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.

+ from fundamental angle: So-So

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

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

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,

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

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

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

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

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.

+ 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 

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 

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 

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 

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