Category: SME IPO

Mobilise App Lab

Publiclisting.in Insight: Mobilise App Lab IPO – A Deep Dive into the Tech SME Offering

Your Comprehensive Guide to the Upcoming SME IPO

The Indian capital markets are consistently offering fresh avenues for investors, and the SME segment, in particular, has been a vibrant space for growth-oriented technology companies. Mobilise App Lab Ltd. is stepping into the public arena with its Initial Public Offering (IPO) on the NSE SME platform. For those looking to understand the core proposition, financial health, and valuation of this technology enterprise before subscribing, this detailed analysis provides the necessary insights.

Unpacking the Mobilise App Lab IPO Details

Mobilise App Lab Ltd., an established technology-driven firm, is launching a book-building issue aimed at raising capital for expansion and product development. Here is a snapshot of the crucial dates and pricing structure for the upcoming offering.

Key IPO Timeline and Price Band

Event	Tentative Date	Details
IPO Subscription Opens	Monday, February 23, 2026	Start of Bidding Window
IPO Subscription Closes	Wednesday, February 25, 2026	End of Bidding Window
Allotment Finalization	Thursday, February 26, 2026	Basis of Allotment Determined
Share Credit & Refund Initiation	Friday, February 27, 2026	Shares moved to Demat/Refunds processed
Tentative Listing Date	Monday, March 2, 2026	Listing on NSE SME

The IPO is a fresh issue aiming to raise approximately ₹20.10 Crores through the issuance of 0.25 crore equity shares. The company plans to list on the NSE SME exchange.

Investment Parameters

Parameter	Value
Face Value	₹10 per share
Price Band	₹75 to ₹80 per share
Minimum Lot Size (Retail)	1,600 Shares (2 Lots)
Minimum Retail Investment	₹2,56,000 (at upper price band)
Pre-IPO Market Capitalization	₹76.10 Crore
Total Issue Size (Fresh Issue)	₹20.10 Crore (0.25 Crore Shares)

Understanding Allocation and Investor Categories

The IPO structure dictates how the total 25,12,000 shares are distributed among various investor groups. Notably, a significant portion is reserved for Qualified Institutional Buyers (QIBs) and Retail Individual Investors (RIIs).

Share Reservation Breakdown

Investor Category	Shares Offered	Percentage (%)
Qualified Institutional Buyers (QIB)	11,90,400	47.39%
Anchor Investors (Part of QIB)	7,13,600	28.41%
Non-Institutional Investors (NII/HNI)	3,60,000	14.33%
Retail Individual Investors (RII)	8,35,200	33.25%
Market Maker Reservation	1,26,400	5.03%
Total Shares Offered	25,12,000	100.00%

Lot Size Details for Bidding

Investor Type	Minimum Lots	Shares	Investment Amount (Max Price)
Retail Investor (Minimum)	2	3,200	₹2,56,000
Small HNI (Minimum)	3	4,800	₹3,84,000
Big HNI (Minimum)	8	12,800	₹10,24,000

Understanding Mobilise App Lab Ltd.

Established in 2012, Mobilise App Lab Limited operates as a technology solutions provider focused on digital transformation. They deliver scalable and secure IT products designed to optimize various enterprise functions.

Core Business Offerings

Integrated facility & assets management systems.
Human Resource Management Systems (HRMS).
Supply Chain Management (SCMPro).
Enterprise Resource Planning (ERP) for educational institutions (EduPro).
AI studio and Internet of Things (IoT) applications.

Competitive Edge of the Company

Capability to deliver tailored, customized technology solutions based on client needs.
A committed team of experienced promoters and senior management.
Focus on quality assurance, evidenced by certifications.
Strong track record of maintaining long-term client relationships.

Financial Health Snapshot (Restated Figures in ₹ Crore)

Examining the company’s recent financial performance is crucial for assessing investment potential. The data shows consistent growth across key metrics.

Financial Metric	Dec 31, 2025	Mar 31, 2025	Mar 31, 2024	Mar 31, 2023
Total Income	13.53	16.24	12.13	7.12
Profit After Tax (PAT)	4.01	4.71	3.10	1.76
Total Assets	15.84	11.92	6.50	3.39
Net Worth	12.06	8.26	3.58	2.07
Total Borrowing	0.19	0.11	0.35	0.06

*All amounts in ₹ Crore.

Profitability and Efficiency Indicators (KPIs)

KPI	Dec 31, 2025	Mar 31, 2025
Return on Capital Employed (ROCE)	45.65%	75.40%
Debt/Equity Ratio	0.02	0.01
PAT Margin	30.32%	29.20%
EBITDA Margin	48.34%	42.90%

Valuation Metrics and Shareholding Structure

The IPO aims to attract funds for strategic growth. Understanding the pre- and post-issue promoter holding and the resulting earnings valuation provides context for the pricing.

Metric	Pre-IPO	Post-IPO
Promoter Holding (%)	96.00%	70.65%
Earnings Per Share (EPS) (Rs)	6.73	5.63
P/E Ratio (x)	11.88	14.22

The post-IPO Price-to-Earnings (P/E) multiple, calculated based on annualized earnings up to December 31, 2025, stands at 14.22x. This valuation should be compared against peers in the specialized enterprise software segment to gauge attractiveness.

Objective of the Capital Raise

The net proceeds are earmarked for strategic investments aimed at scaling the company’s technological capabilities and market reach:

Purpose	Estimated Amount (₹ Cr.)
Talent Hiring for Product Development	5.54
Business Development & Marketing Expansion	3.03
Infrastructure Development	5.47
General Corporate Purposes	—
Total Utilisation	14.05

Key Intermediaries for the Issue

Smooth execution of the IPO relies on the expertise of the managing professionals:

Book Running Lead Manager (BRLM): Corporate Capitalventures Pvt.Ltd. is managing the process.
Registrar: Bigshare Services Pvt.Ltd. will handle investor services, allotment, and refunds.
Market Maker: SS Corporate Securities Ltd. is designated as the Market Maker for this SME listing to ensure liquidity post-listing.

A Strategic Look: SWOT Analysis

To gain a balanced perspective, a quick review of the company’s strengths, weaknesses, opportunities, and threats is beneficial:

Strengths (S)

High profitability demonstrated by strong ROCE and PAT Margins.
Low leverage; the company maintains a very low Debt/Equity ratio.
Established portfolio of specialized enterprise products.

Weaknesses (W)

High dependency on promoter stake (though diluting via IPO).
Being an SME listing, liquidity might be lower initially.

Opportunities (O)

Significant capital infusion planned for product enhancement and market expansion.
Growing demand for customized digital transformation and ERP solutions across various sectors.

Threats (T)

Intense competition within the IT services and enterprise solutions space.
Risk associated with reliance on a small pool of key personnel for product development.

Contact Information & Further Reference

Company Details

Registered Address: 62-B, HSIDC, Sector-31, Faridabad, Haryana, 121002
Email: cs@mobilise.co.in
Phone: +91- 9289965136

Registrar Details (For Allotment Status)

Registrar: Bigshare Services Pvt.Ltd.
Website: Visit the registrar’s website for allotment status checks post-finalization.

Conclusion for Potential Investors

The Mobilise App Lab IPO presents an opportunity to invest in a profitable, specialized IT firm operating within the high-growth SME sector. The company demonstrates strong internal efficiency, evidenced by high margins and minimal debt, and the IPO proceeds are directed towards expanding its core technological offerings. While the valuation at the upper band needs careful consideration against comparable listed peers, the strong financial performance metrics suggest a company poised for further scaling. As with all SME listings, investors should proceed with due diligence, keeping the higher risk appetite associated with smaller-cap companies in mind.

February 18, 2026

Manilam Industries India

Manilam Industries India IPO: In-Depth Analysis for PublicListing.in

Publiclisting.in

Unpacking the Manilam Industries India SME IPO: Everything Retail Investors Need to Know

The Indian capital market is buzzing with activity, and the SME platform continues to be a fertile ground for growth-oriented companies. Manilam Industries India Limited is hitting the market with its Initial Public Offering (IPO), aiming to raise capital for expansion and operational needs. For potential investors, understanding the nuances of this offering is crucial. This comprehensive breakdown analyzes the company, the IPO structure, financials, and key investment considerations.

Company Profile: Decorating India’s Interiors

Manilam Industries India Limited, established in 2015, specializes in the manufacturing and sale of **Decorative Laminates and Plywood**. Their product portfolio caters to both residential and commercial spaces, featuring curated collections like the Artistica, Vogue, and Magnificent series, alongside specialized items like wall cladding.

Core Business: Manufacturing and selling Decorative Laminates and trading various grades of Plywood (B2B model).
Market Reach: Serves industrial and commercial sectors primarily through a direct-to-distributor model from their plant in Bareilly, Uttar Pradesh.
Customer Engagement: Operates integrated Experience Centres in key cities like Bangalore, Delhi, and Chennai for product display and order fulfillment.
Workforce: Employed 152 individuals (including contract staff) as of early 2026.

Manilam Industries IPO: The Offer Structure

This is a Book Building IPO on the NSE SME platform, seeking to raise approximately ₹39.95 Crores through a combination of fresh equity issuance and an Offer for Sale (OFS).

Key IPO Snapshot

Issue Type	Bookbuilding IPO
Total Issue Size (Approx.)	₹40.00 Crores
Fresh Issue Amount	₹32.42 Crores (0.47 crore shares)
Offer for Sale (OFS) Amount	₹7.53 Crores (0.11 crore shares)
Listing Platform	NSE SME
Market Maker	Nikunj Stock Brokers Ltd.

Pricing and Investment Details

Face Value	₹10 per share
Price Band	₹65 to ₹69 per share
Lot Size (Minimum Application)	2,000 Shares
Minimum Retail Investment	₹2,76,000 (based on upper price band for 2 lots)
Pre-IPO Market Capitalization	₹150.75 Crores

IPO Timeline: Mark Your Dates

For retail investors, adhering strictly to the bidding window is paramount. Here is the tentative schedule for the Manilam Industries IPO:

Activity	Tentative Date
IPO Opens for Subscription	Friday, February 20, 2026
IPO Closes for Subscription	Tuesday, February 24, 2026
Basis of Allotment Finalization	Wednesday, February 25, 2026
Initiation of Refunds / Credit to Demat	Thursday, February 26, 2026
Tentative Listing Date on NSE SME	Friday, February 27, 2026

Share Allocation Blueprint

The total issue size of 57,90,000 shares is distributed across various investor categories. Note the significant reservation for Anchor Investors and Retail Individual Investors (RIIs).

Investor Category	Shares Offered	Percentage (%)
Qualified Institutional Buyers (QIB) – Total	27,42,000	47.36%
– Anchor Investors	16,38,000	28.29%
– QIB (Excluding Anchor)	11,04,000	19.07%
Non-Institutional Investors (NII)	8,28,000	14.30%
Retail Individual Investors (RII)	19,28,000	33.30%
Market Maker Reservation	2,92,000	5.04%
Total Shares Offered	57,90,000	100.00%

Financial Health Check: Performance Indicators (Restated Consolidated)

Analyzing historical financials gives insight into the company’s operational stability and growth trajectory. Figures are in ₹ Crore.

Metric	Sept 30, 2025	Mar 31, 2025	Mar 31, 2024	Mar 31, 2023
Total Assets	159.99	158.98	149.56	133.55
Total Income	60.53	142.16	138.04	148.82
Profit After Tax (PAT)	3.16	7.38	3.10	1.53
EBITDA	8.67	17.75	14.18	9.12
Total Borrowing	58.05	62.44	73.49	60.75

Valuation and Profitability Metrics

KPI	As of Sept 30, 2025	As of Mar 31, 2025
Return on Equity (ROE)	8.35%	24.80%
Return on Capital Employed (ROCE)	13.50%	36.68%
PAT Margin	5.33%	5.33%
Price to Book Value (P/BV)	2.75	0.47
Earnings Per Share (EPS) (Post-IPO Basis)	₹2.89

The valuation metrics, particularly the post-issue P/E ratio of approximately 23.85x (based on annualized recent earnings), suggest the stock is priced ambitiously given the competitive nature of the laminates market. Furthermore, observed inconsistency in top-line performance across historical periods requires cautious evaluation.

Objective of the Fund Raising

The funds raised through the fresh issue are earmarked for specific strategic purposes designed to strengthen the company’s operational base and financial structure.

Purpose of Utilization	Estimated Amount (₹ Cr.)
General Corporate Purposes	16.65
Working Capital Requirements	3.50
Repayment/Prepayment of Loans	2.20
Capital Expenditure (Machinery & Solar Panels)	1.25

Promoter Structure and Ownership

The control and stake holding structure is an important governance indicator.

Promoters: Manilam Retail India Private Limited, Mr. Umesh Kumar Nemani, Mr. Manoj Kumar Agrawal, and Mr. Aman Kumar Nemani.
Pre-Issue Promoter Holding: 78.79%
Post-Issue Promoter Holding: 61.85% (Reflecting the dilution due to the fresh issue).

SWOT Analysis: Weighing the Manilam Industries IPO

A balanced view of the company’s internal capabilities and external environment helps investors make informed decisions.

Strengths (Internal Positives)	Weaknesses (Internal Negatives)
Diverse and established product range in decorative laminates. Integrated service and experience centers aiding customer interaction. B2B focus provides relatively stable, bulk orders.	Inconsistent historical financial performance, especially top-line fluctuation. High dependency on distributors for sales flow.
Opportunities (External Potential)	Threats (External Risks)
Growing real estate and construction sectors boosting demand for interiors. Funds aimed at CAPEX could enhance manufacturing efficiency.	Operates in a highly competitive and fragmented market segment. Potential pressure on margins due to raw material price volatility.

Crucial Intermediaries for the Issue

Understanding the roles of the Book Running Lead Manager (BRLM) and Registrar is essential for tracking the IPO process.

Book Running Lead Manager (BRLM): NEXGEN Financial Solutions Pvt. Ltd.
Registrar and Share Transfer Agent: MAS Services Ltd. (Contact: +91-11-26104142, ipo@masserv.com)

Applying for the IPO: Methods and Logistics

Investors must apply using either the UPI mandate system or the ASBA facility available via net banking. For those utilizing brokerage platforms, the UPI route is standard for SME applications.

How to Apply via a Brokerage Account (General Steps):

Log in to your preferred brokerage platform (e.g., Zerodha Console, Upstox, etc.).
Navigate to the IPO application section.
Select the Manilam Industries IPO and enter the required bid quantity (minimum 2 lots).
Confirm the price (bidding at the upper band or cut-off price if applicable).
Authorize the UPI mandate request received on your payment application.

Note on Lot Sizing: Given the minimum lot size of 2,000 shares, retail investors must apply for at least 2 lots (4,000 shares) to qualify for RII allocation.

Summary and Investor Takeaway

The Manilam Industries India IPO presents an opportunity to invest in a participant of India’s growing interior décor materials sector. While the fresh capital infusion signals growth intent, particularly towards capital expenditure and working needs, potential investors must weigh this against the observed financial inconsistencies and the high competitive intensity of the industry. The valuation appears fully priced based on recent earnings. Investors should proceed with thorough due diligence, focusing on the sustainability of improved margins and the company’s ability to capture market share effectively post-listing.

February 17, 2026

Yashhtej Industries (India)

Yashhtej Industries (India) IPO Analysis: A Deep Dive for Investors on Publiclisting.in

Publiclisting.in Analysis: Yashhtej Industries (India) SME IPO

The Indian capital market continues to buzz with activity, especially in the SME sector, providing significant opportunities for retail and institutional investors. One such upcoming event capturing attention is the Initial Public Offering (IPO) from Yashhtej Industries (India) Limited. This fixed-price issue on the BSE SME platform merits a thorough examination before committing capital. At Publiclisting.in, we dissect the crucial details, from financial health to utilization plans, to offer a comprehensive overview.

IPO Overview: Key Subscription Timeline and Price Details

Yashhtej Industries (India) is launching an IPO structured as a Fixed Price Issue, aiming to raise ₹88.88 crores. This offering is entirely a Fresh Issue of 0.81 crore equity shares.

IPO Timetable at a Glance (Tentative Dates)

Understanding the exact dates for bidding, allotment, and listing is vital for timely application.

Event	Tentative Date
IPO Opening Date	Wednesday, February 18, 2026
IPO Closing Date	Friday, February 20, 2026
Allotment Finalization	Monday, February 23, 2026
Initiation of Refunds / Credit of Shares to Demat	Tuesday, February 24, 2026
Listing Date (BSE SME)	Wednesday, February 25, 2026

Visualization of Subscription Progress: While the actual subscription status is pending until the opening date, here is the structure reflecting the IPO period:

Bidding Open (Feb 18)

Bidding Closed (Feb 20)

Pricing and Investment Details

Parameter	Value
Face Value	₹10 per share
Issue Price	₹110 per share
Minimum Lot Size (Retail)	1,200 Shares
Minimum Investment (Retail)	₹2,64,000 (Based on 2 lots)
HNI Minimum Investment	₹3,96,000 (3 lots)

Understanding the Business: Operations and Strengths

Established in 2018, Yashhtej Industries (India) Limited operates primarily in the agricultural processing sector. It focuses on a B2B model, supplying essential commodities to refining entities.

Core Business Segments and Products

Manufacturing/processing of Soybean Crude Oil from raw soybeans using the solvent extraction process.
Producing Soybean De-Oiled Cake (DOC), a high-protein byproduct used widely in animal feed.
Recent diversification into the solar power generation and supply segment.

Competitive Advantages Identified

To gauge its market position, key strengths cited by the company include:

Adoption of automated manufacturing processes for efficiency.
Maintaining an in-house laboratory dedicated to stringent quality checks.
Offering customization options for DOC products to meet diverse client specifications.
Benefiting from governmental incentive support structures.
Strategic forward integration into the Edible Soybean Oil segment.

Financial Health Snapshot (Restated Figures in ₹ Crore)

Reviewing historical financials provides context on the company’s trajectory leading up to the public listing.

Metric	Mar 31, 2023	Mar 31, 2024	Sep 30, 2025 (Interim)
Total Income	12.00	59.25	191.22
Profit After Tax (PAT)	-0.58	1.13	7.25
EBITDA	-0.58	2.59	12.44
Total Borrowing	16.62	33.91	37.47

Operational Efficiency Metrics (KPIs)

KPI	Mar 31, 2024	Sep 30, 2025
ROE	–	31.19%
ROCE	–	17.98%
PAT Margin	–	3.79%
Debt/Equity Ratio	–	1.39

Post-IPO Valuation and Shareholding Structure

The IPO structure details how the existing ownership will be diluted and how the market capitalization is being established.

Pre and Post-Issue Valuation Comparison

Valuation Metric	Pre-IPO Basis	Post-IPO Basis
EPS (Rs)	7.71	6.28
P/E Multiple (x)	14.26	17.51
Market Capitalization (Estimated)	₹253.88 Cr	(Calculated based on Post-Issue structure)

Promoter Stake and Issue Allocation

The promoters, including Mr. Baswaraj Madhavrao Barge, Mr. Suraj Shivraj Barge, and Mr. Shivling Madhavrao Barge, are central to the company’s governance.

Promoter Holding Pre-Issue: 100.00%
Promoter Holding Post-Issue: 65% (Indicating a significant dilution)

IPO Reservation Breakdown

The allocation strategy shows a significant portion reserved for retail and NII categories:

Investor Category	Shares Offered	Percentage (%)
Market Maker	4,04,400	5.01%
NII (HNI)	38,37,600	47.50%
Retail Individual Investors (RII)	38,37,600	47.50%
Total Shares Offered	80,79,600	100.00%

Deployment of Funds and Intermediaries

The purpose behind raising capital is crucial for understanding the company’s future growth trajectory.

Primary Objectives for Net Proceeds

The funds raised are intended to fuel specific expansion and operational needs:

Capital Expenditures: Estimated at ₹63.88 Cr (the largest component).
Working Capital Requirements: Estimated at ₹6.11 Cr.
General Corporate Expenses.

Key IPO Facilitators

Book Running Lead Manager (BRLM): ERUDORE CAPITAL PRIVATE LIMITED
Registrar & Share Transfer Agent: MAS Services Ltd. (Contact: +91 2610 4142, ipo@masserv.com)
Market Maker: Prabhat Financial Services Ltd.

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

A balanced view requires assessing both internal capabilities and external market dynamics.

Strengths

Established B2B presence in oil extraction and DOC supply.
Vertical integration capabilities, including solar power generation.
Quality control mechanisms supported by in-house laboratory facilities.

Weaknesses

High dependency on a single core commodity (soybeans).
Significant borrowing noted in recent financial periods (Total Borrowing as of Sep 2025: ₹37.47 Cr).
Low PAT margins in comparison to potential listing valuation demands.

Opportunities

Expansion into the growing edible oil market segment (forward integration).
Potential scalability in the renewable energy (solar) sector.
Strong historical financial growth in Total Income from FY23 to FY25 (interim).

Threats

Volatility in soybean commodity prices impacting raw material costs.
Competition in the processed oil and DOC segments from established large players.
Regulatory risks associated with government incentives or agricultural policies.

Company Contact Information

For direct communication or further clarification on corporate matters:

Registered Address: Plot No. D-73/1, Additional MIDC, Latur, Maharashtra, 413512

Contact: +91 9175881666 | Email: info@yashhtej.com

Final Considerations for Prospective Investors

The Yashhtej Industries (India) SME IPO presents an opportunity rooted in the agro-processing sector, aiming for expansion through significant capital expenditure. Given its fixed-price structure and listing on the BSE SME platform, investors should weigh the attractive entry price relative to its recent financial performance and the inherent risks associated with commodity-dependent businesses. A careful assessment of the P/E ratio against industry peers, leveraging available IPO reports and reviews, is advisable before placing bids during the subscription window from February 18 to February 20, 2026.

February 15, 2026

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