Category: SME IPO

Dudani Retail

Comprehensive Guide to Dudani Retail IPO – Publiclisting.in

Dudani Retail IPO: In-Depth Analysis, Dates, and Investment Prospects

The Small and Medium Enterprise (SME) segment of the stock market is gearing up for a promising entry with the upcoming initial public offering of Dudani Retail Ltd. Scheduled to open for subscription in late September 2026, this fixed-price issue presents an intriguing opportunity for investors looking to diversify their portfolios within the retail and apparel sector.

This comprehensive post delves into the core business model of Dudani Retail, breaks down the offering’s essential metrics, evaluates the company’s financial health, and provides a structured timeline of events. Let us explore everything you need to know to make an informed investment decision.

Corporate Overview: What Does Dudani Retail Do?

Established towards the end of 2015, Dudani Retail Ltd. has carved out a distinct niche in the Indian apparel and lifestyle market. The enterprise operates a multi-faceted business model encompassing design, manufacturing, sourcing, and distribution.

In-House Brands: The flagship brand, “Divena,” specializes in women’s ethnic and fusion wear, offering products such as kurtas, co-ord sets, sarees, and dresses. Additionally, the company trades men’s wear under “Millennial Men” and personal care items under “Cosse.”
B2B Licensed Manufacturing: Beyond retail, the company manufactures apparel on a just-in-time basis for leading lifestyle e-commerce labels, including Roadster, Anouk, Kalini, and others.
Quick-Commerce Integration: Dudani Retail has established a supply arrangement with a prominent quick-commerce platform, operating on a sell-or-return basis.
Manufacturing Infrastructure: The core manufacturing facility is located in Jaipur, Rajasthan, handling cutting, stitching, and quality control, while specialized processes like embroidery and dyeing are outsourced to trusted third-party vendors.

Key Offering Metrics and Details

The upcoming public issue is a 100% fresh issue of equity shares, aimed at raising capital to fuel the company’s next phase of growth. Below is a structured breakdown of the critical offering parameters.

Parameter	Detail
Issue Type	Fixed Price Issue
Total Issue Size	36,36,000 Equity Shares (Aggregating up to ₹11 Crores)
Face Value	₹10 per share
Issue Price	₹29 per share
Listing Exchange	BSE SME
Market Maker Reservation	1,84,000 shares (₹0.53 Cr approx.)
Net Offer to Public	34,52,000 shares (₹10.00 Cr approx.)

Important Dates & Listing Timeline

Timely action is crucial in SME public issues due to their fast-paced nature. Below is the tentative timeline outlining the subscription window through to the official listing day.

Issue Opens

Sep 25, 2026

Issue Closes

Sep 29, 2026

Basis of Allotment

Sep 30, 2026

Refunds Initiated

Oct 1, 2026

Shares to Demat

Oct 1, 2026

Listing Day

Oct 5, 2026

Event Category	Tentative Date
Bidding Opens	Friday, September 25, 2026
Bidding Closes	Tuesday, September 29, 2026
Allotment Finalization	Wednesday, September 30, 2026
Refund Processing	Thursday, October 1, 2026
Credit of Shares	Thursday, October 1, 2026
Market Listing	Monday, October 5, 2026

Investment Thresholds: Lot Sizes and Quotas

In the SME market, retail investors must adhere to specific lot sizes. A unique aspect of this particular offering is the minimum investment threshold set for retail participants.

Investor Category	Minimum Lots	Shares	Investment Amount
Retail Investors (Min & Max)	2 Lots	8,000 Shares	₹2,32,000
High Net-Worth Individuals (HNI)	3 Lots	12,000 Shares	₹3,48,000

Allocation Strategy: The net offer of 34,52,000 shares is distributed almost equally among investors. Retail Individual Investors (RII) have a reservation of 50.06% (17,28,000 shares), while Non-Institutional Investors (NII/HNI) are allocated 49.94% (17,24,000 shares).

Financial Health and Valuation Metrics

A thorough analysis of financial stability is paramount. Over the past three fiscal years, Dudani Retail has shown a slight contraction in top-line revenue but has managed to improve its bottom-line profitability, indicating better margin management.

Restated Financial Summary (₹ in Crores)

Financial Metric	FY Ending Mar 2026	FY Ending Mar 2025	FY Ending Mar 2024
Total Assets	17.01	14.28	10.59
Total Revenue/Income	24.59	25.29	25.13
Profit After Tax (PAT)	1.90	1.78	0.99
Net Worth	10.30	8.40	6.62
Total Borrowings	4.82	4.03	3.53

Core Performance Indicators (As of Mar 2026)

The company reflects strong internal return metrics, showcasing efficient capital utilization.

Valuation/Performance Metric	Figure
Return on Equity (ROE)	18.46%
Return on Capital Employed (ROCE)	25.88%
Debt to Equity Ratio	0.47
PAT Margin	7.73%
Pre-IPO Price-to-Earnings (P/E)	10.28x
Post-IPO Price-to-Earnings (P/E)	15.85x

Objectives of the Capital Raise

The management plans to deploy the anticipated ₹10.54 Crores in net proceeds strategically to scale operations and manage liabilities:

Working Capital Requirements (₹3.97 Cr): Securing day-to-day operational fluidity.
Debt Reduction (₹3.00 Cr): Pre-payment or repayment of outstanding financial obligations.
Strategic Initiatives (₹1.50 Cr): Earmarked for brand building, marketing, potential joint ventures, and corporate exigencies.
Capital Expenditure (₹0.79 Cr): Upgrading machinery and expanding the current manufacturing facility.
Issue-Related Expenses (₹1.29 Cr): Covering regulatory, marketing, and professional advisory fees.

Management and Promoter Holding

The company is steered by promoters Akshay Dudani and Charu Dudani. Prior to the public issue, the promoters command a 100% stake in the business. Post-issue, this ownership will be diluted to 64.99%, ensuring that the founders retain a strong controlling interest, aligning their goals with prospective shareholders.

SWOT Analysis of Dudani Retail

To provide a well-rounded perspective, here is an objective assessment of the company’s market positioning:

Strengths

Diversified presence across in-house brands and B2B licensed manufacturing.
Asset-light model implemented for specific segments like men’s and personal care.
Robust multi-channel distribution network including giants like Amazon, Myntra, and Flipkart.

Weaknesses

Slight year-over-year dip in top-line revenue (down 3% from Mar 2025 to Mar 2026).
Heavy reliance on third-party processors for critical value-add operations like dyeing and printing.

Opportunities

Rapid expansion of the quick-commerce sector offers a massive new avenue for fast-moving retail.
Upgrading manufacturing capability post-issue can lead to better margin realization.

Threats

Intense competition in the unorganized and organized Indian ethnic wear market.
Vulnerability to sudden policy shifts or algorithm changes by major e-commerce partners.

Intermediaries and Contact Details

For official inquiries, document submissions, or allotment status checks, investors should refer to the designated authorities:

Lead Manager: Finshore Management Services Ltd.
Market Maker: Prabhat Financial Services Ltd.
Registrar to the Issue: Maashitla Securities Pvt. Ltd. (Contact: 011-45121795 | Email: investor.ipo@maashitla.com)
Company Address: Dudani Retail Ltd., F-93, 3rd Floor, Kartarpura Industrial Area, 22 Godam, Jaipur, Rajasthan – 302006.

Concluding Thoughts

The Dudani Retail offering brings forth an established participant in the dynamic apparel e-commerce ecosystem. With a healthy return on capital, consistent profitability despite a marginal revenue plateau, and a clear roadmap for capital deployment, the company appears geared for its next growth chapter. By minimizing debt and investing in strategic brand building, the business is positioning itself to capitalize on India’s booming digital retail market.

As always, participating in SME market offerings requires a clear understanding of the higher investment thresholds and liquidity constraints. Investors are encouraged to review their portfolio allocations and align this opportunity with their broader financial strategies.

September 23, 2026

Sai Urja Indo Ventures

Sai Urja Indo Ventures IPO: In-Depth Analysis & Details – Publiclisting.in

Sai Urja Indo Ventures IPO: Comprehensive Guide, Financials, and Market Analysis

Welcome to the ultimate investment guide by Publiclisting.in. Industrial support services and maintenance are the unsung heroes of manufacturing and power generation. Entering the public market to expand its operations is Sai Urja Indo Ventures Ltd. With consistent revenue growth and a substantial order book, this upcoming BSE SME listing has caught the attention of market participants.

In this detailed blog post, we will unpack everything you need to know about the Sai Urja Indo Ventures IPO—from the core business model and financial health to issue objectives, critical dates, and a strategic SWOT analysis to help you make an informed decision.

Company Overview: What Does Sai Urja Indo Ventures Do?

Established in 2012, Sai Urja Indo Ventures Limited specializes in Operation and Maintenance (O&M) and holistic support services for heavy industrial plants. The company caters predominantly to the power generation sector, alongside iron & steel, and agrochemicals.

Their service portfolio is broad and highly technical, encompassing the following domains:

Operations Management: Running critical plant infrastructure such as Coal Handling Plants (CHP), Merry-Go-Round (MGR) railway systems, and Boiler-Turbine-Generator (BTG) units.
Maintenance Protocols: Handling electrical networks, mechanical machinery, and intricate Control & Instrumentation (C&I) setups. This includes predictive, preventive, and breakdown maintenance.
Ancillary Support: Providing industrial housekeeping, capital equipment overhauls (Annual and Capital), and deploying skilled manpower.

With a robust workforce of 1,969 employees, the company manages both short-term assignments and multi-year maintenance contracts. As of mid-2026, their forward-looking visibility remains strong with 17 ongoing projects (worth ₹71.65 Crores pending execution) and an additional 4 uncommenced projects (valued at ₹25.36 Crores).

Key Offering Insights (IPO Parameters)

The company is initiating a Book Built Issue to raise ₹24.95 Crores, strategically combining a fresh issue of shares with an Offer for Sale (OFS) from existing promoters. The shares will be listed on the BSE SME platform.

Parameter	Details
Issue Type	Book Built SME IPO
Total Issue Size	22,08,000 Shares (Approx. ₹24.95 Crores)
Fresh Issue	18,29,000 Shares (Approx. ₹20.67 Crores)
Offer for Sale (OFS)	3,79,200 Shares (Approx. ₹4.28 Crores)
Face Value	₹10 per Share
Price Band	₹107 to ₹113 per Share
Listing Exchange	BSE SME
Post-Issue Market Cap	₹86.32 Crores (at the upper price band)

Important Dates & Timeline

Timing is critical in initial public offerings. Keep track of the essential dates below. The subscription window is active for a brief period in late September 2026.

Subscription Opens

Sep 25, 2026

Subscription Closes

Sep 29, 2026

Basis of Allotment

Sep 30, 2026

Refunds & Demat Credit

Oct 1, 2026

Listing Date

Oct 5, 2026 (Tentative)

Event	Scheduled Date
Opening Date	Friday, September 25, 2026
Closing Date	Tuesday, September 29, 2026
Allotment Finalization	Wednesday, September 30, 2026
Initiation of Refunds	Thursday, October 1, 2026
Shares Credited to Demat	Thursday, October 1, 2026
Official Listing Date	Monday, October 5, 2026

Investment Lot Sizes

Investments in SME IPOs are made in predefined “lots”. For Sai Urja Indo Ventures, a single lot consists of 1,200 shares. Retail and High Net-Worth Individuals (HNIs) must adhere to specific minimum and maximum limits.

Investor Category	Minimum Lots	Total Shares	Investment Amount (at ₹113)
Retail (Minimum & Maximum)	2 Lots	2,400 Shares	₹2,71,200
Small HNI (Minimum)	3 Lots	3,600 Shares	₹4,06,800
Small HNI (Maximum)	7 Lots	8,400 Shares	₹9,49,200
Big HNI (Minimum)	8 Lots	9,600 Shares	₹10,84,800

Financial Health & Track Record

A quick glance at the company’s financial trajectory shows robust top-line and bottom-line growth over the past three fiscal cycles. From FY24 to FY26, total income has almost doubled, while the Profit After Tax (PAT) has tripled, showcasing strong margin realization and effective capital deployment.

Financial Metric (₹ in Crores)	FY 2024	FY 2025	FY 2026
Total Assets	13.95	21.11	24.25
Total Revenue	45.88	65.82	85.64
EBITDA	2.93	5.14	6.51
Profit After Tax (PAT)	1.39	3.13	4.19
Net Worth	4.72	7.76	12.20
Total Borrowings	2.15	5.35	7.18

Valuation Indicators (As of FY26)

Return on Equity (ROE): 42.44%
Return on Capital Employed (ROCE): 50.66%
Debt-to-Equity Ratio: 0.59
PAT Margin: 4.98%
Pre-IPO Price to Earnings (P/E): 20.96x

Purpose of the Issue (Object of Funds)

Understanding where a company channels investor money is vital. Sai Urja Indo Ventures plans to utilize the net proceeds of the fresh issue strategically:

Working Capital Requirements: ₹8.00 Crores to manage daily operations and fund ongoing massive projects seamlessly.
Debt Reduction: ₹6.60 Crores will be directed toward the repayment or prepayment of outstanding loans, reducing financial leveraging and interest burdens.
General Corporate Purposes: The balance will serve broader organizational goals and contingencies.

Strategic SWOT Analysis

To provide a well-rounded perspective, here is an objective evaluation of the company’s internal and external market positioning.

Strengths

Diverse Service Portfolio: Offering end-to-end O&M services ensures they are a one-stop-shop for heavy industrial clients.
Solid Order Book: Visibility of future revenues is secured through repeat client orders and long-term contracts.
Scalable Workforce: A substantial team of nearly 2,000 personnel allows for immediate deployment on complex projects.

Weaknesses

Sector Concentration: Heavy reliance on the power and iron/steel sectors makes revenue susceptible to downturns in those specific industries.
Capital Intrinsic Needs: Continuous requirement for working capital to float large industrial tenders.

Opportunities

Infrastructure Boom: Ongoing industrialization and infrastructure development initiatives in the country provide a massive pipeline for O&M operators.
Cross-Industry Expansion: Potential to branch into new heavy industries like petrochemicals and large-scale manufacturing.

Threats

Intense Competition: The industrial support sector features several established unorganized and organized players.
Economic Cycles: Industrial shutdowns or slowdowns due to macroeconomic factors directly impact O&M budgets.

Promoter Holding & Management

The company is propelled by the leadership of Mr. Harsh Ajaykumar Mittal and Mr. Santosh Ajay Kumar Mittal. Before the issue, the promoters held a commanding 92.87% of the company’s shares. Post-listing, this equity stake will adjust to a still-majority 65.67%, allowing ample public float while retaining strong founder skin-in-the-game.

Shareholding Category	Pre-IPO Stake	Post-IPO Stake
Promoters & Promoter Group	92.87%	65.67%
Public Ownership	7.13%	34.33%

Key Intermediaries & Contact Details

Entity	Details
Lead Manager	Shannon Advisors Pvt. Ltd.
Registrar to the Issue	Maashitla Securities Pvt. Ltd. (Email: investor.ipo@maashitla.com)
Market Maker	Prabhat Financial Services Ltd.
Registered Office	UG-2 Office Floor, J. K. Complex, Nanaji Nagar, Nagpur Road, Chandrapur, Maharashtra – 442401

Final Thoughts

The Sai Urja Indo Ventures Ltd IPO presents an opportunity to gain exposure to the growing industrial maintenance and operations sector. The company has demonstrated impressive financial scaling, boasting high ROCE and manageable debt levels. The funds acquired will further fuel their working capital needs and lighten the balance sheet through debt repayment. As always, potential investors should weigh the steady order book against the inherent risks of sector dependency.

Stay informed with accurate, actionable market insights here at Publiclisting.in. Ensure you perform your independent due diligence and align your investments with your personal risk appetite.

September 21, 2026

Roopa Screen

Roopa Screen IPO Review 2026: Dates, Financials, and Complete Analysis

Roopa Screen IPO: Complete Review, Subscription Dates, and Business Analysis

The Small and Medium Enterprise (SME) sector continues to bring compelling investment opportunities to the forefront. One of the latest entrants looking to make its mark on the BSE SME platform is Roopa Screen Limited. Preparing for its initial public offering in late September 2026, the company is aiming to raise ₹19.20 crores entirely through a fresh issue of shares.

In this comprehensive guide, we will analyze the fundamental aspects of the Roopa Screen IPO. From understanding the core business operations and financial health to exploring the exact subscription timeline and lot sizes, this article provides investors with the essential insights required to make an informed market decision.

Company Overview: What Does Roopa Screen Do?

Established in 2013, Roopa Screen Ltd operates within the specialized industrial manufacturing sector. The firm is primarily engaged in the production of rotary nickel screens. These perforated, cylindrical metal screens function as crucial stencils inside rotary screen-printing machinery, heavily utilized by the textile manufacturing industry for continuous and precise fabric pattern printing.

To support its core manufacturing process, the company also actively trades in nickel cathodes, ensuring a steady, cost-optimized supply of the most vital raw material required for their production cycles.

Key Product Lines Include:

Delta Screens: Engineered for high-definition prints.
Penta Screens: Designed for specialized printing requirements.
Standard Screens: The versatile choice for daily textile operations.
Nova Screens: Advanced screens for intricate textile designs.

Market Reach: Operating heavily on a Business-to-Business (B2B) model, the company served over 200 customers across India during Fiscal 2026, with a dominant market presence in Gujarat, Maharashtra, Haryana, Punjab, and Tamil Nadu. Operations are centralized at their facility in Sanand, Ahmedabad.

IPO Schedule and Timeline Tracker

The subscription window for the offering remains open for a brief period. Below is the complete schedule from the opening date through to the final market debut.

IPO Progress Timeline

Issue OpensSep 24, 2026

Issue ClosesSep 28, 2026

AllotmentSep 29, 2026

Refunds/CreditSep 30, 2026

Market ListingOct 1, 2026

Key IPO Specifications

Understanding the structure of the IPO is critical. Roopa Screen’s offering is structured as a Book Built Issue with shares priced in a specific bracket.

Specification	Details
Issue Type	Bookbuilding IPO
Total Issue Size	30,00,000 Equity Shares (Approx. ₹19.20 Cr)
Face Value	₹10 per share
Price Band	₹60 to ₹64 per share
Listing Exchange	BSE SME
Retail Allocation	35.13% of Net Offer
QIB Allocation	49.82% of Net Offer (includes Anchor Investors)
Market Maker Reservation	2,10,000 Shares

Investment Requirements (Lot Size)

For standard retail investors and High Net-worth Individuals (HNIs), the exchange mandates specific lot sizes. A single lot constitutes 2,000 shares, but the minimum bidding requirement for retail investors is set at 2 lots (4,000 shares).

Investor Category	Minimum Lots	Total Shares	Investment Amount (at Upper Price)
Retail Individual (Min/Max)	2 Lots	4,000	₹2,56,000
Small HNI (Min)	3 Lots	6,000	₹3,84,000
Small HNI (Max)	7 Lots	14,000	₹8,96,000
Big HNI (Min)	8 Lots	16,000	₹10,24,000

Primary Objectives of the Issue

The capital generated from this public offering (excluding issue expenses) is earmarked strategically to fuel the company’s next phase of growth. The management has outlined the following capital deployment plan:

Manufacturing Expansion (₹9.90 Cr): Funding capital expenditure for the setup and operationalization of a brand-new manufacturing facility.
Working Capital (₹6.00 Cr): Injecting liquidity to manage day-to-day operations and manage inventory smoothly.
General Corporate Purposes: Utilizing the remaining balance for unforeseen corporate expenditures and broad business development.

Financial Performance & Valuations

A closer look at the financial statements reveals a steady upward trajectory in both top-line revenue and bottom-line profit over the last three fiscal years.

Financial Metric (in ₹ Crores)	FY Ended Mar 2024	FY Ended Mar 2025	FY Ended Mar 2026
Total Assets	19.66	22.47	30.00
Total Income (Revenue)	35.85	45.63	51.32
EBITDA	4.24	8.13	10.00
Profit After Tax (PAT)	1.50	4.69	6.48
Total Net Worth	5.21	9.89	16.37

Key Performance Indicators (As of FY26)

Return on Equity (ROE): 49.37%
Return on Capital Employed (ROCE): 39.33%
Debt to Equity Ratio: 0.45
PAT Margin: 12.78%
Post-IPO P/E Ratio: 10.92x (Reasonable valuation compared to historical industry peers)

Promoter Holding & Management

The company is steered by experienced promoters with a deep understanding of the industrial textile supply chain. The core promoter group consists of Ghanshyambhai Ranchhodbhai Thakkar, Kunal Ghanshyambhai Thakker, Bhartiben Ghanshyambhai Thakkar, and Preksha Kunal Thakkar.

Pre-Issue Promoter Holding: 87.40%
Post-Issue Promoter Holding: 63.71%

SWOT Analysis of Roopa Screen

Evaluating the internal and external environments provides a balanced view of what the company faces post-listing.

Strengths: Highly integrated in-house manufacturing operations equipped with rigorous quality testing capabilities. A deeply entrenched, long-term relationship with B2B textile customers.
Weaknesses: High dependency on the cyclical nature of the textile industry. Geographic concentration of revenue mainly around western and northern Indian states.
Opportunities: The newly proposed manufacturing facility will significantly ramp up production capacity, allowing the brand to cater to untapped domestic and international markets.
Threats: Susceptibility to the volatile pricing of raw materials, specifically global nickel prices. Intense competition from both organized and unorganized sector players.

Registrar and Lead Manager Details

Investors requiring assistance regarding application status, allotment, or potential refund issues can contact the officially appointed registrar.

Entity	Contact Information
Lead Manager	Seren Capital Private Limited
Registrar to the Issue	Bigshare Services Pvt. Ltd. Email: ipo@bigshareonline.com
Company Registered Office	6, Sudama Estate, Behind Swastik Bansidhar, Narol, Ahmedabad, Gujarat – 382405 Email: info@roopaindia.in

Conclusion

The Roopa Screen IPO presents a classic SME growth story. By transitioning from a privately held entity to a publicly traded company on the BSE SME board, the firm is securing the capital needed to double down on its manufacturing capabilities. With robust financials demonstrating consistent revenue growth and excellent Return on Equity (ROE), the company appears fundamentally sound.

However, potential investors must weigh these strengths against the inherent risks tied to raw material price volatility and sectoral dependencies. As always, reviewing personal risk appetite and market conditions is highly recommended before participating in any SME public offering.

September 21, 2026

Himalayan Solar

Himalayan Solar IPO: In-Depth Analysis, Dates, Financials, and Market Potential

Complete Blueprint of the Himalayan Solar IPO: Opportunities, Risks & Financials

Welcome to Publiclisting.in! The renewable energy sector in India is witnessing a historic transformation, fueled by both government initiatives and increasing environmental awareness. Aligning with this sustainable growth, Himalayan Solar Ltd. is preparing to hit the primary market with its much-anticipated SME IPO.

Whether you are evaluating the company for long-term wealth creation or eyeing potential listing gains, understanding the granular details of this offering is essential. In this comprehensive guide, we dissect the core operations of Himalayan Solar, the strategic objectives behind their ₹68.03 crore IPO, intrinsic financial health, and everything an informed investor needs to know before the subscription window opens.

1. Business Operations & Industry Footprint

Incorporated in 2015, Himalayan Solar Limited has rapidly established itself as a provider of turnkey solar energy solutions. The company manages the entire lifecycle of solar projects—ranging from initial design and manufacturing to supply, on-site installation, and final commissioning.

Primary Business Verticals:

Solar Water Pumping Systems: This remains their core focus. The company has a proven track record, implementing over 61,000 HP capacity of solar water pumping solutions across government-backed projects, with plans to scale this to 1,00,000 HP by the end of FY 2025-26.
Solar Inverter Charge Systems: Catering to domestic and commercial power backup requirements using clean energy.
Solar Rooftop Power Systems: Delivering integrated grid and off-grid rooftop solutions.

With a dedicated workforce of 64 employees (as of August 2025) and deep-rooted relationships with government bodies across multiple states, the firm holds a competitive edge in securing and executing large-scale renewable energy contracts.

2. Fundamental Details of the Offering

The Himalayan Solar IPO is designed as a book-built issue aiming to raise a total of ₹68.03 Crores. This total comprises a fresh issue of equities intended to infuse capital directly into the company, alongside a minor Offer for Sale (OFS) segment to facilitate partial exits for existing stakeholders.

Parameter	Detail
IPO Type	Bookbuilding SME IPO
Total Issue Size	66,04,800 shares (Aggregating up to ₹68.03 Cr)
Fresh Issue	58,91,000 shares (Aggregating up to ₹60.68 Cr)
Offer for Sale (OFS)	7,14,000 shares (Aggregating up to ₹7.35 Cr)
Face Value	₹10 per equity share
Price Band	₹98 to ₹103 per share
Listing Exchange	NSE SME
Market Maker Reservation	3,31,200 shares

3. IPO Timetable & Critical Dates

Timing is everything in the stock market. Below is the projected timeline for the Himalayan Solar IPO. Make sure to keep your funds ready and mark your calendars to avoid missing the subscription window.

Issue Opens

Fri, Sep 25, 2026

Issue Closes

Tue, Sep 29, 2026

Allotment

Wed, Sep 30, 2026

Refunds/Credit

Thu, Oct 1, 2026

Listing Date

Mon, Oct 5, 2026

4. Lot Sizes & Investment Thresholds

To participate in this SME IPO, investors must bid for a minimum specific quantity of shares known as a “Lot.” It is vital to note that unlike mainstream IPOs, SME IPOs demand a higher minimum capital outlay.

Investor Category	Minimum Lots	Total Shares	Investment Amount (at Upper Band ₹103)
Retail Individual Investors (IND)	2 Lots	2,400 Shares	₹2,47,200
Small HNI (S-HNI) Minimum	3 Lots	3,600 Shares	₹3,70,800
Small HNI (S-HNI) Maximum	8 Lots	9,600 Shares	₹9,88,800
Big HNI (B-HNI) Minimum	9 Lots	10,800 Shares	₹11,12,400

Allocation Breakdown: 50.04% of the net issue is reserved for Retail Investors, 29.95% for High Net-Worth Individuals (NII/HNI), and the remaining portion is allocated to Qualified Institutional Buyers (QIB).

5. Financial Performance & Valuation

A closer look at the restated financials reveals that Himalayan Solar has experienced immense growth over the past three fiscal cycles. From FY 2023 to FY 2025, revenue has almost tripled, and Profit After Tax (PAT) has witnessed exponential growth, signaling strong operational efficiency and robust market demand.

Financial Metric (₹ in Crores)	31 Mar 2023	31 Mar 2024	31 Mar 2025
Total Assets	32.54	84.14	93.83
Total Revenue / Income	47.62	138.65	143.14
EBITDA	2.26	7.83	23.58
Profit After Tax (PAT)	0.58	4.94	15.85
Net Worth	5.39	10.33	25.87
Total Borrowings	18.99	23.54	26.95

Key Performance Indicators (As of Mar 2025)

ROCE (Return on Capital Employed): An impressive 61.28%, showing excellent utilization of capital.
RoNW (Return on Net Worth): 44.81%, reflecting strong profitability for equity shareholders.
EBITDA Margin: 16.55%.
Debt to Equity Ratio: 1.04, indicating a balanced leverage profile.
P/E Ratio: 10.54 (Pre-IPO) and 14.37 (Post-IPO), positioning the stock at a reasonable valuation against industry peers.
Market Capitalization post-issue: Approximately ₹227.73 Crores.

6. Strategic Utilization of IPO Funds

The capital generated via the fresh issue component (net of IPO expenses) will be strategically deployed to enhance the company’s manufacturing throughput and streamline its balance sheet:

Working Capital Optimization (₹24.59 Cr): To fund day-to-day operations seamlessly and manage the cash flow cycles required for large government contracts.
Capital Expenditure (₹12.98 Cr): Focused on the acquisition of advanced plant and machinery to expand and upgrade their existing manufacturing facilities.
Debt Reduction (₹2.60 Cr): Toward full or partial prepayment of certain outstanding borrowings, lowering interest burdens.
General Corporate Purposes: Supporting overheads, unforeseen contingencies, and holistic business development.

7. SWOT Analysis of Himalayan Solar

To provide a balanced perspective, here is a breakdown of the company’s strategic position in the market.

Strengths

Deep-rooted expertise in turnkey Solar PV Module manufacturing.
Robust order book providing future revenue visibility.
Strong footholds in government-backed renewable energy projects across various states.
Highly experienced promoter and management team.

Weaknesses

Heavy reliance on government tenders which can involve prolonged payment cycles.
Business operations require intensive working capital.
Concentration risk if operations remain limited to specific states.

Opportunities

Government of India’s aggressive push towards green energy and solar initiatives (e.g., PM KUSUM).
Rising awareness and adoption of domestic solar rooftop systems.
Scope for geographical expansion into unpenetrated Indian states.

Threats

Intense competition from organized and unorganized sector players.
Changes in central/state government subsidy policies.
Vulnerability to global supply chain issues for raw materials.

8. Promoter Holdings & Corporate Governance

The foundation of the company is guided by its key promoters: Manjeet Singh, Karthiyani M, Himanshu Dalal, Mehtab Singh, and Anita Kumari. The upcoming IPO includes an OFS by Karthayayini M, offering 7,14,000 shares (₹7.35 Cr).

Pre-Issue Promoter Shareholding: 100.00%
Post-Issue Promoter Shareholding: 70.13%

Retaining over 70% of the equity post-listing demonstrates robust confidence from the founding team in the future trajectory of the business.

9. Administrative Counterparties

For inquiries regarding allotment, demat credits, or refund statuses post-subscription, investors must contact the official registrar to the issue.

Lead Manager	Finshore Management Services Ltd.
Registrar to the Issue	Maashitla Securities Pvt. Ltd. Email: ipo@maashitla.com Phone: 011-45121795
Company Contact	Himalayan Solar Ltd. SCO-411 2nd Floor, Sector 20, Panchkula, Haryana – 134117 Email: cs@himalayansolar.co.in

Conclusion

The Himalayan Solar IPO emerges as a notable opportunity within the expanding Indian renewable energy landscape. Backed by solid financial growth—evidenced by a dramatic rise in revenues and stellar ROCE figures—the company appears well-positioned to capitalize on ongoing governmental clean energy schemes.

However, as is typical with SME IPOs, the larger minimum investment requirement and dependency on government receivables necessitate a measured approach. By utilizing funds primarily for capacity expansion and working capital stabilization, the firm is laying down a concrete foundation for its next phase of growth. Ensure to evaluate your risk appetite and align it with your long-term financial goals before subscribing when the issue opens on September 25, 2026.

September 21, 2026

Bench Mark Infotech Services

Bench Mark Infotech Services IPO: Comprehensive Analysis & Details

Bench Mark Infotech Services IPO: Comprehensive Analysis, Financials & Investment Insights

The digital transformation wave in India continues to gain tremendous momentum, and technology infrastructure companies are at the very heart of this evolution. One such promising player stepping into the primary markets is Bench Mark Infotech Services Ltd.

In this detailed analysis, we will break down the Bench Mark Infotech Services SME IPO, evaluating its business model, financial health, valuation metrics, and the overarching timeline of the public offering to help you navigate your investment strategies efficiently.

1. Business Operations: What Does Bench Mark Infotech Services Do?

Established in 2007, Bench Mark Infotech Services Ltd. operates as a comprehensive IT and digital infrastructure solutions provider. The company executes end-to-end technology infrastructure projects for a diverse clientele that includes government departments, public sector undertakings (PSUs), institutional clients, and private sector enterprises across India.

Their integrated business model covers the entire project lifecycle—from system design and engineering to procurement, installation, and after-sales support. Their core service portfolio includes:

Integrated IT Solutions: Supply, installation, and commissioning of IT infrastructure, networking, audio-visual systems, and surveillance solutions.
Next-Gen Technologies: Execution of cloud computing, virtualization, AI-enabled edge computing infrastructure, and setting up dedicated AI labs with GPU-enabled platforms.
Fiber Optic Infrastructure: Network execution and dark fiber leasing.
Support Services: Annual Maintenance Contracts (AMCs) and facility support.

2. Bench Mark Infotech Services IPO Structure & Details

The company aims to raise capital to fund its operational needs and further its growth ambitions. Here is a clear breakdown of the IPO structure:

Parameter	Offer Details
IPO Type	Book Built Issue (SME)
Total Issue Size	₹42.44 Crores (38,58,000 shares)
Fresh Issue	₹37.40 Crores (34,00,000 shares)
Offer for Sale (OFS)	₹5.04 Crores (4,58,000 shares)
Price Band	₹104 to ₹110 per Equity Share
Face Value	₹10 per share
Listing Exchange	NSE SME

3. IPO Timeline & Application Schedule

Timing is critical when tracking public offerings. Below is the scheduled timeline for the Bench Mark Infotech Services IPO.

IPO Progress Tracker

Status: Allotment Phase

Bid Opens Sep 25, 2026

Bid Closes Sep 29, 2026

Basis of Allotment Sep 30, 2026

Refunds/Credit Oct 1, 2026

Listing Date Oct 5, 2026

4. Lot Size and Investment Requirements

Investors must bid in specific lot sizes. A single lot comprises 1,200 shares. Below are the minimum and maximum investment brackets categorized by investor type (calculated at the upper price band of ₹110):

Investor Category	Minimum Lots	Total Shares	Investment Amount
Retail Individual (Min/Max)	2 Lots	2,400 Shares	₹2,64,000
Small HNI (Min)	3 Lots	3,600 Shares	₹3,96,000
Small HNI (Max)	7 Lots	8,400 Shares	₹9,24,000
Big HNI (Min)	8 Lots	9,600 Shares	₹10,56,000

5. Financial Performance Evaluation

Evaluating historical financial data is crucial to determining the sustainability and profitability of the business. Bench Mark Infotech Services has showcased robust growth over the past three fiscal years.

Financial Metrics (in ₹ Crores)	FY 2024	FY 2025	FY 2026
Total Assets	39.33	60.39	74.05
Total Income (Revenue)	34.76	50.80	63.99
Profit After Tax (PAT)	1.48	5.83	10.22
Net Worth	10.50	16.33	26.55
Total Borrowings	1.41	0.78	2.71

Observation: The company registered an impressive 26% growth in revenue and a stellar 75% surge in Profit After Tax (PAT) between FY 2025 and FY 2026. Moreover, key performance indicators for FY26 are robust, with an ROE of 47.65%, ROCE of 47.74%, and a very healthy Debt-to-Equity ratio of 0.10.

6. Key Objectives of the Issue

The capital raised from the net proceeds of this IPO will primarily be deployed toward strategic and operational goals:

Funding Working Capital Requirements: An estimated ₹30.00 Crores is earmarked to manage the company’s day-to-day operational liquidity, ensuring smooth execution of large-scale IT infrastructure projects.
General Corporate Purposes: Utilizing residual funds to drive corporate flexibility and sustainable growth.

7. Promoters & Shareholding Pattern

The company is steered by experienced promoters Vineet Kumar Gupta and Juli Gupta, who possess over 19 years of industry expertise. An important metric for market observers is the skin in the game maintained by the founding team.

Shareholder Category	Pre-IPO Holding	Post-IPO Holding
Promoter and Promoter Group	99.99%	72.97%
Public Shareholders	0.01%	27.03%

8. SWOT Analysis

A strategic breakdown to map out the potential trajectory of Bench Mark Infotech Services:

Strengths: Highly integrated execution model under a single roof. Long-standing client relationships, especially within government and PSU sectors. Strong financial ratios (low debt and high ROE). Early adoption of Artificial Intelligence (AI) laboratory solutions.
Weaknesses: High working capital requirement inherent to large-scale infrastructure and hardware deployment. Concentration of revenue heavily dependent on consistent order flow from institutional clients.
Opportunities: Rapid digitization mandated by the government across public sector units. The surging demand for cloud storage, AI edge computing, and reliable fiber optic networks across India.
Threats: Intense competition from established IT heavyweights. Rapid technological obsolescence requiring constant capital expenditure to upgrade skillsets and vendor partnerships.

9. Vital Entities & Contact Information

Lead Manager

GYR Capital Advisors Pvt. Ltd.
Responsible for the book-running and structural compliance of the IPO.

Registrar to the Issue

Kfin Technologies Ltd.
Handles allotment mechanics and investor grievances.
Email: benchmarkinfo.ipo@kfintech.com

Company Details

Bench Mark Infotech Services Ltd.
P-118, Swami Swarupananda Sarani, 4th Floor, Kolkata – 700054.
Email: cs@benchmarkinfo.com

Conclusion

The Bench Mark Infotech Services IPO presents a compelling narrative of a company evolving from traditional IT setups into next-generation digital architecture, including AI and edge computing. Supported by formidable financial growth, expanding profit margins, and capable management, the company positions itself well within the growing Indian technology infrastructure space.

As always, investing in SME IPOs involves market volatility and distinct risk profiles. Evaluating your risk appetite, understanding the working capital intensity of the sector, and aligning the investment with your long-term portfolio goals remains the cornerstone of prudent investing.

September 21, 2026

Peshwa Wheat

Peshwa Wheat IPO: Comprehensive Analysis, Dates & Financials

Publiclisting.in

Peshwa Wheat IPO: Comprehensive Analysis, Dates & Financial Overview

The Indian agricultural and food processing sector continues to demonstrate immense resilience and growth, driven by domestic consumption and evolving market demands. Capitalizing on this momentum, Peshwa Wheat Ltd. is stepping into the public market with its upcoming SME Initial Public Offering (IPO).

Targeting to raise approximately ₹54 Crores, this book-built issue is entirely a fresh offering of 52.99 lakh shares. For investors seeking opportunities in the staple food processing industry, this IPO brings a fascinating value proposition. In this comprehensive guide, we will break down everything you need to know—from business operations and critical IPO dates to financial health and a strategic SWOT analysis—to help you make an informed decision.

Company Operations and Business Model

Incorporated in 2023, Peshwa Wheat Ltd. has quickly established itself in the processing and supply of essential wheat-based commodities. The company operates a modern, fully integrated flour processing unit situated in Indore, Madhya Pradesh, boasting a substantial installed capacity of 56,100 Metric Tonnes Per Annum (MTPA).

Core Product Line: The company specializes in processing Atta (wheat flour), Sortex Wheat, Broken Wheat, Gram Flour (Besan), and Maize Flour.
Eco-Friendly Operations: Adhering to a zero-waste and zero-discharge policy, processing by-products like wheat bran are effectively repurposed for cattle feed.
Distribution Channels: Operating primarily in a B2B segment across Madhya Pradesh, Maharashtra, Karnataka, and Gujarat. The products (mainly in 30 kg and 50 kg packaging) reach the market through Super Stockists as well as direct sales to bulk consumers like bakeries, wholesalers, and large restaurants.
Trading Vertical: Aside from flour processing, the company is actively involved in the trading of staple vegetables such as potatoes and tomatoes within Madhya Pradesh.

Important IPO Dates & Subscription Timeline

Timing is crucial when participating in public offerings. Below is the scheduled timeline for the Peshwa Wheat public issue. Make sure to mark these dates to track the subscription and listing progress.

IPO Event Tracker

Issue Opens

Sep 24, 2026

Issue Closes

Sep 28, 2026

Basis of Allotment

Sep 29, 2026

Refunds/Credit

Sep 30, 2026

Listing Date

Oct 1, 2026

Key Offering Information

The pricing and structure of the issue dictate the entry barrier and overall market capitalization post-listing. Here are the core specifications of the IPO:

Attribute	Details
IPO Pricing Band	₹95 to ₹101 per Equity Share
Face Value	₹10 per share
Total Issue Size	52,99,200 shares (Aggregating up to ₹54.00 Cr)
Issue Type	Book Building Route (Fresh Issue entirely)
Listing Platform	BSE SME
Market Maker Allocation	2,95,200 shares (Approx. ₹3 Cr)

Investment Brackets & Application Sizes

To ensure widespread retail participation, the regulator defines specific lot sizes. For this SME IPO, retail investors must apply for a minimum of 2 lots to qualify for the base investment bracket.

Investor Category	Minimum Lots	Total Shares	Investment Amount (at Upper Band)
Retail (Minimum)	2 Lots	2,400 Shares	₹2,42,400
Retail (Maximum)	2 Lots	2,400 Shares	₹2,42,400
Small HNI (Minimum)	3 Lots	3,600 Shares	₹3,63,600
Big HNI (Minimum)	9 Lots	10,800 Shares	₹10,90,800

Strategic Objectives of the Issue

Capital raised from the market will be systematically deployed into the business to ensure sustained growth and capacity enhancement. The projected net proceeds (excluding issue expenses) of approximately ₹38.20 Crores are earmarked for the following:

₹6.69 Crores: Funding capital expenditure for the purchase of new plant and machineries.
₹5.01 Crores: Civil construction to upgrade or expand operational facilities.
₹26.50 Crores: Meeting the escalating working capital requirements of the company.
Balance Amount: Allocated for general corporate purposes and strategic initiatives.

Financial Performance & Metrics

A look at the restated financial records highlights a sturdy growth trajectory. Between FY 2025 and FY 2026, the company witnessed a strong revenue bump of 26%, while its Profit After Tax (PAT) expanded impressively by 34%.

Financial Parameter (in ₹ Crore)	Mar 31, 2024	Mar 31, 2025	Mar 31, 2026
Total Assets	31.17	65.95	80.60
Total Revenue	43.81	171.55	215.96
Profit After Tax (PAT)	5.21	11.84	15.81
EBITDA	6.91	18.05	22.73
Net Worth	15.42	27.26	43.06
Total Borrowings	7.93	22.60	23.74

Key Valuation Indicators (As of FY26)

Return on Equity (ROE): 44.96%
Return on Capital Employed (ROCE): 33.44%
Debt to Equity Ratio: 0.55 (indicates manageable leverage)
Pre-IPO P/E Ratio: 8.77x
Post-IPO P/E Ratio: 12.15x
Post-IPO Market Capitalization: ₹192.18 Crores (at the upper price band)

SWOT Analysis of Peshwa Wheat Ltd.

To present a balanced view, market analysts usually look at the internal and external factors affecting the company. Here is a brief SWOT evaluation:

Strengths: Highly integrated processing facility ensures quality control. Strong financial performance with exceptional ROE (44.96%) and healthy profit margins. The zero-waste policy adds an element of sustainability and cost recovery.
Weaknesses: High dependence on a few regional markets (MP, Maharashtra, Gujarat). A portion of the revenue relies on the trading of highly perishable vegetables, which can have volatile margins.
Opportunities: Proceeds from the IPO will allow for geographic expansion and modernization of machinery, potentially boosting production capacity and efficiency. The rising demand for packaged, hygienic flour presents a massive consumer market to tap into.
Threats: The agribusiness is highly susceptible to climate changes affecting crop yields, resulting in raw material price volatility. Strong competition from major national FMCG brands operating in the staple food sector.

Promoter Holding and Structure

The company is led by an experienced management board, comprising promoters Rahat Ali Saiyed, Sadaf Saiyed, Shehnaj, Mo.Jed, and Riyazuddin Qureshi.

Holding Stage	Promoter & Promoter Group Share	Public Share
Pre-IPO	72.61%	27.39%
Post-IPO	52.39%	47.61%

Important Contact & Management Details

Registered Company Office

Peshwa Wheat Ltd.
308 The One, A Block RNT Marg,
Near Silver Mall, Tukoganj,
Indore, Madhya Pradesh, 452001

Phone: +91 88788 76796
Email: info@peshwawheat.com

Registrar to the Issue

Maashitla Securities Pvt. Ltd.

Phone: 011-45121795
Email: investor.ipo@maashitla.com

Note: The registrar is the main point of contact for resolving allotment, refund, and demat credit queries.

Lead Manager: The book running lead manager overseeing this offering is Finaax Capital Advisors Pvt. Ltd., responsible for navigating regulatory compliance and market positioning.

Conclusion

The upcoming IPO of Peshwa Wheat Ltd. presents an intriguing opportunity in the SME segment. Supported by solid financials, reasonable valuations compared to industry peers, and a clear expansion roadmap, the company is positioning itself for sustained long-term growth. However, given the cyclical nature of the agricultural sector and inherent regional dependencies, potential investors should weigh their risk appetite and conduct thorough due diligence before subscribing.

Keep a close eye on the subscription metrics opening on September 24, 2026, to gauge market sentiment and institutional interest.

September 21, 2026

Green Asia Impex

Green Asia Impex IPO: Comprehensive Analysis & Details – Publiclisting.in

Comprehensive Guide to Green Asia Impex IPO: Business Model, Financials, and Market Analysis

The Indian agricultural and seafood export sector continues to demonstrate robust growth, driven by expanding global demand and improved processing infrastructures. Capitalizing on this thriving market, Green Asia Impex Ltd. is preparing to hit the primary market with its Small and Medium Enterprise (SME) Initial Public Offering (IPO). For investors looking to diversify their portfolios into the agri-commodities and frozen food space, this upcoming public issue presents a unique proposition.

In this detailed analysis, we break down everything you need to know about the Green Asia Impex IPO—from their operational business model and core financial health to critical offering timelines and strategic market positioning.

Understanding the Business Operations

Established in 2014, Green Asia Impex Ltd. has steadily built its reputation in the sourcing, processing, manufacturing, and exportation of premium agricultural commodities. The company operates a well-balanced dual-product strategy focusing primarily on two high-demand categories:

Frozen Seafood (Shrimps): Catering to both domestic and international Business-to-Business (B2B) markets, the company processes Vannamei, Black Tiger, and freshwater shrimp varieties. These are supplied in specialized formats such as Head-On Shell-On (HOSO), Headless Shell-On (HLSO), and Peeled & Deveined (PD).
Agri-Commodities (Dried Chillies): Balancing the seasonality of shrimp harvesting, the company trades and exports renowned Indian chilli varieties including Teja, Guntur Sannam, and Bydagi, matching global demands for specific heat and color profiles.

The company currently operates a semi-automated processing facility in Unguturu, Andhra Pradesh, boasting an installed capacity of 7,200 MTPA for block freezing and 3,600 MTPA for Individual Quick Freezing (IQF). To scale its global footprint, a new, larger facility is planned at Chennayagudem.

Key Offering Specifications

The Green Asia Impex IPO is structured as a book-built issue aimed at raising ₹60.10 crores. The offering includes a strategic mix of fresh equity issuance and an Offer for Sale (OFS) by existing promoters.

Specification Parameter	Details
Total Issue Size	₹60.10 Crores (66,77,777 Shares)
Fresh Issue Component	₹53.10 Crores (59,00,000 Shares)
Offer for Sale (OFS)	₹7.00 Crores (7,77,777 Shares)
Price Band	₹85 to ₹90 per equity share
Face Value	₹10 per share
Issue Type	Bookbuilding SME IPO
Proposed Listing Exchange	NSE SME

Important Dates and Subscription Timeline

Staying informed about the critical dates is vital for prospective bidders. The bidding window remains open for a limited period, followed by rapid processing of allotments and refunds.

Issue Opens

Sep 24, 2026

Issue Closes

Sep 28, 2026

Basis of Allotment

Sep 29, 2026

Refunds / Demat Credit

Sep 30, 2026

Official Listing

Oct 1, 2026

Investment Lot Configurations

Because this is an SME IPO, retail investors cannot bid for single shares. Investments must be made in predefined lot sizes. Below is the breakdown of the minimum and maximum capital requirements across different investor categories, calculated at the upper price band of ₹90.

Investor Category	Minimum Lots	Total Shares	Capital Required (₹)
Retail Individual (Min)	2 Lots	3,200	₹2,88,000
Retail Individual (Max)	2 Lots	3,200	₹2,88,000
Small HNI (Min)	3 Lots	4,800	₹4,32,000
Small HNI (Max)	6 Lots	9,600	₹8,64,000
Big HNI (Min)	7 Lots	11,200	₹10,08,000

Financial Health and Performance Snapshot

A thorough look into Green Asia Impex’s restated consolidated financials reveals a trajectory of consistent growth. Between the financial years ending March 2025 and March 2026, the company recorded a 14% increment in total revenue and a notable 51% surge in Profit After Tax (PAT).

Financial Metric (₹ in Crores)	31 Mar 2024	31 Mar 2025	31 Mar 2026
Total Assets	118.10	177.95	254.88
Total Revenue / Income	318.15	339.65	388.63
EBITDA	17.35	20.74	25.23
Profit After Tax (PAT)	6.66	10.35	15.61
Net Worth	15.46	25.81	24.13
Total Borrowings	63.73	74.92	99.47

Valuation Metrics at a Glance

Pre-IPO EPS: ₹10.10
Post-IPO EPS: ₹7.31
Price to Earnings (P/E) Ratio: Approx. 8.91x (Pre-IPO) and 12.31x (Post-IPO)
Estimated Market Capitalization: ₹192.23 Crores (at the upper price band)
Return on Equity (ROE): 50.16% (as per latest reported KPI)

Core Objectives of the Public Issue

The primary motivation behind entering the public markets is not just providing an exit to promoters but aggressively funding future growth. The net proceeds derived from the fresh issue segment will be strategically deployed as follows:

Capital Expenditure (₹40.03 Crores): Setting up the newly proposed state-of-the-art seafood processing facility in Chennayagudem, which involves the acquisition and installation of modern plant machinery and equipment.
General Corporate Purposes: Utilizing the remaining balance to support day-to-day operations, business development, and working capital requirements.

Ownership and Promoters Structure

The company is steered by experienced promoters, Pasupuleti Venkata Ramarao and Pasupuleti Meenakshi. Their transition from a closely-held entity to a publicly listed one will dilute their holdings, providing retail and institutional investors a chance to participate in the company’s growth story.

Shareholder Category	Pre-IPO Holding (%)	Post-IPO Holding (%)
Promoters & Promoter Group	94.65%	64.87%
Public Investors	5.35%	35.13%

Note: Under the Offer for Sale (OFS), Pasupuleti Venkata Ramarao is diluting shares worth ₹3.70 crores, while Pasupuleti Meenakshi is divesting shares worth ₹3.30 crores.

Strategic SWOT Analysis

Before making any investment application, analyzing the internal and external factors impacting the business is essential.

Strengths

Dual-product portfolio (shrimp and chillies) buffers against seasonal vulnerabilities.
Export-grade facilities compliant with strict international safety standards.
Robust, in-house quality assurance integrated with strong trader networks.

Weaknesses

High dependence on specific geographic regions for procurement.
Total borrowings have increased steadily from ₹63.73 Cr (2024) to ₹99.47 Cr (2026).

Opportunities

Expansion of capacity via the new Chennayagudem facility (adding ~16,200 MTPA).
Increasing global consumption trends for processed and frozen Asian seafood.

Threats

Vulnerability to climate change affecting both agriculture (chillies) and aquaculture (shrimps).
Strict and changing international trade regulations and tariffs on food exports.

Registrar and Corporate Contact Details

For queries related to allotment status, application technicalities, or corporate information, investors can reach out to the official managing entities:

Entity	Contact Information
Registrar to the Issue	Bigshare Services Pvt. Ltd. Email: ipo@bigshareonline.com Phone: +91-8657578989 / 8069219065
Lead Manager	Indorient Financial Services Ltd.
Company Registered Office	Green Asia Impex Ltd. RS.No. 677/2A1, Unguturu (V & M), Eluru District, Andhra Pradesh, 554411 Email: cs@greenasiaimpex.com

Final Thoughts

The Green Asia Impex Ltd. IPO brings an intriguing mix of agriculture and aquaculture exports to the SME board. The company showcases a solid history of revenue and profit generation, paired with a strategic vision for capacity expansion through the funds raised. However, prospective bidders must weigh these positive indicators against the inherent risks associated with high borrowings and the climatic vulnerabilities of the agri-commodity sector. Ensure you thoroughly evaluate your risk appetite and the company’s valuation metrics before participating in the bidding process.

September 21, 2026

Coreintegra Consulting Services

Coreintegra Consulting Services IPO: Comprehensive Analysis & Details

Coreintegra Consulting Services IPO: In-Depth Analysis, Dates, and Review

The human resource technology landscape is evolving rapidly, and companies blending tech innovations with solid HR operations are gaining significant market traction. Coreintegra Consulting Services Ltd. is stepping into the public market with its highly anticipated SME IPO. Designed to raise capital for upgrading technology and expanding leadership, this Book Build issue presents an interesting opportunity for institutional and retail investors alike.

In this comprehensive guide, we will break down the company’s core business, vital IPO metrics, detailed timelines, and financial health to help you make an informed decision.

What Does Coreintegra Consulting Services Do?

Established in 2009, Coreintegra Consulting Services Ltd. has positioned itself as an integrated human resource (HR) solutions provider. The company acts as a one-stop destination for modern enterprises looking to outsource and streamline their workforce management. They operate comprehensively across regulatory compliance, HR technology, and advisory domains.

Key Offerings & Platforms:

HR Tech Solutions: Deployment of proprietary software platforms such as CoreX and Core Pay to streamline day-to-day human resource management and payroll processing.
Reg Tech Solutions: Utilization of platforms like Ctrl-F and Core-PFT designed specifically to manage complex labor law compliances efficiently.
Staffing & Outsourcing: Extensive vendor management, just-in-time hiring, and full-scale payroll outsourcing.
Advisory Services: Specialized guidance in policy drafting, labor compliance, licensing, and general HR consulting.

The business boasts a robust geographic footprint. As of August 2026, Coreintegra caters to more than 600 clients spanning over 30 different industries. With a strong employee base of over 12,166 individuals and services extending across 23 states and 4 union territories, the company has cemented long-term relationships that drive recurring revenue.

Crucial IPO Dates & Timeline

Tracking the exact timeline is critical for successful bidding and capital allocation. Below is the scheduled trajectory for the Coreintegra Consulting IPO, spanning from the opening of subscriptions to the final market listing on the NSE SME board.

IPO Lifecycle Tracker

Issue Opens

Sep 23, 2026

Issue Closes

Sep 25, 2026

Allotment

Sep 28, 2026

Refunds/Credit

Sep 29, 2026

Listing Date

Sep 30, 2026

Coreintegra Consulting IPO Details

The company aims to raise up to ₹21.99 Crores entirely via a fresh issue of 28.19 lakh shares. There is no Offer for Sale (OFS) in this proposition, ensuring that the total funds raised will directly benefit the company’s growth rather than providing an exit to existing promoters.

Parameter	Details
Issue Type	Book Built Issue (SME)
Total Issue Size	28,19,200 shares (₹21.99 Cr)
Price Band	₹74 to ₹78 per share
Face Value	₹10 per equity share
Market Maker Allocation	1,42,400 shares (₹1.11 Cr)
Listing Exchange	NSE SME

Investment Tiers and Lot Size

Retail and High Net Worth Individual (HNI) investors must adhere to specific lot size minimums to participate. The base lot contains 1,600 shares.

Investor Category	Minimum Lots	Total Shares	Investment Amount (at ₹78)
Retail Individual (Min)	1 Lot	1,600 Shares	₹1,24,800
HNI / NII (Min)	2 Lots	3,200 Shares	₹2,49,600

Financial Health & Performance Matrix

A closer look at the company’s audited financials reveals a steady upward trajectory in total income and assets over the past three fiscal cycles. Between FY25 and FY26, the firm reported an impressive 28% surge in revenue coupled with a 30% jump in Profit After Tax (PAT).

Financial Metric (₹ in Crores)	FY Ending Mar 31, 2026	FY Ending Mar 31, 2025	FY Ending Mar 31, 2024
Total Assets	68.51	56.80	49.96
Total Income	516.30	404.39	368.44
Profit After Tax (PAT)	4.51	3.46	4.94
Net Worth	27.41	22.89	19.43
Reserves and Surplus	19.74	22.88	19.42

Valuation & Key Performance Indicators (KPIs)

To evaluate if the issue is priced reasonably, we examine the fundamental valuation multiples based on the upper price band.

Indicator	Value / Margin
Pre-IPO EPS	₹5.88
Post-IPO EPS	₹4.30
Pre-IPO P/E Ratio	13.27x
Post-IPO P/E Ratio	18.14x
Return on Equity (ROE)	17.94%
Post-Issue Market Capitalization	₹81.80 Crores

How Will the Funds Be Utilized?

Transparency regarding capital utilization is vital for investor confidence. Coreintegra plans to deploy the net proceeds toward the following strategic objectives:

IT Infrastructure Upgrade (₹11.76 Cr): A massive chunk is allocated for enhancing technology, upgrading servers, and strengthening proprietary software platforms like CoreX and Ctrl-F.
Leadership Expansion (₹5.75 Cr): Augmenting the upper management team to spearhead operational growth.
Brand Awareness (₹0.50 Cr): Expanding market visibility through strategic marketing initiatives.
General Corporate Purposes: Managing unforeseen operational needs and working capital.

SWOT Analysis: Coreintegra Consulting Services

Strengths

End-to-end proprietary HR-Tech and Reg-Tech platforms built in-house. Deep-rooted relationships providing recurring business across 30+ diverse industries.

Weaknesses

Operating margins are relatively thin (PAT Margin at 0.87%), likely due to the highly competitive pricing models required in staffing and outsourced HR solutions.

Opportunities

The rapid digital transformation in corporate HR practices provides a massive runway for their tech platforms. Funds raised for IT infrastructure can scale up automation capabilities rapidly.

Threats

Constant changes in labor laws require immediate software overhauls. Also, intense competition from global HR SaaS providers could squeeze future margins.

Promoters and Shareholding Pattern

The company is steered by experienced promoters: Sriram Natarajan, Sangeetha Sriram, and Gaurav Bali. The IPO will result in a dilution of promoter equity as public shareholders enter the cap table.

Shareholding Category	Pre-IPO Allocation	Post-IPO Allocation
Promoters & Promoter Group	93.04%	68.03%
Public Shareholders	6.96%	31.97%

Conclusion

Coreintegra Consulting Services Ltd. provides a critical bridge between human capital management and technology. The decision to raise capital solely via a fresh issue to upgrade IT infrastructure aligns seamlessly with their identity as a tech-driven HR solution provider. While the gross revenue numbers are large, the relatively thin net profit margins dictate a careful evaluation for risk-averse investors. However, given the booming nature of the Reg-Tech and HR-Tech sectors, this IPO presents an intriguing long-term growth prospect for those with an appetite for the SME segment.

Management & Intermediary Details

Company Contacts:
Coreintegra Consulting Services Ltd.
Vinmar House, A-41 MIDC Road No 2, Marol, Andheri (East), Mumbai – 400093
Email: contact@coreintegra.com

Registrar to the Issue:
Purva Sharegistry (India) Pvt. Ltd.
Email: newissue@purvashare.com

Lead Manager:
Marwadi Chandarana Intermediaries Brokers Pvt. Ltd.

September 19, 2026

Pooja Logistics

Pooja Logistics SME IPO: Comprehensive Review, Dates, Financials, and Valuation

PL Publiclisting.in

Pooja Logistics SME IPO: Comprehensive Review, Dates, Financials, and Valuation

Introduction to the Offering: The Indian logistics sector, specifically cold chain and temperature-monitored transport, is experiencing rapid growth driven by rising demands in pharmaceuticals, e-commerce, and quick-service restaurants. Entering the public markets to capitalize on this expansion is Pooja Logistics Limited. This article provides a deeply researched, comprehensive breakdown of the upcoming initial public offering, analyzing the operational framework, financial health, and overall valuation to help you understand the core dynamics of this issuance.

Understanding the Business Model

Established in 2011, Pooja Logistics Limited specializes in providing highly efficient, temperature-controlled logistics services across India. The company operates a vast fleet of refrigerated trucks, commonly known as “reefers,” catering to industries where maintaining product integrity through strict temperature regulation is critical.

Their operational ecosystem is supported by over 424 GPS-enabled dedicated vehicles (as of March 2026), ensuring real-time tracking and adherence to compliance standards. Their primary clientele spans multiple key sectors:

Dairy and Consumables: End-to-end cold chain management for highly perishable items like milk, cheese, butter, and ice creams.
Pharmaceuticals & Healthcare: Precision temperature-monitored transit for critical medical devices, life-saving medicines, and vaccines.
Quick Service Restaurants (QSRs): Timely and safe supply chain solutions for frozen foods, poultry, and seafood.
Confectionery & Bakery: Preserving the quality of chocolates, pastries, and baked goods during long-haul transits.
Retail & E-commerce: Seamless last-mile and mid-mile delivery of temperature-sensitive groceries and meats.

Essential Offering Details & Timeline

The company is aiming to raise ₹44.23 Crores through a 100% fresh issue of 38.46 lakh equity shares. Built as a book-built issue, the shares will be listed on the NSE SME platform.

Parameter	Details
Issue Type	Fresh Issue (Bookbuilding)
Total Issue Size	38,46,000 shares (₹44.23 Cr)
Price Band	₹109 to ₹115 per equity share
Face Value	₹10 per share
Market Maker Reservation	1,98,000 shares (approx. ₹2 Cr)
Listing Exchange	NSE SME

IPO Implementation Schedule (Interactive Timeline)

Tracking the progression of the issue is vital. Below is the scheduled timeline from the opening of the bid to the final market debut.

Issue Opens

Sep 23, 2026

Issue Closes

Sep 25, 2026

Allotment

Sep 28, 2026

Refund/Credit

Sep 29, 2026

Listing Date

Sep 30, 2026

Investment Requirements & Lot Size

Participation requires adhering to specific lot sizes. The minimum application lot size is set at 1,200 shares. However, it’s important to note the financial commitment levels segmented by investor type based on upper band pricing (₹115):

Investor Category	Minimum Lots	Total Shares	Investment Amount (₹)
Retail Individual Investors (Min)	2 Lots	2,400 Shares	₹2,76,000
Retail Individual Investors (Max)	2 Lots	2,400 Shares	₹2,76,000
Small HNI (sNII – Min)	3 Lots	3,600 Shares	₹4,14,000
Small HNI (sNII – Max)	7 Lots	8,400 Shares	₹9,66,000
Big HNI (bNII – Min)	8 Lots	9,600 Shares	₹11,04,000

Subscription Allocations

The net offer available to the public is thoroughly divided to accommodate various institutional and non-institutional participants:

Qualified Institutional Buyers (QIB): Reserved up to 49.66% of the net issue (inclusive of Anchor Investor portions).
Retail Individual Investors (RII): Reserved around 35.23% of the net issue.
Non-Institutional Investors (NII/HNI): Reserved at 15.10% of the net issue.

Financial Performance & Valuation Metrics

A closer look at the restated consolidated financial statements provides a transparent picture of the company’s fiscal trajectory. The logistics provider has showcased steady upward momentum across major financial parameters.

Financial Metric (in ₹ Crore)	FY Ended Mar 31, 2024	FY Ended Mar 31, 2025	FY Ended Mar 31, 2026
Total Assets	59.78	70.06	98.13
Total Revenue	125.14	150.49	167.77
EBITDA	19.13	23.09	27.30
Profit After Tax (PAT)	5.73	11.02	12.34
Net Worth	14.83	25.85	42.31
Total Borrowings	31.03	29.00	39.21

Key Performance Indicators (As of FY26)

Return on Capital Employed (ROCE): 34.47%
Return on Net Worth (RoNW): 54.20%
Debt-to-Equity Ratio: 1.12
Pre-IPO EPS: ₹11.82
Post-IPO EPS: ₹8.64
Pre-IPO P/E Ratio: 9.73x
Post-IPO P/E Ratio: 13.31x

Primary Objectives of the Issue

Capital generated from the fresh issuance (excluding issue expenses) is strictly earmarked for strategic expansion and operational optimization:

Fleet Expansion (₹33.97 Cr): Direct purchase of newly outfitted temperature-controlled commercial vehicles to meet growing client demands.
General Corporate Purposes: Remainder funds will be deployed towards day-to-day administrative frameworks, technology upgrades, and working capital requirements.

Management and Promoter Holding

The foundational leadership is spearheaded by promoters Deepak Khanna and Anu Khanna. They bring extensive sector-specific experience, contributing heavily to the organizational stability.

Holding Transition: Pre-issue, the promoters hold an overwhelming 93.68% stake. Post-listing, this holding will undergo dilution, settling at a substantial 68.45%, keeping management firmly invested in long-term growth.

Comprehensive SWOT Analysis

Strengths

Substantial in-house fleet of 424+ GPS-enabled refrigerated vehicles ensuring complete control over transit quality and delivery schedules. Strong, long-standing relationships with tier-1 clients in the QSR and Pharma sectors.

Weaknesses

The company carries a notable debt load, reflected in a Debt-to-Equity ratio of 1.12. Additionally, heavy reliance on specific sectors (like Dairy and Pharma) makes them vulnerable to industry-specific downturns.

Opportunities

The government’s heavy push toward organized retail, food processing, and advanced pharmaceutical distribution directly fuels the demand for organized, tech-driven cold chain logistics solutions across India.

Threats

Intense competition from organized multinational players and unorganized local transporters. Furthermore, fluctuations in fuel prices and changes in commercial vehicle taxation policies can quickly compress profit margins.

Intermediaries and Contact Details

For investors requiring assistance with application procedures, allotment tracking, or general inquiries, the designated intermediaries are listed below:

Lead Manager	Share India Capital Services Private Limited
Registrar to the Issue	Maashitla Securities Private Limited Phone: 011-45121795 Email: investor.ipo@maashitla.com
Company Contact	Pooja Logistics Limited 4 – Community Centre, Industrial Area Lawrence Road, New Delhi – 110035 Email: cs.legal@poojalogistics.in

Conclusion

The Pooja Logistics SME IPO presents a window into India’s evolving supply chain architecture. With consistent revenue growth, strong Return on Net Worth (RoNW), and a clear roadmap for utilizing capital towards fleet expansion, the company exhibits strong foundational fundamentals. However, prospective market participants should carefully weigh the current borrowing levels and competitive landscape. Ensuring portfolio alignment with the specific risk-reward profile of SME investments is crucial before placing bids.

September 19, 2026

Liqvd Digital India

Liqvd Digital IPO: Complete Guide, Dates, Financials & Analysis

Liqvd Digital IPO: In-Depth Review, Dates, Financials & Market Analysis

The digital marketing and media solutions sector is witnessing rapid expansion, driven by increasing internet penetration and changing consumer habits. Capitalizing on this growth trajectory, Liqvd Digital India Ltd. is stepping into the public markets with its upcoming Initial Public Offering (IPO). This comprehensive guide provides prospective investors with detailed insights into the company’s business model, financial health, valuation metrics, and key subscription details.

Whether you are a retail participant or a High Net Worth Individual (HNI), understanding the fundamental structure of this SME IPO is crucial for making informed financial decisions.

Corporate Overview: What Does Liqvd Digital Do?

Incorporated in 2013, Liqvd Digital India Ltd. has established itself as a versatile digital marketing and media solutions provider. The company partners with brands to amplify their digital footprints, engage target demographics, and accelerate business growth. Their diverse portfolio of services includes:

Digital & Performance Marketing: Search Engine Optimization (SEO), influencer collaborations, and data-driven performance campaigns.
Media Strategy: End-to-end media planning and buying across both digital and traditional offline channels.
Content Production: High-quality visual and multimedia content creation, encompassing drone shoots, podcast production, 3D animation, and AI-generated video assets developed in their specialized Mumbai studio.
Technology Solutions: Custom web and mobile application development alongside Online Reputation Management (ORM).

With a presence in Mumbai and Gurgaon, as well as an international footprint in the United States through its association with AdLift Inc., Liqvd Digital serves an impressive roster of clients spanning FMCG, healthcare, logistics, IT, and direct-to-consumer (D2C) sectors.

IPO Schedule & Timeline

The bidding window for this book-built issue is strategically timed for the end of September 2026. Below is the visual representation of the critical dates investors must track:

Issue Opens

Sep 23, 2026

Issue Closes

Sep 25, 2026

Allotment

Sep 28, 2026

Refunds/Credit

Sep 29, 2026

Listing Date

Sep 30, 2026

Core Specifications of the Issue

The company aims to raise a total of ₹39.01 Crores, which comprises a fresh issue of equity and an Offer for Sale (OFS) by existing promoters. The shares will be listed on the BSE SME platform.

Parameter	Details
Issue Structure	Book Built Issue
Total Issue Size	72,24,000 Shares (₹39.01 Cr)
Fresh Issue Size	63,22,000 Shares (₹34.14 Cr)
Offer For Sale (OFS)	9,02,000 Shares (₹4.87 Cr)
Price Band	₹51 to ₹54 per share
Face Value	₹5 per share
Listing Exchange	BSE SME

Investment Tiers & Lot Size Breakdown

To ensure standardized trading on the SME exchange, market regulators enforce minimum lot sizes. For this IPO, the base trading lot is set at 2,000 shares. However, retail investors are mandated to apply for a minimum of 2 lots (4,000 shares) based on the specified pricing bracket.

Investor Category	Minimum Lots	Total Shares	Investment Amount (at Upper Band)
Retail Individual (Min/Max)	2 Lots	4,000 Shares	₹2,16,000
Small HNI (Min)	3 Lots	6,000 Shares	₹3,24,000
Small HNI (Max)	9 Lots	18,000 Shares	₹9,72,000
Big HNI (Min)	10 Lots	20,000 Shares	₹10,80,000

Strategic Objectives: Capital Allocation

The capital generated via the fresh issue component (₹34.14 Cr) is earmarked for specific growth-oriented avenues. The management has outlined the following deployment strategy:

₹10.59 Crores: Allocation toward capital expenditure for establishing a state-of-the-art Full Scale Video Content Production Hub.
₹9.00 Crores: Funding the purchase consideration to acquire a strategic stake in AdLift Marketing Pvt. Ltd., enhancing global footprint.
₹6.57 Crores: Sustaining incremental working capital requirements to support ongoing business expansion.
Remaining Funds: Designated for general corporate purposes and issue expenses.

Financial Performance & Valuation Metrics

A robust balance sheet is the hallmark of a resilient enterprise. Reviewing the restated consolidated financials for the period ending March 31, 2026, the company showcases a healthy margin profile and manageable debt levels.

Financial Indicator	Value (As of Mar 31, 2026)
Total Assets	₹57.83 Crore
Total Revenue	₹60.89 Crore
Profit After Tax (PAT)	₹8.03 Crore
EBITDA Margin	18.69%
Net Worth	₹34.19 Crore
Total Borrowings	₹9.79 Crore
Return on Equity (ROE)	25.36%
Return on Capital Employed (ROCE)	44.05%

Valuation Check: With a pre-issue EPS of ₹5.03 and a post-issue EPS of ₹3.61, the Price-to-Earnings (P/E) ratio stands at approximately 14.96x on a post-issue basis. The market capitalization at the upper price band is estimated to be ₹120.22 Crores.

Leadership, Promoters, & Shareholding Pattern

Strong leadership is pivotal for an agency-driven business model. The company is promoted by industry veterans Arnab Mitra, Ashish Motilal Jalan, Vivek Suchanti, and Concept Communication Ltd. Notably, Arnab Mitra is offloading 9,02,000 shares through the OFS route.

Shareholder Category	Pre-IPO Holding (%)	Post-IPO Holding (%)
Promoters & Promoter Group	79.61%	52.95%
Public / Institutional Allocation	20.39%	47.05%

Note: Up to 30% of the net offer is reserved for Qualified Institutional Buyers (QIBs), ensuring strong institutional participation, while Retail and Non-Institutional Investors (NIIs) get an allocation of at least 35% each.

SWOT Analysis of Liqvd Digital

Strengths

End-to-end service capabilities integrating SEO, content creation, and media buying. Strong in-house technical framework and highly experienced leadership driving data-backed marketing campaigns.

Weaknesses

High dependency on retaining skilled creative and technical personnel. The advertising sector inherently involves long working capital cycles which can stress short-term liquidity.

Opportunities

Strategic acquisition of AdLift Inc. opens doors to the lucrative US market. Additionally, the establishment of the new Video Production Hub caters perfectly to the booming AI-video and podcast trends.

Threats

The digital marketing space is fiercely competitive with low barriers to entry for smaller niche agencies. Rapid changes in search engine algorithms (like Google updates) can momentarily disrupt service efficiency.

Key Intermediaries & Contact Information

For application queries, allotment status tracking, and investor grievances, participants should connect with the officially appointed entities:

Lead Manager: Indorient Financial Services Ltd.
Market Maker: Shreni Shares Ltd.
Registrar to the Issue: Bigshare Services Pvt. Ltd. (Contact: 8657578989 / Email: ipo@bigshareonline.com)
Company Registered Office: B-206, Second Avenue, Subhash Nagar, Andheri East, Mumbai, Maharashtra, 400093.

Final Thoughts

The Liqvd Digital IPO presents a compelling opportunity to participate in India’s accelerating digital transformation space. The company exhibits robust fundamentals, an impressive ROCE of over 44%, and clear strategic objectives for its capital raised. While the SME segment requires a higher initial investment threshold, the long-term vision—supported by international expansion and upgraded production infrastructure—makes it a noteworthy consideration for investors aiming to diversify their portfolios into the new-age digital economy.

Disclaimer: The details provided on Publiclisting.in are for educational and informational purposes only. Capital markets are subject to inherent risks. It is highly recommended to consult with a certified financial advisor and thoroughly review the Red Herring Prospectus (RHP) before committing any funds.

September 19, 2026