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Sanstar IPO Review

Issue price Rs. 95, GMP on July 19, 2024 Rs. 39
Sanstar is one of the major manufacturers of plant-based speciality products and ingredient solutions in India for food, animal nutrition and other industrial applications. Its products include liquid glucose, dried glucose solids, maltodextrin powder, dextrose monohydrate, native maize starches, modified maize starches and co-products like germs, gluten, fiber and enriched protein, amongst others.
Sanstar’s revenue from operations has grown at a CAGR of 45% from Rs.5,044.02 Mn in FY22 to Rs.10,672.71 Mn in FY24, driven by both domestic and international market expansion, with exports now reaching 49 countries.
Sanstar Limited is poised for significant growth, leveraging its aggressive capacity expansion, robust export strategies, and diversification into higher-margin derivative segments.
With an additional 1,000 tons per day capacity at its Dhule Facility expected to commence by Fiscal 2026, the company aims to meet the increasing global demand for its maize starch, liquid glucose, dextrose monohydrate, and dextrose anhydrous products. The company is also focused on reducing its debt using IPO proceeds, which will lower the interest burden and enhance profitability.
The commissioning of captive solar and biogas power plants is expected to reduce power costs significantly, further boosting profit growth. Adhering to high standards of quality and sustainability, Sanstar’s strategic focus on cost management, operational efficiency in the backdrop of substantial topline growth is expected to drive sustained profitability and market share expansion, making it a formidable player in the industry.
Size: The net size of the IPO is very small and retail portion is only Rs. 178.55 crore and HNI portion is only Rs. 76.52 crore. So huge over subscription is expected.
Review: We have assigned a ‘SUBSCRIBE’ rating for the IPO of Sanstar Ltd as the P/E ratio of 25.9x on FY24 EPS appears lucrative in light of its strong growth potential.
+ from Fundamental Angle= Apply
+ from Grey Market Angle= Apply

Emcure Pharmaceuticals IPO Review

Issue price Rs. 1008, GMP on July 2, 2024 @ 8.00 Rs. 295
Emcure Pharmaceuticals is one of the leading Indian pharmaceutical companies engaged in developing, manufacturing and globally marketing a broad range of pharmaceutical products across several major therapeutic areas. It is a R&D driven company with a differentiated product portfolio that includes orals, injectables and biotherapeutics, which has enabled it to reach a range of target markets across over 70 countries, with a strong presence in India, Europe and Canada.
Size: The size of the IPO is Rs. 1952.03 crore and considering the market euphoria, the size is not very large. The HNI portion is Rs. 292.80 crore and retail portion is Rs. 683.21 crore. The IPO is expected to receive huge over subscription.
Financials: The company has shown rangebound trend in its topline and bottomline during last 3 years. According to the explantion provided by the management, the company has incurred huge promotional/ sales and marketing expenses during  last year and the fruits of the same will be availed in the year 2024-25. In spite of low profits, the shares are offered at PE Multiple of 36.60 and compared to other leading pharma companies, the shares are offered at not so high valuation. Looking to its leadership position in some of the product categories and very sound balancesheet, one must apply and it offers good for strong listing gains. Because of the Shark Tank presence and goodwill of one of the promoters, huge over subscription is possible.
+ from Fundamental Angle= Apply
+ from Grey Market Angle= Apply

Bansal Wire Industries IPO Review:

Issue price Rs. 265, GMP on July 2, 2024 @ 8.00 Rs. 65
Bansal Wire Industries is the largest stainless steel wire manufacturing company and the second largest steel wire manufacturing company by volume in India with a production of 72,176 MTPA and 206,466 MTPA, respectively, in Fiscal 2023, representing 20% and approximately 4% market share, respectively.
Financial Analysis: The company has divided its Rs. 10 face value shares in to 2 shares of the face value Rs. 5 each. Subsequently on 1 December 2023, after the end of the financial year 2022-23, 109246620 shares have been issued as bonus shares and accordingly the paid-up capital prior to the IPO has increased to 637272950 shares. The EPS for the year 2022-23 and earlier period have to be reworked on the basis of enlarged equity base. Considering the leadership position in steel wire market and huge potential of its new plant at Dadri, the IPO offers strong potential for listing gains. However from medium to long term angle, this investment can bring bumper returns.
+ from Fundamental Angle= Apply
+ from Grey Market Angle= Apply

Vraj Iron IPO Guidance* by Paresh Gordhandas, CA & Research Analyst.
Price Rs 207, Lot 72 Shares, Net Size Rs 171 Crore
LM: Aryaman Financial Services ltd
Open 26 June Close 28 June BoA 1 July, Listing 3 July
The Company is engaged in manufacturing of Sponge Iron, M.S. Billets, and TMT bars under the brand Vraj.
It currently operates through two manufacturing plants which are located at Raipur and Bilaspur in
Chhattisgarh spread across 52.93 acres. As of March 31, 2023, the aggregate installed capacity of its
manufacturing plants was 2,31,600 tons per annum (“TPA”) (comprising of intermediate and final products).

Size:
The size of the IPO is only Rs. 171 crore with retail portion only of 59.85 crore. With 40157 applications, retail portion will get one time subscribed. There are all chances of huge oversubscription in Retail and NII categories.
Financials:
The company has shown EPS of Rs. 21.84 for the year 2022-23, However the bonus issue was in the ratio 4:1 (For every 1 (one) Equity Share held by its the then shareholders 4 (four) Equity Shares were allotted to them) on September 29, 2023.So, we have to rework the EPS for the year and also book value as on 31.03.2023. Because of the bonus issue, the equity share capital has increased to 24721750 from 4944350 shares as per balance sheet of 31.03.2023 and the EPS get diluted to Rs.21.84. The shares are offered at PE multiple of 9.47. So there is some room for listing gains. Chances of allotment are very low and yet you may try and apply.
Strategy seen in the grey market:
At present the premium being quoted in the grey market is very insignificant and the premium market-experts expect the premium to show rising trend once the IPO opens for subscription. 

Stanley Lifestyles IPO Guidance
Price Rs 369, Lot 40 Shares, Net Size Rs.375.91 Crore
Open 21 June Close 25 June BoA 26 June, Listing 28 June
Stanley Lifestyles is India’s largest super-premium and luxury furniture brand with a market share of 5.61% in terms of revenue in Fiscal 2022. It is also among the few home-grown super-premium and luxury consumer brands in India operating at scale in terms of manufacturing as well as retail operations. Further, it is the fourth largest player in the home furniture segment in India in terms of revenue in Fiscal 2022.

Size:
The size of the IPO, Rs. 537 crore is not very large and the retail portion is Rs. 187 crore. With 127343 applications, retail portion can get one time subscribed. So oversubscription is not an issue.
Financials:
Barring 2020-21, which was Covid affected year, the company has earned impressive profits. The shares at upper price band are offered at PE multiple of 57.92, which leaves very small room for listing gains. The company has severe competition from furniture imported from China and Vietnam. At the time same the sharp growth in the residential real-estate, the demand for quality furniture is increasing. Being small IPO, the chances of allotment are low. Apply with the expectations of about 30 to 40% listing gains.

Dee Development Engineers IPO Guidance
Price Rs 203, Lot 73 Shares, Net Size Rs.407.06 Crore
Open 19 June Close 21 June BoA 24 June, Listing 26 June
Dee Development Engineers IPO Guidance
Dee Development Engineers is an engineering company providing specialized process piping solutions for industries such as oil and gas, power (including nuclear), chemicals and other process industries through engineering, procurement and manufacturing. It has manufacturing experience of over three and a half decades and have been able to leverage its brand, strategically located manufacturing facilities and engineering capabilities to successfully expand its business.
The Company currently is ranked as one of the leading process pipe solution providers in the world, in terms of technical capability to address complex process piping requirement arising from multiple industrial segments.
Size: The size of this mainboard IPO is only Rs. 418.01 Crore and retail portion is only Rs. 146.30 crore and HNI portion is Rs. 62.70 crore. So oversubscription is not an issue.
Financial Analysis: The business of the company cannot be compared with that of ISGES Heavy Engineers, Apparently, the shares of this company are offered at very high valuations, however the business has high entry barriers and competition is expected to be very low in near future. The company has shown steady growth in the topline and the bottom-line. Looking to the trend, the performance for the year 2023-24 which will be announced after the IPO, is expected to be excellent. Huge capital-investments are coming in for  Refineries, petrochemical plants, power plants and it will create huge market for this company.
Post Listing: On the basis of estimated profits for the year 2023-24, we consider the valuation/offer price at upper price band to be somewhat costly, however we expect significant gains six months after the listing is done.
Listing Gains? So far as listing gains are concerned, small size of the IPO, huge oversubscription and interest cost may provide about 25 to 30% listing gains. At present, you may see some premium quotes in the grey market. The business is excellent with strong growth potential, yet we consider the offer price, too costly and hence we expect small listing gains (may be around 20 to 30% of the offer price). Must Apply for listing gains as well as long term investment.

Akme Fintrade IPO Guidance
Price Rs 120, Lot 125 Shares, Net Size Rs.375,91 Crore
Open 19 June Close 21 June BoA 24 June, Listing 26 June
Akme Fintrade (India) is a NBFC incorporated in the year 1996 registered with the Reserve
Bank of India as a Non-systemically important non-deposit taking company with over two decades of lending experience in rural and semi-urban geographies in India. It is primarily engaged in rural and semi-urban centric lending solutions to look after the needs and aspirations of rural and semi-urban populace. Its portfolio includes Vehicle Finance and Business Finance Products to small business owners.
Size: The size of this mainboard IPO is only Rs. 132 Crore and retail portion is only 3657500 shares and HNI portion is only 1567500 shares. So huge oversubscription is expected.
Financial Analysis: The company operates in finance business and it has become highly competitive. The shares are offered at normal valuation and leaves small room for listing gains. Allotment will be tough. So you may take chance and apply.

Le Travenues Technology IPO Guidance
Price Rs 93, Lot 161 Shares, Net Size Rs.740.10 Crore
Open 10 June Close 12 June BoA 13 June, Listing 19 June
Le Travenues Technology is a technology company focused on empowering Indian travelers to plan, book and manage their trips across rail, air, buses and hotels. It assists travelers in making smarter travel decisions by leveraging artificial intelligence, machine learning and data science led innovations on its OTA platforms, comprising its websites and mobile applications. Its websites and app have been very user friendly and takes care of minute requirements of the travellers.
Le Travenues Technology is the largest Indian OTA in the online train bookings segment and its train-centric mobile applications, ixigo trains and ConfirmTkt, were collectively the leading B2C distribution platforms for IRCTC with 51% market share.
It has deep penetration in the ‘next billion user’ market, which comprises users predominantly from Tier-II and Tier-III cities and rural India and it is expected that 20% of ‘next billion users’ will come from Tier I cities.So the business has been very strong, growing and has huge potential in the coming decade.
Size: The size of the IPO is very small. Only Rs. 111 crore shares are available for HNIs and Rs. 74 crore shares are for NIIs. So huge oversubscription is possible
.
Financials and Guidance:
The company showed turnaround trend during 2022-23 with EPS of 53 paisa and during9 months of 2023-24, it has EPS of Rs. 1.74. Let’s hope such turnaround results are not IPO purposes, and the company maintains such profitability even during 2024-25. Two other online travel company shares ( Ease My Trip and Yatra online) lack investor fancy. and yet we expect this scrip to perform better and recommend it for subscription. Apply for listing gains as well as for long term investment.

Kronox Lab Sciences IPO Guidance
Price Rs 136, Lot 110 Shares, Net Size Rs.130.15 Crore
Open 3 June Close 5 June BoA 6 June, Listing 10 June
Kronox Lab Sciences manufactures High Purity Speciality Fine Chemicals for diversified end user industries. Its High Purity Speciality Fine Chemicals are used mainly as (i) reacting agents and raw material in the manufacturing of Active Pharmaceutical Ingredients (APIs); (ii) excipients in pharmaceutical formulations; (iii) reagents for scientific research and laboratory testing; (iv) ingredients in nutraceuticals formulations; (v) process intermediates and fermenting agents in biotech applications; (vi) ingredients in agrochemical formulations; (vii) ingredients in personal care products; (viii) refining agents in metal refineries; and (ix) ingredients in animal health products, amongst others

Size:
The size of the IPO is just Rs. 130.15 crore and if we deduct the portion for Anchor investors, the net size is very very small. Retail portion is just Rs. 45.55 crore/ 3349500 shares and with just 30450 applications, retail portion may get one time subscribed. HNI portion is just Rs. 19.52 crore and hence huge oversubscription in both the categories are possible.
Financial Snapshot.
The company has shown steady growth in the topline and bottom-line during last 3 years and we do not see any window-dressing in the financials. The shares at the upper price band are offered at PE multiple of just 31.63 in comparison of much high valuation among peer-group companies. The lead manager for this IPO, Pantomath Capital Advisors Pvt ltd has impressive track-record. In nutshell, we expect huge oversubscription and consequently higher interest costs for HNIs and also high premium in the grey market. Chances of allotment will be tough and yet you must take chance and apply.

Awfis Space Solutions IPO Guidance
Price Rs 383, Lot 39 Shares, Net Size Rs.598.93 Cr.
Op 22 May Cl 27 May BoA 28 May, Listing 30 May
Awfis Space Solutions is the largest flexible workspace solutions company in India as on December 31, 2023, based on total number of centers. As on December 31, 2023, it is ranked 1st among the top 5 benchmarked players in the flexible workspace segment with presence in 16 cities in India. The business is showing strong growth potential in India.

Size: 
The IPO size of 15637735 shares/ Rs. 598.93 crore is not at all large and retail portion is just Rs. 59.89 crore/ 1558010 shares. With just 39948 applications, retail portion can get one time subscribed. So oversubscription is not an issue. 
Financial Analysis: 
The top line has shown steady and strong growth and it suggest solid growth potential of the business. However at the bottomline, in all the past 3 years, it has shown huge losses. The company has invested heavily in the fixed assets during last 3 years. The Non-current assets have increased to Rs. 1080 crore as on 31 December 2023, compared to Rs. 357.71 crore as on 31.3.2021. Naturally, because of such huge investment in capital assets, the depreciation charge also increase sharply. The losses, which the company has shown are mainly due to depreciation and partly because of interest costs. We can compare such expenses with marketing costs as in the case of Zomato, Nykaaa etc. The shares can give excellent returns as long term investment and one may apply accordingly

Go Digit IPO IPO Guidance* by Paresh Gordhandas, CA & Research Analyst.
Price Rs 272, Lot 55 Shares, Net Size Rs.2614.65 Cr.
Op 15 May Cl 17 May BoA 21 May, Listing 23 May

Go Digit aims to make insurance simple. Through innovation and transparency, it believes in delivering a seamless customer experience journey in a significant financial product an individual would purchase in their lifetime. It is one of the leading digital full stack insurance companies, leveraging its technology to power what it believes to be an innovative approach to product design, distribution and customer experience for non-life insurance products.
IPO Size:
The size of the IPO is Rs. 2614.65, which is somewhat large. HNI portion is  only Rs. 392.20 crore and retail portion is  Rs. 261.45 Crore. One may feel that looking to the bullish sentiment retail portion can get one time subscribed easily, however considering high valuation and not so attractive premium trends, huge oversubscription appears to be difficult.
Financial Snapshot: 
The company has incurred losses at total income level and at the net profits level. In the year 2022-23, the company has shown turnaround trend and yet considering the earnings of that year, the offer price at PE multiple of 663 appears to be very costly. 
IPO Guidance:
After incurring huge losses, the company has shown small profit of Rs. 35 crore in the year 2022-23, just ahead of the IPO.  General insurance market has tough competition from old and established players as well as new players. IPO price is very high and leaves room for negligible listing gains. May Avoid.

TBO TEK IPO Guidance* by Paresh Gordhandas, CA & Research Analyst.
Price Rs 920, Lot 16 Shares, Net Size Rs.1550 Cr.
Op 8 May Cl 10 May BoA 13 May, Listing 15 May
TBO TEK is one of the leading travel distribution platform in the global travel and tourism industry by providing Buyers with a comprehensive travel inventory according to the needs of their customers; and supporting a wide range of currencies along with forex assistances. It simplifies the business of travel for suppliers such as hotels, airlines, car rentals, transfers, cruises, insurance, rail and others, and retail buyers

Size: The size of the IPO, Rs. 1550 crore is not very large considering bullish investor sentiment. Retail portion is Rs. 155.00 crore and it can get oversubscribed easily. Huge oversubscription expected in HNI category.
Financials:
The company has shown turnaround trend in the year 2022-23 and based on the said profitability the offer price appears to be reasonable. The business has strong growth potential, and the shares are offered at reasonable valuation and offers scope for listing gains and it can give good returns as medium term investment.

Aadhar Housing Finance IPO Guidance* by Paresh Gordhandas, CA & Research Analyst.
Price Rs 315, Lot 47 Shares, Net Size Rs.3000 Cr.
Op 8 May Cl 10 May BoA 13 May, Listing 15 May
Aadhar Housing Finance Limited is a HFC focused on the low-income housing segment (ticket size less than Rs.1.5 million) in India and it had the highest AUM and net worth among its analyzed peers in six months ended September 30, 2023. In addition, according to the peer set analyzed by CRISIL, it had the highest number of live accounts in FY2023.
In addition, it has a presence in 20 states and union territories, which is the highest among the peers.
Size: Net size of the IPO( after deducting anchor portion is somewhat large and yet due to bullish sentiment of the capital market, oversubscription will not be any issue. With just 706565 applications, retail portion can get one time subscribed.

Financials:
The business has strong growth potential. The company has an extensive network of 471 branches including 91 sales offices, as of September 30, 2023. Its branches and sales offices spread across 20 states and union territories, operating in approximately 10,926 pin codes across India, as of September 30, 2023. The shares are offered at very attractive.  Apply with expectations of listing gains and also as long term investment.
Strategy seen in the grey market: Many of the players have accumulated shares initially at lower GMP, so that they can earn higher listing gains.

INDEGENE IPO Guidance by Paresh Gordhandas, CA & Research Analyst.
Price Rs 452, Lot33 Shares, Net Size Rs.1841.76 Cr.
Op 6 May Cl 8 May BoA 9 May, Listing 13 May
Premium: Rs.266
Indegene is a “digital-first” commercialization company focused exclusively on the global life sciences industry. Its solutions enable biopharmaceutical, emerging biotech and medical devices companies develop products, launch them in the market, and drive sales through their life cycle in a more effective, efficient and modern manner. Its portfolio of solutions cover all aspects of commercial, medical, regulatory and R&D operations of life sciences companies.
As of December 31, 2023, it had 65 active clients. It delivers solutions to them from its operation hubs located across North America, Europe and Asia. It has internally developed artificial intelligence (“AI”) and machine learning (“ML”) based proprietary platforms, which allow it to offer its solutions across the globe at scale. Its delivery model allows it to operate where its clients are located. As of December 31, 2023, it had 5,181 full-time employees across 10countries, of which 4,510 employees were delivery employees (i.e., employees who do not belong to corporate and support functions). As of December 31, 2023, 20.49% of its delivery employees had healthcare-related educational backgrounds.
It has established client relationships with each of the 20 largest biopharmaceutical companies in the world by revenue for the Financial Year 2023, having earned more than 69.00% of its total revenue from operations for each of the nine months ended December 31, 2023 and 2022.
Given the breadth of its solutions, it believes that it is well positioned to benefit from the expected growth in life sciences operations expenditure, which was estimated at Rs.12.0 trillion (US$156 billion) in 2022 and is expected to grow at a CAGR of 6.5% to reach Rs.15.5 trillion (US$201 billion) in 2026. Sales and marketing was the largest segment of life sciences operations expenditure, contributing Rs.4.2 trillion (US$55 billion) or 35% of overall life sciences operations expenditure, but with a low outsourcing penetration rate of 7 –12%. However, outsourcing expenditure in this segment is projected to grow at a CAGR of approximately 14.5% between 2022 and 2026, representing room for growth

Size of the IPO:
The size of the IPO Rs. 1841.76 Crore is not very large looking to the investors’ appetite. Retail portion is just RS. 644.62 Crore and HNI portion is only Rs. 276.26 Crore. So huge oversubscription in all the 3 categories is expected.
Guidance:
There are no listed peers. The company has huge growth potential and shares are offered at very attractive valuations. Do Apply and if you donot get allotment, do buy immediately on listing.

JNK India IPO Guidance
JNK India is one of the leading Heating Equipment companies in India in terms of new order booking between Fiscal 2021 to Fiscal 2023 and has capabilities in thermal designing, engineering, manufacturing, supplying, installing and commissioning process fired heaters, reformers and cracking furnaces. It is one of the well-recognized process fired heater companies in India, having a market share of approximately 27% in the Indian Heating Equipment market, in terms of new order booking in Fiscal 2023.
Size: The gross size of the IPO is Rs. 649.47 Crore whereas the size net of anchor portion is very small. Retail portion is only  Rs. 227.31 crore and HNI portion is only Rs.97.42 crores. So oversubscription is not an issue. However the grey market at present is focused on Vodafone Idea FPO, so huge oversubscription may not be seen for this IPO.
Financials:
The company has shown steady rise in the topline and the bottomline. The market at present is strong and expanding and we expect that the company will be able to maintain its profits of 2022-24, in the coming years. The shares are offered at reasonable valution. Listing gains are expected. Apply.

Vodafone Idea FPO Guidance* by Paresh Gordhandas, CA & Research Analyst.
Price Rs 11, Lot 1298 Sh, Net Size Rs.18000 Cr.
Op 18 April Cl 22 April BoA 23 April, Listing 25 April
Premium: Rs. 1.70 (CMP Rs.12.95)
Vodafone Idea is the third largest telecommunications service provider in India based on subscriber base. According to the GSMA Intelligence Database, it is the sixth largest cellular operator globally in terms of number of subscribers in a single country of operations.

Size:
This being a mainboard FPO, the issue size of Rs. 18000 Cr is very large. HNI portion is Rs. 2700 crore and retail portion is Rs. 6300 crores, which is also very high. With 4412383 applications, retail portion can get one time subscribed. So huge oversubscription is not at all expected.
Financials:
During last 3 years, the company has shown huge losses. As of 31st December 2023, the company had total borrowings of Rs. 203426 crores, out of which small amount (Rs.2175 crore will be paid from the proceeds of this FPO.) In India, the telecom market has low competition level. If the three major players increase the mobile terrif with mutual understanding, even this company can turn corners. Compared to the current market price of Rs. 12.95(closing price of 12th April 2024), one may get small returns on listing. Chances of allotment are very high. Do understand, you may or may not get listing gains. Apply only with long term angle.
Strategy seen in the grey market:
As seen in the market today, the investors sell their application at subject to rates and then apply. Many of the investors sell their shares at premium in the grey market and plan to make applications.  

Bharti Hexacom IPO Guidance* by Paresh Gordhandas, CA & Research Analyst.
(IPO opens on 3 April, Closes on 5 April)
Bharti Hexacom is a communications solutions provider offering consumer mobile services, fixed-line telephone and broadband services to customers in the Rajasthan and the North East telecommunication circles in India, which comprises the states of Arunachal Pradesh, Manipur, Meghalaya, Mizoram, Nagaland and Tripura. It offers its services under the brand ‘Airtel’. It was at number one position in the North East circle during the nine months ended December 31, 2023 and Fiscals 2023 and 2022. In the Rajasthan circle, the market share gap between it and the market leader has narrowed between Fiscal 2021 and the nine months ended December 31, 2023 and it stood at the close second position during the nine months ended December 31, 2023.
Size:
This being a mainboard IPO, the size  Rs. 4275 Cr is somewhat large. At present, so many SME IPOs have entered the market and year-end is nearby, so huge oversubscription may not be possible. However in this IPO, 75% of the shares are reserved for the QIBs, and only 15% shares are available for NIIs, so overubscription is not at all difficult.
Financials:
The company has shown volatility in its bottomline. However, in India, the telecom market has low competition level, hence good profitability is expected to continue. The shares are offered at reasonable valuation, compared to the peer companies. Apply only with long term angle. You may or may not get listing gains.

SRM Contractors IPO Guidance* by Paresh Gordhandas, CA & Research Analyst.
(IPO opens on 26 March, Closes on 28 March)
SRM Contractors is an engineering construction and development company engaged primarily in the construction of roads (including bridges), tunnels, slope stabilisation works and other miscellaneous civil construction activities in the Union Territories of Jammu & Kashmir and Ladakh. It undertakes construction works both as an EPC contractor and on an item rate basis for infrastructure projects. The Company also undertakes sub-contracting assignments of infrastructure construction projects. It has a track record of successful execution of road, tunnel and slope stabilization projects in the difficult terrain of union territories of Jammu & Kashmir and Ladakh
Size: The size of the IPO is just Rs. 130.20 Cr and retail portion is just Rs. 45.57 Cr and HNI portion is Rs. 19.53 Cr. So, oversubscription will be quite smooth.
Financials: The shares are offered at very reasonable valuation. Chances of allotment are tough, yet if you get allotment, the listing gains are expected.
Apply.

Popular Vehicles IPO Guidance
(IPO opens on 12 March, Closes on 14 March)

Popular Vehicles is a diversified automobile dealership in India in terms of revenue as of Fiscal 2023, having a fully integrated business model. It caters to the complete life cycle of vehicle ownership, right from the sale of new vehicles, servicing and repairing vehicles, distributing spare parts and accessories, to facilitating sale and exchange of pre-owned vehicles, operating driving schools and facilitating the sale of third-party financial and insurance products. The company categorizes its automobile dealership business into three key segments, namely, (a)passenger vehicles including luxury vehicles, (b) commercial vehicles and (c) electric two-wheeler and three-wheeler vehicles, which contributed to its revenue from operations aggregating to Rs.16,918.51million, Rs.9,616.33 million and Rs.450.41 million, respectively, during the six months period ended September 30, 2023.
It operates (a) passenger vehicle dealerships covering economy, premium and luxury vehicles across its dealerships for the following OEMs: (i) Maruti Suzuki India Limited (“Maruti Suzuki”) for both Arena and Nexa, through our Company,(ii) Honda Cars India Limited (“Honda”) through its Subsidiary, VMPL, and (iii) Jaguar Land Rover India Limited (“JLR”) through its Subsidiary, PAWL; (b) commercial vehicle dealerships of (i) Tata Motors Limited (“Tata Motors (Commercial)”), through its Subsidiary, PMMIL and (ii) Daimler India Commercial Vehicles Private Limited (“Bharat Benz”), through its Subsidiary, PMPL; and (c) electric three-wheeler vehicle dealership of Piaggio Vehicles Private Limited, including commercial and cargo vehicles (“Piaggio”), through its Subsidiary, KGPL and electric two-wheeler vehicle dealership of Ather Energy Private Limited (“Ather”), through its Subsidiary.
As of December 31, 2023, it operated through its network of 61 showrooms, 133 sales outlets and booking offices, 32 pre-owned vehicle showrooms and outlets, 139 authorised service centres, 43 retail outlets, and 24 warehouses located across 14 districts of Kerala, 8 districts in Karnataka, 12 districts in Tamil Nadu and 9 districts in Maharashtra. While its sales outlets and booking offices complement its sales through its showrooms, our retail outlets facilitate sale and distribution of spare parts and accessories.
Size: The size of the IPO net of Anchor portion is just Rs. 425.25 Cr. HNI portion is Rs. 92.08 Cr and Retail portion is only Rs. 214.86 Cr. So the IPO will get oversubscribed very smoothly.
Financials and Guidance: The company has strong financials and balancesheet. Very strong debt equity ratio. Important aspect is its growth potential. Compared to USA and other developed countries, in India, vehicle population per 1000 persons is very low and the business has strong growth potential in the next 10 years. The shares are offered at very attractive valuation and there is room for listing gains. The shares are expected to give strong returns in the next 9 months post-listing. Apply.

Krystal Integrated Services IPO Guidance
(IPO opens on 14 March, Closes on 18 March)
Krystal Integrated Services is one of India’s leading integrated facilities management services companies, with a focus on healthcare, education, public administration (state government entities, municipal bodies and other government offices), airports, railways and metro infrastructure, and retail sectors.
or Fiscals 2021, 2022 and 2023, its revenue from government contracts amounted to Rs.3,271.12 million, Rs.4,050.85 million and Rs.5,212.75 million, respectively, aggregating to 69.41%, 73.30% and 73.66% of our revenue from operations. It provide services to key government customers in the healthcare, education, airport, railways and metro infrastructure sectors, including to Maha Mumbai Metro Operation Corporation Limited and Education Department, Brihanmumbai Municipal Corporation.
As of March 31, 2023, it provided its services to 134 hospitals and medical colleges, 224 schools and colleges (other than medical colleges), two airports, four railway stations and 10 metro stations, along with catering services on certain trains/ train routes.
Size: The size of the IPO is just Rs. 300.12 Cr. HNI portion is Rs. 45.01 Cr and Retail portion is Rs. 105.04 Cr with 73457 applications, it can get one time subscribed. So, the IPO will get oversubscribed easily.
Financials: In India, the market for integrated facilities management services is growing at high rate and in this market, Krystal has created its own space. The company earns strong topline and bottom-line with 23.53% return on NetWorth.
Guidance: The company operates in fast-growing market of integrated management services. It has good topline and bottomline. The shares are offered at reasonable valuations. However, at the time of listings, these IMS companies have provided negligible returns. So, such trend/sentiment may also affect listing of this IPO. However, for the long-term investors, we recommend, Apply.

Gopal Snacks IPO Guidance
(IPO opens on 6 March, Closes on 11 March)Gopal snacks IPO GMP
Gopal Snacks is fast-moving consumer goods company in India, offering ethnic snacks, western snacks and other products across India and internationally. In Fiscal 2023, it was the fourth largest brand in the organised sector of ethnic savouries (including gathiya) in terms of market share in India and the largest manufacturer of gathiya (in terms of production volume and sales revenue) and snack pellets (in terms of production volume) in India. In Fiscal 2023, it was the second largest organised ethnic namkeen manufacturer in Gujarat with Gujarat among the top states with high consumption of snacks in India, and the fourth largest packaged ethnic namkeen manufacturer in India, each in terms of sales revenue.
The Indian market for savoury snacks is projected to grow at a CAGR of approximately 11% reaching Rs. 1,217 billion by Fiscal 2027.

Size:
The size of the IPO Rs. 650 Cr. is not quite large. HNI portion is just Rs. 96.97 cr, so chances of oversubscription are very high. With 152507 applications, retail potion will get one time subscribed which is also not at all difficult.
Financial Snapshot & Guidance:
Compared to Bikaji and Pratap snacks, the company has solid topline and also bottomline. The shares are offered at attractive valuation, and it leaves room for listing gains. The Indian market for savoury snacks is projected to grow at a CAGR of approximately 11% reaching Rs. 1,217 billion by Fiscal 2027. More and more large corporations are entering this market, which will also help to expand the overall market and profitability of this company. Apply with full force.

J.G. Chemicals IPO Guidance
(Opens on 5 March 2024, Closes on 7 March) 
J.G.Chemicals is the largest manufacturer of zinc oxides in India and among the top ten manufacturers of zinc oxides globally, with an installed capacity of 59,904 MTPA for zinc oxide, 7,056 MTPA for zinc ingots and 10,080 MTPA capacity for zinc sulphate and other allied chemicals.
Since its incorporation in 2001, it has expanded its business and scale of operations and have grown into a large, diversified zinc oxide player with a global footprint. The product caters to a wide spectrum of industrial applications, including in the rubber (tyre & other rubber products), ceramics, paints & coatings, pharmaceuticals & cosmetics, electronics & batteries, agro-chemicals & fertilizers, specialty chemicals, lubricants, oil & gas and animal feed.
Owing to its legacy of over four decades in manufacturing businesses, it benefits from its experience in catering to a wide array of customers and it has built a long-standing relationship with customers across end-user industries in the Tyres, ceramics, rubber, paints, cosmetics and batteries industry.

Size:
The net size of this IPO is just Rs. 180.53 Cr. out which 1763572 shares are offered to the HNIs ( Rs.38.97 Cr.) Looking to the Small size and fancy of the investors, huge oversubscription for this IPO is assured.
Financial snapshot:
The company has consistent growth & performance during last 3 years.
Guidance:
The shares at upper price band are offered at PE multiple of 12.76 (as compared to the PE multiple of 30.97 by Nocil ). Thus, the offer price leaves room for listing gains as well good returns in the 6/9 months post listing. Fancy is visible in the grey market for this IPO. Apply with full force.

R K Swamy IPO Guidance:
(Opens on 4 March 2024, Closes on 6 March 2024)
R K Swamy Ltd is the largest Indian majority owned integrated marketing services provider in India, offering a single window solution for creative, media, data analytics and market research services. It is among the top 10 diversified integrated marketing communications services groups operating in India
with a comprehensive range of services in the following interrelated and complementary business segments: (i) Integrated Marketing Communications, (ii) Customer Data Analytics and Marketing Technology (“Customer Data Analytics and MarTech”); and (iii) Full-Service Market Research (including customer experience measurement) and Syndicated Studies (“Full-Service Market Research”).
It has a track record of over five decades, and have been serving leading companies.
It is a data driven integrated marketing services provider and all segments of its business use digital initiatives extensively. During Fiscal 2023, it released over 818 creative campaigns on behalf of its clients across various media outlets, handled over 97.69 terabytes of data and have conducted over 2.37 million consumer interviews across quantitative, qualitative and telephonic surveys.
Its solutions and offerings are serviced by over 2,391 employees spread across 12 offices and 12 field locations across twelve cities, across our three business segments.
Size of the IPO:
The size of the IPO is just Rs. 429.56 Cr, out of which HNI portion is only Rs. 64.43 Cr and Retail portion is Rs. 42.96 Cr. So huge oversubscription is expected in both the categories.
Guidance:
The share at the upper price band is offered at PE multiple of 40.97 times. Under normal circumstance, the valuation is somewhat on higher side. However, looking to strong investment craze now-a-days, this offer-price can be taken as reasonable. Marginal listing gains are expected; however, the scrip is expected to provide solid returns in 6 to9 months post-listing. Do Apply.

Mukka Proteins IPO Guidance:
Consistently being awarded by MPEDA, during the last 7 years for our export performance, inter alia,
including as an outstanding performance in export of fish meal, fish oil and allied products for Fiscal 2021, Fiscal 2020 and Fiscal 2019, the company is one of the key players of the Fish Protein industry in India. In Fiscal 2022, of the total estimated revenue of the Indian fish meal and fish oil industry of Rs.13,000 to Rs. 17,000 million, the revenue of its Company was Rs.6,928.87 million thus, being 45%-50% contributor to the estimated revenue of the Indian fish meal and fish oil industry for the corresponding period. The Company is also amongst the first few Indian companies to have commercialised insect meal and insect oil as an ingredient for aqua feed, animal feed and pet food.
Size: 
The net size of the IPO is Rs. 224 Cr comprising of 8000000 shares. Considering the recent IPO trends, the IPO is very small. With just 5333 applications, the retail portion will get oversubscribed one time. The HNI portion is just Rs. 33.60 Cr, so oversubscription may not be an issue.
Financial Angle: In the 3 years, prior to the IPO, the total income and net profits have shown steady rise, except sharp rise in the net profits in the year 2022-23. If the company can maintain its profits of the year 2022-23, then the offer price of Rs. 28 is reasonably priced.
One more Aspect: The company deals in fish meal and fishoil. Many of the investors avoid investing in such businesses and this may affect the fancy and over-subscription.

Grey Market Aspect:
Currently, grey market has huge bearing on the listing trends of most of the IPOs. So you may take clue from grey market trend and then take final decision.

Exicom Tele-Systems IPO Guidance
Exicom Tele-Systems is an India headquartered power management solutions provider, operating under two business verticals, (i) electric vehicle supply equipment (“EV Charger(s)”) solutions business, wherein it provides smart charging systems with innovative technology for residential, business, and public charging use in India; and (ii) Critical power solutions business, wherein it designs, manufactures and services critical digital infrastructure technology to deliver overall energy management at telecommunications sites and enterprise environments in India and overseas. It is amongst the first entrants in the EV Chargers manufacturing segment in India and as of March 31, 2023, it is amongst the market leaders, with a market share of 60% and 25% in the residential and public charging segments, respectively.
Size:
The size of the IPO is very small ( Rs.429 Cr). The retail portion is just Rs. 64.35 Cr and HNI portion is only Rs. 42.90. So huge oversubscription is evident.
Guidance:
Now-a-days EV, Solar etc catch fancy of the investors. With Good turnover, market share and profitability, if the IPO catch fancy of the investors, it is natural. Size of the IPO is very small, so huge oversubscription, will add to the interest cost. The Grey market has already factored in the interst-costs and the premium prevails at high level. (Rs. 154 Vs IPO offer price of Rs. 142 at 27 Feb Morning). Tatas, Adanis etc have entered these market with full money power, so we cannot comment about the long-term future of these company, yet oversubscription and listings are concerned, it will be impressive. Apply.

Platinum Industries IPO Guidance
Platinum Industries is a multi-product company engaged in the business of manufacturing stabilizers. Its business segment includes PVC stabilizers, CPVC additives and lubricants. It operates in the speciality chemicals industry. Its products find their application in PVC pipes, PVC profiles, PVC fittings, electrical wires and cables, SPC floor tiles, Rigid PVC foam boards, packaging materials, etc.
Size:
The size of the IPO is just Rs. 216.05 Cr. Retail portion is only Rs.75.62 Cr. So huge oversubscription is possible.
Guidance: The Shares are offered at very attractive valuation of 16.67 PE multiple. However compared to the valuation of peer companies, the turnover of this company is very small. Accordingly, it may not command the valuation enjoyed by Supreme Industries etc. At present, the market considers huge oversubscription and impeding interest-costs. So the premium in the grey market has moved up to Rs. 100 Vs. Issue price of Rs. 171. Chances of allotment will be tough. Do remember, the existing premium may not be reflected in the gains at the time of listing. Apply

Mukka Proteins IPO Guidance:
Consistently being awarded by MPEDA, during the last 7 years for our export performance, inter alia,
including as an outstanding performance in export of fish meal, fish oil and allied products for Fiscal 2021, Fiscal 2020 and Fiscal 2019, the company is one of the key players of the Fish Protein industry in India. In Fiscal 2022, of the total estimated revenue of the Indian fish meal and fish oil industry of Rs.13,000 to Rs. 17,000 million, the revenue of its Company was Rs.6,928.87 million thus, being 45%-50% contributor to the estimated revenue of the Indian fish meal and fish oil industry for the corresponding period. The Company is also amongst the first few Indian companies to have commercialised insect meal and insect oil as an ingredient for aqua feed, animal feed and pet food.
Size:  The net size of the IPO is Rs. 224 Cr comprising of 8000000 shares. Considering the recent IPO trends, the IPO is very small. With just 5333 applications, the retail portion will get oversubscribed one time. The HNI portion is just Rs. 33.60 Cr, so oversubscription may not be an issue.
Financial Angle:
In the 3 years, prior to the IPO, the total income and net profits have shown steady rise, except sharp rise in the net profits in the year 2022-23. If the company can maintain its profits of the year 2022-23, then the offer price of Rs. 28 is reasonably priced.
One more Aspect: The company deals in fish meal and fishoil. Many of the investors avoid investing in such businesses and this may affect the fancy and over-subscription.
Grey Market Aspect: Currently, grey market has huge bearing on the listing trends of most of the IPOs. So you may take clue from grey market trend and then take final decision.

GPT Healthcare Main board IPO Guidace
GPT Healthcare is one of the leading regional corporate healthcare companies in Eastern India . It operates a chain of mid-sized multispecialty hospitals in Eastern India under the “ILS Hospitals” brand and provide integrated healthcare services, with a focus on secondary and tertiary care. As of September 30, 2021, it operates 4 multispecialty hospitals, with a total capacity of 556 beds. It offers a comprehensive range of healthcare services across over 35 specialties and super specialties.
The healthcare delivery market in India is expected to grow at a CAGR of 15% – 17% between Fiscal Years 2021 and 2025.
Just have a look at the ratio analysis. Upper Price Band/last EPS: 38.11 & Upper offer price/Book Value Ratio 9.05.
The shares are offered at the PE Multiple of 38.11. If we consider the valuations of listed peer healthcare companies, this IPO offers limited room for listing gains. IPO size is just Rs. 525.14 Cr. So oversubscription will not be an issue. Not so attractive.
To study all the details about the company, click

Juniper Hotels IPO Guidance
Juniper Hotels is a luxury hotel development and ownership company, and are the largest owner, by number of Keys of “Hyatt” affiliated hotels in India as of June 30, 2023. It has a portfolio of seven
hotels and serviced apartments and operate a total of 1,836 keys.
It is the only hotel development company in India with which Hyatt has a strategic investment. It owns 20% of Hyatt group affiliated hotel rooms in India as on June 30, 2023.
Size: The size of this mainboard IPO is Rs. 1800 cr. However, retail portion is just Rs. 180 cr and HNI portion is Rs. 270 Cr. So, convincing the QIBs to invest in this hospitality company may not quite difficult. Retail and HNI portions being relatively very small, oversubscription may not be any issue.
Financial Snapshot. Because of booming hotel sector, the company also displayed sharp rise in its topline during last 3 years. It has incurred losses in the last 3 years, but the losses have steadily declined. The world over, Hyatt brand signifies luxury and even in India, the Hyaat hotels reflect the same image and reputation. Though the IPO-offer price is at negative PE multiple, the listing may give positive returns. Apply.
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