The year-end IPO calendar has suddenly turned into a runway. Over the next two months, roughly two dozen firms from fund houses and data-tech firms to clean-energy and consumer brands are expected to crowd the primary market, seeking about ₹40,000 crore in fresh capital and offers for sale. What looks like a feeding frenzy is really the confluence of record liquidity, a buoyant retail appetite and companies that delayed listings earlier in the year finally lining up to go public. The pipeline blends a few very large offers with a longer tail of mid-sized and SME-platform listings. At the top of the stack is ICICI Prudential Asset Management Company, whose IPO is eyed at over ₹10,000 crore, positioning it among the biggest fund-house listings in India. Other household or market-facing names expected to launch include Fractal Analytics, Juniper Green Energy, Wakefit and Clean Max Enviro Energy Solutions, each running into the thousands of crores in fundraising or offer for sale estimates. Together all these form the strong backbone of the ₹40,000 crore target.&nbsp; Eventually, the headline number hides the diversity beneath it: payments platforms, health-services chains, specialty manufacturing, media and even some SME issuers. Business Standard, Upstox and other market trackers list firms such as Manipal Payment, Kanodia Cement, Milky Mist, Amagi Media Labs, Veeda Clinical and a range of smaller names preparing paperwork or merchant-banker pitches. The result: a calendar that is large in both size and scope.&nbsp; Why the rush and why now? Three forces explain the timing. First, domestic liquidity is abundant,&nbsp; mutual funds, insurers and large institutional pools have rotated into primary allocations after a period of caution, and several marquee pre-IPO placements this year primed investor interest.&nbsp; Second, many companies that delayed last year’s or early-2025 listings have matured their metrics (or want to lock in valuations) and are racing to list before the festive quarter closes and budgets reset.&nbsp; Third, bankers and exchanges prefer concentrated windows when investor attention is high; December–January historically draws retail and HNI participation around year-end portfolio activity. Market commentators say this combination has created a window that underwriters and promoters are eager to exploit. What’s in it for investors and what to watch out for The opportunity is real: with such a wide spread across sectors — renewables, fintech, manufacturing, tech, consumer goods&nbsp; investors have the chance to build a diversified primary-market portfolio. A well-priced IPO from a stable firm (like ICICI Prudential AMC) could anchor valuations for riskier plays in clean-energy or consumer tech. But caveats abound: When two dozen companies try going public nearly simultaneously, allocations get stretched — retail investors may not get meaningful allotments in some oversubscribed issues. Valuations could be aggressive with demand high, some firms may price at lofty multiples, leaving limited cushion for listing-day gains. Not all names are “blue chip” , many are from sectors (manufacturing, SMEs, healthcare) where business models are less predictable and cap-tables sometimes opaque. Smart investors will comb through the draft-red-herring prospectuses (DRHPs), focus on business fundamentals, check how much is fresh issue vs offer-for-sale (OFS), and avoid jumping in just based on hype. Liquidity is overflowing. Domestic institutions like mutual funds, insurance companies, pension funds are sitting on strong inflows. Markets have stabilised and risk appetite has returned. When liquidity is plentiful, promoters see the perfect window to raise capital at confident valuations. This season creates a “sweet spot.” Before year-end profit-booking and before Union Budget volatility kicks in, December–January usually offers a clear runway. Bankers know this. Promoters know this. And this year, both sides are refusing to miss the window. The result: a tightly packed, high-pressure, high-stakes IPO calendar. Conclusion India is heading into one of its most crowded and consequential IPO seasons. Twenty-four firms. Forty thousand crore rupees. Two months. One window. For investors, the mantra is simple:&nbsp; Read the DRHP, understand the business, check the valuation, and invest with discipline&nbsp; not noise. This isn’t just a season of listings. &nbsp;It’s a season that shows where India’s equity markets stand&nbsp; and where they’re headed.

The pipeline blends a few very large offers with a longer tail of mid-sized and SME-platform listings. At the top of the stack is ICICI Prudential Asset Management Company

Big IPO Season Ahead: 24 Companies Set to Raise ₹40,000 Crore in Dec–Jan 2026

​Unlisted shares once the domain of VCs and HNIs are slipping into more mainstream portfolios. The reason is simple: a lot of value is being created before companies hit the exchange, and new market plumbing plus clearer rules are making that value reachable.​For years, India’s most exciting companies remained out of reach for everyday investors. Startups scaled, valuations soared, global funds made fortunes and the public markets got access only after the biggest growth cycles had already played out. But as we move towards 2026 is shaping up to be the turning point. Due to regulatory clarity, growing investor appetite, maturing private markets and an increase in the number of late-stage startups preparing for IPOs, unlisted stocks are moving from the fringes to the mainstream of wealth creation. In recent years, fintech, NBFC, consumer technology, enterprise SaaS, healthcare, etc. a bunch of fast-growing companies in the field have delayed public listings. Instead of going public, they prefer to expand, stabilize revenues and build strong business models. That delay pushes value creation deep into the “unlisted” phase. As a result, a much larger pool of wealth is now locked up in private shares than before.&nbsp; Thus, being late to the IPO game may cost investors a chunk of the growth unless they get exposure earlier, via unlisted shares. Why now? The plumbing and the momentum Three things changed in quick succession. First, the pipeline of companies preparing to list got much larger marquee names and late-stage startups have signalled IPO windows, and a successful run of listings has pulled forward retail appetite for pre-IPO allocations. <a href="https://www.planify.in/article/indian-e-commerce-giant-meesho-targets-52500-cr-valuation-in-december-ipo/">Meesho’s December IPO</a>, oversubscribed on day one, is a vivid example of heat building around consumer-tech names and how retail demand looks for earlier access.&nbsp; Second, the <a href="https://www.planify.in/unlisted-shares/">unlisted market</a> itself is getting organised. Online marketplaces and specialist broking platforms now standardise documentation, escrow and compliance checks, making private deals less bespoke and less opaque than they used to be. That doesn’t make them safe but it does reduce frictions and lowers the informational barrier for non-institutional buyers.&nbsp; Third, the regulator has intervened to bring some order to trades in unlisted public company shares. SEBI’s guidance and clarifications on what electronic platforms can and cannot do have cleaned up a grey area not by opening the doors entirely, but by setting predictable rules that platforms and investors must follow. Predictability encourages participation. How investors will access unlisted shares There are three common routes: (a) secondary platforms that list verified seller offers; (b) curated pre-IPO pools run by AIFs and managed accounts; and (c) direct secondary transactions from employees or early investors during structured buybacks. Platforms now act as gatekeepers; they perform documentation, KYC, escrow and sometimes valuation checks. That helps but doesn’t eliminate two fundamental truths: illiquidity remains, and counterparty and information risks persist.&nbsp; SEBI’s Push Toward Regulation Makes Unlisted Shares Safer A major barrier to broader adoption of unlisted shares in India has been lack of formal structure: opaque pricing, unregulated “grey-market” trades, weak settlement mechanisms, and absence of standardized disclosures. That has made unlisted investing risky, especially for retail investors. But that appears to be changing. In August 2025, SEBI chairperson Tuhin Kanta Pandey publicly suggested exploring a regulated platform for <a href="https://www.planify.in/pre-ipo/">pre-IPO share trading</a>, a space where unlisted or soon-to-list companies could allow their shares to trade under proper oversight, subject to disclosure requirements. Why Unlisted Shares Are Winning Attention in 2026 <ul><li style="font-size:16px;color:#0a0a0a;background-color:transparent">Companies Are Staying Private Longer</li></ul>High-growth sectors in fintech, clean energy, SaaS, consumer brands are delaying IPOs to strengthen revenues, reduce burn and enter public markets only once profitability improves. This means a very large part of value creation happens in the private phase. <ul><li style="font-size:16px;color:#0a0a0a;background-color:transparent">Early Access to Tomorrow’s Leaders</li></ul>Unlisted shares offer exposure to companies that will likely dominate sectors in the next 5–10 years. Investors who enter before IPO often capture the steepest part of the growth curve.​Why Investors Must Resist FOMO Even with momentum, hype and access improving, every unlisted company must pass through a neutral, detached evaluation phase. This simply implies and means: Don’t fall and be too attached with the story. Don’t hate it either. Evaluate it like a forensic analyst. A neutral stance helps investors avoid biases that commonly destroy capital: 1.&nbsp;Studying audited financials Revenue growth, EBITDA trajectory, working-capital cycles, cash flows.Are they improving year on year?Is the company dependent on external funding to survive? 2.&nbsp; Understanding the real valuation Unlisted prices often float freely without price discovery.Investors should look:&nbsp;Is the valuation justified compared to listed peers?Is it based on fundamentals or sentiment? 3.&nbsp; Assessing governance and promoter quality Are promoters transparent?Are filings clean?How do they treat minority shareholders? 4.&nbsp;&nbsp;Identifying scalable business models Does the company have repeatable revenue?High entry barriers?Low customer acquisition cost?Strong unit economics? 5.&nbsp; Checking cap-table health and future dilution Too many VC rounds = too many future claims on equity.A crowded cap table today means lower eventual returns for late investors.Only after this neutral, due-diligence phase should conviction form Conclusion — Unlisted Shares: A Strategic Opportunity in 2026 The landscape for unlisted equity in India is changing. What was once a murky, high-entry, high-risk corner of the market is showing signs of formalization, regulation and structural growth. With regulators like SEBI hinting at a regulated pre-IPO trading platform offering disclosure standards, settlement transparency, and regulatory oversight, unlisted shares could transform from speculative bets into a legitimate wealth-creation avenue. For investors with patience, long-term horizons and a willingness to do due diligence, unlisted equity offers a rare chance: to invest early in tomorrow’s market leaders, benefit from asymmetric upside, and diversify beyond traditional assets. But this opportunity requires respect and restraint. Stack unlisted shares as one tile in a broader mosaic. Do your homework. Use only regulated, transparent channels. And treat each investment as a long-term bet, not a quick flip. If SEBI’s reforms take hold, 2026 might well become the year unlisted shares turn from fringe to mainstream quietly reshaping how Indian portfolios are built.

Unlisted shares once the domain of VCs and HNIs are slipping into more mainstream portfolios.

Future of Investing: How Unlisted Shares Will Reshape Portfolios in 2026

InCred Holdings, the parent of <a href="https://www.planify.in/research-report/incred-capital-financial-services/">InCred Financial Services</a> and a growing suite of wealth and asset-management businesses has taken a decisive step toward a public listing by filing a Draft Red Herring Prospectus (DRHP) with market regulators for an IPO and a public issue worth ₹3,000–4,000 crore band. The confidential pre-filing, completed in early November 2025, signals management’s intention to tap public equity to scale its lending book, strengthen capital buffers, and accelerate investment in technology and fee-based services. The company’s move follows months of consolidation and fresh capital raises that have bulked up its balance sheet and diversified its product mix. A concise view of the business InCred started as a tech-first NBFC focused on consumer and education loans and has since broadened into a multi-business financial platform that includes retail lending, SME finance, wealth management and alternative asset advisory. The holding-company structure is meant to capture both the recurring-fee potential of wealth/asset management and the higher-yielding credit business, a combination investors now favor because it provides multiple earnings levers and smoothing across cycles. The group has also been building in-house capabilities in underwriting, collections and data science, capabilities that its DRHP says will be scaled further using IPO proceeds. What the DRHP filing actually means Filing a DRHP especially via the confidential pre-filing route — lets a company engage regulators and anchor investors while keeping sensitive valuations and allocation details private until nearer the launch. InCred’s target range (reported by multiple outlets) gives the market a sense of scale: this is not a small debut, it is a material capital raise intended to accelerate growth and shore up regulatory capital for a fast-growing NBFC. Management plans to use proceeds for lending book growth, technology and infrastructure investments, distribution expansion (particularly in smaller towns), and to scale its wealth/asset management franchises. The Numbers Behind the Confidence For FY25, InCred Financial Services posted strong financials: Revenue: approx. ₹1,255 crore Profit After Tax: approx. ₹372 crore AUM Growth: expanding towards ₹12,500+ crore Ratings: AA- (stable) a big endorsement for an NBFC scaling fast Who backs InCred and why that matters InCred’s shareholder base and recent private capital rounds matter because they show outside validation. The company has attracted marquee investors and strategic backers including high-profile private investors such as the Kamath brothers of Zerodha, who invested ₹250 crore earlier in 2025 suggesting confidence from sophisticated domestic players in InCred’s strategy. Such backing also helps when pricing an IPO and sourcing anchor commitments.&nbsp; What the DRHP Tells Us A few themes stand out from the filing: 1. The focus is on long-term capitalInCred wants permanent capital to accelerate its lending book and build a stronger balance sheet. 2. Technology is centralThe company plans to invest aggressively in AI-led credit models, fraud detection, collections and risk scoring. 3. Fee-based income will growWealth and asset management arms are scaling fast, offering more stable revenue and better ROE. 4. It wants deeper presence in smaller citiesRetail and MSME lending outside metros still has massive untapped demand. Key intended uses of IPO proceeds include:<ul><li style="font-size: 16px;color: rgb(0, 0, 0);background-color: transparent">Strengthening the lending book and capital buffers</li><li style="font-size:16px;color:#000000;background-color:transparent">Investing in digital infrastructure and AI-led underwriting models</li><li style="font-size:16px;color:#000000;background-color:transparent">Scaling distribution across Tier-II and Tier-III cities</li><li style="font-size:16px;color:#000000;background-color:transparent">Expansion of asset management and wealth businesses</li><li style="font-size:16px;color:#000000;background-color:transparent">Possible acquisitions in niche lending or advisory segments</li></ul>​Incred Holdings: The Risks That Don’t Go Away No NBFC is without vulnerabilities:<ul><li style="font-size:16px;color:#000000;background-color:transparent">A chunk of the retail book is unsecured</li><li style="font-size:16px;color:#000000;background-color:transparent">MSME loans react sharply to economic shocks</li><li style="font-size:16px;color:#000000;background-color:transparent">Cost of funds can rise quickly for non-bank lenders</li><li style="font-size:16px;color:#000000;background-color:transparent">Competition is intense, and regulatory tightening is constant</li></ul> Conclusion An <a href="https://www.planify.in/research-report/incred-holdings-share-price/">InCred IPO</a> would be more than a corporate milestone. It would signal that India’s capital markets remain receptive to well-governed, diversified NBFCs that combine tech-driven credit distribution with fee income growth. This matters for both credit availability to MSMEs and for the maturation of India’s wealth-management ecosystem, where competition is opening new channels for savings and advisory products. A successful listing could also set a template for other fintech-NBFC hybrids contemplating public markets.

The confidential pre-filing, completed in early November 2025, signals management’s intention to tap public equity to scale its lending book

InCred Holdings Moves Closer to IPO with ₹4,000 Crore DRHP Filing

India’s consumer internet story is entering a new phase, and Meesho has quietly positioned itself at the heart of it. In India’s value-commerce and e-commerce universe, Meesho began as a modest WhatsApp-reseller marketplace, serving tier-2 and tier-3 consumers. Now as Meesho prepares for its much-awaited IPO in December 2025 the company is seeking a valuation of nearly ₹52,500 crore making it one of the largest, largest listings in India's digital commerce history. The company plans to raise ₹4,250 crore through fresh issue and additional shares through an offer for sale (OFS) from early stage investors.&nbsp; Meesho's strength lies in its deep penetration into categories such as homewares, kitchenware and fashion, fashion and its seller empowerment approach to bring micro-entrepreneurs and small sellers online. This seller-first ecosystem creates network effects that differ from the inventory-intensive logistics-focused models of some competitors: Meesho relies heavily on third-party sellers' light working capital structures and a suite of tools designed to improve discoverability and conversion for small merchants. Meesho IPO: Use of Proceeds Reportedly, the ₹4,250 crore fresh issue will be used to: (a) build cloud and technology infrastructure (AI and recommendation systems), (b) scale marketing and customer acquisition, and (c) support product development and strategic M&amp;A. These are typical for a scale-up aiming to lock in market share and raise lifetime value.&nbsp; IPO Lead Managers: Kotak Investment Banking, JPMorgan, Axis Capital, Citi and Morgan Stanley are the book running lead managers. Who’s selling and who backs Meesho? Meesho’s cap table includes marquee global and domestic investors: SoftBank, Prosus, Peak XV, Elevation Capital, WestBridge and others. Several of these are expected to partially exit via the offer-for-sale, making this a liquidity event for late-stage backers as much as a capital raise for the company.&nbsp; What Makes Meesho’s IPO Stand Out? India’s next wave of e-commerce growth is coming not from premium shoppers, but from the 200–300 million middle-class and lower-middle-class users who transact frequently at low ticket sizes. Meesho sits exactly in that sweet spot.&nbsp;Its strength lies in:<ul><li>High repeat behaviour</li><li>A vast, hyperactive seller ecosystem</li><li>Strong penetration in non-metro India</li><li>Improving cost-to-serve metrics</li><li>A low-cost business model built for high volume</li></ul> Meesho captured roughly 23-25% market share in the home, kitchen &amp; furnishing e-commerce segment as of June 30 2025.&nbsp; The firm processed 1.3 billion orders and had over 187 million annual transacting users as per its DRHP.&nbsp; Although still running losses (FY25 saw losses widen to ~₹3,941 crore due in part to one-off costs), the fresh IPO proceeds are targeted at scaling cloud infrastructure (~₹1,390 crore), AI/ML hiring (~₹480 crore) and brand marketing (~₹1,020 crore).&nbsp; <div class="se-component se-image-container __se__float-justify"><figure><img src="https://testing-planify.s3.amazonaws.com/sun_editor/a713fd66-5139-4c54-a2e3-90af82746c82.png" alt="" data-proportion="true" data-align="justify" data-file-name="1+C0GAAAAAGSURBVAMAYT0dEhWekJ8AAAAASUVORK5CYII=" data-file-size="0" data-origin="," data-size="," data-rotate="" data-percentage="auto,auto" origin-size="790,523" style="margin-left: 0px; margin-top: 0px;"></figure></div> What is the price of Meesho IPO unlisted shares? Till the time IPO hype hit the market and during this time of pre-IPO phase <a target="_blank" href="https://www.planify.in/research-report/meesho/">Meesho unlisted shares</a> are already actively trading in the private-pre-IPO market. Currently, Meesho share price in unlisted market is around ₹2,408 per share. The price has risen steadily in 2025 as expectations of the December IPO grew stronger. Historically, <a target="_blank" href="https://www.planify.in/pre-ipo/">pre-IPO</a> markets tend to price in both FOMO and future growth but they also offer an early indicator of investor sentiment. In Meesho’s case, the sentiment has been clearly bullish. Meesho IPO: Risks and Concerns&nbsp; Meesho faces intense competition from deep-pocketed incumbents that can subsidise scale for long periods, and price wars or seller incentives could compress margins. Logistics costs returns and high unit costs of servicing low-cost orders all put constant pressure on profitability. The execution risks of technology investments are real: large capital in AI and cloud must result in measurable conversions retention and LTV improvements or the capital will seem unaffordable.&nbsp; Guess what? Finally, broader market sentiment and macroeconomic changes can quickly recalibrate consumer tech valuations so timing is a non-trivial factor for investors considering participation. For investors analyzing this IPO the practical checklist is straightforward: review the final prospectus for accurate disclosure of the GMV run rate consolidated profitability trends and revenue mix and margin factors; Clarify the use of revenue and the management of KPIs , KPIs that you will use to measure progress; It monitors fundamental investor demand and the ultimate price band that sets expectations for overall market performance.&nbsp; Conclusion Meesho's proposed valuation of ₹52,500 crore and significant re-raising makes it one of the largest , largest consumer IPOs in India in 2025.&nbsp; You know what? The story is based on a compelling transition: from a fast-growing unprofitable market , to a scalable monetizable platform that can defend stocks against corporate giants while improving unit economics. The final prospectus in the coming weeks pre-fund or Pre IPO allocations and price band will determine whether the market rewards Meesho's growth narrative with the target valuation.

Meesho prepares for its much-awaited IPO in December 2025 the company is seeking a valuation of nearly ₹52,500 crore.

Indian E-Commerce Giant Meesho Targets ₹52,500 Cr Valuation in December IPO

India is entering a transformative phase of economic growth; one that’s producing new avenues to wealth beyond the traditional stock market. With record levels of private capital, more interest in IPOs, and easier opportunities for international players to participate — the <a href="https://www.planify.in/pre-ipo/">pre-IPO and private equity markets</a> are booming. For Non-Resident Indians (NRIs), this is a unique time that offers an opportunity to invest in India’s next set of high-growth companies, before they hit the public markets. The question is no longer of why they chooses, or will choose in the future to do so — but this: how NRIs could get a stake effectively while managing risk and regulations. According to the Bain &amp; Company “India Private Equity / VC Report 2025”, investments in the PE-VC space in India grew by approximately 9% to ~US$43 billion in 2024, driven entirely by growth- and VC-stage funding.&nbsp; The number of deals increased substantially — e.g., from 880 in 2023 to 1,270 in 2024 for VC deals.&nbsp; Meanwhile, the EY-IVCA report noted that in August 2025 alone, PE/VC investments in India reached US$2.8 billion across 115 deals.&nbsp; Pre-IPO rounds gaining significance India’s dynamic economy is providing opportunities well beyond the listed markets. Pre-IPO and private equity segments are increasingly being identified as offering strong potential for NRIs. Here are some pros and cons: <a href="https://www.planify.in/unlisted-shares/">Investment opportunities</a>: These private investments give access to companies before they go public, often at lower valuations, and in turn can generate sizable long-term gains. With India’s increasing GDP, predictable policy environment and business-friendly reforms in place, private market investment is now an essential component of investing to grow wealth — especially for NRIs looking to diversify beyond public equities and real estate. <h3 style="line-height:1.38;text-align: justify">Deeper Look at Pre-IPO and Private Equity Investing</h3>Private Equity (PE) Private equity is the process of investing in privately held companies and scaling and improving them before going public or getting sold. It covers different categories: <ul><li style="font-size:16px;color:#000000;background-color:transparent">Venture capital for startups </li><li style="font-size:16px;color:#000000;background-color:transparent">Growth equity for expanding firms </li><li style="font-size:16px;color:#000000;background-color:transparent">Leveraged buyouts (LBOs) for established businesses </li></ul>These types of investments are generally overseen by professional firms or institutional funds collecting money from investors. The goal is to identify underperforming or high-potential companies, improve their operations and prepare them for long-term value creation. Pre-IPO Deals Investors can snap up shares of a company before it goes public through pre-I.P.O. transactions — often at a discount to the anticipated listing price. For decades, such deals were only available to the largest of institutions and ultra-high-net-worth investors. But today, digital platforms and regulatory changes have paved the way for participation by NRIs and smaller investors. <a href="https://www.planify.in/buy-pre-ipo/">Pre-IPO shares</a> generally have a lock-in period of six months post-listing to ensure stability in the market. While there’s a waiting period, the draw is the potential upside: The IPO on Zomato yielded early backers an annualized return of more than 140% from its listing after less than a year. <h3 style="line-height:1.38;text-align: justify">Performance and Track Record</h3> Private equity in India has long returned better than public market benchmarks. India’s SME exchange, for instance, has given 18–25% returns every year in the last five years. Players such as Steptrade Capital, which focus on SME-oriented Alternative Investment Funds (AIF), have made over 22 pre-IPO and 50 anchor investments, overseeing ₹300+ crore across 100 companies. Although opportunities have become more competitive, diluting outsized returns, the asset class still offers strong relative performance over time. <h3 style="line-height:1.38;text-align: justify">How NRIs can invest in private markets</h3>​ <ol><li style="font-size:16px;color:#000000;background-color:transparent">Alternative Investment Funds (AIFs) AIFs are one of the more regulated routes for NRIs to invest in pre-IPO and private equity deals. They offer professional management, diversification and SEBI-regulated compliance. Most minimum investments start at ₹1 crore. </li><li style="font-size:16px;color:#000000;background-color:transparent">Portfolio Management Services (PMS) PMS platforms provide customised investment portfolios, and many of them have access to pre-IPO shares through their networks. SEBI mandates a minimum investment of ₹50 lakh and up to 25% of PMS capital may be invested in unlisted shares. </li><li style="font-size:16px;color:#000000;background-color:transparent">Direct Investments Some NRIs want to invest in startup rounds directly. This is also possible but requires an immense amount of due diligence, legal knowledge and risk appetite. Many start with smaller amounts via vetted online platforms before scaling up. </li><li style="font-size:16px;color:#000000;background-color:transparent">Secondary Markets Secondaries offer the opportunity to invest in pre-IPO shares from existing shareholders ahead of a company’s public market listing, providing flexibility and early access to potential high-flyers. </li><li style="font-size:16px;color:#000000;background-color:transparent">GIFT City Advantage The Gujarat International Finance Tec-City (GIFT City) is fast emerging as an attractive destination for NRI investment. With relaxed rules, tax incentives and greater ease in transferring funds, it's quickly becoming the preferred launchpad to invest in India's capital markets such as private equity and pre-IPO offerings.</li></ol>​<h3 style="line-height:1.38;text-align: justify">The Bottom Line</h3>India’s private equity and pre-IPO markets are in a stage of tremendous growth. For NRIs, it is more than just a trend — but a chance to be part of the next big wealth cycle in the country. By conducting smart research, staying diversified, and taking a long-term view, NRIs can unlock meaningful returns and join India’s economic resurgence — not as observers, but as active participants.

For Non-Resident Indians (NRIs), this is a unique time that offers an opportunity to invest in India’s next set of high-growth companies, before they hit the public markets.

The Rise of Pre-IPO Deals and Private Equity: How NRIs Can Participate in India’s Next Big Wealth Cycle

Corporate restructurings and transformations often seem simple on the surface yet in practical terms represents complexity, but beneath them lies strategic intent, financial recalibration and long-term positioning. <a href="https://www.planify.in/research-report/apollo-green-energy-limited/">Apollo Green Energy&nbsp; Ltd.</a> (AGEL), a company largely involved in renewable energy and infrastructure projects, took such a step when it launched its fashion manufacturing division in June 2024. What appeared to be a routine business transfer quickly emerged as a significant corporate event: one that reshapes how the Apollo group wants investors to view its portfolio. The entire fashion business, which includes footwear, leather garments, bags and accessories manufacturing, was transferred into a newly incorporated subsidiary, Apollo Fashion International Limited (AFIL), in a deal valued at ₹95 crore. The Deal at a Glance Under the Business Transfer Agreement (BTA) dated June 1, 2024, AFIL acquired net assets worth ₹62.66 crore, including ₹23.5 crore of property, plant and equipment, ₹52.3 crore of inventories and ₹49.2 crore of trade receivables. On the other side of the ledger, it took over liabilities of nearly ₹77 crore, including short-term borrowings and trade payables. The total consideration of ₹95 crore paid through a mix of ₹61.50 crore in cash and ₹33.50 crore via equity shares (1.11 crore shares at ₹30 each) created a capital reserve of about ₹32.34 crore on AFIL’s books. In valuation terms, the deal implies a strategic premium, signalling the group’s belief that the fashion business can scale independently and attract fresh pools of capital. Post-transfer, Apollo Green now owns 37.52% of AFIL, while the broader promoter group controls roughly 77% of the fashion subsidiary, maintaining strategic control but allowing operational separation. Financial Performance The timing is what makes this transaction particularly intriguing. The worldwide and global supply chain situation for apparel and footwear segment is still unstable and volatile, raw material costs are rising reflecting inflation continues, and financial and working capital pressures are prevalent among manufacturing-centric fashion businesses. Yet, AFIL’s first full-year performance (FY25) suggests that the business has meaningful scalability. In FY25, AFIL reported ₹182.44 crore in revenue more than double the ₹89.98 crore generated during its previous partial-year period along with an EBITDA of ₹21.95 crore and a net profit of ₹13.07 crore. A 12% EBITDA margin and 7% PAT margin offer early proof of operational viability, especially for a freshly carved-out unit.&nbsp; But the numbers also reveal stress: AFIL’s balance sheet shows debt of ₹65.82 crore, with nearly 97% of it being short-term borrowings, leaving the business exposed to liquidity strain. Cash and equivalents stood at a negligible ₹0.04 crore, while receivables surged 115% to ₹46.75 crore clear signs that working capital discipline remains a critical priority. Adding to this is the fact that 45.7% of AFIL’s FY25 revenue came from sales to its former parent Apollo Green, raising questions about diversification and how quickly the new entity can build independent market strength. Key Financials of Apollo Fashion International Ltd. According to financial breakdown: <ul><li style="font-size:15px;color:#000000;background-color:transparent">FY25 Revenue: ₹182.44 crore </li><li style="font-size:15px;color:#000000;background-color:transparent">EBITDA: ₹21.95 crore → EBITDA margin ≈ 12.03% </li><li style="font-size:15px;color:#000000;background-color:transparent">PAT: ₹13.07 crore → Net margin ≈ 7.16% </li><li style="font-size:15px;color:#000000;background-color:transparent">Debt: ~₹65.82 crore (most of it short-term) vs Equity ~₹49.57 crore — gearing is heavy. </li><li style="font-size:15px;color:#000000;background-color:transparent">Related party caution: ~45.7% of revenue came from sales to Apollo Green, its parent.</li></ul> Interpretation: The numbers show scale, margin improvement (vs earlier smaller period), and a viable business — but the heavy debt and dependency on the parent group mean the risk is significant. Strategically, the spin-off provides Apollo Green with what it likely wanted and dreamed big: a more organized balance sheet and a clearer identity focused on renewable energy. By establishing the fashion enterprise as a separate or into its own corporate entity, Apollo Green minimizes operational complexities and better aligns itself for upcoming fundraising efforts or collaborations in the green energy&nbsp; sector. Meanwhile, AFIL gains the breathing room to build its brand, improve margins, and attract fashion-focused investors, a segment that values consumer-product clarity more than conglomerate complexity. Spin-offs like these often aim to “unlock value,” but value only materializes if the carved-out entity demonstrates sustainable growth, cash-flow improvement, and reduced leverage over time. Yet, risks remain.AFIL needs to demonstrate that its early profitability is sustainable and not a one-year anomaly.&nbsp; guess? High leverage, heavy dependence on short-term loans and borrowings, and dependence on the parent for earnings indicate that the company still has structural weaknesses.&nbsp; Do you know Supply chain disruptions, commodity volatility and evolving global compliance standards add to the unpredictability.&nbsp; Seriously, the question for Apollo Green remains whether this spin-off will actually sharpen its strategic focus or whether the group will gradually restructure itself from its non-core activities over time. Conclusion The verdict, for now, is nuanced: Apollo Green’s ₹95 crore fashion spin-off is both a strategic clean-up and a bet on independent value creation. AFIL has shown early promise, but its long-term trajectory will depend on how quickly it can diversify, deleverage, and deepen its market presence without leaning on the parent. As investors scrutinise India’s growing wave of corporate carve-outs, this transaction offers a telling insight into how mid-sized groups are preparing their businesses for sharper, more specialised capital cycles.

Apollo Green Energy  Ltd. (AGEL), a company largely involved in renewable energy and infrastructure projects, took such a step when it launched its fashion manufacturing division in June 2024.

Inside Apollo Green’s ₹95 Crore Fashion Division Spin-Off: A Deep Dive Into India’s Latest Business Transfer

India’s primary markets are buzzing again as the Securities and Exchange Board of India (SEBI) has cleared the IPO proposals of seven companies, including Shiprocket, Meesho, and Skyways Air Services, paving the way for a new wave of listings from both digital-first startups and traditional industrial players. This fresh round of approvals underlines growing investor confidence in India’s capital markets as more firms across technology, logistics, engineering, and manufacturing look to tap the public route for expansion and deleveraging. Shiprocket&nbsp; <a target="_blank" href="https://www.planify.in/research-report/shiprocket/">Shiprocket</a>, formally known as Bigfoot Retail Solutions Ltd, has become a vital logistics enabler for small and mid-sized e-commerce sellers. Backed by investors such as Zomato Temasek and Lightrock the company offers a full range of services from shipment consolidation and warehousing to checkout and post-purchase analytics. According to the draft red herring prospectus, Shiprocket's IPO will consist of a fresh issue of &nbsp;₹900 crore , crore and an offer for sale (OFS) of a total of &nbsp;₹1,000-₹1,100.&nbsp; And also we see in the DRHP that&nbsp; the funds are used for technological developments, international expansion and working capital improvements. The company posted a net loss of ₹341 crore in FY24 on a revenue base of ₹1,747 crore, reflecting continued investment in scale and infrastructure. Shiprocket’s improving unit economics and focus on profitability by FY26 make it one of the most anticipated listings in the logistics-tech space. Meesho E-commerce platform <a target="_blank" href="https://www.planify.in/research-report/meesho/">Meesho</a>, operated by Fashnear Technologies Pvt Ltd, also secured SEBI’s approval for a highly anticipated IPO expected to raise ₹3,500–₹4,000 crore. Backed by SoftBank, Meta, Peak XV Partners, and Fidelity, Meesho has grown into one of India’s largest social commerce platforms, enabling small sellers and resellers to reach mass consumers through a low-cost digital model. In FY25 Meesho turned a profit for the first time marking an important milestone in the Indian startup ecosystem.&nbsp; Seriously,&nbsp; the company's revenue in FY24 was ₹5735 crore up over 37% year-on-year while its losses came down significantly year-on-year. The IPO is expected to value the company between Rs 35000 and Rs 40000. Skyways Air Services <a target="_blank" href="https://www.planify.in/research-report/skyways-air-services-pvt-ltd/">Skyways Air Services Ltd</a>&nbsp;a Delhi-based freight , freight forwarding and logistics company has also received SEBI's approval to go public. The company filed its application for DRHP on June 30 2024 and proposed to issue shares worth Rs 3.29 crore while promoters and existing shareholders would sell shares worth Rs 1.33 crore through the OFS. &nbsp;guess?&nbsp; You know what? The IPO is expected to raise between $600 million and $800 million that will be used for network expansion, warehouse automation and international growth. Skyways generated revenue of ₹2,114 crore in FY24 maintained steady profitability and showcased the strength of its logistics backbone in India amid growing trade and e-commerce volumes. Other SEBI-Cleared IPOs: Manufacturing and Energy Firms Join the Pipeline​Apart from these three companies, SEBI also approved IPO plans from German Green Steel and Power, Rajputana Stainless, Manika Plastech, and Allied Engineering Works, spanning sectors from renewable energy and steel to smart meters and industrial packaging. German Green Steel and Power Ltd Listed in June 2024 the company plans to raise ₹450 crore through a fresh issue and OFS for promoters of up to 20 crore shares.&nbsp; Seriously, the funds will be used for green energy projects and steel capacity expansion in line with India's drive towards sustainable industrialization. Rajputana Stainless Ltd The Jaipur-based stainless steel company has relaunched DRHP in June 2024 targeting an IPO of Rs 2.09 crore including issue of new shares worth Rs 1.46 crore , crore with promoter Shankarlal Deepchand Mehta and Rs 62.5 crore. The proceeds will support the construction of a new manufacturing plant working capital and debt reduction a priority among mid-cap industrial exporters. Manika Plastech Ltd The Mumbai-based maker of rigid polymer packaging materials is looking to raise Rs 115 crore through a fresh issue and its promoter VRIDAA Holding Trust is selling OFS shares worth Rs 1.5 crore. Yes this is true, infact the funds are being used for capital expenditures and debt repayments suggesting industry-wide balance sheet strengthening ahead of the expansion. Allied Engineering Works Ltd This Delhi-based smart energy meter manufacturer filed its DRHP in July 2024, planning a ₹400 crore fresh issue and an OFS of 75 lakh shares by promoter Ashutosh Goel. The company’s public debut will add depth to India’s growing smart energy and infrastructure space, aligned with the government’s “Power for All” and smart metering initiatives. Conclusion The SEBI approvals mark a resurgence of confidence in India’s new-age IPO market after a two-year pause. Many startups, once focused solely on growth, have shifted toward profitability and sustainable unit economics, aligning with the expectations of public investors. According to market analysts, India’s IPO pipeline now exceeds ₹90,000 crore, with a third of that linked to digital-first businesses in fintech, logistics, SaaS, and consumer commerce. Venture capitalists see these listings as crucial liquidity events that will recycle capital back into the ecosystem. “The difference this time is discipline, companies are coming to market with profitability or a clear path to it, familiar with several filings.<h3 style="line-height:1.38;margin-left: -31.5pt;margin-right: -31.5pt;text-align: justify">&nbsp; &nbsp;&nbsp;</h3><h3 style="line-height:1.38;margin-left: -31.5pt;margin-right: -31.5pt;text-align: justify">&nbsp;&nbsp;</h3>

Shiprocket, formally known as Bigfoot Retail Solutions Ltd, has become a vital logistics enabler for small and mid-sized e-commerce sellers.

Shiprocket, Meesho, Skyways Among 7 Companies Get SEBI Nod for IPO Launch

The Company, Shiprocket, India’s leading e-commerce logistics and fulfillment platform, is set to make a significant splash in the public markets after receiving the green light from the Securities and Exchange Board of India (SEBI) for its Initial Public Offering (IPO). The market regulator issued its crucial observation letter on October 31, 2025, paving the way for the logistics unicorn to move forward with its ambitious plan to raise approximately ₹2,500 crore. This development marks a pivotal moment for Shiprocket, which confidentially pre-filed its Draft Red Herring Prospectus (DRHP) in May 2025. Shiprocket began as a shipping-aggregator platform for <a href="https://www.planify.in/sme-ipo/">SMEs</a> and D2C sellers, working with multiple courier partners and enabling end-to-end logistics. Over time, it expanded into a fuller “e-commerce enablement stack,” offering warehousing/fulfillment, checkout and payments integrations, cross-border shipping and technology tools for online merchants. The company claims to serve hundreds of thousands of sellers, deliver to tens of millions of consumers annually, and cover thousands of pin-codes in India plus global shipping destinations.&nbsp; The founder-team (Saahil Goel, Gautam Kapoor, Vishesh Khurana, Akshay Gulati) and its investor base (Zomato, PayPal, Lightrock, Bertelsmann India Investments) add credibility to the growth story.&nbsp; Revenue Streams and Unit Economics Shiprocket's business model demonstrates compelling unit economics. The company monetizes through a combination of subscription fees, typically ranging from ₹24-36 per month for basic plans, and earns a margin on each order processed through its platform. Industry analysis suggests the company operates at approximately a 20% take rate, meaning for every rupee paid by merchants, roughly 80 paise goes to the actual courier partners while 20 paise is retained by Shiprocket.For FY25, Shiprocket reported operating revenue of ₹1,632 crore, with emerging businesses now contributing around 20% to overall revenue. These emerging businesses include high-growth segments like quick commerce, cross-border shipping, and financial services for merchants—areas where the company sees significant expansion potential. Shiprocket: Financial Turnaround The timing of <a href="https://www.planify.in/research-report/shiprocket/\">Shiprocket's IPO</a> comes on the heels of a remarkable financial turnaround. For FY25, the company's operating revenue rose by 24% year-on-year, and it reported a positive EBITDA of ₹7 crore, marking a turnaround from a loss of ₹128 crore in the previous year, while narrowing its net loss to ₹74 crore. This represents an 88% reduction in net losses, demonstrating significant progress toward sustainable profitability. Perhaps most impressively, Shiprocket achieved full-year positive cash EBITDA for the first time in FY25, as core business EBITDA more than doubled to ₹157 crore YourStory. This milestone is critical for <a href="https://www.planify.in/investors/">investor confidence</a>, especially in an environment where profitability has become paramount for tech companies seeking public market validation. Shiprocket Proposed IPO Structure&nbsp; Shiprocket has filed a confidential DRHP under Chapter IIA of the ICDR regulations with SEBI—meaning many detailed disclosures will be made public only after approval. The company is targeting an IPO size in the ₹2,000-2,500 crore band. For example, several sources cite fresh issue components between ₹1,000-1,200 crore, with the remainder likely being an Offer for Sale (OFS) by existing shareholders.&nbsp; Lead managers named include Axis Capital Ltd, Kotak Mahindra Capital Company Ltd, JM Financial Ltd and Bank of America Securities. The public listing is anticipated on both the Bombay Stock Exchange (BSE) and the National Stock Exchange of India (NSE) main boards. The funds raised from the IPO are expected to be strategically deployed to enhance Shiprocket's technological infrastructure, expand its logistics network, and potentially pursue inorganic growth opportunities through acquisitions. As a key player in the e-commerce logistics sector, Shiprocket's ability to efficiently manage shipping, warehousing, and fulfillment services is crucial for thousands of direct-to-consumer (D2C) brands and small and medium-sized enterprises (SMEs) across India. The infusion of capital will likely bolster its competitive edge in a rapidly evolving and competitive market. Competitive Market and potential risks While Shiprocket is well-positioned in the growing Indian D2C + SME commerce logistics ecosystem, there are several risks that investors must evaluate: The logistics and fulfillment sector is highly competitive, with incumbents (large 3PLs) and new-age players aggressively expanding. Rate pressure and margin compression are real. Achieving profitable scale remains a challenge—as shown by the widening losses despite revenue growth. Investors will want clarity on unit economics (cost per shipment, warehouse utilisation, courier partner yields). Dependence on D2C/SME seller growth cycles means sensitivity to consumer-spend downturns or slower e-commerce growth. Execution risk: Building warehouses, fulfilment nodes, tech stack and executing acquisitions involves capital intensity and operational complexity. The confidential DRHP route means that full detailed disclosures (valuation, risks, competitive metrics, margin profiles) are yet to be publicly visible—so there is some information asymmetry until the public RHP is released. Conclusion With SEBI approval secured, Shiprocket plans to file its updated draft red herring prospectus in the coming weeks, followed by price discovery and public subscription. The exact timing will depend on market conditions and investor sentiment, but the company is positioned to launch one of the more significant tech IPOs in India's logistics sector. As India's ecommerce ecosystem continues its rapid evolution, Shiprocket's public market debut represents a milestone in the maturation of the country's tech-driven logistics infrastructure. Whether the company can maintain its growth trajectory while expanding into new verticals and geographies will determine if this IPO marks the beginning of a new chapter or the end of easy growth fueled by private capital. For D2C brands and SMEs across India who rely on Shiprocket's platform, a successful IPO would validate the infrastructure they've built their businesses upon. For investors, it offers a unique opportunity to participate in India's digital commerce revolution through a pick-and-shovels play—a company providing essential infrastructure rather than directly competing for consumers.

The market regulator issued its crucial observation letter on October 31, 2025, paving the way for the logistics unicorn to move forward with its ambitious plan to raise approximately ₹2,500 crore.

Shiprocket IPO Approved by SEBI: Plans to Raise ₹2,500 Crore with Fresh Capital

For H1 FY26, NSE reported revenue of ~₹7,709 crore (down ~15% YoY).

NSE’s F&O Engine Hits a Speed Breaker — But the Monopoly Still Drives the Market

​​​​​​India’s payments infrastructure ecosystem is gearing up for one of its landmark fintech listings as <a target="_blank" href="https://www.planify.in/research-report/pine-labs-share-price/">Pine Labs</a> sets out to go public. The company, headquartered in Noida (with operations across India and key international markets), is launching its IPO with a price band of ₹210 – ₹221 per share, targeting to raise roughly ₹3,900 crore through a combination of fresh issue and offer-for-sale (OFS). The RHP-implied valuation works out to about $3 billion (at ~₹25,000 crore market cap). In this light, the IPO offers investors a chance to participate in a rapidly growing fintech business at a more tempered valuation. Pine Labs: Company Overview Founded in 1998 and headquartered in Noida, Uttar Pradesh, Pine Labs has evolved from a traditional point-of-sale (PoS) machine provider to a comprehensive digital payments and merchant commerce platform. The company offers an extensive suite of services, including merchant payment terminals, consumer credit solutions, loyalty programs, and fintech integrations for retail partners. The business has a dual focus: scaling merchant payments and deepening higher-margin recurring revenue streams through issuing, loyalty and financing. Pine Labs’ technology enables over 350,000 merchants across India as on June 30,2025 and international markets to accept payments through cards, UPI, and wallets while also providing value-added services such as EMI options and digital invoicing. As per the updated data sources, the firm currently serves over 980,000 merchants, 716 consumer brands, and 177 financial institutions, powering more than 6 billion transactions cumulatively valued at over ₹11.4 trillion (around $128 billion). The firm reports that its infrastructure currently supports digital transactions across India and 20 international markets including Malaysia, UAE, Singapore and Australia.&nbsp; The growth thesis rests on three pillars: Large addressable market: India’s merchant acceptance + value-added services space remains under-penetrated, offering a runway for scale. Recurring / higher-margin shift: Pine Labs is pushing beyond hardware or one-time transactions into recurring revenues via subscriptions, analytics, merchant finance, BNPL proposals. Global optionality: By expanding in Southeast Asia and the Middle East, Pine Labs aims to diversify revenue. ​ Industry Landscape In India’s rapidly growing fintech ecosystem, Pine Labs competes directly with Razorpay, Paytm, and Walmart-owned PhonePe, all key players in the digital payments and merchant solutions space. With the government’s continued push toward digital transactions and UPI-based systems, the addressable market for payment infrastructure companies like Pine Labs is expected to expand significantly over the next few years. According to market estimates, India’s digital payments sector is projected to surpass $300 billion in annual transaction value by 2030, driven by rising smartphone penetration, merchant digitization, and regulatory support for financial inclusion. Pine Labs: IPO Details &amp; Valuation The IPO comprises a fresh issue of roughly ₹2,080 crore and an OFS of about ₹1,820 crore (~82.3 million shares) according to recent updates. The company’s DRHP indicates proceeds will be used for debt repayment/pre-payment (~₹532 crore), investment in international subsidiaries (e.g., Qwikcilver Singapore, Pine Payment Solutions Malaysia, Pine Labs UAE) (~₹60 crore), IT infrastructure, cloud and digital checkout deployment (~₹760 crore).&nbsp; Notably, earlier valuations had placed Pine Labs at US$4-5 billion or higher; however recent reports indicate the implied valuation has been “cut” to reflect market realities and reports a ~$2.9 billion valuation after adjustments.&nbsp; Pine Labs: Financial Performance The fintech firm reported a turnaround to profitability in the June 2025 quarter, recording a net profit of ₹4.7 crore (approximately $540,000), a notable improvement compared to a loss of ₹278.89 million during the same period last year. Revenue from operations rose 17.9% year-over-year, reaching ₹6.16 billion (around $69 million) in the quarter, reflecting growing transaction volumes and higher merchant adoption of digital payment solutions. Pine Labs’ international business continued to perform strongly, contributing about 15% of total revenue, or ₹943.25 million (roughly $11 million), compared to ₹795.97 million a year earlier. This growth underscores the company’s expanding footprint in emerging markets. The company generated operating revenue of ₹2,274 crore in FY25, of which ₹338 crore, or about 15%, was contributed by international markets.&nbsp; Pine Labs: GMP and Market Sentiment The IPO price band is set at ₹210-₹221 per equity share (face value ₹1).<a href="https://m.economictimes.com/markets/ipos/fpos/pine-labs-sets-price-band-at-rs-210-rs-221-per-share-for-rs-3900-crore-ipo-check-dates-other-key-details/articleshow/125044817.cms?utm_source=chatgpt.com"></a>In grey-market trading ahead of the listing, the GMP has declined significantly: According to one source, it was ~₹60 on 1 Nov, then dropped to ~₹17 on 6 Nov. Market sentiment for the Pine Labs Limited IPO is cautiously positive — investors recognise the scale and fintech potential, but are tempered by valuation stretch and execution risk. Investors should watch out in order to consider for the Pine Labs IPO: Take-rate improvement potential: As Pine Labs transitions more of its business to value-added/recurring services (analytics, BNPL, subscriptions), the percentage of transaction value retained (take-rate) can improve. That shift is key to turning scale into higher margins. Operating leverage: Scale is meaningful only if cost growth is contained. The fresh funds are earmarked for technology and infrastructure rather than just merchant acquisition alone, suggesting management is focused on building a more efficient growth engine. Merchant-ecosystem moat: With ~1 million merchants (in India) and a global footprint, Pine Labs enjoys a base to cross-sell services, which is harder for new entrants to replicate quickly. Global growth opportunity: Expansion into Southeast Asia/Middle East provides optional upside. If Pine Labs succeeds abroad, it adds a dimension of growth beyond domestic market saturation concerns. Risks and Concerns&nbsp;​<ul><li>Profitability not yet delivered: Despite narrowing losses, the company remains loss-making and will need sustained margin improvement and scale to justify valuation. </li><li>​Competition: The payments/merchant stack segment is intensely competitive — from banks, specialised fintech's, global players and large tech firms. Price/commission pressures could erode margins.​</li></ul><ul><li>Execution &amp; international risk: The overseas expansion plan involves regulatory, market and execution risks. Investment in subsidiary operations may take longer to convert into earnings.</li></ul><ul><li>Valuation stretch: A valuation for a company with sub-₹700 crore quarterly revenue and losses may place high expectations on future growth. ​ </li></ul>Conclusion<a target="_blank" href="https://www.planify.in/research-report/pine-labs-share-price/">Pine Labs’ IPO</a> presents a strong growth story in one of India’s dynamic fintech segments. Its embedded merchant network, diversified offerings and global footprints make it a standout in the merchant-fintech category. For investors willing to look beyond near-term profitability, this offers an opportunity. However, this is not a value buy. At the current price band and issue size, the valuation demands “growth to show up in the numbers”. Execution risk is real, and any shortfall vs expectations could prompt market correction.

Pine labs is launching its IPO with a price band of ₹210–₹221 per share, aiming to raise roughly ₹3,900 crore

Pine Labs IPO 2025: Price Band Set at ₹210–₹221; ₹3,900 Crore Issue Valued at $2.6 Billion

Imagine Marketing Ltd the parent company of boAt has formally and officially filed its updated draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) at a determined and proposed Issue price of Rs 1,500 crore lower than the earlier target of Rs 2000 crore. The updated issue size includes a fresh issue of&nbsp; ₹500 crore and an offer for sale (OFS) of&nbsp; ₹1,000 crore reflecting the brand new upcoming and more measured market entry.&nbsp; Ultimately, after multiple attempts the IPO is ready to make its public debut and this recent down-scaling signals that management is opting for prudence over aggressive fundraising and that the company would want to better align with market conditions and investor sentiment. Why does the Boat IPO size cut matters? The updated offer consists of a fresh issue of ₹500 crore and an offer for sale (OFS) of ₹1000 crore by existing shareholders. The main sellers of OFS include co-founder Aman , Aman Gupta (225 billion) co-founder Samir Mehta (75 billion HUF) and lead investor South South Lake Investment Ltd. (500 billion). The decision to reduce the issue size reflects a conscious market situation: after withdrawing previous plans the company is choosing a more conservative path amid the difficult IPO in 2022.&nbsp; Downsizing the IPO can be interpreted in a bunch of ways: it helps maintain valuation discipline signals , signals sensitive timing to investors and perhaps makes the IPO more manageable in turbulent markets. As the boat returns to profitability and market leadership,&nbsp; the reduced IPO size focuses on quality over scale and expansion. <h4 style="line-height:1.7999999999999998;text-align: justify">What do the numbers tell us?</h4><ul><li style="font-size:16px;color:#222222;background-color:transparent">For FY25, Imagine Marketing reported, the parent company of boat presented the financial books with revenue of ₹3,070.38 crore and a net profit of ₹61.08 crore, marking a return to profitability after losses in earlier years.&nbsp; </li><li style="font-size:16px;color:#222222;background-color:transparent">Product-wise, it has demonstrated that&nbsp; the overall product mix constituting the audio segment contributed ~84.23% of revenue (≈ ₹2,586 crore), wearables ~10.76%, and others ~5.01%.&nbsp; </li><li style="font-size:16px;color:#222222;background-color:transparent">Distribution mix: Online sales ~70.55% (~₹2,166 crore) and offline ~29.45% (~₹904 crore), with 12,000+ offline retailers across India. Manufacturing localisation: ~75.83% of units made in India in Q1 FY26, up from ~39.65% in FY23.&nbsp; </li><li style="font-size:16px;color:#222222;background-color:transparent">OFS breakdown: Promoter and investor exits include ₹500 crore by South Lake Investment Ltd. (Warburg Pincus), ₹225 crore by co-founder Aman Gupta, ₹75 crore by co-founder Sameer Mehta, ₹150 crore by Fireside Ventures and ₹50 crore by Qualcomm Ventures.&nbsp; </li><li style="font-size:16px;color:#222222;background-color:transparent">boAt share price: While the listing price is not officially announced, in the unlisted market the share price is reported at ₹1,372—a point of reference for investors assessing pre-IPO valuation.</li></ul>​<h3 style="line-height:1.7999999999999998;text-align: justify">boAt’s positioning ahead of listing</h3>Founded in 2013 and backed by Warburg Pincus, boAt has grown into a leading consumer technology brand offering audio equipment wearables and accessories. According to filings the company is targeting a valuation of around $1.5 billion (roughly ₹13000 crore). The IPO was recently approved through a confidential pre-announcement route paving the way for the official launch.&nbsp; From a financial perspective, boAt has demonstrated momentum: it has regained profitability after years in the red and is navigating the transition from pure online sales to an omnichannel presence (including a substantial offline retail footprint). Market reports point to a softening wearables market and pressure on margins, which explains the tempered ambition in the IPO size.&nbsp; Strategic use of proceeds According to the updated DRHP boAt intends to allocate funds from the new issue into three main groups: working capital (~₹225 crore) brand and marketing initiatives (~₹150 crore) and general corporate purposes. Against a significant increase in expansion capital this indicates consolidation of business activity and branding indicating the maturity in the approach. <h3 style="line-height:1.7999999999999998;text-align: justify">Key considerations and investor implications</h3> Valuation and market sentiment: By reducing the IPO size, boAt aims towards its objective to prioritise strategic listing conditions over aggressive capital raise, reflecting a smarter timing approach. Profitability vs. growth: As a brand now breaking into public markets, boAt will need to prove that its brand strength and localization (manufacturing in India) translate into sustainable margins and not just top-line growth. ​ Offering mix: With a large portion (₹1,000 crore) being OFS, investors should note that fresh capital is modest (₹500 crore). The balance leans towards providing exits for early investors rather than pure growth funding. Market dynamics: Given the wearables and audio segments’ competitive nature—and recent signals of cooldown—execution speed and margin discipline will be critical post-listing. Reports highlight margin pressures and category-specific headwinds. Final take The updated DRHP filing for boAt’s IPO captures a brand at a critical juncture. The reduction in size from&nbsp; ₹2000 crore to&nbsp; ₹1500 crore indicates caution and strategic recalibration rather than a dilution of ambition.&nbsp; For investors the IPO offers access to a well-known brand with extensive scale localization and the beginnings of profitability — but it also comes with challenges as the company deals with competitive pressures and moves towards the public market scrutiny. With boAt IPO now sharper and more intentional, the question is less about “if” the company lists, and more about “how well” it capitalises on public-market expectations.

The updated issue size includes a fresh issue of  ₹500 crore and an offer for sale (OFS) of  ₹1,000 crore reflecting the brand new upcoming and more measured market entry.

Boat’s Parent Company Reduces IPO Size to ₹1,500 Crore, Files Updated DRHP

On a humid morning in Haryana, a pallet of glossy helmets rolls off the Studds production line, destined for a dealer in Pune, a distributor in Germany, and an online order for a rider in Bengaluru. That single pallet captures the arc of India’s helmet industry today: domestic safety rules, soaring two-wheeler demand, growing exports, rising product sophistication, and a geopolitical backdrop that both complicates and creates opportunity. <a target="_blank" href="https://www.planify.in/research-report/studds-accessories/">Studds Accessories Ltd</a>, a household name in rider safety and one of India’s largest helmet makers, is back in the public eye. The <a target="_blank" href="https://www.planify.in/research-report/studds-accessories/">Studds Accessories IPO</a>&nbsp;opens on October 30, 2025 and closes November 3, with a price band of ₹557–₹585 and a lot size of 25 shares. But this is not a typical fundraising: the issue is entirely an Offer-for-Sale (OFS) by existing shareholders.&nbsp; The Studds snapshot: scale and momentum <a href="https://www.planify.in/planify-feed/studds-accessories-released-its-financials-for-fy25/">Studds Accessories</a>, long the industry’s flagship, has moved beyond regional players to a national export champion. In FY25, the company reported roughly ₹585 crore of revenue (reporting band varies by source) and a net profit of about ₹70 crore, registering double-digit profit growth and healthy margin expansion year-on-year. The firm sold millions of helmets in FY25 and is now preparing an IPO, underscoring both scale and investor appetite. Studds matters because it proves two things: (a) helmet manufacturing in India can be a high-volume, profitable, organized business; and (b) the sector has matured from fragmented, largely unbranded production into a branded, export-oriented industry with global reach.&nbsp; The margin expansion shows improved cost control and stronger pricing in premium products. The company’s export mix and high-margin SMK brand are likely helping drive this profitability. In a market where regulatory safety standards are tightening and consumers are shifting toward branded, certified helmets, Studds stands to benefit from both policy and preference tailwinds. ​<div class="se-component se-image-container __se__float- __se__float-center" style="width: 50%; min-width: 100%"><figure style="width: 50%;"><img src="https://testing-planify.s3.amazonaws.com/sun_editor/d0f19f6c-cec4-4bf7-9d43-268f40fc18b0.png" alt="Studds share price" data-proportion="true" data-align="center" data-file-name="8Wa62wAAAAZJREFUAwBK1CEtAQsHTQAAAABJRU5ErkJggg==" data-file-size="0" data-origin="," data-size="50%," data-rotate="" data-percentage="50," origin-size="922,524" style="margin-left: 0px; margin-top: 0px; width: 100%;"></figure></div>​<h2 style="line-height:1.7999999999999998;text-align: justify">The industry pulse: demand, numbers and product change</h2>Market studies point to steady mid-single-digit to high-single-digit growth for India’s helmet markets. Estimates put the two-wheeler helmet market growing at a ~6–9% CAGR over the coming five years, with the broader motorcycle/safety helmet space projected to expand significantly by 2030 as vehicle ownership and safety awareness rise. Separate “smart helmet” segments are set to grow even faster, reflecting new features and higher ASPs.&nbsp;<a href="https://www.maximizemarketresearch.com/market-report/india-motorcycle-helmets-market/44869/?utm_source=chatgpt.com"></a>Why this growth? Four simple forces: Two-wheeler recovery &amp; urban mobility — India still adds millions of two-wheelers each year; more riders = more helmets. Safety enforcement &amp; campaigns — local administrations are increasingly strict (some districts enforcing “no helmet, no petrol” and state road-safety targets), nudging helmet compliance higher. Premiumisation — riders are trading up to full-face, ventilated, and smart helmets for comfort and safety; manufacturers capture better margins. Export demand — Indian makers are finding buyers abroad, especially as global supply chains re-route away from China.<a href="https://www.freepressjournal.in/business/studds-accessories-ipo-next-week-helmet-maker-exporting-to-70-countries-ready-for-market-debut?utm_source=chatgpt.com">&nbsp;</a><a href="https://www.freepressjournal.in/business/studds-accessories-ipo-next-week-helmet-maker-exporting-to-70-countries-ready-for-market-debut?utm_source=chatgpt.com"> </a><a href="https://www.freepressjournal.in/business/studds-accessories-ipo-next-week-helmet-maker-exporting-to-70-countries-ready-for-market-debut?utm_source=chatgpt.com"></a>Studds Accessories:&nbsp; Peers Analysis​​<div class="se-component se-image-container __se__float- __se__float-center" style="width: 50%; min-width: 100%"><figure style="width: 50%;"><img src="https://testing-planify.s3.amazonaws.com/sun_editor/490c3104-d9dc-4b99-bd58-d6e2f5b647f0.png" alt="" data-proportion="true" data-align="center" data-file-name="4KcbDpQ4AAAAAAElFTkSuQmCC" data-file-size="0" data-origin="," data-size="50%," data-rotate="" data-percentage="50," origin-size="840,536" style="margin-left: 0px; margin-top: 0px; width: 100%;"></figure></div> The geopolitics: risk and opportunity​Geopolitics cut both ways for India’s helmet makers. On the opportunity side, the global “China+1” reconfiguration of supply chains and recent U.S./global tariffs have nudged multinational buyers to diversify away from China — opening export windows for capable Indian manufacturers. The Foxconn/Apple example in electronics shows how quickly production footprints can move when tariffs bite; helmets and safety equipment are similarly portable categories for sourcing. On the risk side, escalating trade tensions and tariff changes are unpredictable. Recent tariff shocks and trade negotiations (U.S. tariff measures and broader trade frictions in 2025) mean Indian exporters may face new duties or retaliatory barriers that could blunt near-term export gains. Manufacturers with concentrated export markets or thin pricing power would be most exposed.<a href="https://www.reuters.com/world/india/india-hit-by-us-doubling-tariffs-plans-cushion-blow-2025-08-27/?utm_source=chatgpt.com">&nbsp;</a><a href="https://www.reuters.com/world/india/india-hit-by-us-doubling-tariffs-plans-cushion-blow-2025-08-27/?utm_source=chatgpt.com"> </a>Supply chain realities: materials and margins Helmet shells and cores depend on polymers (ABS, polycarbonate) and EPS foam — materials whose prices and availability matter. India’s helmet industry sources these resins both domestically and via imports; volatility in polymer pricing or supply disruptions can pressure margins, especially for firms that compete on price rather than design or brand. Producers who secure raw-material partnerships or backward-integrate (or who can pass through costs) will weather shocks better.<h2 style="line-height:1.7999999999999998;text-align: justify">Looking ahead: where the road leads</h2>The industry thesis is straightforward but nuanced: structural demand + enforcement + premiumisation + exports = multi-year growth, but performance will diverge between players. Studds show what scale, brand and distribution can deliver — stable revenue growth, margin expansion and global reach. Smaller firms with clear niches or OEM linkages can also prosper, especially if they invest in design, compliance and export readiness. Currently studds accessories share price is trading around ₹629 per share in the unlisted market and gaining significant attention . The current grey market presented the studds accessories GMP is around 12-15%.&nbsp; Key watch-items for investors and industry watchers: OFS = promoter exit: This IPO is a selling-shareholders’ exit, not new capital for growth. That changes the risk/return — you’re buying secondary shares, not funding expansion. Understand which promoters/investors are exciting and why.&nbsp; Cyclical demand: Helmets tie to two-wheeler sales and discretionary upgrades (premium helmets); a slowdown in vehicle demand or aggressive discount cycles can pressure volumes and margins. Competitive &amp; margin pressure: Large e-commerce discounts, low-price local players, and rising input costs (composite materials) can compress margins. Regulation &amp; quality risk: Any product safety lapses or regulatory non-compliance can hit sales and brand value disproportionately. Conclusion Studds is a recognisable, scaled player in a large, structurally steady market. The IPO gives public market access to a strong consumer/industrial brand, but it’s an exit route for sellers, not fresh capital for the company. That distinction is crucial: you are buying into current ownership being trimmed. If you believe in Studds’ brand moat, distribution reach and long-term market growth, treat this as a long-term play.&nbsp;&nbsp;

The Studds Accessories IPO opens on October 30, 2025 and closes November 3, with a price band of ₹557–₹585 and a lot size of 25 shares.

Helmets Off to India: How Studds Is Powering the Next Gear of the Safety Revolution

Studds Accessories IPO Opens October 30; Everything You Need Before Investing

Eyewear retailer Lenskart has crossed a major milestone: the Securities and Exchange Board of India (SEBI) has granted approval for its public offering, paving the way for one of 2025’s most anticipated listings. The company is targeting a November debut on the bourses, making the Lenskart IPO a key event for investors tracking India’s consumer-technology and retail space.&nbsp; According to filings, Lenskart plans to raise ₹2,150 crore via a fresh issue, alongside a significant offer-for-sale (OFS) component by existing investors and founders. Industry estimates suggest the total size of the offering may fall in the ₹7,278 crore, positioning the <a href="https://www.planify.in/research-report/lenskart-share-price/">Lenskart IPO</a> among the year’s largest. The company has also been noted for its shift into profitability, Lenskart recorded a net profit of ₹297 crore in FY25, up sharply from a loss in the previous year.&nbsp; Peyush Bansal led Lenskart targets IPO valuation of around ₹70,000 crore ($7.97 bn). The tentative lenskart IPO&nbsp;date as per announced by news sources is set to launch between October 31- November&nbsp; 4, 2025 with the listing later and ahead in November.&nbsp;​Industry Context: Why Lenskart’s Timing Is Spot-On? The timing of the <a href="https://www.planify.in/planify-news/lenskart-secures-sebi-nod-for-ipo-eyes-2150-cr-fresh-issue/">Lenskart Upcoming IPO</a> couldn’t be better. India’s stock market has been witnessing robust liquidity inflows, and consumer-tech listings like Mamaearth and Nykaa have already shown that investor appetite for new-age retail brands remains high. Moreover, the eyewear sector itself is poised for exponential growth. Driven by increased screen time , growing disposable income and growing fashion awareness India's eyewear market currently valued at over $5 billion is expected to grow at 8-10% per annum over the next five years. Lenskart's expansion strategy is fully in line with this growth trend.&nbsp; The lenskart company is aggressively expanding its manufacturing capacity through various innovations and its state-of-the-art robotics factory in Bhiwadi and expanding its international operations to meet global demand. Lenskart: From Startup to Market Leader Founded in 2010 by former Microsoft employee Peyush Bansal, Lenskart began as an online eyewear retailer with the goal of making high-quality vision products that are stylish and comfortable specs, lenses that are&nbsp; accessible and affordable.&nbsp; And yes the brand has evolved into a multi-channel powerhouse over the years with a strong online presence and over 2500 stores across India and international markets including the UAE, Singapore and the US . The company made all efforts to best in its operations and now come into the dalal street for an IPO with issue size of ₹7,278 crore.&nbsp;&nbsp; The company's product portfolio ranges from glasses and contact lenses to sunglasses and accessories, meeting the needs of premium segments at an affordable price. Combining technology with the convenience of retail through features like 3D try-on experience and home eye check-ups, Lenskart has revolutionized India's eyewear shopping experience. The <a href="https://www.planify.in/planify-news/lenskart-sets-ipo-price-band-at-rs-382-402-subscription-opens-october-31/">upcoming Lenskart IPO</a> now represents and marks the next milestone in its journey, a transition and major success from private success to public markets.&nbsp; The price band for the lenskart IPO issue is set between&nbsp;₹382-₹402.&nbsp; What the Lenskart IPO Filing Reveals? The filing highlights three primary uses for the proceeds: expansion of company-owned and operated (CoCo) stores in India, investment in technology and cloud infrastructure, and potential acquisitions to strengthen global footprint. These elements or ways of continuing expansion in operations are utilizing well in line with Lenskart's long-term strategy to dominate the eyewear segment in India and expand globally, its wide customer base and supported by an increasingly profitable base and strong brand recognition. Unlike many consumer-tech startups, Lenskart has consistently balanced growth with profitability. Its subscription-based model for contact lenses, data-driven inventory management, and vertically integrated supply chain have given it a strong cost advantage. The company also counts marquee investors such as SoftBank Vision Fund, Temasek Holdings, KKR, and Abu Dhabi Investment Authority (ADIA) all of whom are expected to partially offload their holdings in the Lenskart Upcoming IPO. What Investors Are Watching?&nbsp; Lenskart share price expectations will be under the spotlight. Given the size of the issue and pre-listing buzz, market participants will closely track the price band announcement, subscription trends, and listing debut performance. Another parameter is the Lenskart Upcoming IPO valuation: investors will compare the issue’s pricing with peer retail and omnichannel companies, as well as weigh Lenskart’s growth prospects, profitability, and risk exposures.A critical aspect: transparency in governance and promoter disclosures. For instance, a recent regulatory filing noted that one of Lenskart’s co-founders was unable to trace his university marksheet, a disclosure that some investors view as a governance red-flag. Such factors will influence investor sentiment around the listing. Lenskart IPO: Investor buzz&nbsp; Investor interest in Lenskart's IPO has been growing for months. According to early market chatter, the Lenskart IPO GMP (Grey Market Premium) is expected to trade at a healthy premium once unofficial trading begins closer to the listing date. Analysts suggest that the combination of strong brand recognition, profitability, and a scalable business model could make Lenskart one of the most attractive IPOs in India’s consumer-tech space this year. The market has been waiting for a consumer-facing tech IPO with solid fundamentals. “Lenskart’s IPO ticks many boxes: profitability, growth visibility, and global scalability.” In the unlisted and pre-IPO market the lenskart share price is fluctuating and trades between ₹300-560 per share. Conclusion Like SEBI's approval of Lenskart's IPO marks the beginning of an exciting new chapter and what we call it is the chapter for one of India's most iconic lifestyle brands.&nbsp; With a serious strong financial base, global ambitions and a proven business model Lenskart enters the public markets from a strong position. For India's consumer tech and startup ecosystem Lenskart's IPO is a bellwether. The company exemplifies a local D2C brand that has expanded into online and offline retail, recently turned profitable and is now seeking public capital to expand.

According to filings, Lenskart plans to raise ₹2,150 crore via a fresh issue, alongside a significant offer-for-sale (OFS) component by existing investors and founders.

Lenskart’s ₹2,150 Crore IPO Approved by SEBI — Listing in November

The charm and increasing popularity of unlisted shares particularly those of companies preparing to go public is more than just a curiosity. It’s a calculated bet. When a company files a draft prospectus for an IPO, the anticipation doesn’t just reflect in the stock exchange listings it often shows first in the unlisted share market. And in India today, some of these early-stage trades are drawing serious attention. Take the case of the <a href="https://www.planify.in/research-report/national-stock-exchange/">National Stock Exchange of India (NSE)</a>. Its unlisted stock began climbing as speculation mounted around its own future public listing; many <a href="https://www.planify.in/investors/">investors</a>&nbsp;treated its unlisted share price as a proxy for “early access” to what they believed would be a blockbuster IPO. At present NSE is trading in <a href="https://www.planify.in/markets/">unlisted markets</a>. NSE has shown an impressive performance in Q1 FY25. Operating revenue increased by 51%, reaching ₹4,510 Cr. Profit also surged by 39%, reaching ₹2,567 Cr, with a profit margin of 52%. NSE Share price is currently around ₹1,937.&nbsp; Similarly, the National Commodity &amp; Derivatives Exchange (NCDEX) saw its unlisted shares rally nearly 150% over the past year following regulatory cues and investor interest in its product expansion plans.&nbsp; Why the Trend is Getting Stronger? Guess what? a bunch of structural factors contribute to this transformation: <ul><li style="font-size:16px;color:#222222;background-color:transparent">A deepening and growing pool of high-net-worth individuals and family offices seeking diversification. </li><li style="font-size:16px;color:#222222;background-color:transparent">Robust IPO pipelines that spark early interest when companies file DRHPs, unlisted market participants move in. </li><li style="font-size:16px;color:#222222;background-color:transparent">Growing infrastructure for trading unlisted shares (unlisted market platforms) that simplify access. </li><li style="font-size: 16px;color: rgb(34, 34, 34);background-color: transparent">Elevated valuations in the listed ecosystem making early‐stage opportunities more appealing.</li></ul>​Why the craze for IPO-bound unlisted shares? 1. IPO allotment chance is low, so investors bypass it. Most IPOs are oversubscribed. Many retail and even HNI investors never receive an allotment. Buying in the unlisted equity market of that same company becomes an alternate route. If the company eventually lists, these early investors hope they’ll gain an advantage. Investors who worry about “missing out” in the allotment lottery often turn to buying unlisted shares of IPO-bound firms.&nbsp; 2.&nbsp; &nbsp;The lure of catching multi-baggers early The logic is simple: pay a relatively lower price today in the unlisted space, and aim for the listing event and subsequent public market gains. These deals carry higher risk, but also higher potential payoff. That’s what drives interest to invest in unlisted shares of fast-growing firms with IPO potential. 3.&nbsp; Growth participation before the company hits the public market Buying unlisted shares means stepping into a company during its growth phase—before everyone else can buy it on the exchange. When the company finally lists, that early entry often matters. Many investors see this as a way to “ride the lift” rather than wait for public access. 4.&nbsp; Relative value compared to listed markets With listed shares often trading at elevated multiples, the unlisted share price of an IPO-bound company can appear comparatively attractive. That valuation gap draws investors into the private market where they believe the potential upside remains untapped. Reality check: The risks are real The flip side of this story is caution. The unlisted market, especially for IPO-bound firms, has shown sharp corrections and disappointments. For example, in October 2025 the unlisted shares of several IPO-bound companies slumped up to 48% in two weeks as listing sentiment suddenly cooled. What caused the correction? Analysts point to over-inflated unlisted pricing, weak listing pop expectations, and the fact that companies were pricing their IPOs significantly below their unlisted trading levels. For instance, companies like Tata Capital and HDB Financial Services anchored this trend by setting their IPO bands well below unlisted valuations, shaking investor confidence in the pre-IPO premium. How smart investors approach the opportunity? Those who succeed in this space treat it as a different game entirely. Here’s how: <ul><li style="font-size:16px;color:#222222;background-color:transparent">Business Model Check: Guess what, business model validation is important. They ask how the company makes money, what its moat is, and whether it scales. </li><li style="font-size:16px;color:#222222;background-color:transparent">Financials: Under financial performance there are some KPIs. They examine margin trends, revenue growth, capital structure, and ask whether the growth is sustainable. </li><li style="font-size:16px;color:#222222;background-color:transparent">Valuation vs. peers: They compare the target company’s valuation with similar listed peers, adjusting for stage and risk. </li><li style="font-size:16px;color:#222222;background-color:transparent">Exit strategy &amp; liquidity: They accept that holding may be longer-term and plan accordingly. </li><li style="font-size:16px;color:#222222;background-color:transparent">Governance &amp; transparency: They prioritize companies with credible and reliable promoters, integrity, clean disclosures, and board structures aligned with public-market norms and standards.</li></ul>Final take Unlisted shares can be a powerful source of outsized returns but require a different playbook: stricter due diligence, realistic exit deadlines and active risk management (liquidity planning governance controls valuation discipline). For investors who can stomach complexity and manage the complexity and wait, unlisted shares remain an attractive if bumpy route to alpha. For instance, markets have seen dull and weak October listings and that hit unlisted shares. Many IPO-bound firms like Groww, Physicswallah, Lenskart, are in the radar for the upcoming public debut in the stock market. Analysts point to over-inflated unlisted pricing, weak listing pop expectations, and the fact that companies were pricing their IPOs significantly below their unlisted trading levels. For instance, companies like Tata Capital and HDB Financial Services anchored this trend by setting their IPO bands well below unlisted valuations, shaking investor confidence. Buying unlisted shares can be a meaningful way to capture and part of early-stage growth in companies. For investors it’s a reminder: higher return promises come with certain risks and requires harder homework. If you’re considering whether to <a href="https://www.planify.in/unlisted-shares/">invest in unlisted shares</a>, particularly those of IPO-bound companies, remember: you’re buying growth and hope but you’re also buying risk, illiquidity and prediction. The potential for higher returns exists, but so does the potential for risk because reward cannot be earned without risk.

When a company files a draft prospectus for an IPO, the anticipation doesn’t just reflect in the stock exchange listings it often shows first in the unlisted share market. And in India today, some of these early-stage trades are drawing serious attention.

Why Smart Investors Are Turning to Unlisted Shares for Higher Returns

Not long ago, India’s toy shelves were dominated by imports — cheap, low-quality, and largely unregulated. But the tide has turned. With the government tightening quality standards under the Toys (Quality Control) Amendment Order, 2024, only certified, compliant, and credible manufacturers can now compete. The result? A level playing field — and a once-in-a-decade opportunity for Indian toy makers who can deliver quality at scale. That’s where <a href="https://www.planify.in/research-report/urban-tots-deepak-houseware-and-toys/">Deepak Houseware &amp; Toys Ltd (DH&amp;T)</a> steps in. From humble beginnings as a plastic goods manufacturer, DH&amp;T has emerged as a high-growth player in the organised Indian toy market, riding the wave of regulatory reform and a consumer shift toward safe, certified, and proudly Indian toys. DH&amp;T, with its proven growth, strong balance sheet, and first-mover advantage, is positioned to become a key national brand in a market that’s finally valuing Made in India. <h3 style="line-height:1.38">Why This Matters to Investors</h3>India’s toy industry is at an inflexion point. Regulations have raised entry barriers, consumers are trading up, and organised players are consolidating share. <div class="se-component se-image-container __se__float- __se__float-none" style="width: 50%"><figure style="width: 100%;"><img src="https://testing-planify.s3.amazonaws.com/sun_editor/76fe6161-43f5-4e10-8e2a-91dc36ed29c5.png" alt="" data-proportion="true" data-align="none" data-file-name="5Mfg+AAAAAGSURBVAMAWr+g2hTRuqYAAAAASUVORK5CYII=" data-file-size="0" data-origin="," data-size="50%," data-rotate="" origin-size="966,515" data-percentage="50," style="margin-left: 0px; margin-top: 0px; width: 100%;"></figure></div><h3 style="line-height: 1.38"> </h3><h3 style="line-height:1.38">Government Initiatives and Policy Support</h3>​ The Indian government has implemented a series of strategic measures to strengthen the domestic toy industry, reduce dependence on imports, and position India as a global manufacturing hub. <ul><li style="font-size:15px;color:#000000;background-color:transparent">Make in India &amp; Atmanirbhar Bharat: These flagship programs actively promote local manufacturing, encouraging Indian companies to scale capacity, adopt advanced technologies, and compete globally.​</li><li style="font-size:15px;color:#000000;background-color:transparent">Higher Import Duties: Customs duties on toys have been increased from 20% to 70%, discouraging low-cost imports and creating a more level playing field for domestic producers. </li><li style="font-size:15px;color:#000000;background-color:transparent">Quality Control Orders (QCOs): Mandatory BIS certification and strict safety norms have enhanced product quality, ensuring consumer trust and aligning Indian products with global standards. </li><li style="font-size:15px;color:#000000;background-color:transparent">Production Linked Incentive (PLI) Scheme: Targeted incentives support companies investing in innovative, export-focused, and high-quality toy manufacturing, accelerating capacity expansion and competitiveness. </li></ul> Together, these initiatives are reshaping India’s toy industry, fostering self-reliance, and attracting both domestic and international investment into the sector. <a href="https://www.planify.in/article/urban-tots-shaping-the-future-of-indias-toy-industry/">Financial Highlights&nbsp; of Urban Tots</a>&nbsp;-: <div class="se-component se-image-container __se__float- __se__float-none" style="width: 50%"><figure style="width: 100%;"><img src="https://testing-planify.s3.amazonaws.com/sun_editor/1c2f43a5-2a3e-4c53-b401-3b3bdebf9382.png" alt="" data-proportion="true" data-align="none" data-file-name="TT11KyCIAAAAAElFTkSuQmCC" data-file-size="0" data-origin="," data-size="50%," data-rotate="" origin-size="1197,715" data-percentage="50," style="margin-left: 0px; margin-top: 0px; width: 100%;"></figure></div><div class="se-component se-image-container __se__float- __se__float-none" style="width: 50%"><figure style="width: 100%;"><img src="https://testing-planify.s3.amazonaws.com/sun_editor/86332473-819b-4511-accc-3dde9244216a.png" alt="" data-proportion="true" data-align="none" data-file-name="GjZlYAAAABklEQVQDACZmRRWfsnO1AAAAAElFTkSuQmCC" data-file-size="0" data-origin="," data-size="50%," data-rotate="" data-percentage="50," origin-size="1261,334" style="margin-left: 0px; margin-top: 0px; width: 100%;"></figure></div> Competitive Landscape (FY25): <div style="margin-left:0pt"><table><tbody><tr><td>Company</td><td>Business focus/toy exposure</td><td>Strengths</td><td>Key weakness/investor note</td></tr><tr><td>DH&amp;T&nbsp;&nbsp;</td><td>Manufacturing of electronic and plastic toys (Urban Tots brand), small-format electronics/role-play, ramping capacity, BIS/regulatory focus.</td><td>Strong FY25 revenue/PAT growth (~58% / ~59% YoY); expanding PPE &amp; capacity; positioned to win BIS-driven local sourcing.</td><td>Relatively small scale vs national players; working-capital stretch (receivables ↑);&nbsp;</td></tr><tr><td>OK Play India Ltd&nbsp;</td><td>Plastic moulded toys, playground equipment, school furniture, and some auto components.&nbsp;</td><td>Longstanding brand/manufacturer with a broad product mix; listed equity/liquidity.&nbsp;</td><td>Revenues are volatile; margins are weak; working capital and promoter/pledge issues flagged by screens.</td></tr><tr><td>MPL / MPL Plastics Ltd&nbsp;</td><td>Injection molding/plastics; supplies components / some toy segments.</td><td>Manufacturing capability in plastics/contract work for brands.&nbsp;</td><td>Low scale; weak profitability; micro-cap / limited liquidity — not a direct scale competitor for organised retail orders.</td></tr><tr><td>Hanung Toys &amp; Textiles Ltd&nbsp;</td><td>Soft/plush toys, licensed characters in the past (exports focus historically)</td><td>Legacy in soft toys/export relationships.&nbsp;</td><td>Operational distress, very low market cap, irregular trading, and long receivable cycles were reported.</td></tr><tr><td>Brainbees Solutions Ltd</td><td>Omni-channel baby/kids retail (FirstCry) — toys are a major category (retail/marketplace).&nbsp;</td><td>Biggest distribution reach in kids retail; control over shelf space &amp; private labels; scale &amp; logistics.&nbsp;</td><td>Not a manufacturer — price negotiating power with makers; has faced regulatory/BIS scrutiny on product compliance (recent seizure event reported).&nbsp;</td></tr></tbody></table></div><h3 style="line-height:1.38">Looking Ahead</h3>​ Over the next three years, DH&amp;T plans to: <ul><li style="font-size:15px;color:#000000;background-color:transparent">Expand manufacturing capacity with higher BIS-compliant product lines</li><li style="font-size:15px;color:#000000;background-color:transparent">Launch STEM &amp; tech-based toy categories to capture premium growth</li><li style="font-size:15px;color:#000000;background-color:transparent">Deepen distribution across major e-commerce and retail networks</li><li style="font-size:15px;color:#000000;background-color:transparent">Optimise working capital to fund organic expansion without excessive debt</li></ul><h2 style="line-height:1.38">Bottom line (balanced view)</h2>DH&amp;T combines clear regulatory tailwinds, recent demonstrable execution (58% revenue growth, 59% PAT growth in FY25), and capital/capacity investments required to win large organised retail contracts. Those three — if sustained with disciplined working-capital management and compliance — make DH&amp;T a credible candidate to be a high-growth, mid-market <a href="https://www.planify.in/video/urban-tots-unlisted-shares-are-set-to-rule-the-toy-market-urban-tots-pre-ipo/">Indian toy manufacturer</a>.

Urban Tots received an order total of ₹ 750 Cr, with a major contribution of ₹ 250 Cr coming from Hasbro Inc.

Why Urban Tots Share Could Be the Next Big Growth Story in India’s Toy Industry

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