SME IPO Guidance Review Advice at a Glance
by Paresh Gordhandas, CA &Research AnalystIPO Guidance

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Meta Infotech IPO Review by Paresh Gordhandas, CA & Research Analyst.

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.

Analyst View:

  • Fundamental Perspective:  May Apply

  • Grey Market Sentiment: May Apply

  • IPO opens on 4 July 2025 and closes on 8 July 2025.

Cryogenic OGS IPO Review 

Incorporated in September 1997, Cryogenic OGS Limited is engaged in the manufacturing and assembly of high-quality measurement and filtration equipment for critical industries including oil, gas, chemicals, and allied fluid sectors.

The company specializes in offering customized, innovative solutions tailored to the specific operational needs of its clients. Its expertise spans design, process engineering, fabrication, assembly, and testing services. Cryogenic OGS provides a diverse range of industrial equipment.

The company has strong and growing topline and bottom-line during last 3 accounting years. The shares are offered at attractively low valuation. The lead manager Beeline Capital Advisors have track-record of positive listings. Chances of solid listing gains are seen.

  • IPO opens on 3 July 2025 and closes on 7 July 2025.

Analyst View:

  • Fundamental Perspective:  Apply

  • Grey Market Sentiment: Apply

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

  • Fundamental Perspective:  May Apply

  • Grey Market Sentiment: May Apply

  • IPO opens on 3 July 2025 and closes on 7 July 2025.

Silky Overseas IPO Review 

Founded in May 2016, Silky Overseas Limited has established itself as a reliable and quality-focused name in the textile industry. Specialising in premium bedding essentials—including blankets, bed sheets, and comforters—the company markets its products under the brand name Rian Décor, which is steadily gaining recognition for both comfort and craftsmanship.

Integrated Manufacturing Advantage

Operating from a vertically integrated facility in Gohana, Haryana, Silky Overseas controls the entire production lifecycle—from knitting and dyeing to processing, printing, and packaging. This unified setup allows for greater quality control, operational efficiency, and faster turnaround times, reinforcing its competitive edge.

Product Diversification & Market Reach

The company offers a broad portfolio of textile solutions for both domestic and international markets, including:

  • Mink Blankets

  • Bed Sheets & Comforters

  • Textile Yarns

  • PPE Kits & Body Coveralls (introduced during the pandemic)

Its ability to cater to varied consumer segments and respond to market demand reflects strategic foresight and operational adaptability.

Financial Growth – Promising, Yet Worth Scrutiny

In FY 2023–24, Silky Overseas reported a significant jump in financial performance:

  • Revenue: Rs.70.26 crore

  • Net Profit: Rs.5.53 crore

This is a sharp rise from the previous year’s Rs.98 lakh profit, following losses in earlier periods. While this turnaround is notable, the sudden improvement may prompt deeper evaluation. Key financial indicators to note include:

  • High Inventory: Rs.16.68 crore

  • Receivables: Rs.9.09 crore

  • Loans & Advances: Rs.11.16 crore

These figures, relative to revenue, suggest elevated working capital intensity and warrant careful analysis by prospective investors.

 IPO Snapshot – Scale & Sentiment

Silky Overseas is entering the market with a Rs.60.90 crore IPO—a substantial offering, especially in a market currently saturated with new issues. Given the volume of IPOs, oversubscription could be challenging unless backed by strong investor confidence and institutional participation.

  • Fundamental Perspective:  May avoid

  • Grey Market Sentiment: Apply

  • IPO opens on 30 June 2025 and closes on 2 July 2025.

Cedaar Textiles IPO Review 

Incorporated in September 2020, Cedaar Textile Limited is a specialized manufacturer of a diverse range of high-quality yarns. The company primarily produces melange yarns used in household textiles, woven fabrics, and hosiery.

Cedaar Textile caters to a well-established clientele across both domestic and international markets, including suppliers to prominent global fashion brands.

The company is now entering the capital markets with a relatively large IPO. However, given the current influx of IPOs in the market, achieving substantial oversubscription may prove challenging.

Financially, the company has reported stable growth in total income and net profits over the past three years leading up to the IPO. Notably, in FY 2023–24, there has been a sharp spike in net profit, which could raise questions regarding its sustainability and timing.

As of December 31, 2024, the company reported total inventory, trade receivables, and cash balances amounting to Rs.131 crore. In comparison to the average monthly revenue of Rs.12.45 crore during the first nine months of FY 2024–25, this figure appears disproportionately high and may warrant closer scrutiny.

Analyst View:

  • Fundamental Perspective:  May avoid

  • Grey Market Sentiment: May Apply

  • IPO opens on 30 June 2025 and closes on 2 July 2025.

Pushpa Jewellers IPO Review 

Pushpa Jewellers Limited – Company Overview & IPO Insights

Incorporated in June 2009, Pushpa Jewellers Limited is a well-established jewellery manufacturer, acclaimed for its mastery in crafting lightweight 22kt gold pieces. The company skillfully merges traditional Indian artistry with modern design sensibilities to cater to a diverse clientele.

Its extensive product portfolio includes high-quality gold jewellery such as necklaces, rings, earrings, bangles, bracelets, pendants, mangalsutras, and kadas—offering a balanced mix of traditional and contemporary styles.

The company is launching an Initial Public Offering (IPO) with a net issue size of ₹93.71 crore. While this is relatively large, especially in a market currently saturated with multiple IPOs, achieving significant oversubscription may be challenging.

Financial Highlights:
Pushpa Jewellers has demonstrated robust growth in both its topline and bottomline performance. A thorough review of the balance sheet reveals no signs of financial manipulation. Inventory and receivables, amounting to Rs.52.00 crore, appear reasonable in relation to the company’s average monthly sales of Rs.21.28 crore.

Analyst View:

  • Fundamental Perspective:  May apply

  • Grey Market Sentiment: So-so

  • IPO opens on 30 June 2025 and closes on 2 July 2025.

Marc Loire Fashions Limited – IPO Note
Incorporated in 2014, Marc Loire Fashions Limited is a premium fashion brand specializing in stylish and comfortable women’s footwear. Since inception, the company has focused on delivering high-quality products that seamlessly combine fashion-forward design with everyday comfort.

Business Overview

Marc Loire offers a diverse portfolio catering to various styles and occasions. Key products include open-toe block heel metallic fashion sandals, lightweight athleisure knitted slip-on sneakers, and more.

The company operates on a dual-channel model:

  • Direct-to-Consumer (D2C): Through various online platforms

  • Business-to-Business (B2B): Via offline retail, supported by a network of 40+ trusted vendors

IPO Details

  • Issue Size: Rs.21 crore (relatively modest in size)

  • Investor Allocation: Offered only to HNI and Retail investors (excluding institutional QIBs, except for the market maker portion)

Financial Performance

Marc Loire has demonstrated strong topline and bottom-line growth over the two fiscal years preceding the IPO. The company’s fundamentals reflect solid business momentum and growth potential.

  • Valuation: The shares are being offered at a P/E multiple of 10.63, which appears reasonably priced given the company’s financial performance &peer companies market valuations.

Market Sentiment

Given the current wave of IPOs in the market, the level of investor attention may be diluted, making huge oversubscription less likely.

Recommendation

  • From a Fundamental Perspective: Apply – Strong growth, reasonable valuation

  • From a Grey Market Perspective: So-so

  • IPO opens on 30 June 2025 and closes on 2 July 2025 

Neetu Yoshi IPO Review 

Company Overview: Neetu Yoshi Limited

Incorporated in January 2020, Neetu Yoshi Limited has rapidly established itself as a promising player in the manufacturing of customized ferrous metallurgical components. The company specializes in producing precision-engineered parts using materials such as mild steel, spheroidal graphite iron, cast iron, and manganese steel, with product weights ranging from 0.2 kg to 500 kg.

A significant validation of its technical capability and quality standards is its certification as an approved vendor by RDSO (Research Designs and Standards Organisation) for the Indian Railways—a key customer and growth driver.

Financial Highlights:

The company has reported strong profitability during FY 2023–24 and the first nine months of FY 2024–25, largely driven by substantial orders from Indian Railways. This demonstrates operational efficiency and robust demand for its products in a highly regulated sector.

IPO Details:

The IPO is modest in size, with 34,14,400 shares allocated to retail investors. As of now, with 2,134 retail applications, the issue is already approaching full subscription in this segment, indicating strong investor interest.

The shares are being offered at a reasonable valuation, providing scope for listing gains and long-term value creation.

Investment Recommendation:

Fundamental Perspective: Apply – Backed by consistent profits, niche sector focus, and a marquee client.
Grey Market Sentiment: Apply – Current momentum supports positive listing expectations.

IPO opens on 27 June 2025 and closes on 1 July 2025.

Adcounty Media IPO Review by Paresh Gordhandas, CA & Research Analyst

Adcounty Media India Limited is a next-generation BrandTech company that’s transforming how businesses engage with their audiences. By combining creativity with advanced technology, the company offers comprehensive digital marketing solutions—ranging from brand-building initiatives to high-performance, ROI-driven campaigns—customized for diverse industries.

Over the past three financial years, the company has demonstrated consistent strength in both its topline and bottomline, reflecting robust business fundamentals and scalability. The steady revenue growth signals strong underlying demand and the effectiveness of its tech-led strategies.

Despite operating in a highly competitive sector, Adcounty has carved out a solid position, trusted by marquee clients such as Sharechat, Zepto, Fi.Money, PB Fintech (Policy Bazaar & Paisa Bazaar), Bank Sathi, and MUV. Its ability to deliver data-driven marketing solutions that enhance visibility and accelerate user acquisition has made it a preferred partner for high-growth brands.

Investment Insight:

  • Valuation: Shares are attractively priced at a PE multiple of 10.16, suggesting reasonable entry valuation for investors.
  • Market Sentiment: The current grey market premium (GMP) indicates strong interest and the potential for notable listing gains.

Fundamental View: Strong business model and growth visibility – Must Apply

Grey Market Sentiment: Positive – Apply

IPO opens on 27 June 2025 and closes on 1 July 2025.

PRO FX Tech IPO Review 

Company Overview: PRO FX Tech Limited
Founded in 2006 | Sector: High-End Audio-Visual Solutions

PRO FX Tech Limited is a prominent distributor and integrator of premium audio-visual (AV) technologies in India. The company offers a comprehensive product portfolio comprising amplifiers, processors, turntables, audio streamers, speakers, subwoofers, soundbars, and a range of AV accessories.

Renowned for its expertise in custom-designed AV solutions, PRO FX Tech caters to a diverse clientele, delivering tailored installations across segments such as home theatres, smart home automation, multi-room audio systems, and corporate AV integration. Its focus on high-performance systems has positioned it as a trusted name among quality-conscious consumers and enterprises.

Financial Snapshot & IPO Details:

  • IPO Size: ₹40.30 crore – a modest issue size, likely to attract strong retail interest.
  • Valuation: Shares are priced at a Price-to-Earnings (PE) multiple of 9.15, indicating an attractive entry point.
  • Financial Performance: The company has demonstrated consistent growth in revenue and profitability over the past three financial years, underlining its scalable business model and growing market demand.
  • Peer Landscape: Notably, there is no directly comparable listed peer in India, giving PRO FX Tech a unique position in the public markets.

Investment View:

Fundamental Perspective: Apply – Strong financials, niche market presence, and attractive valuation.
IPO Size & Sentiment: Apply – Moderate issue size with potential for positive listing momentum.

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