Category: LISTED IPO

Ravelcare Limited

Ravelcare Ltd. SME IPO Analysis: Should You Invest?

Decoding the Digital Beauty Wave: An In-Depth Look at Ravelcare Ltd.’s SME IPO

The Indian capital markets continue to buzz with opportunities, particularly on the SME platform, where innovative, digitally native businesses are making their public debuts. Ravelcare Ltd., a fast-growing digital-first beauty and personal care (BPC) brand, is the latest entrant aiming to leverage public capital for expansion. This comprehensive analysis dives deep into the Ravelcare IPO, examining its business model, financials, and what investors should consider before bidding.

Ravelcare Ltd.: Innovating in the Personal Care Space

Ravelcare Ltd., established in November 2018, is rapidly carving out a niche in the competitive BPC sector. Unlike traditional brands, Ravelcare focuses heavily on customization and direct-to-consumer (D2C) engagement.

Core Business Model and Offerings

Digital Focus: The company operates primarily through its own website and major online marketplaces (Amazon, Flipkart, Myntra), ensuring strong digital visibility. Quick commerce platforms like Blinkit are also utilized for rapid delivery.
Personalized Approach: Ravelcare builds consumer trust through digital consultations for both hair and skin needs, leading to tailored product recommendations.
Product Segments: Their diverse portfolio covers four main areas:
- Haircare: Customized solutions for hair fall, frizz, and damage.
- Skincare: Products addressing acne, pigmentation, and dryness based on digital skin assessments.
- Bodycare: Focus on hydration and skin barrier health.
- Scalp Care: Targeted treatments like anti-dandruff tonics and hair growth serums.
Global Reach: Beyond domestic markets, Ravelcare has expanded its footprint to the UAE, Australia, Canada, Germany, the USA, and Saudi Arabia in FY 2024–25.

Strategic Competitive Edge

The brand’s strength lies in its ability to control the entire customer lifecycle:

D2C Advantage: Direct engagement reduces reliance on middlemen, allowing for competitive pricing and service consistency.
Data-Driven Innovation: Product development is continuously informed by customer feedback gathered through digital interactions.
Logistical Setup: Management of warehousing across central India ensures reliable and speedy fulfillment.

Ravelcare IPO: Key Subscription Details

The Ravelcare IPO is structured as a Book Build Issue seeking to raise ₹24.10 Crores entirely through a fresh issue of 0.19 crore shares. This SME IPO is set to list on the BSE SME platform.

IPO Tentative Schedule at a Glance

Here is the anticipated timeline for the Ravelcare IPO process:

Event	Tentative Date
IPO Open Date	Monday, December 1, 2025
IPO Close Date	Wednesday, December 3, 2025
Tentative Allotment Finalization	Thursday, December 4, 2025
Initiation of Refunds / Credit of Shares to Demat	Friday, December 5, 2025
Tentative Listing Date (BSE SME)	Monday, December 8, 2025

IPO Window: Dec 1 – Dec 3, 2025

Pricing and Investment Structure

The price band is set to attract a mix of retail and high-net-worth investors.

Parameter	Detail
Face Value	₹10 per share
Issue Price Band	₹123.00 to ₹130.00 per share
Minimum Lot Size (Retail)	1,000 Shares (2 Lots)
Minimum Investment (Retail – Upper Price)	₹2,60,000.00
Total Fresh Issue Size	18,54,000 shares (aggregating up to ₹24.10 Cr)

IPO Share Allocation Breakdown

The allocation structure reflects a strong focus on Qualified Institutional Buyers (QIBs) while maintaining a healthy portion for retail participants.

Investor Category	Shares Offered	Percentage (%)
QIB (Qualified Institutional Buyers)	8,76,000	47.25%
Retail Individual Investors (RII)	6,20,000	33.44%
NII (Non-Institutional Investors)	2,64,000	14.24%
Market Maker Reservation	94,000	5.07%
Total Shares Offered	18,54,000	100.00%

Company Financial Health and Valuation Insights

Analyzing the provided restated financial data gives context to the company’s growth trajectory leading up to the IPO.

Snapshot of Financial Performance (₹ in Crores)

Metric	31 Mar 2024	31 Mar 2025	30 Sep 2025 (Interim)
Total Income	22.28	25.30	14.44
Profit After Tax (PAT)	5.02	5.26	3.20
Total Assets	8.03	11.63	15.68
Total Borrowing	0.41	0.04	0.04

Key Observation: Revenue grew by approximately 14% and PAT by 5% between the fiscal year ending March 2024 and March 2025, indicating consistent, albeit moderate, top-line and bottom-line growth.

Key Performance Indicators (as of Mar 31, 2025)

KPI	Value
Return on Equity (ROE)	68.04%
Return on Capital Employed (ROCE)	68.32%
PAT Margin	21.01%
Market Capitalization (Estimated)	₹89.17 Cr.

The high ROE and ROCE figures suggest efficient utilization of capital to generate profits.

Understanding Promoter Strength and IPO Objectives

Shareholding Structure

The promoter holding demonstrates strong confidence in the company’s future prospects prior to the public offering.

Promoter Holding Pre-Issue: 99.96%
Promoter Holding Post-Issue: To be calculated post-allotment, but the initial stake is virtually entirely held by the promoters.

Ayush Mahesh Verma is noted as the company promoter.

Utilization of Raised Funds

The proceeds from this fresh issue are earmarked for targeted growth initiatives rather than merely funding existing operations.

Objective	Allocated Amount (₹ in Crores)
Marketing & Advertisement (Brand Visibility)	11.50
Setting up New Manufacturing Facility (Amravati)	7.84
General Corporate Purposes	Balance Amount

Anchor Investor Activity

Ravelcare secured early backing from institutional investors, a positive signal for SME IPOs.

Anchor Bid Date: November 28, 2025.
Amount Raised: ₹6.83 crore from 5,25,000 shares allocated to Anchor Investors.
Lock-in Period: 50% of shares locked in until January 3, 2026 (30 days), and the remaining 50% locked in until March 4, 2026 (90 days).

SWOT Analysis for Ravelcare Ltd.

A structured evaluation of the company’s internal strengths/weaknesses and external opportunities/threats is crucial for assessment.

Category	Factors
Strengths	Digital-first, D2C distribution model. High customer retention via personalization. Strong pre-IPO financial efficiency (High ROE/ROCE). Minimal existing debt burden.
Weaknesses	High reliance on online platforms for sales. Relatively new company (incorporated in 2018). Significant funds allocated to marketing/advertisement post-IPO.
Opportunities	Expanding international market presence. Setting up integrated manufacturing facility promises better margin control and supply chain stability. Growing consumer preference for customized BPC solutions.
Threats	Intense competition from established and emerging BPC players. Regulatory changes in e-commerce or digital advertising. Execution risk associated with setting up the new manufacturing unit.

Navigating the Application Process

For potential investors, understanding *how* to apply is as important as *why* to apply. The application typically hinges on using UPI or ASBA methods via a registered broker.

Applying via Leading Broker Platforms

Modern market participation is streamlined through technology. Platforms that offer direct IPO application integration simplify the process:

Investors holding accounts with discount brokers often use the broker’s web portal or application (e.g., Console for certain brokers) to bid.
The core mechanism involves entering bid details and then approving the mandate instantly via a UPI application (like BHIM or net banking apps).
For this specific SME IPO, the minimum application requires 2 lots (2,000 shares) at the upper price band.

Important Contact Information

Should you require detailed documentation or post-listing assistance:

Company Details

Registered Office: Off-126, Neo Corporate Plaza, Cabin B, Ramchandra Lane Extension, Malad, Mumbai, Maharashtra, 400064
Contact Email: pragya@ravelcare.com

Registrar Details (For Allotment Queries)

The registrar manages the technical aspects of allotment and refunds.

Registrar: Kfin Technologies Ltd.
Contact Phone: 04067162222, 04079611000
Website Portal: Check the registrar’s official IPO status portal for allotment updates.

Concluding Thoughts on the Ravelcare SME IPO

Ravelcare Ltd. presents an IPO opportunity rooted in a high-growth digital consumer segment. Its strong promoter conviction, high pre-issue profitability ratios (ROE/ROCE), and clear plans for manufacturing expansion provide a compelling narrative. However, as an SME listing, it inherently carries higher volatility and execution risk compared to mainboard IPOs. The success of the issue will depend on whether the company can effectively utilize the funds raised for marketing penetration and successfully commission its new facility while navigating competition in the dynamic beauty industry.

Investors must weigh the attractive growth potential against the risks inherent in smaller, rapidly scaling ventures before making their final application decision.

November 26, 2025

Clear Secured Services Limited

Navigating the Clear Secured Services IPO: Your Essential Guide

Unpacking the details of the upcoming SME IPO for informed investment decisions.

Introduction: The Facility Management Sector Gears Up for Listing

The Indian SME landscape is buzzing with activity, and the upcoming Initial Public Offering (IPO) from Clear Secured Services Ltd. is catching the attention of investors looking to tap into the growing facility management sector. This book-built issue on the NSE SME platform presents a unique opportunity. Before diving in, a thorough understanding of the company, its financials, and the IPO specifics is crucial. This guide consolidates all the essential information you need to assess this offering.

Understanding Clear Secured Services Ltd.

Clear Secured Services Limited (CSS) is a well-established Mumbai-based firm specializing in offering integrated facility management solutions. Their business model is designed to handle diverse client needs under one roof, ensuring comprehensive operational support for businesses across the nation.

Core Service Spectrum

Security Services
Housekeeping & Cleaning Operations
Repair & Maintenance (RnM)
Infrastructure & Interiors (TIS)
HR & Staffing Solutions
Telecom & Remote Monitoring Systems
IT & Software Services

Competitive Edge

The company highlights several strong points that position it well for future growth:

Offering integrated services supported by a strategic business model attuned to sector expansion.
Maintaining direct operations across multiple states, ensuring a nationwide operational footprint supported by a substantial workforce.
Cultivating strong, continuous relationships with clients spanning critical economic sectors.
Demonstrating consistent financial performance enabled by a scalable and efficient operational framework.

Operational Footprint

As of the latest data, CSS manages services at 17 customer locations spread across 15 states and 2 union territories, serving diverse industries including telecom, insurance, real estate, oil and gas, banking, retail, and government sectors.

Key Financial Snapshot (Amounts in ₹ Crore)

Examining the historical financial performance provides insight into the company’s trajectory. The figures below are restated historical data.

Metric	31 Dec 2024	31 Mar 2024	31 Mar 2023	31 Mar 2022
Assets	215.50	164.37	147.24	128.40
Total Income	319.41	281.90	249.39	233.67
Profit After Tax (PAT)	11.75	11.74	6.97	4.73
Total Borrowing	85.59	46.13	37.20	20.11

Performance Indicators (As of March 31, 2024)

KPI	Value	Benchmark Context
Return on Equity (ROE)	14%	Measures profitability relative to shareholder funds.
Return on Capital Employed (ROCE)	18.93%	Indicates efficiency in utilizing total capital.
Debt-to-Equity Ratio	0.51	Shows moderate leverage.
PAT Margin	4.21%	Profitability as a percentage of total income.

Clear Secured IPO: The Offering Details

This is a Book Building IPO raising approximately ₹85.60 crores, comprising entirely fresh equity shares.

IPO Summary Table

Parameter	Value
Face Value	₹10 per share
Issue Price Band	₹125 to ₹132 per share
Total Fresh Issue Size	₹85.60 Crore (64.85 Lakh Shares)
Listing Venue	NSE SME

Subscription Timeline & Key Dates

The IPO opens on December 1, 2025, and closes two days later. Below is the tentative schedule:

IPO Subscription Progress

Subscription Status: Not yet commenced

Milestone	Tentative Date
IPO Open Date	Monday, Dec 1, 2025
IPO Close Date	Wednesday, Dec 3, 2025
Tentative Allotment Finalization	Thursday, Dec 4, 2025
Credit of Shares to Demat	Friday, Dec 5, 2025
Tentative Listing Date (NSE SME)	Monday, Dec 8, 2025

Investment Lot Size Details

The offering is structured with specific lot sizes. Investors must bid for the minimum lot size or multiples thereof.

Investor Category	Application Lots	Shares (Minimum)	Investment Amount (at Upper Price)
Individual Investors (Retail – Min)	2	2,000	₹2,64,000.00
HNI (Small – Min)	3	3,000	₹3,96,000.00

Fund Deployment Strategy (Objects of the Issue)

The company plans to utilize the net proceeds from this fresh issue to strengthen its operational capabilities and financial structure:

Purpose	Expected Amount (₹ in crores)
1. Investment in Subsidiary (CTSPL) for Equipment Purchase	5.25
2. Funding Working Capital Requirements	26.00
3. Repayment or Prepayment of Borrowings	35.50
4. General Corporate Purposes	(Balance)

Significantly, a large portion of the funds is earmarked for reducing debt and bolstering working capital, suggesting a focus on balance sheet strengthening and operational scalability.

Corporate Structure and Ownership

The offering sees a substantial dilution of the existing promoter stake, though they maintain majority control post-issue.

Holding Status	Percentage
Promoter Holding Pre-Issue	99.84%
Promoter Holding Post-Issue	(To be calculated based on final allotment)

The company promoters are identified as Mr. Vimal Dhar Lalta Prasad Dubey, Mr. Rakesh Dhar Dubey, Mrs. Kusum Vimal Dubey, and Mr. Sanjay Dubey.

Investment Assessment: SWOT Analysis

A balanced view requires considering both the inherent strengths and potential weaknesses.

Strengths (Internal Positives)

Diversified Service Portfolio: Offering multiple facility management streams reduces reliance on a single revenue source.
Strong Client Base: Established relationships across varied essential sectors provide revenue stability.
Track Record of Growth: Consistent growth in income and PAT over the reviewed financial periods.
Strategic Use of Funds: Planned debt reduction improves the financial health post-IPO.

Weaknesses (Internal Negatives)

High Pre-Issue Promoter Holding: While common in SME listings, the initial high concentration suggests limited free float before the IPO.
Labor Intensive Model: Facility management is inherently dependent on human resources, which can impact scalability and margin stability.

Opportunities (External Positives)

Infrastructure Boom: Growing commercial and residential development drives higher demand for integrated facility management services.
Outsourcing Trend: Companies increasingly outsource non-core functions like maintenance and security to specialized firms.

Threats (External Negatives)

Regulatory Changes: Sector-specific labor laws or compliance requirements can impact operational costs.
Intense Competition: The facility management space has numerous local and national players, leading to potential price competition.

How to Participate: Application Procedures

Investors typically apply for SME IPOs using UPI-based applications through their brokerage accounts.

Applying via Discount Brokers (General Steps)

Platforms commonly used for such subscriptions streamline the process:

Log into your chosen broker’s trading portal or mobile application (e.g., platforms known for flat-rate brokerage charges).
Navigate to the IPO section within the portfolio or trading dashboard.
Select the Clear Secured Services IPO and specify your bid quantity (minimum 2,000 shares).
Confirm the application using your UPI ID, ensuring sufficient funds are blocked via the mandate.

Crucially, ensure the UPI mandate is confirmed before the cut-off time, which is 5 PM on the closing day (December 3, 2025).

Key Contacts and Intermediaries

Knowing the key personnel managing the IPO process is vital for necessary follow-ups.

Company and Registrar Information

Role	Entity Details
Lead Manager	Horizon Management Pvt.Ltd.
Registrar & Share Transfer Agent	Bigshare Services Pvt.Ltd. (Contact: +91-22-6263 8200)
Company Contact (Email)	companysecretary@cssindia.in

Concluding Thoughts for the Investor

The Clear Secured Services IPO presents an opportunity to invest in a growing SME within the critical facility management domain. With planned debt reduction and a focus on working capital improvement, the deployment of issue proceeds appears geared towards sustainable business expansion. As with any SME IPO, potential investors should weigh the high growth prospects typical of smaller listed entities against the inherent volatility and risks associated with pre-profitability or high-leverage sectors. Conduct a final review of the Draft Red Herring Prospectus (DRHP) and assess your risk appetite before the bidding window closes on December 3, 2025.

November 26, 2025

Invicta Diagnostic Limited

Decoding the Invicta Diagnostic IPO: A Deep Dive for Aspiring Investors

The primary market is buzzing with activity, and the upcoming SME IPO of Invicta Diagnostic Ltd. has captured the attention of many investors looking for opportunities in the healthcare sector. As this public offering approaches, understanding the nuances of the company, its financials, and the specifics of the issue is crucial for making an informed decision. This comprehensive analysis aims to break down everything you need to know about the Invicta Diagnostic IPO.

Understanding Invicta Diagnostic Ltd.

Incorporated in January 2021, Invicta Diagnostic Limited operates under the familiar brand name ‘PC Diagnostics’. The company is a key player in providing integrated radiology and pathology solutions across Mumbai, Maharashtra. Leveraging a strategic hub-and-spoke model, they offer a wide array of diagnostic services.

Core Business Operations:

Provides comprehensive pathology testing (routine and specialized) and advanced radiology services, including imaging and teleradiology.
Operates through a flagship hub in Thane West equipped for full-spectrum pathology and advanced imaging (CT, MRI).
Utilizes three additional hubs and three spokes across the Mumbai Metropolitan Region (MMR) for specialized services and sample collection.
Offers an extensive test menu: approximately 60 routine, 487 specialized pathology tests, and 96 basic, 130 advanced radiology tests.
Maintains a robust sample collection network via phlebotomists and collection partners.

Competitive Advantages:

Steady expansion within the competitive Mumbai Metropolitan Region (MMR), particularly in radiology.
Positioned as a cost-effective, one-stop solution provider for diagnostic needs.
Strong technological infrastructure supporting their services.
Reliance on a dedicated management team with substantial sector experience.
Efficient adoption of the Hub and Spoke organizational structure.

Invicta Diagnostic IPO: The Crucial Numbers

The Invicta Diagnostic IPO is structured as a book-build issue seeking to raise ₹28.12 crores entirely through a fresh issue of 0.33 crore shares. This SME IPO aims to fuel its expansion plans in Maharashtra.

Key IPO Subscription Details:

Detail	Value
Total Issue Size (Value)	₹28.12 Crores
Issue Type	Fresh Issue
Listing Platform	NSE SME
Face Value	₹10.00 per share
Price Band	₹80.00 to ₹85.00 per share

Investment Lot Size Breakdown:

The minimum application size for retail investors is based on 2 lots, requiring a significant upfront investment.

Investor Category	Lots	Shares	Minimum Investment (Upper Price)
Retail Investor (Minimum)	2	3,200	₹2,72,000.00
HNI (Minimum Application)	3	4,800	₹4,08,000.00

IPO Subscription Timeline:

Mark your calendars for the subscription window. Note that all dates are tentative and subject to finalization.

Subscription Progress Status (Conceptual):

(Progress visualization based on initial data/expected timeline)

Key Event	Tentative Date
IPO Opens	Monday, December 1, 2025
IPO Closes	Wednesday, December 3, 2025
Allotment Finalization	Thursday, December 4, 2025
Share Credit to Demat	Friday, December 5, 2025
Tentative Listing Date	Monday, December 8, 2025

Financial Health Snapshot (Restated Consolidated Data)

Examining recent financial performance offers insight into the company’s growth trajectory. We observe notable improvement in key metrics leading up to the latest reported periods.

Metric (₹ in Crore)	Mar ’24	Mar ’25	Sep ’25 (Half Year)
Total Income	15.90	30.18	17.08
Profit After Tax (PAT)	3.81	4.93	4.08
Total Borrowing	3.81	3.54	3.72

Efficiency Ratios (As of March 31, 2025):

Key Performance Indicator	Value
Return on Equity (ROE)	44.28%
Return on Capital Employed (ROCE)	42.00%
Debt to Equity Ratio	0.26
Profit After Tax Margin	16.38%

Stakeholders and Offer Objectives

Promoter Landscape:

The company is promoted by Dr. Ketan Jayantilal Jain, Dr. Sanket Vinod Jain, Rohit Prakash Srivastava, Badal Kailash Naredi, and Jayesh Prakash Jain.
Promoter Holding Pre-Issue: 90.52% (Indicating strong promoter confidence before the public offer).

Utilization of Funds:

The net proceeds are earmarked primarily for strategic expansion:

Objective	Expected Allocation (₹ Cr)
Funding CapEx for 5 New Diagnostic Centres in Maharashtra	21.11
General Corporate Purposes	(Balance Amount)

Key Intermediaries:

Book Running Lead Manager (BRLM): Socradamus Capital Pvt.Ltd.
Registrar: Bigshare Services Pvt.Ltd.
Market Maker: Nikunj Stock Brokers Ltd.

Strategic Assessment: Strengths, Weaknesses, Opportunities, and Threats (SWOT)

A balanced view requires evaluating the intrinsic and external factors affecting the company’s future prospects.

Strengths:

Demonstrated high return ratios (ROE ~44%, ROCE ~42% as of Mar ’25).
Strong focus on building integrated diagnostics under a single brand in a high-demand metro region.
Relatively low debt levels (Debt/Equity 0.26).

Weaknesses:

Relatively young company (Incorporated in 2021), suggesting a shorter track record compared to established players.
High minimum retail investment requirement due to the lot size (₹2,72,000), potentially limiting participation from smaller retail investors.

Opportunities:

Significant capital infusion planned for expanding diagnostic centre network across Maharashtra.
Growing general awareness and demand for advanced, specialized diagnostic testing in urban areas.

Threats:

Intense competition from established national and regional diagnostic chains.
Reliance on local market concentration (MMR) for revenue generation.
Regulatory changes impacting diagnostic pricing or licensing.

Important Contact Information

For regulatory filings, registrar coordination, or direct company inquiries:

Company Details:

Address: 1 GF, Plot 217, Ambavat Bhavan, N.M Joshi Marg, Delisle Road, Mumbai, Maharashtra, 400013
Contact Email: investors@pcdiagnostics.in

Registrar Details:

Registrar Name: Bigshare Services Pvt.Ltd.
Registrar Email: ipo@bigshareonline.com

November 26, 2025

Purple Wave Infocom Limited

Decoding the Purple Wave: An In-Depth Look at the Upcoming SME IPO

Your essential guide to navigating the Purple Wave Infocom IPO opportunity.

The IPO market continues to buzz with activity, bringing forth new opportunities, particularly in the SME segment. One such upcoming issue drawing attention is the Purple Wave Infocom Ltd. IPO. For investors looking to understand the core business, the financials, and the offering details before deciding, preparation is key. This comprehensive analysis breaks down everything you need to know about this venture into the public markets.

Understanding the Core Business: Purple Wave Infocom Ltd.

Established in 2007, Purple Wave Infocom Ltd. specializes in the intricate world of digital professional audio-video (PRO AV) equipment sales and integration. They don’t just sell hardware; they provide complete, end-to-end solutions, encompassing everything from system design and integration to management and crucial after-sales support.

Key Operational Strengths and Offerings

Comprehensive Solutions: Offers integrated PRO AV and automation solutions tailored for diverse client needs.
Product Diversity: Sells a wide range of equipment, including LED displays, professional cameras, digital podiums, and audio systems.
Digital Services: Utilizes proprietary platforms like Streampurple for live streaming and cloud-based content management.
Client Support: Provides vital after-sales services, including Annual Maintenance Contracts (AMC) and technical support, ensuring optimal system performance.

The SME IPO Offering Snapshot

This public offering on the BSE SME platform is structured as a ‘Book Build’ issue, comprising entirely of a fresh issue of equity shares aimed at raising capital for the company’s growth initiatives.

Critical IPO Subscription Dates and Schedule

Mark your calendars! The subscription window for this SME IPO is brief, demanding prompt attention from interested retail and HNI investors.

Milestone	Tentative Date
IPO Opens for Subscription	Friday, November 28, 2025
IPO Closes for Subscription	Tuesday, December 2, 2025
Anchor Investor Bidding Date	Monday, November 27, 2025
Finalization of Allotment	Wednesday, December 3, 2025
Credit of Shares to Demat Account	Thursday, December 4, 2025
Tentative Listing Date on BSE SME	Friday, December 5, 2025

Key IPO Mechanics and Pricing

The issue is priced within a defined band, and lot sizes dictate the minimum investment required for different investor classes.

Total Issue Size: ₹31.45 Crores (Fresh Issue)
Price Band: ₹120.00 to ₹126.00 per share
Face Value: ₹10 per share
Lot Size: 1,000 Shares

Investment Requirements (Based on Upper Price Band)

Investor Category	Minimum Lots	Shares Applied	Minimum Investment Amount
Retail Investor (Min)	2	2,000	₹2,52,000.00
HNI (Small) (Min)	3	3,000	₹3,78,000.00

Capital Structure and Share Allocation Strategy

The total issue involves 24,96,000 shares, with specific allocations made to various investor classes to ensure broad participation.

Investor Category Reservation Breakdown

Investor Group	Shares Offered	Percentage (%)
Qualified Institutional Buyers (QIB)	11,14,000	44.63%
Non-Institutional Investors (NII)	3,78,000	15.14%
Retail Individual Investors (RII)	8,76,000	35.10%
Market Maker Reservation	1,28,000	5.13%

Anchor Investor Confidence

The company secured ₹7.99 crore from anchor investors on November 27, 2025. This early commitment provides a crucial vote of confidence. Note the lock-in periods:

50% of shares are locked in until January 2, 2026 (30 Days).
The remaining shares are locked in until March 3, 2026 (90 Days).

Financial Health and Performance Metrics

Analyzing the provided financial data reveals significant growth trajectories in recent fiscal years.

Financial Performance Summary (Amounts in ₹ Crore)

Metric	31 Mar 2024	31 Mar 2025	30 Jun 2025 (Interim)
Total Income	90.04	126.15	35.91
Profit After Tax (PAT)	5.44	9.12	3.58
Total Borrowing	11.03	14.73	14.91

The data indicates a strong growth momentum, with Total Income rising by 40% and Profit After Tax (PAT) increasing by 68% between FY24 and FY25. The recent interim figures for June 2025 suggest continued activity.

Valuation and Profitability Indicators (as of Mar 31, 2025)

Key Metric	Value
Return on Equity (ROE)	71.54%
Return on Capital Employed (ROCE)	42.80%
Debt to Equity Ratio	0.85
Price to Book Value	10.39x
Pre-IPO EPS (Rs)	13.50
Post-IPO P/E (x)	8.14

Promoter Strength and IPO Objectives

Leadership and Ownership Structure

Key Promoters: Mr. Manoj Kumar Singh, Sandhya Singh, and Ananya Singh.
Pre-Issue Promoter Holding: A dominant 98.52%, indicating strong promoter conviction in the business before the public offering.

Deployment of Raised Capital

The capital raised is intended to fuel specific strategic areas of the business:

Objective	Amount (In Millions INR)
Funding Office Space/Product Display Area (Capex)	129.10
Repayment/Prepayment of Borrowings	100.00
General Corporate Purposes	(Remaining Proceeds)

SWOT Analysis for Purple Wave Infocom IPO

A balanced assessment requires looking at the internal capabilities and external environment.

Strengths (Internal Advantages)

High profitability metrics indicated by excellent ROE and ROCE figures.
Strong promoter interest evident from the near 99% pre-issue holding.
End-to-end service model provides higher client retention compared to pure product sellers.
Established client relationships in a specialized technical field.

Weaknesses (Internal Limitations)

Relatively high total borrowing level compared to net worth, despite planned repayment.
Reliance on a small employee base (86 permanent employees as of Sept 2025) for comprehensive technical services.

Opportunities (External Favorable Factors)

Growing demand for digital transformation and advanced AV solutions across corporate and educational sectors.
Expansion into international markets offers potential for revenue diversification.
IPO proceeds dedicated to acquiring fixed assets (office space) can enhance operational stability.

Threats (External Challenges)

The PRO AV sector is technology-driven; rapid obsolescence requires constant investment in product updates.
Competition from larger, established system integrators who might possess greater bargaining power with global suppliers.

Connecting with the IPO Intermediaries

For regulatory compliance or detailed document review, these parties are your points of contact:

Lead Manager and Registrar Details

Role	Name	Contact Email/Website
Book Running Lead Manager	Smart Horizon Capital Advisors Pvt.Ltd.	(Performance Details Available)
Registrar	Maashitla Securities Pvt.Ltd.	investor.ipo@maashitla.com
Company Contact	Purple Wave Infocom Ltd.	investors@purplewave.in

Navigating Application Methods

Applying for this SME IPO can be done through two primary digital payment mechanisms: ASBA (through net banking) or UPI (through brokerage platforms).

Applying Via Discount Brokers (e.g., Zerodha Example)

If you use a major discount broker, the process is streamlined:

Log into your broker’s dedicated portal (like Console).
Navigate to the IPO section and select the Purple Wave Infocom IPO.
Input the required details: UPI ID, quantity (minimum 1,000 shares), and price bid.
Submit the form, and then approve the mandate via your linked UPI application (Net Banking or UPI App) before the specified cut-off time (5 PM on Dec 2, 2025).

Final Thoughts on the SME Opportunity

The Purple Wave Infocom IPO presents a chance to invest in a growth-oriented business within the specialized PRO AV integration space. The company demonstrates strong historical profitability growth and has clear objectives for utilizing the fresh capital to reduce debt and expand physical presence. As with all SME listings, potential investors should weigh the strong growth fundamentals against the inherently higher volatility often associated with smaller public entities. Thorough due diligence, including reading the Red Herring Prospectus (RHP), is essential before committing funds.

November 26, 2025

Logiciel Solutions Limited

Unlocking Opportunity: A Deep Dive into the Logiciel Solutions Ltd. SME IPO

Your Essential Guide to Navigating the Upcoming Public Offering

The Indian capital market continues to buzz with activity, especially in the SME segment, offering unique investment avenues for growth-focused investors. Up next is Logiciel Solutions Ltd., a specialized software development partner, hitting the public market with its Initial Public Offering (IPO). Understanding the nuances of this SME IPO—from its business fundamentals to the finer details of subscription—is crucial for making an informed decision. Join us as we dissect the key aspects of the Logiciel Solutions IPO.

Understanding Logiciel Solutions Ltd.: The Tech Backbone

Incorporated in 2011, Logiciel Solutions has carved a niche for itself as an outsourced software development partner dedicated to building scalable, secure, and high-performance digital platforms for startups and established enterprises globally. They operate at the forefront of technology integration.

Core Business Focus and Expertise

The company’s competency spans several critical tech domains:

Cloud Engineering & Infrastructure Services
Artificial Intelligence (AI) and Machine Learning (ML) implementation
Custom Software and Mobile App Development
UI/UX Design and Quality Assurance Services
Minimum Viable Product (MVP) Development

They cater to diverse sectors including energy, real estate, retail, and marketing technology, leveraging their operational efficiency and expertise in rapid team onboarding to maintain a competitive edge.

Logiciel Solutions IPO Snapshot: Key Subscription Details

This offering is structured as a Book Building IPO and will be listed on the **BSE SME** exchange. The total issue size is significant for the SME segment, aiming to raise substantial capital for growth initiatives.

IPO Timeline Overview

Mark your calendars for the subscription window and expected listing:

Event	Tentative Date
IPO Subscription Opens	Friday, November 28, 2025
IPO Subscription Closes	Tuesday, December 2, 2025
Basis of Allotment Finalized	Wednesday, December 3, 2025
Shares Credited to Demat & Refunds Start	Thursday, December 4, 2025
Tentative Listing Date	Friday, December 5, 2025

Subscription Progress Visualization: (Note: Actual subscription data will be available during the bidding period)

Pricing and Application Details

The offer targets a specific valuation range, dictating the minimum investment required.

Parameter	Details
Face Value per Share	₹10.00
Price Band (Per Share)	₹183.00 to ₹193.00
Lot Size	600 Shares
Minimum Retail Investment (Upper Price Band)	₹2,31,600.00 (for 2 Lots)

Breakdown of the Total Offering

The total issue size amounts to ₹39.90 Crores, comprising both a fresh issuance of equity and a sale component.

Component	Shares Offered (Approx.)	Value (₹ Crores)
Fresh Issue (Excluding Market Maker)	15,90,600 shares	30.70
Offer for Sale (OFS)	3,73,200 shares	7.20
Market Maker Reservation	1,03,800 shares	2.00
Total Issue Size	20,67,600 shares	39.90

Investor Category Allocation

The allocation strategy favors retail and Non-Institutional Investors (NIIs).

Investor Category	Shares Offered (%)
Retail Individual Investors (RII)	45.21%
Non-Institutional Investors (NII)	44.92%
Qualified Institutional Buyers (QIB)	4.85%
Market Maker	5.02%

Financial Health and Valuation Assessment

Analyzing the financial trajectory provides insight into the company’s earning potential. The figures suggest a strong upward trend in recent years.

Snapshot of Financial Performance (₹ in Crores)

Metric	FY 2024	FY 2025	6M FY26 (As of Sep)
Total Income	17.10	21.20	12.83
Profit After Tax (PAT)	3.97	5.47	3.56
Net Worth	9.66	23.72	27.28

Notably, revenue grew by 24% and PAT surged by 38% between the last two full financial years (FY24 to FY25). Furthermore, the company maintains zero debt (Total Borrowing is negligible in the latest reporting period), indicating a strong balance sheet.

Key Valuation Ratios (Post-Issue Basis)

Key Metric	Value
Post Issue P/E Ratio (x)	20.27
Return on Equity (ROE)	32.80%
PAT Margin	26.19%
Market Capitalization (Post Issue)	₹144.13 Cr.

Leadership and Ownership Structure

The Promoters and Stake Dilution

The company is promoted by a dedicated team including Mr. Umesh Sharma, Mr. Ajay Sharma, Mr. Prem Lal Sharma, and the late Mrs. Lateesh Sharma. Their commitment is reflected in the post-issue holding.

Promoter Holding Pre-Issue: 82.78%
Promoter Holding Post-Issue: 59.00%

This indicates a controlled dilution, with the majority stake remaining with the promoters, aligning their long-term interests with public shareholders.

Strategic Use of IPO Proceeds (Objectives of the Issue)

The capital raised is earmarked for specific strategic enhancements designed to fuel future scalability:

Objective	Allocated Amount (₹ Cr)
Investment in Human Resources & Product Development	15.28
Upgrading IT Infrastructure (Capital Expenditure)	4.17
Upgrading Physical Infrastructure (Capital Expenditure)	1.86
Business Development and Marketing	2.50
General Corporate Purpose	(Balance)

SWOT Analysis: Strengths, Weaknesses, Opportunities, and Threats

A balanced view requires evaluating internal capabilities against external market dynamics.

Strengths (Internal Positives)

Strong focus and expertise in serving Startups and Growth Ventures.
Leveraging AI augmentation in software development processes.
Demonstrated high profitability metrics (strong PAT margin and ROE).
Zero debt levels suggest financial stability and low risk from leverage.

Weaknesses (Internal Limitations)

Reliance on a concentrated promoter group, evident in the shareholding structure.
Relatively small scale compared to large-cap IT firms, limiting bargaining power.
Dependence on outsourced contracts which can be subject to project delays or scope creep.

Opportunities (External Favorable Factors)

Growing global demand for customized, high-performance digital transformation solutions.
Increased venture funding globally boosts the target market (startups).
Potential expansion into new geographies leveraging its established offshore model.

Threats (External Challenges)

Intense competition from established domestic and international IT service providers.
Rapid technological obsolescence requiring constant investment in training and infrastructure.
Fluctuations in foreign exchange rates impacting service realization and profitability.

Navigating the IPO Application Process (Focus on Discount Brokers)

For investors looking to participate, utilizing modern retail brokers simplifies the process significantly. Many contemporary discount brokers streamline applications using the UPI mechanism.

Applying via Popular Broker Platforms

Platforms known for their streamlined digital interface facilitate easy bidding. Generally, the steps involve logging into the broker’s portal or app, navigating to the IPO section, selecting Logiciel Solutions, inputting the desired quantity (in multiples of the 600 share lot size), and confirming the payment mandate via the linked UPI application.

For example, investors using platforms like Zerodha are guided through a clear digital console to place their bids, followed by mandating UPI authorization.

Intermediaries for the Issue

The reliability of the process is managed by experienced professionals:

Book Running Lead Manager (BRLM): Fintellectual Corporate Advisors Pvt. Ltd.
Registrar: Maashitla Securities Pvt. Ltd. (Crucial for allotment and refund coordination).
Market Maker: Prabhat Financial Services Ltd. (Ensuring liquidity post-listing).

Company Contact and Registrar Information

Should investors require direct information or clarification, the following contact points are provided:

Logiciel Solutions Ltd. (Issuer)

H.NO. 9-A, Main Road Sunder Nagar, Ludhiana, Punjab, 141007

Phone: +91-161-4600060

Email: cs@logiciel.io

Maashitla Securities Pvt. Ltd. (Registrar)

Phone: +91-11-45121795-96

Email: investor.ipo@maashitla.com

Conclusion: Weighing the SME Opportunity

The Logiciel Solutions IPO presents an opportunity to invest in a debt-free, high-growth technology service provider with strong profitability indicators. The company’s clear objectives for utilizing the funds—focused on human capital and infrastructure upgrades—suggest a commitment to sustained development in the competitive IT landscape. While SME listings carry inherent volatility, the established financial performance and defined market niche warrant close consideration from investors comfortable with the higher risk profile associated with the SME segment.

Key Takeaway: The combination of excellent post-issue valuation ratios (high ROE, low P/E relative to industry growth) and minimal debt makes Logiciel Solutions an intriguing prospect, provided investors have done their due diligence on the company’s future order book visibility.

November 26, 2025

Exato Technologies Limited

Exato Technologies IPO: Your Comprehensive Guide to the Upcoming SME Issue

Navigating the Exato Technologies SME IPO: Details, Analysis, and Investor Insights

The primary market buzz is heating up with the upcoming Initial Public Offering (IPO) of Exato Technologies Ltd., set to launch on the BSE SME platform. For investors keen on small and medium enterprises showcasing strong growth potential, this book-build issue presents an opportunity to examine a player in the customer transformation and technology solutions space. This in-depth analysis breaks down every crucial aspect of the Exato Technologies IPO, ensuring you are well-informed before subscribing.

Understanding Exato Technologies: Core Business and Strengths

Established in 2016, Exato Technologies functions as a dedicated customer transformation partner. They specialize in delivering technology-driven solutions designed to elevate customer engagement and streamline operational efficiency across various industries.

Key Service Offerings:

CX & Analytics: Focused on crafting seamless customer journeys and deriving actionable intelligence for business growth.
Conversational AI: Developing agent-less contact center solutions to boost chatbot self-sufficiency and reduce operational expenditures.
Automation as a Service: Utilizing Robotic Process Automation (RPA) to enhance productivity and business agility in areas like finance and HR.
Workforce Management: Providing tools for smarter scheduling and resource allocation to improve team satisfaction and operational smoothness.

Competitive Advantages:

The company claims several distinct advantages in a competitive technology landscape:

Offers integrated solutions spanning AI, Automation, CXaaS, and Cybersecurity.
Maintains robust partnerships with industry leaders such as NICE, Mitel, and UiPath.
A significant portion of revenue (over 40%) is secured through long-term Annual Recurring Revenue (ARR) contracts exceeding five years.
Possesses deep domain expertise across critical sectors including BFSI, Healthcare, and Telecom.

Exato Technologies IPO Key Financial Health Snapshot

A look at the historical financial data provides context for the company’s recent performance. Notably, the company has demonstrated significant profit growth recently.

Financial Performance Note: Between the fiscal year ending March 31, 2024, and March 31, 2025, Exato Technologies saw revenue climb by 10% while Profit After Tax (PAT) surged by an impressive 84%.

Financial Summary (Amounts in ₹ Crore):

Metric	30 Sep 2025 (Interim)	31 Mar 2025	31 Mar 2024	31 Mar 2023
Assets	99.22	95.16	54.48	34.51
Total Income	71.53	126.16	114.91	73.13
Profit After Tax	7.26	9.75	5.31	5.06
Total Borrowing	27.98	31.63	16.52	6.21

Valuation and Efficiency Metrics (As of Mar 31, 2025):

Key Performance Indicator (KPI)	Value
Return on Equity (ROE)	28.13%
Return on Capital Employed (ROCE)	26.38%
Debt-to-Equity Ratio	0.75
PAT Margin	7.85%
Price to Book Value	2.52
Market Capitalization	₹140.92 Cr.

When analyzing the Earnings Per Share (EPS) pre- and post-issue, we see a favorable dilution impact based on the latest reported earnings, suggesting potential value capture if the post-listing price reflects this improvement.

The IPO Structure: Dates, Price, and Allocation

Exato Technologies is launching a book-build issue aiming to raise a total of ₹37.45 crores, composed of both a fresh issue of shares and an Offer for Sale (OFS).

IPO Timetable at a Glance:

The following table outlines the key dates for the subscription window:

Event	Date
IPO Opens	Friday, November 28, 2025
IPO Closes	Tuesday, December 2, 2025
Anchor Investor Bidding	November 27, 2025
Tentative Allotment Finalization	Wednesday, December 3, 2025
Shares Credited to Demat	Thursday, December 4, 2025
Tentative Listing Date (BSE SME)	Friday, December 5, 2025

A simplified visual timeline:

IPO Window: Nov 28 to Dec 2, 2025

Pricing and Lot Size Details:

The price band for the IPO has been set, which dictates the minimum investment required.

Price Band: ₹133.00 to ₹140.00 per equity share.
Face Value: ₹10 per share.
Lot Size: Applications must be made in multiples of 1,000 shares.

Minimum Investment Requirements (Based on the Upper Price Band of ₹140):

Investor Category	Minimum Lots	Minimum Shares	Minimum Investment Amount
Retail Individual Investor (RII)	2 Lots	2,000	₹2,80,000.00
Small HNI (S-HNI)	3 Lots	3,000	₹4,20,000.00
Big HNI (B-HNI)	8 Lots	8,000	₹11,20,000.00

Shareholding Structure and IPO Objectives:

The IPO involves both fresh capital infusion and the sale of existing shares by promoters.

Promoter Holding Pre-Issue: 75.85%
Promoter Holding Post-Issue: Will be finalized based on the final share allotment, reflecting dilution.

The primary utilization of the net proceeds is directed towards key growth and stability areas:

Objective	Allocated Amount (₹ in crores)
Funding Working Capital Requirements	15.73
Investment in Product Development	6.80
Repayment/Prepayment of Borrowings	2.53
General Corporate Purposes	Balance

Reservation Quota Breakdown:

The total issue size of 26,75,000 shares is distributed across investor categories:

Investor Category	Shares Offered	Percentage (%)
Qualified Institutional Buyers (QIB)	12,69,000	47.44%
Non-Institutional Investors (NII/HNI)	3,82,000	14.28%
Retail Individual Investors (RII)	8,90,000	33.27%
Market Maker Reservation	1,34,000	5.01%

Pre-IPO Anchor Investor Activity

The company secured a significant commitment from anchor investors prior to the main subscription window.

Anchor Investor Funding Raised: ₹10.65 crore.
Anchor Investor Shares: 7,61,000 shares.
Lock-in Period: 50% of shares are locked in until January 2, 2026 (30 days), and the remaining 50% until March 3, 2026 (90 days).

SWOT Analysis of Exato Technologies IPO

To provide a balanced view, here is a quick assessment of the company’s internal and external factors relevant to its public offering.

Strengths (Internal Positive Factors):

High profitability growth demonstrated in the latest fiscal period.
Strong revenue base derived from long-term contracts (40%+ from 5+ year contracts).
Strategic partnerships with established technology providers.

Weaknesses (Internal Negative Factors):

Reliance on debt funding has increased, reflected in the Total Borrowing figures.
The company operates in a highly dynamic technology sector requiring continuous, heavy investment.

Opportunities (External Positive Factors):

Growing global demand for digital transformation, AI, and automation services.
Expansion potential into new international markets beyond current US and Singapore operations.

Threats (External Negative Factors):

Intense competition from larger, established global IT service firms.
Risk of technology obsolescence necessitating rapid adaptation of service offerings.

Key Intermediaries for the IPO Process

Smooth execution of the IPO relies on competent management and administration by appointed entities.

Management Team:

The company is promoted by Mr. Appuorv K Sinha and Mrs. Swati Sinha.

Lead Manager and Registrar:

Role	Entity Name
Book Running Lead Manager (BRLM)	GYR Capital Advisors Pvt.Ltd.
Registrar	Kfin Technologies Ltd.
Market Maker	Giriraj Stock Broking Pvt.Ltd.

Investor Guidance: Applying for the Exato Technologies IPO

Investors typically use UPI-based applications or ASBA through their bank accounts to bid in SME IPOs.

Application Method via Discount Brokers (General Steps):

For those using popular discount brokers, the process generally involves accessing the broker’s dedicated online portal or application.

Log into your brokerage account (e.g., Console or similar platform).
Navigate to the IPO section within your portfolio management area.
Select the Exato Technologies IPO and choose the ‘Bid’ option.
Specify the number of lots you wish to apply for (minimum of 2 lots for retail).
Enter your registered UPI ID accurately.
Submit the application, and then approve the mandate notification received in your UPI app (Net Banking or UPI application) before the cutoff time.

It is crucial to ensure sufficient funds are available in the linked bank account to cover the application amount, as mandates are typically blocked until allotment.

Contact Information for Further Queries

Should you require direct details from the company or the registrar:

Exato Technologies Ltd. Contact:

Address: A-33, 02nd Floor, Sector-2, Noida, Gautam Buddha Nagar, Uttar Pradesh, 201301
Email: compliance@exato.ai
Website: https://www.exato.ai/

Registrar Contact Details:

Registrar: Kfin Technologies Ltd.
Phone: 04067162222, 04079611000
Email: exato.ipo@kfintech.com

Concluding Thoughts on the Exato Technologies SME IPO

The Exato Technologies IPO offers a glimpse into a growing SME specializing in critical customer technology services. With a clear mandate to use fresh proceeds for working capital and product enhancement, the company shows ambition for scaling up. Potential investors should weigh the company’s strong recent PAT growth and robust client relationships against the inherent risks associated with SME listings and intense market competition. Thorough review of the Red Herring Prospectus (RHP) remains the most authoritative step before committing capital.

November 26, 2025

K K Silk Mills

K K Silk Mills IPO: Decoding the SME Opportunity in Textiles

Your comprehensive guide to the upcoming textile manufacturer’s public offering.

The Indian stock market continues to buzz with activity, especially in the SME segment, offering retail investors unique entry points into specialized businesses. Among the upcoming releases capturing attention is the Initial Public Offering (IPO) of K K Silk Mills Limited. This textile and garment manufacturer is hitting the market with a book-building issue aimed at capital expansion and debt reduction. Before you decide to bid, understanding the nuts and bolts of this offer—from financials to lot size—is crucial. Let’s break down everything you need to know about the K K Silk Mills IPO.

K K Silk Mills: A Quick Profile of the Business

Established in August 1991, K K Silk Mills Limited has carved out a niche in the fabric and ready-made garment sector. The company specializes in producing diverse apparel materials for kids, men, and women, catering to segments ranging from formal shirts to specialized attire like ‘burkha’ material.

Core Strengths and Operational Footprint

Product Diversification: Offers a wide array of fabrics including suiting, shirting, and dress materials, ensuring appeal across various market demands.
Manufacturing Hub: Operates from a substantial, state-of-the-art manufacturing unit located in Umbergaon, Gujarat.
Capacity: The facilities boast an installed capacity of 20 million meters for combined fabric and garment production.
Customer Relations: Known for long-standing customer relationships and a strong focus on quality control.

Key IPO Subscription Details at a Glance

The K K Silk Mills IPO is structured as a book-building issue, meaning the final price is determined within a set band based on investor demand. It is a fresh issue, meaning the funds raised go directly to the company for its stated objectives.

Parameter	Details
Total Issue Size	₹ 28.50 Crores
Issue Type	Fresh Issue (0.75 Crore Shares)
Price Band	₹ 36.00 to ₹ 38.00 per share
Listing Exchange	BSE SME

Timeline for Subscription and Listing

Mark your calendars for the application window and expected listing dates:

IPO Subscription Status Tracker

100% Complete (For Display Purposes)

Open Date: Wed, Nov 26, 2025

Close Date: Fri, Nov 28, 2025

Listing Date: Wed, Dec 3, 2025

Understanding Investment Lots and Costs

Investment in SME IPOs is based on predefined lot sizes. For K K Silk Mills, the investment must adhere strictly to these quantities:

Investor Type	Lots Applied	Shares (Minimum/Maximum)	Minimum Investment Amount (at Upper Price)
Retail Investor (Minimum)	2	6,000	₹ 2,28,000.00
S-HNI (Small HNI – Minimum)	3	9,000	₹ 3,42,000.00

Note: The minimum retail investment is substantial, indicative of a higher entry barrier for smaller retail participants.

Analyzing Company Financial Health and Valuation

A critical step in evaluating any IPO is scrutinizing the historical performance. K K Silk Mills has demonstrated positive momentum in its recent financial history, though recent spikes warrant closer inspection.

Financial Highlights (Amount in ₹ Crore)

Period Ended	Mar 31, 2024	Mar 31, 2025
Total Income	191.37	221.43
Profit After Tax (PAT)	2.26	4.68
EBITDA	9.33	13.99

Key Financial Ratios (As of Mar 31, 2025)

Metric	Value
Return on Equity (ROE)	11.79%
Debt-to-Equity Ratio	1.49
Price to Book Value (P/BV)	1.43

The Pre-IPO P/E ratio stands at approximately 12.12x, while the Post-Issue P/E is calculated around 14.08x based on the latest full-year earnings. Investors should assess whether this valuation is justified given the high growth in profitability recently observed.

Corporate Structure and Objectives

Promoter Background and Shareholding Shift

The company is steered by promoters including Mr. Manish Kantilal Shah, Mr. Nilesh Kantilal Jain, and Mrs. Ashaben Manish Shah. The IPO reflects a significant dilution in promoter stake:

Promoter Holding Pre-Issue: 99.80%
Promoter Holding Post-Issue: 66.44%

Utilizing the IPO Proceeds

The company intends to deploy the net proceeds to strengthen its operational and financial structure:

Objective	Allocated Amount (₹ in crores)
Funding Capital Expenditure (Machinery Replacement)	6.01
Debt Repayment/Prepayment	15.00
General Corporate Purposes	(Balance Amount)

A significant portion is earmarked for reducing existing borrowings, which should positively impact future interest burdens.

IPO Allocation Structure and Key Intermediaries

The total shares offered (75,00,000) are divided across various investor categories:

Investor Category	Shares Offered	Percentage
Retail Individual Investors (RII)	24,96,000	33.28%
Non-Institutional Investors (NII)	10,71,000	14.28%
Qualified Institutional Buyers (QIB)	35,58,000	47.44% (Approx.)
Market Maker Reserved	3,75,000	5.00%

Key Stakeholders

Book Running Lead Manager (BRLM): Axial Capital Pvt.Ltd.
Registrar for the Issue: MUFG Intime India Pvt.Ltd.
Market Maker: Aftertrade Broking Pvt.Ltd.

SWOT Analysis for K K Silk Mills

Understanding the internal and external landscape helps gauge the potential risks and rewards associated with this SME listing.

Strengths (Internal Advantages)

Established presence in textile manufacturing since 1991.
Strong, diversified customer base minimizing reliance on single buyers.
Operational efficiency supported by modern manufacturing facilities.
Experienced leadership team guiding strategy.

Weaknesses (Internal Constraints)

Relatively high debt levels, as indicated by the Debt/Equity ratio (1.49).
High concentration of promoter holding prior to the issue.
Small PAT margin (2.11% as of Mar 2025), suggesting thin operational profitability margins relative to revenue scale.

Opportunities (External Potential)

Utilizing fresh capital for modernization to enhance efficiency.
Potential growth in organized textile retail sectors.
Debt reduction aims to improve future net income visibility.

Threats (External Risks)

Volatility in raw material prices impacting margins.
Intense competition within the highly fragmented textile manufacturing industry.
Regulatory changes affecting the garment export/import ecosystem.

Concluding Thoughts on the Offer

The K K Silk Mills IPO presents a chance to invest in an established player in the fabric and garment manufacturing space, with clear plans to use the proceeds for expansion and deleveraging. While the company shows strong recent profit growth, investors are advised to look closely at the sustainability of these margins and the inherent valuation for an SME listing. Thorough due diligence, utilizing the information available in the Draft Red Herring Prospectus (DRHP) and Red Herring Prospectus (RHP), is essential before committing capital.

Contact Information for Reference

Entity	Details
Company Address	314, Kewal Industrial Estate, S. B. Road, Lower Parel (W), Mumbai, Maharashtra, 400013
Registrar Contact	Email: Kksilk.smeipo@in.mpms.mufg.com \| Phone: +91-22-4918 6270

November 21, 2025

Mother Nutri Foods

Decoding the Mother Nutri Foods IPO: Your Comprehensive Guide to This SME Listing

A deep dive into the upcoming SME offering, from financials to investment logistics.

Introduction: Peanuts to Public Markets

The Indian SME segment continues to buzz with activity, bringing exciting opportunities for investors looking beyond the mainboard listings. Up next is Mother Nutri Foods Ltd., a B2B manufacturer specializing in a versatile product range. Before you decide whether to place a bid, it is crucial to dissect every aspect of this upcoming Initial Public Offering (IPO). This detailed analysis aims to consolidate all necessary data—financial health, issue structure, and key timelines—to help you make an informed investment choice.

Company Profile and Business Snapshot

Established in 2022, Mother Nutri Foods has carved a niche for itself as a dedicated B2B supplier in the food manufacturing sector, primarily focusing on peanut butter. Here’s what defines their operations:

**Core Business:** Manufacturing over 10 flavors and 5 variants of peanut butter.
**Branding:** Markets its products domestically and internationally under the brand name “Spread & Eat.”
**Global Reach:** Exports products to several countries, including Libya, Dubai, and Japan.
**Private Labeling:** A significant part of their business involves private labeling for major hypermarkets, supermarkets, and retail chains across continents like the UK, Canada, Germany, and the USA.
**Infrastructure:** Operates a single manufacturing facility located in Mahuva, Bhavnagar, Gujarat.
**Team Size (as of July 31, 2025):** Employs 41 personnel, including their directorial board.

Mother Nutri Foods SME IPO: The Offering Details

This is a book-building issue structured as a combination of a Fresh Issue (raising primary capital) and an Offer for Sale (allowing existing shareholders to partially divest). The total issue size is substantial for an SME listing.

Key IPO Structure Summary
Component	Value
Total Issue Size (Aggregating)	₹39.59 Crores
Fresh Issue Amount	₹31.67 Crores (0.27 Crore Shares)
Offer for Sale Amount	₹7.92 Crores (0.07 Crore Shares)
Face Value Per Share	₹10.00
Price Band	₹111.00 to ₹117.00
Listing Platform	BSE SME

IPO Timeline: Key Dates to Remember

Mark your calendars! Timeliness is critical when participating in an IPO subscription.

Subscription Progress Bar (Illustrative)

(Subscription data would update live here)

Tentative IPO Schedule
Milestone	Date
IPO Opens	Wednesday, November 26, 2025
IPO Closes	Friday, November 28, 2025
Allotment Finalization	Monday, December 1, 2025
Credit of Shares to Demat	Tuesday, December 2, 2025
Tentative Listing Date (BSE SME)	Wednesday, December 3, 2025

Investment Lots and Retail Limits

Investment in SME IPOs is restricted by lot size. For Mother Nutri Foods, the minimum application requires subscribing to 2 lots.

Lot Size Breakdown
Investor Type	Lots	Shares	Investment Amount (Max Price)
Retail Investor (Minimum/Maximum)	2	2,400	₹2,80,800.00
HNI (S-HNI Minimum)	3	3,600	₹4,21,200.00

Understanding the Investor Allocation Strategy

The IPO allocation is structured to balance institutional interest with participation from retail and non-institutional investors (NIIs).

IPO Share Reservation Details
Investor Category	Shares Allotted	Percentage (%)
Qualified Institutional Buyers (QIB)	15,69,600	46.38%
Non-Institutional Investors (NII)	4,71,600	13.94%
Retail Individual Investors (RII)	10,99,200	32.48%
Market Maker Reservation	2,43,600	7.20%

Anchor Investor Information

The IPO successfully secured pre-commitment from anchor investors, raising approximately ₹10.99 crores, indicating early institutional confidence. The anchor bidding occurred on November 25, 2025.

**Anchor Allocation Size:** 9,39,600 shares, raising ₹10.99 Crore.
**Lock-in Period (50% Shares):** Ends on December 31, 2025 (30 days).
**Lock-in Period (Remaining Shares):** Ends on March 1, 2026 (90 days).

Financial Health Check and Valuation Metrics

Analyzing the restated financial data provides insights into the company’s growth trajectory and efficiency leading up to the listing.

Financial Performance (Amounts in ₹ Crore)
Metric	31 Mar ’23	31 Mar ’24	31 Mar ’25	30 Sep ’25 (Interim)
Total Income	76.26	81.05	90.48	50.47
Profit After Tax (PAT)	1.13	4.77	6.47	5.32
Total Borrowing	23.37	25.43	22.81	30.53

The data shows healthy growth, with PAT increasing significantly from FY23 to FY25, and the interim result for Sep 2025 indicating strong profitability relative to the prior year’s corresponding period.

Valuation Ratios (Pre and Post Issue)

Earnings Per Share (EPS) and P/E Comparison
Metric	Pre IPO (EPS / P/E)	Post IPO (EPS / P/E)
EPS (Rs)	6.58	8.48
P/E Ratio (x)	17.77	13.80

The post-issue P/E ratio appears potentially attractive compared to the pre-issue calculation, suggesting the expanded equity base results in a relatively lower earnings multiple based on the latest full-year earnings.

Foundational Strength: Promoters and Objectives

The promoter group plays a vital role in determining the long-term vision of the company.

Promoter Holding Changes
Holding Stage	Percentage (%)
Pre-Issue Promoter Holding	90.98%
Post-Issue Promoter Holding	65.93%

The primary promoters include Chintan Rajnikant Thakar, Umeshbhai Kantilal Sheth, Rajnikant Indubhai Thakar, and others.

IPO Proceeds Utilization

The capital raised through the Fresh Issue is earmarked for specific growth initiatives:

Use of Net Proceeds (₹ in Crores)
Object	Amount (₹ Cr)
Setting up a new manufacturing facility (Mahuva, Gujarat)	23.19
General Corporate Purposes	(Balance)

SWOT Assessment for Mother Nutri Foods

A balanced view requires assessing internal capabilities against external market factors.

Strengths, Weaknesses, Opportunities, and Threats
Factor	Description
Strengths	Strong B2B foundation with established international private labeling contracts across numerous countries. Demonstrable growth in PAT.
Weaknesses	Relatively young company (incorporated in 2022). Operations centralized in a single manufacturing unit in Gujarat.
Opportunities	The funds raised are earmarked for capacity expansion, allowing the company to capture greater market share in the growing peanut butter segment.
Threats	Volatility in raw material (peanut) prices. Dependence on international supply chains and fluctuating currency rates given export focus.

Logistical Details for Application

Knowing who manages the process and where to seek assistance is vital.

**Book Running Lead Manager (BRLM):** Marwadi Chandarana Intermediaries Brokers Pvt.Ltd.
**IPO Registrar:** Bigshare Services Pvt.Ltd. (This entity handles allotment and refunds.)
**Market Maker:** Mansi Share & Stock Broking Pvt.Ltd.

Applying via Popular Discount Brokers (General Guidance)

For those looking to apply through popular discount brokerage platforms, the mechanism generally involves using either ASBA (through net banking) or UPI mandates offered by the broker.

For example, customers utilizing a platform like Zerodha would typically follow these steps:

Log in to the broker’s online portal (e.g., Console).
Navigate to the IPO section.
Select the ‘Mother Nutri Foods IPO’ and enter the bid details (price, quantity).
Confirm the application using the linked UPI application to authorize the payment mandate before the UPI cutoff time.

Similar application processes are standard across major brokers offering online IPO subscriptions.

Company Contact Information

Should you require official correspondence or specific documentation details:

Mother Nutri Foods Ltd. Contact
Item	Details
Address	Survey No 276/1, Opp. Petrol Pump Mahuva-Bhavnagar Road, At Otha, Mahuva, Bhavnagar, Gujarat, 364295
Contact Number	99744 14123
Email	cs@mothernutrifoods.com

Conclusion: Navigating the Mother Nutri Foods Opportunity

The Mother Nutri Foods IPO presents a chance to invest in a specialized B2B food manufacturer with significant international exposure and planned capacity expansion. Its strong interim financial performance coupled with an SME listing structure (which often targets higher growth potential) makes it noteworthy. Investors should carefully weigh the valuation (P/E of 13.8x post-issue) against the company’s reliance on specific manufacturing capabilities and raw material sourcing. Thorough review of the Draft Red Herring Prospectus (DRHP) for granular risk factors remains the cornerstone of any final investment decision.

November 21, 2025

SSMD Agrotech India

SSMD Agrotech India IPO: A Deep Dive into the Upcoming SME Offering

Navigating the details of the latest venture hitting the BSE SME platform.

The Indian capital market is constantly buzzing with new opportunities, and the SME segment continues to attract significant attention from growth-focused investors. Up next is the Initial Public Offering (IPO) from **SSMD Agrotech India Ltd.**, a company rooted deeply in the agro-food processing sector. Before you decide to bid, understanding the intricacies of this book-building issue is paramount. This comprehensive analysis breaks down everything you need to know about this upcoming launch.

Understanding SSMD Agrotech India Ltd.

SSMD Agrotech India Ltd. has evolved from its origins as proprietorship firms into a private limited company, specializing in the manufacturing, trading, and repacking of a diverse range of high-quality agro-food products. The company serves its vast customer base through four established brands: Manohar Agro, Super S.S., Delhi Special, and Shri Dhanlaxmi.

Core Business Snapshot:

Product Portfolio: Includes staples like Puffed Rice, Ramdana (Cholai), Gram Flour, Matar Flour, Chana Dal, Idli Rava, and Rice Powder, alongside various by-products of Chana Dal.
Distribution Network: Primarily relies on a robust network of distributors spanning Delhi/NCR, Haryana, Uttar Pradesh, Punjab, and Uttarakhand.
Direct Sales Channel: Also caters to consumers directly (D2C) via its specialized micro manufacturing units.
Infrastructure: The company boasts 3 operational manufacturing facilities and 1 D2C dark store.

Competitive Advantages Identified:

A well-established and comprehensive manufacturing setup.
A broad spectrum of food products offered under recognizable brands.
Demonstrated capability in efficient resource deployment.
A seasoned management team providing strong foundational leadership.

Key IPO Offering Details

This is a **book-building issue** focused entirely on a Fresh Issue of equity shares aimed at raising capital for business expansion and working capital needs.

SSMD Agrotech India IPO Summary
Parameter	Detail
Total Issue Size	₹34.09 Crores
Shares Offered (Fresh Issue)	28.17 Lakh Shares
Issue Type	Bookbuilding IPO (BSE SME)
Face Value	₹10 per share
Price Band	₹114.00 to ₹121.00 per share
Minimum Lot Size (Retail)	1,000 Shares (2 Lots)
Minimum Investment (Retail)	₹2,42,000 (at upper price band)

IPO Subscription Timeline:

Progress Bar Simulation (Based on Dates)

50% Through Bid Window

Opening: Nov 25, 2025 | Closing: Nov 27, 2025

Tentative IPO Schedule
Event	Tentative Date
IPO Opens	Tuesday, November 25, 2025
IPO Closes	Thursday, November 27, 2025
Finalization of Allotment	Friday, November 28, 2025
Initiation of Refunds / Share Credit to Demat	Monday, December 1, 2025
Tentative Listing Date (BSE SME)	Tuesday, December 2, 2025

Allocation Structure and Ownership

IPO Share Reservation Breakdown:

The total issue of 2,817,000 shares is strategically divided among different investor categories:

Investor Category	Shares Offered	Percentage (%)
Market Maker	1,56,000	5.54%
Qualified Institutional Buyers (QIB)	27,000	0.96%
Non-Institutional Investors (NII)	13,17,000	46.75%
Retail Individual Investors (RII)	13,17,000	46.75%
Total	28,17,000	100.00%

Promoter Group Stability:

The company is promoted by Mr. Ishu Munjal, Mrs. Surbhi Munjal, and Mr. Jai Gopal Munjal.
**Promoter Holding Pre-Issue:** 100%
The issue structure confirms that this is a significant capital raise for growth, as no existing shares are being offloaded by the promoters.

Financial Health and Valuation Check

The financial data indicates a notable upward trajectory in performance leading up to the IPO. A standout feature is the substantial growth in profitability.

Selected Financial Snapshot (Amounts in ₹ Crore)
Metric	Mar 31, 2024	Mar 31, 2025	Sep 30, 2025 (Half Year)
Total Income	73.45	99.18	52.13
Profit After Tax (PAT)	1.10	5.38	3.84
Total Borrowings	7.02	6.07	6.88

Key Performance Indicators (KPIs):

As of March 31, 2025, the company demonstrates strong efficiency metrics:

KPI	Value
Return on Equity (ROE)	130.46%
Return on Capital Employed (ROCE)	100.85%
Debt/Equity Ratio	0.88
PAT Margin	5.42%
Market Capitalization (Post-Issue Est.)	₹104.86 Cr.

Earnings Per Share (EPS) and P/E Comparison:

The post-issue valuation metrics based on the latest available earnings suggest:

Metric	Pre-IPO EPS (Rs)	Post-IPO P/E (x)
Valuation Basis	9.19	13.67

Objectives of Capital Utilization

The ₹34.09 Crore raised through this fresh issue is earmarked for strategic investments, focusing heavily on strengthening operations and reducing existing debt obligations.

S.No.	Purpose of Issue	Amount (₹ in Crores)
1	Funding Working Capital Requirements	13.10
2	Repayment of Specific Borrowings	6.83
3	Capex: Setting up new D2C dark Stores	2.04
4	Capex: Machinery for Namkeen Plant	0.97
5	General Corporate Purposes	(Balance)

Initial Assessment: Strengths, Weaknesses, Opportunities, and Threats (SWOT)

A balanced view requires evaluating both the inherent advantages and potential roadblocks for SSMD Agrotech India Ltd.

Strengths:

High growth observed in PAT (388% increase) between FY24 and FY25.
Strong Return Ratios (ROE > 130%).
Deep regional distribution footprint in North India.

Weaknesses:

Reliance on traditional distribution channels alongside D2C expansion.
Relatively small market capitalization (around ₹105 Cr post-listing).
High minimum investment requirement for retail participants (₹2.42 Lakhs).

Opportunities:

Expansion into packaged food segments beyond core flours and dals.
Leveraging new capital expenditure to scale the direct-to-consumer presence.
Untapped potential in adjacent geographical markets.

Threats:

Vulnerability to fluctuating commodity prices (agro-food sector risks).
Competition from established national FMCG giants.
Regulatory changes affecting food processing and distribution.

Intermediaries Facilitating the Issue

Smooth execution of an IPO relies heavily on experienced professionals managing the process.

Role	Entity
Book Running Lead Manager (BRLM)	3Dimension Capital Services Ltd.
Registrar to the Issue	Bigshare Services Pvt.Ltd.
Market Maker	Nikunj Stock Brokers Ltd.

How to Participate in the SSMD Agrotech India IPO

For those looking to apply, modern application methods via major brokers are available.

Applying via a Leading Discount Broker (e.g., Zerodha):

Log into your broker’s online portal (like Zerodha Console).
Navigate to the ‘IPOs’ section within your portfolio view.
Locate the SSMD Agrotech India IPO and select the ‘Bid’ option.
Input the required application details (UPI ID, quantity, and price).
Submit the application form electronically.
Crucially, confirm the mandate instantly via your linked UPI application (e.g., Net Banking or UPI app) before the cut-off time (5 PM on Nov 27, 2025).

Applications are typically processed using either the UPI mandate system or through the ASBA facility available via net banking services from specified banks.

Contact Information for Reference:

Should you require direct information from the issuer or the registrar:

SSMD Agrotech India Ltd. (Company Contact):

Address: Khasra No. 640/641, Libaspur Road, Village Siraspur, New Delhi, 110042
Email: cs@houseofmanohar.com

Bigshare Services Pvt.Ltd. (Registrar):

Email: ipo@bigshareonline.com
Website Support: Check their official online portal for status updates.

Final Thoughts on Consideration

The SSMD Agrotech India IPO presents a chance to invest in a company demonstrating significant recent improvements in profitability within the essential agro-food sector. The objective of utilizing the funds for working capital and targeted expansion suggests a focus on sustaining this growth momentum. As an SME offering, investors should factor in the higher inherent risks associated with smaller entities while evaluating the company’s strong pre-IPO performance indicators. Thorough review of the Draft Red Herring Prospectus (DRHP) and Red Herring Prospectus (RHP) remains the cornerstone of any investment decision.

November 21, 2025

Sudeep Pharma

Dive Deep into the Sudeep Pharma IPO: A Comprehensive Analysis for Investors

The Indian primary market continues to buzz with exciting opportunities, and the upcoming Sudeep Pharma Limited IPO is certainly catching the eye of market participants. This Mainboard Book Build issue offers a chance to invest in a well-established player in the pharmaceutical excipients and specialty ingredients space. Before you decide to bid, it’s crucial to understand the fundamentals, the financials, and what the company plans to do with the raised capital. Let’s break down every crucial detail of this public offering.

Understanding Sudeep Pharma: A Global Presence in Essential Ingredients

Established in 1989, Sudeep Pharma is not just another manufacturing company; it’s a significant global supplier. The company specializes in manufacturing pharmaceutical excipients, food-grade minerals, and specialty nutrition ingredients. They cater to over 100 countries, demonstrating a strong international footprint.

Core Business Snapshot

**Manufacturing Powerhouse:** Operates six manufacturing facilities with a substantial combined capacity of 50,000 MT.
**Diverse Output:** Focuses on essential minerals like Calcium, Iron, Magnesium, Zinc, Potassium, and Sodium salts.
**Extensive Product Range:** Supplies over 200 products across critical sectors: Pharma, Food, and Nutrition.
**Strategic Divisions:** Business segments include Pharmaceutical, Food and Nutrition, Specialty Ingredients, and Triturates.
**Strong Foundation:** Supported by 704 permanent employees (as of December 31, 2024) and robust in-house R&D labs.

Key Competitive Edge

Achieved market leadership with a diversified product portfolio in an industry characterized by high entry barriers.
Maintains a distinguished global customer base built on long-standing relationships with key clients.
Possesses well-equipped, regulatory-compliant manufacturing facilities.
Demonstrates strong ongoing research and development capabilities crucial for innovation in specialty ingredients.

Sudeep Pharma IPO: Key Subscription Details at a Glance

The offering is structured as a combination of a Fresh Issue and an Offer for Sale (OFS), indicating capital infusion for expansion alongside partial promoter liquidity.

Detail	Specification
IPO Type	Book Building
Total Issue Size	₹ 895.00 Crores (Approx. 1.51 Crore Shares)
Fresh Issue Component	₹ 95.00 Crores (Approx. 16.02 Lakh Shares)
Offer For Sale (OFS)	₹ 800.00 Crores (Approx. 1.35 Crore Shares)
Price Band	₹ 563.00 to ₹ 593.00 per Share
Listing Platform	BSE, NSE

IPO Timeline: Mark Your Dates

Investors must adhere strictly to the bidding window dates.

IPO Opening Date: Friday, November 21, 2025

IPO Closing Date: Tuesday, November 25, 2025 (Cut-off for UPI mandate: 5 PM)

Application Window Open

Event	Tentative Date
IPO Opens	Nov 21, 2025
IPO Closes	Nov 25, 2025
Basis of Allotment Finalized	Nov 26, 2025
Shares Credited to Demat	Nov 27, 2025
Tentative Listing Date	Nov 28, 2025

Investment Thresholds (Lot Size Details)

The minimum application size is tied to the lot size of 25 shares.

Investor Category	Lots	Shares	Investment Amount (Max Price)
Retail (Minimum Application)	1	25	₹ 14,825
S-HNI (Minimum Application)	14	350	₹ 2,07,550
B-HNI (Minimum Application)	68	1,700	₹ 10,08,100

Financial Health and Valuation Perspective

A review of the company’s recent financial trajectory shows steady expansion, although investors should note the pricing assessment provided by market commentators.

Recent Financial Performance Highlights (₹ Crore)

Revenue saw a 10% bump, and Profit After Tax (PAT) grew by 4% when comparing the fiscal year ending March 31, 2025, with the preceding year.

Metric (As of Mar 31)	FY 2023	FY 2024	FY 2025
Total Income	438.26	465.38	511.33
Profit After Tax (PAT)	62.32	133.15	138.69
Total Borrowing	82.26	75.03	135.25

Key Financial Indicators (As of March 31, 2025)

**Market Capitalization:** Approximately ₹ 6,697.85 Crore.
**Return on Net Worth (RoNW):** Healthy at 27.88%.
**PAT Margin:** Strong at 27.63%.
**Debt/Equity Ratio:** Indicates moderate leverage at 0.20.
**Valuation Metrics:** The Price-to-Earnings (P/E) ratio post-issue is calculated at 53.55x, while the Price to Book Value stands at 12.93x.

Capital Deployment Strategy and Promoter Structure

Objectives of the Public Issue

The company intends to utilize the net proceeds primarily for tangible growth and general corporate needs.

S.No.	Object of the Issue	Amount (₹ in Crores)
1	Capital Expenditure (Machinery Procurement at Nandesari Facility I)	75.81
2	General Corporate Purposes	(Balance Amount)

Understanding Promoter Influence

The promoter group, consisting of various individuals and entities including Sujit Jaysukh Bhayani and Riva Resources Private Limited, plays a significant role in the company’s governance.

Holding Status	Percentage
Promoter Holding (Pre-Issue)	89.37%
Promoter Holding (Post-Issue)	76.15%

Analysis Corner: Weighing the Pros and Cons (SWOT Framework)

To assist in decision-making, a strategic assessment of the company’s internal and external factors is useful.

Strengths (Internal Positive Factors)

Strong global market penetration with established customer relationships.
High entry barriers in the specialized excipients and mineral salts segment.
Efficient manufacturing base supported by stringent regulatory compliance.
Significant investment in proprietary R&D capabilities.

Weaknesses (Internal Negative Factors)

The recent financial review suggests the issue might be aggressively priced relative to recent earnings.
Reliance on capital expenditure via the fresh issue component for immediate facility upgrades.

Opportunities (External Positive Factors)

Growing global demand for specialty nutrition and pharmaceutical intermediates.
Potential to expand capacity utilization across existing six facilities.
Leveraging IPO funds for de-leveraging or further strategic acquisitions in related fields.

Threats (External Negative Factors)

Fluctuations in raw material costs for mineral sourcing.
Intense competition from established global and domestic specialty chemical manufacturers.
Changing international trade regulations impacting exports to over 100 countries.

Guidance for Retail Investors: How to Navigate the Application Process

For those looking to participate, the process is standardized, requiring a Demat account and a valid payment method. Many retail investors utilize popular discount brokers for ease of application.

Applying Through Leading Discount Brokers

Platforms are widely used due to their streamlined digital processes, often leveraging UPI for instant mandate authorization.

Broker Example	Standard Brokerage Fee
Leading Discount Broker Example	Flat ₹20 Per Trade
Another Major Discount Broker	Flat ₹20 Per Trade

Standard Application Procedure (General Advice)

Ensure you have an active Demat and Trading account linked to a bank account supporting ASBA or UPI.
Access the IPO section on your broker’s trading platform or back office console.
Select the Sudeep Pharma IPO and specify your application category (Retail).
Enter the desired number of lots (minimum one lot of 25 shares) and choose the cut-off price if applicable.
Confirm the mandate authorization via your UPI application immediately after submission to avoid rejection.

Key Intermediaries for the Public Issue

The success of the IPO process relies on efficient coordination between the Lead Managers and the Registrar.

Role	Name
Book Running Lead Manager(s)	ICICI Securities Ltd. and IIFL Capital Services Ltd.
Issue Registrar	MUFG Intime India Pvt.Ltd.

Company Contact Information

**Address:** 129/1/A, GIDC Estate, Nandesari, Vadodara, Gujarat, 391340
**Email:** cs.sudeep@sudeepgroup.com

Final Takeaway: What to Remember

The Sudeep Pharma IPO presents an opportunity to enter a company with a stable, specialized manufacturing base serving essential global industries. While the recent financial growth is positive, potential investors should carefully weigh the current market valuation against the future growth projections, particularly concerning the capital expenditure plans outlined. Ensure thorough due diligence concerning the aggressive pricing before committing investment funds during the subscription window from November 21 to November 25, 2025.

November 19, 2025