Category: Mainboard IPO

Crizac Limited IPO

Decoding the Crizac Limited IPO: A Comprehensive Guide for Prospective Investors

As the Indian primary market continues its vibrant pace, a new opportunity is on the horizon for investors: the Crizac Limited Initial Public Offering. Stepping into the spotlight, Crizac Limited presents itself as a significant player in the global education sector. This blog post aims to provide a thorough analysis of the Crizac IPO, breaking down its business model, financial health, and the key details potential investors need to know before making an informed decision.

Crizac Limited: Pioneering Global Education Pathways

Established in 2011, Crizac Limited operates as a crucial B2B education platform, bridging the gap between agents and leading global institutions for higher education. Their core business revolves around international student recruitment, primarily serving esteemed universities and colleges in key destinations like the United Kingdom, Canada, the Republic of Ireland, Australia, and New Zealand.

The company’s success is underpinned by its proprietary technology platform, which facilitates the sourcing of applications from an impressive network of agents across more than 75 countries. Over recent periods, Crizac has demonstrated substantial operational scale:

Processed over 5.95 lakh student applications.
Collaborated with over 135 global higher education institutions.
Boasts approximately 7,900 registered agents worldwide, with 2,532 active agents in Fiscal Year 2024 (1,524 in India and 1,008 internationally across 25+ countries).
Maintains a robust team of 329 employees and 10 consultants, equipped with extensive experience in the international educational landscape.

The Public Offering: Key IPO Highlights

The Crizac IPO is structured as a book-building issue, entirely comprising an Offer for Sale (OFS). This means the company itself will not receive any proceeds from the issue; instead, the funds will go to the selling shareholders.

Crizac IPO Overview

Detail	Information
Issue Type	Bookbuilding IPO
Face Value	₹2 per share
Price Band	₹233 to ₹245 per share
Total Issue Size	3,51,02,040 shares (₹860.00 Crores)
Listing At	BSE, NSE

IPO Key Dates: A Timeline

Mark your calendars with these crucial dates for the Crizac IPO:

Crizac IPO Journey: From Open to Listing

IPO Open

Wed, Jul 2, 2025

IPO Close

Fri, Jul 4, 2025

Allotment

Mon, Jul 7, 2025

Listing (Tentative)

Wed, Jul 9, 2025

Investment Requirements: Lot Size & Amount

Investors looking to participate in the Crizac IPO can bid for a minimum of 61 shares and in multiples thereafter. The investment thresholds vary based on investor categories:

Investor Category	Minimum Lots	Minimum Shares	Minimum Amount
Retail (Min)	1	61	₹14,945
Retail (Max)	13	793	₹1,94,285
S-HNI (Min)	14	854	₹2,09,230
B-HNI (Min)	67	4,087	₹10,01,315

Evaluating Crizac’s Financial Standing

A look at Crizac Limited’s proforma consolidated financials reveals a company on a growth trajectory.

Financial Performance Snapshot (₹ Crore)

Period Ended	31 Mar 2025	31 Mar 2024	31 Mar 2023
Assets	879.62	592.91	304.99
Revenue	884.78	763.44	517.85
Profit After Tax (PAT)	152.93	118.90	112.14
EBITDA	212.82	172.64	107.29
Net Worth	505.71	341.81	221.37
Total Borrowing	0.08	0.08	0.08

Notably, Crizac Limited reported a healthy 16% increase in revenue and a 29% rise in Profit After Tax (PAT) between the financial years ending March 31, 2024, and March 31, 2025, demonstrating strong operational efficiency and profitability.

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

Indicator	Value
Return on Equity (ROE)	30.24%
Return on Capital Employed (ROCE)	40.03%
Profit After Tax Margin	17.28%
EBITDA Margin	25.05%
Price to Book Value	8.48
Earnings Per Share (Pre-IPO)	₹8.74
Price/Earnings (Post-IPO)	28.03x

Leadership and Shareholding Structure

The company is promoted by Dr. Vikash Agarwal, Pinky Agarwal, and Manish Agarwal. Prior to the IPO, the promoters held 100% of the company’s shares. As this is an Offer for Sale, the total number of shares in the company will remain constant (17,49,82,500 shares) post-issue, but the promoters’ collective percentage holding will reduce as part of their offering shares to the public.

Strategic Analysis: Crizac’s Outlook (SWOT)

Understanding any investment requires a look at its internal strengths and weaknesses, alongside external opportunities and threats.

Strengths

Niche Market Leadership: Operates a unique and specialized B2B platform in international student recruitment.
Extensive Global Network: Strong relationships with over 135 global institutions and a vast agent network across 75+ countries.
Consistent Financial Growth: Demonstrating robust increases in both revenue and profit year-on-year.
High Profitability Metrics: Healthy ROE, ROCE, PAT, and EBITDA margins reflect efficient operations.
Experienced Management: A dedicated team with deep knowledge of the international education sector.

Weaknesses

Valuation Concerns: Based on recent financial data, the issue might be considered fully priced, potentially limiting immediate listing gains.
Dependence on External Policies: Business performance can be sensitive to changes in international student visa policies and immigration laws.
Competitive Landscape: Operates in a competitive sector with various players, both traditional and digital.

Opportunities

Growing Demand for Global Education: Continued rise in aspirations for international higher education.
Technological Scalability: Further leveraging its proprietary platform to expand services or reach.
Geographic and Vertical Expansion: Potential to tap into new markets or diversify into related educational services.
Strategic Partnerships: Opportunities to forge new alliances with institutions and agents to broaden its network.

Threats

Global Economic Volatility: Economic downturns can impact affordability and demand for international education.
Geopolitical Risks: International tensions or conflicts might disrupt student mobility.
Regulatory Challenges: Stricter regulations or increased costs for international students in host countries.
Currency Fluctuations: Exchange rate volatility can affect revenue repatriated from international operations.

Applying for the Crizac IPO

Interested investors can apply for the Crizac IPO through various online channels, typically using UPI or ASBA as payment methods. Most leading brokers offer a streamlined process. For instance, many brokerage platforms allow their customers to apply by logging into their back-office system (Console for some) and navigating to the IPO application section. The process generally involves:

Logging into your broker’s platform.
Locating the ‘IPO’ section.
Selecting ‘Crizac IPO’ and clicking to bid.
Entering your UPI ID, desired quantity, and bid price.
Submitting the application and approving the mandate via your UPI app.

Key Contacts for Crizac IPO

For any queries regarding the Crizac IPO, you can reach out to the following:

Company Contact Details

Address: Wing A, 3rd Floor, Constantia Building, 11, Dr. U.N. Brahmachari Street, Shakespeare Sarani, Kolkata, West Bengal, 700017
Phone: +91 33 3544 1515
Email: compliance@crizac.com

IPO Registrar

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

Final Considerations for Investors

Crizac Limited operates in a dynamic and growing sector, showcasing impressive financial performance and a strong business model. While the issue appears to be priced at a fair valuation given its current financials, the global landscape for international education is constantly evolving, influenced by various economic and geopolitical factors.

Prospective investors are generally advised to conduct their own thorough research, consider their investment goals, and assess their risk tolerance. For those with a medium to long-term investment horizon and an understanding of the global education market’s nuances, the Crizac IPO could be an interesting opportunity to consider.

June 30, 2025

Indogulf Cropsciences IPO

Unlocking Growth: A Deep Dive into the Indogulf Cropsciences IPO

The Indian agricultural sector, a cornerstone of our economy, continues to witness dynamic growth and innovation. Amidst this vibrant landscape, companies are emerging to empower farmers with advanced solutions, and one such entity making headlines is Indogulf Cropsciences Limited, as it prepares for its initial public offering. For investors looking to cultivate their portfolios, understanding this opportunity is key. Let’s explore the crucial details surrounding the Indogulf Cropsciences IPO and what it could mean for the market.

Cultivating Solutions: About Indogulf Cropsciences Limited

Established in 1993, Indogulf Cropsciences Limited has carved a significant niche in the manufacturing of essential agricultural products. Their diverse portfolio includes crop protection solutions, vital plant nutrients, and innovative biologicals, all designed to boost agricultural productivity across India. Notably, the company has been a pioneer in indigenous manufacturing of specialized technical chemicals like Spiromesifen and Pyrazosulfuron Ethyl, showcasing its strong research and development capabilities.

With a widespread sales network spanning 22 states and 3 Union Territories in India, supported by a vast network of business partners and distributors, Indogulf Cropsciences also boasts an international presence in 34 countries. Their multi-purpose manufacturing facilities in Jammu & Kashmir and Haryana underpin their operational flexibility and ability to adapt to market demands, benefiting from the high regulatory barriers inherent in the agrochemical industry.

Product Spectrum:

Plant Nutrients: Speciality fertilizers, bio-simulants, and performance products aimed at enhancing soil fertility and crop yields.
Crop Protection Products: Insecticides, fungicides, herbicides, and bio-stimulants to safeguard crops from various threats.
Biologicals: Bio-stimulants and bio-fertilizers like Biogold, Indo Breeza, and Indo Mychoriza, promoting sustainable crop growth and nutrient uptake.

Key Investment Details: What You Need to Know

The Indogulf Cropsciences IPO is structured as a book-building issue, inviting investors to participate in the company’s growth journey. Here’s a quick overview of the key particulars:

Detail	Value
Face Value	₹10 per share
Issue Price Band	₹105 to ₹111 per share
Total Issue Size	1,80,18,017 shares (aggregating up to ₹200.00 Cr)
Fresh Issue	1,44,14,414 shares (aggregating up to ₹160.00 Cr)
Offer for Sale (OFS)	36,03,603 shares (aggregating up to ₹40.00 Cr)
Listing At	BSE, NSE
Issue Type	Bookbuilding IPO

Navigating the Timeline: Important Dates for Investors

Staying informed about the IPO timeline is crucial for potential investors to plan their applications. Here are the key dates for the Indogulf Cropsciences IPO:

IPO Journey: Step-by-Step

IPO Open Date: Thursday, June 26, 2025

IPO Close Date: Monday, June 30, 2025
Cut-off time for UPI mandate confirmation: 5 PM on June 30, 2025

Tentative Allotment Finalization: Tuesday, July 1, 2025

Initiation of Refunds: Wednesday, July 2, 2025

Credit of Shares to Demat Account: Wednesday, July 2, 2025

Tentative Listing Date: Thursday, July 3, 2025

Sizing Up Your Investment: Lot Details

The minimum application for the Indogulf Cropsciences IPO is set at 135 shares. Investors should consider bidding at the cut-off price to enhance their chances of allotment, especially in an oversubscribed scenario.

Investor Category	Minimum Lots	Shares	Amount (₹)
Retail (Min)	1	135	14,985
Retail (Max)	13	1,755	1,94,805
Small HNI (Min)	14	1,890	2,09,790
Small HNI (Max)	66	8,910	9,89,010
Big HNI (Min)	67	9,045	10,03,995

Reservation Breakdown:

Qualified Institutional Buyers (QIBs): Not more than 50% of the Net Offer
Retail Investors: Not less than 35.00% of the Net Offer
Non-Institutional Investors (NIIs): Not more than 15% of the Net Offer

Snapshot of Strength: Company’s Financial Health

A look at Indogulf Cropsciences Limited’s financial performance provides crucial insights into its operational efficiency and growth trajectory. While the company recorded static top lines in FY23 and FY24, attributed to volatile raw material prices during those periods, its overall financial indicators present a robust picture.

Period Ended	31 Dec 2024	31 Mar 2024	31 Mar 2023	31 Mar 2022
Assets (₹ Cr)	597.81	542.25	517.51	413.59
Revenue (₹ Cr)	466.31	555.79	552.19	490.23
Profit After Tax (₹ Cr)	21.68	28.23	22.42	26.36
Net Worth (₹ Cr)	265.43	231.65	203.25	180.51
Total Borrowing (₹ Cr)	206.30	154.56	189.22	101.38

Performance Metrics: A Deeper Dive

Understanding the company’s efficiency and valuation ratios is crucial for a complete picture.

Key Indicator	Value (as of March 31, 2024)
Return on Equity (ROE)	12.2%
Return on Capital Employed (ROCE)	11.93%
Debt/Equity Ratio	0.67
Return on Net Worth (RoNW)	12.19%
Profit After Tax Margin	5.11%
EBITDA Margin	10.09%
Price to Book Value	1.13

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

Pre-IPO EPS: ₹5.79 | Pre-IPO P/E: 19.18x
Post-IPO EPS: ₹4.57 | Post-IPO P/E: 24.27x

The market capitalization of Indogulf Cropsciences IPO is estimated at ₹701.54 Crores.

Leadership and Ownership: Promoter Insights

The company’s leadership is spearheaded by its promoters: Om Prakash Aggarwal, Sanjay Aggarwal, Anshu Aggarwal, and Arnav Aggarwal. Their vision and guidance have been instrumental in the company’s journey so far.

Shareholding Stage	Percentage Held
Pre-Issue Share Holding	96.86%
Post-Issue Share Holding	(To be calculated based on equity dilution)

Charting the Future: Objectives of the IPO

The capital raised from this IPO is earmarked for strategic initiatives that will fuel the company’s growth and strengthen its market position. The primary objectives are:

Working Capital Needs: A significant portion, ₹65.00 crores, will be allocated to meet the company’s ongoing working capital requirements, ensuring smooth operations and expansion.
Debt Reduction: Approximately ₹34.12 crores will be utilized for the full or partial repayment/prepayment of existing borrowings, reducing financial leverage.
Capital Expansion: Investment of ₹14.00 crores is planned for capital expenditure, specifically for setting up an in-house dry flowable (DF) plant in Haryana, enhancing manufacturing capabilities.
General Corporate Purposes: The remaining funds will be used for various general corporate needs, providing flexibility for future growth opportunities and operational efficiency.

Strategic Outlook: A SWOT Analysis

A thorough analysis of Indogulf Cropsciences Limited reveals several factors that could influence its future performance in the market.

Strengths:

Diversified Product Portfolio: Offers a wide range of crop protection products, plant nutrients, and biologicals across three verticals, reducing reliance on a single product segment.
Robust Distribution Network: Well-established presence in India and abroad, facilitating wider market reach and sales.
Backward Integrated Manufacturing: In-house manufacturing capabilities provide cost control, quality assurance, and operational flexibility.
Strong R&D Capabilities: Focus on research and product development drives innovation and the ability to introduce specialized products.
Experienced Management: Guided by seasoned promoters and a capable management team, offering stability and strategic direction.

Weaknesses:

Volatile Revenue Trends: Experienced static top lines in recent fiscal years, potentially due to fluctuations in raw material prices.
Dependency on Raw Materials: Sensitivity to the pricing and availability of key raw materials can impact profitability.

Opportunities:

Government Support for Agriculture: Favorable government initiatives and policies aimed at boosting agricultural output can drive demand for agrochemical products.
Growing Agricultural Sector: Expanding food demand and focus on modern farming practices present significant growth avenues.
Global Market Expansion: Opportunity to further leverage and expand international sales networks.
Product Innovation: Continuous investment in R&D can lead to new, high-demand products, particularly in biologicals and specialty chemicals.

Threats:

Intense Competition: Highly competitive agrochemical industry with numerous domestic and international players.
Regulatory Changes: Strict and evolving environmental and safety regulations can impact production costs and product approvals.
Climate Volatility: Adverse weather conditions and climate change can affect crop cycles and demand for agricultural inputs.
Counterfeit Products: Threat from spurious and low-quality products in the market affecting brand reputation and sales.

Behind the Scenes: Key IPO Players

The success of an IPO relies heavily on the expertise of the entities managing the issue. For Indogulf Cropsciences IPO, Systematix Corporate Services Limited is the Book-Running Lead Manager, ensuring the smooth execution of the offering. Bigshare Services Pvt Ltd is serving as the Registrar, responsible for managing the application and allotment process efficiently.

Company Contact Information:

Address: Indogulf Cropsciences Limited, 501, Gopal Heights, Plot No – D-9, Netaji Subhash Place, Delhi, New Delhi, 110034
Phone: +91 11 4004 0417
Email: cs@groupindogulf.com
Website: groupindogulf.com

Conclusion: Weighing Your Investment Decision

The Indogulf Cropsciences IPO presents an opportunity to invest in a well-established player within the vital agrochemical sector. While the company’s recent revenue growth has seen a period of flatness, its diversified product portfolio, extensive distribution network, and backward integrated manufacturing capabilities position it strongly for future expansion. The capital raised from the IPO is strategically aimed at strengthening its financial foundation and enhancing its operational capacities, particularly with the planned new plant.

For those considering an investment, it’s essential to evaluate your personal investment goals, risk appetite, and the broader market outlook for the agricultural industry. Companies in this space are poised for potential benefits from various government initiatives supporting agriculture. As with any investment, a thorough understanding of the company’s fundamentals and market dynamics is paramount.

June 25, 2025

Sambhv Steel Tubes

Sambhv Steel Tubes IPO: Your Comprehensive Guide to This Steel Sector Opportunity

Unveiling Sambhv Steel Tubes IPO: A Comprehensive Investment Guide

The Indian stock market continues to offer exciting avenues for investors, with Initial Public Offerings (IPOs) often grabbing the spotlight. One such noteworthy event on the horizon is the public offering by Sambhv Steel Tubes Limited. As a prominent player in the manufacturing of electric resistance welded (ERW) steel pipes and structural tubes, this IPO presents an opportunity to gain exposure to the robust and growing steel sector. Let’s delve into the details of Sambhv Steel Tubes and what its IPO brings to the table for potential investors.

Sambhv Steel Tubes: A Glimpse into the Company’s Core

Established in 2017, Sambhv Steel Tubes Limited has rapidly carved a niche for itself in the Indian steel industry. Specializing in ERW steel pipes and structural tubes, the company operates a strategically located manufacturing facility in Sarora, Raipur, Chhattisgarh. This region, abundant in mineral resources, provides a distinct advantage for sourcing raw materials.

Backward Integration: A key competitive edge, Sambhv Steel Tubes boasts India’s only single-location backward integrated facility. This means they manage their supply chain from sponge iron production, which is crucial for crude steel manufacturing, right through to finished pipes and tubes.
Strategic Sourcing: The company procures iron ore from a “Navratna” public sector undertaking and coal from a “Maharatna” PSU, ensuring a stable and quality supply chain.
Diverse Product Portfolio: Beyond ERW pipes and tubes, their offerings include sponge iron, blooms/slabs (mild and stainless steel), and narrow-width HR coils. They also produce GI pipes for various consumers and government projects.
Extensive Reach: As of late 2024, their wide distribution network spans across 15 states and one union territory in India, with strong presence in major states like Chhattisgarh, Maharashtra, and Uttar Pradesh.

Decoding the Sambhv Steel Tubes IPO Offering

The upcoming IPO is structured to raise capital for the company’s strategic growth initiatives. Here’s a quick overview of the key details:

Particulars	Details
IPO Type	Mainboard Book Building Issue
Issue Price Band	₹77 to ₹82 per share
Face Value	₹10 per share
Total Issue Size	6,58,53,657 shares (aggregating up to ₹540.00 Cr)
Fresh Issue	5,36,58,536 shares (aggregating up to ₹440.00 Cr)
Offer for Sale (OFS)	1,21,95,121 shares (aggregating up to ₹100.00 Cr)
Listing At	BSE, NSE

Navigating the IPO Journey: A Tentative Timeline

For investors, understanding the IPO timeline is crucial to plan their applications. Here is the tentative schedule for Sambhv Steel Tubes IPO:

IPO Open Date

Wed, June 25, 2025

IPO Close Date

Fri, June 27, 2025

Tentative Allotment

Mon, June 30, 2025

Credit of Shares / Refunds

Tue, July 1, 2025

Tentative Listing Date

Wed, July 2, 2025

*Cut-off time for UPI mandate confirmation: 5 PM on June 27, 2025.

Sambhv Steel Tubes’ Financial Performance Insights

A look at the company’s financials provides essential insights into its past performance and growth trajectory.

Period Ended	Assets (₹ Crore)	Revenue (₹ Crore)	Profit After Tax (₹ Crore)	EBITDA (₹ Crore)	Net Worth (₹ Crore)	Total Borrowing (₹ Crore)
31 Dec 2024	1,411.82	1,018.81	40.69	106.37	478.46	619.15
31 Mar 2024	940.13	1,289.38	82.44	159.87	438.28	346.88
31 Mar 2023	552.14	939.00	60.38	117.30	210.40	282.77
31 Mar 2022	458.51	820.75	72.11	124.52	149.30	241.29

The company has demonstrated consistent growth in its asset base and net worth over the past few years, indicating expanding operations and financial strengthening. While revenue and profit figures have shown some fluctuations, the overall trend reflects a resilient business model in a dynamic industry.

Evaluating Investment Potential: Key Performance Metrics

To assess the value proposition of this IPO, examining key performance indicators (KPIs) is essential. As of March 31, 2024, Sambhv Steel Tubes’ market capitalization stands at ₹2416.22 Cr.

Key Performance Indicator	Value
Return on Equity (ROE)	25.42%
Return on Capital Employed (ROCE)	17.66%
Debt/Equity Ratio	0.80
Return on Net Worth (RoNW)	25.42%
Profit After Tax Margin	6.41%
EBITDA Margin	12.43%
Price to Book Value	4.51

Earnings and Valuation at a Glance:

Metric	Pre-IPO	Post-IPO
EPS (Rs.)	3.42	1.84
P/E (x)	23.97	44.54

*Pre-IPO EPS is based on financials up to March 31, 2024. Post-IPO EPS is calculated based on annualized financials up to December 31, 2024, reflecting the increased shareholding post-issue.

The post-IPO P/E ratio appears on the higher side, suggesting that the issue might be fully priced based on its recent annualized earnings. Investors considering this IPO for the long term should evaluate these metrics against industry peers and future growth prospects.

Strategic Allocation: Understanding IPO Reservation

The IPO shares are allocated across different investor categories, ensuring broad participation:

Qualified Institutional Buyers (QIBs): Not more than 50% of the Net Offer.
Retail Individual Investors (RIIs): Not less than 35% of the Net Offer.
Non-Institutional Investors (NIIs): Not less than 15% of the Net Offer.
Employee Reservation: Employees may receive a discount on bids up to ₹2 Lakhs in certain cases.

Bidding Categories and Limits:

Application Category	Maximum Bidding Limits	Bidding at Cut-off Price Allowed
Retail Individual Investor (RII)	Up to ₹2 Lakhs	Yes
Small NII (sNII)	₹2 Lakhs to ₹10 Lakhs	No
Big NII (bNII)	Above ₹10 Lakhs	No
Employee	Up to ₹2 Lakhs	Yes
Employee + RII/NII	As per respective category limits	Yes for Employee and RII/NII portion

Investing in Sambhv Steel Tubes: Lot Size Dynamics

Investors interested in the IPO must bid for a minimum number of shares, known as the lot size, and in multiples thereof. The minimum and maximum investment amounts for different investor categories are outlined below:

Application Category	Lots	Shares	Amount (at Cut-off Price ₹82)
Retail (Min)	1	182	₹14,924
Retail (Max)	13	2,366	₹1,94,012
Small HNI (Min)	14	2,548	₹2,08,936
Small HNI (Max)	67	12,194	₹9,99,908
Big HNI (Min)	68	12,376	₹10,14,832

Behind the Vision: The Promoters of Sambhv Steel Tubes

The company’s leadership plays a crucial role in its trajectory. Sambhv Steel Tubes is promoted by:

Brijlal Goyal
Suresh Kumar Goyal
Vikas Kumar Goyal
Sheetal Goyal
Shashank Goyal
Rohit Goyal

Collectively, the promoters held 71.9% of the shares prior to the IPO, demonstrating a significant stake and confidence in the company’s future. This strong promoter holding often instills confidence in investors, indicating aligned interests.

Purpose of the Public Offering: IPO Objectives

The funds raised through this IPO are earmarked for specific objectives to support the company’s growth and financial stability:

Debt Repayment: A substantial portion, approximately ₹390.00 crores, is intended for the pre-payment or scheduled re-payment of existing borrowings. This move is expected to strengthen the company’s balance sheet by reducing its debt burden.
General Corporate Purposes: The remaining funds will be utilized for various general corporate needs, which could include working capital requirements, operational expenses, and future expansion initiatives.

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

A comprehensive analysis considers various internal and external factors influencing the company’s prospects.

Strengths

Unique single-location backward integrated manufacturing facility.
Strategic plant location ensuring operational efficiencies and cost benefits.
Strong capabilities in process innovation for value-added products.
Extensive and well-established distribution network across India.
Well-positioned to capitalize on the increasing demand for quality steel products.
Experienced promoters and management with deep industry knowledge.
Consistent track record of healthy financial performance.

Weaknesses

Fluctuations in raw material prices (iron ore, coal) can impact profitability.
Intense competition from both organized and unorganized players in the steel sector.
Reliance on a limited number of major customers or specific market segments.
Dependence on the overall health and growth of the construction and infrastructure sectors.

Opportunities

Government’s focus on infrastructure development (e.g., roads, housing) driving steel demand.
“Make in India” initiatives encouraging domestic manufacturing and consumption.
Increasing demand for specialized and high-quality ERW pipes and tubes.
Potential for expanding product lines and exploring new geographic markets.
Adoption of new technologies to enhance production efficiency and reduce costs.

Threats

Economic slowdowns or recessions impacting demand for steel products.
Volatile global commodity prices and currency fluctuations.
Regulatory changes, environmental norms, and trade policies.
Disruptions in supply chain or logistics.
Emergence of substitute materials or new technologies.

Connecting with Sambhv Steel Tubes & Registrar Information

For any queries or official communication regarding the IPO, here are the relevant contact details:

Company Contact Details:

Address: Office No. 501 to 511, Harshit Corporate, Amanaka, Raipur, Chhattisgarh, 492001
Phone: +91 771 2222 360
Email: cs@sambhv.com

IPO Registrar:

The registrar for the Sambhv Steel Tubes IPO is responsible for managing the application process, allotment, and refunds.

Registrar Name: Kfin Technologies Limited
Phone: 04067162222, 04079611000
Email: sstl.ipo@kfintech.com

The Sambhv Steel Tubes IPO offers investors a chance to participate in a company with a strong foundation in the steel sector, characterized by backward integration and a wide distribution network. While the issue appears to be fully valued based on recent earnings, its strategic positioning and growth plans could offer potential for medium to long-term gains. As with any investment, it is advisable to conduct thorough due diligence, consider market conditions, and consult with a financial advisor before making your decision. Happy investing!

June 22, 2025

HDB Financial Services

Decoding the HDB Financial Services IPO: A Deep Dive for Potential Investors

Decoding the HDB Financial Services IPO: A Comprehensive Investor Guide

The Indian financial landscape is buzzing with anticipation as HDB Financial Services Limited prepares for its major Initial Public Offering (IPO). A subsidiary of one of India’s leading private sector banks, HDB Financial Services stands as a significant Non-Banking Financial Company (NBFC) with a vast footprint across the nation. This upcoming public offering presents a compelling opportunity for investors seeking exposure to the growing financial services sector. Let’s delve into the details of this highly anticipated IPO to help you make an informed decision.

Understanding HDB Financial Services: A Snapshot

Incorporated in 2007, HDB Financial Services Limited has carved out a strong niche as a retail-focused NBFC. Beyond its core lending activities, the company also provides crucial business process outsourcing (BPO) services, including back-office support and sales assistance, primarily to its promoter entity. Its unique “phygital” (physical + digital) distribution model leverages a wide branch network, dedicated tele-calling teams, and diverse external partnerships to reach a broad customer base.

Key Business Verticals:

Enterprise Lending: Launched in 2008, this segment offers secured and unsecured loans to Micro, Small, and Medium Enterprises (MSMEs), along with specific salaried employee groups, primarily through its extensive branch network.
Asset Finance: Provides financing solutions for new and pre-owned commercial vehicles, construction equipment, and agricultural tractors – essential income-generating assets for its clientele.
Consumer Finance: Caters to the personal and household financial needs of individuals, offering a range of loan products.

As of March 31, 2025, HDB Financial Services boasted a pan-India presence with 1,771 branches spanning 1,170 towns and cities across 31 States and Union Territories. Notably, over 80% of its branches are strategically located outside India’s 20 largest metropolitan areas, underscoring its commitment to serving underbanked segments. The company has also demonstrated consistent growth in its workforce, employing over 60,000 individuals as of FY25.

Competitive Edge:

Granular Retail Loan Book: A large and rapidly expanding customer base with a strategic focus on underserved segments.
Diversified Product Portfolio: A proven track record of diversification, sustained growth, and profitability across economic cycles.
Omni-channel Distribution: Tailored sourcing supported by a robust “phygital” and digitally enabled pan-India network.
Robust Risk Management: Comprehensive systems and processes ensuring strong credit underwriting and efficient collections.

The HDB Financial Services IPO: Key Highlights

This public issue is a significant event, aggregating to a substantial amount. Here’s a quick overview of what you need to know:

Detail	Description
Issue Type	Bookbuilding IPO
Total Issue Size	₹12,500.00 Crores
Shares Offered	16,89,18,919 Equity Shares
Face Value	₹10 per share
Price Band	₹700 to ₹740 per share
Lot Size	20 Shares
Listing At	BSE, NSE

Issue Breakdown: Fresh Issue vs. Offer for Sale

The IPO comprises a combination of new shares and existing shares being sold:

Fresh Issue: 3.38 crore shares, amounting to ₹2,500.00 crores. This capital will flow directly into the company to support its growth.
Offer for Sale (OFS): 13.51 crore shares, aggregating to ₹10,000.00 crores. This portion involves existing shareholders selling their shares, and the proceeds will go to them, not the company.

Navigating the IPO Journey: Key Dates

Mark your calendars! Understanding the IPO timeline is crucial for potential investors.

IPO Open Jun 25, 2025

IPO Close Jun 27, 2025

Allotment Finalized Jun 30, 2025

Shares Credited Jul 1, 2025

Tentative Listing Jul 2, 2025

Note: The cut-off time for UPI mandate confirmation is 5 PM on June 27, 2025.

Investment Pathways and Lot Sizes

The HDB Financial Services IPO offers different investment avenues tailored for various investor categories. It’s generally advisable for retail investors to bid at the cut-off price to enhance allotment chances, especially in oversubscribed issues.

Investor Category	Minimum Lot Size	Shares	Minimum Investment Amount
Retail Investor (Min)	1 Lot	20	₹14,800
Retail Investor (Max)	13 Lots	260	₹1,92,400
Small NII (sNII – Min)	14 Lots	280	₹2,07,200
Big NII (bNII – Min)	68 Lots	1,360	₹10,06,400

The IPO has reserved shares for various investor categories:

Qualified Institutional Buyers (QIB): 44.92%
Non-Institutional Investors (NII/HNI): 13.48%
Retail Individual Investors (RII): 31.44%
Employee: 0.16%
Shareholders (HDFC Bank Ltd.): 10.00%

Analyzing Financial Health: A Performance Check

HDB Financial Services Limited has shown a trajectory of increasing revenue over the recent financial years, reflecting its expanding operations. While revenue grew by 15% between FY24 and FY25, profit after tax (PAT) saw a dip of 12% in FY25 compared to FY24, likely influenced by market dynamics such as interest rate volatility. However, the company’s asset base and net worth have consistently expanded.

Restated Consolidated Financials (Amount in ₹ Crore):

Period Ended (March 31)	2025	2024	2023
Assets	1,08,663.29	92,556.51	70,050.39
Revenue	16,300.28	14,171.12	12,402.88
Profit After Tax (PAT)	2,175.92	2,460.84	1,959.35
EBITDA	9,512.37	8,314.13	6,251.16
Net Worth	14,936.50	12,802.76	10,436.09
Total Borrowing	87,397.77	74,330.67	54,865.31

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

Key Indicator	Value
Return on Equity (ROE)	14.72%
Debt/Equity Ratio	5.85
Price to Book Value	3.72
Earnings Per Share (EPS) Pre-IPO	₹27.41
Earnings Per Share (EPS) Post-IPO	₹26.29
P/E Ratio Pre-IPO	27x
P/E Ratio Post-IPO	28.15x

The company’s market capitalization post-IPO is estimated at ₹61,253.30 Crores, underscoring its significant market presence.

Promoter & IPO Objectives

HDFC Bank Limited stands as the sole promoter of HDB Financial Services Limited, holding a substantial stake. Prior to the IPO, the promoter holding was 94.32%, which will dilute to 74.19% post-issue. This dilution is a natural outcome of the public offering.

The primary objective for the company in raising capital through this IPO is:

Augmenting Tier-I Capital Base: The net proceeds from the fresh issue will be utilized to strengthen the company’s Tier-I capital. This is crucial for meeting future capital requirements and supporting its lending activities across all business verticals, including Enterprise Lending, Asset Finance, and Consumer Finance. A stronger capital base enables the company to grow its loan book and expand operations sustainably.

Strategic Outlook: A SWOT Analysis

Evaluating an IPO involves looking beyond immediate numbers to the company’s inherent strengths, potential challenges, and market opportunities.

Strengths (Internal Positives):

Strong Parentage: Being a subsidiary of HDFC Bank provides a significant brand advantage, robust governance, and potential for cross-selling.
Diversified Product Portfolio: Presence across enterprise, asset, and consumer finance segments reduces reliance on a single revenue stream and offers resilience.
Extensive Network: A vast “phygital” reach, particularly in Tier 2 and Tier 3 cities, taps into a large, underserved customer base, fostering growth.
Robust Risk Management: Established credit underwriting and collection processes are vital for an NBFC to maintain asset quality.
Experienced Management: Benefit from the expertise and operational excellence typically associated with the HDFC group.

Weaknesses (Internal Challenges):

Profitability Dip: The recent decline in PAT (FY25) despite revenue growth warrants closer examination and could be a concern if not a temporary blip due to interest rate cycles.
Dependence on Promoter: While beneficial, a high reliance on the parent for business process outsourcing services could pose concentration risk.
Competitive Landscape: The NBFC sector is highly competitive with numerous players, potentially impacting market share and margins.
Interest Rate Sensitivity: As a lending institution, its profitability is inherently sensitive to fluctuations in interest rates, as seen in FY25.

Opportunities (External Positives):

Growing Indian Economy: A growing economy and rising disposable incomes fuel demand for credit across all segments.
Underbanked Population: Significant opportunities exist in semi-urban and rural areas, where HDBFS has a strong presence.
Digitalization Push: Adoption of digital platforms for lending and customer service can enhance efficiency and reach.
Infrastructure Development: Government focus on infrastructure can drive demand for asset finance.
Cross-selling Potential: Further synergies with HDFC Bank can unlock more cross-selling opportunities for financial products.

Threats (External Challenges):

Regulatory Changes: Stringent regulations by the RBI for NBFCs could impact operations and profitability.
Economic Slowdown: Any significant downturn could lead to increased defaults and Non-Performing Assets (NPAs).
Intense Competition: Aggressive pricing and product offerings from banks and other NBFCs could squeeze margins.
Technological Disruption: Emergence of FinTech players and peer-to-peer lending platforms could disrupt traditional lending models.
Credit Risk: Inherent risk associated with lending, particularly to MSMEs and individuals, necessitates robust risk mitigation.

Simplifying Your Application Process

Applying for an IPO has become increasingly convenient with online platforms. Most brokerages allow you to participate using methods like Unified Payments Interface (UPI) or Application Supported by Blocked Amount (ASBA) through your net banking portal. Here’s a general step-by-step guide:

Login to your Brokerage Account: Access the IPO section on your broker’s platform.
Select the IPO: Find ‘HDB Financial IPO’ and initiate the application process.
Enter Details: Provide your UPI ID (if using UPI), bid quantity (in multiples of the lot size), and the price. For retail investors, bidding at the cutoff price (the highest price in the band, ₹740) is generally recommended for better allotment chances.
Submit Application: Confirm your details and submit the application.
Authorize Mandate: If you used UPI, you will receive a mandate request on your UPI app (like BHIM, Google Pay, etc.). Authorize this request to block the funds for your application.

Ensure your Demat account is active and linked to your trading account before applying.

Essential Information for Investors

For any queries related to the IPO, you can reach out to the following:

Company Headquarters:

Address: Radhika, 2nd Floor, Law Garden Road, Navrangpura, Ahmedabad, Gujarat, 380009
Phone: +91 22 4911 6350
Email: investorcommunications@hdbfs.com

IPO Registrar:

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

Final Thoughts: Is HDB Financial Services IPO for You?

The HDB Financial Services IPO, backed by a strong promoter like HDFC Bank, presents an interesting proposition. The company operates in a growing segment of the Indian financial market, with a diversified loan book and a wide distribution network. While there was a slight dip in profit in the most recent financial year, its overall financial indicators and strategic positioning suggest a stable business model. Market analysts have largely viewed this offering positively, with many suggesting it as a suitable investment for both short-term listing gains and long-term value creation, considering the track record of offerings from the HDFC group.

As with any investment, it’s crucial to conduct your own due diligence, assess your risk appetite, and consider your financial goals before participating. The financial services sector is dynamic, and understanding the company’s specific operations within that context is key.

Disclaimer: This blog post is for informational purposes only and does not constitute financial advice. Investors should consult with a qualified financial advisor before making any investment decisions.

June 22, 2025

Globe Civil Projects

Unlocking Potential: A Deep Dive into the Globe Civil Projects IPO

The Indian market is constantly buzzing with new investment opportunities, and Initial Public Offerings (IPOs) often capture significant attention. Investors keen on participating in the growth story of promising companies frequently look for detailed insights into upcoming offerings. This post aims to provide a comprehensive analysis of the Globe Civil Projects IPO, offering a clear perspective on its business, financial health, and the potential investment landscape.

Key Dates for Your Calendar

Understanding the timeline of an IPO is crucial for potential investors. Here’s a visual guide to the important dates for the Globe Civil Projects IPO:

Open
Jun 24, 2025

Close
Jun 26, 2025

Allotment
Jun 27, 2025

Credit Shares
Jun 30, 2025

Listing
Jul 1, 2025

Please note that the listing date is tentative and subject to change based on regulatory approvals and market conditions.

Understanding the Company: Globe Civil Projects Limited

Established in 2002, Globe Civil Projects Limited stands as an integrated Engineering, Procurement, and Construction (EPC) company based in New Delhi. The company specializes in delivering a wide range of projects, showcasing its expertise across various sectors.

Key highlights of their operations include:

Successfully executed 37 projects across 11 states in India.
Current engagement in 12 ongoing projects, five of which are social and commercial initiatives.
An impressive order book valued at ₹8,929.45 million as of August 31, 2024, encompassing 14 diverse projects, including:
- 6 Infrastructure – Social and Commercial projects
- 3 Infrastructure – Transport and Logistics projects
- 4 Non-Infrastructure – Housing projects
- 1 Non-Infrastructure – Commercial Office project
A dedicated team of 112 permanent employees as of August 31, 2024, driving their project execution.

The Public Offering at a Glance

The Globe Civil Projects IPO is structured as a book-built issue, entirely comprising fresh shares. Here are the essential details of the offering:

Particular	Detail
IPO Type	Bookbuilding Issue
Issue Size	1,67,60,560 shares (aggregating up to ₹119.00 Crores)
Face Value	₹10 per share
Issue Price Band	₹67 to ₹71 per share
Minimum Lot Size	211 Shares
Listing Exchange	BSE, NSE
Sale Type	Fresh Capital (Entirely Fresh Issue)

Investment Lot Sizes and Application Details

Investors can bid for a minimum of 211 shares and in multiples thereafter. The IPO caters to various investor categories with differing minimum and maximum investment amounts:

Application Category	Lots	Shares	Amount (at Cut-off Price of ₹71)
Retail (Minimum)	1	211	₹14,981
Retail (Maximum)	13	2,743	₹1,94,753
S-HNI (Minimum)	14	2,954	₹2,09,734
S-HNI (Maximum)	66	13,926	₹9,88,746
B-HNI (Minimum)	67	14,137	₹10,03,727

It is generally suggested for retail investors to consider bidding at the cutoff price to potentially increase their chances of allotment in oversubscribed scenarios.

Strategic Use of IPO Proceeds

The company plans to utilize the net proceeds from this IPO for crucial strategic initiatives, aimed at bolstering its operational capabilities and fueling future growth. The key objectives include:

Funding working capital requirements of the Company (₹75.00 crores).
Capital expenditure towards the purchase of construction equipment and machinery (₹14.26 crores).
General corporate purposes, providing flexibility for various business needs.

Leadership and Shareholding Structure

The company is promoted by Ved Prakash Khurana, Nipun Khurana, and Vipul Khurana, who have been instrumental in its growth. The shareholding structure before and after the IPO is as follows:

Holding Status	Shareholding Percentage
Pre-Issue Promoter Holding	88.14%
Post-Issue Promoter Holding	63.43%

The fresh issue will lead to a dilution in the promoters’ stake, which is a common outcome of capital-raising through public offerings.

Analyzing Company Financials

A look at the company’s financial performance provides crucial insights into its health and growth trajectory. Below is a snapshot of Globe Civil Projects Limited’s consolidated financial information (amounts in ₹ Crore):

Period Ended	31 Dec 2024	31 Mar 2024	31 Mar 2023	31 Mar 2022
Assets	374.60	317.83	275.04	229.79
Revenue	256.74	334.81	235.17	286.78
Profit After Tax	17.79	15.38	4.85	5.20
EBITDA	39.30	44.65	20.80	22.91
Net Worth	99.83	77.67	62.44	57.45
Reserves and Surplus	56.87	75.19	59.97	54.98
Total Borrowing	137.97	124.48	97.00	70.76

The company demonstrated strong recovery in profitability by December 2024, after a dip in FY23. This indicates a positive momentum in its operations.

Key Performance Indicators (KPIs)

As of March 31, 2024, the company’s market capitalization stands at ₹424.00 Crore. Here are some key performance indicators:

KPI	Value (as of Mar 31, 2024)
Return on Equity (ROE)	21.95%
Return on Capital Employed (ROCE)	23.07%
Debt/Equity Ratio	1.60
Return on Net Worth (RoNW)	19.80%
PAT Margin	4.59%
EBITDA Margin	13.44%
Price to Book Value	3.92

From a valuation perspective, the earnings per share and Price-to-Earnings (P/E) ratio are important metrics:

Metric	Pre-IPO	Post-IPO
EPS (Rs.)	3.58	3.97
P/E (x)	19.83	17.88

Strategic Outlook: A SWOT Analysis

To provide a holistic view, here’s a basic SWOT analysis of Globe Civil Projects Limited:

Strengths

Established Presence: Over two decades of experience in the EPC sector since 2002.
Geographic Reach: Successful project execution across 11 diverse states in India.
Robust Order Book: Significant and diversified project pipeline ensuring future revenue visibility.
Diversified Portfolio: Engaged in infrastructure, housing, and commercial projects, reducing sector-specific risks.
Consistent Profitability: Demonstrated ability to recover and grow profitability, particularly strong performance in the latest financials.

Weaknesses

Historical Revenue Fluctuation: Experienced a dip in top and bottom lines in FY23, indicating potential susceptibility to market cycles.
Debt-to-Equity Ratio: A relatively high debt-to-equity ratio which might indicate higher financial leverage.
Project-Based Revenue: Reliance on project awards which can lead to revenue volatility.

Opportunities

Infrastructure Growth: Favorable government policies and continued investment in India’s infrastructure sector.
Expansion Potential: Opportunities to explore new geographies and higher-value projects within the EPC domain.
Capital Utilization: Strategic use of IPO funds for working capital and equipment can enhance project execution and capacity.

Threats

Intense Competition: Highly competitive landscape in the Indian construction and EPC sector.
Economic Slowdown: Macroeconomic downturns could impact project pipeline and execution.
Regulatory and Environmental Risks: Potential delays or increased costs due to stringent regulatory and environmental compliance.
Input Cost Volatility: Fluctuations in prices of raw materials and labor can impact project margins.

How to Participate in the IPO

For investors considering an application in the Globe Civil Projects IPO, the process is streamlined through various online platforms. Most brokerage firms offer integrated services allowing you to apply for IPOs directly from your trading account via UPI or ASBA methods.

For instance, many popular brokers facilitate online IPO applications directly through their back office or trading platforms. Typically, the process involves logging into your broker’s portal, navigating to the IPO section, selecting the desired IPO, entering your bid details (quantity and price), and then approving the mandate via your UPI application or net banking.

Company and Registrar Details

For any queries or further information, here are the contact details:

Company Contact Information

Globe Civil Projects Limited
D-40, Okhla Industrial Area, Phase-I
Delhi, New Delhi, 110020
Phone: +91 11 46561560
Email: cs@globecivilprojects.com

IPO Registrar

Kfin Technologies Limited
Phone: 04067162222, 04079611000
Email: gcpl.ipo@kfintech.com

Concluding Thoughts

The Globe Civil Projects IPO presents an opportunity to invest in an established EPC company with a robust order book and a track record of project execution across diverse Indian states. While the company has navigated a period of mixed financial performance, its recent turnaround and strategic utilization of IPO proceeds for working capital and capital expenditure indicate a forward-looking approach. Potential investors should carefully consider the company’s financials, its industry position, the utilization of funds, and their own investment objectives before making an informed decision. As with any investment, due diligence and understanding the associated risks are paramount.

June 22, 2025

Ellenbarrie Industrial Gases Limited

Navigating the Ellenbarrie Industrial Gases IPO: A Comprehensive Guide for Investors

In the bustling landscape of public market offerings, understanding each opportunity is key to making informed investment decisions. As the market anticipates the Ellenbarrie Industrial Gases IPO, a deeper dive into its profile, financials, and future prospects becomes essential. This post aims to provide a clear, detailed analysis to help you evaluate this upcoming offering.

Unveiling Ellenbarrie Industrial Gases Limited

Established in 1973, Ellenbarrie Industrial Gases Limited (EIGL) has carved a significant niche as a prominent Indian manufacturer and supplier of a diverse range of industrial, medical, and speciality gases. Their extensive product portfolio includes essential gases like oxygen, carbon dioxide, acetylene, nitrogen, helium, hydrogen, argon, and nitrous oxide, alongside offerings such as dry ice and medical equipment.

Diverse Offerings and Broad Market Reach

Comprehensive Services: Beyond gas supply, EIGL provides project engineering for designing and installing large-scale air separation units (ASUs) and offers crucial medical gas pipeline solutions for healthcare facilities.
Varied Customer Segments: The company caters to a wide spectrum of clients, categorized into bulk (liquefied gases via tankers), package (compressed gases in cylinders), and onsite customers (direct gas supply and maintenance).
Extensive Industry Footprint: EIGL’s services are vital to sectors including:
- Steel manufacturing (supplying to major players).
- Pharmaceuticals & Chemicals (serving leading laboratories).
- Healthcare (partnering with renowned medical institutions).
- Engineering & Infrastructure.
- Railways, Aviation & Space Research.
- Petrochemicals and Defence.
Operational Scale: In Fiscal 2025, EIGL served 1,829 customers and operates eight manufacturing facilities strategically located across India. The company boasts a significant workforce of 281 permanent and 85 contractual employees.

Understanding the Public Offering Structure

The Ellenbarrie Industrial Gases IPO is a book-built issue, combining fresh equity shares and an offer for sale by existing shareholders.

Core IPO Details

Detail	Description
Face Value	₹2 per share
Issue Price Band	₹380 to ₹400 per share
Total Issue Size	2,13,13,130 shares (aggregating up to ₹852.53 Cr)
Fresh Issue	1,00,00,000 shares (₹400.00 Cr)
Offer for Sale (OFS)	1,13,13,130 shares (₹452.53 Cr)
Listing At	BSE, NSE

IPO Reservation Categories

The issue has specific allocations for different investor categories:

Qualified Institutional Buyers (QIB): Not more than 50% of the Offer
Retail Investors: Not less than 35% of the Offer
Non-Institutional Investors (NII): Not less than 15% of the Offer

The IPO Journey: Key Dates

Follow the Ellenbarrie Industrial Gases IPO from opening to listing:

Open Date:June 24, 2025

Close Date:June 26, 2025

Allotment Date:June 27, 2025

Demat Credit:June 30, 2025

Listing Date:July 1, 2025

*All dates are tentative and subject to change by the company/regulators.*

Investment Lot Sizes

Investors can bid for a minimum of 37 shares and in multiples thereof. The investment amount varies based on investor category:

Application Category	Minimum Lots	Minimum Shares	Minimum Amount	Maximum Shares	Maximum Amount
Retail	1	37	₹14,800	481	₹1,92,400
S-HNI (Small HNI)	14	518	₹2,07,200	2,479	₹9,91,600
B-HNI (Big HNI)	68	2,516	₹10,06,400	–	–

Financial Performance and Valuation Insights

A thorough examination of Ellenbarrie Industrial Gases Limited’s financials reveals a company on a growth trajectory.

Recent Financial Highlights (Restated)

Metric (₹ Crore)	March 31, 2025	March 31, 2024	March 31, 2023
Assets	845.97	672.54	551.27
Revenue	348.43	290.20	223.71
Profit After Tax (PAT)	83.29	45.29	28.14
EBITDA	109.74	61.53	33.59
Net Worth	333.62	250.15	203.32
Total Borrowing	245.30	176.90	101.10

The company has demonstrated robust financial growth, with revenue increasing by 20% and profit after tax (PAT) surging by 84% between fiscal year 2024 and 2025.

Key Performance and Valuation Metrics (as of March 31, 2025)

Indicator	Value
Market Capitalization	₹5637.42 Cr
Return on Equity (ROE)	16.88%
Return on Capital Employed (ROCE)	13.71%
Debt/Equity Ratio	0.32
Return on Net Worth (RoNW)	24.97%
PAT Margin	23.90%
EBITDA Margin	35.12%
Price to Book Value	20.93
Earnings Per Share (Pre IPO)	₹6.36
Price to Earnings (P/E) (Pre IPO)	62.88x
Earnings Per Share (Post IPO)	₹5.91
Price to Earnings (P/E) (Post IPO)	67.69x

*Note: Pre IPO EPS/P/E is based on pre-issue shareholding and latest FY earnings. Post Issue EPS/P/E reflects post-issue shareholding and annualized FY earnings.*

Strategic Utilization of IPO Proceeds

The funds raised from the IPO are earmarked for key strategic initiatives aimed at strengthening Ellenbarrie Industrial Gases Limited’s financial position and expanding its operational capabilities:

Debt Reduction: Approximately ₹210.00 crores will be utilized for repayment or prepayment of certain existing borrowings, enhancing the company’s financial flexibility.
Capacity Expansion: A significant portion, around ₹104.50 crores, is allocated for setting up a new Air Separation Unit (ASU) with a capacity of 220 TPD at their Uluberia-II plant. This expansion is crucial for meeting growing demand.
General Corporate Needs: The remaining proceeds will be deployed for various general corporate purposes, supporting ongoing business operations and future growth initiatives.

Leadership and Key Stakeholders

Company Promoters

The company is promoted by Padam Kumar Agarwala and Varun Agarwal, who have steered its growth and strategic direction.

Shareholding Status	Percentage
Pre-Issue Promoter Holding	96.47%
Post-Issue Promoter Holding	(Value to be calculated post IPO)

Key Professionals Facilitating the IPO

The IPO process is managed by experienced financial intermediaries:

Book Running Lead Managers: Motilal Oswal Investment Advisors Limited, IIFL Capital Services Limited, and JM Financial Limited.
IPO Registrar: Kfin Technologies Limited, responsible for managing the application process, allotment, and refunds.

Strategic Assessment: A SWOT Analysis

To provide a balanced perspective, here’s a concise SWOT analysis for Ellenbarrie Industrial Gases Limited:

Strengths

Strong Customer Relationships: Long-term associations with a diversified customer base across critical industries.
Robust Financial Growth: Demonstrated significant increase in both revenue and profitability in recent years.
Diversified Product & Service Portfolio: Catering to industrial, medical, and specialty gases, along with engineering and medical equipment services.
Established Market Presence: Operates multiple facilities nationwide, serving a wide array of key sectors.

Weaknesses

Valuation Concerns: The IPO appears aggressively priced based on current financial data, which might limit immediate listing gains.
Capital Intensive Business: Manufacturing industrial gases requires significant investment in infrastructure and technology.
Dependency on Industrial Cycles: Performance can be influenced by the health of key industries served (steel, chemicals, etc.).

Opportunities

Growing Demand: Increasing industrialization and healthcare needs in India drive demand for industrial and medical gases.
Expansion Potential: Utilization of IPO funds for new ASU setup indicates plans for capacity and market share growth.
Strategic Positioning: As an Indian manufacturer, the company may benefit from domestic policies and ‘Make in India’ initiatives.

Threats

Intense Competition: Presence of established domestic and international players in the industrial gases sector.
Regulatory Changes: Potential impact from evolving environmental and industrial regulations.
Raw Material Price Volatility: Fluctuations in energy costs and other raw materials can affect profitability.
Economic Slowdown: A general economic downturn could reduce industrial activity and gas consumption.

Important Questions About the IPO

Here are answers to some frequently asked questions about the Ellenbarrie Industrial Gases IPO:

What is the Ellenbarrie Industrial Gases IPO?
It is a main-board IPO comprising 2,13,13,130 equity shares with a face value of ₹2 each, aggregating up to ₹852.53 Crores. The price band is ₹380 to ₹400 per share, with a minimum order quantity of 37 shares. The shares are proposed to be listed on BSE and NSE.
How can I apply for the Ellenbarrie Industrial Gases IPO?
You can apply online through your stockbroker’s platform using UPI (Unified Payments Interface) as a payment gateway, or directly through your bank’s net banking portal via ASBA (Applications Supported by Blocked Amount).
When does the Ellenbarrie Industrial Gases IPO open and close?
The IPO opens for subscription on June 24, 2025, and closes on June 26, 2025.
What is the lot size for the Ellenbarrie Industrial Gases IPO?
The minimum lot size for the IPO is 37 shares, requiring a minimum investment of ₹14,800 for retail investors at the upper price band.
When is the Ellenbarrie Industrial Gases IPO allotment and listing expected?
The finalization of the Basis of Allotment is tentatively scheduled for Friday, June 27, 2025. Allotted shares are expected to be credited to your demat account by Monday, June 30, 2025. The tentative listing date is Tuesday, July 1, 2025.

Final Thoughts for Potential Investors

Ellenbarrie Industrial Gases Limited presents an intriguing investment opportunity, backed by a strong operational history, diverse customer base, and impressive financial growth. The company operates in an essential sector, benefiting from ongoing industrial expansion and healthcare demands. While the valuation appears to be at a premium, its strategic objectives for debt reduction and capacity expansion underscore a clear path for future growth.

For those considering participation, it’s advisable to conduct your own detailed research, consider the long-term industry outlook, and evaluate the IPO against your personal investment goals and risk tolerance. Consulting a qualified financial advisor can provide tailored insights to aid your decision-making process.

June 22, 2025

Kalpataru Limited

Decoding the Kalpataru IPO: A Comprehensive Guide for Potential Investors

Your Journey to Informed Investment Starts Here

The Indian primary market is buzzing with excitement, and one of the upcoming offerings attracting significant attention is the Kalpataru IPO. As a prominent real estate developer, Kalpataru Limited’s public offering presents a unique opportunity for investors looking to diversify their portfolios. But before you jump in, let’s take a deep dive into what this IPO entails, examining its key aspects, financial health, and future prospects.

Understanding Kalpataru Limited: A Legacy in Real Estate Development

Established in 1988, Kalpataru Limited has carved a significant niche in the real estate sector. Based in Mumbai, Maharashtra, the company excels in developing a diverse range of properties including residential, commercial, retail spaces, and integrated townships. Their footprint extends across major Indian cities, including Mumbai, Thane, Panvel, Pune, Hyderabad, Indore, Bengaluru, and Jodhpur. As part of the larger Kalpataru Group, which includes entities like Kalpataru Projects International Limited and Shree Shubham Logistics Limited, the company benefits from a diversified business ecosystem. As of March 31, 2024, Kalpataru Limited boasts an impressive portfolio of 40 ongoing projects, in addition to having successfully completed 70 projects, showcasing their extensive experience and operational capacity.

Unpacking the Kalpataru IPO: Key Details at a Glance

The Kalpataru IPO is a book-built issue, aiming to raise a substantial amount from the public markets. Here’s a quick overview of its essential components:

Detail	Description
Face Value	₹10 per share
Issue Price Band	₹387 to ₹414 per share
Total Issue Size	₹1,590.00 Crores (3.84 crore shares)
Sale Type	Entirely a Fresh Issue
Listing At	BSE, NSE

Navigating the IPO Journey: Important Dates to Mark Your Calendar

Timing is everything in the stock market. Here’s a tentative schedule for the Kalpataru IPO, from application to listing:

Kalpataru IPO Tentative Schedule

IPO Open

Jun 24, 2025

IPO Close

Jun 26, 2025

Allotment Finalized

Jun 27, 2025

Refunds & Demat Credit

Jun 30, 2025

Tentative Listing

Jul 1, 2025

Investment Tiers: Lot Sizes and Application Amounts

Understanding the minimum and maximum investment limits for different investor categories is crucial. The minimum lot size for the Kalpataru IPO is 36 shares.

Application Category	Lots (Min/Max)	Shares (Min/Max)	Amount (Min/Max)
Retail Investor	1 / 13	36 / 468	₹14,904 / ₹1,93,752
Small HNI (sNII)	14 / 67	504 / 2,412	₹2,08,656 / ₹9,98,568
Big HNI (bNII)	68 (Min)	2,448 (Min)	₹10,13,472 (Min)

It’s generally advisable for retail investors to bid at the cut-off price to maximize their chances of allotment, especially in oversubscribed issues.

Share Allocation Blueprint: How the Issue is Reserved

The IPO market allocates shares to different investor categories based on pre-defined percentages. Here’s the reservation breakdown for Kalpataru IPO:

Investor Category	Shares Offered (Percentage of Net Issue)
Qualified Institutional Buyers (QIBs)	Not less than 75%
Retail Individual Investors (RIIs)	Not more than 10%
Non-Institutional Investors (NIIs)	Not more than 15%

It’s important to note the specific bidding rules for each category:

Retail Individual Investors (RII): Can bid up to ₹2 Lakhs and are allowed to bid at the cut-off price.
Small Non-Institutional Investors (sNII): Bids range from ₹2 Lakhs to ₹10 Lakhs. Bidding at cut-off price is generally not allowed for NIIs.
Big Non-Institutional Investors (bNII): Bids are above ₹10 Lakhs. Bidding at cut-off price is generally not allowed for NIIs.
Employee Category: Employees can bid up to ₹5 Lakhs, and in some cases, may receive a discount if the bidding amount is up to ₹2 lakhs. They can also apply as RII or NII in addition to their employee quota.

Financial Health Check: Kalpataru’s Performance Snapshot

Analyzing a company’s financials is paramount for any investor. While Kalpataru Limited has faced some challenges in recent years, their 9-month performance for FY25 shows a positive shift.

Consolidated Financials (Amount in ₹ Crore)

Period Ended	31 Dec 2024 (9M)	31 Mar 2024 (FY)	31 Mar 2023 (FY)	31 Mar 2022 (FY)
Assets	15,562.35	13,879.43	12,540.77	13,410.57
Revenue	1,699.49	2,029.94	3,716.61	1,248.55
Profit After Tax (PAT)	5.51	-116.51	-229.43	-125.36
EBITDA	101.67	-78.01	-49.67	-35.98
Net Worth	1,579.54	1,028.23	1,221.89	1,429.01
Total Borrowing	11,056.40	10,688.31	9,679.64	10,365.97

Key Performance Indicators (KPIs)

The market capitalization of Kalpataru IPO is approximately ₹8524.07 Crore. Below are key KPIs as of March 31, 2024, and post-IPO projections:

KPI	Value (as of 31 Mar 2024)	Pre-IPO EPS (Rs)	Post-IPO EPS (Rs)	Pre-IPO P/E (x)	Post-IPO P/E (x)
Return on Net Worth (RoNW)	-10.15%	-6.96	0.36	-59.52	1160.05
EBITDA Margin	-4.04%	–	–	–	–
Price to Book Value	5.62	–	–	–	–

The company has experienced negative Profit After Tax (PAT) and EBITDA in previous full fiscal years, which is a point of consideration. However, the improved performance in the first nine months of FY25 (turning profitable with positive PAT and EBITDA) suggests a potential turnaround, which is critical for future investor confidence.

The Driving Force: Promoters and Shareholding Structure

The promoters of Kalpataru Limited are Mofatraj P. Munot and Parag M. Munot, who have been instrumental in the company’s journey. Understanding the promoter holding before and after the IPO provides insights into the dilution of equity:

Share Holding Pre-Issue: 100%
Share Holding Post-Issue: 81.3%

The fresh issue will lead to an equity dilution, reducing the promoter’s stake from 100% to 81.3%. This is a standard process in IPOs to bring in public shareholding and raise capital. It’s noteworthy that the company recently issued equity shares worth Rs. 400 crore to promoters at a price of Rs. 517.25 in March 2025, indicating their continued commitment and investment in the company.

Purpose of the Public Offering: What the Funds Will Achieve

The fresh issue of shares in the Kalpataru IPO has specific objectives designed to strengthen the company’s financial position and support its growth trajectory. The net proceeds are primarily allocated towards:

Repayment/pre-payment of certain borrowings: A significant portion of the funds (₹11,925 Million) will be used to pay off existing debt availed by both the company and its subsidiaries. This move is crucial for improving the company’s balance sheet and reducing its interest burden.
General corporate purposes: The remaining funds will be utilized for general corporate needs, providing the company with financial flexibility for various operational and strategic initiatives.

Reducing debt is a positive sign for investors, as it can lead to improved profitability and financial stability.

Strategic Outlook: A SWOT Analysis for Kalpataru IPO

To provide a holistic view, let’s conduct a brief SWOT analysis based on the available information:

Strengths:
- Well-established brand with a long history in real estate development.
- Extensive project portfolio with 70 completed and 40 ongoing projects across diverse cities.
- Part of a larger, diversified Kalpataru Group.
- Recent financial turnaround in the first nine months of FY25, indicating potential for improved performance.
- Promoter confidence reflected in recent equity infusion.
Weaknesses:
- History of negative Profit After Tax (PAT) in previous fiscal years.
- High total borrowing, though the IPO aims to address this.
- Dependence on the cyclical nature of the real estate sector.
Opportunities:
- Booming real estate market in India, driven by urbanization and rising income.
- Utilizing IPO proceeds to reduce debt can free up capital for future growth and projects.
- Expansion into new geographies or property types.
- Leveraging brand reputation for future developments.
Threats:
- Intense competition from other established and emerging real estate developers.
- Regulatory changes and government policies impacting the real estate sector.
- Potential economic downturns affecting demand and property prices.
- Rising interest rates could impact borrowing costs and buyer affordability.

Applying for the Kalpataru IPO: Your Guide to Participation

Participating in an IPO has become significantly easier with digital platforms. You can apply for the Kalpataru IPO online using either the UPI (Unified Payments Interface) or ASBA (Applications Supported by Blocked Amount) methods.

UPI Application: Many popular brokerage platforms allow you to apply for IPOs directly through their portal using your UPI ID for payment. This method is quick and convenient.
ASBA Application: If you prefer, you can apply through your bank’s net banking portal using the ASBA facility. This method blocks the application amount in your bank account until allotment, ensuring funds are only debited upon successful share allocation.

Always ensure your Demat account details are correctly linked to your application.

Key Facilitators: Lead Managers and Registrar

Several key entities play crucial roles in ensuring the smooth execution of an IPO:

Book Running Lead Managers:
- ICICI Securities Limited
- JM Financial Limited
- Nomura Financial Advisory And Securities (India) Pvt Ltd
These entities are responsible for managing the entire IPO process, including marketing, pricing, and compliance.
Registrar:
- MUFG Intime India Private Limited ((Link Intime)
The registrar handles all aspects of share allotment, refunds, and credit of shares to investor Demat accounts. They are the primary point of contact for investor queries related to share allocation.

Final Word: Is Kalpataru IPO a Good Fit for Your Portfolio?

The Kalpataru IPO presents a mixed bag of opportunities and considerations. While the company operates in a robust real estate sector and has shown a recent turnaround in its financial performance, its historical losses and significant debt levels warrant careful evaluation. The funds raised through this IPO are strategically aimed at debt reduction, which is a positive signal for future financial health.

From a market perspective, some analysts suggest that while the issue might appear aggressively priced initially, the long-term prospects, driven by its established market presence and a strong pipeline of projects, could make it an attractive proposition for well-informed investors with a longer investment horizon.

Ultimately, whether the Kalpataru IPO aligns with your investment goals depends on your risk appetite, investment horizon, and overall portfolio strategy. It is always recommended to conduct your own thorough research and consider consulting a financial advisor before making any investment decisions.

Make Informed Investment Choices

June 22, 2025

Arisinfra Solutions Limited IPO

Arisinfra Solutions IPO: Unlocking India’s Construction Tech Growth

Arisinfra Solutions IPO: Bridging the Future of Construction Supply

The Indian infrastructure sector is booming, and with it, the demand for efficient, tech-driven supply chains. In this exciting landscape, Arisinfra Solutions Limited is set to launch its Initial Public Offering (IPO), offering investors a chance to participate in a company poised to revolutionize how construction materials are procured. Let’s delve into the details of this upcoming IPO and what it means for potential investors.

Understanding Arisinfra Solutions

Arisinfra Solutions Limited, established in 2021, operates as a modern, technology-enabled B2B platform. Its primary focus is to simplify and digitize the procurement of construction and infrastructure materials, along with providing smart financial management solutions for companies in the sector.

The company’s diverse product portfolio includes essential items like GI pipes, MS wires, MS TMT bars (steel), and OPC bulk cement. They boast an impressive track record, having delivered over 10 million metric tonnes of materials, serving thousands of customers across various cities in India through a vast network of vendors. Notable clients include major players like Capacit’e Infraprojects Limited and Afcons Infrastructure Limited. Arisinfra also has a subsidiary, ArisUnitern Re Solutions Private Limited, which extends its services to real estate developers by offering advisory, consultancy, marketing, and sales support.

Strategic Advantages:

Tech-Driven Supply Chain: Leveraging technology to streamline procurement processes.
Market Positioning: Well-placed to capitalize on the significant growth opportunities in the construction materials market.
Robust Network Effects: A growing ecosystem of vendors and customers ensures long-term benefits.
Advanced Credit Risk Analysis: Utilizes technology for comprehensive credit assessment, enhancing operational efficiency.
Experienced Leadership: Guided by strong promoters and a seasoned professional team.

Key IPO Dates & Milestones

Mark your calendars for the Arisinfra Solutions IPO. Here’s a tentative timeline to guide potential investors:

IPO Open

Wed, Jun 18, 2025

Subscription Window

Jun 18 – Jun 20, 2025

Allotment Finalization

Mon, Jun 23, 2025

Shares Credited to Demat

Tue, Jun 24, 2025

Tentative Listing Date

Wed, Jun 25, 2025

IPO Offer Overview

The Arisinfra Solutions IPO is structured as a book-building issue, entirely comprising a fresh issue of shares.

Detail	Information
Issue Type	Bookbuilding IPO
Face Value	₹2 per equity share
Price Band	₹210 to ₹222 per equity share
Total Issue Size	2,25,04,324 shares (aggregating up to ₹499.60 Crores)
Issue Listing On	BSE, NSE

Investment Structure: Price & Lot Details

Investors can bid for shares in specific lot sizes. Understanding these details is crucial for planning your application.

Investor Category	Minimum Lots	Minimum Shares	Minimum Investment Amount (at cut-off price)	Maximum Shares (Retail)	Maximum Investment Amount (Retail)
Retail Investor	1	67	₹14,874	871	₹1,93,362
Small HNI (sNII)	14	938	₹2,08,236	4,489	₹9,96,558
Big HNI (bNII)	68	4,556	₹10,11,432	–	–

Investor Reservation Categories:

Qualified Institutional Buyers (QIB): Not less than 75% of the Issue
Non-Institutional Investors (NII / HNI): Not more than 15% of the Issue
Retail Individual Investors: Not more than 10% of the Issue

Financial Health at a Glance

Understanding the company’s financial performance is key to evaluating the investment opportunity. Arisinfra Solutions has demonstrated a recent turnaround in profitability, following earlier losses.

Period Ended	Assets (₹ Cr)	Revenue (₹ Cr)	Profit After Tax (₹ Cr)	Net Worth (₹ Cr)	Total Borrowing (₹ Cr)
Dec 31, 2024	586.56	557.76	6.53	152.09	322.82
Mar 31, 2024	492.83	702.36	-17.30	141.60	273.98
Mar 31, 2023	394.95	754.44	-15.39	104.94	220.35
Mar 31, 2022	334.22	453.77	-6.49	140.30	154.25

Key Insights: The company reported a profit for the period ending December 31, 2024, a significant improvement from losses in previous financial years. However, revenue shows a fluctuating trend, and borrowings have consistently increased.

Core Performance Metrics (as of March 31, 2024):

Market Capitalization: ₹1799.28 Crores
Debt/Equity Ratio: 1.45 (Indicates a moderate to high reliance on debt)
Return on Net Worth (RoNW): -13.14% (Reflecting past losses)
Price to Book Value: 8.61
Earnings Per Share (EPS) Pre-IPO: -₹5.30
Price to Earnings (P/E) Ratio: -41.89 (Negative due to past losses, but expected to turn positive with recent profits)

Purpose of the Public Offering

Arisinfra Solutions intends to utilize the net proceeds from the IPO for several strategic initiatives:

S.No.	Objects of the Issue	Expected Amount (₹ in Crores)
1	Repayment/prepayment of certain outstanding borrowings	204.60
2	Funding working capital requirements of the Company	177.00
3	Investment in subsidiary (Buildmex-Infra) for working capital	48.00
4	General corporate purposes and unidentified inorganic acquisitions	(Balance Amount)

Who’s Behind Arisinfra?

Promoter Group:

The company is promoted by a group of individuals and trusts committed to its vision:

Ronak Kishor Morbia
Bhavik Jayesh Khara
Siddharth Bhaskar Shah
Jasmine Bhaskar Shah
Priyanka Bhaskar Shah
Bhaskar Shah
Aspire Family Trust
Priyanka Shah Family Trust

Promoter Shareholding:

Pre-Issue Shareholding: 51.67%
Post-Issue Shareholding: 37.50%

This indicates a dilution of promoter stake post-IPO, which is common in public offerings as new shares are issued to raise capital.

Navigating the Investment: A Deeper Dive (SWOT Analysis)

To provide a holistic view, here’s a strategic analysis of Arisinfra Solutions Limited:

Strengths (Internal Positives):

Innovative technology-driven B2B platform for construction materials.
Strong positioning in a rapidly expanding market.
Extensive network of vendors and customers, fostering network effects.
Robust framework for credit risk analysis, enhancing operational efficiency.
Leadership by experienced promoters and a skilled professional team.

Weaknesses (Internal Challenges):

History of losses in previous financial years, with recent profitability being a new development.
High debt-to-equity ratio, indicating significant financial leverage.
Negative Return on Net Worth (RoNW) as of the last audited period.
Notable dilution of promoter holding post-IPO.
Aggressive valuation based on limited recent profitable data.

Opportunities (External Prospects):

Growing demand and digitization trends in the Indian construction and infrastructure sector.
Potential for expansion into new geographies and product categories.
Scope for inorganic growth through unidentified acquisitions mentioned in IPO objectives.
Leveraging subsidiary for value-added services in the real estate sector.

Threats (External Risks):

Intense competition from traditional suppliers and emerging tech platforms.
Vulnerability to economic downturns and fluctuations in the construction industry.
Volatile raw material prices (steel, cement) impacting margins.
Potential for adverse regulatory changes affecting the construction or logistics sector.

Connecting with Arisinfra: Contact & Support

Company Contact Details:

Arisinfra Solutions Limited
Unit No. G-A-04 to 07, Ground Floor, A Wing, Art Guild House,
Phoenix Marketcity, LBS Marg, Kurla (West), Mumbai, Maharashtra, 400007
Phone: 022 – 2611 202
Email: cs@arisinfra.one
Website: arisinfra.com

IPO Registrar:

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

Lead Managers:

Jm Financial Limited
IIFL Capital Services Limited
Nuvama Wealth Management Limited

Final Thoughts for Investors

Arisinfra Solutions operates in a promising, high-growth sector, leveraging technology to create an efficient B2B supply chain for construction materials. The company’s recent shift to profitability in the latest reported period is a positive sign, indicating a potential turnaround. However, prospective investors should carefully weigh this against its prior financial losses and the aggressive pricing of the IPO based on this short-term positive trend.

For those with a long-term investment horizon and a moderate to high-risk appetite, this IPO presents an opportunity to invest in a company with a strong business model and significant market potential. It’s advisable to conduct thorough due diligence, considering the company’s financial trajectory, the utilization of IPO proceeds, and the broader market dynamics. Always remember to align any investment decision with your personal financial goals and risk tolerance.

June 15, 2025

Oswal Pumps

Unpacking the Oswal Pumps Public Offering: Your Comprehensive Guide

Discover key insights into Oswal Pumps Limited’s upcoming Initial Public Offering.

The Indian primary market is buzzing once again with the announcement of Oswal Pumps Limited’s highly anticipated Initial Public Offering (IPO). For investors looking to participate in the growth story of a prominent player in the pumps and solar solutions sector, understanding the nuances of this offering is crucial. This detailed guide provides a thorough analysis of Oswal Pumps IPO, covering everything from its business operations to financial health and the specifics of the public issue.

About Oswal Pumps Limited: Powering India’s Growth

Established in 2003, Oswal Pumps Limited has emerged as a significant manufacturer and distributor of a wide array of pumps and related equipment. Their product portfolio is diverse, serving domestic, agricultural, and industrial needs. Key offerings include:

Solar pumps
Submersible pumps
Monoblock and pressure pumps
Sewage pumps
Electric motors and associated components like submersible winding wires & cables, and electric panels.

A notable aspect of their business is their strong presence in the solar pumping sector. As of August 31, 2024, the company successfully executed 26,270 turnkey solar pumping systems directly under the PM-KUSUM Scheme across various states like Haryana, Rajasthan, Uttar Pradesh, and Maharashtra. With a manufacturing facility in Karnal, Haryana, spanning over 41,076 square meters, Oswal Pumps boasts a robust operational base. Their distribution network has also seen substantial growth, expanding from 473 distributors in March 2022 to 636 by March 2024, alongside exports to 17 countries globally.

Oswal Pumps IPO: Key Offering Details

The public offering by Oswal Pumps Limited is a book-built issue, combining fresh issuance of new shares and an offer for sale (OFS) by existing shareholders. Below are the essential details of the IPO:

Detail	Specification
Offering Period	June 13, 2025 to June 17, 2025
Face Value	₹1 per share
Price Range	₹584 to ₹614 per share
Lot Size	24 Shares
Total Issue Volume	2,25,95,114 shares (aggregating up to ₹1,387.34 Cr)
Fresh Issue Component	1,44,95,114 shares (aggregating up to ₹890.00 Cr)
Offer for Sale (OFS) Component	81,00,000 shares (aggregating up to ₹497.34 Cr)
Issue Structure	Bookbuilding IPO
Listing Exchanges	BSE, NSE

Investor Categories and Allotment Allocation

The shares are reserved for different investor categories as follows:

Investor Category	Shares Offered
Qualified Institutional Buyers (QIBs)	Not more than 50.00% of the Offer
Retail Individual Investors	Not less than 35% of the Offer
Non-Institutional Investors (NII/HNI)	Not less than 15% of the Offer

Understanding Lot Sizes and Investment Amounts

Investors can bid for a minimum of 24 shares and in multiples thereof. Here’s a breakdown of the minimum and maximum investment for various investor types:

Application Type	Lots (Min/Max)	Shares (Min/Max)	Amount (Min/Max)
Retail (Min)	1	24	₹14,736
Retail (Max)	13	312	₹1,91,568
Small NII (Min)	14	336	₹2,06,304
Small NII (Max)	67	1,608	₹9,87,312
Big NII (Min)	68	1,632	₹10,02,048

For retail investors, it is generally recommended to bid at the cut-off price to maximize chances of allotment, especially in oversubscribed scenarios.

IPO Timeline: Marking Your Calendar

Keep track of the important dates for the Oswal Pumps IPO to ensure you don’t miss out on any crucial steps.

Tentative Schedule

IPO Open Date
Fri, Jun 13, 2025

IPO Close Date
Tue, Jun 17, 2025

Tentative Allotment
Wed, Jun 18, 2025

Tentative Listing Date
Fri, Jun 20, 2025

Please note that these dates are tentative and subject to change. Investors should regularly check official announcements for any updates.

Financial Performance Snapshot

A look at Oswal Pumps Limited’s financial health provides insights into its growth trajectory and operational efficiency. Here’s a summary of their restated consolidated financials:

Period Ended	31 Dec 2024	31 Mar 2024	31 Mar 2023	31 Mar 2022
Assets (₹ Crore)	1,096.01	511.28	252.30	221.84
Revenue (₹ Crore)	1,067.34	761.23	387.47	361.11
Profit After Tax (₹ Crore)	216.71	97.67	34.20	16.93
Net Worth (₹ Crore)	378.80	160.17	59.97	24.57
Total Borrowing (₹ Crore)	346.30	75.42	59.28	87.54

Key Performance Metrics (as of March 31, 2024)

These indicators provide deeper insights into the company’s efficiency and profitability:

Metric	Value
Return on Capital Employed (ROCE)	81.85%
Debt/Equity Ratio	0.42
Return on Net Worth (RoNW)	88.73%
Profit After Tax Margin	12.83%
Price to Book Value	38.14

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

The valuation metrics are crucial for assessing the offering’s attractiveness:

Metric	Pre-IPO	Post-IPO
Earnings Per Share (₹)	9.82	25.35
Price-to-Earnings (x)	62.54	24.22

*Note: Pre-IPO EPS is based on pre-issue shareholding and FY24 earnings (as of March 31, 2024). Post-IPO EPS is based on post-issue shareholding and annualized FY25 earnings (as of December 31, 2024).*

Promoters and Their Vision

The driving forces behind Oswal Pumps Limited are its promoters: Vivek Gupta, Amulya Gupta, Shivam Gupta, Ess Aar Corporate Services Private Limited, Shorya Trading Company Private Limited, and Singh Engcon Private Limited. Their collective vision has steered the company’s growth.

Promoter Shareholding

The current shareholding of the promoters stands at:

**Pre-IPO Shareholding:** 99.88%
**Post-IPO Shareholding:** (To be calculated post-dilution from the fresh issue)

Purpose of the Offering Proceeds

Oswal Pumps Limited intends to utilize the net proceeds from this public offering for several key objectives aimed at strengthening its financial position and fueling future growth:

S.No.	Objective	Expected Amount (₹ in crores)
1	Funding certain capital expenditures	89.86
2	Investment in wholly-owned subsidiary (Oswal Solar) for new manufacturing units in Karnal, Haryana	272.76
3	Partial or full pre-payment/re-payment of company’s outstanding borrowings	280.00
4	Investment in wholly-owned subsidiary (Oswal Solar) for repayment/prepayment of its outstanding borrowings	31.00
5	General corporate purposes	(Remaining amount)

Applying for the Oswal Pumps IPO

Applying for an IPO online has become a streamlined process. Most brokerage platforms offer a convenient way to apply. You can typically apply using either UPI (Unified Payments Interface) or ASBA (Applications Supported by Blocked Amount) as your payment method.

General Steps for Online IPO Application:

Login to your broker’s trading platform (e.g., their website or mobile app).
Navigate to the “IPO” or “Public Issues” section.
Find the “Oswal Pumps IPO” and click to bid.
Enter your UPI ID (for UPI applications) or select your bank account (for ASBA applications).
Specify the quantity of shares you wish to apply for (in multiples of the lot size) and your bid price. Opting for the “cut-off price” is a common strategy for retail investors.
Submit your application.
If using UPI, approve the mandate request in your UPI application within the stipulated time.

IPO Support Team Details

Company Contact Information

**Company Name:** Oswal Pumps Limited
**Address:** Oswal Estate NH-1, Kutail Road, P. O. Kutail, District Karnal, Karnal, Haryana
**Phone:** +91 18 4350 0307
**Email:** investorrelations@oswalpumps.com
**Website:** www.oswalpumps.com

IPO Registrar Details

The registrar for the Oswal Pumps IPO is responsible for managing the application and allotment process.

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

Book Running Lead Managers

These financial institutions are responsible for managing the IPO process:

IIFL Capital Services Limited
Axis Capital Limited
CLSA India Private Limited
JM Financial Limited
Nuvama Wealth Management Limited

June 11, 2025

Scoda Tubes Limited IPO

Decoding the Scoda Tubes IPO: A Comprehensive Investor’s Guide

As the market anticipates new opportunities, the Scoda Tubes IPO emerges as a significant event. This blog post delves deep into the specifics of this upcoming public offering, providing potential investors with a clear and structured overview.

Key Dates & IPO Journey Progress

Understanding the IPO timeline is crucial for every investor. Here’s a snapshot of the Scoda Tubes IPO journey from opening to listing:

Pre-Open Bidding Allotment Listing

May 28, 2025 (Open) May 30, 2025 (Close) Jun 2, 2025 (Allotment) Jun 4, 2025 (Listing)

IPO Timeline Overview:

Event	Date
Bidding Starts	May 28, 2025
Bidding Ends	May 30, 2025
Allotment Finalisation	June 02, 2025
Refund Initiation	June 03, 2025
Demat Transfer	June 03, 2025
Listing Date	June 04, 2025

Scoda Tubes: Company at a Glance

Scoda Tubes Limited, established in 2008, is a prominent manufacturer of stainless-steel tubes and pipes. Their diverse product portfolio includes both seamless and welded variants, catering to a wide array of industrial applications.

Core Business: Production of high-quality stainless-steel tubes and pipes.
Product Versatility: Offers five main product lines, encompassing seamless and welded tubes.
Sectoral Reach: Serves critical sectors such as oil & gas, power generation, pharmaceuticals, and transport.
Manufacturing Hub: Operates from a state-of-the-art facility in Mehsana, Gujarat, utilizing a hot piercing mill for producing mother hollows.
Market Presence: In FY24, the company supplied to 49 stockists domestically and exported to 16 countries globally, including key markets like the U.S., Germany, and France, under its proprietary brand.
Leadership: Helmed by Mr. Samarth Patel, the Chairman and Executive Director.

Understanding the IPO Structure and Offering

The Scoda Tubes IPO is structured as a fresh issue, aiming to raise capital for strategic growth initiatives.

IPO Key Specifications:

Detail	Information
IPO Price Range	₹130 to ₹140 per share
Total IPO Size	₹220.00 Crores
Offer For Sale (OFS)	Nil
Fresh Issue Size	₹220.00 Crores
Listing Exchanges	BSE, NSE

Investment Lot Sizes:

Category	Lots (Min/Max)	Shares (Min/Max)	Investment (Min/Max)
Retail	1 / 14	100 / 1400	₹13,000 / ₹182,000
HNI	15 / 71	1500 / 7100	₹195,000 / ₹923,000
B-HNI (Min)	72	7200	₹936,000

The company aims to utilize the net proceeds from this fresh issue primarily for:

Funding capital expenditure for expanding seamless and welded tube production capabilities.
Addressing additional working capital requirements.
General corporate purposes, providing financial flexibility for future growth.

Scoda Tubes’ Financial Performance Insights

A deep dive into Scoda Tubes’ recent financial statements reveals a consistent growth trajectory and operational efficiency.

Profit and Loss Statement (Figures in ₹ Crores):

Particulars	FY22	FY23	FY24
Revenue	195.05	307.79	402.49
EBITDA	9.99	34.78	58.79
PAT	1.64	10.34	18.30

Balance Sheet Snapshot (Figures in ₹ Crores):

Particulars	FY22	FY23	FY24
Total Assets	156.06	238.26	330.42
Share Capital	1.28	1.28	1.28
Total Borrowings	109.90	139.91	202.66

The consistent growth in revenue, EBITDA, and PAT signifies robust operational performance. While total assets have increased, so have borrowings, which is common for growth-oriented companies funding expansion.

Cash Flow Summary (Figures in ₹ Crores):

Particulars	FY22	FY23	FY24
Net Cash From / (Used in) Operating Activities	-46.87	20.35	2.26
Net Cash From / (Used in) Investing Activities	-33.44	-38.52	-46.58
Net Cash From / (Used in) Financing Activities	80.16	17.94	44.27
Net Increase (Decrease) In Cash & Equivalents	-0.14	-0.24	-0.05

The cash flow data indicates significant investment in growth (negative investing activities) funded by financing activities. Operating cash flow has been positive in recent years, though slightly fluctuating, which is a factor to consider for long-term sustainability.

Competitive Landscape & Peer Comparison

In the robust stainless-steel tube and pipe market, Scoda Tubes operates alongside several established players. Understanding its peers helps contextualize its market position and valuation.

Key Competitors:

Ratnamani Metals & Tubes Limited
Venus Pipes & Tubes Limited
Welspun Specialty Solutions Limited
Suraj Limited

Investors should perform a thorough comparative analysis of these companies’ financials, market share, and growth strategies to make informed decisions regarding Scoda Tubes.

Strategic Assessment: Strengths, Weaknesses, Opportunities, and Threats

A thorough strategic analysis helps in understanding the internal capabilities and external factors influencing Scoda Tubes’ future.

Strengths:

Specialization in stainless-steel pipes with robust customization capabilities.
Strategically located manufacturing plant featuring backward integration and ample room for expansion.
Diversified customer base spanning various industries and geographies.
Demonstrated strong financial growth and possession of international accreditations, fostering market confidence.

Weaknesses:

An elongated working capital cycle, which can heighten operational pressure.
A declining current ratio, suggesting potential tightening in liquidity.
Significant reliance on the fluctuating prices of stainless-steel, impacting margin stability.
Limited product diversification, primarily focused on stainless-steel tubes and pipes.

Opportunities:

Government initiatives in infrastructure development and favorable import duties that benefit domestic manufacturers.
Anticipated long-term demand driven by global LNG projects and pipeline network expansion.
Supportive government schemes like “Make in India” and Production Linked Incentive (PLI) schemes for local manufacturing.
Increasing export potential to over 16 countries, with scope for further geographic market penetration.

Threats:

Potential impact on profitability due to raw material price volatility.
Risk of reduced industrial steel demand in the event of a global economic slowdown.
Changes in trade duty policies that could affect the company’s competitiveness.
Persistent high competition from international players offering lower-cost alternatives.

Why Consider Investing in Scoda Tubes IPO?

For prospective investors, several factors make the Scoda Tubes IPO a compelling consideration.

Consistent Financial Performance: The company has demonstrated strong revenue and PAT growth in FY24, indicating robust financial momentum and effective operations.
Strategic Operational Advantages: Its strategic location in Gujarat, coupled with backward integration and a growing export presence, positions it for long-term scalability.
Favorable Industry Environment: Supportive government policies and rising global demand trends for stainless-steel tubes are positive tailwinds for manufacturers in India.
Capacity Expansion & Growth: The IPO proceeds are earmarked to boost production capacity and strengthen working capital, paving the way for future expansion and enhanced market presence.

Stainless Steel Tube Market Outlook:

The Indian stainless steel tube market is projected to expand at a Compound Annual Growth Rate (CAGR) of 6.43% until 2030, highlighting a healthy growth outlook.
Demand is continually surging, driven by significant expansion across sectors such as oil & gas, pharmaceuticals, construction, and automotive industries.
Domestic producers like Scoda Tubes are benefiting from government support through initiatives like ‘Make in India’ and the implementation of anti-dumping duties.
With its advantageous Gujarat location, increasing exports, and planned capacity expansion, Scoda Tubes is well-positioned to capitalize on these industry trends.

Essential Contacts for Investors

For further information or assistance regarding the Scoda Tubes IPO, you may reach out to the following contacts:

Scoda Tubes Limited (Company Contact):

Address: Survey No. 1566/1, Village Rajpur, Kadi, Mehsana, Ahmedabad
Phone: 02764278278
Email: cs@scodatubes.com
Website: https://www.scodatubes.com/

IPO Registrar (Link Intime):

Name: MUFG Intime India Private Limited
Phone: +91-22-4918 6270
Email: scodatubes.ipo@linkintime.co.in
Website: https://linkintime.co.in/Initial_Offer/public-issues.html

Lead Manager:

Monarch Networth Capital Ltd

Final Thoughts for Potential Investors

The Scoda Tubes IPO presents an opportunity to participate in the growth story of a specialized stainless-steel manufacturer. With a strong track record of revenue and profit growth, strategic advantages, and a supportive industry environment, the company aims to leverage the IPO proceeds for future expansion. However, as with any investment, it’s crucial to consider the identified weaknesses, such as working capital cycles and raw material price dependency, and external threats like global economic shifts.

Before making any investment decisions, investors are advised to conduct their own thorough due diligence, review the company’s Red Herring Prospectus (RHP), and consult with a financial advisor to align with their individual financial goals and risk appetite.

May 26, 2025