastics Ltd.

A strategic evaluation of All Time Plastics Ltd. involves assessing its internal strengths and weaknesses, alongside external opportunities and potential threats:

Strengths:
- Established Market Footprint: Over five decades of operational experience since 1971, contributing to a strong brand reputation and significant market presence in plastic houseware.
- Extensive Product Range: A vast portfolio of over 1,800 SKUs across diverse categories caters to a broad consumer base and various household needs.
- Global and Domestic Reach: Robust relationships with major international retailers like IKEA, Asda, and Tesco, complemented by a wide and effective distribution network across India.
- Vertically Integrated Manufacturing: Strategically located and integrated facilities enhance efficiency, control costs, and maintain high-quality production standards.
- Consistent Financial Growth: Demonstrated track record of increasing revenues and profits signals strong operational management and business viability.
Weaknesses:
- Raw Material Price Sensitivity: As a plastic manufacturer, the company’s profitability can be influenced by volatility in polymer prices.
- Environmental Regulatory Landscape: Increasing global and domestic scrutiny on plastic usage and waste management could pose regulatory challenges and necessitate adaptation.
Opportunities:
- Growing Consumer Demand: Rising disposable incomes and urbanization in India continue to fuel demand for modern and functional houseware products.
- Market Expansion & Product Diversification: Potential to enter new geographies, expand into related product segments, or strengthen direct-to-consumer channels.
- Operational Enhancements: Utilizing IPO funds for machinery upgrades can further boost production capacity, improve efficiency, and reduce costs.
Threats:
Intense Competitive Environment: Facing competition from both well-established organized players and numerous unorganized local manufacturers.
Economic Downturns: Consumer discretionary spending on houseware products can be adversely affected by broader economic slowdowns or inflation.
Emergence of Alternatives: Growing preference for sustainable materials could lead to competition from non-plastic alternatives.

Key Intermediaries: Registrar and Lead Managers

The smooth execution of the IPO is facilitated by experienced financial intermediaries:

Book-Running Lead Managers: Intensive Fiscal Services Private Limited and Dam Capital Advisors Ltd. (formerly Idfc Securities Ltd.) are guiding the offering.
Registrar to the Issue: Kfin Technologies Limited is responsible for managing the IPO application process, including allotment finalization and share credit.

Participating in the Offering: How to Apply

Investors keen on applying for the All Time Plastics IPO can do so conveniently through online platforms offered by various stockbrokers. The most common application methods include:

UPI (Unified Payments Interface): A popular and efficient method where you can submit your IPO application via your broker’s platform and authorize payment through your UPI app.
ASBA (Application Supported by Blocked Amount): This facility is typically available through your bank’s net banking portal, allowing the application amount to be blocked in your account until allotment.

It is advisable to have a functional Demat account with a registered stockbroker to participate in the IPO. Always check your broker’s specific instructions for the application process.

Connect with All Time Plastics Ltd.: Company Contact Information

For direct inquiries or additional information about All Time Plastics Ltd., you may reach out using the following details:

Address: B-30, Royal Industrial Estate, Wadala, Mumbai, Maharashtra, 400031
Phone: +912266208900
Email: companysecretary@alltimeplastics.com
Website: http://www.alltimeplastics.com/

IPO Registrar Details: Kfin Technologies Limited

For any questions related to share allotment, refunds, or other administrative aspects of the IPO, Kfin Technologies Limited is the designated Registrar:

Registrar: Kfin Technologies Limited
Phone: 04067162222, 04079611000
Email: atpl.ipo@kfintech.com
Website: https://kosmic.kfintech.com/ipostatus/

Concluding Thoughts: Navigating Your Investment Path

The All Time Plastics IPO presents a compelling opportunity to consider investing in a well-established company within the essential plastic houseware industry. Its long operational history, expansive product portfolio, strong international and domestic market presence, and consistent financial performance paint a picture of a resilient business. Furthermore, the strategic use of IPO proceeds for debt reduction and capacity expansion suggests a forward-looking approach aimed at enhancing long-term stability and growth.

As with all investment decisions, a thorough evaluation is essential. Prospective investors should weigh the company’s fundamentals against its valuation, consider the inherent risks of the industry (such as raw material fluctuations and evolving environmental regulations), and align the investment with their personal financial goals and risk tolerance. Consulting with a qualified financial advisor is always recommended to ensure the IPO fits into your broader investment portfolio and objectives for the medium to long term.

August 5, 2025

Connplex Cinemas Limited IPO

Connplex Cinemas Public Offering: A Deep Dive for Potential Investors

The world of entertainment is constantly evolving, and at its heart, the magic of the big screen continues to captivate audiences. As an investor, understanding the dynamics of companies bringing this experience to life is crucial. This blog post explores the upcoming public offering from Connplex Cinemas, providing a detailed analysis of its business, financial health, and the specifics of its Initial Public Offering (IPO).

Meet Connplex Cinemas: A Vision for Entertainment

Established in 2015, Connplex Cinemas Limited is an innovative entertainment company dedicated to offering a premium cinematic experience across India through its network of “Smart Cinemas”. Their focus is on blending advanced technology with comfortable seating, all while catering to the unique preferences of the Indian audience.

Connplex Cinemas operates through a dual model: developing its own theaters and entering into strategic franchise agreements for film exhibition and distribution. Their revenue streams are diversified, encompassing not just ticket sales, but also a significant portion from food and beverage sales and on-screen/off-screen advertisements at various franchised locations, all proudly operating under the “CONNPLEX” brand and other registered marks. The company employs 96 individuals, including key management personnel, as of June 30, 2025.

Key Strengths Setting Connplex Apart:

Experience & Innovative Technology: Leveraging industry expertise coupled with cutting-edge cinematic technology.
Robust Franchise Support System: A well-developed system facilitating quick and efficient franchise setups.
Diversified Revenue Streams: Income from various sources like screenings, F&B, and advertising ensures stability.
Strategic Presence: Focusing on emerging markets for optimal growth opportunities.
Variety of Cinema Formats: Offering “Express,” “Signature,” and “Luxuriance” formats to appeal to a broad spectrum of audience preferences.

Unpacking the Connplex Cinemas Public Offering

Connplex Cinemas is set to launch a book-built SME IPO, aiming to raise a significant sum to fuel its expansion and operational needs. Here’s a snapshot of the offering’s core details:

Detail	Information
Issue Type	Book Building Public Offering (SME)
Total Issue Size	51,00,000 shares (aggregating up to ₹90.27 Crores)
Nature of Issue	Entirely a Fresh Issue of shares
Face Value per Share	₹10
Price Band	₹168 to ₹177 per share
Minimum Application Lot Size	800 Shares
Listing Exchange	NSE SME

Key Dates for Your Calendar: IPO Timeline

Staying informed about key dates is vital for any prospective investor. Below is the tentative schedule for the Connplex Cinemas IPO:

Aug 7, 2025
Open

Aug 11, 2025
Close

Aug 12, 2025
Allotment

Aug 13, 2025
Demat Credit/Refunds

Aug 14, 2025
Listing

(Please note: Dates are tentative and subject to change.)

Understanding Lot Sizes and Investment Thresholds

Investors keen on participating in the Connplex Cinemas IPO should be aware of the minimum and maximum investment requirements based on their investor category.

Investor Category	Minimum Lots	Minimum Shares	Minimum Investment Amount (approx.)
Individual Retail Investor	2 Lots	1,600 shares	₹2,83,200
Small High Net-worth Individual (S-HNI)	3 Lots	2,400 shares	₹4,24,800
Big High Net-worth Individual (B-HNI)	8 Lots	6,400 shares	₹11,32,800

Allocation Breakdown for Investors

The total share offering is meticulously divided among different investor categories to ensure broad participation. Here’s how the 51,00,000 shares are proposed to be allocated:

Investor Category	Shares Offered	Percentage (%)
Market Maker Portion	2,56,000	5.02%
Qualified Institutional Buyers (QIB) Total	24,20,800	47.47%
– Anchor Investor Portion	14,52,000	28.47%
– QIB (Excluding Anchor)	9,68,800	19.00%
Non-Institutional Investors (NII / HNI)	7,27,200	14.26%
Retail Individual Investors (RII)	16,96,000	33.25%
Total Shares Offered	51,00,000	100.00%

Insight into Anchor Investor Participation

Connplex Cinemas successfully raised ₹25.70 crores from anchor investors on August 6, 2025. Anchor investors play a crucial role by providing stability to the offering before it opens to the public.

Shares Offered to Anchors: 14,52,000 shares
Anchor Portion Size: ₹25.70 Crores
Anchor Lock-in Period for 50% shares: Until September 11, 2025 (30 Days)
Anchor Lock-in Period for Remaining Shares: Until November 10, 2025 (90 Days)

Financial Performance Snapshot

A strong indicator of a company’s health is its financial trajectory. Connplex Cinemas has demonstrated impressive growth in recent financial periods.

Between the financial years ending March 31, 2024, and March 31, 2025, Connplex Cinemas Ltd. saw its revenue increase by a significant 59%, while its Profit After Tax (PAT) surged by an remarkable 365%.

Financial Metric (₹ Crores)	March 31, 2025	March 31, 2024	March 31, 2023
Total Assets	61.12	36.40	27.96
Total Income	96.78	60.83	25.61
Profit After Tax (PAT)	19.01	4.09	1.65
EBITDA	26.28	6.19	2.63
Net Worth	24.44	5.43	1.34
Reserves and Surplus	10.44	4.93	0.84
Total Borrowing	0.72	0.27	0.32

Essential Financial Health Metrics (as of March 31, 2025)

These key performance indicators (KPIs) offer deeper insights into the company’s operational efficiency and financial stability:

Key Performance Indicator	Value
Return on Equity (ROE)	127.28%
Return on Capital Employed (ROCE)	98.25%
Debt/Equity Ratio	0.03
Return on Net Worth (RoNW)	77.78%
Profit After Tax (PAT) Margin	19.88%
EBITDA Margin	27.48%
Price to Book Value	45.62
EPS (Pre-IPO)	₹13.58
P/E (Pre-IPO)	13.04x
EPS (Post-IPO)	₹9.95
P/E (Post-IPO)	17.78x

Note: The Pre-IPO EPS and P/E are calculated based on pre-issue shareholding and the latest FY earnings. Post-IPO figures are based on post-issue shareholding.

Promoter Stake Dynamics

The promoters of Connplex Cinemas Ltd. are Mr. Anish Tulshibhai Patel and Mr. Rahul Kamleshbhai Dhyani. Their commitment to the company is reflected in their significant shareholding, which will adjust post-issue due to the dilution from the fresh share issuance.

Share Holding Pre-Issue: 95.36%
Share Holding Post-Issue: 69.90%

Purpose of the Public Offering

Connplex Cinemas intends to strategically utilize the net proceeds from this IPO to fund several key initiatives aimed at bolstering its infrastructure and expanding its operations:

Funding capital expenditure for the purchase of a corporate office (₹14.79 Crores).
Funding capital expenditure for the purchase of LED Screens and Projectors (₹24.44 Crores).
Addressing working capital requirements (₹37.63 Crores).
Allocating funds for general corporate purposes.

Essential Contacts and Issue Management

For any official communications or queries regarding the IPO, here are the key entities involved:

Company Contact Details:

Connplex Cinemas Ltd.
Block C-1001, Krish Cubical
Opp. Avalon Hotel, Nr. Govardhan Party Plot,
Thaltej, Ahmedabad, Daskroi
Ahmedabad, Gujarat, 380059
Phone: +91 07935289865
Email: info@theconnplex.com
Website: ticketing.theconnplex.com

The Registrar for the Issue:

The registrar is responsible for the IPO application and allotment process.
MUFG Intime India Private Limited (Link Intime)
Phone: +91-22-4918 6270
Email: connplex.smeipo@linkintime.co.in
Website: linkintime.co.in/Initial_Offer/public-issues.html

Guiding the Offering: Lead Managers

The book-running lead manager for the Connplex Cinemas IPO is:
Beeline Capital Advisors Pvt Ltd

The market maker for the Connplex Cinemas IPO is:
Spread X Securities Private Limited

Investor Sentiment & Broker Insights

As of now, the public and broker sentiment for the Connplex Cinemas IPO is awaiting initial subscription data. Potential investors are encouraged to perform their own due diligence by reviewing the company’s offering documents and analyzing the industry landscape.

Common Investor Queries Answered

Here are quick answers to some frequently asked questions about the Connplex Cinemas IPO:

What is the nature of the Connplex Cinemas IPO?
It is a SME IPO of 51,00,000 equity shares with a face value of ₹10, aggregating up to ₹90.27 Crores. The price band is ₹168 to ₹177 per share.
How can one apply for the Connplex Cinemas IPO?
Applications can be submitted online using either UPI or ASBA as a payment method. Many brokerage platforms offer streamlined IPO application processes through their online portals or apps.
When is the Connplex Cinemas IPO expected to open and close?
The IPO is scheduled to open on August 7, 2025, and close on August 11, 2025.
What is the minimum lot size for the Connplex Cinemas IPO?
The minimum lot size for application is 800 shares. For retail investors, the minimum application is typically 2 lots (1,600 shares), amounting to ₹2,83,200.
When is the Connplex Cinemas IPO allotment expected?
The finalization of the Basis of Allotment for the IPO is tentatively scheduled for Tuesday, August 12, 2025. Allotted shares are expected to be credited to demat accounts by Wednesday, August 13, 2025.
When is the Connplex Cinemas IPO listing date?
The tentative listing date for Connplex Cinemas IPO on NSE SME is Thursday, August 14, 2025.

Strategic Considerations for Potential Investors

Beyond the positive financials and strengths, a prudent investor also considers broader market dynamics and potential challenges.

Market Opportunities:

Growing Demand for Out-of-Home Entertainment: As economies grow and disposable incomes rise, there’s a resurgence in demand for shared entertainment experiences like cinema.
Expansion in Tier 2/3 Cities: Connplex’s focus on “Strategic Location in Emerging Markets” positions it well to tap into underserved areas with growing populations and purchasing power.
Technological Advancements: Continuous innovation in cinematic technology (e.g., sound, visual quality, immersive experiences) can attract audiences and differentiate offerings.

Potential Challenges:

Competition from Digital Platforms: The rise of Over-The-Top (OTT) streaming services presents a significant alternative for consumers, requiring cinemas to offer a superior, differentiated experience.
Content Dependency: Success heavily relies on the availability of engaging and high-quality film content, which is beyond the company’s direct control.
Operating Costs: Running a cinema chain involves substantial fixed and variable costs, including real estate, technology upgrades, and staffing.
Capital Intensive Expansion: While the IPO aims to fund expansion, the cinema business inherently requires significant capital for new screens and upgrades.

Prospective investors are advised to consider these factors, alongside the company’s strong performance, when evaluating their investment decision. It is always recommended to consult with a financial advisor.

Final Thoughts for the Savvy Investor

The Connplex Cinemas IPO presents an opportunity to invest in a company that is actively shaping the future of cinema experience in India, particularly with its strategic focus on technology and diversified revenue streams. With impressive financial growth and clear objectives for the funds raised, Connplex Cinemas aims to solidify its position in the competitive entertainment landscape.

As with any investment, a thorough review of the offering documents, understanding market trends, and assessing personal financial goals are paramount. The journey from IPO open to listing day is dynamic, and staying informed is key.

August 5, 2025

JSW Cement Limited IPO

Unpacking the JSW Cement IPO: A Deep Dive for Potential Investors

Discover the essential details of JSW Cement’s upcoming public offering and what it means for the market.

Understanding JSW Cement: A Leader in Green Building Materials

Established in 2006, JSW Cement Limited, a part of the esteemed JSW Group, has emerged as a significant player in India’s green cement manufacturing sector. The company is deeply committed to sustainable practices and innovation within the cement industry.

Their extensive operational footprint includes seven plants strategically located across India. These include integrated units, clinker units, and multiple grinding facilities in key regions like Andhra Pradesh, Karnataka, Tamil Nadu, Maharashtra, West Bengal, and Odisha.

As of March 31, 2025, JSW Cement boasts an impressive installed grinding capacity of 20.60 MMTPA, catering to the southern, western, and eastern parts of the country. Their product portfolio extends beyond traditional cement to include:

Blended Cement and Ordinary Portland Cement
Ground Granulated Blast Furnace Slag (GGBS), widely used in blended cement and as an OPC replacement
Clinker, a primary component manufactured from burning limestone and clay
Allied Cementitious Products such as Ready-Mix Concrete (RMC) and Construction Chemicals

The company’s market reach is bolstered by a robust distribution network, comprising thousands of dealers and sub-dealers, complemented by a vast network of warehouses across India.

Key Details of the Initial Public Offering

JSW Cement is set to launch its main-board IPO, offering an opportunity for investors to participate in its growth story. Here’s a snapshot of the key offering specifications:

Detail	Specification
Issue Type	Book-building IPO
Face Value	₹10 per share
Price Band	₹139 to ₹147 per share
Minimum Lot Size	102 Shares
Total Issue Size	₹3,600.00 Crores (24,48,97,958 shares)
Fresh Issue Component	₹1,600.00 Crores (10,88,43,537 shares)
Offer for Sale (OFS) Component	₹2,000.00 Crores (13,60,54,421 shares)
Listing Exchanges	BSE, NSE
Market Capitalization (Post-IPO)	₹20,041.46 Crores

Important Dates for the IPO

Mark your calendars with these crucial dates for the JSW Cement IPO:

Open Date

Aug 7, 2025

Close Date

Aug 11, 2025

Allotment Date

Aug 12, 2025

Listing Date

Aug 14, 2025

Open Close Allotment Listing

Investment Lot Sizes

Investors can apply for JSW Cement IPO shares in specific lot sizes. Here’s a breakdown of the minimum and maximum investments for different investor categories:

Category	Minimum Lots	Minimum Shares	Minimum Amount	Maximum Shares	Maximum Amount
Retail (Individual Investor)	1	102	₹14,994	1,326	₹1,94,922
Small HNI (sNII)	14	1,428	₹2,09,916	6,732	₹9,89,604
Big HNI (bNII)	67	6,834	₹10,04,598	–	–

Share Reservation for Investors

The IPO allocates shares across different investor categories as follows:

Qualified Institutional Buyers (QIB): Not more than 50% of the total offer.
Retail Individual Investors (RII): Not less than 35% of the total offer.
Non-Institutional Investors (NII): Not less than 15% of the total offer.

Strategic Objectives of the IPO

JSW Cement plans to utilize the net proceeds from this issue primarily for two strategic initiatives, in addition to general corporate purposes:

Expanding Manufacturing Capacity: A substantial portion of the funds (₹800.00 crores) is earmarked for partially financing the establishment of a new integrated cement unit in Nagaur, Rajasthan. This expansion is crucial for future growth and market penetration.
Strengthening Financial Position: The company intends to use ₹520.00 crores for the prepayment or repayment of existing outstanding borrowings, which will help reduce debt and improve financial leverage.
General Corporate Purposes: Remaining funds will be deployed for various general business operations and growth initiatives.

Financial Performance Overview

A glance at JSW Cement’s recent financial performance reveals some notable trends. The company’s revenue witnessed a slight decrease, and profit after tax (PAT) saw a significant drop between the financial year ending March 31, 2024, and March 31, 2025.

Particulars (₹ Crores)	Mar 31, 2025	Mar 31, 2024	Mar 31, 2023
Assets	12,003.94	11,318.91	10,218.61
Total Income	5,914.67	6,114.60	5,982.21
Profit After Tax (PAT)	-163.77	62.01	104.04
EBITDA	815.32	1,035.66	826.97
Net Worth	2,352.55	2,464.68	2,292.10
Total Borrowing	6,166.55	5,835.76	5,421.54

Key Financial Ratios (as of March 31, 2025)

Analyzing specific financial ratios provides deeper insight into the company’s efficiency, profitability, and solvency:

Key Performance Indicator	Value
Return on Equity (ROE)	-6.90%
Return on Capital Employed (ROCE)	7.05%
Debt/Equity Ratio	0.98
Return on Net Worth (RoNW)	-4.85%
Profit After Tax (PAT) Margin	-2.77%
EBITDA Margin	13.78%
Price to Book Value	6.16
Earnings Per Share (Pre-IPO)	-1.31
Earnings Per Share (Post-IPO)	-1.20

Promoters and Shareholding

The key individuals and entities steering JSW Cement are Sajjan Jindal, Parth Jindal, Sangita Jindal, Adarsh Advisory Services Private Limited, and Sajjan Jindal Family Trust. Their commitment to the company is reflected in their significant shareholding:

Shareholding Stage	Percentage (%)
Pre-Issue Shareholding	78.62%
Post-Issue Shareholding	72.34%

Evaluating the Opportunity: A Strategic Assessment

Strengths and Competitive Advantages

Rapid Growth Trajectory: JSW Cement has demonstrated itself as a fast-growing entity in the Indian cement sector, noted for increasing its installed grinding capacity and sales volume.
Leadership in GGBS Manufacturing: The company holds the position of India’s largest manufacturer of Ground Granulated Blast Furnace Slag (GGBS), showcasing a strong history of scaling this niche but high-demand business.
Optimally Located Operations: Its manufacturing plants are strategically positioned, ensuring efficient access to raw materials and proximity to major consumption hubs, which streamlines logistics and reduces costs.
Commitment to Sustainability: JSW Cement reports one of the lowest carbon dioxide emission intensities among its industry peers and top global cement companies, aligning with growing environmental concerns and regulatory focus.
Extensive Market Presence: A wide sales and distribution network across India, coupled with a focus on brand building, reinforces its market standing.
Strong Corporate Foundation: Benefiting from the robust lineage of the JSW Group and led by a team of experienced professionals, the company is poised for continued strategic development.

Considerations for Potential Investors

Recent Financial Performance: The reported decrease in revenue and a significant drop in profit after tax (PAT) in the most recent fiscal year (Mar 2025 vs. Mar 2024) warrant careful review. Investors should delve into the reasons behind this decline and assess the company’s future profitability outlook.
Negative Return on Equity and Net Worth: The negative ROE and RoNW indicate that the company has incurred losses relative to its equity, which can be a red flag for profitability and efficient capital utilization.
Debt Levels: While the debt-to-equity ratio is just under 1, the rising total borrowings might imply increasing financial leverage. It’s important to understand the company’s debt management strategies and repayment capabilities.
Market Dynamics: The cement industry is cyclical and highly dependent on infrastructure development, construction activity, and government policies. Potential investors should assess the broader economic outlook and competitive landscape.

How to Participate in the JSW Cement IPO

Applying for the JSW Cement IPO is typically a straightforward process through your stockbroker’s platform. Most modern brokers facilitate online IPO applications using payment methods like UPI or ASBA (Application Supported by Blocked Amount).

For instance, if you’re a customer of a prominent discount broker, you can usually apply by logging into your back-office platform, navigating to the IPO section, and submitting your application with your UPI ID, desired quantity, and bid price. Remember to approve the mandate on your UPI app to complete the process.

The finalization of allotment typically occurs shortly after the IPO closing date, with shares credited to your demat account before the tentative listing date. Keep an eye on official announcements for allotment status updates.

Key Stakeholders in the IPO

IPO Registrar

The registrar plays a crucial role in managing the IPO process, from application processing to allotment and share transfers. For the JSW Cement IPO, the registrar is:

Kfin Technologies Limited
Contact: +91 40 6716 2222
Email: jswcement.ipo@kfintech.com

Lead Managers

A consortium of experienced financial institutions is managing the JSW Cement IPO:

Jm Financial Limited
Axis Capital Limited
Citigroup Global Markets India Private Limited
Dam Capital Advisors Ltd (Formerly Idfc Securities Ltd)
Goldman Sachs (India) Securities Private Limited
Jefferies India Private Limited
Kotak Mahindra Capital Company Limited
SBI Capital Markets Limited

Company Communication Details

For official communications, here are the contact details for JSW Cement Ltd.:

Address: JSW Centre, Bandra Kurla Complex, Bandra (East), Mumbai, Maharashtra, 400051
Phone: +91 22 4286 3114
Email: secretarial.jswcl@jsw.in
Website: http://www.jswcement.in/

Final Thoughts for Investors

The JSW Cement IPO presents an opportunity to invest in a company with a strong lineage, significant market presence in green cement, and ambitious growth plans. However, potential investors should carefully weigh the company’s competitive strengths against its recent financial performance trends. It’s always advisable to conduct thorough due diligence, understand the risks associated with IPO investments, and align decisions with individual financial goals and risk tolerance. Consulting with a financial advisor can also provide personalized insights.

August 4, 2025

Sawaliya Foods Products Limited IPO

Sawaliya Foods Products IPO: A Deeper Look into the Dehydrated Vegetable Leader
Sawaliya Foods Products IPO: A Deeper Look into a Growing Agri-Food Business
The Indian primary market is buzzing, and the upcoming Sawaliya Foods Products IPO is certainly garnering attention. As an SME offering, it presents a unique opportunity for investors to potentially participate in the growth story of a company specializing in dehydrated vegetables. Let’s delve into the details of this Initial Public Offering, analyzing the company’s strengths, financial health, and what it aims to achieve with the fresh capital.
About the Company: Sawaliya Foods Products Ltd.
Established in July 2014, Sawaliya Foods Products Limited has carved a niche for itself as a manufacturer and processor of dehydrated vegetables. The company primarily caters to the branded packaged food industry and international importers, with a significant presence in markets like the United States.
Their core operations involve sourcing raw materials like carrots, cabbage, and string beans directly from farmers. These dehydrated products find extensive use as raw materials in various Fast-Moving Consumer Goods (FMCG) applications, including cup noodles, ready-to-eat noodles, pasta, and soups. The company prides itself on its robust manufacturing unit in Dhar, Madhya Pradesh, boasting a capacity of approximately 1500 MT across two facilities. A notable aspect of their operations is their commitment to a zero-wastage policy, ensuring efficient resource utilization by selling unused raw materials and exporting sub-standard products for pet food production. As of June 2025, the company employed 25 individuals across various departments.
Understanding the Sawaliya Foods Products IPO Offering
The Sawaliya Foods Products IPO is structured as a book-building issue, aimed at raising capital to fuel the company’s expansion and operational needs.
Key Offer Insights
Issue Type: SME IPO (Book Building)
Total Issue Size: 29,02,800 equity shares, aggregating up to ₹34.83 Crores.
Issue Composition: A blend of a fresh issue of 26.03 lakh shares (₹31.23 Crores) and an offer for sale (OFS) of 3.00 lakh shares (₹3.60 Crores).
Face Value: ₹10 per share.
Price Band: ₹114 to ₹120 per share.
Listing Venue: NSE SME.
Investment Tiers and Lot Sizes
The IPO specifies different investment slabs for various investor categories:
Investor Category Minimum Lot Size Shares per Lot Minimum Investment Amount (approx.)
Individual Investors (Retail) 2 Lots 2,400 Shares ₹2,88,000
Small High Net Worth Individuals (S-HNI) 3 Lots 3,600 Shares ₹4,32,000
Big High Net Worth Individuals (B-HNI) 7 Lots 8,400 Shares ₹10,08,000
Important Dates for Investors
Mark your calendars with these key dates for the Sawaliya Foods Products IPO:
IPO Open Thu, Aug 7, 2025
IPO Close Mon, Aug 11, 2025
Allotment Finalization Tue, Aug 12, 2025
Demat Credit Wed, Aug 13, 2025
Tentative Listing Thu, Aug 14, 2025
Analyzing Sawaliya Foods Products Ltd.’s Financial Journey
A look at the company’s financial performance over the past few years reveals a strong growth trajectory.
Revenue and Profit Trajectory
Sawaliya Foods Products Ltd. has demonstrated impressive financial growth, with a significant increase in both revenue and profitability.
Financial Year Ended (March 31) Assets (₹ Cr) Total Income (₹ Cr) Profit After Tax (PAT) (₹ Cr) EBITDA (₹ Cr) Total Borrowing (₹ Cr)
2023 20.04 15.30 0.59 1.69 13.36
2024 25.40 23.67 3.12 6.12 12.93
2025 46.26 34.34 6.95 12.22 22.49
From FY2024 to FY2025, the company’s revenue increased by 45%, and its profit after tax (PAT) saw a remarkable surge of 123%. While total borrowings have seen an increase in FY2025, the growth in revenue and profit indicates robust operational performance.
Key Performance Indicators (KPIs)
As of March 31, 2025, the company’s market capitalization stands at ₹119.02 Crores. Here are some key performance metrics:
Key Performance Indicator Value
Return on Equity (ROE) 75.70%
Return on Capital Employed (ROCE) 48.96%
Debt/Equity Ratio 1.78
Profit After Tax (PAT) Margin 20.32%
Earnings Per Share (Pre-IPO) ₹9.49
Price/Earnings (Pre-IPO) 12.64x
Why is the Company Raising Funds? (Objects of the Issue)
The net proceeds from the IPO are earmarked for several strategic initiatives:
Funding capital expenditure for new machinery, upgrading existing machinery, and establishing an on-grid rooftop solar PV system at the manufacturing unit (₹7.49 Crores).
Meeting working capital requirements (₹10.00 Crores).
Partial or full repayment/pre-payment of certain company borrowings (₹4.61 Crores).
General corporate purposes to support overall business operations.
Leadership and Ownership Structure
The company is promoted by Raghav Somani and Priya Somani. Their commitment to the business is evident in the promoter holding.
Promoter Holding (Pre-Issue): 96.00%
Promoter Holding (Post-Issue): 67.78%
Strategic Analysis: A SWOT Overview
Understanding a company’s position involves looking at its internal strengths and weaknesses, as well as external opportunities and threats.
Strengths
Strong customer relationships leading to business stability.
Flexible and diverse product offerings catering to various food applications.
Established position as a manufacturer and exporter to prominent brands.
Robust quality assurance and control processes.
Strategically located and modern manufacturing facilities.
Cost-efficient raw material sourcing and advantageous location.
Experienced and capable management team.
Commitment to zero-wastage for efficient resource utilization.
Impressive growth in financial performance (revenue and PAT).
Weaknesses
Potential reliance on direct farmer sourcing for raw materials could pose supply chain risks.
Concentration in specific dehydrated vegetables (carrots, cabbage, string beans).
The significant recent surge in profitability might warrant closer scrutiny for sustainability.
Increased borrowings in the latest financial period.
As an SME listing, it may face relatively higher risks and lower liquidity compared to mainboard IPOs.
The IPO valuation appears to be set at a demanding level.
Opportunities
Growing demand in the global packaged food and ready-to-eat sectors.
Expansion into new international markets for dehydrated food products.
Ability to capitalize on evolving consumer preferences for healthy and convenient food solutions.
Leveraging existing infrastructure for product diversification within dehydrated foods.
Potential to further enhance profitability through operational efficiencies and scale.
Threats
Volatility in agricultural commodity prices impacting raw material costs.
Intense competition from domestic and international players in the food processing industry.
Potential for adverse regulatory changes concerning food safety, import/export norms.
Economic downturns affecting consumer spending power on processed food items.
Risks associated with maintaining brand reputation and quality standards.
Participating in the IPO: A Brief Guide
Investors interested in applying for the Sawaliya Foods Products IPO can do so through various platforms. For instance, customers of many leading brokers can typically apply online using UPI as a payment gateway. The process generally involves logging into your broker’s platform, navigating to the IPO section, submitting your bid with UPI ID, quantity, and price, and then approving the mandate via your UPI application.
Essential Contacts for the Issue
Company Contact Details
Sawaliya Foods Products Ltd.
Survey No. 9/2/1/2, Gavla, Tehsil Pithampur,
Dhar, Madhya Pradesh, 454775
Phone: +91 877 032 6514
Email: info@sawaliyafood.com
IPO Registrar
Skyline Financial Services Private Ltd
Phone: 02228511022
Email: ipo@skylinerta.com
Concluding Thoughts
Sawaliya Foods Products Ltd. operates in a promising segment of the agri-food industry, leveraging its expertise in dehydrated vegetables. The company’s recent financial performance showcases robust growth, indicating operational efficiency and market demand for its products. While the observed surge in bottom lines and the valuation might prompt cautious consideration, the proposed utilization of IPO funds for capital expenditure and working capital signals a clear path for future expansion. Potential investors should carefully evaluate these aspects, considering their investment objectives and the inherent risks associated with SME listings, before making a well-informed decision for the medium term.

Investor Category	Minimum Lot Size	Shares per Lot	Minimum Investment Amount (approx.)
Individual Investors (Retail)	2 Lots	2,400 Shares	₹2,88,000
Small High Net Worth Individuals (S-HNI)	3 Lots	3,600 Shares	₹4,32,000
Big High Net Worth Individuals (B-HNI)	7 Lots	8,400 Shares	₹10,08,000

Financial Year Ended (March 31)	Assets (₹ Cr)	Total Income (₹ Cr)	Profit After Tax (PAT) (₹ Cr)	EBITDA (₹ Cr)	Total Borrowing (₹ Cr)
2023	20.04	15.30	0.59	1.69	13.36
2024	25.40	23.67	3.12	6.12	12.93
2025	46.26	34.34	6.95	12.22	22.49

Key Performance Indicator	Value
Return on Equity (ROE)	75.70%
Return on Capital Employed (ROCE)	48.96%
Debt/Equity Ratio	1.78
Profit After Tax (PAT) Margin	20.32%
Earnings Per Share (Pre-IPO)	₹9.49
Price/Earnings (Pre-IPO)	12.64x

August 4, 2025

Highway Infrastructure Limited

Highway Infrastructure IPO: Unlocking Investment Potential in India’s Growth Story

The Indian infrastructure sector is buzzing with activity, and a new opportunity is on the horizon for investors. Highway Infrastructure Limited (HIL) is set to launch its Initial Public Offering (IPO), offering a chance to participate in a company deeply rooted in the nation’s development. This blog post will delve into the intricacies of HIL’s IPO, providing you with a comprehensive analysis to help you make an informed decision.

Understanding Highway Infrastructure Limited

Highway Infrastructure Limited (HIL), established in 1995, is a prominent Indian company specializing in infrastructure development and management. Their operations span across crucial segments including tollway collection, Engineering, Procurement, and Construction (EPC) projects, and a budding real estate portfolio. HIL’s expertise lies in building and maintaining vital infrastructure like roads, highways, and bridges, alongside developing residential projects.

Operational Landscape and Key Activities:

Tollway Management: HIL is a significant player in tollway collection, managing systems for highway projects won through competitive bidding. Notably, they employ advanced Automatic Number Plate Recognition (ANPR) technology for efficient toll collection, an innovative approach on routes like the Delhi-Meerut Expressway. Their toll operations cover an expansive area across 11 states and one Union Territory, leveraging Electronic Toll Collection (ETC) systems with RFID tags for seamless digital payments. As of August 2024, HIL had successfully completed 24 tollway projects and is actively managing 7 ongoing ones.
EPC Infrastructure Projects: The company boasts robust in-house capabilities to handle projects from initial concept to final execution. Their diverse experience includes roads, bridges, irrigation structures, and various civil buildings. As of August 2024, HIL had completed 63 EPC projects, with 20 currently in execution across key locations in Madhya Pradesh, India.
Real Estate Development: While a smaller segment, HIL is also involved in owning, developing, constructing, and selling commercial and residential properties, including gated communities.

With a dedicated workforce of 398 individuals as of August 2024, HIL demonstrates a committed approach to its diverse business operations.

The Public Offering at a Glance: Highway Infrastructure IPO Details

The Highway Infrastructure IPO is a book-built issue, combining a fresh issuance of new shares and an Offer for Sale (OFS) by existing shareholders. This structure allows the company to raise fresh capital for its growth initiatives while also providing an exit opportunity for some early investors.

Key IPO Specifications:

Detail	Specification
IPO Open Date	August 5, 2025
IPO Close Date	August 7, 2025
Face Value	₹5 per share
Price Band	₹65 to ₹70 per share
Minimum Lot Size	211 Shares
Sale Type	Fresh Capital-cum-Offer for Sale
Total Issue Size	1,85,71,428 shares (aggregating up to ₹130.00 Cr)
Fresh Issue Component	1,39,31,428 shares (aggregating up to ₹97.52 Cr)
Offer for Sale (OFS) Component	46,40,000 shares (aggregating up to ₹32.48 Cr)
Issue Type	Bookbuilding IPO
Listing At	BSE, NSE

Anticipated IPO Journey: From Application to Listing

IPO Open

IPO Close

Allotment

Refunds/Demat Credit

Listing

Aug 5, 2025

Aug 7, 2025

Aug 8, 2025

Aug 11, 2025

Aug 12, 2025

Please note that these dates are tentative and subject to change by the company or regulatory bodies.

Investment Thresholds: Lot Sizes and Application Amounts

Understanding the lot size is crucial for potential investors. The minimum lot size for Highway Infrastructure IPO is 211 shares, and bids can be made in multiples thereof. Here’s a breakdown of the minimum and maximum investment requirements for different investor categories:

Application Category	Minimum Lots	Minimum Shares	Minimum Amount (₹)	Maximum Lots	Maximum Shares	Maximum Amount (₹)
Retail Individual Investor (RII)	1	211	14,770	13	2,743	1,92,010
Small High Net-worth Individual (S-HNI)	14	2,954	2,06,780	67	14,137	9,89,590
Big High Net-worth Individual (B-HNI)	68	14,348	10,04,360	–	–	–

Note: All amounts are calculated at the upper end of the price band (₹70 per share) for illustrative purposes.

Reviewing Highway Infrastructure’s Financial Performance

A deep dive into the company’s financials provides essential insights into its health and growth trajectory. While revenue saw a decrease, the company managed to grow its profit after tax, indicating potential improvements in efficiency or cost management.

Consolidated Financial Highlights (in ₹ Crore):

Metric	March 31, 2025	March 31, 2024	March 31, 2023
Assets	231.56	202.63	156.59
Revenue	504.48	576.58	456.83
Profit After Tax (PAT)	22.40	21.41	13.80
EBITDA	31.32	38.44	27.69
Net Worth	117.72	100.19	74.81
Reserves and Surplus	83.90	83.49	64.44
Total Borrowing	71.82	69.62	63.36

Key Performance Indicators (KPIs) as of March 31, 2025:

KPI	Value
Return on Equity (ROE)	19.03%
Return on Capital Employed (ROCE)	16.56%
Debt/Equity Ratio	0.61
Return on Net Worth (RoNW)	19.03%
Profit After Tax Margin	4.44%
EBITDA Margin	6.32%
Price to Book Value	3.44

Valuation Insights: Earnings per Share and Price-to-Earnings Ratio:

Metric	Pre-IPO	Post-IPO
Earnings per Share (EPS)	₹3.88	₹3.12
Price/Earnings (P/E) Ratio	18.06x	22.41x

The market capitalization of Highway Infrastructure IPO is ₹502.04 Crore. The change in EPS and P/E post-IPO is due to the dilution from the fresh issue of shares, which increases the total number of outstanding shares.

The Visionaries: Company Promoters and Shareholding

The leadership of Highway Infrastructure Limited is steered by its dedicated promoters: Arun Kumar Jain, Anoop Agrawal, and Riddharth Jain. Their vision and experience are pivotal to the company’s strategic direction.

Promoter Shareholding:

Holding Stage	Percentage (%)
Pre-Issue Shareholding	94.95%
Post-Issue Shareholding	To be calculated post-IPO based on equity dilution

A significant pre-issue promoter holding often indicates strong confidence from the founders in their company’s future prospects.

Purpose of the Offering: Highway Infrastructure IPO Objectives

The capital raised through this IPO will be strategically deployed to fuel HIL’s growth and operational needs. The key objectives include:

Funding Working Capital Requirements: A substantial portion, approximately ₹65.00 crores, will be utilized to meet the company’s day-to-day operational and capital needs, ensuring smooth functioning and capacity for new projects.
General Corporate Purposes: The remaining funds will be allocated for various corporate requirements, which could include strategic investments, inorganic growth, research and development, or general administrative expenses to support overall business expansion.

Strategic Outlook: A SWOT Analysis of Highway Infrastructure Limited

A comprehensive assessment helps in understanding the company’s current position and future potential. Here’s a quick SWOT analysis:

Strengths

Diversified business model (Toll, EPC, Real Estate).
Strong in-house capabilities for project execution.
Adoption of advanced technology like ANPR in toll collection.
Experienced in completing a large number of projects.

Weaknesses

Revenue decline observed in FY2025 (despite PAT increase).
Relatively smaller contribution from the real estate segment.
Dependence on government contracts for EPC and toll projects.

Opportunities

Growing infrastructure spending by the Indian government.
Expansion scope for advanced toll collection technologies.
Potential for real estate growth in tier-2/3 cities.
Increased demand for quality infrastructure development.

Threats

Intense competition from larger, established infrastructure firms.
Regulatory changes or policy shifts in the infrastructure sector.
Economic downturn affecting new project sanctions or real estate demand.
Fluctuations in raw material costs for EPC projects.

Applying for the IPO and Essential Contacts

For those considering participation in the Highway Infrastructure IPO, the application process is streamlined through various digital channels. You can typically apply online using either UPI (Unified Payments Interface) or ASBA (Applications Supported by Blocked Amount) via your bank’s net banking portal.

Many leading brokerage firms also provide intuitive platforms for IPO applications. If you hold a Demat account with a popular broker, you can usually apply directly from their online portal or app.

Key Facilitators and Company Contacts:

Role	Details
Company Contact	Highway Infrastructure Ltd. 57-FA, Scheme No. 94, Pipliyahana Junction, Ring Road, Indore, Madhya Pradesh, 452016 Phone: +91 731 4047177 Email: cs@highwayinfrastructure.in Website: http://www.highwayinfrastructure.in/
IPO Registrar	Bigshare Services Pvt Ltd Phone: +91-22-6263 8200 Email: ipo@bigshareonline.com Website: https://ipo.bigshareonline.com/IPO_Status.html
Book-Running Lead Manager	Pantomath Capital Advisors Pvt Ltd

Conclusion: Is Highway Infrastructure IPO for You?

Highway Infrastructure Limited presents an intriguing investment opportunity in the dynamic Indian infrastructure sector. With its diversified operations, adoption of modern technology, and a clear vision for utilizing IPO proceeds, HIL is poised for continued growth.

As with any investment, it’s essential to conduct your own thorough due diligence. Carefully review the company’s Red Herring Prospectus (RHP) for detailed risks and opportunities. Consider your investment goals, risk tolerance, and the broader market conditions before making a decision.

The IPO market is always exciting, and understanding companies like Highway Infrastructure Limited can help you navigate these opportunities effectively. Happy investing!

July 31, 2025

Knowledge Realty Trust

Decoding Knowledge Realty Trust REIT: A Deep Dive into India’s Latest Real Estate Offering

In the dynamic landscape of the Indian investment market, Real Estate Investment Trusts (REITs) are emerging as a compelling avenue for investors looking to gain exposure to the real estate sector without the complexities of direct property ownership. These trusts allow individuals to invest in a portfolio of income-generating properties, offering potential for both regular income through dividends and capital appreciation.

A new opportunity is on the horizon with the upcoming public offering from Knowledge Realty Trust, set to become India’s largest office REIT. This blog post will provide a comprehensive overview of this significant offering, analyzing its key aspects to help you make informed decisions.

Key Details of the Public Offering

The Knowledge Realty Trust REIT is a substantial Main Board offering aiming to raise a significant amount through a fresh issue of shares. Here’s a snapshot of the core details:

Particular	Detail
IPO Type	Bookbuilding REIT
Issue Price Band	₹95 to ₹100 per share
Total Issue Size	48,00,00,000 shares (aggregating up to ₹4,800.00 Crore)
Sale Type	Entirely a Fresh Capital Issue
Listing At	BSE, NSE
Face Value	Not specified per share (typically ₹10 for REITs)

Important Dates for Investors

Timing is crucial in any public offering. Here are the key dates related to the Knowledge Realty Trust REIT, from application to listing:

Open Date
Aug 5, 2025

Close Date
Aug 7, 2025

Allotment
Aug 8, 2025

Listing Date
Aug 12, 2025

Potential investors should mark these dates carefully to ensure timely application and tracking of their investment.
Understanding the Investment Lot
For individual investors, understanding the minimum investment required is paramount. The Knowledge Realty Trust REIT has set a specific lot size:
Minimum Bid: 150 shares
Minimum Investment Amount for Retail Investors: ₹15,000 (at the upper price band of ₹100 per share)
Applications must be in multiples of 150 shares.
This structure helps manage the allocation process and defines the entry point for retail participation.
Allocation Breakdown for Investors
The issue is structured to ensure participation from various investor categories, as per regulatory guidelines:
Investor Category Shares Offered
Qualified Institutional Buyers (QIB) Not more than 75% of the issue
Non-Institutional Investors (NII) Not less than 25% of the issue
This distribution aims to balance institutional and non-institutional investor interest in the offering.
About Knowledge Realty Trust: A Market Leader
Knowledge Realty Trust positions itself as a dominant force in the Indian office REIT sector and holds a significant global standing. Here’s what makes it noteworthy:
Largest in India: It is acclaimed as the largest office REIT in India based on Gross Asset Value (GAV) of ₹619,989 million as of March 31, 2025.
Global Presence: Ranks as the second largest office REIT globally by leasable area.
Extensive Portfolio: Comprises 30 Grade A office assets, totaling 46.3 million square feet as of March 31, 2025. This includes 37.1 msf of Completed Area, 1.2 msf Under Construction, and 8.0 msf for Future Development.
Strategic Locations: Assets are spread across six major Indian cities: Hyderabad, Mumbai, Bengaluru, Chennai, Gurugram, and GIFT City (Ahmedabad), ensuring a geographically diversified presence.
Tenant Quality: Boasts a diversified tenant mix, including prominent multinational corporations, Fortune 500 companies, Global Capability Centers (GCCs), and leading domestic corporates.
Amenities & Occupancy: Offers a wide array of amenities (food courts, clubs, sports facilities, medical clinics, creche) and maintains a high Committed Occupancy of 91.4% as of March 31, 2025.
Strong Sponsorship: Supported by renowned sponsors with global experience and local market insight (Blackstone and Sattva).
Financial Health at a Glance
Analyzing the financial performance provides crucial insights into the company’s stability and growth trajectory. Here’s a summary of Knowledge Realty Trust’s restated consolidated financials:
Period Ended Assets (₹ Crore) Revenue (₹ Crore) Profit After Tax (PAT) (₹ Crore) EBITDA (₹ Crore) Total Borrowing (₹ Crore)
31 Mar 2025 24,768.08 4,146.86 222.52 3,293.03 19,792.17
31 Mar 2024 24,902.82 3,588.48 339.66 2,830.36 19,757.58
31 Mar 2023 24,544.42 3,115.97 219.24 2,494.02 20,226.66
While revenue shows a consistent upward trend, increasing by 16% from FY24 to FY25, the Profit After Tax (PAT) experienced a notable drop of 34% in the latest fiscal year. EBITDA, a measure of operational profitability, has also shown healthy growth. Investors should delve deeper into the reasons for the PAT decline while considering the revenue and operational growth.
Purpose of the Fundraise
The capital raised through this public offering is primarily intended for specific strategic objectives:
Partial or full repayment/prepayment of certain financial indebtedness: A significant portion, ₹4,640.00 crore, is earmarked for reducing debt of the Asset SPVs and Investment Entities. This could lead to a stronger balance sheet and reduced interest expenses.
General corporate purposes: The remaining funds will be utilized for general operational and strategic needs of the company.
This clearly defined use of proceeds indicates a focus on strengthening the financial foundation of the trust.
SWOT Analysis: Assessing the Strengths, Weaknesses, Opportunities, and Threats
A balanced view of the trust’s position can be gained through a SWOT analysis:
Strengths:
Market Leadership: Positioned as India’s largest and most geographically diverse office REIT, indicating a strong market presence and brand recognition.
High-Quality Assets & Occupancy: A portfolio of Grade A offices with robust infrastructure and high committed occupancy (91.4%) suggests stable rental income.
Diversified & Reputable Tenant Base: Inclusion of Fortune 500 companies and GCCs minimizes dependence on a single tenant or sector.
Strong Sponsorship: Association with globally experienced sponsors provides credibility and strategic backing.
Embedded Growth Potential: Future development areas within the portfolio offer avenues for expansion and increased revenue.
Weaknesses:
Recent PAT Decline: A 34% drop in Profit After Tax from FY24 to FY25 warrants closer examination by investors, despite revenue growth.
High Total Borrowing: The substantial total borrowing, though relatively stable, might be a point of consideration for risk-averse investors.
Market Cyclicality: The real estate sector, including office spaces, can be subject to economic cycles and demand fluctuations.
Opportunities:
Growing Indian Economy: India’s economic growth and increasing demand for commercial office spaces present a favorable environment for REITs.
Formalization of Real Estate: The growing appeal of REITs as a regulated and transparent investment vehicle could attract more retail and institutional funds.
Strategic Location Advantage: Presence in India’s top-performing metropolitan markets allows the trust to capitalize on robust commercial activity.
Threats:
Economic Slowdown: A significant economic downturn could impact demand for office spaces and rental yields.
Competition: Increasing competition from other REITs and commercial property developers could put pressure on occupancy and rental rates.
Interest Rate Fluctuations: Rising interest rates could increase borrowing costs and impact property valuations.
Remote Work Trends: Long-term shifts towards hybrid or remote work models could affect demand for traditional office spaces.
Managing the Offering: Lead Managers
The public offering is being managed by a syndicate of highly reputable financial institutions, underscoring the scale and importance of this issue. These include:
Kotak Mahindra Capital Company Limited
Axis Capital Limited
BofA Securities India Limited
ICICI Securities Limited
IIFL Capital Services Limited
JM Financial Limited
Morgan Stanley India Company Pvt Ltd
SBI Capital Markets Limited
The presence of multiple experienced lead managers indicates a robust and well-orchestrated offering process.
Company & Registrar Information
For any queries or official communications regarding the IPO, investors can reach out to the following:
Knowledge Realty Trust Contact Details:
Address: One International Center, 14th Floor, Tower 1, Plot No. 612-613, Senapati Bapat Marg, Elphinstone Road, Lower Parel West, Mumbai, Maharashtra, 400013
Phone: 91-22-6868 4400
Email: info@knowledgerealtytrust.com
Website: https://www.knowledgerealtytrust.com/
Registrar to the Issue: Kfin Technologies Limited
Phone: 04067162222, 04079611000
Email: knowledge.reit@kfintech.com
Website: https://kosmic.kfintech.com/ipostatus/
The registrar is responsible for managing the application and allotment process efficiently.
Frequently Asked Questions about the Offering
What is Knowledge Realty Trust REIT?
It is a main-board Real Estate Investment Trust (REIT) public offering comprising 48 crore shares, aggregating up to ₹4,800.00 Crores. The shares are priced in the range of ₹95 to ₹100 per share.
How can one apply for this REIT offering?
You can typically apply online using either UPI (Unified Payments Interface) or ASBA (Application Supported by Blocked Amount) as a payment method. Many brokerage platforms offer streamlined IPO application processes.
When does the Knowledge Realty Trust REIT open and close for subscription?
The offering opens for subscription on August 5, 2025, and closes on August 7, 2025.
What is the minimum lot size for investment?
The minimum lot size for investment is 150 shares, requiring a minimum application amount of ₹15,000.
When is the tentative allotment and listing date?
The finalization of the basis of allotment is expected on Friday, August 8, 2025. Shares are tentatively scheduled to be credited to demat accounts by Monday, August 11, 2025, with a tentative listing date of Tuesday, August 12, 2025.
Conclusion: A Landmark Opportunity in Indian Real Estate
The Knowledge Realty Trust REIT public offering presents a significant opportunity for investors seeking exposure to India’s robust commercial real estate market. With its status as India’s largest office REIT, a diverse portfolio of Grade A assets, high occupancy rates, and strong sponsorships, the trust demonstrates a compelling foundation.
While the recent dip in PAT warrants careful consideration, the consistent revenue growth and strategic use of proceeds for debt reduction highlight a proactive management approach. As with any investment, prospective investors are advised to conduct their own thorough due diligence, review the official offer documents, and consider their individual financial goals and risk tolerance before participating in this landmark offering.

Investor Category	Shares Offered
Qualified Institutional Buyers (QIB)	Not more than 75% of the issue
Non-Institutional Investors (NII)	Not less than 25% of the issue

Period Ended	Assets (₹ Crore)	Revenue (₹ Crore)	Profit After Tax (PAT) (₹ Crore)	EBITDA (₹ Crore)	Total Borrowing (₹ Crore)
31 Mar 2025	24,768.08	4,146.86	222.52	3,293.03	19,792.17
31 Mar 2024	24,902.82	3,588.48	339.66	2,830.36	19,757.58
31 Mar 2023	24,544.42	3,115.97	219.24	2,494.02	20,226.66

July 31, 2025

Bhadora Industries Limited

Bhadora Industries IPO: Illuminating the Path for Potential Investors

The Indian primary market continues to buzz with activity, and among the new entrants making headlines is Bhadora Industries Limited, poised to launch its Initial Public Offering (IPO). Specializing in industrial cables vital for power transmission, this SME company is stepping onto the market, inviting investors to be a part of its growth journey. This blog post delves deep into Bhadora Industries’ business, its financial health, and the specifics of its upcoming public offering to help you make an informed decision.

Understanding Bhadora Industries Limited

Established in April 1986, Bhadora Industries Limited has carved a niche for itself in the manufacturing of industrial cables under its well-known brand, “Vidhut Cables.” Their products are critical for efficient electricity transmission and distribution, serving a broad spectrum of clients, including government discoms and EPC (Engineering, Procurement, and Construction) companies across diverse industrial sectors.

Core Business and Market Reach

Product Range: Their comprehensive portfolio includes Polyvinyl Chloride (PVC) cables, Low Voltage (LV) cables, LT Aerial Bunched Cables, and Cross-Linked Polyethylene (XLPE) cables.
Quality Assurance: The company’s manufacturing facility in Tikamgarh, Madhya Pradesh, spans 15,028 square feet and holds prestigious accreditations from the Bureau of Indian Standards (BIS), alongside certifications in Quality Management (ISO 9001:2015), Environmental Management (ISO 14001:2015), and Occupational Health and Safety (ISO 45001:2018).
Geographical Footprint: Bhadora Industries boasts an impressive presence, supplying products to State Electricity Boards and various domestic and EPC companies across 17 Indian states and Union Territories.

Key Details of the Upcoming IPO

The Bhadora Industries IPO is structured as a book-building issue, entirely comprising a fresh issue of shares. Here’s a snapshot of the critical details:

Particular	Detail
Issue Type	SME Bookbuilding IPO
Total Issue Size	₹55.62 Crores
Shares Offered	54.00 Lakh shares (Fresh Issue)
Face Value	₹10 per share
Price Range	₹97 to ₹103 per share
Minimum Lot Size	1,200 Shares
Listing Exchange	NSE SME
Lead Manager	Unistone Capital Pvt Ltd
Registrar	MUFG Intime India Private Limited (Link Intime)
Market Maker	NNM Securities Private Limited

IPO Schedule: Key Dates to Remember

Mark your calendars for these important dates concerning the Bhadora Industries IPO:

IPO Open Date Allotment Finalization Shares Credited Tentative Listing Date

Aug 4, 2025 Aug 7, 2025 Aug 8, 2025 Aug 11, 2025

Investment Commitment: Lot Size Details

Investors need to bid for a minimum of 1,200 shares and in multiples thereafter. The investment amounts vary for different investor categories:

Investor Category	Min. Lots	Min. Shares	Min. Investment (at ₹103/share)
Retail Individual Investor (RII)	2	2,400	₹2,47,200
Small HNI (S-HNI)	3	3,600	₹3,70,800
Big HNI (B-HNI)	9	10,800	₹11,12,400

Evaluating Financial Performance

Bhadora Industries has demonstrated robust financial growth in recent years. A closer look at their restated financial data reveals a strong upward trend:

Particulars (₹ Crores)	March 31, 2025	March 31, 2024	March 31, 2023
Total Assets	48.76	25.87	20.13
Revenue from Operations	110.69	83.27	18.81
Profit After Tax (PAT)	10.79	4.96	0.18
EBITDA	16.98	6.79	1.04
Net Worth	20.94	10.15	5.20
Total Borrowings	19.67	9.47	10.13

Key Performance Indicators (KPIs)

As of March 31, 2025, Bhadora Industries’ valuation metrics present a comprehensive picture:

Metric	Value
Market Capitalization	₹191.58 Crores
Return on Equity (ROE)	51.51%
Return on Capital Employed (ROCE)	42.41%
Debt to Equity Ratio	0.94
Profit After Tax Margin	9.80%
EBITDA Margin	15.42%
Price to Book Value	6.49
EPS (Pre-IPO)	₹8.17
P/E (Pre-IPO)	12.61x
EPS (Post-IPO)	₹5.80
P/E (Post-IPO)	17.76x

The Visionaries: Company Promoters and Shareholding

The leadership of Bhadora Industries Limited is steered by its dedicated promoters: Shashank Bhadora, Pradeep Bhadora, and Anil Bhadora. Their commitment is reflected in the significant stake they hold in the company:

Shareholding Stage	Percentage (%)
Pre-Issue Promoter Holding	92.42%
Post-Issue Promoter Holding	65.59%

Strategic Objectives of the IPO

Bhadora Industries plans to utilize the net proceeds from this issue for specific growth-oriented initiatives:

New Manufacturing Facility: A significant portion, ₹22.32 Crores, is earmarked for partly financing the establishment of a new manufacturing unit in Khargone, Madhya Pradesh, to boost production capacity.
Working Capital Needs: ₹20.00 Crores will be allocated to meet the company’s ongoing working capital requirements, ensuring smooth operations.
General Corporate Purposes: The remaining funds will be used for general corporate needs, providing flexibility for future business development.

A Deeper Dive: Strategic Analysis (SWOT)

Understanding an IPO opportunity requires a holistic view. Here’s a strategic analysis of Bhadora Industries:

Strengths

Strong Product Niche: Specialization in industrial cables for critical infrastructure provides a stable demand base.
Government Approved Vendor: Being an approved vendor for government discoms offers a competitive edge and consistent order flow.
High Quality & Certifications: Adherence to BIS, ISO 9001, ISO 14001, and ISO 45001 standards signifies robust quality control and environmental commitment.
Impressive Financial Growth: Substantial year-on-year revenue (33%) and profit (118%) growth indicates strong operational efficiency and market acceptance.
Experienced Leadership: The promoters bring valuable experience and vision to the company’s strategic direction.

Weaknesses

SME Segment Risks: Listing on the SME platform can imply higher volatility and potentially lower liquidity compared to mainboard IPOs.
High Minimum Investment: The substantial minimum investment amount for retail investors (₹2.47 lakhs) might limit broader participation.
Customer Concentration: Reliance on government discoms and EPC companies could lead to revenue concentration risks.
Increased Borrowing: The notable increase in total borrowings in FY2025 warrants close monitoring of debt management.

Opportunities

Infrastructure Boom: India’s continuous focus on power and infrastructure development presents a significant growth avenue for cable manufacturers.
Capacity Expansion: The planned new manufacturing facility will enable the company to scale production and cater to increasing demand.
“Make in India” Push: Government initiatives promoting domestic manufacturing could further benefit Bhadora Industries.
Market Penetration: Opportunity to deepen penetration in existing markets and explore new states.

Threats

Intense Competition: The industrial cable market is competitive, with numerous established players.
Raw Material Price Volatility: Fluctuations in the cost of key raw materials like copper and PVC can impact profitability.
Regulatory Changes: Any adverse changes in government policies or tendering processes could affect business.
Economic Slowdown: A general economic downturn could reduce demand from industrial and infrastructure projects.

Conclusion: Navigating Your Investment Decision

Bhadora Industries Limited appears to be a company with a strong foundation in a critical sector, backed by impressive financial performance and clear growth objectives for its IPO. However, like any investment, it comes with its own set of considerations, particularly given its listing on the SME platform and the relatively high minimum investment required for retail participants.

Prospective investors should carefully evaluate the company’s financials, future growth prospects, and the inherent risks associated with SME IPOs. It’s always advisable to consult with a financial advisor and conduct thorough due diligence before making any investment decisions. Stay informed, review the company’s official documents, and consider how this opportunity aligns with your personal investment goals and risk tolerance.

Important Contacts

For further details or queries regarding the IPO, you may reach out to:

Bhadora Industries Ltd.

Address: Office No. 505, Plot No 39.405, NRK BIZ PARK PU-4, Scheme N 54, DDU Nagar, Indore, Madhya Pradesh, 452010
Phone: +91-70000 61995
Email: cs@vidhutcables.com

IPO Registrar

Name: MUFG Intime India Private Limited (Link Intime)
Phone: +91-22-4918 6270
Email: bhadora.ipo@linkintime.co.in

July 30, 2025

Parth Electricals & Engineering Limited

Unveiling the Parth Electricals & Engineering IPO: A Deep Dive for Investors

The Indian market is abuzz with new investment opportunities, and the upcoming SME IPO of Parth Electricals & Engineering Ltd. is certainly capturing attention. As a company dedicated to power and infrastructure solutions, Parth Electricals presents an intriguing prospect for those looking to expand their portfolios. Let’s delve into the details of this Initial Public Offering, analyzing its strengths, understanding its financial standing, and exploring what it means for potential investors.

Understanding Parth Electricals & Engineering Ltd.

Established in 2007, Parth Electricals & Engineering Ltd. has evolved from a service-oriented firm into a prominent manufacturer in the electrical equipment sector. The company specializes in a range of products and services crucial for power distribution and industrial applications.

Their comprehensive offerings include:

Manufacturing Medium Voltage (MV) switchgear panels, Vacuum Circuit Breaker (VCB) panels, Earth Link Boxes, Control and Relay Panels (CRP), and Compact Substations (CSS).
Providing installation, testing, commissioning, and turnkey execution services for Air Insulated Substations (AIS) and Gas Insulated Substations (GIS) up to 220kV.
Undertaking High Voltage (HV) and Extra High Voltage (EHV) cable laying projects.

Parth Electricals boasts an impressive client roster, featuring industry giants like Aditya Birla, Ultratech Cement, L&T, Reliance, Adani, Tata Power, Schneider Electric, BHEL, Tata Steel, Siemens, and Jindal Steel & Power, among others. With a manufacturing facility in Vadodara, Gujarat, and global operations, the company is ISO 9001:2015, 14001, and 45001 certified, underscoring its commitment to quality and safety.

Key IPO Specifications

Here’s a quick overview of the essential details concerning the Parth Electricals & Engineering IPO:

Detail	Specification
IPO Opening Date	Monday, August 4, 2025
IPO Closing Date	Wednesday, August 6, 2025
Issue Price Band	₹160 to ₹170 per share
Face Value	₹10 per share
Minimum Lot Size	800 Shares
Total Issue Size	₹49.72 Crores (29.25 Lakh Shares)
Issue Type	Book-Built Issue (Fresh Capital)
Listing At	NSE SME
Employee Discount	₹8.00 per share

IPO Timeline: A Glimpse into the Schedule

Understanding the timeline is crucial for any potential investor. Here’s when key events are expected to occur:

IPO Open Aug 4, 2025

IPO Close Aug 6, 2025

Allotment Aug 7, 2025

Credit Shares Aug 8, 2025

Listing Date Aug 11, 2025

Investor Categories and Lot Sizes

The IPO allocates shares across various investor categories. Here’s how the shares are distributed and the minimum investment required:

Investor Category	Shares Offered	Percentage
Market Maker	1,46,400	5.01%
Qualified Institutional Buyers (QIB)	13,53,600	46.28%
Non-Institutional Investors (NII/HNI)	4,07,200	13.92%
Retail Individual Investors (RII)	9,48,800	32.44%
Employee Reservation	68,800	2.35%
Total Shares Offered	29,24,800	100.00%

Here’s a detailed breakdown of the lot sizes and corresponding investment amounts for different investor categories:

Application Category	Lots	Shares	Amount (₹)
Individual Retail Investor (Min/Max)	2	1,600	2,72,000
Small HNI (Min)	3	2,400	4,08,000
Small HNI (Max)	7	5,600	9,52,000
Big HNI (Min)	8	6,400	10,88,000
Employee (Min)	2	1,600	2,72,000
Employee (Max)	1	800	1,36,000

*Note: Bidding at cut-off price is generally not allowed for any category.*

Financial Performance and Valuation Insights

Analyzing a company’s financial health is paramount before investing. Parth Electricals has shown impressive growth in recent years.

Period Ended (March 31)	FY2023 (₹ Cr)	FY2024 (₹ Cr)	FY2025 (₹ Cr)
Assets	50.70	66.53	106.76
Revenue	65.70	87.17	176.20
Profit After Tax (PAT)	2.45	4.61	10.12
EBITDA	4.31	9.05	17.53
Net Worth	9.58	14.50	40.59
Total Borrowing	8.43	15.84	33.33

The company’s revenue surged by 102% and Profit After Tax (PAT) by 119% between FY2024 and FY2025, indicating strong operational efficiency and market demand.

Key Performance Metrics (KPIs)

As of March 31, 2025, the company’s market capitalization stands at ₹232.36 Crores. Here are other crucial KPIs:

Metric	Value
Return on Equity (ROE)	24.92%
Return on Capital Employed (ROCE)	23.38%
Debt/Equity Ratio	0.82
PAT Margin	5.79%
EBITDA Margin	10.04%
Price to Book Value (P/BV)	4.13

The Debt/Equity ratio of 0.82 indicates a manageable debt level, while healthy ROE and ROCE figures suggest efficient utilization of shareholder funds and capital.

Purpose of the IPO Proceeds

Parth Electricals & Engineering Ltd. intends to utilize the net proceeds from this IPO for several strategic initiatives aimed at future growth and strengthening its financial position:

Establishing a new GIS (Gas Insulated Substation) manufacturing facility in Gujarat.
Setting up another manufacturing facility in Odisha to expand geographical reach and production capacity.
Repaying certain short-term borrowings, which will help in debt reduction and improve financial leverage.
Meeting general corporate purposes, ensuring operational flexibility.

Anchor Investor Participation and Promoter Holdings

Anchor investors play a significant role in instilling confidence in an IPO.

Parth Electricals IPO successfully raised ₹13.80 crore from anchor investors on August 1, 2025.
These shares (8,12,000) are subject to a lock-in period: 50% for 30 days (till September 6, 2025) and the remaining for 90 days (till November 5, 2025).

The promoters of the company are Mr. Jigneshkumar Gordhanbhai Patel and Ms. Jemini Jigneshkumar Patel. Their shareholding will see a change post-IPO:

Pre-Issue Promoter Holding: 79.60%
Post-Issue Promoter Holding: 62.57%

SWOT Analysis: A Holistic View

A comprehensive evaluation of the company’s internal and external factors is essential for informed decision-making.

Strengths:

Strong Financial Growth: Demonstrated exceptional year-on-year growth in both revenue and profit.
Diverse Product & Service Portfolio: Offers a wide range of electrical equipment and end-to-end project execution services, reducing reliance on a single segment.
Reputable Clientele: Collaboration with leading industrial and infrastructure players highlights market trust and robust business relationships.
Quality Assurance: ISO certifications underscore a commitment to high operational and safety standards.
Global Reach: Presence in international markets indicates broader growth potential and diversified revenue streams.
Strategic Business Partnerships: Existing tie-ups can enhance operational efficiency and profitability.

Weaknesses:

Increasing Debt Levels: While manageable, the rising total borrowing requires careful monitoring.
SME Market Dynamics: Listing on the SME platform might entail lower liquidity compared to the mainboard.
Project-Based Revenue Volatility: Dependence on large project cycles can lead to fluctuations in revenue if new projects are delayed or cancelled.

Opportunities:

Booming Infrastructure Sector: India’s continuous investment in power, industrial, and infrastructure development promises sustained demand.
Government Push for Renewable Energy: Growth in solar, wind, and other green energy projects creates new demand for electrical infrastructure.
Expansion into New Regions: New facilities in Gujarat and Odisha open doors to untapped markets and increased manufacturing capacity.
Technological Integration: Scope to adopt advanced technologies for enhanced product development and operational efficiency.

Threats:

Intense Competition: The electrical equipment and project execution sector is highly competitive with many established players.
Fluctuating Raw Material Costs: Volatility in commodity prices can impact profit margins.
Regulatory and Policy Changes: New government policies or environmental regulations could affect business operations and project timelines.
Economic Downturns: Broader economic slowdowns can reduce industrial activity and infrastructure investments.

Important Contacts for Investors

For further queries or information, you can reach out to the company or the IPO registrar:

Company Contact Information:

Parth Electricals & Engineering Ltd.
301, Riddhi-Siddhi Elanza, Near Dominos, Subhanpura
Vadodara, Gujarat, 390023
Phone: 0265 2291922
Email: cs@parthelectricals.in
Website: http://www.parthelectricals.in/

IPO Registrar Details:

Kfin Technologies Limited
Phone: 04067162222, 04079611000
Email: peel.ipo@kfintech.com
Website: https://kosmic.kfintech.com/ipostatus/

Concluding Thoughts: Evaluating the Opportunity

Parth Electricals & Engineering Ltd. presents a compelling case for investment, backed by strong financial growth, a diverse portfolio, and strategic expansion plans. The company’s focus on the growing electrical and infrastructure sectors positions it well for future opportunities.

As with any investment, it’s advisable for potential investors to conduct thorough due diligence, consider the associated risks, and align the opportunity with their individual investment goals and risk appetite. The detailed financials and future objectives provide a solid foundation for your research into this promising SME IPO.

July 30, 2025