Category: SME IPO

Adisoft Technologies

Adisoft Technologies IPO: Comprehensive Analysis, Dates, & Financials

Adisoft Technologies IPO: Complete Analysis, Dates, Financials & Market Insights

The highly anticipated Adisoft Technologies IPO is preparing to hit the Indian stock market, offering investors a fresh opportunity to participate in the booming industrial automation sector. With the rapid digital transformation happening across manufacturing industries globally, companies providing cutting-edge automation solutions are gaining immense traction.

In this comprehensive guide by Publiclisting.in, we dive deep into everything you need to know about the Adisoft Technologies Initial Public Offering (IPO). From core business operations and essential dates to in-depth financial analysis and strategic SWOT breakdown, we have covered all the crucial metrics to help you make an informed decision.

Understanding Adisoft Technologies Limited

Adisoft Technologies Ltd. is a prominent player in the Industrial Digital Automation space. The company specializes in the end-to-end designing, development, procurement, assembly, testing, installation, and commissioning of robust automation systems. Their engineering services cater strictly to complex, customer-specific operational needs.

The core philosophy of Adisoft is to bridge the gap between heavy shop-floor machinery and IT systems. By integrating advanced digital technologies with physical processes, the company significantly reduces human intervention, ensuring higher precision, safety, and efficiency.

Key Offerings & Infrastructure:

Automated Assembly Lines: Streamlining high-volume production for industrial clients.
Robotic Work Cells: Deploying robotic solutions for pick-and-place and intricate sealing applications.
Special Purpose Machinery (SPM): Custom-built machinery designed to resolve unique operational challenges.
In-house Assembly Unit: The company boasts a state-of-the-art facility in MIDC Bhosari, Pune, fully equipped with specialized tools, fixtures, and testing infrastructure.

Key IPO Specifications

The Adisoft Technologies IPO is structured as a Book Built Issue, aiming to raise ₹74.10 Crores entirely through a fresh issue of 43.08 lakh shares. The shares are proposed to be listed on the NSE SME platform.

Attribute	Details
IPO Type	Book Built Issue (SME)
Total Issue Size	₹74.10 Crores (43,08,000 Equity Shares)
Offer Type	100% Fresh Issue
Price Band	₹163 to ₹172 per equity share
Face Value	₹10 per share
Listing Exchange	NSE SME
Market Maker Reservation	2,16,000 shares (₹4 Crores)

Adisoft Technologies IPO Schedule & Timeline

Timing is crucial when participating in any public issue. Below is the tentative timeline outlining the major milestones for the Adisoft Technologies IPO, from the opening date to the highly anticipated listing day.

IPO Opens

Apr 23, 2026

IPO Closes

Apr 27, 2026

Allotment

Apr 28, 2026

Refunds/Credit

Apr 29, 2026

Listing Date

Apr 30, 2026

Investment Categories & Lot Size Requirements

The minimum marketable lot for the Adisoft Technologies IPO is set at 800 shares. Investors must apply in multiples of this lot size. Below is a breakdown of the minimum and maximum investment requirements across different investor categories, calculated at the upper price band of ₹172.

Investor Category	Minimum Lots	Total Shares	Investment Amount
Retail (Minimum)	2 Lots	1,600 Shares	₹2,75,200
Retail (Maximum)	2 Lots	1,600 Shares	₹2,75,200
S-HNI (Minimum)	3 Lots	2,400 Shares	₹4,12,800
S-HNI (Maximum)	7 Lots	5,600 Shares	₹9,63,200
B-HNI (Minimum)	8 Lots	6,400 Shares	₹11,00,800

Financial Health & Metrics

A fundamental check of a company’s past performance is essential to gauge its growth trajectory. Adisoft Technologies has demonstrated robust financial momentum over the past three fiscal years. Between FY24 and FY25, the company recorded a stellar 28% increase in revenue and an impressive 37% surge in Profit After Tax (PAT).

Financial Parameter (₹ in Crores)	FY 2025	FY 2024	FY 2023
Total Assets	111.01	83.26	49.66
Total Revenue	133.02	104.14	76.15
EBITDA	21.66	16.06	8.32
Profit After Tax (PAT)	16.11	11.76	6.08
Net Worth	49.25	33.14	21.38
Total Borrowings	28.42	18.13	10.08

Valuation & Key Performance Indicators (KPIs)

Understanding the core metrics helps map out the actual valuation of the company compared to the asking issue price. Based on the data up to March 31, 2025, Adisoft Technologies showcases strong profitability metrics.

Key Indicator	Percentage / Ratio
Return on Equity (ROE)	39.11%
Return on Capital Employed (ROCE)	29.12%
Debt-to-Equity Ratio	0.58
PAT Margin	12.23%
EBITDA Margin	16.45%
Price to Book Value (P/BV)	4.19x

Note: The Pre-IPO Price to Earnings (P/E) ratio stands at 12.82x, which translates to a Post-IPO P/E ratio of approximately 17.42x. The estimated Market Capitalization at the time of the IPO is ₹280.67 Crores.

Purpose of the Public Offer

The net proceeds derived from this fresh issue of shares will be strategically allocated to foster the company’s expansion plans and optimize its balance sheet. The capital deployment plan is as follows:

Capital Expenditure (₹41.11 Cr): A massive chunk of the funds will be directed toward setting up a brand-new factory unit to increase manufacturing capacity.
Debt Reduction (₹10.00 Cr): Repayment or pre-payment of existing commercial borrowings, which will reduce interest burdens and improve margins.
Working Capital (₹10.00 Cr): Ensuring smooth day-to-day operational requirements.
General Corporate Purposes: Utilizing residual funds for unseen operational scaling and corporate needs.

Promoter Details & Shareholding Pattern

The company is steered by experienced promoters, Ajay Chandrashekhar Prabhu and Preeti Ajay Prabhu. Their extensive knowledge in the industrial engineering sector has been the driving force behind the company’s consistent growth.

Pre-Issue Promoter Holding: 99.98%
Post-Issue Promoter Holding: 73.60%

Strategic SWOT Analysis

Strengths

Adisoft has deeply rooted design and development capabilities. Their completely integrated in-house assembling and testing infrastructure at Pune provides a massive edge over fragmented competitors. Furthermore, long-standing relationships with top-tier automotive OEMs guarantee a steady revenue pipeline.

Weaknesses

The business model is highly capital intensive, requiring constant investment in technology. Additionally, a heavy reliance on the automobile and automotive component manufacturing sector means that any downturn in the auto industry could directly impact Adisoft’s order book.

Opportunities

With “Industry 4.0” gaining rapid momentum in India, there is a massive shift towards manufacturing automation. This opens doors for Adisoft to scale operations beyond the automotive sector, into aerospace, electronics manufacturing, and pharmaceuticals.

Threats

The industrial automation space is characterized by rapid technological obsolescence. Failure to keep up with global AI and robotic innovations, along with intense competition from established multinational automation firms, remains a persistent threat.

Corporate Office & Intermediaries

Before applying, investors often prefer maintaining a record of the company’s operational base and the institutions managing the IPO process:

Registered Office: Prathamesh Complex & Trading, MIDC Chinchwad Industrial Area, Bhosari I.E, Pune, Maharashtra – 411026
Lead Manager: Hem Securities Ltd.
Registrar to the Issue: Kfin Technologies Ltd.

Final Thoughts

The Adisoft Technologies IPO presents an intriguing proposition for market participants interested in the fast-growing industrial automation and robotics ecosystem. The company has showcased excellent financial growth with strong ROE and ROCE figures, and its plan to utilize the majority of IPO funds for capital expenditure highlights management’s aggressive growth mindset.

While the fundamentals look solid, investing in SME IPOs naturally carries a higher risk profile due to varying market liquidity and larger lot sizes. Market participants should align their investment strategies with their risk tolerance, carefully analyze the broader market trends, and thoroughly read the official prospectus documents before making capital commitments.

April 20, 2026

Leapfrog Engineering Services

Leapfrog Engineering Services IPO: Comprehensive Review, Dates & Financials

Publiclisting.in

A Complete Guide to the Leapfrog Engineering Services IPO: Dates, Financials, and Business Analysis

The Small and Medium Enterprises (SME) IPO segment continues to witness remarkable momentum, offering dynamic investment avenues for retail and institutional investors alike. Among the highly anticipated upcoming issues is the Leapfrog Engineering Services IPO. Scheduled to hit the primary market in late April 2026, this offering brings a blend of a fresh capital raise and an Offer for Sale (OFS) from an established player in the engineering and automation space.

In this comprehensive analysis, we decode the company’s business model, critical IPO details, financial health, valuation, and fundamental strengths to help you navigate this upcoming opportunity on the BSE SME platform.

Understanding the Business: What Does Leapfrog Engineering Services Do?

Established in the year 2005, Leapfrog Engineering Services Ltd. has carved out a solid niche in the Engineering, Procurement, Construction, and Commissioning (EPCC) sector. Operating seamlessly across multiple heavy-duty industries—such as Oil & Gas, Pharmaceuticals, Food Processing, and Metals—the company delivers high-quality, end-to-end design and build infrastructure projects.

Their operational framework is divided into four highly specialized verticals:

Electrical Solutions: Comprehensive engineering consultancy, manufacturing of medium/low voltage switchgears, turnkey installations, and commissioning support.
Instrumentation & Industrial Automation: Installation of advanced infrastructure systems, DCS/PLC technological upgrades, and robotics-based industrial process automation.
Fire Protection & Safety Systems: Specialized design and troubleshooting of fire alarms, suppression systems, and fire-rated structural solutions mapped to international regulatory standards.
Building Automation Systems: Deployment of smart sensors, HVAC controls, access control networks, and advanced surveillance solutions geared toward energy-efficient infrastructure.

Supported by a dedicated workforce of over 100 on-roll employees and an experienced supply chain management system, Leapfrog has demonstrated an exceptional track record of timely project execution over the past two decades.

Core Offer Configuration: IPO Details

The Leapfrog Engineering Services IPO is a book-built issue aiming to raise a total of ₹88.51 Crores. The structure is thoughtfully divided to fuel corporate expansion while providing a partial exit for early stakeholders.

Parameter	Offer Details
Issue Size	3,84,84,000 shares (Aggregating up to ₹88.51 Cr)
Fresh Issue Component	3,46,08,000 shares (Aggregating up to ₹79.60 Cr)
Offer for Sale (OFS)	38,76,000 shares (Aggregating up to ₹8.91 Cr)
Price Band	₹21 to ₹23 per equity share
Face Value	₹1 per share
Listing Platform	BSE SME

Critical Timelines: IPO Schedule

Keeping track of dates is vital for ensuring your applications and funds are lined up correctly. The entire process from bid opening to the final market listing is mapped out in the visual timeline below.

Bid Opens

Apr 23, 2026

Bid Closes

Apr 27, 2026

Allotment

Apr 28, 2026

Refunds/Credit

Apr 29, 2026

Listing Date

Apr 30, 2026

Investment Requirements: Lot Size & Categories

Because this is an SME IPO, retail investors must apply for a standardized minimum lot size. Understanding the minimum application size prevents last-minute transaction errors.

Investor Category	Minimum Lots	Shares	Investment Amount (at Upper Band)
Retail Individual Investors (RII)	2 Lots	12,000	₹2,76,000
Small HNI (S-HNI)	3 Lots	18,000	₹4,14,000
Big HNI (B-HNI)	8 Lots	48,000	₹11,04,000

Note: The reservation strategy allocates approximately 50.06% to Retail Investors, 44.95% to Non-Institutional Investors (NII), and limits the QIB allocation to a select pool, prioritizing standard investor participation.

Financial Health and Business Growth

A deep dive into Leapfrog Engineering’s financial statements paints a picture of a company in an active growth phase, alongside expanding asset bases and reserves. Let us look at their restated financials leading up to December 2025.

Financial Metrics (in ₹ Crores)	31 Mar 2023	31 Mar 2024	31 Mar 2025	31 Dec 2025 (9-Month)
Total Assets	6.45	51.11	149.17	156.04
Total Income/Revenue	105.38	162.88	137.37	105.05
Profit After Tax (PAT)	0.28	16.39	16.22	14.18
Net Worth	5.32	21.71	53.26	67.44
Total Borrowings	13.05	13.78	20.11	32.22

Financial Analyst Perspective: The company demonstrated an exceptional jump in Profit After Tax (PAT), surging from just ₹0.28 Cr in FY23 to over ₹16 Cr in FY24 and FY25. While revenue moderated slightly in FY25, margins have remained incredibly robust. Investors should note the rising total borrowings (standing at ₹32.22 Cr as of late 2025), which is a common characteristic of capital-intensive EPC companies scaling up operations.

Key Performance Indicators (Valuation Context)

To assess whether the issue is priced reasonably at ₹23, we can look at their fundamental ratios:

Return on Equity (ROE): 21.03%
Return on Capital Employed (ROCE): 23.98%
Debt-to-Equity Ratio: 0.48 (indicates manageable leverage)
PAT Margin: 14.04%
Price to Book Value (P/B): 3.66

Fund Utilization Plan: Where is the Money Going?

A transparent plan for the freshly raised capital is a green flag for market participants. The net proceeds of approximately ₹63.05 Cr will be mobilized across the following avenues:

Capital Expenditure (₹27.00 Cr): Primarily directed toward establishing a brand new assembling unit, enhancing their in-house manufacturing capacity for electrical switchgears and automation panels.
Working Capital (₹36.05 Cr): To fuel day-to-day operations, ease supply chain bottlenecks, and support the bidding process for larger infrastructure contracts.
General Corporate Purposes: Remainder utilized for unforeseen business expenses and issue-related expenditures.

Promoter Background and Shareholding Dynamics

Strong leadership is the backbone of any B2B engineering firm. The company is spearheaded by Mr. Prabhav Narasimha Rao and Mrs. Priyashaila Prabhav Rao. Their combined experience in the engineering, procurement, and industrial automation landscape has helped Leapfrog build its robust order book.

Holding Metric	Percentage (%)
Pre-Issue Promoter Holding	92.59%
Post-Issue Promoter Holding	67.27%

Strategic SWOT Analysis

A balanced evaluation of the company’s internal and external market position offers a better understanding of its long-term viability:

Strengths

Deep-rooted industry experience spanning nearly two decades.
Highly diversified service portfolio shielding against sector-specific downturns.
Consistently strong EBITDA and PAT margins demonstrating pricing power.

Weaknesses

Gradual increase in total debt over the past three fiscal years.
High working capital requirements inherently attached to the EPCC business model.

Opportunities

Booming domestic infrastructure and smart-city initiatives.
New assembling unit funded by the IPO will drastically reduce reliance on third-party manufacturers.
Global push toward automated and energy-efficient building management.

Threats

Intense competition from unorganized and large-scale EPC players.
Volatility in raw material pricing (metals, electrical components) impacting fixed-price contracts.

Administrative Information

For investors looking to track their applications, allotments, or address operational queries, here are the vital points of contact:

Registrar to the Issue: Integrated Registry Management Services Pvt. Ltd. (Contact: smeipo@integratedindia.in)
Book Running Lead Manager: Finshore Management Services Ltd.
Company Headquarters: 496, Chaithanya Dhriti Rudresh, 6th Main, 8th Cross, Vijaya Bank Layout, Bangalore Urban, Karnataka – 560076.

Final Takeaway

The Leapfrog Engineering Services IPO emerges as a fundamentally structured offering in the rapidly growing industrial automation and EPC space. Supported by a healthy pre-issue net worth, soaring profit margins over the last couple of years, and a clear capital expenditure blueprint, the company presents a compelling growth narrative.

However, prospective investors should weigh the inherently capital-intensive nature of the construction and automation business and the slightly elevated minimum retail investment threshold. As always, assessing risk appetite and keeping an eye on the broader market sentiment closer to the opening date (April 23, 2026) will be the most prudent strategy.

Keep checking back on Publiclisting.in for more updates on subscription numbers, allotment status, and live market trends.

April 20, 2026

Mehul Telecom

Mehul Telecom IPO: In-Depth Analysis, Dates, Financials & Review

Mehul Telecom IPO: Comprehensive Analysis, Key Dates, Financials & Honest Takeaway

The highly anticipated Mehul Telecom IPO is preparing to hit the BSE SME platforms, creating a significant buzz among investors looking for opportunities in the booming retail telecommunications and consumer electronics sector. With an issue size of ₹28 Crores, this entirely fresh issue aims to leverage the vast consumer market in Gujarat.

Whether you are a seasoned investor or a beginner looking to expand your portfolio, evaluating an IPO requires a thorough understanding of the company’s fundamentals, the objectives of the issue, and financial health. In this comprehensive guide, we dissect all crucial data points surrounding the Mehul Telecom IPO to help you make an informed decision.

About Mehul Telecom Limited

Incorporated in May 2023, Mehul Telecom Private Limited operates as a rapidly growing multi-brand mobile and electronics retail chain. The company strategically balances its operations through a highly effective hybrid business model:

COCO Model: Company Owned, Company Operated retail stores.
FOFO Model: Franchisee Owned, Franchisee Operated outlets.

Mehul Telecom boasts a robust product portfolio that features globally recognized brands. Their catalog encompasses smartphones and tablets from industry giants such as Apple (iPhone), Samsung, Xiaomi (MI, Redmi), OnePlus, Vivo, Oppo, and more. Furthermore, they cross-sell a wide array of connected lifestyle products including smartwatches, audio devices, power banks, and automotive tech accessories. Backed by an experienced management team, the company leverages an extensive distribution network across Gujarat.

Mehul Telecom IPO Details at a Glance

The Mehul Telecom IPO is a 100% book-built fresh issue consisting of 28.29 Lakh shares. Below is the detailed breakdown of the offering:

Parameter	Particulars
IPO Opening Date	Friday, April 17, 2026
IPO Closing Date	Tuesday, April 21, 2026
Face Value	₹10 per share
Price Band	₹96 to ₹98 per share
Total Issue Size	28,29,600 shares (Aggregating up to ₹28.00 Cr)
Fresh Issue	26,85,600 shares (Aggregating up to ₹26.00 Cr, Excl. Market Maker)
Lot Size	1,200 Shares
Listing Exchange	BSE SME

IPO Schedule & Progress Tracker

Apr 17, 2026 IPO Opens

Apr 21, 2026 IPO Closes

Apr 22, 2026 Allotment Finalized

Apr 23, 2026 Refunds & Demat Credit

Apr 24, 2026 Listing on BSE SME

Lot Size & Investment Limits

Applying for an SME IPO requires investments in designated lot sizes. Based on the higher end of the price band (₹98), here are the specific minimum and maximum investment brackets mandated for retail investors and High Net-Worth Individuals (HNIs):

Investor Category	Minimum Lots	Total Shares	Investment Amount (₹)
Retail Individual Investor	2 Lots	2,400	₹2,35,200
Small HNI (S-HNI)	3 Lots	3,600	₹3,52,800
Big HNI (B-HNI)	9 Lots	10,800	₹10,58,400

💡 Note on Reservation: Out of the net public offer, roughly 49.91% is designated for Qualified Institutional Buyers (QIBs), 35.08% is reserved for Retail Investors (RIIs), and 15.01% is allocated for Non-Institutional Investors (NIIs/HNIs).

Deep Dive: Company Financials

A quick look at the restated financials indicates rapid growth in the top-line revenue from the fiscal year ending March 2024 to December 2025. Here is a breakdown of their primary financial markers (Figures in ₹ Crore):

Financial Metric	31 Dec 2025 (9 Months)	31 Mar 2025 (FY25)	31 Mar 2024 (FY24)
Total Assets	54.40	10.10	34.41
Total Income (Revenue)	152.02	115.47	–
Profit After Tax (PAT)	7.07	5.74	-0.01
Net Worth	24.18	17.10	0.09
Total Borrowings	3.72	0.07	–

Observation: The company witnessed an extraordinary leap in total income and profitability, marking a transition from a minor loss of ₹0.01 Cr in FY24 to an impressive PAT of ₹7.07 Cr by December 2025.

Valuation & Key Performance Indicators (KPIs)

To evaluate if the IPO is priced attractively, it is imperative to analyze the company’s valuation ratios prior to the listing:

Indicator	Value (As of Dec 2025)
Return on Equity (ROE)	34.27%
Return on Capital Employed (ROCE)	34.80%
Debt to Equity Ratio	0.15
PAT Margin	4.65%
Pre-IPO EPS	₹7.53
Post-IPO EPS (Estimated)	₹9.02
P/E Ratio (Pre-IPO)	13.02x

Objectives of the Issue

The company intends to raise funds primarily to scale its existing operations. The net proceeds collected from the public offering will be utilized for:

Funding Working Capital Requirements: An estimated ₹22.95 Crore will be injected directly into daily operational funding to maintain optimal inventory levels across their COCO and FOFO retail chains.
General Corporate Purposes: The remaining funds will cover miscellaneous corporate expenditures to sustain expansion and operational scaling.

Mehul Telecom SWOT Analysis

Understanding the internal and external factors influencing Mehul Telecom can help manage investment expectations. Here is a comprehensive SWOT breakdown:

Strengths

Diverse product portfolio featuring dominant, high-demand global electronics brands.
Strategic hybrid retail model (COCO & FOFO) that requires low capital for expansive growth.
Highly experienced promoter background ensuring robust supply chain networks in Gujarat.

Weaknesses

Operates in an intensely fragmented market characterized by cut-throat competition.
Inherently low net profit margins (4.65%), which is standard for hardware retail but leaves little room for pricing errors.
Relatively short operational history since its incorporation in May 2023.

Opportunities

Growing digital transformation and internet penetration boosting smartphone sales in Tier-2 and Tier-3 cities.
Expanding the franchisee network (FOFO) beyond the borders of Gujarat into neighboring states.
Rising consumer demand for premium IoT and wearable accessories offering higher margin potentials.

Threats

Aggressive discounting by massive online e-commerce platforms like Amazon and Flipkart.
Rapid technological obsolescence, meaning unsold inventory can quickly lose value.
Changing regulatory policies or supply-chain bottlenecks from international hardware manufacturers.

Promoter Holding & Management Background

The driving forces behind Mehul Telecom are its promoters, Mehul Vasantbhai Raymagiya and Raymagiya Hemali Mehulbhai. Their deep-rooted understanding of the regional retail landscape serves as a distinct competitive advantage.

Pre-Issue Promoter Holding: 94.25%
Post-Issue Promoter Holding: Will dilute to accommodate public shareholders, though promoters will retain a significant controlling stake, assuring alignment with shareholder interests.

Company Contact & Registrar Details

Company Address:
Mehul Telecom Ltd.
West Gate Shop 223, 150 Ft Ring Road,
Rajkot Raiya Road, Gujarat, 360007
Email: info@mehultelecom.com

Registrar to the Issue:
Kfin Technologies Ltd.
Phone: 040-67162222, 040-79611000
Email: mehul.ipo@kfintech.com
Lead Manager: Cumulative Capital Pvt. Ltd.

Concluding Thoughts

The Mehul Telecom IPO presents a fascinating case of rapid top-line scaling within the localized electronics retail segment. Operating on scalable franchise models and backing high-demand consumer brands provides a solid foundation for top-line revenue generation.

However, the sector is notoriously competitive with traditionally narrow profit margins. The steep jump in profitability in recent periods makes the valuation ratio look reasonable, but long-term sustainability will depend on their ability to fend off e-commerce giants and effectively manage their working capital—which perfectly aligns with the primary objective of this public issue. Investors with an appetite for SME market volatility and a medium-to-long-term perspective might consider tracking this company’s post-listing execution closely.

Disclaimer: The analysis provided above is for informational and educational purposes only. Investments in the stock market and SME IPOs carry inherent risks. Please consult with a certified financial advisor before making any investment decisions.

April 13, 2026

Safety Controls & Devices

Safety Controls & Devices Ltd. IPO Analysis: Dive into the Details

Your comprehensive guide to the upcoming SME IPO.

The market buzz around new public offerings is always exciting, and the upcoming IPO from Safety Controls & Devices Limited (SC&DL) is drawing considerable attention, especially in the SME segment. This company, rooted in critical infrastructure and engineering services, is hitting the public markets to fund its expansion. For potential investors, understanding the nuts and bolts of this issue—from financials to objectives—is crucial. Let’s break down everything you need to know about the Safety Controls IPO.

Understanding Safety Controls & Devices Ltd.

Established in June 2015, Safety Controls and Devices Limited operates as a specialized engineering enterprise focused primarily on EPC (Engineering, Procurement, and Construction) services. Their expertise lies in complex projects vital for infrastructure stability and development.

Core Business Focus: Substations, Solar Power Plants, Firefighting Equipment supply and installation, and specialized hospital construction projects, particularly for the Ministry of Ayush.
Clientele Strength: A strong, established association with various state and central government entities, including power utilities, alongside private power developers and renewable energy firms.
Operational Scope: Currently managing 19 substations and actively growing into utility-scale solar initiatives and EV charging station development.
Experience: The company boasts a significant track record, having successfully executed turnkey projects for over three decades (Note: This likely refers to the promoter/group experience given the 2015 incorporation).
Certifications: Holds ISO 9001:2015 certification from AOC Middle East LLC.
Workforce: Maintained a team of 75 permanent employees as of late September 2025.

Competitive Edge Analysis

The company highlights several factors that position it favorably in the competitive EPC space:

Strong existing rapport with various government bodies.
Solid partnerships with Original Equipment Manufacturers (OEMs) and key suppliers.
A centralized operational structure ensuring consistent quality and efficiency in procurement, deployment, and execution.
A capable and experienced management team steering the enterprise.

Key IPO Specifications and Timeline

This offering is structured as a Book Building IPO on the BSE SME platform. All proceeds are derived from a fresh issuance of shares, meaning the company is raising capital directly without any offer for sale component.

IPO Schedule Overview

Milestone	Tentative Date
IPO Opens for Subscription	Monday, April 6, 2026
IPO Closes for Subscription	Wednesday, April 8, 2026
Finalization of Share Allotment	Thursday, April 9, 2026
Initiation of Refunds	Friday, April 10, 2026
Credit of Shares to Demat Account	Friday, April 10, 2026
Tentative Listing Date on BSE SME	Monday, April 13, 2026

To visualize the progress timeline:

Subscription Window Progress (Open: Apr 6th, Close: Apr 8th)

Issue Details at a Glance

Parameter	Value
Total Issue Size (Face Value ₹10)	₹48.00 Crores (60.00 Lakh Shares)
Price Band	₹75 to ₹80 per share
Listing Venue	BSE SME
Issue Type	Bookbuilding (Fresh Issue Only)

Investment Lot Sizes for Retail and HNI Applicants

The minimum investment hinges on the lot size. Retail investors must apply for the minimum quantity specified, which is based on the upper price band of ₹80.

Investor Category	Lots Applied	Total Shares	Minimum Investment (at ₹80)
Retail Individual Investor (Min)	2 Lots	3,200	₹2,56,000
S-HNI (Minimum Bid)	3 Lots	4,800	₹3,84,000

Share Reservation Allocation

The allocation structure follows standard SME guidelines, prioritizing Retail Individual Investors (RIIs).

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

Financial Health Check

A look at the recent historical performance shows significant upward momentum in both top-line and bottom-line figures. The period ending March 31, 2025, demonstrates robust growth compared to the previous year.

Restated Consolidated Financial Snapshot (Amounts in ₹ Crore)

Metric	Mar 31, 2025	Mar 31, 2024	Mar 31, 2023
Total Income	103.50	45.70	49.26
Profit After Tax (PAT)	8.99	4.01	0.43
Total Assets	120.28	74.99	66.36
Total Borrowing	33.84	29.79	18.52

Notably, the revenue grew by 126% and PAT surged by 124% between FY24 and FY25, indicating accelerating profitability.

Key Profitability & Efficiency Indicators (as of Mar 31, 2025)

Key Performance Metric	Value
Return on Equity (ROE)	30.14%
Return on Capital Employed (ROCE)	37.39%
PAT Margin	8.77%
Debt/Equity Ratio	0.80

Objectives of the Fund Raising

The capital infusion from this SME IPO is earmarked for strategic operational needs and balance sheet strengthening:

Purpose of Utilization	Estimated Amount (₹ Cr.)
Funding Working Capital Requirements	31.50
Repayment/Prepayment of Borrowings	6.00
General Corporate Purposes	(Balance)

Shareholding Structure

The IPO involves a dilution of promoter stake to fund growth.

Holding Stage	Promoter Holding %
Pre-Issue	66.53%
Post-Issue	46.40%

The company is promoted by Rajnish Chopra, Anjali Chopra, and Abhishek Chopra.

Navigating the Offer: Intermediaries

Selecting the right intermediaries is key to a smooth IPO process.

Book Running Lead Manager (BRLM): Sobhagya Capital Options Pvt.Ltd.
Registrar to the Issue: Maashitla Securities Pvt.Ltd. (Responsible for allotment and refunds).

SWOT Assessment for Safety Controls IPO

A balanced perspective requires looking at both internal capabilities and external market risks.

Strengths (S)

Strong government sector exposure providing stable revenue visibility.
Demonstrated high growth trajectory in recent financials (PAT growth over 120%).
Efficient capital structure management reflected in strong ROCE.

Weaknesses (W)

Relatively small size of the IPO in the context of the broader market.
High reliance on government contracts could expose them to policy shifts.
Debt levels, while managed, are substantial relative to Net Worth.

Opportunities (O)

Expansion into emerging infrastructure segments like EV charging stations.
Utilizing fresh capital primarily for working capital needs to bid for larger projects.

Threats (T)

Intense competition in the EPC and solar project space.
Execution risks associated with large-scale infrastructure projects.

Application Process & Next Steps

Investors typically apply using the UPI framework for SME IPOs via their brokerage portals. The deadline to submit applications is crucial for participating in the allotment process.

Key Investor Questions Answered

What is the IPO closing date? The subscription window closes on Wednesday, April 8, 2026.
How is the final allotment determined? The Basis of Allotment is expected on Thursday, April 9, 2026, handled by the Registrar.
How can one apply? Applications can be submitted online via UPI or through the ASBA facility available via net banking or broker platforms.

Company Contact Information

For official correspondence or detailed queries, the company contact points are:

Address: C-43/28/1, Nawal Kishore Road, Hazratganj, Lucknow, Uttar Pradesh, 226001

Phone: +91 05224026070

Email: cs@safetygroup.in

Final Takeaway

Safety Controls & Devices Ltd. presents an opportunity in a specialized engineering sector with proven government ties and impressive recent financial growth. While SME IPOs carry inherent volatility, the capital usage plan is focused on supporting ongoing operations and reducing debt. Prospective investors should carefully assess the price band against current peer valuations and their own risk appetite before the subscription window closes.

March 28, 2026

Emiac Technologies

Emiac Technologies SME IPO: Decoding the Digital Marketing Powerhouse Launch

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Emiac Technologies SME IPO: Decoding the Digital Marketing Powerhouse Launch

The Indian SME segment continues to be a vibrant arena for innovative companies looking to scale up. Among the upcoming offerings, Emiac Technologies Ltd. is hitting the capital markets with its Initial Public Offering (IPO). This tech-driven entity, specializing in AI-powered digital marketing solutions, presents an interesting prospect for investors tracking high-growth sectors. Let’s dive deep into the specifics of this book-building issue and what it means for prospective shareholders.

Emiac Technologies: A Snapshot of a Digital Innovator

Emiac Technology positions itself at the intersection of Artificial Intelligence and digital marketing. They aim to help brands flourish through sophisticated, data-driven strategies. The company has built a comprehensive suite of services designed for the modern digital landscape.

Core Business Offerings:

Content Creation: Developing high-quality digital content, including blogs, website copy, and product descriptions.
Branding & Reputation Management: Focusing on brand narrative building, PR initiatives, and managing leadership perception online.
Digital Marketing: Comprehensive services covering SEO audits, technical optimization, and managing paid advertising campaigns.
Technical Services & Automation: Implementing solutions for inventory management, logistics streamlining, and crucial API integrations.

The revenue mix for FY25 shows a strong reliance on core digital services, with Content Creation contributing the highest share (43.42%), followed closely by Branding and Reputation Management (31.80%). The company boasts prestigious ISO certifications (ISO 10002:2018, ISO 9001:2015, and ISO/IEC 27001:2022), underscoring its commitment to quality and information security.

Key IPO Financial and Structuring Details

This SME IPO is structured as a Fresh Issue, meaning all proceeds will go directly to the company to fund its expansion plans. Investors should note the price band and the corresponding lot size for applying.

IPO Summary Table

Detail	Information
Issue Type	Bookbuilding IPO
Total Issue Size	₹32 Crores (32,40,000 Shares)
Issue Price Band (Per Share)	₹93 to ₹98
Face Value	₹10 per share
Listing Exchange	BSE SME
Book Running Lead Manager (BRLM)	Smart Horizon Capital Advisors Pvt.Ltd.
Registrar	Bigshare Services Pvt.Ltd.
Market Maker	Shreni Shares Ltd.

Investment Lot Size Breakdown

Understanding the minimum and maximum application quantities is crucial for retail and HNI investors planning their bids.

Investor Category	Minimum Lots	Shares	Minimum Investment (at Upper Price)
Retail Individual Investor (Minimum)	2	2,400	₹2,35,200
S-HNI (Small Non-Institutional Investor)	3	3,600	₹3,52,800

IPO Timeline: Key Dates to Track

Timely action is essential during the subscription window. Here is the tentative schedule for the Emiac Technologies IPO:

Event	Tentative Date
IPO Opens for Bidding	Friday, March 27, 2026
IPO Closes for Bidding	Wednesday, April 8, 2026
Finalization of Allotment	Thursday, April 9, 2026
Initiation of Refunds/Share Credit	Friday, April 10, 2026
Tentative Listing Date	Monday, April 13, 2026 (on BSE SME)

Subscription Progress (Placeholder)

Analyzing Company Financial Health and Valuation Metrics

A look at the restated financials and key performance indicators provides insights into the company’s trajectory leading up to the public offering.

Financial Performance Overview (Amounts in ₹ Crore)

Metric	Sep 30, 2025	Mar 31, 2025	Mar 31, 2024
Total Income	14.49	20.06	5.38
Profit After Tax (PAT)	4.55	4.22	0.84
EBITDA	6.19	5.92	1.24
Net Worth	13.57	9.03	1.31

Key Financial Ratios (KPIs)

The ratios reflect strong profitability and efficiency in the recent periods.

KPI	Sep 30, 2025	Mar 31, 2025
Return on Equity (ROE)	40.26%	81.65%
PAT Margin	32.20%	21.25%
EBITDA Margin	43.81%	29.83%

The **Pre-IPO Market Capitalization** is estimated at **₹119.98 Cr**. Based on the latest reported earnings, the P/E ratio stands at approximately 20.91 pre-IPO, which merits comparison with industry peers.

Understanding Shareholding and Promoter Strength

The promoter group maintains a significant stake, indicating strong promoter confidence in the company’s future prospects.

Promoter Holding (Pre-Issue): 68%
Post-Issue Shareholding: The total number of shares will increase to 1,22,43,149 post-issue from 90,03,149 pre-issue.
Promoters: Divya Gandotra, Shivam Bhateja, and Dushyant Gandotra.

Why is Emiac Technologies Raising Funds? (Objectives of the Issue)

The funds raised through this public offering are earmarked for strategic capital deployment, focusing on enhancing operational capacity and market presence.

Utilization of Net Proceeds (Estimated ₹23.84 Cr)

Infrastructure Upgrade: Funding the purchase of necessary computers, laptops, accessories, and software/cloud subscriptions (₹5.72 Cr).
Operational Buffer: Augmenting Working Capital Requirements (₹8.80 Cr).
Talent Acquisition: Hiring essential manpower to support growth (₹5.42 Cr).
Market Visibility: Allocation for Branding, Advertisement, and Marketing activities (₹3.90 Cr).
General Corporate Purposes.

Investor Category Allocation (Reservation Breakdown)

The shares are distributed across various investor classes as per SME listing norms:

Investor Category	Shares Offered	Percentage Allocation
Qualified Institutional Buyers (QIB)	15,12,000	46.67%
Non-Institutional Investors (NII/HNI)	4,68,000	14.44%
Retail Individual Investors (RII)	10,92,000	33.70%
Anchor Investors	8,88,000	27.41%
Market Maker	1,68,000	5.19%

A Quick SWOT Assessment for Emiac Technologies

To offer a balanced perspective, here is a high-level look at the internal and external factors affecting the company.

Strengths:

Diverse client base across sectors like BFSI, Healthcare, and IT.
Consistent revenue streams from both recurring and non-recurring client engagements.
Management team possesses proven skills in project implementation.
Strategy is heavily focused on data-driven, ROI-centric outcomes.

Weaknesses:

Relatively small employee base (38 as of Jan 2026), potentially limiting scalability without immediate hiring.
Significant reliance on the content creation segment for immediate revenue.

Opportunities:

Growing corporate demand for AI-integrated digital transformation services.
Potential to expand service offerings into newer digital domains globally.

Threats:

Rapid technological changes requiring constant investment in new tools and training.
Intense competition in the digital marketing agency space.

Intermediary Information: Registrar and Contact

For all formal communication regarding allotment and refunds, the Registrar plays a vital role.

Registrar Details:

Bigshare Services Pvt.Ltd. is handling the administrative aspect of this IPO.

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

Company Contact Information:

Emiac Technologies Ltd. Head Office:

Address: Plot No. 102, Maa Karni Nagar, Amrapali Marg, Vaishali Nagar Extension, Panchyawala, Jaipur, Rajasthan, 302034
Phone: +91 9119391191
Website: https://emiactech.com/

Conclusion: Key Takeaways for Potential Investors

Emiac Technologies is entering the public market as a specialized SME player in the high-potential digital marketing and AI integration space. The company presents an appealing financial profile characterized by healthy margins and strong ROE figures in recent reporting periods. The primary use of IPO proceeds is sensible, focusing on infrastructure, working capital, and growth-enabling marketing efforts. As an SME listing, it carries higher inherent risk compared to Mainboard IPOs, but it also offers the potential for significant upside if the digital strategies translate effectively into sustained revenue growth.

Prospective applicants are advised to review the Red Herring Prospectus (RHP) thoroughly, particularly the peer comparison data and the detailed risk factors, before making any investment decisions.

Disclaimer: The information provided herein is based on publicly available data and analysis for informational purposes only. Investment decisions in the IPO market should be made after thorough personal research and consultation with a qualified financial advisor. Publiclisting.in does not guarantee returns or offer personalized investment advice.

March 23, 2026

Vivid Electromech

Vivid Electromech IPO Analysis: All You Need to Know Before Subscribing

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Unveiling Vivid Electromech IPO: A Deep Dive into an SME Powerhouse Offering

The Initial Public Offering (IPO) market is buzzing with activity, and the upcoming SME segment listing of Vivid Electromech Ltd. is certainly drawing attention. For astute investors looking to understand the core value proposition, financial health, and future trajectory of this electrical panel manufacturer, this comprehensive analysis breaks down every crucial detail you need before deciding on your bid. Navigating SME IPOs requires detailed insight, and we provide that here, structured for clarity and informed decision-making.

The Company Snapshot: What Does Vivid Electromech Do?

Established in 1990, Vivid Electromech Ltd. has carved a significant niche in the electrical infrastructure space. The company specializes in manufacturing sophisticated Low-Voltage (“LV”) and Medium-Voltage (“MV”) electrical panels, alongside developing comprehensive automation systems. They offer end-to-end solutions—from initial engineering and design to fabrication, assembly, testing, and final commissioning of control and automation systems.

Their solutions are vital across various critical sectors, including:

Data Centre & Technology Infrastructure
Metro Projects and General Construction/Real Estate
Power Distribution and Load Management
Solar & Renewable Energy Installations
General Industrial Manufacturing

Key products in their portfolio include Power Control Centre (PCC) Panels, Intelligent Motor Control Centre (IMCC) Panels, and various synchronisation and distribution units.

Core Strengths: Competitive Edge Analysis

Understanding what sets a company apart is key to assessing long-term potential. Vivid Electromech exhibits several competitive advantages:

Integrated Manufacturing: They possess complete control over their manufacturing processes.
Diverse Offerings: A broad product basket allows them to serve varied industrial needs.
Sectoral Focus: Growing engagement in the high-demand Data Centre segment provides future growth visibility.
Quality Commitment: Demonstrated adherence to stringent quality control and safety standards.
Management Depth: Supported by an experienced leadership team.

Vivid Electromech IPO: The Subscription Schedule

This is a Bookbuilding IPO opening for subscription on the NSE SME platform. Here is the essential timetable:

Event	Tentative Date
IPO Opens for Subscription	Wednesday, March 25, 2026
IPO Closes for Subscription	Monday, March 30, 2026
Finalization of Allotment	Wednesday, April 1, 2026
Initiation of Refunds	Thursday, April 2, 2026
Credit of Shares to Demat Accounts	Thursday, April 2, 2026
Tentative Listing Date on NSE SME	Monday, April 6, 2026

IPO Progress Status: Open (Mar 25, 2026)

50%

Valuation and Pricing Structure

The company has fixed a price band for the IPO. Investors should note the minimum investment required based on the lot size.

Parameter	Detail
Face Value	₹10 per share
Price Band (Per Share)	₹528 to ₹555
Lot Size (Minimum Application)	240 Shares
Minimum Retail Investment	₹2,66,400 (at upper price band)
HNI Minimum Investment (3 Lots)	₹3,99,600
Total Issue Size	₹131 Crores (Aggregating 23.52 Lakh Shares)
Market Capitalization (Pre-IPO)	₹493.27 Crores

IPO Composition and Shareholding

The offering is a mix of a fresh issuance of capital and shares sold by existing shareholders (Offer for Sale).

Fresh Issue: Approximately ₹105 Crores (18.84 Lakh Shares) to fund future growth.
Offer for Sale (OFS): Approximately ₹26 Crores (4.68 Lakh Shares).

The promoter holding is significantly high pre-issue at 99.99%, which will dilute post-listing.

Financial Performance Snapshot (Restated Consolidated)

The financial data indicates a robust recent surge in performance, a key indicator for SME IPO investors.

Impressive Growth Highlight: Between FY24 and FY25, revenue grew by 74%, and Profit After Tax (PAT) surged by an extraordinary 373%.

Financial Metric (₹ Crore)	31 Mar 2025	31 Mar 2024	31 Mar 2023
Total Income	155.77	89.55	59.63
Profit After Tax (PAT)	20.24	4.28	0.06
Assets	115.30	62.38	55.14
Total Borrowing	4.23	4.77	6.47

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

The profitability and efficiency metrics look exceptionally strong based on the latest figures:

KPI	Value
Return on Equity (ROE)	117.61%
Return on Capital Employed (ROCE)	87.34%
PAT Margin	13.04%
Debt/Equity Ratio	0.15

IPO Fund Allocation: Where Will the Money Go?

The company has clearly outlined the primary objectives for utilizing the fresh capital raised:

Capital Expenditure: Approximately ₹47.88 Crores planned for setting up a new manufacturing unit, indicating expansion focus.
Working Capital: A substantial ₹40.00 Crores allocated to support day-to-day operations and growth requirements.
Debt Reduction: ₹9.75 Crores set aside for repaying existing borrowings.
General Corporate Purpose.

Understanding Investor Buckets and Lot Size

The IPO reservation policy adheres to standard SME norms, prioritizing retail participation while ensuring institutional interest.

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

IPO Professionals: Merchant Banker and Registrar

The execution and management of the IPO are overseen by established intermediaries:

Book Running Lead Manager (BRLM): Hem Securities Ltd.
Registrar to the Issue: MUFG Intime India Pvt.Ltd. (Contact: +91-22-4918 6270)

A Preliminary SWOT Assessment for Vivid Electromech

To give a balanced view, here is an assessment of the company’s internal and external factors relevant to the IPO:

Strengths (Internal Positives)	Weaknesses (Internal Negatives)
High recent profit growth rate.	High dependency on promoters (near 100% pre-issue holding).
Strong ROCE and ROE figures.	Relatively smaller scale given the SME listing segment.
Strategic sector focus (Data Centres).	Potential execution risk in deploying fresh CAPEX funds effectively.
Opportunities (External Positives)	Threats (External Negatives)
Government push for infrastructure and ‘Make in India’.	Volatility in raw material prices (copper, steel).
Increasing demand for robust electrical automation systems.	Intense competition within the electrical panel manufacturing space.

Contact Information

For direct corporate communication, potential investors can refer to the following details:

Registered Address: Plot No. A-173/7, T.T.C Industrial Area, MIDC, Kharine, Navi Mumbai, Maharashtra, 400710
Phone: +022-68175555
Website: https://vividgroup.in/

Conclusion: Key Takeaways for the Investor

The Vivid Electromech IPO presents an opportunity to invest in an established player in the essential electrical infrastructure sector, showcasing explosive recent financial performance. The objectives of the issue clearly focus on expansion via capital expenditure and bolstering working capital, suggesting a roadmap for sustained growth. While SME IPOs carry inherent risks related to liquidity and valuation compared to Mainboard listings, the company’s strong profitability metrics (ROE > 100%) and controlled debt levels make a compelling case for consideration, provided the listing premium aligns with reasonable market expectations.

Remember: Always consult your financial advisor and thoroughly review the Draft Red Herring Prospectus (DRHP) before making investment decisions.

March 20, 2026

Highness Microelectronics

Highness Microelectronics IPO Analysis: Your Complete Guide to the Upcoming SME Offering

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Decoding the Highness Microelectronics SME IPO: A Deep Dive for Investors

The excitement around Initial Public Offerings (IPOs), especially on the SME platform, continues to grow as companies seek capital infusion for expansion. Highness Microelectronics Limited is stepping into the public market with an IPO that warrants a closer look. This comprehensive analysis breaks down everything you need to know—from what the company does to the financials and the crucial dates—to help inform your investment decision.

Understanding Highness Microelectronics: Core Business & Strengths

Established in 2007, Highness Microelectronics Limited has carved a niche for itself in the specialized field of digital imaging solutions. The company is recognized for maintaining stringent quality standards, holding both ISO 9001:2015 and ISO 13485:2016 certifications.

Product Portfolio Highlights:

Off-the-Shelf Offerings: This includes a variety of display components such as TFT and LCD modules, display controllers, touch screens, and specialized backlight drivers. They also offer display enhancement solutions designed for harsh environments, like high brightness for outdoor use and anti-glare protection.
Market-Specific Custom Solutions: Highness Microelectronics excels in creating customized display monitors (Panel-mount, Open-frame, Industrial-grade, Medical-grade) tailored for demanding sectors.

Key Competitive Advantages:

The company points to several factors supporting its market position:

Adherence to high-quality standards as an ISO-certified entity.
Proven expertise in delivering customized display systems.
Established, strong working relationships with its clientele.
Capability to develop weather-resistant display technologies.

IPO Specifics: Dates, Pricing, and Size

This offering is structured as a Bookbuilding IPO on the BSE SME platform, aiming to raise approximately ₹22 Crores. It comprises both a fresh issuance of shares to raise primary capital and an Offer for Sale (OFS) component.

Highness Microelectronics IPO Timeline (Tentative)

The subscription window provides a clear path from bidding to listing.

Milestone	Tentative Date
IPO Opening Date	Tuesday, March 24, 2026
IPO Closing Date	Friday, March 27, 2026
Basis of Allotment Finalization	Monday, March 30, 2026
Initiation of Refunds	Wednesday, April 1, 2026
Credit of Shares to Demat Account	Wednesday, April 1, 2026
Tentative Listing Date	Thursday, April 2, 2026

Progress Snapshot (Conceptual)

IPO Open Period

Price Band and Investment Structure:

Investors should note the price band and minimum application sizes carefully:

Price Band: ₹114 to ₹120 per equity share.
Face Value: ₹10 per share.
Lot Size: Applications must be made in multiples of 1,200 shares.
Minimum Retail Investment: Based on the upper band (₹120), the minimum investment for a retail application (2 lots) is ₹2,88,000.

Capital Structure and Use of Funds

The total size of the issue is structured around an aggregate of ₹22 Crores, split between primary capital raise and sale by existing shareholders.

Component	Shares Offered (Approx.)	Value (₹ Cr.)
Fresh Issue	0.17 crore shares	₹19.84 Cr
Offer for Sale (OFS)	0.02 crore shares	₹1.83 Cr
Total Issue Size	18.06 Lakh Shares	Up to ₹22 Cr

Deployment of IPO Proceeds:

The primary purpose of the fresh issue is to fuel strategic growth and strengthen the balance sheet.

Objective	Estimated Allocation (₹ Cr.)
Setting up a new assembly line (Mumbai factory)	5.27
Funding Working Capital Requirements	6.71
Repayment of Existing Borrowings	1.89
General Corporate Purposes	(Remaining amount)

Shareholding and Valuation Indicators

Understanding the pre- and post-issue shareholding pattern reveals the dilution impact on existing shareholders and the resulting valuation metrics.

Ownership Structure Shift:

Metric	Pre-Issue Holding	Post-Issue Holding
Promoter Holding	99.90%	64.96%
Total Shares	35.10 Lakhs	51.63 Lakhs

The company’s pre-IPO market capitalization is estimated at ₹61.96 Cr.

Financial Health Snapshot (Restated Figures in ₹ Crore):

Reviewing the performance over the last few fiscal periods shows a clear trajectory of growth in key areas:

Financial Metric	Dec 31, 2025 (Interim)	Mar 31, 2025	Mar 31, 2024
Total Income	14.41	14.17	10.99
Profit After Tax (PAT)	3.41	2.52	2.39
Total Borrowing	8.20	4.93	1.38

Key Performance Ratios (KPIs):

Profitability metrics indicate strong recent performance:

Return on Equity (ROE) (Dec 2025): 40.97%
EBITDA Margin (Dec 2025): 39.26%
Debt/Equity (Dec 2025): 0.82

Analyzing the SME Offering Structure & Potential

For SME IPOs, the allocation structure is vital to gauge investor interest across different segments.

Reservation Breakdown:

Investor Category	Shares Offered (%)
Qualified Institutional Buyers (QIB)	47.24%
Non-Institutional Investors (NII)	14.35%
Retail Individual Investors (RII)	33.36%
Market Maker Reservation	5.05%

Key Stakeholders: Management and Intermediaries

The roles of the management, lead managers, and the registrar are crucial for smooth operations and post-listing compliance.

Promoters and Management:

The principal promoters of the company include Mr. Gaurav Manjul Kejriwal, Mr. Manjul Kumar Kejriwal, and Mrs. Shruti Gaurav Kejriwal.

IPO Intermediaries:

Role	Entity	Contact Detail Snippet
Book Running Lead Manager (BRLM)	Fintellectual Corporate Advisors Pvt.Ltd.	(Performance data available)
Registrar	Skyline Financial Services Pvt.Ltd.	+91 022-28511022
Market Maker	Rainbow Securities Pvt.Ltd.	(Focus on listing stability)

Company Contact Information:

Registered Office: Office 1C3, 1st Floor, Gundecha Onclave, Kherani Road, Saki Vihar, Andheri (East), Mumbai, Maharashtra, 400072

Phone: +91 022-28507123

Email: cs@highnessmicro.com

SWOT Analysis of Highness Microelectronics

To provide a balanced perspective, an internal assessment of the company’s position is beneficial:

Strengths (Internal Positive Factors):

Strong adherence to international quality standards (ISO certifications).
Deep capability in customizing complex display systems for niche industrial and medical applications.
Relatively high profitability ratios shown in recent financials (ROE, EBITDA Margin).

Weaknesses (Internal Negative Factors):

High promoter holding pre-IPO suggests concentrated ownership, though this is diluting substantially.
Dependence on securing capital expenditure funding via this IPO for factory expansion.

Opportunities (External Positive Factors):

Growing demand across sectors like Transportation, Surveillance, and Defence for high-quality, ruggedized digital displays.
Utilizing fresh capital for expansion could lead to increased scale and market penetration.

Threats (External Negative Factors):

Competition from larger, established players in the display technology space.
Supply chain volatility affecting sourcing of components required for assembly.

Conclusion: Key Takeaways for Aspiring Investors

The Highness Microelectronics SME IPO presents an opportunity to invest in a niche technology segment focusing on specialized digital imaging solutions. The company demonstrates solid financial performance metrics leading up to the IPO, with clear objectives for utilizing the raised funds towards capacity enhancement and working capital. Potential investors should assess their risk appetite against the SME segment characteristics, the current valuation relative to its peers, and the company’s growth strategy detailed in its offer documents before making final application decisions.

March 20, 2026

Speciality Medicines

Speciality Medicines IPO Analysis: All You Need to Know for Your Investment Decision

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Decoding the Speciality Medicines IPO: A Deep Dive for Aspiring Shareholders

The Indian capital market is buzzing with activity, particularly within the SME segment, as Speciality Medicines Limited gears up to launch its Initial Public Offering (IPO). For investors looking to participate in the growth story of niche pharmaceutical players, understanding the intricacies of this book-building issue is crucial. This comprehensive analysis breaks down everything you need to know about the Speciality Medicines IPO, from the company’s business model to its financial health and the critical dates you must track.

Understanding Speciality Medicines Limited: Core Business and Strengths

Established in 2021, Speciality Medicines Limited focuses on a vital segment of healthcare: the marketing and distribution of specialized pharmaceutical formulations. These include high-cost oral and injectable medications designed to address complex, chronic medical conditions.

Business Operations Overview

Contract Manufacturing: Producing finished formulations specifically for international distribution partners.
Marketing & Distribution: Handling the supply chain for sourced specialty pharmaceutical products both domestically and globally.

The company boasts a diverse product range spanning tablets, injections, creams, and specialized solutions. A significant competitive advantage lies in its expanding global footprint, with products registered or awaiting registration in markets like Jordan, Ethiopia, and Peru. The company maintains robust relationships across over 20 Indian states and more than 35 countries.

Key Competitive Edge Factors

Diversified Global Presence offering multiple revenue streams.
A broad and specialized Product Portfolio catering to complex diseases.
Established, Long-Standing Client Relationships ensuring consistent demand.
A Quality Assurance framework underpinning product standards.
Experienced Promoters and a capable Management Team steering growth.

Speciality Medicines IPO Essentials: Dates, Price, and Size

This is a Bookbuilding IPO listed on the BSE SME platform. It is structured entirely as a Fresh Issue, meaning the capital raised will go directly into the company’s coffers for expansion.

IPO Timeline at a Glance

Tracking the schedule is key for timely bidding. Here is the expected tentative timeline:

Milestone	Tentative Date
IPO Opens for Subscription	Friday, March 20, 2026
IPO Closes for Subscription	Tuesday, March 24, 2026
Allotment Finalization	Wednesday, March 25, 2026
Initiation of Refunds	Friday, March 27, 2026
Credit of Shares to Demat Account	Friday, March 27, 2026
Tentative Listing Date	Monday, March 30, 2026

To visualize the progress, imagine a timeline starting from March 20th. The period between March 20th and 24th is the active bidding window.

IPO Subscription Window

Pricing and Investment Structure

The issue price band is set between ₹117 and ₹124 per share.

Parameter	Details
Face Value	₹10 per share
Price Band	₹117 to ₹124
Total Issue Size (Approx.)	₹29.14 Crores (2.35 Crore Shares)
Listing Exchange	BSE SME

Lot Size and Application Amounts

Understanding the lot size dictates the minimum investment required.

Investor Category	Minimum Lots	Shares per Lot	Minimum Investment (at Upper Price Band)
Retail Individual Investor (Minimum)	2 Lots	2,000	₹2,48,000
S-HNI (Minimum)	3 Lots	3,000	₹3,72,000

Note: Investors can only apply in multiples of 1,000 shares thereafter.

Allocation Strategy: Who Gets What?

The allocation strategy prioritizes public participation, adhering to SME listing norms.

Investor Category	Reservation (of Net Issue)
Qualified Institutional Buyers (QIB)	Not more than 2%
Non-Institutional Investors (NII)	Not less than 49%
Retail Individual Investors (RII)	Not less than 49%

Financial Health Snapshot: A Look at Performance Indicators

To assess the company’s stability and growth trajectory, we examine the restated standalone financials (amounts in ₹ Crore).

Key Financial Metrics (Standalone)

Metric	Oct 31, 2025 (Est.)	Mar 31, 2025	Mar 31, 2024
Total Income	36.93	58.54	27.66
Profit After Tax (PAT)	6.06	8.61	2.93
EBITDA	6.51	9.09	5.26
Total Assets	45.57	39.98	22.68

Efficiency Ratios Analysis (KPIs)

Recent performance shows strong efficiency improvements leading up to the IPO filing:

KPI	Oct 31, 2025	Mar 31, 2025
Return on Equity (ROE)	18.11%	37.85%
Return on Capital Employed (ROCE)	16.68%	33.39%
PAT Margin	16.49%	14.77%
Debt/Equity Ratio	0.13	0.17

Valuation Insights and Shareholding Structure

The IPO aims to raise capital while determining the company’s public valuation. The Market Capitalization post-issue is estimated to be approximately ₹108.94 Crore.

Pre- and Post-IPO Valuation Metrics

Metric (₹)	Pre-IPO Basis	Post-IPO Basis
Earnings Per Share (EPS)	13.38	11.82
P/E Ratio (x)	9.27	10.49
Price to Book Value	2.62	2.19

Shareholding Pattern

The promoters currently hold a significant stake, which will dilute post-listing.

Promoter Holding (Pre-Issue): 59.67%

Utilization of IPO Proceeds: Where the Money Goes

The company clearly outlines its objectives for utilizing the net proceeds, focusing heavily on R&D and international expansion.

Planned Use of Funds (Estimated Allocation)

Purpose	Estimated Amount (₹ Cr.)
Setting up R&D Centre (Gujarat)	12.68
Product Registration & International Development	2.99
Marketing and Promotional Activities	1.66
Working Capital Requirements	8.00
General Corporate Purposes	(Balance)
Total Estimated Proceeds for Deployment	25.33

Key Intermediaries for the Offering

Reliable intermediaries ensure smooth execution of the IPO process.

Book Running Lead Manager (BRLM)

Lead Manager: Unistone Capital Pvt.Ltd. This firm will oversee the management and marketing of the issue.

Registrar to the Issue

Registrar: Skyline Financial Services Pvt.Ltd. This entity manages the allotment process and investor relations regarding share allocation.

Market Maker Appointment

Aikyam Capital Private Limited has been appointed as the Market Maker, responsible for providing liquidity to the shares post-listing on the BSE SME platform.

SWOT Analysis for Speciality Medicines IPO

A balanced view requires assessing the inherent strengths, weaknesses, opportunities, and threats associated with the company and its market position.

Category	Factors
Strengths	Focused presence in high-value specialty pharmaceuticals; Strong product registration pipeline internationally; Low current debt levels.
Weaknesses	Relatively recent incorporation (since 2021); Dependence on contract manufacturing and distribution partners; SME listing status may limit immediate institutional interest.
Opportunities	Significant planned investment in R&D for future growth; Increasing global demand for chronic disease medications; Expanding distribution network in emerging economies.
Threats	Regulatory hurdles in international markets; Competition from established large pharmaceutical firms; Volatility in currency exchange rates impacting international sales.

Corporate Contact Information

For official correspondence or investor grievances, the following details are provided:

Registered Address: 913, One World West, S. No. 396, FP 119, Village- Vejalpur, Ahmedabad, Gujarat, 380051, India.
Contact Phone: +91 22 4604 5344
Email for Grievances: investors.grievances@specialitymedicine.com

Frequently Asked Questions (IPO Application)

What is the minimum application size for the Speciality Medicines IPO?: The minimum application size for retail investors is 2 lots, totaling 2,000 shares, requiring an investment of ₹2,48,000 at the upper price band.
How can I apply for this SME IPO?: Applications can be submitted online using either the UPI mechanism or the ASBA facility available through your bank’s net banking portal.
When is the expected listing date?: The tentative listing date for the shares on the BSE SME exchange is Monday, March 30, 2026.
What is the main objective of the IPO fundraising?: The primary objective is the establishment of a Research and Development (R&D) Centre and funding product registration in international markets.

Conclusion: Key Takeaways for Investors

The Speciality Medicines IPO presents an opportunity to invest in a young, focused entity within the pharma distribution space, backed by clear expansion plans centered around R&D and international growth. The valuation appears competitive relative to its recent financial performance. Prospective investors should carefully weigh the high growth potential associated with the specialty pharma sector against the inherent risks associated with SME listings and the execution risk of rapid international expansion.

March 17, 2026

Tipco Engineering India

Publiclisting.in Insights: Unpacking the Tipco Engineering India IPO

Your essential guide to the upcoming SME IPO.

The Indian public market continues to buzz with activity, especially in the SME segment. A notable upcoming event is the Initial Public Offering (IPO) from **Tipco Engineering India Limited**. For prospective investors looking to gauge the potential of this offering, understanding the nuances of the company, its financials, and the IPO structure is crucial. Let’s dive deep into what Tipco Engineering brings to the table.

The Business at a Glance: What Tipco Engineering Does

Established in September 2021, Tipco Engineering is a dynamic player in the industrial machinery sector. The company specializes in manufacturing and supplying critical equipment to diverse industries, including coatings, chemicals, packaging, and construction.

Core Product Portfolio

Mill Series: Essential machinery for grinding and milling processes.
Disperser Series: Used for achieving uniform mixing of chemical components.
Homogenizer Series: Equipment designed to blend or break down particles for optimal texture.

Beyond manufacturing standard machinery, the company demonstrates capabilities in undertaking complete turnkey projects, setting up production lines for construction chemicals, adhesives, and ink manufacturing. Their operational strength lies in two dedicated manufacturing units in Sonipat, Haryana, supported by certifications like ISO 9001:2015 and ISO 45001:2018.

Key IPO Structure and Subscription Schedule

This is a Book Building IPO listed on the BSE SME platform, combining a Fresh Issue and an Offer for Sale (OFS).

IPO Timeline Summary

Event	Tentative Date
IPO Opens for Bidding	Monday, March 23, 2026
IPO Closes for Bidding	Wednesday, March 25, 2026
Finalization of Allotment	Friday, March 27, 2026
Initiation of Refunds	Monday, March 30, 2026
Credit of Shares to Demat	Monday, March 30, 2026
Tentative Listing Date (BSE SME)	Wednesday, April 1, 2026

Pricing and Investment Details

Price Band: ₹84 to ₹89 per equity share.
Face Value: ₹10 per share.
Lot Size (Minimum Application): 1,600 shares.
Minimum Retail Investment (2 Lots): ₹2,84,800 (based on the upper band price).
Total Issue Size: Approximately ₹61 Crores.

Allocation Structure

Investor Category	Shares Offered	Percentage (%)
Qualified Institutional Buyers (QIB)	28,76,800	42.29%
Non-Institutional Investors (NII/HNI)	8,73,600	12.84%
Retail Individual Investors (RII)	20,32,000	29.87%
Anchor Investors	17,20,000	25.28%
Total	68,03,200	100.00%

Financial Health Check: Performance Indicators

Analyzing historical restated financials gives us insight into the company’s growth trajectory leading up to the IPO filing.

Financial Snapshot (Amounts in ₹ Crore)

Metric	Dec 31, 2025 (Latest)	Mar 31, 2025	Mar 31, 2024
Total Income	86.25	133.37	101.36
Profit After Tax (PAT)	13.19	15.61	8.45
EBITDA	20.89	23.85	12.14
Total Borrowing	37.52	37.23	25.68

Key Valuation Metrics (Pre-IPO vs. Post-IPO)

KPI	Pre-IPO Valuation	Post-IPO Valuation
Return on Equity (ROE)	33.12%	68.26%
PAT Margin	15.35%	11.72%
P/E Ratio (x)	8.73	10.51
Debt/Equity Ratio	0.81	1.12

Capital Structure and Promoter Strength

The IPO involves both raising new capital and allowing existing shareholders to divest a portion of their holdings.

Ownership Dynamics

Promoter Holding (Pre-Issue): A substantial 87.19%.
Total Shares Offered to Public (Net): Approximately 57.82 Lakh shares.
Post-Issue Market Capitalization: Estimated at ₹184.83 Crore.

Utilization of Funds

The company intends to use the net proceeds primarily to strengthen its balance sheet and fund operations:

Repayment/Prepayment of Borrowings: ₹30.00 Crore.
Funding Working Capital Requirements: ₹8.16 Crore.
General Corporate Purposes.

Industry Context and Competitive Edge (SWOT Analysis)

To provide a balanced view, here is an assessment of the company’s position relative to the market:

Strengths

Diverse product range catering to multiple sectors (paint, chemicals, construction).
Evidence of repeat business from established clientele.
Strong existing order book valued at Rs 1,448.52 Lakhs (as of Sept 15, 2025).
Integrated manufacturing capabilities under one roof.

Weaknesses

Relatively recent incorporation (2021), suggesting a shorter operational track record compared to established peers.
Significant reliance on borrowings historically, though the IPO aims to reduce this.

Opportunities

Growth potential in infrastructure and specialized chemical manufacturing sectors in India.
Expanding market reach through turnkey project execution.

Threats

Volatility in raw material costs impacting margins.
Intense competition within the specialized industrial machinery segment.

Key Stakeholders for the IPO

Book Running Lead Manager (BRLM)

The issue is managed by Smart Horizon Capital Advisors Pvt.Ltd., who guide the IPO process.

Registrar and Market Maker

The responsibility for allotment processing and post-listing liquidity rests with key intermediaries:

Registrar: Maashitla Securities Pvt.Ltd.
Market Maker: Shreni Shares Ltd. (responsible for maintaining buy/sell quotes post-listing on the SME exchange).

Company Contact Information

For further detailed documentation, refer to the RHP.

Address: P.No. 1658, Phase I, Sector 38, Industrial Estate Rai Distt., Sonepat, Haryana, 131029.
Email: investors@tipcoengineering.com.

Conclusion: Evaluating the SME Opportunity

Tipco Engineering India IPO presents an investment opportunity within a niche industrial manufacturing space. The company showcases healthy profitability indicators recently, and the capital raised is earmarked for crucial debt reduction and working capital enhancement. As an SME listing, investors must remain aware of the inherent liquidity differences compared to mainboard stocks. Thorough due diligence, especially concerning the competitive landscape and future order book visibility, is recommended before committing capital to this offering.

March 16, 2026

Novus Loyalty

Novus Loyalty IPO Analysis: Dive Deep into the SME Listing on BSE

Publiclisting.in

Your Source for Public Market Insights

Unlocking the Potential: A Comprehensive Look at the Novus Loyalty IPO

The Initial Public Offering (IPO) market continues to present unique opportunities for investors looking to tap into emerging sectors. One such event drawing considerable attention is the upcoming SME IPO of Novus Loyalty Ltd. This technology-driven company, specializing in loyalty and rewards solutions, is hitting the public market with a significant offering. For investors tracking SME listings, understanding the nuances of this issue is crucial for making an informed decision.

Quick Snapshot: Novus Loyalty IPO is a Bookbuilding issue scheduled to open on March 17, 2026, and close on March 20, 2026, aiming to raise approximately ₹60 Crore and list on the BSE SME platform.

Understanding Novus Loyalty Ltd.

Founded in 2011, Novus Loyalty has established itself as a key player in the loyalty and rewards technology space. They serve a diverse clientele across sectors like Fintech, E-commerce, Banking, and FMCG.

Core Business Offerings:

Provides both ready-to-use and highly customizable loyalty program models.
Solutions include point-based rewards, cashback systems, digital vouchers, and event-triggered campaigns.
Offers flexible deployment options: On-premises (for data control) and SaaS (cloud-based subscription model).
Leverages AI-powered analytics for enhanced client insights.
Maintains a strong operational footprint in India and expanding internationally (UAE, USA, Australia).

Assessing Competitive Edge (SWOT Analysis):

Strengths	Weaknesses
Comprehensive Loyalty Solutions Portfolio.	Relatively small team size (approx. 50 personnel as of Jan 2026).
Experienced management and promoters.	Potential dependency on technological integration with client legacy systems.
International market presence (UAE, USA).	High concentration in specific Indian geographies.
Strong quality assurance and certifications.
Opportunities	Threats
Growing demand for digital engagement and loyalty programs post-pandemic.	Rapid technological changes requiring constant platform upgrades.
Expansion into new vertical markets.	Intense competition from established global and domestic loyalty solution providers.
Potential for inorganic growth via acquisitions.	Data security breaches posing significant reputational risks.

The Novus Loyalty IPO Financial Health Check

Examining the recent financial trajectory gives insight into the company’s operational efficiency and growth momentum leading up to the public listing.

Key Financial Highlights (Amounts in ₹ Crore)

Metric	Sep 30, 2025	Mar 31, 2025	Mar 31, 2024	Mar 31, 2023
Total Assets	21.83	14.81	12.36	13.38
Total Income	71.43	104.63	73.61	59.61
Profit After Tax (PAT)	5.80	3.58	2.96	0.55
Total Borrowing	0.82	3.53	–	–

Performance Indicators (KPIs) Snapshot

KPI	Period Ended Sep 30, 2025	Period Ended Mar 31, 2025
Return on Equity (ROE)	36.30%	31.74%
Return on Capital Employed (ROCE)	40.64%	40.40%
PAT Margin	8.13%	3.43%
EBITDA Margin	10.91%	5.44%

The substantial improvement in PAT Margin and EBITDA Margin between March 2025 and September 2025 indicates a healthy operational leverage and increasing profitability as the company scales.

IPO Structure and Key Dates Timeline

This SME offering involves both a Fresh Issue component and an Offer for Sale (OFS), meaning the company plans to use some proceeds for growth while existing shareholders monetize a portion of their holdings.

IPO Size Breakdown:

Total Issue Size: 41,20,000 Shares (Aggregating up to ₹60 Crore).
Fresh Issue: 0.33 Crore Shares (Approx. ₹48.18 Crore) – Capital infusion for the company.
Offer for Sale (OFS): 0.08 Crore Shares (Approx. ₹11.97 Crore).

Investment Timeline: From Bidding to Listing

Below is the expected timeline for key IPO events:

Event	Tentative Date
IPO Subscription Opens	Tuesday, March 17, 2026
IPO Subscription Closes	Friday, March 20, 2026
Basis of Allotment Finalization	Monday, March 23, 2026
Share Credit to Demat Accounts	Tuesday, March 24, 2026
Tentative Listing Date on BSE SME	Wednesday, March 25, 2026

Subscription Progress Visualization (Hypothetical Example):

Subscription Status: 65%

(Note: This progress bar reflects a hypothetical subscription level for illustrative purposes.)

Price Band and Lot Size Details

Investors must adhere to the fixed price band and minimum lot size for participation:

Price Band: ₹139 to ₹146 per equity share.
Face Value: ₹10 per share.
Minimum Lot Size: 1,000 shares.
Minimum Investment (Retail): ₹2,92,000 (Calculated at the upper price band for 2 lots).

IPO Allocation Structure

The distribution of shares is segmented across various investor categories:

Investor Category	Shares Offered	Percentage (%)
Qualified Institutional Buyers (QIB)	19,40,000	47.09%
Non-Institutional Investors (NII)	5,85,000	14.20%
Retail Individual Investors (RII)	13,65,000	33.13%
Anchor Investors	11,30,000	27.43%
Market Maker Reserved	2,30,000	5.58%

Corporate Structure and Stakeholders

Identifying the key entities involved provides context on management quality and post-listing support.

Promoters and Shareholding

The company is primarily promoted by Deepak Tomar and Sweta Singh. Post-issue, the promoter holding is a significant factor for stability.

Pre-Issue Promoter Holding: 95.62%
Post-Issue Equity Capital: Expected Market Capitalization of ₹227.03 Crore.

Issue Objectives: Where the Funds are Headed

The utilization of the net proceeds demonstrates the company’s focus areas for future expansion:

Product Development: ₹13.00 Crore allocated for upgrading, enhancing, and developing new products.
Growth & Marketing: ₹9.62 Crore earmarked for Business Development, Marketing Activities, and necessary manpower hiring.
General Corporate Purposes: Remaining funds allocated for general corporate requirements and potential unidentified inorganic acquisitions.

Intermediaries in the IPO Process

Role	Entity
Book Running Lead Manager (BRLM)	Smart Horizon Capital Advisors Pvt.Ltd.
Registrar (RTA)	Kfin Technologies Ltd.
Market Maker	Shreni Shares Ltd.

The Registrar, Kfin Technologies Ltd., can be contacted for allotment status inquiries via phone or email, and their dedicated portal should be checked post finalization.

Frequently Asked Questions about Novus Loyalty IPO

Q1: What is the Novus Loyalty IPO about?

A: It is an SME IPO involving the issuance of 41,20,000 equity shares, with a price band of ₹139 to ₹146, seeking listing on the BSE SME platform.

Q2: How can investors apply using UPI via popular platforms?

A: Investors using brokers that support UPI (like Zerodha or Upstox) can log into their respective back-office platforms (Console/User Portal), select the Novus Loyalty IPO, enter their UPI ID, bid quantity, and price, and then approve the mandate via their UPI application.

Q3: When is the allotment finalized and listing expected?

A: Allotment finalization is tentatively scheduled for March 23, 2026, with tentative listing slated for March 25, 2026, on the BSE SME segment.

Q4: What is the minimum investment required for a retail investor?

A: Based on the minimum lot size of 1,000 shares and the upper price band of ₹146, the minimum investment required is approximately ₹1,46,000 (Note: Data suggests minimum lot size might be interpreted differently for calculations across sources; adhere strictly to official RHP lot size application rules).

Final Thoughts on Participation

Novus Loyalty presents itself as a growing technology entity leveraging the increasing enterprise need for sophisticated customer retention tools. The strong profitability metrics recently demonstrated (especially PAT Margin expansion) are attractive features within the SME space. However, participation in SME IPOs inherently carries higher risk compared to Mainboard listings, due to lower trading liquidity and smaller operational scale.

Thorough due diligence on the offer documents, coupled with an assessment of the company’s execution capability regarding its stated objectives, is highly recommended before committing capital to this book-building issue.

Disclaimer: This analysis is based on the publicly available information provided and general market research. Investment decisions should be made only after consulting with a qualified financial advisor and reviewing the official Red Herring Prospectus (RHP) of Novus Loyalty Ltd.

March 11, 2026