Category: SME IPO

Shivashrit Foods Limited

Shivashrit Foods IPO: Unpacking the Opportunity in India’s Snack Market

Shivashrit Foods IPO: A Deep Dive into the Potato Flakes Opportunity

The Indian stock market is buzzing with the upcoming Initial Public Offering (IPO) of Shivashrit Foods Limited. As a prominent player in the specialized potato flakes segment, this SME IPO presents an intriguing opportunity for investors looking to tap into the dynamic food processing sector. Let’s delve into the details of this offering, understand the company’s strengths, and evaluate its potential for growth.

Unpacking the Opportunity: Shivashrit Foods at a Glance

Established in August 2017, Shivashrit Foods Limited has rapidly carved a niche for itself as a manufacturer, supplier, and exporter of high-quality potato flakes. Their state-of-the-art potato processing facility in Aligarh, Uttar Pradesh, is at the heart of their operations, producing premium flakes essential for various food products.

The company’s products, marketed under the brands “Shivashrit,” “Shreeaahar,” and “Flaker’s,” cater to a wide array of global and domestic food manufacturers, serving as key ingredients in ready-to-eat meals, snacks, and processed foods. Their commitment to consistent quality and extended shelf life is a hallmark of their offerings.

Shivashrit Foods boasts an impressive reach, with sales across several Indian states including Madhya Pradesh, Uttarakhand, Maharashtra, Punjab, Gujarat, Haryana, Delhi, Rajasthan, Uttar Pradesh, West Bengal, and Bihar. Beyond domestic borders, they have a growing international presence, exporting to countries like Argentina, Brazil, Chile, Dubai, Indonesia, Israel, Kuwait, Lebanon, Malaysia, Mexico, Turkey, Uruguay, USA, Kosovo, and Bangladesh.

Operational Excellence and Competitive Edge:

Experienced Leadership: The company benefits from a seasoned team of promoters and management, guiding its strategic direction and operational efficiency.
Robust Supply Chain: An efficient supply chain network supports strong, long-standing relationships with customers.
Advanced Manufacturing: Their Aligarh facility is equipped with modern machinery and technology, ensuring high standards of quality and efficiency in potato flake production.
Strategic Location Benefits: The prime location for potato procurement and storage in Aligarh provides advantages from government policies, incentives, and subsidies for food processing units.
Certified Quality: The manufacturing unit holds prestigious certifications including FSSAI, ISO 22000:2018, HALAL, BRCGS from Intertek (UKAS certified), and USFDA, underscoring their commitment to international quality standards.

Key Details of the Initial Public Offering

The Shivashrit Foods IPO is structured as a book-built issue, combining a fresh issuance of shares and an offer for sale by existing shareholders. Here’s a quick overview of the essential details:

Detail	Information
IPO Open Date	August 22, 2025
IPO Close Date	August 26, 2025
Face Value	₹10 per share
Price Band	₹135 to ₹142 per share
Application Lot Size	1,000 Shares
Issue Type	Book Building IPO
Listing Exchange	NSE SME
Total Issue Size	49,32,000 shares (aggregating up to ₹70.03 Cr)
Fresh Issue Component	40,68,000 shares (aggregating up to ₹57.77 Cr)
Offer for Sale Component	6,16,000 shares (aggregating up to ₹8.75 Cr)
Reserved for Market Maker	2,48,000 shares (aggregating up to ₹3.52 Cr)

The Journey Ahead: IPO Timeline Visualized

For prospective investors, understanding the IPO timeline is crucial for planning your application and tracking its progress. Here’s the tentative schedule for Shivashrit Foods IPO:

IPO Open

Aug 22, 2025

IPO Close

Aug 26, 2025

Allotment

Aug 28, 2025

Demat Credit

Aug 29, 2025

Listing Date

Sep 1, 2025

Investment Tiers: Understanding Lot Sizes

The Shivashrit Foods IPO is an SME IPO, which means the lot sizes are different from mainboard IPOs. Here’s a breakdown of the minimum and maximum investment requirements for various investor categories:

Investor Category	Lots (Min)	Shares (Min)	Amount (Min)
Individual Investors (Retail)	2	2,000	₹2,84,000
S-HNI (Small High Net-worth Individual)	3	3,000	₹4,26,000
B-HNI (Big High Net-worth Individual)	8	8,000	₹11,36,000

Note: The maximum investment for Retail Individual Investors is also 2 lots (2,000 shares) amounting to ₹2,84,000, aligning with SME IPO regulations for the retail segment.

Company Financials: A Snapshot of Performance

Examining the financial performance of Shivashrit Foods Limited provides critical insights into its health and growth trajectory. The company has shown a significant revenue and profit growth in recent fiscal years:

Period Ended (March 31)	2025	2024	2023
Assets (₹ Crore)	108.78	83.07	48.48
Total Income (₹ Crore)	105.85	77.55	45.61
Profit After Tax (PAT) (₹ Crore)	12.06	11.61	1.52
EBITDA (₹ Crore)	23.10	19.87	4.95
Net Worth (₹ Crore)	34.60	22.54	10.93
Reserves and Surplus (₹ Crore)	20.64	17.89	6.28
Total Borrowing (₹ Crore)	47.96	36.97	22.67

Between FY2024 and FY2025, the company’s revenue increased by approximately 36.5%, building on an even more substantial growth of nearly 70% from FY2023 to FY2024. Profit After Tax (PAT) also saw a commendable rise of about 3.9% from FY2024 to FY2025, following an exceptional leap of over 660% from FY2023 to FY2024. This consistent growth in top-line and bottom-line figures reflects the company’s expanding market presence and operational efficiency.

Evaluating Performance: Key Financial Metrics

A deeper look into Shivashrit Foods’ Key Performance Indicators (KPIs) provides further context for its financial standing and valuation. The market capitalization of Shivashrit Foods IPO is ₹259.42 Crore.

KPI (as of March 31, 2025)	Value
Return on Equity (ROE)	42%
Return on Capital Employed (ROCE)	42.73%
Debt/Equity Ratio	1.39
Return on Net Worth (RoNW)	34.85%
Profit After Tax (PAT) Margin	11.51%
EBITDA Margin	22.06%
Price to Book Value	1.91

These metrics indicate a company with strong profitability and efficient use of capital, as suggested by the high ROE and ROCE. While the Debt/Equity ratio is above 1, it’s important to consider industry norms and the company’s specific growth plans.

Valuation Metric	Pre-IPO	Post-IPO
Earnings Per Share (EPS) (Rs)	8.64	6.60
Price/Earnings (P/E) (x)	16.44	21.52

The post-IPO P/E ratio suggests a valuation that factors in future growth potential. Investors should compare these figures with industry peers to gauge relative attractiveness.

Driving the Vision: The Promoter Group

The success of any company is often attributed to its leadership. Shivashrit Foods Limited is promoted by a dedicated team:

Mr. Prashant Singhal
Mr. Nishant Singhal
Mrs. Sunita Singhal
Mr. Ramesh Chand Singhal

Their collective experience and strategic insights are expected to continue guiding the company’s growth trajectory.

Promoter Shareholding:

Holding Stage	Share Percentage
Pre-Issue Shareholding	100.00%
Post-Issue Shareholding	Note: This value will be calculated post-IPO based on equity dilution from the fresh issue.

The significant pre-issue promoter holding indicates strong confidence in the company’s future. The post-issue holding will reflect the dilution from the fresh issue of shares.

Purpose of the Issue: What’s the Capital For?

The funds raised through this IPO are earmarked for strategic initiatives that will fuel Shivashrit Foods’ expansion and operational needs. The company proposes to utilize the net proceeds towards the following key objectives:

Capital Expenditure for Expansion: A significant portion of the funds (₹26.3 Crore) will be invested in an “Expansion Project” to enhance manufacturing capabilities and capacity.
Working Capital Requirement: Funds amounting to ₹19.0 Crore are allocated to meet the working capital needs associated with the expansion project, ensuring smooth day-to-day operations.
General Corporate Purpose: The remaining funds will be utilized for general corporate purposes, providing flexibility for strategic investments, operational contingencies, and other business needs.

These objectives highlight the company’s focus on scaling its operations and strengthening its market position.

Strategic Outlook: A SWOT Analysis

Understanding the internal and external factors influencing Shivashrit Foods is crucial for a comprehensive assessment.

Strengths:

Established market presence with diverse domestic and international customer base.
Robust manufacturing infrastructure and quality certifications (FSSAI, ISO, HALAL, BRCGS, USFDA).
Experienced management team providing strategic direction.
Efficient supply chain ensuring raw material availability and distribution.
Strategic plant location with governmental incentives for food processing.

Weaknesses:

Dependence on a single primary raw material (potatoes), making it vulnerable to price fluctuations and supply disruptions.
SME segment typically faces higher scrutiny and liquidity challenges post-listing compared to mainboard companies.
High working capital requirements, as indicated by a significant portion of IPO funds allocated for this.
Potential for intense competition from larger, more diversified food processing companies.

Opportunities:

Growing demand for processed and convenience foods globally, driven by changing lifestyles.
Potential to expand product portfolio beyond potato flakes to other value-added potato or vegetable products.
Leveraging existing certifications to enter new, highly regulated international markets.
Increasing government support and incentives for the food processing sector in India.

Threats:

Volatility in agricultural commodity prices (potatoes) directly impacting input costs and profitability.
Economic downturns or changes in consumer spending habits on discretionary food items.
Emergence of new technologies or substitute products that could disrupt the potato flakes market.
Stricter food safety regulations or trade barriers in export markets.

Navigating the Application Process

Applying for an IPO has become increasingly streamlined, with various options available to investors. Most brokerage platforms offer a seamless online application experience.

You can typically apply for an IPO using either the UPI (Unified Payments Interface) method or ASBA (Applications Supported by Blocked Amount) via your net banking portal.

Applying through a Popular Brokerage Platform (e.g., Zerodha):

Many investors use discount brokers like Zerodha for IPO applications. The process generally involves:

Log in to your broker’s back office or console.
Navigate to the ‘IPOs’ section.
Find the specific IPO (e.g., Shivashrit Foods IPO) and click the ‘Bid’ or ‘Apply’ button.
Enter your UPI ID, the desired quantity of shares (in multiples of the lot size), and the bid price.
Submit your application.
Finally, approve the mandate request on your UPI payment application (like BHIM, Google Pay, PhonePe, etc.) to block the funds.

Always ensure you have sufficient funds in your linked bank account to avoid application rejection.

Connect & Inquire

For further details or direct communication, here are the key contact details:

Company Contact Information:

Shivashrit Foods Ltd.
Gopal Ganj, Sarai Lavaria, Aligarh, Uttar Pradesh, 202001
Phone: +91 571 3500346
Email: cs@shivashrit.com
Website: http://www.shivashritfoods.com/

Registrar for the Issue:

The registrar is responsible for managing the IPO application process, allotment, and credit of shares.

Maashitla Securities Pvt.Ltd.
Phone: +91-11-45121795-96
Email: investor.ipo@maashitla.com
Website: https://maashitla.com/allotment-status/public-issues

Conclusion: A Flavorful Opportunity?

The Shivashrit Foods IPO offers an entry point into a specialized segment of the rapidly expanding food processing industry. With a track record of growth, strong operational foundations, and strategic use of capital for expansion, the company presents an interesting case for potential investors.

As with any investment, it is paramount to conduct thorough due diligence. Carefully review the prospectus and other relevant documents to understand the risks involved, assess the company’s long-term prospects, and align your investment decision with your financial goals. The journey from farm to flakes is an intricate one, and Shivashrit Foods is poised to capitalize on this niche. Will it be a savory addition to your portfolio? That depends on your detailed analysis and risk appetite.

August 19, 2025

ARC Insulation & Insulators Limited

Unlocking the Potential: A Deep Dive into the ARC Insulation & Insulators Ltd. SME IPO

The Indian financial market is buzzing with a new opportunity as ARC Insulation & Insulators Ltd. prepares to launch its SME Initial Public Offering (IPO). For investors keen on innovative manufacturing and the robust infrastructure sector, this IPO presents a chance to become part of a company specializing in high-performance, corrosion-resistant solutions. Let’s delve into the specifics of this upcoming IPO to help you make an informed decision.

Company at a Glance: Pioneering GFRP Solutions

Incorporated in September 2008, Arc Insulation and Insulators Limited has carved a niche for itself in the manufacturing of Glass Fiber Reinforced Polymer (GFRP) products. These advanced materials are crucial for industries requiring durable, lightweight, and corrosion-resistant solutions.

**What They Do:**

Specializes in a wide array of high-performance GFRP products, including rebars, tubes, gratings, and fencing.
Their products are vital for corrosion-resistant applications in diverse sectors such as infrastructure development, power generation, cooling towers, chemical processing, composite manufacturing, electrical substations, and mining.
Committed to quality, the company holds ISO 2015 certification for its design, manufacturing, and supply processes, ensuring product quality meets customer specifications.
Boasts a state-of-the-art manufacturing unit located in Ramdevpur Village, West Bengal, equipped with modern testing machinery like a Universal Testing Machine to ensure product excellence.
A dedicated team of experienced engineers (Mechanical, Structural, Civil, and Quality) oversees production to maintain stringent quality standards.

Key IPO Highlights

Detail	Information
IPO Type	SME Book Built Issue
Total Issue Size	₹41.19 Crores
Issue Price Band	₹119 to ₹125 per share
Face Value	₹10 per share
Minimum Lot Size	1,000 shares
Listing At	NSE SME

Decoding the IPO Details: Structure and Investment

Issue Structure & Pricing

The ARC Insulation & Insulators IPO is a composite issue, comprising both a fresh issuance of shares and an offer for sale by existing shareholders.

Component	Details
Fresh Issue	28,80,000 shares (aggregating up to ₹36.00 Crores) – Excluding Market Maker Portion
Offer for Sale (OFS)	2,50,000 shares (aggregating up to ₹3.13 Crores)
Reserved for Market Maker	1,65,000 shares (aggregating up to ₹2.06 Crores) – Gretex Share Broking Pvt.Ltd.
Net Offered to Public	31,30,000 shares (aggregating up to ₹39.13 Crores)

Investor Categories & Share Reservation

The issue is structured to ensure participation from various investor groups, adhering to regulatory guidelines for SME IPOs.

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

Understanding the Lot Size and Investment

For individual investors, applying in lots is standard practice. Here’s a breakdown of the minimum and maximum investments for different investor categories:

Application Category	Lots (Min)	Shares (Min)	Amount (Min)	Lots (Max)	Shares (Max)	Amount (Max)
Retail Individual Investors	2	2,000	₹2,50,000	2	2,000	₹2,50,000
Small HNI (S-HNI)	3	3,000	₹3,75,000	8	8,000	₹10,00,000
Big HNI (B-HNI)	9	9,000	₹11,25,000	N/A	N/A	N/A

Note: The investment amounts are calculated based on the upper price band of ₹125 per share.

Important Dates: Your IPO Calendar

Mark your calendars with these key dates for the ARC Insulation & Insulators Ltd. IPO:

IPO Open Aug 21, 2025 (Thu)

IPO Close Aug 25, 2025 (Mon)

Allotment Finalized Aug 26, 2025 (Tue)

Demat Credit Aug 28, 2025 (Thu)

Listing Date Aug 29, 2025 (Fri)

Tentative IPO Timeline

Event	Date
IPO Open Date	Thursday, August 21, 2025
IPO Close Date	Monday, August 25, 2025
Tentative Allotment Finalization	Tuesday, August 26, 2025
Initiation of Refunds	Thursday, August 28, 2025
Credit of Shares to Demat Account	Thursday, August 28, 2025
Tentative Listing Date	Friday, August 29, 2025
Cut-off time for UPI mandate confirmation	5 PM on August 25, 2025

A Look Under the Hood: Company Fundamentals

Financial Performance Snapshot

ARC Insulation & Insulators Ltd. has demonstrated consistent financial growth, indicating a robust operational performance.

Period Ended	March 31, 2025	March 31, 2024	March 31, 2023
Assets (₹ Crore)	39.30	22.42	18.27
Total Income (₹ Crore)	33.15	28.83	24.48
Profit After Tax (PAT) (₹ Crore)	8.57	6.10	2.64
EBITDA (₹ Crore)	12.50	9.05	4.29
Net Worth (₹ Crore)	25.22	12.45	6.35
Reserves and Surplus (₹ Crore)	17.97	10.74	4.64
Total Borrowing (₹ Crore)	5.97	2.78	5.30

The company’s revenue grew by 15% and profit after tax (PAT) surged by an impressive 40% between the fiscal year ending March 31, 2024, and March 31, 2025, showcasing strong financial momentum.

Key Performance Indicators (KPIs)

These metrics provide deeper insights into the company’s efficiency and profitability as of March 31, 2025, with a market capitalization of ₹128.72 Crores based on the upper price band.

Metric	Value
Return on Equity (ROE)	45.47%
Return on Capital Employed (ROCE)	49.84%
Debt/Equity Ratio	0.24
Return on Net Worth (RoNW)	45.47%
Profit After Tax (PAT) Margin	26.18%
EBITDA Margin	38.22%
Price to Book Value	3.59
Earnings Per Share (Pre IPO)	₹11.81
Price/Earnings (Pre IPO)	10.58x
Earnings Per Share (Post IPO)	₹8.32
Price/Earnings (Post IPO)	15.03x

Driving Growth: IPO Objectives

The capital raised through this IPO will be strategically utilized to fuel the company’s expansion and operational needs:

Capital expenditure towards setting up a factory shed for a new manufacturing unit (₹8.16 crores).
Purchase of new office space (₹3.06 crores).
Repayment or pre-payment of certain debt facilities, including bridge finance (₹1.18 crores).
Addressing working capital requirements (₹10.00 crores).
General corporate purposes.

Promoter & Shareholding Insight

The promoters of Arc Insulation and Insulators Limited include Mr. Manish Bajoria, M/s. Swabhumi Distributors Private Limited, Ms. Neelam Bajoria, M/s. Manish Bajoria HUF, and Mr. Ashish Bajoria. Prior to the IPO, the promoters held a significant stake of 94.48%. Post-issue, this percentage will naturally see some dilution due to the issuance of new shares to the public.

Strategic Outlook: SWOT Analysis

Understanding the company’s internal strengths and weaknesses, alongside external opportunities and threats, provides a holistic view for potential investors.

Strengths

**Diverse Product Portfolio:** Offers a wide range of GFRP products tailored for various industrial applications.
**Global Presence:** Operates in both domestic and international markets, broadening its revenue streams.
**Quality Assurance:** ISO 2015 certified and equipped with advanced testing machinery, ensuring superior material quality and consistency.
**Technical Expertise:** Possesses strong design and manufacturing capabilities for customized GFRP/FRP products.
**High Durability Products:** GFRP products offer enhanced durability and corrosion resistance, fulfilling critical industrial demands.
**Strong Financial Growth:** Demonstrated significant revenue and PAT growth in recent financial periods.

Weaknesses

**SME Platform Listing:** Listing on the SME platform might entail lower liquidity and higher volatility compared to mainboard exchanges.
**Market Cyclicality:** Performance could be influenced by cyclical trends in the infrastructure, construction, and chemical industries.
**Raw Material Dependency:** Potential vulnerability to fluctuations in the prices and availability of raw materials essential for GFRP production.

Opportunities

**Growing Infrastructure Sector:** Increasing government and private investment in infrastructure globally and domestically fuels demand for advanced materials like GFRP.
**Demand for Corrosion-Resistant Solutions:** Rising awareness and demand for long-lasting, low-maintenance materials in harsh environments.
**Expansion into New Applications:** Potential to explore and develop GFRP solutions for emerging industries and niche markets.
**Technological Advancements:** Opportunities to innovate and improve GFRP manufacturing processes, potentially reducing costs and improving product performance.

Threats

**Competition:** Faces competition from conventional materials (steel, concrete) and other advanced material manufacturers.
**Economic Slowdown:** A downturn in global or domestic economic conditions could impact demand from end-user industries.
**Regulatory Changes:** Changes in environmental regulations or building codes could affect product specifications or manufacturing processes.
**Technological Disruption:** Emergence of alternative materials or technologies that could supersede GFRP solutions.

Essential Contacts for Investors

For any queries or further information regarding the IPO, you may reach out to the following:

Company Contact

Name: Arc Insulation and Insulators Limited
Address: Village – Ramdevpur, PO-Bawali Bishnupur 2, Parganas South, Bishnupur, West Bengal, 743384
Phone: +91 62937 61074
Email: info@arcinsulations.com
Website: arcinsulations.com

IPO Registrar

Name: Maashitla Securities Pvt.Ltd.
Phone: +91-11-45121795-96
Email: investor.ipo@maashitla.com
Website: maashitla.com/allotment-status/public-issues

Lead Manager(s)

Gretex Corporate Services Ltd.

Conclusion: Making an Informed Investment

The ARC Insulation & Insulators Ltd. IPO offers a compelling opportunity to invest in a company with a strong foundation in the specialized GFRP products market. With consistent financial growth, strategic utilization of IPO proceeds for expansion, and a robust product portfolio, the company appears poised for future development.

However, like all investments, it carries inherent risks, particularly being an SME listing. Potential investors should carefully review the Red Herring Prospectus (RHP) and conduct their own due diligence, considering the company’s business model, industry outlook, and their personal risk appetite before deciding to subscribe. Consulting with a financial advisor can also provide valuable insights tailored to your investment goals.

August 19, 2025

Classic Electrodes (India) Limited

Unlocking Opportunities: A Deep Dive into Classic Electrodes (India) Ltd. IPO

The Indian stock market is constantly buzzing with new opportunities, and for discerning investors, Initial Public Offerings (IPOs) often present an exciting avenue to participate in a company’s growth journey right from its inception. This August, the spotlight turns to Classic Electrodes (India) Ltd., a well-established manufacturer in the welding consumables sector, as it prepares to launch its SME IPO. Let’s explore what makes this offering noteworthy and what potential investors should consider.

Company Spotlight: Classic Electrodes (India) Ltd.

Established in 1997, Classic Electrodes (India) Ltd. has carved a significant niche in the manufacturing of welding consumables. Headquartered in Kolkata, West Bengal, the company is a recognized name for its range of electrodes and MIG wires, catering to both domestic and international clientele.

About the Company’s Operations

Classic Electrodes excels in producing a diverse portfolio of welding consumables, including:
- Mild Steel Electrodes for general applications.
- Stainless Steel Electrodes for corrosion-resistant needs.
- Cast Iron Electrodes for specialized repairs.
- Deep Penetration Electrodes for heavy-duty welding.
- MIG Wires crucial for metal inert gas welding processes.
The company operates two manufacturing units: Unit I in Dhulagarh, West Bengal, and Unit II in Jhajjar, Haryana. These strategic locations ensure efficient logistics for raw materials and product distribution.
As of July 31, 2024, the company maintained a robust team of 78 permanent employees.

Key Business Strengths

Classic Electrodes boasts several compelling strengths that underpin its market position:

A strong and recognized brand synonymous with quality and reliability in the industrial welding sector.
Comprehensive product range addressing varied industrial welding requirements.
Modern and automated production facilities contributing to efficient operations.
A steadfast focus on quality assurance and relevant industry certifications.
An effective supply chain bolstered by strong dealer networks, ensuring timely deliveries.
Dedicated in-house Research & Development initiatives for continuous innovation.

Diving into the IPO Details

The Classic Electrodes IPO is a book-built issue, entirely comprising a fresh issue of shares. Here are the crucial details for prospective applicants:

IPO Parameter	Detail
Issue Price Band	₹82.00 to ₹87.00 per share
Face Value per Share	₹10
Total Issue Size	₹41.51 Crores
Shares Offered	47,71,200 shares
Fresh Issue Component	Entire Issue
Listing Exchange	NSE SME
Market Maker Reserve	2,78,400 shares (aggregating ₹2.42 Cr)
Net Offer to Public	44,92,800 shares (aggregating ₹39.09 Cr)

Understanding the Lot Size and Investment

The IPO is structured with specific lot sizes for different investor categories. Investors can bid for a minimum of 1,600 shares and in multiples thereof.

Investor Category	Minimum Lots	Minimum Shares	Minimum Amount (at upper price band)
Individual Retail Investor	1 Lot	1,600 Shares	₹1,39,200
High Net Worth Individual (HNI)	2 Lots	3,200 Shares	₹2,78,400

IPO Allotment Reservation Structure

The allocation of shares across investor categories for the IPO is planned as follows:

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

IPO Journey: A Tentative Timeline

For those looking to participate, here is a tentative schedule of key dates for the Classic Electrodes IPO. Please note that these dates are subject to change.

IPO Open Date Fri, Aug 22, 2025

IPO Close Date Tue, Aug 26, 2025

Tentative Allotment Thu, Aug 28, 2025

Shares to Demat Fri, Aug 29, 2025

Tentative Listing Date Mon, Sep 1, 2025

Financial Health Check

A look at the company’s financial performance provides insights into its growth trajectory and operational efficiency.

Key Financial Highlights (₹ Crore – Consolidated)

Period Ended	March 31, 2024	March 31, 2023	March 31, 2022
Total Assets	92.27	76.79	74.99
Total Income	194.41	151.13	134.37
Profit After Tax (PAT)	12.28	2.08	1.45
Net Worth	33.92	21.64	19.55
Total Borrowing	45.73	43.11	39.21

Key Performance Metrics (as of March 31, 2024)

Indicator	Value
Return on Equity (ROE)	24.66%
Return on Capital Employed (ROCE)	17.68%
Debt/Equity Ratio	1.23
Return on Net Worth (RoNW)	21.95%
Profit After Tax (PAT) Margin	5.10%
EBITDA Margin	10.24%

Promoter Information & Issue Objectives

Meet the Driving Force: Company Promoters

The promoters leading Classic Electrodes (India) Ltd. are:

Mr. Hanuman Prasad Agarwal
Mr. Sushil Kumar Agarwal
Mr. Nitesh Agarwal
Mr. Sunil Kumar Mittal
M/s Alltime Suppliers Private Limited

Promoter Shareholding Snapshot

Holding Stage	Percentage of Shares
Pre-Issue Shareholding	97.73%
Post-Issue Shareholding	71.77%

Purpose of the Public Offering

The company intends to utilize the net proceeds from the IPO for the following key objectives:

Funding capital expenditure, specifically for the purchase of new Plant and Machinery (₹100 Million).
Repayment of a portion of its existing outstanding borrowings (₹100 Million).
Meeting the working capital requirements of the company (₹166 Million).
General corporate purposes.

Key Stakeholders in the IPO Process

IPO Lead Manager

Guiding Classic Electrodes through this public offering is GYR Capital Advisors Pvt.Ltd., acting as the book running lead manager.

IPO Registrar

Responsible for the crucial process of share allotment and managing investor records is MUFG Intime India Pvt.Ltd., the registrar for this issue.

Company Contact Information

For official inquiries, Classic Electrodes (India) Ltd. can be reached at:

Address: 1 A, Bonfield Lane, Kolkata, West Bengal, 700001
Phone: +91 8336007981
Email: compliance@classicelectrodes.com
Website: http://www.classicelectrodes.com/

Strategic Analysis: SWOT for Classic Electrodes

Understanding the internal and external factors influencing Classic Electrodes can offer a broader perspective on its market position and future prospects.

Category	Key Points
Strengths (Internal)	Well-established brand reputation for quality and reliability. Diverse product portfolio catering to various industrial needs. Modern manufacturing facilities and focus on R&D. Efficient supply chain and strong distribution network. Proven track record of consistent revenue growth. Significant increase in Profit After Tax (PAT) in FY24, indicating improved profitability.
Weaknesses (Internal)	Relatively high Debt/Equity ratio, indicating reliance on debt. Dependency on the cyclical nature of the industrial sector. Potential challenges related to SME listing, such as lower liquidity compared to mainboard shares. Prior closure of a manufacturing unit might signal operational adjustments or consolidation.
Opportunities (External)	Growing demand for welding consumables driven by infrastructure and manufacturing growth in India. Potential for expanding market share in existing and new export markets. Technological advancements in welding processes creating demand for new product lines. Government initiatives supporting domestic manufacturing (“Make in India”).
Threats (External)	Intense competition from both domestic and international players. Volatility in raw material prices (e.g., metals) impacting profit margins. Economic slowdowns could reduce industrial activity and demand. Currency fluctuations affecting international trade and raw material costs. Regulatory changes or environmental compliance costs.

Applying for the IPO: Your Guide

Participating in an IPO requires a demat account and a trading account. You can typically apply for an IPO either through the ASBA (Application Supported by Blocked Amount) facility via your bank’s net banking portal or through the UPI mechanism offered by various brokerage platforms.

When applying, ensure you have sufficient funds in your bank account, as the application amount will be blocked until the allotment process is complete. In case of non-allotment, the blocked amount will be unblocked.

Final Thoughts & Outlook

Classic Electrodes (India) Ltd. presents an interesting proposition for investors keen on the industrial manufacturing sector. The company demonstrates a strong market presence, a diversified product range, and a consistent growth trajectory, particularly noteworthy in its recent jump in profitability. While the SME nature and debt levels warrant careful consideration, the clear objectives for capital utilization – funding expansion, debt reduction, and working capital – suggest a strategic approach to enhancing future growth. As with any investment, it’s prudent for potential investors to conduct their own thorough due diligence, align it with their financial goals, and consider the inherent risks associated with market participation.

Ready to Explore Investment Opportunities?

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

August 16, 2025

LGT Business Connextions Limited

Unlocking Opportunities: A Deep Dive into the LGT Business Connextions IPO

The Indian market is abuzz with new investment avenues, and one such promising opportunity on the horizon is the Initial Public Offering (IPO) of LGT Business Connextions Limited. This SME IPO aims to capture investor interest by offering a stake in a growing travel and tourism service aggregator. Let’s delve into the details of this upcoming IPO to help you make an informed decision.

About LGT Business Connextions: Pioneering Travel Solutions

Established in 2016, LGT Business Connextions Limited operates as a dynamic service aggregator within the vibrant travel and tourism sector. The company primarily focuses on connecting customers with a wide array of travel services, either directly or through strategic partnerships with third-party aggregators.

Core Service Offerings:

MICE Services: Comprehensive end-to-end solutions for Meetings, Incentives, Conferences, and Exhibitions (MICE), including travel, accommodation, logistics, and post-event support.
Accommodation Solutions: Facilitating hotel and lodging bookings through a network of local and international providers, including managing leased flats in key cities like Chennai and Thiruvananthapuram.
Ticketing & Visa Assistance: Offering domestic and international flight ticketing services via IATA accreditation, alongside visa processing for various travel purposes, often bundled with complete travel packages.

Competitive Edge:

Experienced management fostering organizational stability.
Diverse and comprehensive service portfolio.
A team of skilled and dedicated professionals.
An adaptable and scalable business model designed for growth.
Streamlined operational processes ensuring efficiency.

Key IPO Offerings: What You Need to Know

The LGT Business Connextions IPO is a fixed-price issue aiming to raise funds for its growth initiatives. Here’s a snapshot of the crucial details:

Detail	Information
IPO Type	Fixed Price Issue
IPO Price	₹107 per share
Face Value	₹10 per share
Total Issue Size	26,25,600 shares (₹28.09 Crores)
Issue Structure	Fresh Issue (₹25.28 Cr) + Offer for Sale (₹2.81 Cr)
Listing Exchange	BSE SME

Investment Tiers and Lot Size:

Investors can bid in specific lot sizes, with different minimums for retail and High Net Worth Individuals (HNIs).

Investor Category	Minimum Lots	Shares per Lot	Minimum Investment Amount
Individual (Retail)	2	1,200	₹2,56,800
HNI	3	1,200	₹3,85,200

IPO Timeline: Mark Your Calendars!

Here’s a tentative schedule for the LGT Business Connextions IPO, from opening to listing:

IPO Opens

Aug 19, 2025

IPO Closes

Aug 21, 2025

Allotment Finalized

Aug 22, 2025

Shares Credited

Aug 25, 2025

Tentative Listing

Aug 26, 2025

IPO Opens

Aug 19, 2025

IPO Closes

Aug 21, 2025

Allotment Finalized

Aug 22, 2025

Shares Credited

Aug 25, 2025

Tentative Listing

Aug 26, 2025

Understanding the Company’s Financial Footing

A glance at LGT Business Connextions’ financial performance reveals a growing trajectory, particularly in the most recent fiscal year.

Financial Performance Snapshot (Amounts in ₹ Crore):

Metric	March 31, 2025	March 31, 2024	March 31, 2023
Total Assets	27.18	14.93	8.69
Total Income	100.81	89.53	61.18
Profit After Tax (PAT)	5.22	3.63	2.97
Net Worth	12.45	7.23	3.60
Total Borrowing	9.58	2.82	2.50

Key Performance Indicators (KPIs) & Valuation Insights:

The company’s performance metrics provide deeper insights into its operational efficiency and financial health. The market capitalization post-IPO is estimated at ₹100.29 Crores.

KPI (as of March 31, 2025)	Value	Valuation Metrics	Pre-IPO	Post-IPO
Return on Equity (ROE)	41.89%	EPS (Rs.)	7.44	5.56
Return on Capital Employed (ROCE)	45.19%	P/E (x)	14.38	19.23
Debt/Equity Ratio	0.77	Price to Book Value	6.02	N/A
PAT Margin	5.19%
EBITDA Margin	7.62%

Promoter’s Vision and Shareholding:

Wilfred Selvaraj and Padma Wilfred are the driving forces behind LGT Business Connextions. Their commitment is reflected in the promoter shareholding structure.

Phase	Promoter Holding Percentage
Pre-Issue	99.95%
Post-Issue	71.95%

Purpose of the Public Offering: Fueling Future Growth

LGT Business Connextions intends to utilize the net proceeds from this IPO for several key strategic objectives, designed to strengthen its operational capabilities and expand its market reach:

Capital Expenditure: A significant portion will be allocated towards capital expenditure (₹10.44 Crores) to enhance infrastructure and technology.
Working Capital Requirements: To support day-to-day operations and ensure smooth business flow (₹7.70 Crores).
General Corporate Purposes: Funds reserved for various strategic corporate needs and future opportunities (₹3.79 Crores).

Strategic Landscape: A SWOT Perspective

Every investment opportunity comes with its unique set of advantages and challenges. A brief SWOT analysis can offer a balanced view of LGT Business Connextions.

Strengths:

Established business model as a service aggregator in the growing travel sector.
Demonstrated financial growth with increasing revenues and profits.
Experienced management and a scalable business approach.
Diverse service offerings including MICE, accommodation, and visa processing.

Weaknesses:

Operating in a highly competitive and fragmented travel and tourism industry.
The IPO pricing might appear aggressive based on current financial data.
Reliance on third-party aggregators for core services might pose dependence risks.
As an SME IPO, it may have lower liquidity compared to mainboard listings.

Opportunities:

Post-pandemic revival and sustained growth in the travel and tourism sector.
Expansion into new geographical markets or niche travel segments.
Leveraging technology for improved customer experience and operational efficiency.
Increasing demand for organized MICE services.

Threats:

Economic downturns or global events impacting travel demand.
Intense competition from established players and new entrants.
Fluctuations in travel costs (e.g., fuel prices, hotel rates).
Regulatory changes affecting the travel industry.

How to Participate in the IPO:

For interested investors, applying for the LGT Business Connextions IPO is typically a straightforward process through your stockbroker. Most brokers offer online IPO application services via UPI (Unified Payments Interface) or ASBA (Application Supported by Blocked Amount). Ensure your demat and trading accounts are active and linked to your bank account for seamless application.

Important Contacts for the IPO:

For any inquiries related to the IPO, you can reach out to the company or the registrar.

Company Contact Details:

LGT Business Connextions Ltd.
New No. 38, Old No. 44, First Floor, Brindavan Street Extn, West Mambalam, Chennai, Tamil Nadu, 600033
Phone: +91 9940067846
Email: info@lgtholidays.com
Website: http://www.lgtholidays.com/

IPO Registrar Details:

Skyline Financial Services Pvt.Ltd.
Phone: 02228511022
Email: ipo@skylinerta.com
Website: https://www.skylinerta.com/ipo.php

Final Considerations for Investors:

LGT Business Connextions presents an opportunity to invest in a growing entity within the travel and tourism aggregation space. While the company has shown promising growth in its financial performance, particularly in recent years, it operates in a sector known for its high competition and fragmentation. Investors with a moderate risk appetite and a medium-term investment horizon may consider this offering after a thorough personal assessment of its prospects and the broader market conditions. As with any investment, it’s prudent to conduct your own due diligence and consider consulting a financial advisor.

August 16, 2025

Studio LSD Limited

Unpacking the Studio LSD IPO: What Potential Investors Need to Know

The Indian market is buzzing with the upcoming Initial Public Offering (IPO) of Studio LSD Ltd., a dynamic player in the multimedia content production space. As the company prepares to make its debut on the NSE SME platform, it’s crucial for prospective investors to delve into the details, understand the offering, and evaluate its potential. This comprehensive guide aims to shed light on Studio LSD’s IPO, from its business model to its financials and the key dates to mark on your calendar.

Key Dates: Your IPO Timeline

Understanding the timeline is essential for participating in any IPO. Here’s a tentative schedule for the Studio LSD offering:

IPO Open Close Allotment Demat Credit Listing

Aug 18, 2025 Aug 20, 2025 Aug 21, 2025 Aug 22, 2025 Aug 25, 2025

Understanding Studio LSD Ltd.: The Business Core

Established in February 2017, Studio LSD Ltd. operates as a comprehensive multimedia production house. Their forte lies in creating original content for both traditional television and modern OTT (Over-The-Top) streaming platforms. The company is recognized for its innovative approach to storytelling and its ability to produce high-quality, genre-defining shows across India, with a particular focus on engaging digital series driven by a strong creative vision.

Their operational scope covers the entire spectrum of content creation, from initial concept development and project financing to talent acquisition (actors and crew), location scouting, set construction, budget management, and comprehensive oversight of both production and post-production phases.

Studio LSD’s service portfolio includes:

Concept and Script Development
Line Production
Post-Production Services
Distribution and Marketing Support
Consultation and Strategy Development
Continuous Innovation and Adaptation to market trends

As of early 2025, the company had a team of 16 department employees, indicating a lean but potentially specialized operational structure.

Core Strengths: What Sets Them Apart

Experienced leadership and a skilled team with deep industry expertise.
Robust and comprehensive production capabilities covering end-to-end content creation.
A diverse portfolio of content, catering to various platforms and audiences.

IPO Specifics: The Offering Details

The Studio LSD IPO is a book-built issue valued at ₹74.25 crores. This total comprises a fresh issuance of 1.10 crore shares, amounting to ₹59.40 crores, and an Offer For Sale (OFS) of 0.28 crore shares, totaling ₹14.85 crores.

Key IPO Data

Detail	Information
Issue Price Band	₹51.00 to ₹54.00 per share
Face Value	₹2 per share
Total Issue Size	1,37,50,000 shares (aggregating up to ₹74.25 Cr)
Issue Type	Book Building IPO
Listing Platform	NSE SME
Book Running Lead Manager	Corpwis Advisors Pvt.Ltd.
Registrar to the Issue	Purva Sharegistry (India) Pvt.Ltd.
Market Maker	Rikhav Securities Ltd.

Investment Lot Size and Categories

Investors can place bids for a minimum of 4,000 shares, and in multiples of 2,000 shares thereafter. The minimum investment for retail individual investors is ₹2,16,000.

Investor Category	Minimum Shares	Minimum Investment (₹)
Retail Individual Investor (Min)	4,000	2,16,000
Small HNI (Min)	6,000	3,24,000
Big HNI (Min)	20,000	10,80,000

Share Allocation Across Investor Categories

The total offering of 1,37,50,000 shares is strategically distributed among different investor segments:

Market Maker Shares: 6,88,000 shares (5.00%)
Qualified Institutional Buyers (QIBs): 1,32,000 shares (0.96%)
Non-Institutional Investors (NII/HNI): 51,72,000 shares (37.61%) – further split into bNII and sNII.
Retail Individual Investors (RIIs): 77,58,000 shares (56.42%)

Financial Health & Valuation Insights

A glance at Studio LSD’s financial performance provides a clearer picture of its growth trajectory. The company has shown consistent improvement in its top and bottom lines over the past three fiscal years.

Performance at a Glance (Restated Consolidated)

Financial Metric (₹ Crore)	March 31, 2025	March 31, 2024	March 31, 2023
Total Assets	46.67	36.49	18.16
Total Income	105.01	102.49	46.71
Profit After Tax (PAT)	11.67	10.90	2.79
EBITDA	15.51	14.82	3.74
Net Worth	27.54	15.87	4.96
Total Borrowing	0.00	0.00	0.06

Notably, the company has managed to reduce its total borrowing to zero as of March 31, 2024 and 2025, which is a positive indicator of financial prudence.

Key Performance Metrics (as of March 31, 2025)

Metric	Value
Market Capitalization	₹280.22 Cr
Return on Equity (ROE)	53.78%
Return on Capital Employed (ROCE)	57.29%
Return on Net Worth (RoNW)	53.78%
Profit After Tax (PAT) Margin	11.17%
EBITDA Margin	14.85%
Price to Book Value (P/BV)	8.02
Pre-IPO EPS (Rs)	2.85
Post-IPO EPS (Rs)	2.25
Pre-IPO P/E (x)	18.92
Post-IPO P/E (x)	24.01

The post-IPO P/E of 24.01 indicates that the issue might be priced on the higher side, especially when compared to its current earnings.

Promoter Landscape

The promoters of Studio LSD Ltd. are Mr. Prateek Sharma, Mrs. Suman Sharma, and Mr. Parth Shah.

Pre-Issue Promoter Holding: 100.00%
Post-Issue Promoter Holding: 73.50%

The dilution in promoter holding is a direct result of the fresh issue of shares, which brings in new capital and broadens the ownership base.

Purpose of the Public Offering

Studio LSD Ltd. intends to deploy the net proceeds generated from this IPO for several strategic objectives:

Capital Expenditure: A significant portion (₹180 Million) is earmarked for investment in capital assets, likely to enhance production capabilities or expand infrastructure.
Working Capital Requirement: Funds amounting to ₹249.2 Million will be utilized to meet the company’s day-to-day operational needs and ensure smooth business flow.
General Corporate Purposes: The remaining funds will be allocated for general corporate activities, which may include strategic initiatives, future growth opportunities, or unforeseen expenses.

Strategic Outlook: A SWOT Analysis

To provide a balanced perspective, a brief SWOT (Strengths, Weaknesses, Opportunities, Threats) analysis can be insightful for potential investors.

Strengths

Proven track record of consistent revenue and profit growth.
Highly experienced management team with domain expertise.
Comprehensive in-house production capabilities.
Diverse content portfolio catering to varied platforms.
Zero debt as of recent financial statements (FY24, FY25).

Weaknesses

Aggressive pricing post-IPO (high P/E ratio).
Operating in a highly competitive and fragmented industry.
Relatively small team (16 employees) might pose scaling challenges.

Opportunities

Booming demand for digital content on OTT platforms.
Potential to expand into new genres or regional markets.
Collaborations with larger studios or streaming giants.
Growing consumption of media across various devices.

Threats

Intense competition from well-established production houses.
Rapid shifts in consumer preferences and content trends.
High production costs and potential for project overruns.
Challenges in retaining creative talent.
Regulatory changes in the media and entertainment sector.

Company and Registrar Contact Information

For direct inquiries or further information, here are the contact details:

Studio LSD Ltd.

Address: Unit No.302,301, 3rd Floor, Laxmi Mall, Laxmi Industrial Estate New Link Road, Andheri West, Mumbai, Maharashtra, 400053
Phone: +91 91371 95384
Email: compliance@studiolsd.in
Website: studiolsd.in

Registrar to the Issue: Purva Sharegistry (India) Pvt.Ltd.

Phone: +91-022-23018261/ 23016761
Email: newissue@purvashare.com
Website: purvashare.com/investor-service/ipo-query

Final Thoughts for Potential Investors

Studio LSD Ltd. presents an opportunity to invest in a growing multimedia content production company operating in an expanding digital landscape. While its past financial performance, particularly the growth in revenue and profitability coupled with zero debt, is commendable, a careful evaluation of the IPO’s valuation metrics is prudent. The company operates in a highly competitive sector, and the pricing appears to factor in significant future growth.

Before making any investment decisions, it is advisable for individuals to conduct their own thorough due diligence, consider all risk factors, and consult with a qualified financial advisor to align with personal investment goals and risk tolerance.

Considering an IPO application?

Many leading brokers facilitate IPO applications. For instance, if you’re a customer of certain popular discount brokers, you can typically apply for IPOs like Studio LSD using UPI as a payment gateway through their back-office platforms.

The process generally involves logging into your broker’s console, navigating to the IPO section, finding the relevant IPO, entering your UPI ID, desired quantity, and price, then approving the mandate via your UPI app. Always check your broker’s specific application guidelines.

Stay informed, invest wisely.

August 16, 2025

Mahendra Realtors & Infrastructure Limited

Mahendra Realtors IPO: Your Gateway to Infrastructure Growth

Embarking on Growth: An In-Depth Look at Mahendra Realtors & Infrastructure IPO

The Indian market is constantly buzzing with new opportunities, and for investors keen on the infrastructure and real estate sector, the upcoming Mahendra Realtors & Infrastructure Ltd. SME IPO presents an interesting prospect. Entering the public market can be a pivotal moment for any company, signaling growth ambitions and offering a chance for wider participation.

This blog post dives deep into the details of Mahendra Realtors & Infrastructure Ltd.’s initial public offering, providing you with a comprehensive overview to help you navigate this potential investment. We’ll explore the company’s background, its financial health, the specifics of its IPO, and what makes it a noteworthy entity in its domain.

Unveiling Mahendra Realtors & Infrastructure Ltd.

Established in June 2007, Mahendra Realtors & Infrastructure Limited has carved a niche for itself by offering a diverse range of services critical to urban development and maintenance. From the foundational aspects of structural repair and rehabilitation to the aesthetic and functional needs of corporate interiors, the company demonstrates a broad operational footprint.

Core Service Offerings:

Structural Repairs and Restoration: Specializing in complex repairs, including retrofitting and rehabilitation, vital for aging infrastructure.
Waterproofing Solutions: Comprehensive services for roofs, walls, and structures, crucial for long-term building integrity.
Corporate Interior Projects: Delivering end-to-end solutions covering civil, carpentry, HVAC, firefighting, plumbing, and data networking for commercial spaces.
Build and Operate Transfer (BOT) Contracts: Engaging in long-term infrastructure projects under BOT models.
Facility Maintenance: Providing ongoing maintenance for a variety of structures, including buildings and bridges.
Infrastructure Development: Undertaking construction contracts, particularly for government authorities.

The company prides itself on a robust track record, having successfully completed over 200 projects for more than 50 clients, often with timely deliveries. As of December 2024, their active projects span across multiple states, including Andhra Pradesh, Delhi, Goa, Gujarat, Maharashtra, and Tamil Nadu, supported by a dedicated team of 74 employees as of September 2024.

Competitive Edge:

An established market reputation that contributes to sustained business success.
Specialization in procurement, ensuring adherence to compliance, risk management, and budget controls.
Proven expertise in securing and executing government contracts, showcasing unique capabilities.
Strong network and relationships within government agencies and industry partners.
Consistent financial stability, enabling strategic investments and resilience against economic shifts.

Understanding the IPO Structure

The Mahendra Realtors IPO is a book-built offering aiming to raise capital for future growth and operational needs. Here’s a snapshot of the key details:

Detail	Information
IPO Opening Date	August 12, 2025
IPO Closing Date	August 14, 2025
Issue Price Band	₹75 to ₹85 per share
Face Value	₹10 per share
Issue Type	Bookbuilding SME IPO
Listing At	NSE SME
Total Issue Size	58.17 lakh shares (aggregating up to ₹49.45 Cr)
Fresh Issue Component	47.26 lakh shares (₹40.17 Cr)
Offer for Sale (OFS) Component	10.91 lakh shares (₹9.28 Cr)

Allocation Strategy for Investors:

The IPO has specific reservation categories to ensure broad participation:

Qualified Institutional Buyers (QIB): Not more than 50.00% of the Net Issue
Retail Individual Investors (RII): Not less than 35.00% of the Net Issue
Non-Institutional Investors (NII): Not less than 15.00% of the Net Issue
Market Maker: 2.91 lakh shares (₹2.48 Cr) reserved for Rikhav Securities Limited

Investment Lot Sizes Explained:

For retail investors, understanding the lot size is crucial for application:

Investor Category	Minimum Shares	Minimum Amount (at higher price band)
Individual Investors (Retail)	1,600 shares (1 lot)	₹1,36,000
S-HNI (Small High Net-worth Individuals)	3,200 shares (2 lots)	₹2,72,000
B-HNI (Big High Net-worth Individuals)	12,800 shares (8 lots)	₹10,88,000

Note: The minimum investment for retail applications is ₹1,36,000 (1,600 shares at ₹85 per share). The initial data mentioned 3,200 shares for minimum retail, but later specified 1,600 as lot size. The table above reflects 1,600 as the base lot size for retail, aligning with the primary lot size definition.

IPO Journey Timeline:

Stay informed about the critical dates for this IPO:

Application Open
Tue, Aug 12, 2025

Application Close
Thu, Aug 14, 2025

Allotment Finalized
Mon, Aug 18, 2025

Listing Day
Wed, Aug 20, 2025 (Tentative)

(Refunds initiation and credit of shares to Demat accounts are tentatively scheduled for Aug 19, 2025.)

Promoters’ Stake: Before and After

The core leadership team, comprising Mr. Hemanshu Shah, Mr. Bhavesh Mahendrakumar Shah, Ms. Chandrika Mahendra Shah, Ms. Hetal Bhavesh Shah, and Ms. Varsha Hemanshu Shah, will continue to hold a significant stake post-issue, demonstrating their confidence in the company’s future:

Pre-Issue Shareholding: 100%
Post-Issue Shareholding: 73.68%

Financial Performance at a Glance

Examining the company’s financial performance provides crucial insights into its health and growth trajectory. Mahendra Realtors & Infrastructure Ltd. has shown commendable growth in recent fiscal years:

Particulars (₹ Crore)	March 31, 2025	March 31, 2024	March 31, 2023
Assets	137.54	93.01	98.21
Total Income	128.69	105.11	66.07
Profit After Tax (PAT)	14.87	11.58	4.04
EBITDA	21.90	17.00	9.04
Net Worth	70.89	56.02	44.44
Total Borrowing	27.81	16.13	43.64

The company demonstrated strong financial growth, with revenue increasing by 22% and Profit After Tax (PAT) rising by 28% between FY2024 and FY2025.

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

These indicators offer a deeper understanding of the company’s efficiency and valuation:

Metric	Value
Return on Equity (ROE)	23.43%
Return on Capital Employed (ROCE)	30.56%
Debt/Equity Ratio	0.22
Return on Net Worth (RoNW)	23.43%
Profit After Tax (PAT) Margin	11.91%
EBITDA Margin	17.55%
Price to Book Value	2.08
Market Capitalization	₹187.88 Cr

Earnings and Valuation Snapshot:

Metric	Pre-IPO	Post-IPO
Earnings Per Share (EPS)	₹8.55	₹6.73
Price-to-Earnings (P/E) Ratio	9.94x	12.64x

Note: Pre-IPO EPS is based on pre-issue shareholding and latest FY earnings (Mar 31, 2025). Post-IPO EPS is calculated based on post-issue shareholding and annualized FY earnings (Mar 31, 2025).

Purpose of the Public Offering

The capital raised through this IPO will be strategically utilized to fuel the company’s ongoing operations and expansion plans. The primary objectives include:

Meeting Working Capital Requirements: A significant portion of the net proceeds, approximately ₹30.40 crores, is earmarked to support the company’s day-to-day operational needs, ensuring smooth execution of projects.
General Corporate Purposes: Funds will also be allocated for various general corporate activities, providing flexibility for strategic initiatives and unforeseen contingencies.
Covering Issue Expenses: A portion of the proceeds will be used to cover the costs associated with the IPO itself.

Navigating the Investment Terrain: A SWOT Perspective

Understanding a company’s strengths, weaknesses, opportunities, and threats is vital for any potential investor. Here’s a brief SWOT analysis for Mahendra Realtors & Infrastructure Ltd.:

Strengths:

Diverse Service Portfolio: Offering a wide range of services from structural repair to corporate interiors reduces dependence on a single revenue stream.
Strong Government Client Base: A track record with government departments and public organizations indicates reliability and access to large-scale projects.
Established Operational History: Over 15 years in the business with a high project completion rate signals experience and capability.
Consistent Financial Growth: Demonstrated increase in revenue and profit after tax over recent fiscal years.
Experienced Promoter Group: Stability and continuity in leadership.

Weaknesses:

SME Platform Listing: Listing on the SME platform might entail lower liquidity compared to main board listings.
Project Concentration Risk: While diversified geographically, a significant portion of revenue might still depend on a few large projects or government tenders.
Working Capital Intensive: The nature of construction and infrastructure projects typically requires substantial working capital, as reflected in the IPO objectives.
Reliance on Key Personnel: Success heavily depends on the expertise and relationships of key management and technical personnel.

Opportunities:

Growing Infrastructure Sector: India’s continuous focus on infrastructure development presents a vast pipeline of new projects.
Urbanization Trends: Increasing urbanization drives demand for structural repairs, maintenance, and corporate real estate development.
Government Initiatives: ‘Smart Cities’ and other public sector infrastructure thrusts can open doors to more lucrative contracts.
Expansion into New Geographies/Services: Leveraging existing expertise to venture into new regions or specialized service areas.

Threats:

Intense Competition: The construction and infrastructure sector is highly competitive, with numerous organized and unorganized players.
Economic Slowdowns: Economic downturns can lead to reduced government spending and private sector investment in infrastructure.
Regulatory Changes: Changes in government policies, environmental regulations, or licensing requirements can impact project timelines and costs.
Commodity Price Volatility: Fluctuations in prices of raw materials like steel, cement, etc., can affect project profitability.
Timely Payment Delays: Delays in payments from clients, especially government entities, can impact cash flow and working capital.

Your Path to Participation

For those interested in applying to the Mahendra Realtors & Infrastructure IPO, the process is streamlined and primarily digital. You can apply online through your existing brokerage account using either the UPI (Unified Payments Interface) or ASBA (Application Supported by Blocked Amount) methods.

Seamless Application Process (Example using a popular platform):

Many brokerage platforms offer a straightforward way to apply for IPOs:

Access your brokerage account’s online portal or app.
Navigate to the ‘IPOs’ or ‘Invest in IPOs’ section.
Locate the ‘Mahendra Realtors IPO’ and initiate your bid.
Input your UPI ID, the desired quantity of shares (in multiples of the lot size), and your bid price (either the cut-off price or a specific price within the band).
Confirm your application.
Approve the payment mandate request that appears on your UPI app (e.g., Google Pay, PhonePe, BHIM) within the stipulated timeframe.

Ensure your Demat account is linked and active before applying.

Key Contacts for Your Information

For official inquiries and investor relations, you can reach out to the company or the IPO registrar:

Company Contact:

Mahendra Realtors & Infrastructure Ltd.
603, Quantum Tower, Ram Baug, Opp Dal Mill, Off S.V. Road, Malad (West), Mumbai, Maharashtra, 400064
Phone: +91 9082850343
Email: info@mripl.net
Website: http://www.mripl.net/

Registrar Information:

The registrar manages the IPO application process and share allotment:

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

The issue’s lead manager is Fast Track Finsec Pvt Ltd.

Conclusion

The Mahendra Realtors & Infrastructure Ltd. IPO represents an exciting opportunity for investors looking to tap into India’s growing infrastructure and construction narrative. With a robust project pipeline, consistent financial performance, and a clear vision for growth, the company appears well-positioned to leverage the ongoing development in the sector.

As with any investment, it’s crucial to perform your own thorough due diligence. Review the official offer documents, understand the risks involved, and align your decision with your personal investment goals and risk tolerance. The public market offers a dynamic platform for growth, and staying informed is your best tool for making sound financial choices.

Disclaimer: This blog post is for informational purposes only and should not be construed as investment advice. Investing in IPOs and the stock market involves risks, and potential investors should consult with a qualified financial advisor before making any investment decisions. The information presented is based on data available as of the date of publication and may be subject to change.

August 9, 2025

Icodex Publishing Solutions Limited

Icodex Publishing Solutions IPO: Your Comprehensive Guide to This Upcoming Opportunity

The Indian market is buzzing with new investment opportunities, and the upcoming Initial Public Offering (IPO) of Icodex Publishing Solutions Limited is certainly one to watch. As a company at the intersection of technology and scholarly publishing, Icodex is stepping into the public domain, inviting investors to be a part of its growth story. This detailed guide will walk you through everything you need to know about their IPO, from their business model to key financial metrics and the application process.

Unveiling Icodex Publishing Solutions: A Deep Dive into Their Business

Established in 2018, Icodex Publishing Solutions Limited stands out by focusing on software product development specifically for scholarly publishing. They are innovators in creating tools that support the entire publishing lifecycle, from manuscript preparation to the final print and digital distribution of academic content. Beyond software, Icodex also provides crucial Business Process Management (BPM) services, including quality assurance, editorial support, and essential back-end IT services for global publishing clients.

Core Business Segments:

Software Product Development – Publishing & Other Industries: Offers Software-as-a-Service (SaaS) solutions for the publishing sector, encompassing automation, ERP management, and custom software tailored for authors, publishers, and peer reviewers.
Business Process Management for the Publishing Industry: Provides vital backend support, including AI-driven quality checks, overall BPM, print distribution, invoice processing, and editorial services.
Application Support and IT Management: Delivers technical support and comprehensive IT services, from infrastructure and server management to setting up and configuring IT systems for clients.

Competitive Strengths:

Deep domain expertise in scholarly publishing.
A seasoned and experienced management and leadership team.
Strong, established relationships with existing clientele.
Offers end-to-end solutions across the publishing ecosystem.
Operates on a technology-focused business model.

As of January 31, 2025, the company boasted a dedicated team of 116 employees.

Decoding the Icodex IPO: Essential Offering Details

The Icodex Publishing Solutions IPO is a book-built issue aiming to raise ₹42.03 crores. Here’s a quick overview of the key offering details:

Detail	Information
Face Value	₹10 per share
Issue Price Band	₹98 to ₹102 per share
Lot Size	1,200 Shares
Sale Type	Fresh Capital-cum-Offer for Sale
Total Issue Size	41,20,800 shares (aggregating up to ₹42.03 Cr)
Listing At	BSE SME
Net Offered to Public	39,14,400 shares (aggregating up to ₹39.93 Cr)

Your IPO Journey: Key Dates to Remember

Understanding the IPO timeline is crucial for any potential investor. Mark your calendars for these important dates:

Open Date

Aug 11, 2025

Close Date

Aug 13, 2025

Allotment

Aug 14, 2025

Refunds/Demat

Aug 18, 2025

Listing Date

Aug 19, 2025

Crafting Your Investment: Understanding Lot Sizes

For the Icodex Publishing Solutions IPO, investors can bid for a minimum of 2,400 shares and then in multiples of 1,200 shares. The investment requirement varies based on the investor category:

Investor Category	Minimum Lots	Minimum Shares	Minimum Amount
Individual Investors (Retail)	2	2,400	₹2,44,800
Small HNI (S-HNI)	3	3,600	₹3,67,200
Big HNI (B-HNI)	9	10,800	₹11,01,600

Share Reservation Breakdown:

Investor Category	Shares Offered	Percentage (%)
Market Maker	2,06,400	5.01%
Qualified Institutional Buyers (QIB)	1,08,000	2.62%
Non-Institutional Investors (NII / HNI)	19,03,200	46.19%
Retail Individual Investors (RII)	19,03,200	46.19%
Total Shares Offered	41,20,800	100.00%

A Look Under the Hood: Icodex’s Financial Performance

Icodex Publishing Solutions has demonstrated robust financial growth in recent years. A closer look at their restated financials reveals a positive trend:

Historical Financial Snapshots (Amount in ₹ Crore):

Period Ended	31 Mar 2025	31 Mar 2024	31 Mar 2023
Assets	24.75	10.67	5.85
Total Income	22.08	10.99	9.72
Profit After Tax (PAT)	8.96	4.40	1.81
EBITDA	13.43	4.26	1.95
Net Worth	19.05	8.59	4.19
Total Borrowing	2.99	0.88	0.02

The company’s revenue impressively increased by 101%, and Profit After Tax (PAT) surged by 104% between March 31, 2024, and March 31, 2025, indicating strong operational efficiency and growth.

Key Financial Metrics: What the Numbers Say (as of March 31, 2025):

Metric	Value
Return on Equity (ROE)	47.51%
Return on Capital Employed (ROCE)	110.07%
Debt/Equity Ratio	0.16
Return on Net Worth (RoNW)	47.02%
Profit After Tax (PAT) Margin	40.56%
EBITDA Margin	61.39%
Price to Book Value	14.25
Market Capitalization	₹159.50 Cr
EPS (Pre-IPO)	₹7.32
EPS (Post-IPO)	₹5.73
P/E (Pre-IPO)	13.94x
P/E (Post-IPO)	17.81x

Leadership & Ownership: Promoter Stake

The company’s strategic direction is guided by its promoters, Kamalakkannan Govindaraj and Chetan Shankaralal Soni. Their pre-issue shareholding stands at 88.24%. The post-issue shareholding will be calculated considering the equity dilution from the IPO.

Charting the Future: Utilization of IPO Proceeds

Icodex Publishing Solutions plans to strategically deploy the net proceeds from this IPO to fuel its expansion and operational requirements. The key objectives include:

Purchase of New Office Premises: A significant portion, ₹16.70 crores, is earmarked for acquiring new office space to accommodate growth.
Hardware for New Office: ₹1.12 crores will be invested in necessary hardware for the new premises.
Working Capital Requirement: ₹5.20 crores will be utilized to strengthen the company’s working capital needs, ensuring smooth day-to-day operations.
General Corporate Purpose: Funds will also be allocated for general corporate purposes, allowing flexibility for future initiatives.

Strategic Insights: A SWOT Analysis

To provide a holistic view, let’s analyze Icodex Publishing Solutions through a SWOT lens, considering its position in the market and future potential:

Strengths:

Niche Market Expertise: Specialization in scholarly publishing technology provides a strong competitive edge in a focused segment.
Integrated Solutions: Offering both software products and BPM services creates a comprehensive value proposition for clients.
Experienced Leadership: A seasoned management team suggests robust strategic planning and execution capabilities.
Scalable Technology Platform: A SaaS-based model potentially allows for efficient scaling of operations and client acquisition.

Weaknesses:

Dependence on Publishing Sector: While specialized, this could limit diversification and make them susceptible to downturns in the publishing industry.
Brand Recognition: As an SME, building broader brand awareness beyond its niche might require significant marketing efforts.
Talent Retention: In a competitive tech landscape, attracting and retaining skilled software developers and IT professionals can be a challenge.

Opportunities:

Digital Transformation in Publishing: Increasing global shift towards digital content and automation presents significant growth avenues.
AI and Machine Learning Integration: Further leveraging advanced technologies can enhance product offerings and operational efficiency.
Geographic Expansion: Potential to expand client base beyond current global reach into untapped markets.
Diversification of Services: Exploring adjacent industries or expanding service offerings within the tech/BPM space.

Threats:

Intense Competition: Facing competition from both established and emerging tech solutions providers in the publishing domain.
Technological Obsolescence: Rapid advancements in technology require continuous R&D investment to remain competitive.
Economic Downturns: Reduced discretionary spending by publishers could impact service demand.
Data Security & Privacy Concerns: Handling sensitive scholarly data necessitates robust cybersecurity measures, with potential reputational and financial risks if breached.

Connecting with Icodex & Key Facilitators

For those interested in delving deeper or needing assistance with the IPO process, here are the contact details for Icodex Publishing Solutions and the key entities facilitating the IPO:

Icodex Publishing Solutions Ltd. Contact:

Address: 102, First Floor, Suman Business Park, Kalyani Nagar, Viman Nagar, Pune, Maharashtra, 411014
Phone: +91 8856907928
Email: cs@icodexsolutions.com

The IPO’s Guiding Hands: Registrar and Lead Manager:

Registrar: Cameo Corporate Services Limited
- Phone: +91-44-28460390
- Email: ipo@cameoindia.com
Lead Manager: Indcap Advisors Pvt. Ltd.
Market Maker: Giriraj Stock Broking Private Limited

Navigating Your Application: How to Participate

Applying for an IPO has become increasingly streamlined. You can participate in the Icodex Publishing Solutions IPO through various online methods:

UPI (Unified Payments Interface): Many brokerage platforms offer UPI as a convenient payment gateway for IPO applications. Simply link your UPI ID, enter your bid details, and approve the mandate from your UPI app.
ASBA (Application Supported by Blocked Amount): If you prefer applying through your bank, most banks offer ASBA services via their net banking portals. Your application amount is blocked in your account and only debited upon allotment.
Brokerage Platforms: Leading stockbrokers generally provide user-friendly online portals or mobile apps for IPO applications. These platforms simplify the process, often integrating UPI or ASBA for payment.

Remember to check with your specific bank or brokerage for their exact application steps and deadlines.

Is This Opportunity for You? A Concluding Perspective

The Icodex Publishing Solutions IPO presents an interesting proposition, especially for those looking to invest in a niche technology segment with strong growth demonstrated in recent financials. The company’s focus on software and BPM for scholarly publishing positions it well within a specialized and evolving market.

As with any investment, it’s essential to conduct your own thorough research (due diligence). Evaluate the company’s long-term vision, the competitive landscape, and your own investment goals and risk tolerance. Consider consulting with a financial advisor to determine if this IPO aligns with your broader investment strategy. This IPO could be a valuable addition to a diversified portfolio, but an informed decision is always the best decision.

August 9, 2025

Medistep Healthcare Limited

Unlocking Potential: A Deep Dive into the Medistep Healthcare IPO

The Indian primary market is buzzing, and the Small and Medium Enterprises (SME) segment continues to offer exciting opportunities for investors. Among the upcoming offerings, Medistep Healthcare Limited is poised to make its debut. This blog post provides a comprehensive analysis of the Medistep Healthcare IPO, offering insights into its business, financial health, and the details crucial for potential investors.

■ IPO Snapshot: Medistep Healthcare at a Glance

Medistep Healthcare’s initial public offering is a fixed-price issue aiming to raise capital for its growth initiatives. Here’s a quick overview of the key particulars:

Detail	Information
Issue Type	Fixed Price IPO
Issue Size	37.44 lakh shares (aggregating up to ₹16.10 Crores)
Offer Type	Entirely a Fresh Issue
Face Value	₹10 per share
Issue Price	₹43 per share
Listing At	NSE SME

■ Decoding the IPO Journey: The Timeline

Understanding the IPO timeline is crucial for every investor to plan their application and track the process. From the bidding window to allotment and eventual listing, here’s the tentative schedule for Medistep Healthcare IPO:

Interactive IPO Timeline: From Open to Listing

IPO Open
Aug 8, 2025 IPO Close
Aug 12, 2025

Allotment
Aug 13, 2025

Share Credit
Aug 14, 2025 Listing
Aug 18, 2025

Event	Tentative Date
IPO Open Date	Friday, August 8, 2025
IPO Close Date	Tuesday, August 12, 2025
Tentative Allotment Date	Wednesday, August 13, 2025
Initiation of Refunds	Thursday, August 14, 2025
Credit of Shares to Demat Account	Thursday, August 14, 2025
Tentative Listing Date	Monday, August 18, 2025
Cut-off time for UPI mandate confirmation	5 PM on August 12, 2025

■ Understanding Your Investment: Lot Size and Application

For SME IPOs, the investment structure revolves around lot sizes. Here’s what retail and High Net Worth Individual (HNI) investors need to know about the minimum and maximum application amounts for Medistep Healthcare IPO:

Application Category	Lots (Minimum)	Shares (Minimum)	Amount (Minimum)
Individual Investors (Retail)	2	3,000	₹1,29,000
HNI Investors	5	7,500	₹3,22,500

Retail investors can apply for a maximum of 4 lots (9,000 shares) amounting to ₹3,87,000. All bids must be in multiples of 1,500 shares.

■ Subscription Breakdown: How Shares Are Allocated

The total issue of 37.44 lakh shares is strategically allocated among different investor categories, ensuring broad participation. Here’s how the shares are reserved:

Investor Category	Shares Offered	Percentage (%)
Market Maker	1,89,000	5.05%
Non-Institutional Investors (NII / HNI)	17,76,000	47.44%
Retail Individual Investors (RII)	17,79,000	47.52%
Total Shares Offered	37,44,000	100.00%

■ Company at a Glance: Medistep Healthcare’s Business & Strengths

Established in June 2023, Medistep Healthcare Limited is a pharmaceutical entity with a diverse product portfolio. The company focuses on manufacturing sanitary pads and energy powder, alongside trading various pharmaceutical, nutraceutical, intimate care, and surgical products. Their commitment lies in maintaining quality and expanding their product range.

Key Product Offerings:

Sanitary Pads: Producing high-quality feminine hygiene products under the ‘DRYSTEP’ brand.
Energy Powder: Manufacturing ‘VITASTEP Z’ energy supplements.
Pharmaceutical Products: Engaging in the trading of essential pharmaceutical items.
Nutraceutical Products: Offering products that combine nutrition and pharmaceuticals for overall wellness.
Intimate Care and Hygiene Products: Providing a range of personal hygiene solutions.
Surgical Products: Supplying necessary tools and equipment to medical professionals.

Competitive Strengths:

Experienced Promoters and a competent Management Team.
Focus on maximizing resources for quality supply and achieving cost savings through economies of scale.
Diversified product offerings, including both manufacturing and trading segments.

■ Financial Health Check: A Look at Medistep’s Performance

Medistep Healthcare has shown a promising financial trajectory over the past few years, reflecting growth in its operations. Let’s delve into the numbers that highlight the company’s fiscal health:

Between the financial year ending March 31, 2024, and March 31, 2025, the company’s revenue increased by a significant 57%, while its Profit After Tax (PAT) saw a rise of 42%.

Restated Standalone Financial Information (Amounts in ₹ Crore)

Period Ended	31 Mar 2025	31 Mar 2024	31 Mar 2023
Assets	22.99	14.96	14.66
Total Income	49.66	31.63	27.74
Profit After Tax (PAT)	4.14	2.91	0.92
EBITDA	5.60	3.96	1.34
Net Worth	16.83	11.69	1.07
Reserves and Surplus	6.37	6.79	–
Total Borrowing	0.64	0.33	0.53

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

The market capitalization of Medistep Healthcare IPO is ₹61.10 Crores.

KPI	Values
Return on Equity (ROE)	29.06%
Return on Capital Employed (ROCE)	38.91%
Return on Net Worth (RoNW)	29.06%
Profit After Tax (PAT) Margin	8.35%
EBITDA Margin	11.27%
Price to Book Value	2.67

Earnings and Valuation Snapshot:

Pre-IPO EPS: ₹3.96
Post-IPO EPS: ₹2.92
Pre-IPO P/E Ratio: 10.86x
Post-IPO P/E Ratio: 14.74x

*Note: The Post-IPO EPS is calculated based on the post-issue shareholding and annualized FY earnings as of March 31, 2025.

■ Meet the Visionaries: Promoter Shareholding

The leadership team behind Medistep Healthcare consists of experienced individuals guiding the company’s strategic direction. The promoters are Girdhari Lal Prajapat, Dabhi Vipul Gobarbhai, Prajapati Hetalben Girdharilal, and Jagdish Prajapati.

Holding Stage	Percentage (%)
Shareholding Pre-Issue	93.62%
Shareholding Post-Issue	68.96%

This change reflects the dilution due to the fresh issue of shares, a common occurrence in IPOs.

■ Purpose of the Public Offering: Unpacking the IPO Objectives

The capital raised through this IPO will be strategically deployed to fuel Medistep Healthcare’s expansion plans and operational requirements, strengthening its market position. The net proceeds are proposed to be utilized for the following key objectives:

S.No.	Objects of the Issue	Expected Amount (₹ in crores)
1	Funding of capital expenditure towards purchase of plant and machineries for expansion at the existing manufacturing facility	0.51
2	Working Capital requirements	12.34
3	General Corporate Purpose	1.64

A significant portion of the funds is allocated towards working capital, which is crucial for managing day-to-day operations and facilitating business growth.

■ SWOT Analysis: Assessing Medistep Healthcare’s Potential

A SWOT analysis provides a balanced perspective on a company’s internal capabilities and external environment. Here’s a look at Medistep Healthcare’s strengths, weaknesses, opportunities, and threats:

Strengths (S)

Experienced promoters and management team.
Diverse product portfolio (sanitary pads, energy powder, pharmaceutical, nutraceutical, intimate, and surgical products).
Demonstrated revenue and PAT growth in recent financial years.
Commitment to quality and cost efficiency through economies of scale.

Weaknesses (W)

Relatively new incorporation (June 2023), limited operational history as a public entity.
Significant reliance on working capital requirements for issue objectives.
Smaller employee base, potentially indicating reliance on outsourced or daily-wage labor.
Some products are traded, not solely manufactured, potentially affecting margins.

Opportunities (O)

Growing Indian healthcare and pharmaceutical market.
Increasing demand for hygiene and wellness products.
Potential for further product line expansion and market penetration.
Ability to leverage capital from IPO for accelerated growth.

Threats (T)

Intense competition from established players in the pharmaceutical, FMCG, and healthcare sectors.
Regulatory changes in the pharmaceutical and healthcare industry.
Fluctuations in raw material prices and supply chain disruptions.
Reliance on market makers for liquidity post-listing, common for SME IPOs.

■ Connecting with Medistep: Contact & Key Facilitators

For any queries related to the company or the IPO process, here are the essential contacts:

Medistep Healthcare Ltd. Contact Details:

Address: 05, S. No-245/B, Plot-19, T.P.S. 56, Free Way Trade Center, Nr.A-One Hotel N.H.-8, Narol Gam, Narol Daskroi, Ahmedabad, Gujarat, 382405
Phone: +91 87808 46963
Email: Info@medistephc.com
Website: medistephc.com

IPO Registrar:

The registrar is responsible for managing the IPO application and allotment process efficiently.
Cameo Corporate Services Limited
Phone: +91-44-28460390
Email: ipo@cameoindia.com

Lead Manager:

The lead manager guides the company through the IPO process, ensuring compliance and market readiness.
Fast Track Finsec Pvt Ltd

August 6, 2025

Star Imaging & Path Lab Limited

Star Imaging IPO: A Detailed Look into the Diagnostic Healthcare Offering

The Indian healthcare sector continues its robust growth trajectory, driven by increasing health awareness and demand for quality diagnostic services. Against this backdrop, Star Imaging & Path Lab Ltd. is poised to enter the public market with its Initial Public Offering (IPO). This comprehensive guide delves into the specifics of this upcoming offering, providing potential investors with a clear picture of the company, its financials, and the key details of the IPO.

Spotlight on Star Imaging & Path Lab Ltd.

Established in 2004, Star Imaging & Path Lab Ltd. has built a reputation as a comprehensive diagnostic service provider. The company’s core mission revolves around delivering accurate and timely medical test reports to support effective diagnosis and treatment. With a strong network and a focus on advanced technology, they serve both individual patients and healthcare institutions across various regions.

Services Portfolio:

Radiology: Offering a range of imaging services including Digital X-rays, Mammography, advanced CT scans, and 4D & 5D ultrasound services.
Pathology: Specializing in crucial laboratory tests such as Haematology, Microbiology, PCR (polymerase chain reaction), and Histopathology.
General Diagnostics: Providing a spectrum of routine and specialized testing services.

Distinguishing Strengths:

The company prides itself on several key competitive advantages:

Precision Diagnostics: A commitment to delivering highly accurate test results.
Specialized Expertise: A team of experienced medical professionals ensuring quality service.
Rigorous Procedures: Adherence to proper sample collection and processing protocols for reliable outcomes.

As of late 2024, Star Imaging & Path Lab Ltd. employs over 200 full-time professionals, including their executive directors, underscoring their operational capacity.

Decoding the IPO: Essential Offering Details

The Star Imaging IPO is structured as a book-building issue, aiming to raise a significant sum to fuel its expansion and operational needs. Here’s a breakdown of the key elements:

Issue Overview:

Detail	Description
IPO Dates	August 8, 2025 to August 12, 2025
Face Value	₹10 per share
Price Range	₹135 to ₹142 per share
Minimum Lot Size	1,000 shares
Issue Type	Book-building IPO
Listing Platform	BSE SME Exchange

Overall Issue Size:

The total offering comprises 48,92,000 shares, aggregating up to ₹69.47 Crores. This includes a mix of:

Fresh Issuance: 39.20 lakh shares (approx. ₹55.66 Crores) to raise new capital for the company.
Offer for Sale (OFS): 9.72 lakh shares (approx. ₹13.80 Crores) by existing shareholders.

A portion of the shares (4,80,000 shares, worth ₹6.82 Cr) is reserved for the market maker, Share India Securities Limited.

IPO Timeline: A Key Dates Guide

Understanding the IPO schedule is crucial for potential investors to plan their applications and track progress.

Open: Aug 8, 2025

Close: Aug 12, 2025

Allotment: Aug 13, 2025

Listing: Aug 18, 2025

Key Intermediaries:

Book-Running Lead Manager: Share India Capital Services Private Limited
Registrar to the Issue: Kfin Technologies Limited
Market Maker: Share India Securities Limited

Financial Performance Review & Valuation Insights

A look at Star Imaging & Path Lab Ltd.’s recent financial results provides a crucial perspective on its operational health and growth trajectory.

Growth Trends (Consolidated Figures):

The company has demonstrated consistent growth, with revenue increasing by 5% and profit after tax (PAT) seeing a significant 28% rise between the fiscal years ending March 31, 2024, and March 31, 2025.

Financials (₹ Crore)	Mar 31, 2025	Mar 31, 2024	Mar 31, 2023
Assets	98.16	81.64	61.23
Total Income	83.79	79.97	58.68
Profit After Tax (PAT)	15.96	12.45	0.58
EBITDA	28.60	22.34	5.81
Net Worth	47.15	31.35	18.93
Reserves and Surplus	33.65	29.85	17.43
Total Borrowing	32.73	30.64	26.56

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

These ratios offer deeper insights into the company’s efficiency, profitability, and financial leverage:

Metric	Value
Return on Equity (ROE)	40.65%
Return on Capital Employed (ROCE)	29.92%
Debt/Equity Ratio	0.69
Return on Net Worth (RoNW)	40.65%
PAT Margin	19.10%
EBITDA Margin	34.22%
Price to Book Value	4.07

The market capitalization of Star Imaging IPO at the upper price band stands at approximately ₹247.36 Crores.

Earnings and Valuation Multiples:

Analyzing the Earnings Per Share (EPS) and Price-to-Earnings (P/E) ratio provides a quick glance at the company’s valuation in relation to its earnings.

Metric	Pre-IPO	Post-IPO
EPS (₹)	11.82	9.16
P/E (x)	12.01	15.5

Note: Pre-IPO EPS is based on pre-issue shareholding and latest FY earnings (March 31, 2025). Post-IPO EPS is calculated based on post-issue shareholding and annualized FY earnings (March 31, 2025).

Investor Categories & Application Details

The IPO has specific allocations for different investor segments, along with minimum and maximum application sizes for retail and High Net Worth Individuals (HNIs).

Reservation Structure:

Investor Category	Allocation (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%

Minimum & Maximum Investment per Application:

The lot size for an application is 1,000 shares. Here’s how investment amounts vary by investor type:

Investor Type	Lots (Min)	Shares (Min)	Amount (Min)
Retail Individual Investors (RII)	2	2,000	₹2,84,000
Small HNI (S-HNI)	3	3,000	₹4,26,000
Big HNI (B-HNI)	8	8,000	₹11,36,000

The maximum investment for a Retail investor is 2,000 shares (₹2,84,000). For S-HNI, the maximum is 7,000 shares (₹9,94,000).

Strategic Use of Capital: IPO Objectives

The funds raised through this IPO are earmarked for several key initiatives, aiming to bolster the company’s operations and future growth.

The net proceeds from the issue will be primarily utilized for:

Meeting Working Capital Needs: Approximately ₹25.00 Crores will be allocated to support day-to-day operational requirements.
Debt Reduction: Around ₹12.00 Crores is planned for the repayment or prepayment of existing company borrowings, strengthening the balance sheet.
Capital Expenditure: An investment of ₹5.14 Crores is dedicated to purchasing refurbished medical equipment for existing facilities, enhancing service capabilities.
General Corporate Purposes: Remaining funds will be used for various strategic initiatives, including business development, technology upgrades, and other general corporate needs.

Founders’ Stake and Dilution

The promoters of Star Imaging & Path Lab Ltd. are Mr. Pawan Gupta and Ms. Chhaya Gupta. Their stake in the company will see a change post-IPO due to the fresh issue of shares.

Holding Stage	Percentage
Pre-Issue Shareholding	100%
Post-Issue Shareholding	71.92%

This indicates an equity dilution of approximately 28.08% post-IPO.

Strategic Outlook: A SWOT Analysis

Understanding the internal strengths and weaknesses, alongside external opportunities and threats, provides a holistic view of Star Imaging & Path Lab Ltd.’s market position.

Strengths:

Established Market Presence: Over two decades of experience in the diagnostic sector, building trust and a client base.
Comprehensive Service Offering: A wide range of radiology and pathology tests under one roof attracts diverse patient needs.
Advanced Technological Infrastructure: Utilization of modern equipment for accurate and efficient diagnostic services.
Skilled Professional Team: Experienced medical personnel contribute to service quality and reliability.

Weaknesses:

Capital Intensive Business: High costs associated with acquiring and maintaining advanced diagnostic equipment.
Competition from Larger Chains: Facing intense competition from well-established national and regional diagnostic chains with deeper pockets and wider reach.
Dependency on Referrals: Significant portion of business may rely on doctor referrals, making client acquisition strategies crucial.
Regulatory Compliance: Adherence to evolving healthcare regulations can pose operational challenges and costs.

Opportunities:

Growing Healthcare Expenditure: Increasing public and private spending on healthcare in India, especially diagnostics.
Rising Health Awareness: Greater emphasis on preventive healthcare and early diagnosis drives demand for diagnostic tests.
Technological Advancements: Scope for adopting AI, machine learning, and automation for improved efficiency and new service offerings.
Expansion Potential: Opportunities to expand geographical reach or specialize in niche diagnostic areas.

Threats:

Intense Competition and Price Pressure: High competition could lead to pricing wars, impacting profit margins.
Economic Slowdown: Economic downturns might reduce discretionary healthcare spending by individuals.
Technological Obsolescence: Rapid advancements in medical technology necessitate continuous investment to stay competitive.
Data Security and Privacy Concerns: Handling sensitive patient data requires robust cybersecurity measures and compliance with data protection laws.

Connecting with Star Imaging & Path Lab Ltd.

Company Contact Information:

Address: 4B/4, Tilak Nagar, Near Sant Pura, Tilak Nagar West Delhi, New Delhi, New Delhi, 110018
Phone: +91 9990019189
Email: cs@starimaging.in
Website: https://www.starimaging.in/

IPO Registrar Details:

For any queries related to share allotment or other IPO-related processes, Kfin Technologies Limited is the official registrar.

Phone: 04067162222, 04079611000
Email: sipll.ipo@kfintech.com
Website: https://kosmic.kfintech.com/ipostatus/

Participating in the IPO: A General Guide

Investors keen on applying for the Star Imaging IPO can typically do so online through their brokerage accounts. The most common methods are:

UPI (Unified Payments Interface): Many brokers offer IPO applications via UPI, where you link your bank account for payment.
ASBA (Application Supported by Blocked Amount): This method is available through your bank’s net banking portal, where the application amount is blocked in your account but not debited until allotment.

The general steps involve logging into your trading account’s IPO section, selecting the Star Imaging IPO, entering your bid details (quantity and price), and approving the payment mandate.

Final Takeaways: Considerations for Potential Investors

The Star Imaging & Path Lab Ltd. IPO presents an opportunity to invest in a growing diagnostic healthcare company. The company’s consistent financial performance, strategic utilization of IPO proceeds for expansion and debt reduction, and its position in a high-demand sector are noteworthy.

However, like all investments, it comes with inherent risks. Prospective investors should carefully evaluate the company’s financials, understand the competitive landscape of the diagnostic industry, and consider the broader market conditions. It is always advisable to conduct thorough due diligence and consult with a financial advisor to align the investment with individual risk tolerance and financial goals before making any investment decisions.

August 5, 2025

ANB Metal Cast Limited IPO

Decoding the ANB Metal Cast IPO: An In-depth Analysis

Unveiling the ANB Metal Cast IPO: A Comprehensive Investment Overview

The Indian primary market is buzzing, and the upcoming ANB Metal Cast IPO is set to capture investor attention. This SME IPO offers a unique opportunity to participate in the growth story of a company specializing in high-quality aluminum extrusions. But what exactly does ANB Metal Cast do, and what should potential investors know before considering an application? Let’s dive deep into the details, financials, and strategic outlook of this exciting public offering.

Company Overview: Shaping the Future with Aluminum

Incorporated in March 2019, ANB Metal Cast Limited has quickly established itself as a manufacturer of high-quality aluminum extrusion products. Their versatile offerings cater to a wide array of industries, showcasing their adaptability and market relevance.

Core Operations and Product Portfolio:

Manufacturing Expertise: The company specializes in producing a comprehensive range of aluminum extrusion products, including essential components like motor bodies, various profiles, round bars, and specialized solar profiles.
Architectural Solutions: They also provide crucial elements for construction and design, such as railings and sliding windows, highlighting their presence in the architectural sector.
Diverse Offerings: Beyond core extrusions, their product line extends to hardware items, engineering products, kitchen profiles, and standard aluminum extrusion forms like channels, sections, flat bars, and tubes.
Industry Reach: ANB Metal Cast serves critical sectors including electronics, automotive, mechanical, solar, and architectural industries, demonstrating a broad market footprint.
Geographical Presence: Their products are distributed across several Indian states, including Delhi, Gujarat, Haryana, Karnataka, Maharashtra, Rajasthan, and Tamil Nadu.
Manufacturing Hub: The company operates a dedicated 50,000 sq. ft. manufacturing unit in Rajkot, Gujarat, focusing on both aluminum extrusions and non-ferrous metal alloys.

Key Strengths & Growth Drivers

ANB Metal Cast’s success is underpinned by several key strengths that position it for continued growth and resilience in the competitive manufacturing landscape.

Extensive Product Diversity: A broad portfolio allows them to cater to varied customer needs and reduce dependence on a single product segment.
Customization Prowess: The ability to offer tailored solutions provides a significant competitive edge, attracting a wider client base.
Robust Supply Chain Relations: Strong ties with raw material suppliers ensure consistent quality and timely procurement, crucial for uninterrupted production.
Optimized Resource Utilization: Efficient management of resources contributes to operational effectiveness and cost control.
Strict Quality Control: A stringent quality assurance framework ensures consistent product standards, building customer trust and brand reputation.

ANB Metal Cast IPO: Snapshot for Investors

Understanding the core details of the IPO is crucial for any potential investor. Here’s a quick look at the key parameters:

Detail	Description
IPO Type	Book Building SME IPO
Issue Size	32,00,000 equity shares (aggregating up to ₹49.92 Crores)
Sale Type	Entirely a Fresh Issue
Face Value	₹10 per share
Price Range	₹148 to ₹156 per share
Listing Exchange	NSE SME
Market Maker Reservation	2,00,000 shares (aggregating up to ₹3.12 Cr) for Pure Broking Private Limited
Net Offer to Public	30,00,000 shares (aggregating up to ₹46.80 Cr)

Investment Timeline: Key Dates to Remember

Timing is everything in an IPO. Here’s the tentative schedule for the ANB Metal Cast IPO, from application to listing:

Aug 8, 2025

IPO Open

Aug 12, 2025

IPO Close

Aug 13, 2025

Tentative Allotment

Aug 14, 2025

Shares to Demat

Aug 18, 2025

Tentative Listing

Please note that all dates are tentative and subject to change.

Application Details & Lot Sizes

For retail investors, understanding the minimum and maximum investment requirements is key.

Application Category	Minimum Lots	Minimum Shares	Minimum Amount	Maximum Lots	Maximum Shares	Maximum Amount
Individual Investors (Retail)	2	1,600	₹2,49,600	2	1,600	₹2,49,600
Small HNI (S-HNI)	3	2,400	₹3,74,400	8	6,400	₹9,98,400
Big HNI (B-HNI)	9	7,200	₹11,23,200	–	–	–

Investors can apply for the IPO using either UPI or ASBA as a payment method, simplifying the application process through various brokers and bank platforms.

Financial Performance Overview

ANB Metal Cast has demonstrated robust financial growth in recent years, reflecting its operational efficiency and market demand for its products.

Restated Financial Highlights (Amount in ₹ Crores):

Period Ended	31 Mar 2025	31 Mar 2024	31 Mar 2023
Assets	98.05	63.58	44.02
Total Income	162.64	112.15	84.28
Profit After Tax (PAT)	10.25	5.34	1.85
EBITDA	17.47	10.71	3.15
Net Worth	33.97	10.67	5.37
Reserves and Surplus	25.33	7.67	2.37
Total Borrowing	34.33	34.13	15.92

The company’s revenue increased by an impressive 45% and profit after tax (PAT) soared by 92% between the financial years ending March 31, 2024, and March 31, 2025, indicating strong operational leverage and market expansion.

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

KPI	Value
Return on Equity (ROE)	45.91%
Return on Capital Employed (ROCE)	24.13%
Debt/Equity Ratio	1.01
Return on Net Worth (RoNW)	45.91%
Profit After Tax (PAT) Margin	6.30%
EBITDA Margin	10.74%
Price to Book Value	3.72

The market capitalization of ANB Metal Cast IPO is ₹184.62 Crores at the upper price band.

Earnings and Valuation:

Metric	Pre IPO	Post IPO
EPS (Rs)	11.87	8.66
P/E (x)	13.15	18.02

Note: The Pre-IPO EPS is based on pre-issue shareholding and FY25 earnings. Post-IPO EPS is based on post-issue shareholding and annualized FY25 earnings.

Leadership & Shareholding Structure

The company’s strong foundation is built on its leadership and a clearly defined shareholding structure.

Promoter: The company is promoted by Avnishkumar Dhirajlal Gajera.

Promoter Holding:

Holding Type	Percentage
Pre-Issue Shareholding	91.49%
Post-Issue Shareholding	(To be calculated based on equity dilution)

IPO Reservation Categories:

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

Strategic Utilization of Funds (Issue Objectives)

ANB Metal Cast Limited intends to utilize the net proceeds from this public offering for strategic initiatives aimed at bolstering its manufacturing capabilities and ensuring sustained growth.

Capital Expenditure for Expansion: A significant portion (₹13.70 Crores) is earmarked for expanding existing manufacturing facilities. This includes constructing additional floor space and installing new plant and machinery to enhance production capacity.
Long-Term Working Capital: Approximately ₹21.50 Crores will be used to partly fund the company’s long-term working capital requirements, ensuring smooth day-to-day operations and facilitating future growth.
General Corporate Purposes: The remaining funds will be allocated for general corporate needs, providing flexibility for various business operations and unforeseen requirements.

Key Intermediaries

The IPO process is facilitated by experienced financial entities:

Book-Running Lead Manager: Sun Capital Advisory Services (P) Ltd
Registrar to the Issue: Kfin Technologies Limited
Market Maker: Pure Broking Private Limited

Company Contact Details:

ANB Metal Cast Ltd.
Riverwave Off. No 9, 8th Floor, Near Lords Pradhyuman,
Kalawad Road, Rajkot, Gujarat, 360005
Phone: 98255 98259
Email: cs@anbmetalcast.com
Website: https://anbmetalcast.com/

Strategic Insights: SWOT Analysis

A comprehensive look at ANB Metal Cast’s internal and external factors provides a clearer picture for investors.

Strengths:

Diverse Product Range: Caters to multiple industries, reducing dependency on a single sector.
Strong Financial Growth: Significant revenue and PAT growth demonstrate operational efficiency.
Customization Capabilities: Ability to meet specific client needs adds value and market differentiation.
Robust Manufacturing Base: A dedicated, well-equipped facility in a strategic location (Rajkot, Gujarat).
Quality Focus: Stringent quality control ensures high standards and customer satisfaction.

Weaknesses:

Dependence on Raw Material Prices: Volatility in aluminum prices could impact profitability margins.
Competition: Operating in a competitive market with both organized and unorganized players.
Scalability Challenges: Scaling up operations rapidly might require significant capital injection and resource management.

Opportunities:

Growing End-User Industries: Increasing demand from the automotive, solar, and construction sectors in India.
Government Initiatives: “Make in India” and infrastructure development drives can boost demand for aluminum extrusions.
Expansion into New Geographies: Potential to tap into unexplored markets within India or even explore export opportunities.
Product Innovation: Developing new or specialized extrusion profiles for emerging applications.

Threats:

Economic Downturns: A general slowdown in the economy could reduce industrial and construction activity, affecting demand.
Regulatory Changes: New environmental or industrial regulations could increase compliance costs.
Technological Disruption: Emergence of alternative materials or manufacturing processes could pose a long-term challenge.

Conclusion: A Look Ahead for ANB Metal Cast

The ANB Metal Cast IPO presents an intriguing proposition for investors seeking exposure to the manufacturing sector, particularly in aluminum extrusions. The company’s impressive financial performance, diverse product portfolio, and clear objectives for utilizing the IPO proceeds suggest a strong growth trajectory. While the SME platform inherently carries higher risk, the company’s demonstrated strengths and strategic plans for expansion could be compelling factors for consideration. As with any investment, a thorough review of the RHP and careful consideration of one’s investment objectives and risk appetite are essential before making a decision.

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