Chanakya’s IPO Review – Repono Limited

Repono Limited is a niche player in the warehousing and logistics segment, with a sharp focus on India’s oil, gas, petrochemical, lube oil, and specialty chemical industries. The company provides integrated logistics solutions across the entire oil value chain, including storage, secondary transportation, and terminal operations. Its domain expertise and consistent execution have earned it a spot among the Top 10 3PL Logistics Service Providers in 2024, as recognized by Industry Outlook.

The company has shown a consistent uptrend in revenue and maintains strong profitability metrics. The upcoming IPO is sized at Rs. 58.80 crore, which is relatively small in the current market context. The retail quota is just 9.24 lakh shares, meaning even 385 valid applications can fully subscribe the segment — suggesting minimal risk of undersubscription.

At the upper price band, the shares are offered at a P/E multiple of 13.98, which appears reasonable given the company’s sectoral focus and earnings profile. Grey market activity will play a key role in determining listing performance.

Chanakya’s Take:
Considering the reasonable valuation, strong sectoral positioning, and small issue size, the IPO holds potential for listing gains. Monitor the grey market premium trend closely and consider applying.

• IPO opens on 28 July 2025 and closes on 30 July 2025.

Shree Refrigerations IPO Review 

Chanakya’s IPO Review – Shree Refrigerations Limited

Shree Refrigerations Limited is a niche player in the HVAC manufacturing segment, offering a wide portfolio that includes air and water-cooled condensing units, industrial chillers, marine HVAC systems, and spray dampening solutions. Its products are used across automotive, marine, chemical, pharmaceutical, and engineering sectors.

The company operates a well-equipped manufacturing facility in Karad, Maharashtra, supported by advanced machinery, quality testing infrastructure, and efficient material-handling systems — enabling production of reliable and industry-grade HVAC systems.

📊 Financial & IPO Snapshot

The IPO size stands at Rs. 117.33 crore, which is on the larger side for the SME segment. The retail portion can get fully subscribed with just 1,561 applications, making oversubscription relatively easy.

The company has delivered strong growth in both revenue and profitability over the past three years. However, as of March 31, 2025, it reports:

• Inventory of Rs. 47.40 crore

• Trade receivables of Rs. 95.20 crore

• Cash and bank balance of Rs. 5.94 crore

Given the FY25 revenue of Rs. 98.72 crore (approx. Rs. 8.23 crore/month), the trade receivables and inventory appear unusually high, raising concerns about the quality of revenue and working capital management.

At the upper band, the shares are offered at a P/E of 23.8, which may appear reasonable on surface, but the large receivables and inventory raise red flags.

🔍 Chanakya’s View:

Despite the growth story and sectoral relevance, the financial red flags — notably high receivables and inventory — make us cautious. Investors are advised to study the balance sheet closely and consider applying only if grey market activity and subscription trend remain strong in the coming days.

• IPO opens on 25 July 2025 and closes on 28 July 2025.

Sellowrap Industries IPO Review

🔍Chanakya’s Review – Sellowrap Industries Limited IPO

Established in 1983, Sellowrap Industries Limited is a well-established player in the automotive and white goods components space, offering a wide range of adhesive and non-adhesive products with a focus on quality, cost efficiency, and value delivery.

The company’s product portfolio includes:

• Plastic Injection Moulded Parts (Interior & Exterior)

• PU-Foam Mouldings

• Foam, Labels & Stickers

• Screen Sealing Parts

• EPP Mouldings

With four modern manufacturing units strategically located in Gurugram, Ranipet, Kancheepuram, and Pune, the company benefits from a robust infrastructure backed by centralized R&D and warehousing. This setup ensures consistent product quality and supports scalable operations.

On the financial front, Sellowrap Industries has demonstrated steady growth in revenue and profitability. Importantly, the company maintains healthy working capital discipline—there are no abnormal spikes in trade receivables or inventory levels, indicating operational efficiency.

The net public issue, excluding the market maker’s share, stands at ₹28.76 crore. Based on the retail quota, just 379 applications are enough for full subscription, which reflects a low threshold and makes it attractive from an oversubscription standpoint.

At the upper price band of Rs.83, the issue is valued at a P/E multiple of 8.40, which appears reasonable considering the company’s track record and sectoral positioning. There is a fair likelihood of listing gains, especially if market sentiment remains supportive.

Our View: The issue is attractively priced with strong fundamentals, stable growth, and efficient operations. Long-term investors and SME IPO participants may consider subscribing.

Chanakya’s Take: May Apply 

• IPO opens on 25 July 2025 and closes on 28 July 2025.

TSC India IPO Review 

TSC India Limited, founded in 2003, is a travel management company focused on the B2B and corporate travel segments, offering air ticketing and related services. With operational presence in cities like Jalandhar, Chandigarh, Lucknow, Ahmedabad, Jaipur, New Delhi, and Pune, the company caters to a wide network of travel agencies, corporate clients, and tour operators. However, the business model remains vulnerable to increasing competition from online travel aggregators and platforms.

From a financial perspective, there has been notable growth in recent years. The company reported a net profit of Rs.1.19 crore on revenue of Rs.9.85 crore in FY 2022–23, which rose to a net profit of Rs.4.69 crore on revenue of Rs.20.72 crore in FY 2023–24. However, investors should take note of the high trade receivables, which stood at Rs.29.85 crore as of March 31, 2024, against an average monthly revenue of Rs.1.61 crore (based on restated revenue of Rs.19.35 crore for the same period). This appears elevated and may be attributed to the outstanding value of booked tickets yet to be settled. The cash and bank balance at the end of the period was Rs.6.99 crore.

While the company shows strong operational expansion and profit growth, the elevated receivables and dependency on manual bookings in a tech-driven industry warrant careful consideration.

Chanakya’s Take: May apply

• IPO opens on 23 July 2025 and closes on 25 July 2025.

Monarch Surveyors IPO Review 

Monarch Surveyors & Engineering Consultants Limited, incorporated in 1992, is a well-established civil engineering consultancy firm with a proven track record spanning over three decades.

The company provides comprehensive consultancy services across the infrastructure value chain — including topographic and geospatial surveys, project management, engineering design, geotechnical investigations, land acquisition facilitation, GIS-based mapping, and feasibility studies. It has executed projects across key sectors such as railways, highways, ports, metros, and oil & gas.

On the financial front, there is a notable surge in performance just ahead of the IPO. The company’s total revenue jumped significantly from Rs.72.72 crore in FY 2022–23 to Rs.155.66 crore in FY 2024–25. Net profit also saw a sharp rise, increasing from ₹8.59 crore to Rs.34.83 crore over the same period.

However, the sudden and substantial improvement in topline and bottom-line performance raises questions about the sustainability of these numbers, especially in a business driven by project-based revenue. Another point of caution is the company’s trade receivables, which stood at Rs.39.63 crore as of March 31, 2025 — more than three times its average monthly revenue of Rs.12.84 crore. This figure appears elevated and warrants closer scrutiny in terms of collection cycles and client creditworthiness.

Investors should assess whether this growth is backed by long-term execution capability or reflects a pre-IPO performance boost.

Chanakya’s Take: So-So

• IPO opens on 22 July 2025 and closes on 24 July 2025.

Swastika Castal IPO Review 

Swastika Castal Limited is involved in the manufacturing of high-quality aluminium castings for a wide range of industrial applications. The company uses multiple casting techniques including sand casting, gravity casting, and centrifugal casting, enabling it to deliver precision components with complex designs and high dimensional accuracy.

Its core strengths include:
🔹 Sand casting for components up to 250 kg – suitable for intricate and large-sized parts
🔹 Gravity casting for parts up to 80 kg – known for superior surface finish and mechanical strength

The company also has an in-house heat treatment facility, allowing better quality control and consistency in mechanical properties.

Financial Snapshot:
In FY 2024-25, just ahead of the IPO, the company reported a sharp surge in profitability – net profit jumped from Rs. 65 lakh on revenue of Rs. 23.35 crore to Rs. 2.65 crore on revenue of Rs. 30.31 crore.

However, as of March 31, 2025, the company reported trade receivables of Rs. 10.69 crore and inventory of Rs. 7.74 crore, compared to an average monthly revenue of Rs. 2.52 crore. This appears elevated and may indicate a stretched working capital cycle, warranting closer examination.

Chanakya’s Take: So-So/May avoid

• IPO opens on 21 July 2025 and closes on 23 July 2025.

Savy Infra IPO Review 

Incorporated in January 2006, Savy Infra and Logistics Limited is an Engineering, Procurement, and Construction (EPC) company with expertise in earthwork and foundation preparation for infrastructure projects. Its core operations include road construction, embankment development, sub-grade formation, and surface paving.

The company follows an asset-light business model, delivering specialized logistics services by outsourcing trucks and drivers while managing the transportation process end-to-end.

Over the years, Savy Infra has executed several EPC and logistics projects across multiple Indian states, including Gujarat, Maharashtra, Andhra Pradesh, Telangana, Madhya Pradesh, Chhattisgarh, Karnataka, and Odisha.

As of now, the company has ongoing projects worth Rs. 89.42 crore and upcoming orders valued at Rs. 269.55 crore, offering clear revenue visibility for the next two financial years.

In terms of financial performance, the company reported modest profits until FY 2022–23. However, in FY 2023–24, it achieved a net profit of Rs. 9.96 crore on a total income of Rs. 101.62 crore, marking a significant improvement.

As of June 30, 2024, the company holds:

• Inventory worth Rs. 18.45 crore

• Trade receivables of Rs. 23.69 crore

• Short-term loans and advances totaling Rs. 14.09 crore
  These figures are notable in relation to the company’s average monthly revenue of Rs. 15.78 crore.

Currently, there is no disclosed information with us regarding the company’s post-issue equity capital, book value per share, or pre-IPO earnings per share (EPS). Hence, we refrain from commenting on the IPO pricing or offering valuation at this stage.

• IPO opens on 21 July 2025 and closes on 23 July 2025.

Monika Alcobev Limited – IPO Review

Company Overview:
Incorporated in 2015, Monika Alcobev Limited is a prominent importer and distributor of premium alcoholic beverages, catering to markets across India and the Indian Subcontinent.

The company boasts a curated portfolio of over 70 luxury brands, including globally renowned labels such as Jose Cuervo, Bushmills, and Onegin Vodka. Its clientele spans the HORECA segment (Hotels, Restaurants, and Cafés), retail outlets, and travel retail channels in countries like India, Nepal, Maldives, Sri Lanka, and Bangladesh.

With a workforce of over 250 skilled professionals, Monika Alcobev manages comprehensive logistics, marketing, and distribution operations, aiming to deliver seamless access to international alcobev experiences.

Industry Outlook & Financial Performance:

The premium alcohol segment in India is poised for robust growth, driven by rising disposable incomes among the high-income and upper-middle-class population.

Monika Alcobev has shown consistent growth in recent years:

• Revenue increased from Rs. 140.36 crore (FY 2022–23) to Rs. 238.36 crore (FY 2024–25)

• The company’s profitability has also seen a sharp improvement

At the upper price band, the IPO is valued at a P/E multiple of 20.51, which appears reasonably attractive at first glance.

Key Considerations:

• The company does not own manufacturing facilities or brand rights — it functions purely as a marketing and import distribution entity

• This business model faces high competition and lower entry barriers

• The IPO size of Rs. 165.63 crore is relatively large, considering it is a trading/importer company and not a producer

Fundamental Outlook: 🔍 Neutral

• IPO opens on 16 July 2025 and closes on 18 July 2025.

Spunweb Nonwoven IPO Review

Established in 2015, Spunweb Nonwoven Limited has rapidly emerged as a leading manufacturer and exporter of high-quality nonwoven fabrics. Headquartered in Rajkot, Gujarat, the company specializes in producing hydrophobic, hydrophilic, laminated, and UV-treated fabrics that cater to a diverse range of applications—from doormats and carry bags to carpets, tarpaulins, and hygiene products.

With a robust export network spanning the USA, UAE, Italy, Egypt, Saudi Arabia, Kenya, and more, Spunweb derives over two-thirds of its revenue from the hygiene sector. 

The client base includes reputed names such as RGI Meditech, Millennium Babycares, Sekhani Industries, Myra Hygiene, and Poligof Micro Hygiene, highlighting Spunweb’s credibility and industry standing.

During last 3 years the company has exhibited strong growth in its total revenue and the net profits. The shares have been offered at reasonable valuation.

Meta Infotech IPO Review 

Established in 1998, Meta Infotech Limited has grown into a trusted leader in cybersecurity solutions, empowering organizations across industries—from banking and insurance to IT and manufacturing—to safeguard their digital ecosystems.

With a strong focus on consulting, implementation, and sustenance, Meta Infotech helps businesses maintain the integrity, availability, and confidentiality of their information systems. Their solutions are tailored to meet the evolving cybersecurity landscape, ensuring clients stay ahead of threats in a fast-moving digital world.

As of September 30, 2024, the company employs approximately 262 professionals across various roles, all dedicated to protecting and enabling business success through cybersecurity.

From a financial perspective, the company has demonstrated strong and consistent growth in both its topline and bottom-line over the last three years. The shares are being offered at an attractive valuation, with a P/E ratio of 19.58. Given the rising threat of cyber-attacks, the company operates in a high-growth potential sector, making this a promising investment opportunity.

Cryogenic OGS IPO Review 

White Force IPO Review 

Founded in April 2017, Happy Square Outsourcing Services is a dynamic force in the world of HR outsourcing, delivering end-to-end solutions tailored for modern workforce needs. Specializing in Recruitment, Payroll, Onboarding, and Flexible Staffing, the company combines deep industry expertise with cutting-edge technology to streamline human resource functions for businesses across India and the US.
During last 3 financial years, prior to the IPO, the company has strong topline and bottom-line growth and it has earned net profit of Rs. 5.90 crore on the total revenue of Rs. 97.41 Crore. Apparently, the business appears strong except its total receivables of Rs. 22.86 crore (equivalent to 2.81months average revenue appears on higher side and requires scrutiny)
Looking PE Multiple of 10.83, The shares are offered at attractive valuation. May apply