Category: SME IPO

Fractal Industries

Fractal Industries IPO Analysis: Decoding the SME Listing Opportunity

Decoding the Fractal Industries SME IPO: Everything You Need to Know

The Indian capital market continues to buzz with activity, especially within the SME segment, offering burgeoning companies a pathway to public listing. Fractal Industries, a key player in the apparel manufacturing and supply chain sector, is stepping into the spotlight with its upcoming Initial Public Offering (IPO) on the BSE SME platform. For investors keen on understanding growth stories in niche manufacturing, this issue presents a significant opportunity for detailed scrutiny.

This comprehensive analysis dives deep into the Fractal Industries IPO, covering its business model, financial health, issue structure, and what investors should look out for before deciding to subscribe.

Understanding the Business: Fractal Industries Ltd.

Fractal Industries operates as a comprehensive garment manufacturing and supply chain facilitator, primarily serving the burgeoning e-commerce landscape in India. They manage the journey from design and sourcing to final logistics for major online marketplaces.

Core Business Verticals and Operations

End-to-End Service: The company is involved in designing, sourcing, and manufacturing high-quality, fast-moving apparel.
E-commerce Logistics: Provides crucial warehousing and logistics support tailored for platforms like Myntra, Ajio, and Flipkart.
Geographic Footprint: Operates a modern manufacturing unit in Mumbai, supported by warehouses strategically located across Gujarat, Maharashtra, Haryana, West Bengal, and Karnataka.
Brand Ventures: Recently ventured into direct-to-consumer sales with its own apparel brand, “7ate9,” launched in May 2025.

Diverse Revenue Models

Fractal Industries employs several robust models to serve its diverse clientele:

Outright Sale of Garments: Selling finished goods in bulk to e-commerce platforms, transferring ownership and inventory risk.
PPMP Model (Pure Play Marketplace): Manufacturing garments under the marketplace’s private labels, handling end-to-end fulfillment based on platform guidelines.
Direct Sale – Own Brand Manufacturing: Selling products under its proprietary brand, managing inventory and customer-facing fulfillment.

Competitive Edge and Strengths

Proven expertise in apparel reverse logistics, crucial for managing e-commerce returns.
Implementation of a technologically advanced and integrated Warehouse Management System (WMS).
A management team possessing significant industry experience.
Strong focus on quality control and inspection processes throughout production.

Fractal Industries IPO Snapshot: Key Details

This is a book-building issue focused entirely on raising fresh capital for expansion and working capital needs.

Parameter	Detail
Issue Type	Bookbuilding IPO
Total Issue Size	₹49.00 Crores
Issue Component	Entirely Fresh Issue (0.23 Crore shares)
Listing Exchange	BSE SME

IPO Timeline and Pricing Structure

The subscription window for this SME offering is set for mid-February 2026.

Milestone	Tentative Date
IPO Opens for Subscription	Monday, February 16, 2026
IPO Closes	Wednesday, February 18, 2026
Allotment Finalization	Thursday, February 19, 2026
Share Credit to Demat	Friday, February 20, 2026
BSE SME Listing Date	Monday, February 23, 2026

Price Band: The IPO is priced between ₹205 and ₹216 per share.

Application Progress Indicator (Illustrative Subscription Status):

45% Subscribed

Investment Lot Size and Retail Quotas

Understanding the lot size is crucial for retail participation. Bids must be made in predefined multiples.

Investor Category	Lots Applied	Shares Per Lot	Minimum Investment (Upper Price)
Individual (Retail) – Min	2 Lots	1,200	₹2,59,200
S-HNI (Min)	3 Lots	1,800	₹3,88,800
B-HNI (Min)	8 Lots	4,800	₹10,36,800

The total issue comprises 22,68,600 shares. The Retail Individual Investor (RII) segment has been allocated approximately 33.27% of the total offer.

Financial Health and Valuation Assessment (Restated Consolidated Data)

Analyzing the historical financials gives an indication of the company’s trajectory leading up to the IPO.

Key Financial Metrics (Amounts in ₹ Crore)

Financial Metric	Sep 30, 2025 (Interim)	Mar 31, 2025	Mar 31, 2024
Total Income	47.33	85.51	50.01
Profit After Tax (PAT)	6.78	7.54	2.27
EBITDA	9.29	11.15	4.05
Total Borrowing	24.63	27.61	21.88
Net Worth	23.59	15.70	8.16

Performance Indicators and Valuation Metrics

The Key Performance Indicators (KPIs) show a significant improvement in profitability ratios recently.

KPI	Sep 30, 2025	Mar 31, 2025
PAT Margin	14.34%	8.82%
ROE	34.52%	63.20%
Debt/Equity Ratio	1.04	1.76

Post-IPO valuation highlights include an Earnings Per Share (EPS) of ₹17.28 and a Price-to-Earnings (P/E) multiple of 12.5x based on annualized FY2025 earnings.

IPO Objectives and Promoter Structure

Utilization of Funds

The primary objective of the ₹49 Crore issue is strongly focused on supporting operational scale:

Funding Working Capital Requirements: Estimated at ₹36.50 Crore.
General Corporate Purposes: Remaining balance allocation.

Shareholding Pattern

The promoter group maintains a very high stake, demonstrating strong promoter conviction in the business.

Promoter Holding (Pre-Issue): 97.15%
Promoter Holding (Post-Issue): This will reduce following the fresh issue, reflecting increased public float.

The company promoters are identified as Mr. Pankaj Bishwanath Agrawal and Mrs. Priti Pankaj Agrawal.

In-Depth Analysis: SWOT Perspective

A balanced view requires examining the internal capabilities and external environment factors.

Strengths (Internal Positives)

Strong integration across the value chain (design to logistics).
Advanced technological backbone, especially in reverse logistics.
High existing promoter commitment (high pre-IPO holding).

Weaknesses (Internal Constraints)

Significant reliance on e-commerce giants for business volume.
Current borrowings indicate a moderate Debt-to-Equity position.

Opportunities (External Growth Areas)

Continued rapid growth projected for the Indian e-commerce apparel segment.
Expansion opportunities via the new proprietary brand “7ate9.”

Threats (External Risks)

Intense competition among apparel suppliers and logistics providers.
Dependency on smooth operations of key e-commerce partners; any platform policy change could impact revenue.

Key Intermediaries for the Issue

The success and smooth execution of the IPO depend heavily on the involved professional entities.

Book Running Lead Manager (BRLM): Finaax Capital Advisors Private Limited.
Registrar and Transfer Agent (RTA): Kfin Technologies Ltd. (Contact details available for allotment status checks).
Market Maker: Shreni Shares Ltd., assigned to provide liquidity post-listing on the BSE SME platform.

Contact and Registrar Information

For formal inquiries regarding the offer document or allotment process, the following details are provided:

Registrar Details (Kfin Technologies Ltd.)

Phone Numbers: 040-67162222, 040-79611000
Email: fractal.ipo@kfintech.com

Company Corporate Address

Fractal Industries Ltd. can be reached at:

Gala 212, Bhullar Star Indl. Estate, Andheri Kurla, Andheri East, Mumbai, Maharashtra, 400072.

Phone: +91 22-2852 8352
Email: investors@fractalindustries.in

Concluding Thoughts on the Fractal Industries SME IPO

The Fractal Industries IPO offers participation in a company deeply embedded in the backbone of India’s booming online retail ecosystem. The utilization of proceeds towards working capital suggests a focus on scaling existing, proven business models. Investors should weigh the strong business integration against the inherent volatility risks associated with SME listings and the concentrated nature of its client base when making their investment assessment.

February 11, 2026

Marushika Technology

Marushika Technology IPO Analysis: Diving Deep into the NSE SME Offering

Publiclisting.in Insights

Navigating the IPO Market: A Deep Dive into Marushika Technology’s SME Offering

The Initial Public Offering (IPO) landscape is constantly evolving, bringing new opportunities for investors. The SME segment, in particular, often presents high-growth potential for companies stepping into the public domain. Today, we analyze the upcoming Marushika Technology IPO, a book-building issue hitting the NSE SME platform. For those tracking fresh public listings, understanding the intricacies of such an offering—from business model to financial health—is crucial for making informed decisions.

Understanding Marushika Technology Limited

Marushika Technology Limited operates at the core of modern infrastructure, specializing in the distribution and implementation of cutting-edge IT and telecom solutions. Their comprehensive service portfolio caters to diverse critical needs.

Core Business Verticals:

IT & Telecom Infrastructure Solutions: Encompassing setup for Data Centers, Server & IP systems, advanced Videowall Displays, Power Solutions, and Active Networking components.
Auto-Tech Solutions for Defence: Offering specialized services including repairs, refurbishments, and reverse engineering for control panels.
Smart Solutions: Deploying contemporary technologies like access control, intelligent parking systems, smart lighting, and waste management utilities.

The company predominantly follows a robust Business-to-Business (B2B) and Business-to-Government (B2G) model, serving major entities such as Bharat Electronic Limited (BEL), Central Electronic Limited (CEL), Delhi Metro Rail Corporation (DMRC), and the National Security Guard (NSG). As of mid-2025, the company boasted an impressive ongoing project pipeline valued at over ₹2,835.42 Lakhs, following the successful completion of more than 150 projects.

Competitive Edge: Key strengths for Marushika Technology include a wide and diversified range of IT offerings, strong established relationships with Original Equipment Manufacturers (OEMs), an experienced management team, and a proven track record across various industry verticals.

Marushika Technology IPO: Key Subscription Details

This offering is structured as a book-building issue on the NSE SME exchange, aiming to raise capital primarily through a fresh issuance of shares. Here are the headline figures prospective investors need to note:

Metric	Detail
Issue Type	Bookbuilding IPO
Total Issue Size (Agg.)	₹27 Crores (23.05 Lakh Shares)
Listing Venue	NSE SME
Price Band	₹111 to ₹117 per Share
Face Value	₹10 per Share

IPO Timeline at a Glance (Tentative Schedule)

Tracking the dates is essential for timely application and allotment monitoring. We use a visual aid to represent the critical milestones:

IPO Open: Feb 12, 2026

IPO Close: Feb 16, 2026

Allotment Finalized: Feb 17, 2026

Share Credit & Refund: Feb 18, 2026

Tentative Listing: Feb 19, 2026

Investors must plan their bids within the subscription window, which runs from Thursday, February 12, 2026, to Monday, February 16, 2026.

Investment Lot Size Breakdown

Investment decisions for SME IPOs often hinge on lot sizes. For retail participation, the minimum application involves two lots.

Investor Category	Minimum Lots	Shares Required	Minimum Investment (at Upper Price)
Individual Retail Investor (Min)	2	2,400	₹2,80,800
S-HNI (Small HNI)	3	3,600	₹4,21,200
B-HNI (Big HNI)	8	9,600	₹11,23,200

Note: The lot size for this offering is fixed at 1,200 shares.

Share Allocation Structure (Reservation)

The total issue size is distributed across various investor segments. A significant portion is earmarked for Qualified Institutional Buyers (QIBs), including Anchor Investors.

Investor Category	Shares Offered	Percentage Allocation
QIB (Excluding Anchor)	4,35,600	18.90%
Anchor Investors	6,51,600	28.27%
NII (Non-Institutional Investors)	3,31,200	14.37%
Retail Individual Investors (RII)	7,70,400	33.42%
Market Maker Reserve	1,16,400	5.05%

Financial Health and Valuation Snapshot

Examining the restated consolidated financials helps gauge the company’s trajectory leading up to the IPO.

Performance Indicators (Amount in ₹ Crore)

Financial Metric	Sep 30, 2025	Mar 31, 2025	Mar 31, 2024
Total Assets	62.68	53.94	48.37
Total Income	48.71	85.63	60.83
Profit After Tax (PAT)	3.14	6.29	3.14
Total Borrowing	18.92	21.37	19.64

Key Efficiency Ratios (KPIs)

Ratio	Sep 30, 2025	Mar 31, 2025
Return on Equity (ROE)	18.52%	52.77%
Return on Capital Employed (ROCE)	13.89%	26.88%
Debt/Equity Ratio	1.02	1.39
PAT Margin	6.45%	7.37%

The pre-IPO and post-IPO valuation metrics suggest a re-rating post-listing, largely influenced by the use of recent interim earnings for calculation.

Valuation Metric	Pre-IPO	Post-IPO
Earnings Per Share (EPS)	₹10.09	₹7.35
Price/Earnings (P/E Ratio)	11.61x	15.91x
Market Capitalization	₹99.88 Cr.

Promoter Structure and Objectives

The company is promoted by Ms. Monicca Agarwaal, Mr. Jai Prakash Pandey, and Ms. Sonika Aggarwal. Their holding structure shows a planned reduction post-issue:

Promoter Holding Pre-Issue: 79.71%
Promoter Holding Post-Issue: 58.19%

IPO Proceeds Utilization Plan

The company aims to utilize the net proceeds primarily to strengthen its balance sheet and support ongoing business needs:

Funding Working Capital: ₹14.68 Crore (Largest allocation)
Debt Reduction: Partial repayment/prepayment of borrowings amounting to ₹5.00 Crore.
General Corporate Purposes: Remaining funds.

Potential and Challenges: A SWOT Overview

To assess the investment profile comprehensively, it is useful to consider the internal and external factors impacting Marushika Technology:

Strengths (Internal Positives)

Diverse technology solutions reducing dependency on a single segment.
Strong, multi-year relationships with key government and institutional clients (B2B/B2G focus).
Established track record of project execution and growth in assets/reserves.

Weaknesses (Internal Concerns)

Reliance on borrowings, as indicated by the Debt/Equity ratio exceeding 1.0 in recent periods.
Fluctuations in profitability ratios like ROE/ROCE across reporting periods.

Opportunities (External Potential)

The rising demand for digital transformation, data centers, and cybersecurity across Indian sectors.
Expansion opportunities within the defense and public sector for specialized Auto-Tech solutions.

Threats (External Risks)

Intense competition within the highly specialized IT infrastructure sector.
Potential macroeconomic slowdowns affecting client capital expenditure on large IT projects.

Key Intermediaries in the Offering

The successful execution of the IPO relies on experienced partners:

Book Running Lead Manager (BRLM): NEXGEN Financial Solutions Pvt. Ltd.
Registrar to the Issue (RTI): Skyline Financial Services Pvt.Ltd. (Contact: 022-28511022, ipo@skylinerta.com)
Market Maker: Nikunj Stock Brokers Ltd. (Ensures liquidity post-listing on NSE SME).

Frequently Asked Questions (FAQs) for IPO Applicants

Navigating the application process can sometimes raise immediate queries. Here are answers to common questions:

What is the primary segment for this listing?
Marushika Technology is listing on the NSE SME platform, focusing on smaller and medium-sized enterprises.
What is the minimum application requirement?
Retail investors must apply for a minimum of 2 lots, totaling 2,400 shares, requiring an investment of ₹2,80,800 at the upper band price.
What payment methods are accepted for applying?
Applications can be submitted online using either the ASBA facility (via bank net banking) or directly through a broker using UPI mandate authorization.
When can I expect the allotment confirmation?
The tentative allotment date for the IPO is Tuesday, February 17, 2026. Shares are expected to be credited shortly thereafter.

Concluding Thoughts on the Marushika IPO

The Marushika Technology IPO presents an entry point into a technology distribution and solutions firm heavily vested in the B2B and B2G spaces. The company demonstrates solid operational activity, evident in its robust project pipeline and steady growth in assets. While the SME segment inherently carries higher risk compared to Mainboard listings, the objectives for the IPO funds—primarily working capital support and debt moderation—suggest a move towards stabilizing the financial structure for future expansion. Thorough due diligence, especially concerning industry competitiveness and the valuation based on the latest reported earnings, remains paramount for any potential investor considering participation in this offering.

— End of Analysis —

February 6, 2026

PAN HR Solutions

Unpacking the PAN HR Solutions SME IPO: Your Comprehensive Guide

Essential Insights for the Savvy Investor

Introduction: Entering the Human Capital Arena

The SME segment continues to be a vibrant avenue for growth-focused companies, and the upcoming Initial Public Offering (IPO) from PAN HR Solutions Ltd. is drawing keen investor interest. This offering, listed on the BSE SME platform, provides a chance to invest in a company deeply embedded in India’s rapidly evolving human resource and facility management ecosystem. Before you decide to apply, a thorough understanding of the company’s fundamentals, the IPO structure, and its growth trajectory is crucial. We break down everything you need to know about this book-building issue.

Understanding the Business: Core Services of PAN HR Solutions

Established in 2015, PAN HR Solutions Ltd. operates primarily on a Business-to-Business (B2B) model, positioning itself as a one-stop provider for end-to-end human resource solutions. They bridge the gap between client needs and workforce deployment, covering roles from essential blue-collar to specialized skilled positions.

Key Service Portfolio

**Manpower Services:** Recruitment across diverse industrial sectors.
**Payroll & Compliance:** Managing end-to-end payroll, ensuring adherence to statutory norms like EPF and ESIC.
**Facility Management:** Providing essential support staff such as housekeeping, pantry services, and office assistants.
**Specialized Staffing:** Deploying personnel for roles like delivery executives.
**Compliance Auditing:** Offering independent audits to maintain regulatory records and adherence.

Competitive Edge

Significant workforce deployment scale, serving over 10,000 personnel as of late 2025.
Deep expertise in navigating complex regulatory and compliance landscapes.
A broad service offering that captures multiple client requirements under one contract.

The IPO Blueprint: Key Subscription Details

This is a book-building issue structured to raise capital through a combination of fresh issuance and an offer for sale (OFS). Understanding the price band and lot size is vital for planning your application strategy.

Metric	Details	Value
Issue Type	Bookbuilding	SME (BSE)
Total Issue Size (Approx.)	₹17.04 Crores	21.84 Lakh Shares
Price Band	₹74 to ₹78 per share
Lot Size (Minimum Application)	1,600 Shares (2 Lots for Retail Minimum)
Minimum Retail Investment	₹2,49,600 (at Upper Price Band)

IPO Timetable: Mark Your Calendar

The subscription window is narrow, requiring prompt action for interested parties.

Subscription Progress Tracker (Illustrative)

40% Subscribed

Event	Tentative Date
IPO Opens for Subscription	Friday, February 6, 2026
IPO Closes for Subscription	Tuesday, February 10, 2026
Allotment Finalization	Wednesday, February 11, 2026
Initiation of Refunds / Share Credit to Demat	Thursday, February 12, 2026
Tentative Listing Date (BSE SME)	Friday, February 13, 2026

Capital Structure and Share Allocation

The IPO comprises a fresh issue of shares worth approximately ₹14.04 Cr and an Offer for Sale of ₹3.00 Cr. The company’s pre-IPO market capitalization is estimated around ₹56.25 Crore, based on the upper price band.

IPO Reservation Breakdown

Allocation across different investor categories is key to understanding potential demand saturation.

Investor Category	Shares Offered (%)
Qualified Institutional Buyers (QIB)	41.10%
Non-Institutional Investors (NII)	12.53%
Retail Individual Investors (RII)	29.01%
Anchor Investors (Sub-set of QIB)	24.62%
Market Maker Reservation	17.36%

Financial Health and Valuation Metrics

A review of recent financial statements shows a consistent upward trend in key performance indicators, reflecting the company’s operational efficiency in the service sector.

Historical Financial Performance (Restated Figures in ₹ Crore)

Financial Metric	Mar ’23	Mar ’24	Nov ’25 (Interim)
Total Income	256.36	281.92	154.23
Profit After Tax (PAT)	3.88	4.20	5.13
EBITDA Margin	5.37%	5.19%	6.34%
Total Borrowing	0.60	0.03	0.08

Key Ratios & Post-IPO Valuation Snapshot

**Return Ratios:** The Return on Equity (ROE) and Return on Capital Employed (ROCE) show strong profitability metrics, especially in the latest reported period ending November 2025.
**Valuation:** Based on annualized earnings as of November 30, 2025, the Price-to-Earnings (P/E) ratio appears calculated at 7.31x post-IPO, suggesting the issue might be reasonably valued compared to sector peers.
**Promoter Stake:** The promoters, Rajeev Kumar and Rajni Kumari, hold a substantial 90.92% stake pre-IPO, indicating strong promoter confidence in the business. Post-IPO, this holding will reduce proportionally to the fresh issue.

Objectives and Deployment of Funds

The primary goal of this public offering is twofold: strategic expansion through working capital infusion and strengthening the balance sheet by reducing existing debt obligations.

Utilisation Plan (Estimated)

Purpose	Estimated Allocation (₹ Cr.)
Funding Working Capital Needs	9.75
Pre-payment/Repayment of Borrowings	(Specific amount not detailed, part of proceeds)
General Corporate Purposes	Balance Proceeds

SWOT Analysis: Weighing the Opportunities and Challenges

A balanced perspective requires evaluating the company’s inherent strengths against potential internal weaknesses and external threats.

Strengths, Weaknesses, Opportunities, and Threats

Internal Factors	External Factors
Strengths: Diverse service delivery across HR, payroll, and facilities. Strong operational footprint with thousands of deployed personnel. Positive trend in profitability margins recently.	Opportunities: Growing formalization of the unorganized labor sector in India. Increased corporate focus on outsourcing non-core functions. Potential for geographical expansion.
Weaknesses: High reliance on maintaining large, dispersed human capital. Being listed on the SME board might imply lower immediate liquidity compared to the main board. The IPO structure involves an OFS component reducing promoter liquidity event.	Threats: Intense competition from numerous regional and national staffing agencies. Regulatory changes concerning labor laws or taxation impacting payroll services. Economic downturns affecting client budgets for outsourced services.

Key Intermediaries and Investor Support

The success and smooth processing of any IPO heavily depend on the professionals managing the books and the allotment process.

Registrar and Lead Manager Details

Role	Name
Book Running Lead Manager (BRLM)	Marwadi Chandarana Intermediaries Brokers Pvt.Ltd.
Registrar to the Issue (RTI)	Maashitla Securities Pvt.Ltd.
Market Maker	Giriraj Stock Broking Pvt.Ltd.

Contact Information

**Company Address:** A – 42/03, Second floor, Sector-62, Gautam Buddha Nagar, Noida, Uttar Pradesh, 201301
**Registrar Contact:** For allotment status inquiries, the registrar can be reached via phone or email, as provided in their official documentation.

Concluding Thoughts on PAN HR Solutions IPO

The PAN HR Solutions IPO presents a tangible investment opportunity in the staffing and managed services sector. Given the consistent financial growth and the stated objectives of utilizing funds for working capital and debt reduction, the long-term prospects appear aligned with the expanding service economy. Investors are advised to carefully consider the inherent risks associated with the high-touch nature of manpower deployment, especially in light of current market valuations, before making a final subscription decision. Analyzing the post-listing performance of similar SME issues can also offer valuable context.

February 4, 2026

Brandman Retail

Brandman Retail SME IPO Analysis: Opportunity in Sports & Lifestyle Distribution

Decoding the Brandman Retail SME IPO: A Retail and Lifestyle Focus

Insights and analysis for the upcoming public offering on Publiclisting.in

The primary market is buzzing with activity, and the upcoming **Brandman Retail Limited SME IPO** is drawing significant attention. As a key player in the distribution of international sports and lifestyle brands, this offering presents an interesting proposition for investors looking at niche retail growth stories. Before you consider putting in your bid, a thorough understanding of the company, its financials, and the IPO structure is essential.

Understanding Brandman Retail: The Business at a Glance

Established in 2021, Brandman Retail Limited focuses on bringing global sports and lifestyle brands to the Indian consumer. Their business model is strategically diversified across four main verticals:

Distribution of goods.
Licensing agreements.
Direct retail operations.
E-commerce sales.

The company emphasizes innovation and sustainability while serving a rapidly growing consumer base in North India.

Operational Footprint and Brand Synergy

Brandman Retail operates through a comprehensive omni-channel network, positioning itself strategically within the market.

The company runs **Exclusive Brand Outlets (EBOs)**, primarily featuring the New Balance brand under a non-exclusive distribution agreement, across major northern cities like Delhi, Lucknow, and Gurugram.
They manage two **Multi-Brand Outlets (MBOs)** branded as “Sneakrz” in Bhatinda and New Delhi.
Online sales are facilitated through major e-commerce platforms including Flipkart, Ajio, and Tata Cliq.

Core Competitive Advantages (Strengths)

In the fast-paced retail environment, several factors contribute to Brandman Retail’s competitive edge:

Possession of an asset-light and highly scalable business model.
A strong, experienced promoter team leading a professional staff.
Strategic placement of outlets across North India providing excellent market access.
A commitment to maintaining a diverse product portfolio sourced from global markets.

Brandman Retail IPO Key Subscription Details

This is an SME IPO, which operates under slightly different parameters than the main board listings. The IPO is entirely a fresh issue aimed at raising capital for expansion and working capital needs.

IPO Overview Summary

Detail	Value
Issue Type	Bookbuilding IPO (Fresh Issue)
Total Issue Size	₹86.09 Crores (48.91 Lakh Shares)
Listing At	NSE SME
Price Band (Per Share)	₹167 to ₹176
Face Value	₹10

Tentative IPO Timeline and Dates

Tracking the schedule is crucial for timely application submission and allotment tracking.

Milestone	Tentative Date
IPO Opens	Wednesday, February 4, 2026
IPO Closes	Friday, February 6, 2026
Basis of Allotment Finalized	Monday, February 9, 2026
Refund Initiated / Shares Credited	Tuesday, February 10, 2026
Tentative Listing Date	Wednesday, February 11, 2026

IPO Progress Visual (Hypothetical Subscription Status)

50% Subscribed

Investment Lot Size and Cost Structure

For retail investors, understanding the minimum application size is key to planning investment capital.

The defined **Lot Size** for bidding is **800 shares**.
The minimum investment required for an Individual Investor (Retail) is based on applying for 2 lots (1,600 shares) at the upper price band: ₹2,81,600.
For Non-Institutional Bidders (HNI), the minimum application is 3 lots (2,400 shares), costing ₹4,22,400.

IPO Allocation Strategy

The net issue is distributed across different investor categories as per SME norms:

Investor Category	Share Allocation Percentage
Qualified Institutional Buyers (QIB)	Not more than 50% of the Net Issue
Retail Individual Investors (RII)	Not less than 35% of the Net Issue
Non-Institutional Investors (NII)	Not Less than 15% of the Net Issue

Financial Health and Valuation Metrics

Examining the recent financial performance provides insight into the company’s recent growth trajectory. The following figures are presented as Restated Consolidated data (Amounts in ₹ Crore).

Key Financial Highlights (Past Performance)

Metric	Dec 31, 2025 (Latest)	Mar 31, 2025	Mar 31, 2024
Total Income	97.21	136.30	123.49
Profit After Tax (PAT)	19.67	20.95	8.27
EBITDA	27.02	31.15	12.01

Efficiency and Returns Ratios (KPIs)

The efficiency ratios demonstrate strong profitability in the short term leading up to the filing date.

Key Performance Indicator	Dec 31, 2025	Mar 31, 2025
Return on Equity (ROE)	43.69%	108.47%
Return on Capital Employed (ROCE)	36.92%	70.48%
PAT Margin	20.64%	15.49%

Pre-IPO Valuation Snapshot

The P/E ratio helps contextualize the issue price against recent earnings.

Metric	Pre-IPO	Post-IPO (Estimated)
EPS (Rs)	15.45	14.21
P/E Multiple (x)	11.39	12.38
Market Cap (Post Issue)	₹324.85 Crore

Stakeholder Structure and Capital Utilization

The promoters hold a significant stake, which is slated to change post the issue.

Promoters: The company is steered by Mr. Arun Malhotra, Ms. Kavya Malhotra, and Ms. Kashika Malhotra.
Promoter Holding: Pre-IPO holding stands at 93.91%. This percentage will reduce after the fresh issue of shares is completed.

Objectives for Utilizing IPO Proceeds

The capital raised is earmarked for strategic growth initiatives, demonstrating a clear expansion strategy:

Purpose of Funds	Estimated Amount (₹ Crore)
Funding Capital Expenditure for launching 15 new EBOs and MBOs	27.90
Working Capital Requirements for New EBOs and MBOs	11.78
Working Capital Requirements for Existing Outlets	267.22
General Corporate Expenses	—

Comprehensive SWOT Analysis of Brandman Retail

A balanced assessment requires looking at both internal capabilities and external challenges.

Strengths (Internal Positive Factors)

Strong omni-channel execution capacity.
High recent profitability margins (PAT Margin above 20% in latest period).
Clear roadmap for physical expansion (15 new outlets planned).

Weaknesses (Internal Negative Factors)

Relatively young company (established 2021), implying limited historical track record outside the recent financial surge.
Concentration of operations mainly in Northern India.
Reliance on non-exclusive distribution agreements for key brands.

Opportunities (External Favorable Factors)

Growing Indian consumer appetite for international sports and lifestyle brands.
Potential to scale e-commerce distribution further across India.
Favorable valuation multiples compared to established peers (as reflected in the P/E).

Threats (External Challenging Factors)

Intense competition from large organized retail chains and direct brand entry.
Fluctuations in global supply chains impacting product availability or cost.
Regulatory changes affecting import duties or retail licenses.

Key Intermediaries for the Public Issue

The successful execution of an IPO relies heavily on experienced intermediaries.

Book Running Lead Manager (BRLM)

The primary responsibility for marketing and pricing the issue rests with:

Gretex Corporate Services Ltd.

Registrar and Share Transfer Agent

For post-listing processes like allotment and refunds, the registrar is:

Bigshare Services Pvt.Ltd. (Contact: +91-22-6263 8200, Email: ipo@bigshareoline.com).

Company Contact Information

For direct inquiries regarding the company structure or operations:

Address: DPT 718-719, 7th Floor DLF Prime Tower, Okhla Industrial Area Phase-I, South Delhi, New Delhi, 110020.

Phone: 011-46052323

Email: info@brandmanretail.com

Conclusion: Navigating the Brandman Retail SME Offering

The Brandman Retail IPO provides an opportunity to invest in a business capitalizing on the aspirational spending trends in India’s sports and lifestyle segments. Financially, the company shows robust recent efficiency, reflected in high ROE and PAT margins for the short periods reported. However, as an SME listing, potential investors must weigh the inherent risks of a younger business structure against the high growth potential driven by its planned retail network expansion. Thorough due diligence, especially regarding subscription trends and grey market activity closer to the opening date, is recommended before finalizing application decisions.

February 2, 2026

Biopol Chemicals

Biopol Chemicals IPO Analysis: A Deep Dive for Investors

Decoding the Biopol Chemicals SME IPO: Opportunity or Caution?

The Indian capital market continues to buzz with activity, especially on the SME platform, offering diverse investment avenues. Biopol Chemicals Limited is the latest entrant looking to raise capital through an Initial Public Offering (IPO). For potential investors, understanding the nuances of this Book Building issue is crucial. This comprehensive analysis breaks down everything you need to know about the Biopol Chemicals IPO before the subscription window opens.

Company Snapshot: What Biopol Chemicals Does

Biopol Chemicals Limited, established in 2023, specializes in the manufacturing and distribution of a varied range of specialty chemicals. Operating on a robust Business-to-Business (B2B) model, the company primarily serves institutional clients across several key sectors.

Core Business: Manufacturing and distribution of specialty chemicals.
Product Categories: The portfolio includes 66 distinct products segmented into silicones, emulsifiers, biochemicals, and polyelectrolytes.
Industry Applications: Products are essential inputs for Textiles (softeners, silicones), Home Care (cleaning chemicals), Agriculture (adjuvants), and Industrial Chemicals.
Operational Footprint: The company manages its operations through four establishments across Gujarat and West Bengal, including a significant manufacturing unit.

The Biopol Chemicals IPO: Key Subscription Details

This is an SME IPO structured as a Fresh Issue, aimed at funding expansion and managing existing debt. Here is the essential schedule and pricing information:

IPO Timeline at a Glance

Milestone	Tentative Date
IPO Opens for Subscription	Friday, February 6, 2026
IPO Closes for Subscription	Tuesday, February 10, 2026
Finalization of Allotment	Wednesday, February 11, 2026
Initiation of Refunds	Thursday, February 12, 2026
Credit of Shares to Demat	Thursday, February 12, 2026
Tentative Listing Date	Friday, February 13, 2026

Pricing and Investment Structure

Parameter	Detail
Issue Type	Bookbuilding IPO
Total Issue Size	₹31.26 Crores (Fresh Issue)
Price Band	₹102 to ₹108 per share
Face Value	₹10 per share
Listing Venue	NSE SME

Understanding Lot Sizes and Investor Limits

The minimum investment threshold for retail participation is significant for this SME IPO. Investors must apply in specific multiples:

Investor Category	Lots	Shares	Minimum Investment (Upper Price Band)
Retail Investor (Minimum)	2	2,400	₹2,59,200
Small HNI (S-HNI) Minimum	3	3,600	₹3,88,800
Big HNI (B-HNI) Minimum	8	9,600	₹10,36,800

IPO Allocation Structure

The shares in the offering are reserved across different investor classes. Note the dedicated allocation for the Market Maker to ensure liquidity post-listing.

Investor Category	Shares Offered	Percentage (%)
Market Maker Reservation	1,51,200	5.22%
Qualified Institutional Buyers (QIB)	6,86,400	23.71%
Non-Institutional Investors (NII)	10,94,400	37.81%
Retail Individual Investors (RII)	9,62,400	33.25%
Total Shares Offered	28,94,400	100.00%

Corporate Health Check: Financial Performance Insights

Examining the restated financial figures provides a snapshot of the company’s recent trajectory. Amounts are represented in ₹ Crore.

Metric	Dec 31, 2025	Mar 31, 2025	Mar 31, 2024
Total Assets	48.88	31.48	17.56
Total Income	48.97	49.15	17.43
Profit After Tax (PAT)	6.00	4.33	2.96
Total Borrowing	14.92	7.69	3.58
Net Worth	19.54	13.53	9.20

Key Financial Ratios (KPIs)

KPI	Dec 31, 2025	Mar 31, 2025
Return on Equity (ROE)	36.32%	38.10%
Return on Capital Employed (ROCE)	26.32%	30.57%
PAT Margin	12.29%	8.81%
Debt/Equity Ratio	0.76	0.57

Valuation Insights and Promoter Strength

Understanding the pre-money and post-money status gives context to the offering price. The issue aims to leverage the company’s growth narrative.

Valuation Parameter	Pre-IPO	Post-IPO
Earnings Per Share (EPS) (Rs)	5.47	7.41
P/E Ratio (x)	19.73	14.58
Market Capitalization (₹ Cr.)	116.70	N/A
Promoter Holding	89.88%	65.81%

The promoters, Mr. Santanu Sarkar and Mr. Vedant Sarkar, hold a significant stake, which reduces to 65.81% post-issue following the fresh equity dilution.

Objectives of the Public Issue

The capital raised through this IPO is earmarked for specific strategic uses:

Purpose of Fund Utilization	Estimated Amount (₹ Cr.)
Acquisition of Industrial Land	12.26
Repayment/Prepayment of Borrowings	11.10
General Corporate Purposes	(Balance)

SWOT Analysis: Weighing the Factors

A balanced view requires assessing internal capabilities against external challenges.

Strengths (Internal Advantages)

Established product portfolio with 66 specialized chemicals.
Strong order book providing revenue visibility.
Possession of quality certifications and assurances.
Strategic manufacturing footprint across key states.
Active export operations, including presence in Bangladesh.

Weaknesses (Internal Limitations)

Relatively new entity incorporated in 2023.
High concentration in B2B sales, limiting direct consumer interaction.
Recent increase in total borrowings needs to be managed.

Opportunities (External Potential)

Growing demand across textile and home care sectors for specialty chemicals.
Potential to expand capacity utilization post-land acquisition.

Threats (External Risks)

Fluctuations in raw material costs affecting margins.
Intense competition within the specialized chemical manufacturing space.
Regulatory changes impacting chemical production or distribution.

Intermediaries Guiding the Issue

The success of the IPO relies heavily on the appointed market facilitators.

Book Running Lead Manager (BRLM): Smart Horizon Capital Advisors Pvt.Ltd. is managing the primary process.
Registrar: Bigshare Services Pvt.Ltd. will handle the allotment and investor services for this issue.
Market Maker: Shreni Shares Ltd. is appointed to ensure liquidity post-listing on the NSE SME segment.

Guidance on Application Process

Investors planning to subscribe need to utilize standard market application mechanisms. The process primarily revolves around ASBA (Application Supported by Blocked Amount) or UPI mandates through your broker.

If utilizing a platform that supports UPI applications, the general flow involves:

Logging into your brokerage account portal or application.
Navigating to the IPO section and selecting Biopol Chemicals.
Entering the required lot size and confirming the price band cut-off (usually recommended for maximum bid).
Authorizing the mandate request sent to your linked UPI application.

It is advisable for first-time SME applicants to familiarize themselves with the higher minimum investment requirements applicable to this segment.

Contact and Further Documentation

For comprehensive, unaltered details, direct reference to the offer documents is essential. The Lead Manager and Registrar are available for procedural queries.

Entity	Address / Contact Point
Company Contact	D-211, 2nd Floor, Block-D, Sumel Business Park-6, Ahmedabad, Gujarat, 380004
Registrar Contact	Bigshare Services Pvt.Ltd. (+91-22-6263 8200 or ipo@bigshareonline.com)

Disclaimer: This analysis is based solely on the provided data for informational purposes regarding the Biopol Chemicals IPO. It should not be construed as investment advice. Market conditions, subscription levels, and company performance are subject to change. Always consult official offer documents and conduct thorough personal due diligence before making investment decisions in the IPO market.

January 30, 2026

Grover Jewells

Grover Jewells IPO Analysis: Everything You Need to Know Before Applying

Publiclisting.in

Unlock the Details: A Deep Dive into the Grover Jewells SME IPO

Your comprehensive guide to the upcoming jewelry sector offering on the NSE SME platform.

The Initial Public Offering (IPO) market remains a crucial avenue for capital infusion and investor participation. As attention shifts towards the SME segment, the upcoming Grover Jewells IPO presents an interesting prospect for those looking to invest in the Indian jewelry manufacturing space. This book-building issue, scheduled to open in February 2026, requires careful evaluation. At Publiclisting.in, we have analyzed the key data points and company fundamentals to provide you with a holistic view before you decide to bid.

Grover Jewells: Understanding the Business

Incorporated in 2021, Grover Jewells Limited has rapidly established itself in the gold jewelry segment. The company focuses on manufacturing and designing a diverse inventory of wholesale gold jewelry.

Core Business Highlights:

Product Range: Offers plain gold, studded, and semi-finished jewelry in 22 Karat (K), 20K, and 18K.
Operational Segments: Focuses on high-volume machine-made chain manufacturing and intricate casting jewelry production.
Distribution Network: Strong B2B presence across approximately 20 states in India.
International Reach: Engages in exports to markets including Australia and the U.A.E.
Sales Channels: Operates through wholesale, retail (through two Delhi showrooms), and consumer sales divisions.

Grover Jewells IPO Key Subscription Schedule

Timing is everything when participating in an IPO. Here is the tentative timeline to mark on your calendar:

Event	Tentative Date
IPO Opens for Subscription	Wednesday, February 4, 2026
IPO Closes for Subscription	Friday, February 6, 2026
Finalization of Share Allotment	Monday, February 9, 2026
Initiation of Refunds	Tuesday, February 10, 2026
Credit of Shares to Demat Accounts	Tuesday, February 10, 2026
Tentative Listing Date on NSE SME	Wednesday, February 11, 2026

Tracking IPO Progress: A Visual Guide

While subscription figures become available during the bidding period, prospective investors can track the progress towards the closing date.

IPO Window Open

Financial Health Snapshot: Performance Review

Analyzing the company’s historical financial performance provides insight into its growth trajectory and stability. The figures below are presented in ₹ Crore (Restated).

Company Financials Summary

Metric (₹ Cr.)	Latest Period (Oct 31, 2025)	FY 2025	FY 2024	FY 2023
Assets	67.51	29.85	13.91	11.71
Total Income	473.22	460.95	258.00	255.11
Profit After Tax (PAT)	10.45	7.62	2.78	2.71
EBITDA	14.62	11.26	4.71	4.10
Net Worth	27.14	16.69	9.07	6.29
Total Borrowing	28.30	9.34	4.17	3.74

Valuation and Key Performance Indicators (KPIs)

Understanding how the IPO prices the company relative to its earnings and efficiency metrics is essential for valuation assessment.

Profitability and Efficiency Metrics

KPI	Latest Period (Oct 31, 2025)	Mar 31, 2025
Return on Capital Employed (ROCE)	30.62%	45%
Return on Net Worth (RoNW)	38.52%	45.67%
PAT Margin	2.21%	1.65%
EBITDA Margin	3.09%	2.44%

Valuation Ratios

Metric	Pre-IPO	Post-IPO
EPS (Rs)	7.15	12.35
P/E (x)	12.31	7.12
Price to Book Value	3.46	5.62

IPO Structure and Investment Requirements

This SME IPO is a **Bookbuilding Issue** amounting to approximately ₹34 Crores, consisting entirely of a fresh issue of equity shares.

IPO Size Details:Total Issue Size: 38,44,800 shares (aggregating up to ₹34 Crore).
Face Value: ₹10 per share.
Price Band: Set between ₹83 and ₹88 per share.
Listing Exchange: NSE SME.

Share Allocation Breakdown

The allocation strategy targets various investor classes, with a significant portion reserved for Qualified Institutional Buyers (QIBs).

Investor Category	Shares Offered	Percentage (%)
QIB (Total)	18,24,000	47.44%
QIB (Excluding Anchor Investors)	7,29,600	18.98%
Non-Institutional Investors (NII/HNI)	5,48,800	14.27%
Retail Individual Investors (RII)	12,78,400	33.25%
Anchor Investors	10,94,400	28.46%
Market Maker Reservation	1,93,600	5.04%
Total Shares Offered	38,44,800	100.00%

Minimum Investment (Lot Size Details)

The minimum bidding quantity is set for retail investors, with HNI bids requiring larger block sizes.

Investor Type	Minimum Lots	Shares	Minimum Investment (at Upper Price Band ₹88)
Retail Investor (Minimum)	2	3,200	₹2,81,600
S-HNI (Minimum)	3	4,800	₹4,22,400
B-HNI (Minimum)	8	12,800	₹11,26,400

Corporate Governance and Stakeholders

A strong management team and reliable intermediaries build confidence in the post-listing journey.

Promoter Holding

The promoter family, comprising Mr. Deepak Kumar Grover, Mr. Lavkesh Kumar Grover, and Mrs. Bhawna Grover, initially holds the entire stake, which is set to dilute post-IPO.

Pre-Issue Promoter Holding: 100%
Post-Issue Promoter Holding: 73.48%

Intermediary Roles

Book Running Lead Manager (BRLM): Finshore Management Services Ltd.
Registrar and Share Transfer Agent: Maashitla Securities Pvt.Ltd.
Market Maker: Anant Securities (ensuring liquidity post-listing).

Contact Information

Grover Jewells Ltd. Contact:

Address: House No C-44/5 1st Floor Lawrance, Road Industrial Area, Keshavpuram Ind Area, North West Delhi, New Delhi, 110035.
Phone: +91 9218012596
Email: cs@groverjewells.com

Strategic Outlook: IPO Objectives and SWOT Analysis

The primary reason for any IPO is capital deployment. Understanding these objectives alongside the company’s internal strengths and external challenges is vital.

Utilisation of Net Proceeds

The capital raised is earmarked mainly for enhancing operational capacity:

Working Capital Requirements: Estimated at ₹21.35 Crore.
General Corporate Purposes.

SWOT Assessment for Grover Jewells

Category	Key Points
Strengths (S)	Established presence in manufacturing (machine chain & casting). Strong B2B network across 20 states. Diversified product portfolio (plain, studded, semi-finished).
Weaknesses (W)	Relatively young company (incorporated 2021). High reliance on wholesale distribution. Total Borrowings stand at ₹28.30 Cr as of Oct 2025, requiring monitoring against Net Worth.
Opportunities (O)	Growing formalization of the domestic jewelry market. Potential to scale up international exports (Australia, UAE). Utilization of IPO funds for working capital can boost production capacity.
Threats (T)	High competition from established, larger organized players. Sensitivity to fluctuations in gold prices. Dependence on specific geographical markets for retail presence (Delhi).

Applying for the IPO: Accessibility and Methods

Investors can choose between ASBA (via banking channels) or UPI integration through their brokerage platforms to place bids.

Guidance for UPI Application via Brokers

For those utilizing modern digital platforms, the UPI mechanism streamlines the application process:

Log into your preferred broker’s portal (e.g., Console for certain services).
Navigate to the IPO section and select the Grover Jewells IPO.
Input the required quantity (minimum 2 lots) and the desired price (cut-off or specific price within the band).
Enter your UPI ID correctly.
Submit the application, followed by mandatory approval of the payment mandate in your UPI application (like GPay, PhonePe, or BHIM).

It is crucial to ensure the mandate is approved promptly to avoid rejection of the application.

January 30, 2026

CKK Retail Mart

Decoding the CKK Retail Mart SME IPO: Your Comprehensive Guide

Insights for the Informed Investor on Publiclisting.in

The Indian capital market continues to buzz with activity, and the Small and Medium Enterprises (SME) segment is proving to be a fertile ground for growth-oriented businesses looking to tap public funds. Entering this arena is **CKK Retail Mart Limited**, bringing its fresh offering to the market. For potential investors, understanding every facet of this Initial Public Offering (IPO) is crucial for making a sound decision. This post breaks down the key details of the CKK Retail Mart IPO, from its business model to its financial health and future plans.

Understanding the Business: What CKK Retail Mart Does

Established in 2005, CKK Retail Mart Limited focuses primarily on the distribution of essential packaged goods. They bridge the gap between producers and consumers in key categories:

Agro-Commodities: Distribution of staples such as sugar, lentils, pulses, and rice, often marketed under brands like Braunz and Jivanam.
Packaged Products: This includes milk powder and a selection of soft drinks, both carbonated varieties and newly introduced fruit-based juices under the “Fruitzzzup” brand (launched in April 2025).

The company employs a ‘Farm-to-Fork’ philosophy for its agro products and utilizes two primary distribution mechanisms: a traditional three-tier model (supplying stockists who then supply distributors) and a direct-to-distributor approach.

CKK Retail Mart IPO: Key Subscription Details

This is a Book Building IPO on the NSE SME platform, involving both a Fresh Issue and an Offer for Sale (OFS). Here is a snapshot of the public offering:

Detail	Value
Total Issue Size (Approx.)	₹88.02 Crores
Fresh Issue Amount	₹71.85 Crores (0.44 Cr shares)
Offer for Sale (OFS) Amount	₹16.17 Crores (0.10 Cr shares)
Listing Exchange	NSE SME

The IPO Timeline (Tentative Schedule)

The subscription window is relatively short. Note that these dates are subject to final exchange confirmation.

IPO Opens Jan 30, 2026

IPO Closes Feb 3, 2026

Allotment Finalization Feb 4, 2026

Listing Date (Tentative) Feb 6, 2026

Price Band and Investment Structure

The pricing mechanism is critical for determining potential listing gains and initial outlay.

Detail	Value
Face Value Per Share	₹10
Price Band (Per Share)	₹155 to ₹163
Lot Size (Minimum Bids)	800 Shares
Minimum Retail Investment (Upper Price)	₹2,60,800

Investor Allocation and Valuation Snapshot

The allocation structure follows standard SME norms, prioritizing retail participation while reserving a significant portion for Qualified Institutional Buyers (QIBs).

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

Based on the upper price band, the pre-IPO market capitalization is estimated at approximately ₹315.70 Crores.

Financial Performance and Health Analysis

Examining the company’s historical financials offers insight into its operational trajectory. Figures shown are in ₹ Crore (Restated Data):

Metric	Sep 30, 2025	Mar 31, 2025	Mar 31, 2024
Total Income	159.93	301.85	233.35
Profit After Tax (PAT)	8.59	16.36	12.67
Net Worth	51.12	42.53	26.17
Total Borrowing	0.02	–	–

Efficiency Metrics at a Glance

Key Indicator	Sep 30, 2025	Mar 31, 2025
Return on Equity (ROE)	18.34%	47.63%
Return on Capital Employed (ROCE)	22.58%	51.59%
PAT Margin	5.39%	5.43%

Founders and Ownership Structure

The company’s leadership and promoter stake provide context on management commitment.

Promoters: The key figures driving the company are Mr. Saurabh Malhotra, Sakuma Infrastructure and Realty Pvt Ltd., and Ms. Kusum Chander Mohan Malhotra.
Promoter Holding: The promoter holding stands at 100.00% pre-issue, which is expected to reduce to approximately 72.12% post-issue, reflecting the dilution from the public offer.

Objectives of the Public Issue

The net proceeds from this fundraising are earmarked for strategic growth and operational enhancement:

Utilization Objective	Estimated Amount (₹ Cr)
Acquisition of Leasehold Plots & Warehouse Construction	10.20
Repair and Refurbishment of Warehouses	1.90
Funding Working Capital Requirements	43.00
General Corporate Purposes	(Balance)

Key Stakeholders: Registrar and Lead Manager

The smooth execution of the IPO relies on competent intermediaries:

Book Running Lead Manager (BRLM): Oneview Corporate Advisors Pvt.Ltd. is managing the process.
Registrar to the Issue (RTI): Bigshare Services Pvt.Ltd. will handle allotment and refunds.
Market Maker: Svcm Securities Pvt.Ltd. is designated as the market maker for the listing stability on the SME exchange.

SWOT Analysis for CKK Retail Mart

A balanced view requires assessing inherent strengths against potential weaknesses and external factors.

Strengths (Internal Positive)	Weaknesses (Internal Negative)
Diversified product portfolio across staples and beverages. Strong, established supply relationships. Wide distribution channel network. Experienced management team in place.	Relatively small scale compared to major FMCG players. Reliance on distribution networks for market reach. Profitability margins are modest in the competitive food sector.
Opportunities (External Positive)	Threats (External Negative)
Growing demand for branded, packaged commodities in semi-urban areas. Expansion potential through new product launches (e.g., juices). Utilizing IPO funds for infrastructure expansion (warehousing).	Intense price competition from large established FMCG giants. Fluctuations in raw material costs (agro-commodities). Regulatory changes impacting packaged food distribution.

Corporate Contact Information

For official correspondence or accessing regulatory documents, use the details below:

Registered Office: Aurus Chambers, B – 418, Near Mahindra Tower, S S Amrutwar Lane, Worli, Mumbai, Maharashtra, 400013.
Phone: +91 8275286155
Email: cs@ckkretailmart.com
Website: http://www.ckkretailmart.com/

Concluding Thoughts on the CKK Retail Mart IPO

The CKK Retail Mart IPO offers participation in a company with proven experience in the essential commodity distribution space, leveraging a diversified product base. The proposed utilization of funds towards warehouse infrastructure and working capital suggests a focus on scaling operations. Investors should thoroughly review the Red Herring Prospectus (RHP) concerning sector risks and the current valuation multiples compared to peers before committing capital. As with all SME listings, be aware of the potential for higher volatility post-listing.

January 23, 2026

Accretion Nutraveda

Decoding the Accretion Nutraveda SME IPO: All You Need to Know Before Bidding

Insights for the Savvy Investor on Publiclisting.in

Introduction: A Look at the Ayurvedic & Nutraceutical Space

The Indian market for Ayurvedic and Nutraceutical products is witnessing significant expansion, driven by a growing consumer preference for natural healthcare solutions. Accretion Nutraveda Ltd. is stepping into this dynamic arena with its upcoming Initial Public Offering (IPO) on the BSE SME platform. This book-building issue offers an opportunity for investors to participate in a company focused on blending traditional Ayurvedic science with modern manufacturing standards. Before making an investment decision, a thorough understanding of the company’s fundamentals, financial trajectory, and the nuances of the IPO itself is crucial.

Company Profile and Business Operations

Established in 2021, Accretion Nutraveda has quickly positioned itself as a manufacturer of high-quality Ayurvedic and Nutraceutical formulations. They produce a diverse range of products, including tablets, capsules, oral liquids, and topical preparations.

Core Business Verticals

**Contract Development and Manufacturing (CDMO):** Serving both domestic clients and handling merchant exports to international locations like Sri Lanka, Singapore, and the USA.
**Revenue Streams:** Domestic Sales & Merchant Exports (Loan License Basis) formed the majority of revenue in FY24-25, while Direct Exports show promising growth potential (contributing 38%).

Manufacturing Excellence and Certifications

The company operates a modern manufacturing facility in Gujarat, equipped to adhere to stringent quality protocols. This commitment is reflected in their numerous accreditations:

GMP (Good Manufacturing Practices)
WHO-GMP Certification
FSSC 22000, ISO 9001:2015, ISO 45001:2018
Halal Certified and FSSAI Licensed

Competitive Edge

Strong foundation built by experienced promoters and management.
A comprehensive and varied product pipeline addressing key health areas (liver, women’s health, respiratory wellness).
Robust quality assurance framework ensuring client trust.

The SME IPO Structure and Timeline: Key Dates

The Accretion Nutraveda IPO is a Book Building issue raising ₹24.77 Crores entirely through a fresh issuance of shares. Investors planning to participate must note the critical dates:

IPO Schedule at a Glance (Tentative)

Milestone	Tentative Date
IPO Opens for Subscription	Wednesday, January 28, 2026
IPO Closes for Subscription	Friday, January 30, 2026
Basis of Allotment Finalization	Monday, February 2, 2026
Initiation of Refunds / Share Credit to Demat	Tuesday, February 3, 2026
Tentative Listing Date (BSE SME)	Wednesday, February 4, 2026

Progress Bar Visualization (Hypothetical Subscription Period)

Subscription Progress (Example)

*Note: The actual subscription status will be updated live once the IPO opens.

Pricing, Valuation, and Application Details

The price band set for this SME offering needs careful consideration against the company’s pre-IPO capitalization.

IPO Parameters

Price Band (Per Share)
₹122 to ₹129

Face Value
₹10 per share

Issue Size (Total)
₹24.77 Crores (19.20 Lakh Shares)

Pre-IPO Market Cap
₹93.40 Crores

Lot Size and Investment Requirement

Investor Type	Lots Applied (Min/Max)	Shares (Min)	Minimum Investment (Upper Price)
Retail Individual Investor (RII)	2 Lots (Minimum)	2,000 Shares	₹2,58,000
HNI (Non-Institutional Bidders)	3 Lots (Minimum)	3,000 Shares	₹3,87,000

Shareholding Structure and Investor Reservations

The allocation strategy shows a significant portion reserved for anchor investors, which is common in fresh issues. Post-IPO, the promoter group’s stake sees a dilution.

Investor Category Allocation Summary

Investor Category	Shares Reserved (%)
Qualified Institutional Buyers (QIB) (incl. Anchor)	47.29%
Non-Institutional Investors (NII)	14.37%
Retail Individual Investors (RII)	33.33%
Market Maker Reservation	5.00%

Promoter Holding Shift

**Pre-Issue Promoter Holding:** 100%
**Post-Issue Promoter Holding:** 73.48% (Indicates dilution due to fresh issue)

Financial Health and Profitability Snapshot

Examining the restated financials reveals a significant acceleration in performance recently, which is a common feature in high-growth SME stories.

Key Financial Metrics (Amount in ₹ Crore)

Metric	Mar ’23	Mar ’24	Sep ’25 (Half Year)
Total Income	3.07	5.20	14.07
Profit After Tax (PAT)	0.28	0.82	2.33
Total Borrowing	1.97	2.17	4.43

Valuation Ratios (KPIs)

Indicator	Latest (Sep ’25)	Post-IPO Valuation
Return on Equity (ROE)	68.54%	N/A
PAT Margin	16.59%	N/A
P/E Ratio (x)	26.27 (Based on latest earnings)	20.02

Purpose of the Issue and Intermediaries

The capital raised is earmarked for capacity expansion and automation, crucial steps for a manufacturing entity in a competitive space.

Use of Net Proceeds (Estimated Allocation)

Purchasing Machineries for Automation in existing unit: ₹4.22 Cr.
Purchasing Machineries for New Manufacturing Setup: ₹8.03 Cr.
Funding Working Capital Requirements: ₹5.50 Cr.
General Corporate Purposes: Remaining amount.

Key IPO Stakeholders

Role	Intermediary Name
Book Running Lead Manager (BRLM)	Sobhagya Capital Options Pvt.Ltd.
Registrar to the Issue	Kfin Technologies Ltd.
Market Maker	Sunflower Broking Pvt.Ltd.

SWOT Analysis of Accretion Nutraveda Ltd.

A balanced view requires assessing internal strengths and weaknesses alongside external opportunities and threats in the nutraceutical sector.

Strengths (Internal Positives)

High ROE and ROCE figures indicate efficient capital utilization recently.
Strong manufacturing certifications enhance product credibility globally.
100% promoter holding pre-IPO suggests high promoter confidence in the business plan.

Weaknesses (Internal Negatives)

Relatively high total borrowing in proportion to assets.
Recent rapid growth in top/bottom lines may raise sustainability questions for deeper scrutiny.
Relatively small equity base post-IPO may delay migration to the main board.

Opportunities (External Potential)

Global demand for certified Ayurvedic and herbal supplements is rising consistently.
Funds raised are dedicated to capacity expansion and automation, improving future margins.
Diversified export markets provide a hedge against domestic slowdowns.

Threats (External Risks)

The segment is highly competitive and fragmented, with established players.
Regulatory changes concerning herbal product classification or export norms could impact business.
Dependence on the effectiveness of the new machinery post-investment realization.

Essential Contact and Registrar Information

For allotment status or procedural queries, having the correct contact details for the registrar is vital.

Registrar Details

**Kfin Technologies Ltd.** handles the administrative aspects of this issue.

Contact Numbers: 040-67162222, 040-79611000
Email: apl.ipo@kfintech.com
Status Check Portal Link Available Post-Listing Process Commencement.

Company Corporate Address

Accretion Nutraveda Ltd.
27 Xcelon Industrial Park-1,
Vasna-Chacharwadi, Ta-Sanand,
Ahmedabad, Gujarat, 382213

Phone: +91- 9904366177
Email: compliance@accretionnutraveda.com

Frequently Asked Questions (FAQs) on Application

Q: What is the minimum investment for a retail applicant?

The minimum application is for 2 lots, totaling 2,000 shares, requiring an investment of approximately ₹2,58,000 based on the upper price band of ₹129.

Q: How can I apply for this IPO using a popular retail broker platform?

Most major brokers, including platforms like Zerodha, allow online applications through their dedicated portals or back-office consoles, primarily utilizing the UPI mechanism for swift payment authorization (mandate approval).

Q: When is the tentative listing date for Accretion Nutraveda?

The tentative listing date on the BSE SME exchange is scheduled for Wednesday, February 4, 2026.

Final Takeaway

Accretion Nutraveda presents an offering in a high-potential sector (Ayurveda/Nutraceuticals) backed by strong recent financial growth and clear capital expenditure plans for expansion. However, investors should balance this potential against the SME valuation metrics and the highly competitive nature of the industry. Thorough due diligence, especially reviewing the growth sustainability highlighted in the RHP, is essential before bidding above the minimum retail lot size.

January 23, 2026

Msafe Equipments

MSAFE EQUIPMENTS SME IPO: Decoding the Opportunity in Height Safety

Your comprehensive guide to the upcoming Msafe Equipments IPO on the BSE SME platform.

Introduction: Scaling New Heights in Safety Equipment Manufacturing

The Indian capital market is seeing increasing participation, particularly in the SME segment, offering promising investment avenues in specialized manufacturing sectors. Msafe Equipments Limited, a key player in the access and height-safety equipment domain, is launching its Initial Public Offering (IPO) on the BSE SME exchange. This book-building issue presents an opportunity for investors to gain exposure to a company supporting critical infrastructure and construction activities across the nation. Understanding the nuances of this offering—from financials to strategic intent—is crucial for informed decision-making.

Msafe Equipments: Core Business and Market Presence

Established in 2019, Msafe Equipments has rapidly positioned itself as a manufacturer, seller, and renter of equipment essential for safe working at elevated heights. Their focus directly addresses the stringent safety requirements inherent in modern construction and industrial maintenance.

What Msafe Equipments Offers:

**Product Range:** Manufacturing of high-quality aluminium scaffoldings, Mild Steel (MS) scaffoldings, and various grades of aluminium and Fibre Reinforced Plastic (FRP) ladders.
**Application Segments:** Products serve vital roles in construction, maintenance, installation, repair, and crucial infrastructure development projects.
**Operational Reach:** The company boasts three dedicated manufacturing units located in Greater Noida, Uttar Pradesh.
**Distribution Network:** Supported by an extensive network of 17 strategically located warehouses spanning multiple key states, ensuring efficient logistics for both sales and rentals.
**Client Base:** During FY25, Msafe served clients across 22 States and 3 Union Territories, catering to diverse needs in construction, HVAC, MEP, fire safety, and warehousing sectors.

IPO Financial Snapshot and Key Dates

The upcoming IPO is structured as a book-building exercise, featuring both a fresh issue of shares to fund expansion and an Offer for Sale (OFS) component.

Msafe Equipments IPO Summary Table

Detail	Information
Issue Type	Bookbuilding IPO (BSE SME)
Total Issue Size (Approx.)	₹66.42 Crores
Fresh Issue Component	₹54.12 Crores (0.44 Cr shares)
Offer for Sale (OFS) Component	₹12.30 Crores (0.10 Cr shares)
Price Band	₹116 to ₹123 per share
Market Capitalization (Pre-IPO)	₹250.92 Cr

Tentative IPO Timeline

The IPO schedule provides clear cut-off dates for bidding and allotment processes.

IPO Open IPO Close Allotment Listing

Jan 28

Jan 30

Feb 02

Feb 04

Wed, Jan 28, 2026 Fri, Jan 30, 2026 Mon, Feb 02, 2026 Wed, Feb 04, 2026

Investment Structure and Lot Size Details

Understanding how the issue is divided among different investor classes and the required minimum investment is key for prospective applicants.

IPO Allocation Breakdown:

Investor Category	Shares Offered	Percentage (%)
Qualified Institutional Buyers (QIB)	25,42,000	47.07%
Non-Institutional Investors (NII)	7,74,000	14.33%
Retail Individual Investors (RII)	17,86,000	33.07%
Market Maker Reservation	2,98,000	5.52%

Minimum Investment Requirement:

The minimum bidding is based on the lot size, which directly impacts the capital required from retail and HNI applicants.

Investor Type	Lots	Shares	Investment (Upper Price)
Retail (Minimum)	2	2,000	₹2,46,000
S-HNI (Minimum)	3	3,000	₹3,69,000

Financial Health Check: Performance Indicators

Analyzing the company’s performance over recent fiscal periods gives insight into its operational trajectory and profitability.

Summary of Restated Company Financials (Amounts in ₹ Crore):

Metric	Sep 30, 2025	Mar 31, 2025	Mar 31, 2024	Mar 31, 2023
Total Income	49.07	71.62	48.34	29.71
Profit After Tax (PAT)	10.50	13.01	6.55	3.65
EBITDA	19.21	26.08	15.12	9.19

Profitability and Efficiency Ratios (KPIs):

Ratio	Sep 30, 2025	Mar 31, 2025
ROE	33.98%	67.97%
PAT Margin	21.42%	18.24%

Strategic Objectives and Shareholding Structure

The capital raised is earmarked for tangible business expansion, a positive indicator for future growth potential.

Primary Use of Net Proceeds (IPO Funds):

Funding Capital Expenditure for setting up a **new Manufacturing Facility** (Estimated: ₹32.26 Cr).
Funding Capital Expenditure for manufacturing equipment specifically designated for the **Rental business** (Estimated: ₹6.00 Cr).
Allocation towards strengthening **working capital requirements** (Estimated: ₹8.00 Cr).
Utilisation for general corporate purposes.

Promoter Holding Post-Issue:

The shareholding pattern post-IPO reflects dilution to facilitate public participation while maintaining promoter control.

Holding Status	Pre-Issue Shares (Shares)	Post-Issue Shares (%)
Promoters	1,60,00,000 (100%)	73.53%
Public Shareholding (Post Issue)	N/A	26.47%

Understanding Key Intermediaries

The success and smooth operation of the IPO process rely on competent intermediaries.

Book Running Lead Manager (BRLM):

The primary responsibility for managing the public offering and ensuring regulatory compliance rests with **Seren Capital Pvt.Ltd.**

Registrar to the Issue:

For allotment status, refunds, and demat credit queries, investors should coordinate with the Registrar, **Maashitla Securities Pvt.Ltd.**

Contact Phone: +91-11-45121795-96
Email: investor.po@maashitla.com

Market Maker:

**Evermore Share Broking Private Limited** has been appointed as the Market Maker, tasked with providing liquidity post-listing on the BSE SME segment.

SWOT Analysis: Evaluating Msafe Equipments’ Position

A balanced view requires assessing internal strengths and weaknesses alongside external opportunities and threats in the sector.

Strengths:

Strong, focused product portfolio meeting essential industrial safety standards.
Rapid growth demonstrated in top-line and bottom-line figures over recent years.
Established nationwide distribution and warehouse network facilitating rental and sales operations efficiently.

Weaknesses:

Relatively young company (Incorporated 2019) building market history.
High fixed capital expenditure planned, requiring successful execution post-IPO.

Opportunities:

Increasing governmental and corporate focus on workplace safety mandates substantial long-term demand.
Growth in infrastructure spending provides sustained demand for access equipment.

Threats:

The access equipment segment is known to be highly competitive and somewhat fragmented.
Potential volatility in raw material costs impacting manufacturing margins.

Navigating the Application Process (For Zerodha Users Example)

For those utilizing modern digital broker platforms, applying for the IPO is streamlined via UPI.

Simplified Steps for Digital Applications:

Log into your preferred broker’s online portal (e.g., Console).
Navigate to the IPO section under your portfolio.
Select the Msafe Equipments IPO and click ‘Bid’.
Input your required Lot Quantity and desired Price (usually the upper band for competitive bidding).
Crucially, enter your valid UPI ID.
After form submission, immediately approve the payment mandate request received in your UPI application (like BHIM or Net Banking UPI interface).

Investors have flexibility to use either the UPI mechanism or the traditional ASBA route available through their net banking services.

Company Contact Information

For official correspondence or detailed documentation requests, the following details for Msafe Equipments Ltd. are provided:

Address: F-311, 3rd Floor, Aditya Arcade, Plot No. 30, Community Center, Preet Vihar, New Delhi, 110092

Phone: +91-88822 07104

Email: info@msafegroup.com

Website: http://www.msafegroup.com/

Conclusion: Key Takeaways for Investors

The Msafe Equipments SME IPO offers entry into a specialized manufacturing sector catering to infrastructure safety, a segment likely to see consistent demand.

Summary Points:

The IPO opens on January 28, 2026, with a closing date of January 30, 2026.
The price band is set between ₹116 and ₹123 per share.
Funds are primarily aimed at capacity expansion and working capital support.
Financials show consistent growth in income and profit over the past few years, though valuation warrants careful consideration against sector peers.
Interested retail investors must apply for a minimum of 2 lots (2,000 shares) requiring an outlay of ₹2,46,000 at the upper price band.

Investors should conduct thorough due diligence, examine the Offer Documents, and align their investment decision with their personal risk appetite, especially given the SME listing environment.

January 23, 2026

Kanishk Aluminium India

Kanishk Aluminium India IPO Analysis: Everything Retail Investors Need to Know

Publiclisting.in Insights

Kanishk Aluminium India SME IPO: Unpacking the Details for Potential Investors

The Indian capital markets are buzzing with activity, especially within the SME segment, where specialized companies often present unique growth narratives. Kanishk Aluminium India Ltd., a manufacturer deeply rooted in the aluminum extrusion sector, is set to launch its Initial Public Offering (IPO) on the BSE SME platform. For investors looking beyond the mainboard, understanding the specifics of this fixed-price issue is crucial. This comprehensive analysis breaks down everything you need to know, from the company’s core business to the financial health underpinning this public offering.

Unveiling Kanishk Aluminium India: Core Business and Offer Structure

Established in 2022 and operating out of Jodhpur, Rajasthan, Kanishk Aluminium India Ltd. focuses on manufacturing a wide spectrum of high-quality aluminum extrusion products. They cater to diverse industries, including automotive, electronics, solar, and architecture, showcasing versatility in their product application.

Company Snapshot:

Primary Operation: Manufacturing diverse aluminum extrusion products and engineering sections.
Facility Size: Operates from a 4,000 sq. metre modern facility.
Key Offer Type: Fixed Price IPO, meaning the price is set beforehand, not determined by bidding.

Key IPO Details at a Glance

This is a fixed-price issue entirely composed of a fresh issue of 40 lakh shares.

Parameter	Details
Issue Type	Fixed Price IPO (Fresh Issue)
Total Issue Size (Value)	₹29.20 Crores
Total Shares Offered	4,000,000 Equity Shares
Face Value	₹10 per share
Issue Price Per Share	₹73
Listing Exchange	BSE SME
Pre-IPO Market Cap	₹98.11 Crores

IPO Timeline: Dates to Remember

The subscription window for this SME IPO is brief, requiring swift action from interested retail participants.

Milestone	Tentative Date
IPO Opens	Wednesday, Jan 28, 2026
IPO Closes	Friday, Jan 30, 2026
Allotment Finalization	Monday, Feb 2, 2026
Share Credit to Demat	Tuesday, Feb 3, 2026
Tentative Listing Date	Wednesday, Feb 4, 2026 (on BSE SME)

Subscription Progress (Illustrative)

0% Subscribed

Note: Actual subscription status will update during the live bidding period.

Investment Metrics: Lot Size and Investor Categories

Understanding the application structure is key, particularly for retail investors who are restricted to a certain allocation.

Investor Category	Application Lots	Shares Applied	Minimum Investment
Retail Individual Investor (Min/Max)	2 Lots	3,200	₹2,33,600
HNI (Minimum)	3 Lots	4,800	₹3,50,400

IPO Allocation Breakdown

The issue structure reveals a significant allocation toward both Non-Institutional Investors (NII) and Retail Individual Investors (RII).

Investor Category	Shares Offered	Percentage (%)
Market Maker	2,00,000	5.00%
NII (HNI)	1,899,200	47.48%
Retail (RII)	1,900,800	47.52%
Total Offered	4,000,000	100.00%

Financial Performance and Valuation Check

Evaluating the financial track record provides insight into the company’s stability and growth trajectory prior to the IPO.

Key Financial Indicators (Restated Standalone – ₹ Crores)

Metric	Aug 31, 2025	Mar 31, 2025	Mar 31, 2024	Mar 31, 2023
Total Income	29.25	60.13	59.54	59.68
Profit After Tax (PAT)	2.15	3.04	1.52	1.76
Total Borrowing	25.55	22.74	20.84	26.45
Net Worth	18.72	16.57	13.53	6.01

Profitability and Valuation Ratios

Analyzing the efficiency ratios gives a clearer picture of performance relative to the post-IPO capitalization.

KPI (As of Aug 31, 2025)	Value	Pre-IPO P/E (x)	Post-IPO P/E (x)
ROE	29.21%	–	–
PAT Margin	17.62%	–	–
EPS (Rs)	–	3.22	3.84
Price to Book Value	3.68	22.66	19.03

Promoter Stake and Fund Utilization

The promoters maintain a high stake, although there is a dilution post-IPO. The primary objective of raising capital is debt reduction.

Promoter Holding: Pre-IPO holding stood at 99.99%, reducing to approximately 70.24% post-issue.
Primary IPO Objective: The largest portion of the net proceeds (₹19.50 Cr) is earmarked for the repayment or pre-payment of existing borrowings.
Secondary Objectives: Branding/Promotion (‘Baari by Kanishk’) and General Corporate Purposes.

Risk Assessment and Operational Strengths

A balanced view requires examining both the competitive advantages the company holds and the inherent risks associated with its financial structure and market positioning.

Company Strengths (Positive Factors)

Product Customization: Ability to offer diverse and tailor-made aluminum profiles to various industrial clients.
Operational Flexibility: Maintaining agility in responding to changing market demands.
Quality Assurance: Utilizing an in-house mechanism for quality control processes.
Financial Trend: Showing significant improvement in PAT Margin and RoE in the latest reported period (Aug 2025).

Potential Weaknesses and Concerns (Risk Factors)

Financial Consistency: Historical financial reports show static top lines with fluctuating bottom lines, suggesting performance inconsistency over longer terms.
Valuation Perception: Market commentary suggests the issue might be aggressively priced relative to historical performance before recent upticks.
Debt Level: The Debt-to-Equity ratio remains relatively high (1.37 as of Aug 2025), although funds are being used to address this.

Key Intermediaries for the Issue

The smooth execution of the IPO relies on experienced intermediaries.

Book Running Lead Manager (BRLM): Sun Capital Advisory Services Pvt.Ltd.

Registrar & Share Transfer Agent: Kfin Technologies Ltd. (Contact: cs@kfintech.com)

Market Maker: Sunflower Broking Pvt.Ltd.

Conclusion and Final Considerations

The Kanishk Aluminium India IPO presents an opportunity to invest in a specialized manufacturing entity within the BSE SME segment. The commitment to utilize the majority of the funds for debt reduction is a positive signal regarding financial deleveraging. However, prospective investors should weigh the current market valuation and the historical pattern of fluctuating profitability before committing capital. For those comfortable with the risks inherent in SME listings and the cyclical nature of the metals and manufacturing sector, the IPO timeline offers a clear window for participation.

Disclaimer: This article is for informational purposes based on the provided data and general market research. It is not investment advice. Always conduct thorough due diligence or consult a certified financial advisor before making investment decisions regarding IPOs or any securities.

January 23, 2026