May 30, 2025
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SME IPO Guidance Review Advice at a Glance
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Ganga Bath Fittings IPO Review by Paresh Gordhandas, CA & Research Analyst.
Incorporated in 2018, Ganga Bath Fittings Limited is a leading manufacturer and supplier of high-quality bathroom accessories across India. The company’s extensive product range includes CP taps, showers, sanitary ware, ABS fittings, door handles, vanities, sinks, and more.
The company’s state-of-the-art manufacturing unit is located in Shapar-Veraval, Gujarat, equipped with advanced machinery and a skilled workforce committed to product excellence.
Ganga Bath Fittings serves a strong and loyal customer base through a vast distribution network of over 2,500 long-standing distributors across India.
Financial Overview and Observations
From a financial perspective, the company has demonstrated a notable increase in profitability over the past three years. In FY 2021–22, it reported a net profit of Rs.21 lakh on a total revenue of Rs.22.34 crore. This figure rose significantly to a net profit of Rs.2.48 crore on Rs.32.01 crore in total income for FY 2023–24. Furthermore, for the nine months ending 31 December 2024, the company posted a substantial net profit of Rs.4.53 crore on total revenue of Rs.32.31 crore.
This sharp rise in profitability, particularly in the period leading up to the IPO, merits closer examination to ensure it is supported by sustainable business fundamentals and accounting consistency.
As of 31 December 2024, the company reported inventory of Rs. 21.73 crore and receivables of Rs.13.51 crore, totaling Rs.35.24 crore. When compared to the nine-month turnover of Rs.32.31 crore, this level of working capital appears elevated. Such a high combined value of inventory and receivables, relative to revenue, is somewhat unusual for a company operating in the manufacturing and marketing of bath fittings and may warrant further analysis to understand its implications on cash flow and operational efficiency.
+ from fundamental angle: May avoid
+ from grey market angle:
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3B Films IPO Review by Paresh Gordhandas, CA & Research Analyst.
Incorporated in 2014 and headquartered in Vadodara, Gujarat, 3B Films Limited is a fast-growing manufacturer and supplier of Cast Polypropylene (CPP) and Cast Polyethylene (CPE) films. These high-performance films are widely used in flexible packaging and thermoforming applications, serving industries that demand innovation, clarity, and durability.
3B Films has steadily expanded its global footprint, exporting to Dubai, Nepal, Sri Lanka, and several African countries, with plans to enter new international markets.
In FY 2021–22, the company reported a net loss of Rs.34 lakhs. However, in the year immediately preceding its IPO, it posted a sharp turnaround with a net profit of Rs.4.29 crores. This significant swing in profitability warrants closer examination, as such abrupt improvements in the bottom line may raise concerns about the sustainability and consistency of financial performance.
As of March 31, 2024, the company’s inventory stood at Rs.49.83 crores, equivalent to 181 days of sales. This level of inventory is notably high and may indicate potential inefficiencies in inventory management or reflect challenges related to demand forecasting, sales velocity, or working capital discipline.
IPO opens on 30 May 2025, Closes on 3 June 2025, Price Rs. 50, Lot of 3000 Shares
+ from fundamental angle: So-So
+ from grey market angle:
Neptune Petrochemicals IPO Review by Paresh Gordhandas, CA & Research Analyst.
Incorporated in October 2021, Neptune Petrochemicals Limited is a fast-growing player in the petrochemical sector, specializing in the manufacturing and trading of high-quality bitumen products and emulsions. With a strong focus on infrastructure and industrial applications, the company is committed to delivering performance-driven solutions that support modern construction needs.
Neptune Petrochemicals serves customers across India, with an export footprint in Nepal and Bhutan. As of December 31, 2024, the company employed 59 personnel, supporting its operations, R&D, logistics, and customer engagement efforts.
The company has strong growth in the topline and the bottomline during last 3 years. Detailed scrutiny of the results indicate that there appears to be no manipulation ahead of the IPO. The shares are offered at Pe ratio of 9.76 calculated on the enhanced sharecapital and accordingly the offer price is very reasonable. Apply
IPO opens on 28 May 2025, Closes on 30 May 2025, Price Rs. 122, Lot of 1000 Shares
+ from fundamental angle: Apply
+ from grey market angle:
N R Vandana Tex Industries IPO Review by Paresh Gordhandas, CA & Research Analyst.
Established in 1992 and headquartered in Kolkata, N R Vandana Tex Industries Limited has emerged as a prominent player in India’s textile sector. The company specializes in the design, manufacturing, and wholesale distribution of high-quality cotton textiles, including sarees, salwar suits, and bed sheets, marketed under its flagship brands, Vandana and Tanya.
With a legacy built over three generations, the company seamlessly blends traditional craftsmanship with contemporary manufacturing techniques to meet the evolving preferences of Indian consumers.
Operating on a strong B2B model, the company distributes its products through a vast network of 1,041 wholesalers spanning 31 states. Its manufacturing operations are anchored by a core facility covering over 39,000 sq. ft., supported by a strategic mix of in-house production and outsourced job-work guided by strict quality protocols.
Financial Snapshot & Operational Insight
Over the past three years, the company has demonstrated steady growth in both revenue and profitability, with no financial irregularities observed. However, a notable concern lies in its high levels of inventory and receivables, which stood at approximately 263 days as of March 31, 2024. This unusually long working capital cycle may indicate operational inefficiencies, intense market competition, or challenges in demand forecasting and collection cycles.
While the topline performance remains encouraging, the elevated inventory and receivables levels highlight the need for tighter working capital management to mitigate financial risk and enhance long-term sustainability.
IPO opens on 28 May 2025, Closes on 30 May 2025, Price Rs. 45, Lot of 3000 Shares
+ from fundamental angle: May Apply
+ from grey market angle: So-so
Dar Credit IPO Review by Paresh Gordhandas, CA & Research Analyst.
Dar Credit and Capital Limited (DCCL), incorporated in 1994, is a Non-Banking Financial Company (NBFC) that offers a range of credit products tailored to underserved segments. Its core offerings include:
-
Personal Loans
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Unsecured MSME Loans
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Secured MSME Loans
- The topline and bottomline growth during last 2 years has been good. The size of the IPO isnot very large and the shares are offered at reasonable PE multiple of 16.29. The only negative aspect is low fancy for finance and small NBFC business.
- IPO opens on 21 May 2025, Closes on 23 May 2025, Price Rs. 60, Lot of 2000 Shares
+ from fundamental angle: So-so
+ from grey market angle:
Victory Electric Vehicles IPO Review by Paresh Gordhandas, CA & Research Analyst.
Incorporated in October 2018, Victory Electric Vehicles International Limited (VEVIL) is engaged in the design, manufacturing, and distribution of electric vehicles, offering sustainable and eco-friendly mobility solutions across multiple segments.
The company specializes in a comprehensive range of electric vehicles, including two-wheelers, three-wheelers, and commercial electric transport options.
In the full year just prior to the IPO, on the turnover of Rs. 438.76 Crore, the net profit has moved up to Rs. 4.89 Crore as compared to net profit of Rs. 79 lacs on total income of Rs. 52.14 crore. The net size of the IPO Rs. 38.66 crore is somewhat large. The company faces tough competition from the legacy players like TVS Motors, Bajaj Auto and Ather Electricals and hence it will be difficult for it to grow turnover and net profit to an extent by which it can be upgraded to mainboard company. The investor-fancy is not very strong for large EV manufacturers like Ather and Ola.
IPO opens on 20 May 2025, Closes on 23 May 2025, Price Rs. 72, Lot of 1600 Shares
+ from fundamental angle: So.So
+ from grey market angle:
Virtual Galaxy Infotech IPO Review by Paresh Gordhandas, CA & Research Analyst.
Company Overview & Financial Commentary
Founded in September 1997 and headquartered in Nagpur, Maharashtra, Virtual Galaxy Infotech Limited (VGIL) is a well-established IT services and consulting firm, delivering innovative and scalable solutions across key technology domains such as Banking & Finance, ERP, e-Governance, Cloud Computing, Big Data, IoT, Web Services, and System Integration.
Over the years, VGIL has successfully deployed technology solutions for more than 5,000 bank branches, manufacturing facilities, and corporate clients. Its core competencies include transaction automation, customer service optimization, regulatory compliance, and decision support systems. As of December 31, 2024, the company employed 329 professionals and operated across 15 Indian states, with international presence in Tanzania and Malawi.
While the company’s service offerings and market reach suggest a robust and diversified business model, a closer examination of its financials raises several red flags. During FY 2021–22 and FY 2022–23, the company reported relatively weak bottom-line figures of Rs.40 lakh and Rs.72 lakh, respectively. However, in the year immediately preceding the IPO, the net profit surged dramatically to Rs. 16.54 crore—a spike that warrants careful analysis to determine its sustainability and underlying drivers.
Additionally, the company’s trade receivables cycle lengthened from 116 days in FY 2021–22 to approximately 148–149 days, indicating potential stress in collections. Current liabilities also doubled during this period, rising from Rs. 20.58 crore to Rs. 40.40 crore. Moreover, there was a notable increase of Rs. 23.93 crore in Capital Work in Progress, which may impact future cash flows and requires further clarification.
In summary, while VGIL’s business profile is promising, the sharp improvement in profitability just ahead of the IPO and the worsening working capital metrics necessitate thorough due diligence before forming any investment judgment.
IPO opens on 9 May 2025, Closes on 14 May 2025, Price Rs. 142, Lot of 1000 Shares
+ from fundamental angle: So-so
+ from grey market angle: So-so
Manoj Jewellers IPO Review by Paresh Gordhandas, CA & Research Analyst.
Founded in 2007, Manoj Jewellers Limited is a Chennai-based company specializing in the retail of gold and diamond jewellery. The company is renowned for its diverse and high-quality collection of ornaments crafted from gold and diamonds, often accented with precious and semi-precious stones. The comapny deals in gold jewellery, Silver jewellery, Gold coins. It has a show room in Kolkatta.
In the year prior to the IPO, the company has shown sharp rise in its profits and that is the reason for high EPS and low PE ratio. Jewellery making business has nothing novelty and it has become highly competitive. The competition has increased from corporate jewellers like Tanishq, Indriya etc.
IPO opens on 5 May 2025, Closes on 7 May 2025, Price Rs. 54, Lot of 2000 Shares
+ from fundamental angle: So-so
+ from grey market angle: So-so
Wagons Learning IPO Review by Paresh Gordhandas, CA & Research Analyst.
Wagons Learning is a well-regarded player in the training and development space, offering a diverse range of programs across sales, customer service, soft skills, behavioural training, functional skills, and knowledge-based modules. These programs are tailored for key sectors including:
- Automotive
- Banking & Financial Services
- Pharmaceuticals
- Healthcare
The company is certified by the National Skill Development Corporation (NSDC) under the Skill Sathi initiative, with certification valid until January 4, 2027. Over the years, it has trained more than 500,000 professionals through classroom sessions, virtual platforms, and digital delivery modes.
In the year preceding its IPO, Wagons Learning has reported a notable surge in both revenue and profitability, warranting a closer examination of the underlying drivers and sustainability of this performance.
It is important to note that Wagons Learning’s business model is not directly comparable to that of NIIT Learning Systems, as the scope, scale, and delivery approach differ significantly.
From a fundamental investment perspective, the IPO does not appear particularly compelling. However, the issue is being led by Khandwala Securities, a merchant banker with a track record of successful listings, which could support positive subscription sentiment.
IPO opens on 2 May 2025, Closes on 6 May 2025, Price Rs. 82, Lot of 1600 Shares
+ from fundamental angle: So-so
+ from grey market angle: So-so
Kenrik Industries IPO Review by Paresh Gordhandas, CA & Research Analyst.
Established in 2017, Kenrik Industries Limited specializes in the design and distribution of traditional Indian jewellery. The company’s product line showcases handcrafted gold pieces embellished with precious and semi-precious stones such as diamonds, rubies, and cubic zirconia.
Operating exclusively under a Business-to-Business (B2B) model, Kenrik Industries serves clients across the premium, mid-range, and value segments.
The size of the IPO is very small and with only 276 applications, the retail portion can get one time subscribed. So oversubscription will not be an issue.
The company has shown sharp rise in the topline and the profits in the year prior to the IPO. The level of inventory appears to be higher side compared to the turnover of the company.
The total addressable market for this business is very large and at the same time, it has no novelty or exclusivity.
Since the size of the IPO is small, huge oversubscription may be seen. From very short term angle, apply only if you feel confident of selling the shares in the market at premium on listing.
IPO opens on 29 April 2025, Closes on 6 May 2025, Price Rs. 25, Lot of 6000 Shares
+ from fundamental angle: May apply.
+ from grey market angle: So-so
Arunaya Organics IPO Review by Paresh Gordhandas, CA & Research Analyst.
Arunaya Organics Limited, incorporated in 2010, specializes in the manufacturing and export of specialty dyes and intermediates. The company has established a solid reputation for supplying high-quality chemical products to a diverse range of industries, including textiles, paints, plastics, mining, and food processing.
In FY 2022–23, the company reported a net profit of Rs.1.33 crore on a total income of Rs.62.26 crore. However, in the year immediately preceding its IPO, net profit surged to Rs.4.06 crore on a marginally higher income of Rs.62.79 crore. This significant spike in profitability warrants closer examination.
Additionally, as of December 31, 2024, the company’s inventory levels have risen sharply compared to previous years, indicating a notable shift in operational dynamics. This trend merits further scrutiny and detailed clarification.
Despite the sharp increase in profits, the shares are being offered at what appears to be a reasonable valuation.
IPO opens on 29 April 2025, Closes on 2 May 2025, Price Rs. 58, Lot of 2000 Shares
+ from fundamental angle: So-so
+ from grey market angle: So-so
Identixweb IPO Review by Paresh Gordhandas, CA & Research Analyst.
Founded in 2017, Identixweb Limited is a leading technology company specializing in Shopify app development and custom web solutions.
With a team of over 50 skilled professionals, Identixweb has successfully launched more than 35 public Shopify apps and completed 100+ projects across a variety of industries, including e-commerce, fashion, fintech, and SaaS.
The company has good profitability and the shares are offered at reasonable valution. The size of the IPO is not very large and with just 512 applications retail portion will get one time subscribed.
IPO opens on 26 March 2025, Closes on 28 March 2025, Price Rs. 54, Lot of 2000 Shares
+ from fundamental angle: Apply
+ from grey market angle: ?
ATC Energies Systems IPO Review by Paresh Gordhandas, CA & Research Analyst.
Founded in 2020, ATC Energies System Limited is a dynamic player in the energy sector, specializing in the production and supply of efficient, low-cost lithium and Li-ion batteries. The company provides integrated energy storage solutions to a diverse range of industries, including banking, automotive, and various other sectors.
Initially focused on supplying mini batteries for the banking industry.
The company has shown impressive profitability and the shares are offered at reasonable valuation. However, the company has very high Inventory+ trade receivables compared to its total income. (Rs. 46.29 crore as compared to total income of Rs. 22.49 Crore in the first 6 months of the current year) Deep scrutiny of the age of the receivables and inventory may be necessary. In the month of January 2024, there has been a change of the statutory auditors of the company.
The size of the IPO is somewhat large. With 1496 applications, the retail portion can get one time subscribed.
IPO opens on 25 March 2025, Closes on 27 March 2025, Price Rs. 118, Lot of 1200 Shares
+ from fundamental angle: So-so.
+ from grey market angle: ?
Grand Continent Hotels IPO Review by Paresh Gordhandas, CA & Research Analyst.
The company caters to the mid-market segment, operating 19 properties across six major Indian cities, offering over 900 rooms. In spite of such large chain, its total income and net profits were insignificant during 20221-22 and then suddenly, they surged during 2023-24, a prior to the IPO. The offer price is high as compared to that of Sayaji hotels and Royal Orchid Hotels.
IPO opens on 20 March 2025, Closes on 24 March 2025, Price Rs. 113, Lot of 1200 Shares
+ from fundamental angle: So-So
+ from grey market angle: So-So
Paradeep Parivahan IPO Review by Paresh Gordhandas, CA & Research Analyst.
Founded in 2000, Paradeep Parivahan Limited is a prominent port service provider specializing in logistics, ship husbandry, and stevedoring. Located at Paradip Port, Odisha, India, the company offers a comprehensive range of services to support the maritime industry. Over the past three years, Paradeep Parivahan has demonstrated strong growth in both its topline and bottomline, supported by a large team of employees.
The company is planning a sizable IPO, and with 1,160 applications, the retail portion is expected to be subscribed at least once.
However, the business operates in a highly competitive environment with numerous players in the market.
A key concern is the company’s high trade receivables over the last three years, raising questions about its working capital management. Additionally, it is worth noting that the company has extended short-term loans amounting to Rs. 52.31 crore, despite needing working capital for its core operations.
IPO opens on 17 March 2025, Closes on 19 March 2025, Price Rs. 98, Lot of 1200 Shares
+ from fundamental angle: So-So
+ from grey market angle: so-so
PDP Shipping IPO Review by Paresh Gordhandas, CA & Research Analyst.
Incorporated in 2009, PDP Shipping & Projects Limited provides comprehensive logistics solutions, including sea and air freight, customs clearance, and project logistics.
As an Authorized Economic Operator (AEO), the company offers global cargo transportation across multiple modes—sea, air, road, rail, and multimodal transport.
Over the past three years, the company has experienced a decline in its topline performance. Operating in a highly competitive environment, the business continues to have a wide scope. An in-depth analysis of the financials shows no indications of manipulation. While the IPO size is relatively small, with only 445 applications, the retail portion may be subscribed once.
A notable concern is the lack of trading in the grey market, which has led many investors to be hesitant about applying for the IPO.
Additionally, the company’s small paid-up equity capital post-IPO suggests that it may take a longer period to qualify for migration to the mainboard
IPO opens on 10 March 2025, Closes on 12 March 2025, Price Rs. 135, Lot of 1000 Shares
+ from fundamental angle: May Apply
+ from grey market angle: so-so
NAPS Global India IPO Review by Paresh Gordhandas, CA & Research Analyst.
NAPS Global India Limited, established in March 2014, is a leading wholesale importer of textiles and a prominent player in Maharashtra’s garment manufacturing supply chain.
The company offers a diverse range of products in fabrics and garments.
The company has shown sharp rise in the topline and bottomline in the year prior to the IPO. The company has tough competition in the line of its business.
IPO opens on 4 March 2025, Closes on 6 March 2025, Price Rs. 90, Lot of 1600 Shares
+ from fundamental angle: So-So
+ from grey market angle:
Balaji Phosphates IPO Review by Paresh Gordhandas, CA & Research Analyst.
Balaji Phosphates Limited, established in 1996, specializes in the production and supply of Single Super Phosphate (SSP), NPK Granulated and Mixed Fertilizers, and Zinc Sulphate, all in adherence to India’s Fertilizer Control Order standards.
The company markets its products under the brands ‘RATNAM’ and ‘BPPL,’ catering to a diverse customer base, including retailers, wholesalers, cooperatives, and ultimately, farmers as the end users.
The company has strong profitability and balancesheet. The inventory level and receivables are at normal levels and there is no sign of accounting manipulations. The shares are offered at attractive valuation
IPO opens on 28 Feb. 2025, Closes on 4 March 2025, Price Rs. 70, Lot of 2000 Shares
+ from fundamental angle: Apply
+ from grey market angle:
Nukleus Office Solutions IPO Review by Paresh Gordhandas, CA & Research Analyst.
Nukleus Office Solutions Limited, founded in December 2019, specializes in offering co-working and managed office spaces throughout Delhi NCR. Their portfolio includes fully furnished and flexible workspaces, such as dedicated desks, private cabins, meeting rooms, startup zones, and virtual offices.
Over the past three years, the company has significantly expanded its co-working space capacity, leading to substantial growth in both topline and bottomline performance. As a result of a bonus issue, the company’s capital has increased, prompting a recalculation of earnings per share (EPS) to Rs. 4.47 for the financial year 2023-24. However, the shares are being offered at a relatively high price-to-earnings (PE) ratio of 52.34, compared to industry peers.
IPO opens on 24 Feb. 2025, Closes on 27 Feb. 2025, Price Rs. 234, Lot of 600 Shares
+ from fundamental angle: So-So
+ from grey market angle: So-So
Beezaasan Explotech IPO Review by Paresh Gordhandas, CA & Research Analyst.
The company specializes in the manufacturing and supply of a diverse range of explosives and related accessories, with a primary focus on cartridge explosives, including Slurry Explosives, Emulsion Explosives, and Detonating Fuse. These products are crafted using a mixture of nitrates to meet various industry needs. Drawing on the extensive expertise of its promoters in diverse field applications, the company has developed products that satisfy the stringent demands of multiple sectors, including cement, mining, and defense.
The IPO being offered is relatively large, with 1137,080 shares available for retail investors. In contrast, the HNI portion is limited to 487320 shares. Due to a recent sharp decline in the Sensex over the past few weeks, investor sentiment for the IPO has weakened, reducing the likelihood of a massive oversubscription.
The company boasts a robust business with a consistent and positive trend in both its top and bottom lines. The shares in this IPO are priced attractively when compared to the valuations of its peer group companies. An analysis of the financial data reveals no signs of profit manipulation, which is a positive indication for potential investors.
IPO opens on 21 Feb. 2025, Closes on 25 Feb. 2025, Price Rs. 175, Lot of 800 Shares
+ from fundamental angle: Apply,
+ from grey market angle:
HP Telecom IPO Review by Paresh Gordhandas, CA & Research Analyst.
HP Telecom India Limited, originally incorporated as HP Telecom India Private Limited on March 26, 2011, began as a distributor of mobile phones, accessories, and related products. Under the leadership of its promoters—Mr. Vijay Yadav, Mrs. Seema Yadav, and Mr. Bharatlal Lalsingh Singh—the company secured exclusive distribution rights for brands such as Sony LED TVs and Mobiles, as well as other mobile brands, for various regions of Gujarat in the fiscal year 2014-15. In the same year, the company diversified its product range to include LCD/LED home theaters, indoor/outdoor air conditioners, and additional home appliances.
The company faces strong competition from both online players and organized market players. Despite this, HP Telecom has experienced significant growth in both topline and bottomline performance over the last three years. As of March 31, 2024, the company’s current assets include inventory of Rs. 120.34 crore, trade receivables of Rs. 54.02 crore, cash/balance of Rs. 43.48 crore, and other current assets totaling Rs. 52.42 crore. These figures appear unusually high when compared to the business volume, with the company averaging monthly sales of Rs. 88.25 crore during 2023-24.
IPO opens on 20 Feb. 2025, Closes on 24 Feb. 2025, Price Rs. 108, Lot of 1200 Shares
+ from fundamental angle: So-So
+ from grey market angle: So-So
Royalarc Electrodes IPO Review by Paresh Gordhandas, CA & Research Analyst.
Incorporated in 1996, the Company is engaged in the business of manufacturing of welding consumables such as, welding electrodes, flux cored wire, MIG/TIG wires, which finds its application in the welding of tanks, boilers, heavy structures, beams, pipes, cylinders, pressure vessels, etc. which are used in industries like railways, roadways, airport infrastructure, refineries, shipyards, mines, sugar industries, telecom industries, thermal power stations, PEB sectors, etc.
The company has shown sharp rise in the total revenue and the net profits during last 3 years prior to the IPO. The total income has moved up to Rs. 100. 99 Crore in 2023-24 from Rs. 64.82 Crore in 2021-22. Whereas its net profit has moved up to Rs. 11.92Crore in 2023-24 from Rs. 2.12 crore in 2021-22. One interesting part is its ratio of cost of materials expenses to total revenue has declined from 72.46% in 2021-22 to 61.13% in 2023-24. Normally due to inflation and other factors, this ratio remains at least at same level, whereas here it has declined sharply and that is one of the reasons for sharp rise in the net profit during 2023-24. We are unable to give any comment on this aspect.
Because of the sharp rise in the net profit during 2023-24, the shares appear to be offered at reasonable valuation.
IPO opens on 14 Feb. 2025, Closes on 18 Feb. 2025, Price Rs. 120, Lot of 1200 Shares
+ from fundamental angle: So-So
+ from grey market angle:
PS Raj Steels IPO Review by Paresh Gordhandas, CA & Research Analyst.
PS Raj Steels Limited, established in November 2004, specializes in the manufacturing and supply of stainless steel pipes and tubes across India.
The manufacturing facility is located in Hissar, Haryana, covering an area of 3 acres.
With a robust distribution network across 18 states in India, the company works closely with OEMs to ensure prompt deliveries and customized solutions.
The company has demonstrated strong profitability over the past three years, with a clean balance sheet that reflects transparency and no signs of accounting manipulation. The shares are being offered at attractive valuations, presenting significant potential for listing gains.
IPO opens on 12 Feb. 2025, Closes on 14 Feb. 2025, Price Rs. 140, Lot of 1000 Shares
+ from fundamental angle: Apply
+ from grey market angle:
Chandan Healthcare IPO Review by Paresh Gordhandas, CA & Research Analyst.
Founded in September 2003, Chandan Healthcare Limited operates diagnostic centers across North India, offering pathology and radiology testing services.
As of December 31, 2024, the company manages one flagship laboratory, seven central laboratories, and twenty-six satellite centers, with over three hundred collection points spread across more than 23 cities in Uttar Pradesh and over 19 in Uttarakhand.
The company has shown sharp rise in the total revenue and net profit during the year 2021-22 to the period ended on 31.12.2024. From negative profit of Rs. 1.09 crore during 2021-22, it has shown net profit of Rs. 16.36 crore in 2023-24. At the same time, during this period, its inventories have increased from Rs. 6.59 crore to Rs. 31.28 crore. The trade-receivables has increased from RS. 28.69 crore to Rs. 39.52 crore and cash/bank balance has increased from Rs. 1.58 crore to Rs. 10.43 crore.
The size of the IPO is very large, and retail portion is Rs. 35.69 crore.
IPO opens on 10 Feb. 2025, Closes on 12 Feb. 2025, Price Rs. 159, Lot of 800 Shares
+ from fundamental angle: so-so
+ from grey market angle:
Chamunda Electricals IPO Review by Paresh Gordhandas, CA & Research Analyst.
Chamunda Electricals Limited, established in June 2013, specializes in the operation and maintenance of substations up to 66 KV, testing and commissioning of substations up to 220 KV, and 1.5 MW solar power generation.
The Company have set-up a solar power-generation at Survey no. 1085, Village-Bhatib, Taluka-Dhanera, District-Banaskantha, Gujarat 385310 which has a capacity of 1.5 MW in which the Company have signed a 25-years Purchase Power Agreement with Uttar Gujarat Vij Company Limited.
The company has incurred loss of Rs. 51 lacs during 2021-22 on turnover of Rs. 11.32 crore. Whereas during 20232-24, a year prior to the IPO, it has earned net profit of R.s2.44 crore on the total income of Rs. 20.07 crore. Apparently, the company has shown EPS of Rs. 3.69 during 2023-24. The company has issue 450180 shares subsequent to 31 March 2024 on conversion of loan. 5635414 shares have been issued as bonus shares and accordingly its capital has increased to Rs. 8.08 crore. The reworked EPS comes to Rs. 3.01. The company has huge trade receivable as on 31 March 2024 and also as on 31. Dec. 2024. The Trade-receivable as on 31.12.2024 was Rs. 6.42 crore as compared to total income of Rs. 18.29 crore. So, trade receivables are equivalent to about 3 months revenue. During year 2021-22, the direct expenses/total income ratio was 28.71 % and in the year 2023-24, the ratio of Direct expenses/total income has declined to 7.62%. We donot know why ratio of direct expenses have declined.
The lead manager: GYR Capital Advisors has good track record.
IPO opens on 4 Feb. 2025, Closes on 6 Feb. 2025, Price Rs. 50, Lot of 3000 Shares
+ from fundamental angle: so-so
+ from grey market angle:
Malpani Pipes IPO Review by Paresh Gordhandas, CA & Research Analyst.
Malpani Pipes and Fittings Limited, established in 2017, specializes in manufacturing high-quality plastic pipes. The company offers a range of products including High-Density Polyethylene (HDPE) Pipes, Medium-Density Polyethylene (MDPE) Pipes, and Linear Low-Density Polyethylene (LLDPE) Pipes, all sold under its brand “Volstar.”
Teh size of the IPO is not very large and with 599 applications, retail portion can get one time subscribed.
The company has shown sharp rise in the topline and bottomline during 20223-24 (net profit of Rs. 7.40 crore during 2023-24 as compared to net profit of Rs. 2.08 crore during 2022-23). As on 30.11.2024, it has long term borrowings of Rs. 13.71 crore and short term borrowings and trade payables at Rs. 57.10 crore. The company has shown EPS of Rs. 37.17 for the year 2023-24. However the management has issued 5467500 shares as bonus shares during August 2024 and accordingly the equity capital has expanded to 7897500 shares and one must rework the EPS which works out to Rs. 9.37 on the expanded equity capital. The shares are offered at PE multiple of 9.60. If we compare the same with peer group companies, the offer price seems to be reasonable.
The lead manager: Interactive Financial Services ltd has positive/negative listings ratio of 13:8.
IPO opens on 29 Jan. 2025, Closes on 31 Jan. 2025, Price Rs. 90, Lot of 1600 Shares
+ from fundamental angle: so-so
+ from grey market angle:
H.M. Electro Mech IPO Review by Paresh Gordhandas, CA & Research Analyst.
The company specializes in turnkey projects, offering comprehensive services for the supply, installation, testing, and commissioning of pumping machinery, along with operation and maintenance support.
The size of the IPO Rs. 27.74 crore is not very large, and it can get oversubscribed without any problem. Retail portion can get one time subscribed with just 809 applications.
The shares are offered at reasonable valuation and has enough room for listing gains.
The lead manager: Beeline Capital Advisors ltd has impressive track record of positive listings and more over most of the companies lead managed by them are still in positive price range.
IPO opens on 24 Jan. 2025, Closes on 28 Jan. 2025, Price Rs. 75, Lot of 1600 Shares
+ from fundamental angle: May Apply
+ from grey market angle:
Cln Energy IPO Review by Paresh Gordhandas, CA & Research Analyst.
CLN Energy Limited, established in 2019, specializes in the production of custom lithium-ion batteries and motors. The company also manufactures powertrain components for electric vehicles, including controllers, throttles, DC-DC converters, displays, and differentials.
CLN Energy provides B2B solutions tailored for electric vehicles and stationary applications such as solar energy systems, energy storage solutions (ESS), and telecommunications.
Presently, the company operates two manufacturing facilities, one located in Noida, Uttar Pradesh, and the other in Pune, Maharashtra. The facilities in Noida and Pune span 42,000 sq. ft and 21,000 sq. ft, respectively, and are equipped with the latest technology. It manufactures lithium-ion battery packs for both mobility and stationary applications. Its current installed manufacturing setup has a Cell Grading Capacity of 168 MWH per annum, Cell Sorting capacity of 358 MWH per annum, manufacturing capacity of 130 MWH per annum, and Battery testing capacity of 72 MWH per annum for two-wheeler batteries, which is the combined capacity of both Noida and Pune facilities. For batteries other than two wheelers, its facility has a Cell Grading Capacity of 41 MWH per annum, Cell Sorting capacity of 110 MWH per annum, manufacturing capacity of 115 MWH per annum, and Battery testing capacity of 41 MWH per annum. Additionally, its Noida facility has an installed capacity of 60,000 motors per annum.
Its product has multiple certificates for performance and safety like AIS048, AIS156 for L2 (Two-Wheeler), L3 (e Rickshaw) and L5 (Three-Wheeler) application, IEC62133, IEC62619, QM333 for energy storage application, IS16047 for Solar Lighting application and AIS041 for electric motor. It has received QF103 from TSEC, Department of Telecom, Government of India for telecom lithium-ion batteries.
Out of the total income, 73.69 % comes from E-mobility and 67.51% comes from manufacturing. 15.33% of the total income comes from trading activity and the balance comes from Service activities.
The shares are offered at reasonable valuation compared to its profitability. Huge oversubscription is anticipated.
IPO opens on 23 Jan. 2025, Closes on 27 Jan. 2025, Price Rs. 250, Lot of 600 Shares
+ from fundamental angle: Apply
+ from grey market angle:
Rexpro Enterprises IPO Review by Paresh Gordhandas, CA & Research Analyst.
Rexpro Enterprises Limited, established in March 2012, is a prominent furniture manufacturing company based in Vashi, Maharashtra. Initially focused on providing furniture and fixtures to retailers, the company has expanded its client base across diverse sectors including fashion, lifestyle, electronics, grocery, beauty, and telecom.
The size of the IPO is not very large and with 1757 applications, retail portion can get one time subscribed. The shares are offered at reasonable valuation. However the sector in which the company operates may not have much fancy.
The lead manager: Horizon Management Pvt Ltd has 6:5 ratio of Positive:Negative listings.
IPO opens on 22 Jan. 2025, Closes on 24 Jan. 2025, Price Rs. 145, Lot of 1000 Shares
+ from fundamental angle: May Apply
+ from grey market angle:
Capitalnumbers IPO Review by Paresh Gordhandas, CA & Research Analyst.
Capitalnumbers Infotech is engaged in the business of digital consulting and IT engineering offering end-to-end software development solutions to enterprises, and startups worldwide. The company provides services in technological advancement, offering a comprehensive suite of services include Digital Engineering, Data Analytics, Artificial Intelligence/Machine Learning (AI/ML), Cloud Engineering, UI/UX Design and advanced technologies such as Blockchain and Augmented Reality/Virtual Reality (AR/VR). The company have more than 500 IT professionals and consultants to serve more than 250 clients worldwide,
The company has track-record of excellent financial performance during last 3 years and its results show NIL sign of financial manipulations. The shares are offered at very reasonable and attractive valuations, which offers scope for listing gains as well as long term returns.
The lead manager: GYR Capital Advisors Ltd has managed 36 IPOs out of which 35 IPOs have given positive listings.
IPO opens on 20 Jan. 2025, Closes on 22 Jan. 2025, Price Rs. 263, Lot of 400 Shares
+ from fundamental angle: Must Apply
+ from grey market angle:
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