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 National Stock Exchange of India (NSE). Its unlisted stock began climbing as speculation mounted around its own future public listing; many investors 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 unlisted markets. 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 invest in unlisted shares, 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 Deepak Houseware &amp; Toys Ltd (DH&amp;T) 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. Financial Highlights&nbsp; of Urban Tots-: <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 Indian toy manufacturer.

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

When a Tata Group company comes to the markets, investors pay attention. And when that company is Tata Capital, the financial services arm of the $150-billion conglomerate, the buzz naturally turns into a roar. Tata Capital is all set to raise nearly $2 billion (₹15,512 crore) through its IPO, making it one of the largest ever in India’s NBFC space. But behind the excitement lies a tricky question: will this much-anticipated listing turn into a blockbuster like Tata Technologies, or will lofty valuations weigh it down? At its core, <a target="_blank" href="https://www.planify.in/research-report/tata-capital/">Tata Capital</a> is not a bank but a non-banking financial company (NBFC). It lends across retail and SME segments, offering everything from home loans, vehicle financing and personal loans to small business lending and structured corporate credit. In recent years, it has scaled rapidly, building a loan book of over ₹2.2 lakh crore and positioning itself as one of India’s largest NBFCs. The company’s biggest advantage is brand trust. For millions of borrowers, the Tata name carries credibility and reassurance, a factor that helps in winning customers even in highly competitive lending categories. Tata Capital IPO Details Tata Capital has been classified as an upper-layer NBFC by the Reserve Bank of India, which mandates such entities to list shares within three years of classification. While the regulatory deadline was September 2025, the listing is being timed for early October, with anchor allotments opening October 3 and the public offer window slated from October 6 to October 8.&nbsp; Tata Capital Financial Performance The IPO comes at a time when Tata Capital’s financials have shown strong momentum. Profits have risen sharply, with FY25 net profit estimated at around ₹3,600–3,655 crore, almost double from three years ago. Revenues too have surged past ₹23,000 crore, while return on equity has held at a healthy 17–18%, comparable to the best in the industry. Even so, there are pressures building under the surface. Funding costs have risen, and as an NBFC, Tata Capital depends on market borrowings instead of retail deposits. That makes it vulnerable to interest rate cycles, a risk investors must keep in mind. <div class="se-component se-image-container __se__float-justify"><figure style="width: 752px;"><img src="https://testing-planify.s3.amazonaws.com/sun_editor/6b1333c6-59be-4871-91ec-d555e49347f7.png" alt="" data-proportion="true" data-size="752px,452px" data-align="justify" data-file-name="BY+jIAAAAAZJREFUAwAna6DM89DqWgAAAABJRU5ErkJggg==" data-file-size="0" origin-size="752,452" data-origin="752px,452px" style="margin-left: 0px; margin-top: 0px; width: 752px; height: 452px;"></figure></div>​Comparative Pricing &amp; Valuation: Tata Capital vs. Peers The valuation, meanwhile, has been the talking point. In the unlisted market, <a target="_blank" href="https://www.planify.in/article/tata-capital-ipo-to-raise-2-billion-as-sebi-approves-2025s-biggest-listing/">Tata Capital shares</a> have been trading in the ₹700–1,000 band, buoyed by hype and limited supply. But the IPO price band of ₹310–₹326 per share surprised many. On the face of it, this looks conservative, For many investors, this feels like 70% value erosion;&nbsp;and still values the company at over ₹1.3 lakh crore. The company is the largest Core Investment Company (CIC) in the country, with a market capitalization of approximately ₹2.8 lakh crore. In terms of valuations, the company is trading at a price-to-earnings (P/E) ratio of 82x, which is significantly higher compared to its peers, whose median P/E ratio is 30.1x. Furthermore, based on the price-to-book (P/B) ratio, the company is trading at 9.9x, while the median P/B ratio for its peers is 3.9x. This indicates that the company is highly overvalued. One of the biggest talking points around Tata Capital’s IPO has been its price band, which came as a shock to investors tracking the stock in the unlisted market. Shares that were actively changing hands in the grey market at nearly ₹1,125 per share are now being offered in the IPO at a much tighter band, creating a mismatch in expectations. On Planify platform, we had already issued and suggested a sell rating to investors citing stretched valuations at those levels. This divergence highlights a recurring theme in India’s IPO landscape where unlisted market enthusiasm often runs ahead of the valuations set by investment bankers, only to be realigned once the official price band is declared. But the truth also lies that in the fact that the&nbsp;<a target="_blank" href="https://www.planify.in/unlisted-shares/">unlisted market</a> often runs on scarcity and speculation, while IPO pricing must be grounded in earnings, risk profile, and peer benchmarks. Tata Capital’s discount reflects a reset in valuations across the NBFC space, where regulators and investors are demanding more conservative pricing. The company’s fundamentals are solid with a ₹2.3 trillion loan book, spread across retail, SME, and corporate lending, and the strong backing of the Tata Group. Yet, there are&nbsp;risks that justify a cautious price: <ul><li style="font-size:16px;color:#222222;background-color:transparent">Rising risk in the loan book: Stage-3 bad loans have inched up to ~1.9%. </li><li style="font-size:16px;color:#222222;background-color:transparent">Weaker provisioning: Coverage ratio has fallen to ~58.5% in FY25 from 77% earlier. </li><li style="font-size:16px;color:#222222;background-color:transparent">Unsecured lending exposure: 21% of loans are unsecured, which adds to credit risk. </li><li style="font-size:16px;color:#222222;background-color:transparent">High real estate exposure: About one-third of the book is linked to property markets, which can be cyclical. </li></ul>In this context, the IPO is being set at an appealing price to guarantee widespread involvement and stability post-listing. In simple terms: the discount isn’t a gift but it’s a hedge against risk. Existing unlisted shareholders may feel the pinch, but for new investors, the IPO offers entry at realistic valuations with room for upside if the company delivers on growth. Compared with peers, Bajaj Finance still trades at a premium because of its superior return ratios, while L&amp;T Finance trades lower but with slower growth. Tata Capital sits in the middle, offering growth potential at a valuation reset that seems more sustainable than the grey-market frenzy suggested. There are genuine risks. A part of Tata Capital’s portfolio is in unsecured lending, which can turn risky if the economy slows or defaults rise. Competition in retail and SME finance is heating up, with giants like Bajaj Finance and HDFC Bank aggressively chasing the same customers. And while Tata Capital has diversified well, integrating acquisitions such as Tata Motors Finance and maintaining credit discipline as it scales further will be a challenge. Yet, there are equally strong positives. The company operates with an asset-light model, focuses on project and customer execution, and leverages the larger Tata ecosystem for growth opportunities. Its wide and extensive diverse distribution network ensures reach throughout urban and semi-urban India, while its diversified loan book reduces dependence and reliance on any single category. Most importantly, the Tata brand provides an intangible significant edge in terms of gaining customer acquisition and trust, something competitors often struggle to replicate. Conclusion For investors, the IPO is a trade-off between hype and reality and it represents a balance between excitement and actuality. On one hand, Tata Capital represents exposure to India’s growing credit story, led by one of the most trusted business groups. On the other, valuations are not cheap, and growth will have to remain steady to justify the premium. If the company can sustain loan growth above 20%, control asset quality, and expand margins, the stock could replicate Bajaj Finance’s long-term wealth creation story. But if execution slips or credit costs rise, the high expectations baked into the IPO could turn into a drag. In the end, Tata Capital’s IPO is more than a fundraising event. It is a landmark in India’s NBFC sector, a test of how much premium investors are willing to pay for brand, scale and growth. The unlisted market may have set lofty benchmarks, but the public markets will judge the company by its ability to deliver quarter after quarter. Listing day may bring excitement, but the real story will be written in the years ahead.

Tata Capital is all set to raise nearly $2 billion (₹15,512 crore) through its IPO, making it one of the largest ever in India’s NBFC space.

Tata Capital’s $2 Billion IPO—Will India’s Hottest NBFC Deliver Market-Breaking Returns?

India’s <a href="https://www.planify.in/markets/">IPO market</a> has been buzzing with activity this year, and the next one on the block is Fabtech Technologies, a cleanroom and turnkey solutions provider for pharma and biotech companies. The company is securing over ₹230 crore through a fresh issue IPO route, with the price band set at ₹181–191 per share. The issue opens and the start date would fall on September 29, 2025 and closes on October 1, 2025. So, what does Fabtech actually do? It is not a company that produces drugs. Rather, this unique setting creates a cleanroom, HVAC system, modular walls, flooring, and complete installations that pharmaceutical producers and biotechnology companies require to adhere to stringent regulatory requirements. With more than 90% of its revenue coming from pharma and healthcare customers, Fabtech has made a place in this highly regulated industry. Core Business:&nbsp;The company provides end-to-end solutions for pharmaceutical, biotech and healthcare industries. This includes commissioning, designing, engineering, procurement equipment, installation, testing and commission of complete production facilities. Global Reach: As of mid-2025, Fabtech had successfully executed projects in over 62 countries, including Saudi Arabia, Nigeria, the USA, and Bangladesh. This global appearance brings variety to its revenue sources and taps in the growing demand for infrastructure of drugs worldwide. Integrated model: By offering "One-stop-shop", the company reduces the execution risk for its customers, which can increase strong customer relationships and repeat business. Asset-light model: The company follows an asset-light business model, which focuses on project management and execution, purchasing equipment from concerned institutions and third-party suppliers. Fabtech Technologies: Financial Performance Fabtech's financial strong growth highlights, with the revenue growing from ₹199 crores in FY23, has increased to ₹335 crores in FY25, and in the same period the profits after tax surged and consistently&nbsp; improved from ₹21 crore to ₹46 crore. Referring to better operating efficiency, the margin has expanded continuously from 10.6% to 13.7%. However, there is a matter of concern: its cash conversion cycle has increased from 45 days to 85 days in FY22 in FY23. This indicates that a large part of the capital is now bound in the receivable and inventory, which indicates the working capital-intensive nature of the business. While the speed of development looks solid, it will require strict control over cash flow to avoid stress of liquidity to maintain it. <div class="se-component se-image-container __se__float-justify"><figure><img src="https://testing-planify.s3.amazonaws.com/sun_editor/2b5fc7c6-77ec-4945-8c6a-0891e2b2c31b.png" alt="" data-proportion="true" data-align="justify" data-file-name="IRV4bgAAAAZJREFUAwD6E+VUDtYSwAAAAABJRU5ErkJggg==" data-file-size="0" data-origin="," data-size="," data-rotate="" data-percentage="auto,auto" origin-size="752,452" style="margin-left: 0px; margin-top: 0px;"></figure></div> Pointers to keep in mind:&nbsp;<ul><li style="font-size:17px;color:#000000;background-color:transparent">Revenue &amp; Profit Volatility: The company experienced a decline in revenues in FY24 compared to FY23. For example, revenue dropped ~22% from ~₹125.10 crore in FY23 to ~₹97.99 crore in FY24. Also, PAT dropped in the same period.&nbsp; </li><li style="font-size:17px;color:#000000;background-color:transparent">Heavy Working Capital Requirement: A substantial portion of the IPO proceeds is being allocated to working capital. Also, dependence on advances, receivables etc will matter.​</li><li style="font-size:17px;color:#000000;background-color:transparent">Customer Concentration: The company seems to have a significant portion of revenue tied to a limited number of customers.&nbsp; </li><li style="font-size:17px;color:#000000;background-color:transparent">Reliance on Related Parties / Suppliers: Some of Fabtech’s procurement is from related entities, and the acquisition of Kelvin Air Conditioning/Ventilation Systems is part of the IPO use of funds.&nbsp; </li></ul>HVAX Technologies, A Peer Analysis To understand Fabtech’s trajectory, it helps to look at HVAX Technologies, a more established player in the cleanroom and HVAC space. HVAX has taken a more measured growth path, with steady revenues, stronger balance sheet discipline, and predictable cash flows. While it doesn’t deliver the same high growth as Fabtech, its ability to manage working capital better has made it a stable mid-cap story. This contrast is telling: Fabtech is the fast-scaling challenger, hungry for growth but exposed to liquidity stress. HVAX, on the other hand, is the steady incumbent, trading at more mature valuations with lower execution risk. For investors, Fabtech’s bet is essentially on whether it can grow like HVAX without stumbling over its aggressive pace. Valuation Perspective Fabtech Technologies Ltd's post-IPO market capitalization is estimated to be ~₹849 crore. This valuation is based on the company's projected and estimated share price post-listing, which is expected to be around ₹191 per share at the upper end of the IPO price band. The IPO comprises a portion of fresh issue of 1.21 crore equity shares, which is aggregating to ₹230.35 crore. After the issue, the total number of shares outstanding is expected to be around 4.45 crore.&nbsp; At the upper price band, the IPO values Fabtech at roughly ₹849 crore market cap post-listing, depending on subscription and demand. On FY25 earnings of ₹46 crore, that translates into a P/E multiple of ~18–19x and a Price-to-Sales ratio of ~2.7–3.0x. This reflects a reasonable valuation for a company in the biopharma engineering space. Conclusion Fabtech's IPO provides exposure to investors for an important niche in Pharma and Biotech Infrastructure. With strong revenue growth, to improve profitability, and to expand global reach, basic fundamentals seem to be promising. But <a href="https://www.planify.in/investors/">investors</a>&nbsp;must weigh the risks of project lumpiness, working capital pressure, and premium valuation before calling it a “jackpot.” If Fabtech sustains its trajectory and executes well, it may just turn this IPO into one of the more interesting pharma-adjacent plays of 2025.

The company is securing over ₹230 crore through a fresh issue IPO route, with the price band set at ₹181–191 per share.

Is Fabtech’s Rs 230 Crore IPO Your Next Pharma Jackpot?

The IPO season in India is heating up, and among the offerings drawing attention is Pace Digitek Ltd. The company, which operates in telecom passive infrastructure and energy projects, is set to open its public issue from September 26 to September 30, 2025, with a price band of ₹208 to ₹219 per share. With a fresh issue size of around ₹819.15 crore, this is one of the larger IPOs of late but by no means the biggest of the year.&nbsp; While ₹819 crore is a large offer, there have been <a href="https://www.planify.in/article/indias-ipo-boom-162-companies-set-to-raise-24-lakh-crore-in-2025/">larger IPOs in 2025</a>. This is mid-large size. It’s not in the “mega IPO” league. For investors, it’s one of the more interesting tech, infrastructure, and energy hybrid IPOs, but it doesn’t beat the biggest fund raise of the year. Company Profile and Business Overview Founded in 2007, <a target="_blank" href="https://www.planify.in/research-report/pace-digitek/">Pace Digitek</a> is a multi-disciplinary solutions provider with a strong foothold and domain presence in the telecom passive infrastructure, energy, and ICT sectors and various regions it has diversified offering across several key areas, comprises:<ul><li style="font-size:16px;color:#000000;background-color:transparent">Telecom Infrastructure: This domain segment provides solutions for telecom towers and optical fiber cables (OFC).</li><li style="font-size:16px;color:#000000;background-color:transparent">Energy Solutions: Offering renewable energy solutions like solar power systems and lithium-ion battery energy storage systems (BESS).</li><li style="font-size:16px;color:#000000;background-color:transparent">ICT: Engaging in projects for smart cities, surveillance, and agritech.</li></ul> The company has a global appearance, which has operated in India, Sri Lanka, Bangladesh, Myanmar, Philippines and various African markets. Paes Digitek's business model is based on both the manufacture and supply of products and undertakes large -scale engineering, procurement, and construction (EPC) projects. As of March 31, 2025, the company had a robust order book of ₹7,633.6 crore. <div class="se-component se-image-container __se__float-justify"><figure><img src="https://testing-planify.s3.amazonaws.com/sun_editor/fcb58cf8-0308-4543-a071-e64496af1b3c.png" alt="" data-proportion="true" data-align="justify" data-file-name="93tnEZAAAABklEQVQDAKxQ7V0jaUOLAAAAAElFTkSuQmCC" data-file-size="0" data-origin="," data-size="," data-rotate="" data-percentage="auto,auto" origin-size="758,489" style="margin-left: 0px; margin-top: 0px;"></figure></div> Pace Digitek IPO Details The issue is priced between ₹208–₹219 per share with 3.74 crore equity shares being offered making the gross raise about ₹819.15 crore.&nbsp;<a href="https://www.sbisecurities.in/fileserver/research/reports/Pace%20Digitek_IPO%20Note.pdf?utm_source=chatgpt.com"></a>The company plans to use ₹630 crore of the net proceeds for capital expenditure (notably in BESS and infrastructure expansion), with up to 25% of proceeds and making plans that company proceeds in operations&nbsp; reserved for general corporate uses.&nbsp;<a href="https://www.sbisecurities.in/fileserver/research/reports/Pace%20Digitek_IPO%20Note.pdf?utm_source=chatgpt.com"></a>Pre-issue, the promoters held ~84.1% stake; post-issue, promoter shareholding is expected to dilute to ~69.5%. <div style="margin-left:0pt"><table><tbody><tr><td>IPO Open Date</td><td>September 26&nbsp; 2025</td></tr><tr><td>IPO Close Date</td><td>September 30 2025</td></tr><tr><td>IPO Allotment Date</td><td>October 1 2025</td></tr><tr><td>IPO Listing Date</td><td>October 6, 2025</td></tr><tr><td>Issue Size</td><td>₹819.15 Cr</td></tr><tr><td>Price Band&nbsp;</td><td>₹208 - ₹219 per share&nbsp;</td></tr><tr><td>Lot Size</td><td>68 shares</td></tr></tbody></table></div> Financial Performance Pace Digiteck has shown strong financial growth, especially in recent years. Revenue from operation: In FY23, revenue increased from ₹503.20 crore to&nbsp; ₹2,438.78 crore in FY25. This significant jump was primarily driven by large public sector telecom projects. Profit After Tax (PAT): In FY23, from ₹ 16.53 crore to ₹ 279.10 crore in FY25, it increased to a significant increase in profitability. The company's financial health is also reflected in its major performance indicator (KPI) for FY25, such as a return of 23.09% equity (ROE) and an Ebitda margin of 20.71%, which is stronger than the industry average. Pace Digitek IPO Opportunities Strong Order Book: ₹7,600+ crore in confirmed orders offers a long runway. That means there's momentum and visibility.&nbsp; Margin reform: Despite the flat revenue growth between FY24 and FY25, the company has greatly improved profitability. High margins suggest better cost control, scale benefits or high price contracts.&nbsp; Growth via Energy Infrastructure: BESS and energy-related works are areas of increasing government / private interest (renewables, storage). Pace Digitek’s investments here may pay off, especially if projects deliver well. Low Leverage &amp; Healthy Financial Ratios: Lower debt levels and decent ratios like ROCE, ROE help reduce risk compared to highly leveraged peers.&nbsp; Pace Digitek IPO: Risks and concerns Flat Revenue Growth from FY24 to FY25 suggests current operations may hit a plateau unless new contracts scale up. Profit growth is good, but sustaining it depends strongly on order conversion and project execution. Public sector dependence means policy change, payment delays, risk for regulatory approval. Government contracts often come with slow cash flow. Execution risk in large capital projects like BESS: Setup delays, supply chain deficiency, cost overrun, or regulatory hurdles (permit, approval) may erode estimated profits. Conclusion Paes Digitek's IPO offers an attractive risk-reward proposal to investors that lead to India's strong telecom infrastructure and increasing importance of energy storage. A strong order book (by March 2025 ~ ₹7,634 crore) extends to both telecommunications and energy segments, and a track record of improving profitability (21% increase in net profit in FY25), the company enters public markets with real substances.&nbsp; Nevertheless, the way forward is not without challenges. Its heavy dependence on government contracts and a concentrated customer base, long-appropriate, and execution risk factors in capital-intensive projects (especially BES and solar units) are invested. Investors should look closely.&nbsp; At the pricing band of ₹ 208-219, the assessment looks appropriate and is not more aggressive given the company's capacity. Does Pace Digitek become one of the standout listings of 2025, eventually depending on how well it distributes on its big project backlog, enhances its energy business, and maintains margin under competitive pressure. For long -term investors with a tolerance to infrastructure and project risks, an IPO is worth a serious form. For others seeking quick listing benefits, cautiousness can be taken.

Pace Digitek is set to open its public issue from September 26 to September 30, 2025, with a price band of ₹208 to ₹219 per share.

Pace Digitek IPO Opens Soon—Is This the Biggest Listing of 2025 at ₹208–219 Per Share?

In a remarkable turn of events, OYO's unlisted shares have surged by 26% in the past and last month, which resulted in reigniting the conversation around its long-awaited IPO. This rally, which has outpaced several listed hospitality peers, has been fueled by a mix of market buzz, improved financial performance, and sort of strategic tricks &amp; strategic moves by the company. The question on everyone's mind is: will this momentum carry over to the public market, and can OYO's IPO truly match the high expectations or actually consolidate at a $7-8 billion valuation? OYO Rallies Pre-IPO: Surge in Unlisted Value, But Can It Live Up to the Hype? The sudden uptick in <a href="https://www.planify.in/research-report/oyo-oravle-stays-ltd/">OYO's unlisted share price</a> is no accident and rule based. It's a direct result of several key developments that have collectively bolstered investor confidence, sentiment and trust.&nbsp; Firstly, there's the imminent IPO buzz. News reports suggest OYO is preparing to refile its Draft Red Herring Prospectus (DRHP) in November, an announcement that immediately generated a flurry of buying activity in the <a href="https://www.planify.in/markets/">unlisted market</a>. After two previously shelved attempts, this third push is being seen as a sign of OYO's newfound maturity and stability.&nbsp; Secondly, the company's financial results have been a major catalyst. OYO reported its first-ever annual profit in FY24 and followed that with a doubling of its profit after tax (PAT) in Q1 FY26 was ~₹200 crore, more than double its profit in the same quarter a year earlier. This turnaround from a history of massive losses is a powerful signal to investors that the company's asset-light model is finally paying off. Thirdly, OYO's strategic shift towards premiumization is gaining a lot of seemingly traction. The company is aggressively expanding its premium hotel brand, "Sunday," and recently launched a new vertical called "CheckIn" to focus on upscale properties.The move is seen as a way to increase revenue and improve profit margins, which has been historically low in the budget segment.&nbsp; Lastly, the announcement of a 1:1 bonus share issue with a record date of September 30, 2025, also triggered a surge in demand as investors sought to acquire shares before the cutoff date. OYO rebrands as PRISM&nbsp; signals Clarity, Scale, and Tech Focus Alongside financial discipline, OYO’s parent company formerly Oravel Stays, now rebranded as PRISM is sharpening its corporate identity to better reflect its global portfolio spanning hotel brands, vacation homes, branded residencies and tech-powered partner tools. This rebrand under Prism underscores a strategy of clarity, diversity and long-term positioning. It strengthens partner loyalty and revenue optimization. PRISM, which provides hotel owners with analytics on pricing, performance, and customer trends. This data-centric approach helps improve partner stickiness and revenue optimization, a crucial factor as OYO looks to strengthen or sustain margins and justify its IPO valuation ambitions. OYO Valuation: Why OYO’s Unlisted Valuation towers over its Hospitality Peers?&nbsp; At current unlisted prices, OYO trades at forward multiples far higher than traditional hotel chains. Investors are essentially paying for scale, tech-driven efficiency, and asset-light growth — qualities that traditional hospitality chains cannot match. According to <a href="https://www.planify.in/buy-pre-ipo/">unlisted market</a> estimates, OYO is trading at P/E multiples in the ~150-160× range, significantly higher than listed hotel chains such as the phenomenal name includes Lemon Tree Hotels, whose P/E is ~50×. Investors paying the premium are betting on OYO’s scale, asset-light model, and margin expansion, though much depends on&nbsp; a lot of continuous and sustained financial performance and clarity post-IPO. Risks and concerns: However, this premium comes with risk. OYO’s margins, at around 6–7%, are still thin compared to global benchmarks. The history of its debt status and disputes with the hotel partners also raises questions. To give long -term value to IPOs, OYO will need to display that the profitability is durable in cycles, not just during travel upswings. The strong recovery of the global tourism industry provides a strong tailwind for OYO's expansion plans, especially in terms of its international markets. However, skeptics indicate to remain cautious. The high valuation comes with significant risks. OYO's ability to maintain its profitability and sustain its growth in a highly competitive market will be under intense scrutiny and consistent rapid investigation. The company also faces ongoing legal and regulatory challenges, including a fine from the Competition Commission of India and various service tax disputes. These issues can eat in future profits, with a heavy debt burden and cause financial vulnerability. In addition, the previous performance of the recent Indian tech IPO has been mixed, with some, like Paytm and Zomato, seeing significant corrections after their listing.&nbsp; Can the IPO Match Expectations? Given the data, it is possible though not guaranteed that OYO could deliver a strong IPO. The recent unlisted share bump, improving profit trends, bonus issue move and board-level IPO preparation suggest OYO is improving its financial and governance posture. If it files in November as many reports expect, there will likely be strong institutional demand.&nbsp; However, for OYO to truly justify a $6-8 billion valuation (or higher), it will require to do more than post rising topline. It must maintain/improve margins, reduce debt or manage financing costs well, alongside other tasks and navigate regulatory risk, and show growth in diversified markets. Any misstep weaker than expected revenue growth, overspending, legal surprises could lead to valuation compression once the IPO opens.

Hospitality Giant OYO Rises 26% in Unlisted Market — Will the IPO Match Expectations?

India’s fintech story has produced some of the most remarkable growth narratives in recent years, and Groww is fast becoming the face of that transformation. The Bengaluru-based wealth-tech platform has filed papers for a ₹7,000 crore IPO, demanding a valuation of about&nbsp; $9 billion.&nbsp; <a target="_blank" href="https://www.planify.in/research-report/groww-nextbillion-technology/">Groww</a> has filed updated DRHP papers with SEBI for a ₹7,000 crore IPO, targeting a valuation near $8-9 billion (~₹72,000-₹80,000 crore). In the IPO structure, a slight portion of fresh issue of 1,060 crore is proposed, while the majority (~ 6,000–7,000 crore) will be offered by initial and existing investors&nbsp; in terms of offer for sale. This mix points to Groww’s focus on providing exit liquidity while scaling up its balance sheet selectively. Groww IPO Details Groww is reportedly gearing up to launch a ₹7,000 crore IPO in the first week of November, according to banking sources. The Bengaluru-based fintech company has also been backed by prominent names like Microsoft CEO Satya Nadella. The company is expected to announce the price band by the end of October, setting the stage for one of the most watched public offerings in India this year. The upcoming listing has appointed various lead managers for Groww IPO – Kotak Mahindra Capital, JP Morgan India, Citigroup Global Markets India, Axis Capital and Motilal Oswal Investment Advisors are the book-running lead managers of the IPO. Financial Turnaround &amp; Strong Profitability The timing could not be more significant. FY25 was a breakthrough year for Groww. The company has reported extraordinary results at this phase marking ₹4,062 crore in terms of revenue, up 45% from FY24, and the other component that is net profit saw a significant reversal from a loss of ₹806 crore in FY24 to a healthy ₹1,824 crore in FY25.&nbsp; Profitability: Posted astonishing remark of net profit (PAT) of ~₹1,824 crore, compared to a loss of ~₹806 crore in FY24.&nbsp; Contribution &amp; Net Margins: Contribution margin is around 85%, while net profit margin stood at ~44% in FY25. Such high margins are rare for fintechs in India, suggesting strong operating leverage and efficient cost structure even as the user base grows.&nbsp; Customer scale &amp; market share: Active users rose to ~12.6 million, with Groww holding ~26.3% market share among NSE active clients as of mid-2025. That gives it credible clout in broking and trading.&nbsp; All this suggests the company has achieved scale without losing cost discipline, a key factor in justifying its $9 billion ambition. What Makes the $9B Valuation Plausible? FY25 was a landmark for Groww. Revenue rose ~31–49% YoY from FY24, and the company swung&nbsp; like it had not consistent profit saw a break due to some domicile shift and posted from a net loss of ~₹805 crore in FY24 to a net profit of ~₹1,824 crore in FY25. Such a swing reflects more than just growth; it signals operating leverage kicking in, better unit economics, and cost discipline. Key margins are strong. FY25 net profit margin is reported at ~44-45%, a dramatic shift from negative margins the previous year.&nbsp;​Groww has built scale quickly. Its active client count has crossed 12-13 million on NSE, with market share among active clients possibly touching ~25-26%. Its total customer assets, breadth of product offerings (broking, mutual funds, margin trading, etc.), and strong brand recall give it a network effect. Earlier, many users were acquired organically, helping it keep CAC (customer acquisition cost) lower. The strong FY25 performance is attracting investor confidence. Groww raised $200 million ahead of IPO, valuing it at ~$7 billion.&nbsp; Groww isn’t just broking platform. It’s increasingly pushing into margin finance, lending, mutual funds, and wealth-tech services. This diversification helps hedge regulatory risks specific to trading or any one segment. Also, its cost structure is showing signs of efficiency: Revenue per user is rising, costs of acquisition falling, and non-core expenses more manageable.&nbsp; Groww IPO: Risks and Concerns Yet, the IPO is not without risks. The bulk of the issue, nearly ₹6,000 crore will be an offer for sale (OFS), giving early investors a chance to cash out. Only ₹1,050 crore will be fresh issuance, which limits the immediate capital infusion for business expansion. At the same time, competition is intensifying, with Zerodha, Angel One, and new challengers are way forward and constantly innovating. New fintech challengers are aggressive on UX, pricing, and features. Groww must maintain engagement, deepen monetization (ARPU), and avoid churn. Regulatory oversight on derivatives trading, margin funding, and fees also remains a potential headwind. A premium valuation leaves little room for error if growth were to slow. So, Can Groww Become India’s Next $9 Billion Unicorn? Yes, the probability is fairly high, at least contingent on some favorable conditions. Groww has checked many boxes: profitability, revenue scale, strong market position, product diversification and investor confidence. If it delivers consistent growth post-IPO and weather regulatory headwinds without margin dilution, the $9B target seems in reach. Its current performance gives a visible runway. But it won’t be automatic. Any stumble in growth, sudden regulatory clampdowns, or loss of market share in the face of competition can jeopardize the valuation. IPO pricing will also play a big part&nbsp; if investors perceive the valuation as fair relative to peers and forward growth, it could get good listing gains; if it seems overstretched, it risks tepid reception. &nbsp;In summary, <a target="_blank" href="https://www.planify.in/research-report/groww-nextbillion-technology/">Groww’s IPO</a> appears positioned to make it one of India’s most valuable fintech public companies. With strong financials, scale, and favorable trends in wealth-tech, it has real potential. Whether it crosses the $8 billion unicorn mark depends on execution, competitive resilience, and regulatory stability but the chance is far from speculative; it looks structurally plausible.

Groww has filed updated DRHP papers with SEBI for a ₹7,000 crore IPO, targeting a valuation near $9 billion (~₹72,000-₹80,000 crore). I

Is Groww’s ₹7,000 Cr IPO About to Create India’s Next $8 Billion Unicorn?

In 2025, India's capital markets have shown an interesting paradox: while the IPO listing remains sluggish, drafts have exploded in the filing of draft red herring prospectus (DRHPS), which reaches the numbers not seen in ten years. This boom in DRHP submission suggests that companies are preparing the basis for potential rebounds in public market activity, even as the situations are challenging. The Unwavering Optimism in DRHP Filings Between January and May 2025, a notable 85 companies presented their DRHPS to the Securities and Exchange Board of India (SEBI). This figure not only marks a sufficient increase, but also represents the highest number recorded for this specific five -month period in a decade. The outer volume of these submissions underlines a strong pipeline of companies preparing to tap public markets, which reflects long -term development prospects and constant confidence in the viability of public money. A DRHP IPO acts as a fundamental document in the process, describing important information about the company, its financial health, business operations and the specifics of the proposed stock proposal. The task of filing DRHP is a significant commitment, requiring adequate efforts and resources. Therefore, the constant high amounts of these filing suggest that a large number of businesses keep themselves in position&nbsp; for the future public listing, which indicates an optimistic approach on further market conditions. Notable companies that have already made their intentions clear by filing DRHPs during this period include financial services giant <a target="_blank" href="https://www.planify.in/research-report/tata-capital/">Tata Capital, Groww, Pine Labs, Physicswallah, Pace Digitek, Hero Fincorp, </a><a target="_blank" href="https://www.planify.in/research-report/oyo-oravle-stays-ltd/">OYO</a> and asset management firm Canara Robeco Asset Management. The diverse nature of these companies, spanning and extending into various sectors, further illustrates the broad-based intent to access public capital. <div class="se-component se-image-container __se__float-none"><figure><img src="https://testing-planify.s3.amazonaws.com/sun_editor/8590c76f-3e52-456e-84e3-b54a57fb0f15.png" alt="" data-rotate="" data-proportion="true" data-size="," data-align="none" data-percentage="auto,auto" data-file-name="image.png" data-file-size="48561" data-origin="," origin-size="798,419" style=""></figure></div> IPO Market's Muted Performance Unlike the strong DRHP pipeline, the actual number of IPO listings in 2025 is relatively muted and around some minimum. This deviation highlights a cautious approach by companies, which is affected by potentially prevalent market conditions. While the intention of going public is strong, the execution of these schemes and plans in successful listing is subject to various external factors. The recession, instability in broader equity markets,&nbsp; characterized by volatility and investor circumspection, seems to be an important contributor to the muted IPO activity within wider equity markets. When the secondary markets experience pressure or increased uncertainty at the bottom, investors' appetite may decrease or diminish in the new listing. Potential investors may prefer to hold existing, more liquid assets or wait for more market stability before giving capital for new, unproven offerings. In addition, primary activity can create a common slowdown that includes not only IPOs, but other forms of issuing new capital can also create a less favorable environment for companies seeking public. This may be due to a combination of factors, including high interest rates, strict credit status, or comprehensive economic recession affecting corporate earnings and valuations. Driving Factors Behind the DRHP Surge Several factors could be contributing to this surge in DRHP submissions, even amidst a quieter IPO market: Anticipation of Future Market Improvement: Companies and their advisors DRHPS can be filed with anticipation that the market conditions will improve in the moderate period. The IPO process is long, often carries from DRHP filing to the actual listing from several months to one year. Now by filing, companies are positioning themselves to capitalize on the potentially more favorable market window in future. Regulatory Clarity and Ease of Doing Business: Continuous efforts by regulatory bodies such as SEBI regarding to streamline the IPO process can also encourage more companies to further push for this path to consider public listing. A more approximate and efficient regulatory environment may reduce the perceived obstacles to entry for companies considering an IPO. Valuation Expectations: Companies can now file DRHP, which now reflect their current development trajectory, even if the immediate listing environment is challenging. They may be ready to wait for better market conditions to ensure optimal pricing for their offerings. Conclusion The data for 2025 paint a compelling picture: DRHP submission to a high level of decade, large amount to raise capital, and strong corporate confidence even in front of macroeconomic headwinds. While the actual IPO listing is lagging behind, the current filing boom shows that companies are preparing themselves for more favorable windows, creating positions, and preparing themselves. For investors, it means potential advantage but also requires selective thorough due diligence. For regulators and market intermediaries, this means that the infrastructure (disclosures, approval, pricing, investor protection) should be faster. And for companies, this means that the time for the construction of narratives with the substance because the demand may suddenly return, but being underprepared can cost the valuation and investor trust.

In 2025, India's capital markets have shown an interesting paradox: while the IPO listing remains sluggish.

DRHP Submissions Surge to 10-Year Peak in 2025 Amid muted IPO Listings

India's telecommunications and digital infrastructure story has entered a new chapter. The Securities and Exchange Board of India (SEBI) has indicated nod for the initial public offering (IPO) of Pace Digitek Limited, which paves the way for the 900 crore issue. This development comes at a time when India is expanding its 5G network and laying the foundation for future technologies such as IOT, Edge Computing and AI-run connectivity.&nbsp; The Company at the Heart of India’s Fiber Revolution <a target="_blank" href="https://www.planify.in/research-report/pace-digitek/">Pace digitek</a> business is deeply embedded in everyday connectivity. The company specializes in the telecom infrastructure services, providing an end-to-end solution in fiber optic deployment, maintenance and energy-related assistance systems. Reliance Jio and Bharti Airtel aggressively scale their 5G networks, demand for backbone infrastructure such as fiber, towers and energy management has significantly increased, providing a strong tailwind for players such as Pace Digital. The firm has constantly developed as a major service provider for India's telecom backbone, not only working with telecom giants, but also for energy and utility to customers. Its diversification in energy solutions align with India's telecom infrastructure pushing towards renewable power integration, combining another growth lever. Financial Performance and Growth Momentum​The financial expansion of Pace Digitec underlines its stable expansion. On a consolidated basis, the company reported revenue of ₹2,438 crore in FY24, which is widely stable in FY23 compared to ₹ 2,434 crore. Speaking about profit after tax (PAT) marked a year-on-year increase of 21% as profit has surged from ₹229 crore in FY23 to ₹279 crore in FY24.&nbsp; Currently, In H1 FY25, the revenue&nbsp; reported at ₹1,188 crore, showing a strong momentum and potential with a profit of ₹ 152 crore. Even in its standalone books, profitability shows&nbsp; strengthened, with PAT increased from ₹170 crore in FY23 to ₹233 crore in FY24. Margin expansion highlights the company's ability to optimize the cost and occupy the value despite the environment of a competitive industry. <div class="se-component se-image-container __se__float-justify"><figure><img src="https://testing-planify.s3.amazonaws.com/sun_editor/9dfc796d-b986-47ea-855f-bb234edd9a43.png" alt="" data-proportion="true" data-align="justify" data-file-name="3XqoB4AAAAGSURBVAMAPWuLVETQu74AAAAASUVORK5CYII=" data-file-size="0" data-origin="," data-size="," data-rotate="" data-percentage="auto,auto" origin-size="752,452" style="margin-left: 0px; margin-top: 0px;"></figure></div> In the unlisted pre-IPO market, Pace Digitek share price&nbsp;currently trades at around ₹230, implying a P/E multiple of ~14.4x based on FY25 EPS of ₹16. Based on its expected ~₹4,104 crore IPO valuation, the company would be priced at about 15x earnings and ~2x sales.&nbsp; The <a target="_blank" href="https://www.planify.in/planify-feed/sebi-nod-for-pace-digitek-ipo/">Pace Digitek IPO</a> size of ₹900 crore will partly go toward debt reduction, working capital, and expansion of service capabilities. Based on preliminary reports, the company could be valued at ₹4,000–4,100 crore post-listing. At this valuation, Pace Digitek would trade at about 18–22x its earnings and around 2x sales. For context, large telecom tower and infra companies such as Indus Towers trade at 12–14x earnings, though their growth is slower. Pace Digitek, with its dual play in telecom and energy services, can potentially command a premium if it sustains double-digit profit growth and continues aligning with India’s 5G and energy transition roadmap. Pace Digitek IPO Details What sets Pace Digitek apart is how it intends to deploy IPO proceeds. Nearly ₹630 crore is earmarked for expanding BESS projects through its subsidiary Pace Renewable Energies, while the remainder will be used for general corporate purposes. With data usage surging and renewable penetration rising, energy storage is extremely anticipated to be a significant constraint or bottleneck for both telecom and grid networks. If planned effectively and executed exactly accordingly, this move could diversify revenue streams beyond lumpy and inconsistent EPC contracts and deliver more stable, long-term cash flows. Industry Context: Riding the Digital India and 5G Wave India has rapidly enhanced fiber optic connectivity to support the rollout of the 5G network, in which telecom operators have invested billions in spectrum and network deployment. Nevertheless, as of today, the fiberization of India's telecom towers is only 35% compared to more than 80% in advanced markets. This gap represents a massive growth opportunity. Companies like Pace Digitek, which provide the “last-mile” and backbone services in fiber deployment, are positioned to benefit directly from this expansion. Moreover, as data consumption in India continues to climb, currently the world’s highest per user will only increase the pressure on operators to expand the capacity, maintaining the long -term demand for infrastructure services. Risks and Challenges No IPO is without risks. Pace Digitek’s fortunes are tied closely to telecom operators’ capex cycles. Any slowdown in 5G rollout or price wars between telcos can affect the demand for infra services. Additionally, the company works in a competitive location where pricing pressure is common. Another risk is execution: laying fiber and managing energy systems at scale require strong operational efficiency, and delays or cost overruns can eat into profitability.&nbsp; Pace Digitek: A Bet on India’s Connectivity Future Despite risks, the larger narrative remains favorable. India is building the backbone of its digital economy—fiber optic cables, towers, and energy solutions are its arteries. The government’s Digital India mission, push for BharatNet, and private sector investments in 5G are converging to create a multi-year growth story for telecom infrastructure. For investors, Pace Digitek’s IPO offers exposure to this structural theme. Its scale, profitability, and positioning make it a differentiated play compared to larger, slower-moving incumbents. Conclusion The SEBI clearance for Pace Digitek’s ₹900 crore IPO marks more than just another listing. It signals investor appetite for companies that form the invisible backbone of India’s digital economy. If Pace Digitek can deliver and provide sustained revenue growth, capitalize on India’s fiber and 5G expansion, and manage execution risks effectively then presenting it has the potential to reward long-term investors handsomely. For now, the IPO looks like a calculated bet on India’s connectivity future where telecom and energy converge to power the next phase of digital growth and development.

SEBI has indicated nod for the initial public offering (IPO) of Pace Digitek Limited, which paves the way for the 900 crore issue.

Pace Digitek Receives SEBI Clearance for ₹900 Crore IPO

India’s IPO market has seen an intensity of listings in 2025, but only a handful come from the emerging technologies sector. The upcoming <a href="https://www.planify.in/article/urban-companys-1900-crore-ipo-to-open-on-september-10-sets-price-band-at-98-103-per-share/">Urban Company IPO</a>&nbsp;is one such rare opportunity. Scheduled to open on September 10, 2025, the issue is set to raise the issue of 1,900 crores, with a price band fixed between ₹98 and ₹103 per share. The IPO has instantly become the talk of the town and a matter of excitement due to the company's unique business model and strong investor curiosity. From UrbanClap to Urban Company In 2014, the urban company, established by Abhiraj Singh Bhal, Raghav Chandra, and Varun Khaitan, began as UrbanClap, with homes with services such as plumbers, electricians and beauticians. Over the years, the platform has developed as a complete-stack provider of home services integrating training, technology, financing and product support for its partner network. Today, Urban Company deals and operates in more than 60 Indian cities and has expanded internationally; gaining exposure into the United Arab Emirates, Singapore and Saudi Arabia. Its services cover home repair, cleanliness, spa treatment, equipment servicing and painting. The company keeps itself in position as India's reply to global gig-economic platforms, but with emphasis on quality, trust and customer retention. What Makes Urban Company Stand Out? The biggest differentiator lies in its full-stack model. Unlike pure marketplaces such as JustDial or OLX, Urban Company controls multiple aspects of the service experience right from partner onboarding and training to pricing and quality control. This creates higher trust among customers and a steady stream of repeat demand. It also allows the company to scale revenue faster, since partners are more closely tied to the platform. In FY24, Urban Company reported ₹1,500+ crore in revenue, with annual growth above 30%. Losses have narrowed over time as the business benefits from scale. This makes the IPO not just a fundraising event but also a validation of its maturing financial profile. Urban Company IPO Structure and Key Details The proposed Urban Company listing date, scheduled for 17th September 2025, will soon test the market’s real appetite for this rare tech IPO in a year marked by limited high-growth listings. The Urban Company IPO will raise ₹1,900 crore as per total issue size through and that usually categorised as two parts: <ul><li style="font-size:16px;color:#000000;background-color:transparent">This IPO Comprises fresh issue of ₹472 crore in order to fund expansion, technology, and marketing purposes.</li><li style="font-size:16px;color:#000000;background-color:transparent">Offer for Sale (OFS) of ₹1,428 crore by early investors including Accel, Elevation Capital, Tiger Global, and Vy Capital.</li></ul> At the upper price band of ₹103, the company’s valuation is expected to touch ₹14,790 crore (close to $1.8 billion). The lot size for this issue is considered as 145 shares, translating into a minimum investment required for the IPO of about ₹14,935.&nbsp;&nbsp; <div style="margin-left:0pt"><table><tbody><tr><td>IPO Open Date</td><td>September 10, 2025 </td></tr><tr><td>IPO Close Date&nbsp;</td><td>September 12, 2025 </td></tr><tr><td>IPO Allotment Date&nbsp;</td><td>September 15 2025 </td></tr><tr><td>Urban Company IPO Listing Date</td><td>September 17, 2025</td></tr></tbody></table></div>​ Grey Market Premium Buzz No IPO conversation in India is complete without a mention of the grey market. The Urban Company GMP (Grey Market Premium) has been reported at around ₹19–20 per share. That suggests a possible mark of around 18–24% listing gain over the upper price band of ₹103. Other market trackers sources show a slightly lower range of ₹10–15 per share, which still signals healthy demand. As always, GMP is an unofficial indicator and not a guarantee. But the consistent buzz reflects strong investor appetite, particularly for a consumer-tech brand with established visibility. In the unlisted market, the <a href="https://www.planify.in/research-report/urban-company-share-price/">Urban Company share price</a> currently trades in the ~₹90–₹96 range, a figure that highlights both investor interest and the perceived value ahead of the public listing.&nbsp; Institutional Interest: A Key Signal Before the IPO, SBI Mutual Fund acquired a significant stake from Tiger Global at around ₹103 per share, effectively endorsing the price band. This move has been interpreted as a vote of confidence by one of India’s largest domestic institutions. When long-term funds take positions at IPO prices, it often calms concerns about overvaluation. For Urban Company, this could reassure investors that its financials and growth prospects justify the valuation. Urban Company: Financial Performance&nbsp; Urban Company’s financials highlight a mix of growth and ongoing transition toward profitability. The platform earns commissions and fees on partner services, with margins improving due to better utilization of fixed costs.​<div class="se-component se-image-container __se__float-justify"><figure style="width: 840px;"><img src="https://testing-planify.s3.amazonaws.com/sun_editor/e4f8c8f0-95cb-4cfc-a417-764a46f4be8d.png" alt="" data-proportion="true" data-size="840px,504px" data-align="justify" data-file-name="6zGCdsAAAAGSURBVAMAFVRFN4+jVOAAAAAASUVORK5CYII=" data-file-size="0" origin-size="872,523" data-origin="840px,504px" style="margin-left: 0px; margin-top: 0px; width: 840px; height: 504px;"></figure></div>​ Risks to Keep in Mind Every IPO has come with its risks, and Urban Company is no exception that counts. Investors should weigh these associated risks against the growth potential before committing to the issue. Dependence on Discretionary Spending: Services like grooming, spa, and painting are tied to consumer demand cycles. A slowdown in urban spending could impact revenues. High Competition: Startups like Housejoy and traditional offline players compete aggressively in certain categories. Regulatory Environment: Gig worker protection laws or compliance burdens could raise costs. Conclusion The Urban Company IPO marks a defining moment for India’s growing home services sector. According to its DRHP, the company has consistently expanded its service portfolio, strengthened its technology backbone, and created a strong network of professionals in metros and tier-2 cities. With the increasing demand for a proven business model and organized care at home or home services, the urban company is well deployed to occupy market share in an area that is still largely unorganized. While the Urban Company share price in the unlisted market (₹90–₹96) and the strong Urban Company GMP showcasing optimism for near-term means short period listing gains, the true prospects and real possibilities lie in its ability to scale sustainably, improve profitability, and maintain leadership in a competitive space. Investors should evaluate both the growth opportunities in regards to key strong potential areas and the risks highlighted in the DRHP before making a decision.

Scheduled to open on September 10, 2025, the issue is set to raise the issue of 1,900 crores, with a price band fixed between ₹98 and ₹103 per share.

Urban Company’s ₹1,900 crore IPO to open on September 10; sets price band at ₹98-103 per share

Groww, India's largest stockbroker, has received approval from the Securities and Exchange Board of India (SEBI) for its Initial Public Offering (IPO), signalling a landmark market debut for the fintech company. The IPO is expected to raise between $700 million and $1 billion, potentially valuing Groww at around $7 billion. From Startup to Stock Market Giant Groww began as a mutual fund investment platform but has since expanded into equities, ETFs, and fixed deposits, emerging as the largest stockbroker in India by active users. Its mobile-first, simple interface attracted millions of first-time investors who were underserved by traditional brokerages. Over time, Groww has built an ecosystem that now caters to over ~13 million active users, transforming retail participation in Indian markets. The company has also attracted heavyweight global investors such as Tiger Global, Peak XV Partners (formerly Sequoia Capital India), Ribbit Capital, ICONIQ Growth, and Y Combinator, who backed its rise from a small fintech to a unicorn. Many of these backers are expected to partially offload shares through the IPO’s offer-for-sale (OFS) route, while the fresh issue will fund Groww’s expansion. Groww aims to transition from primarily a discount broker to a comprehensive wealth management platform. This strategy includes product expansion into wealth management and advisory through acquisitions, such as the all-cash deal to acquire Fisdom for approximately $150 million in May 2025. The IPO proceeds are intended to be utilised for technology development and business expansion. <div class="se-component se-image-container __se__float-justify"><figure><img src="https://testing-planify.s3.amazonaws.com/sun_editor/490ab0c3-aecf-4a76-9788-d2659aa05a92.png" alt="" data-proportion="true" data-align="justify" data-file-name="9KzUvgAAAABklEQVQDADP1C+80sqs4AAAAAElFTkSuQmCC" data-file-size="0" data-origin="," data-size="," data-rotate="" data-percentage="auto,auto" origin-size="721,470" style="margin-left: 0px; margin-top: 0px;"></figure></div> Groww IPO Details Groww's parent company, Billionbrains Garage Ventures Pvt. Ltd., confidentially filed its draft red herring prospectus (DRHP) with SEBI on May 26. This confidential pre-filing route, which allows companies to withhold public disclosure of IPO details until later stages, is gaining traction among Indian firms seeking flexibility. The IPO will comprise a combination of fresh equity shares and an offer for sale (OFS) component. Groww has appointed JPMorgan Chase &amp; Co., Kotak Mahindra Bank Ltd, Citigroup Global Markets Private Ltd, Axis Capital Ltd, and Motilal Oswal Securities Ltd as the bankers to manage the offering. The equity shares will have a face value of ₹2 each and are planned to be listed on both the National Stock Exchange (NSE) and the BSE. Groww IPO: Financial Performance The IPO comes on the back of impressive financial performance. In FY25, <a target="_blank" href="https://www.planify.in/research-report/groww-nextbillion-technology/">Groww</a> posted a net profit of ₹1,819 crore, a threefold jump compared to the previous year, and along with revenue surpassing 31% to ₹4,056 crore in FY25 and earlier in FY24 it was ₹3,145 crore and with a profit of ₹535 crore. This sharp turnaround highlights the company’s operational discipline and scale-driven profitability. <div class="se-component se-image-container __se__float-justify"><figure><img src="https://testing-planify.s3.amazonaws.com/sun_editor/9d3446db-1b70-4b68-a245-98461b1ced79.png" alt="" data-proportion="true" data-align="justify" data-file-name="109UvQAAAAGSURBVAMAmb+0rgnvmT4AAAAASUVORK5CYII=" data-file-size="0" data-origin="," data-size="," data-rotate="" data-percentage="auto,auto" origin-size="752,452" style="margin-left: 0px; margin-top: 0px;"></figure></div> But the journey wasn’t without challenges. The company completed a reverse flip of its holding entity from the United States to India, aligning itself with SEBI’s IPO requirements. That move incurred a one-time tax outgo of ₹1,340 crore, pulling its books into the red despite healthy operating profits. This restructuring now ensures that Groww’s corporate headquarters and regulatory oversight remain firmly rooted in India. Market Dynamics and Challenges The IPO comes amid a broader slowdown in India's discount brokerage sector, which saw leading players like Groww, Zerodha, Angel One, and Upstox lose nearly 2 million active investors in the first half of 2025. <a target="_blank" href="https://www.planify.in/research-report/groww-nextbillion-technology/">Groww</a> alone shed 600,000 clients during this period. This decline is partly attributed to SEBI's tighter regulations on derivatives trading, including stricter margin rules, shorter contract expiries, tighter eligibility requirements, and higher taxes, which have impacted casual traders. Despite these headwinds, industry experts view this as an industry-wide adjustment and anticipate renewed activity in the long term, citing the digital-first ecosystem and increasing financialization of assets. They also note that retail volumes historically shrink during volatile phases, but significant growth over the past five years and early equity penetration in urban and semi-urban India suggest ample opportunities ahead. Regulatory Compliance and Future Outlook Groww's decision to utilize the confidential pre-filing route for its DRHP allows for regulatory feedback without early exposure of sensitive financial details. This route also provides a longer window of 18 months for launching the IPO after receiving SEBI's final comments, compared to the 12-month window for traditional filings, and allows for modifications to the primary issue size. SEBI's approval is seen as a positive sign for fintech models and the maturity of Indian capital markets, which are increasingly open to domestic listings of new-economy companies. Despite strong fundamentals, Groww faces risks such as market volatility, ongoing regulatory oversight on fintech, and competitive pricing pressures in the commoditizing discount broking sector. Post-listing, Groww plans to expand into wealth management, insurance, and lending, aiming to become a comprehensive financial services "super-app". The IPO is expected to be a significant test case for the Indian public markets' readiness to absorb large, profitable fintech companies. The move to diversify revenue streams, particularly through mutual funds and systematic investment plans, is expected to help shield Groww from downturns in stock trading.

Groww, India's largest stockbroker, has received approval from the Securities and Exchange Board of India (SEBI) for its Initial Public Offering (IPO),

Sebi Nod Groww IPO: India’s Largest Stockbroker Heads for a Landmark Market Debut

OYO is&nbsp; giving it another shot, and this time the timing, the numbers and the backers and supporters make this attempt genuinely worth watching and truly intriguing. After two earlier aborted bids, the hospitality chain is prepared to file its draft Red Herring Prospects (DRHP) in November 2025, which targets about $7-8 billion IPO valuation. The headline converts Oyo alone to a potential marquee public debut from an aspiring unicorn, but the IPO details below it matters far more for investors and the broad market. What the $7–8 billion target implies Multiple outlets citing and various sources referencing PTI and market sources say OYO plans to approach the market with a DRHP in November and is aiming for a $7-$8 billion valuation, a figure and number that would place OYO among the biggest Indian tech/hospitality listings if realized.&nbsp; That target valuation is a sizable step down from the $10–12 billion marks floated during earlier listing ambitions, but still signals confidence from the company’s side that it can command a premium multiple on improving operating metrics. The Comeback Attempt OYO’s earlier plans to go public did not take off. The first filing in 2021 aiming for a $12 billion valuation was dropped amid market volatility and regulatory scrutiny. A second attempt in 2023 was also shelved following SEBI’s extensive queries on governance and valuation methodology. Now, in its third attempt, OYO seems ready to re-enter public markets with caution and better positioning. OYO has achieved its best year looking like a magical rise yet by emerging as India’s most profitable startup in FY25, with a net profit after tax (PAT) of ₹623 crore, a 172% jump and conservatively experienced a significant surge from ₹229 crore in FY24. This was a major milestone after years of losses. Revenue grew 20% to ₹6,463 crore, powered in large part by OYO’s premium offerings like Townhouse Hotels, Sunday Hotels, and by integrating G6 Hospitality into its portfolio. Adjusted EBITDA rose and increased to ₹1,132 crore, reflecting up 27% from ₹889 crore in the previous year. Impressively, this marks the 10th consecutive quarter that OYO delivered EBITDA-level profitability. Gross Booking Value (GBV) soared by 54% YoY to ₹16,436 crore, riding strong demand and strategic expansion. OYO is projecting even stronger results for FY26: PAT could reach ₹1,100 crore and EBITDA is expected near ₹2,000 crore, helped by full-year contributions from its Motel 6 acquisition, which is expected to add over ₹630 crore EBITDA in FY26. Funding History and Book Value OYO has raised over $4.5 billion in funding since inception. Its largest backer, SoftBank Vision Fund, still holds around 47% stake. Other investors include Lightspeed, Sequoia, Airbnb, and Microsoft. In its last major secondary sale (2023–24), shares reportedly changed hands at ₹40–45 per share, implying a valuation closer to $5 billion. Based on filings, OYO has approximately 7 billion outstanding shares. At the targeted $7–8 billion valuation, this translates to an IPO price band of around ₹60–66 per share. Book value per share is estimated at ₹15–16, which means OYO is targeting a Price-to-Book (P/B) multiple of ~4x. OYO: Expanding Global Footprint OYO continues to grow its premium presence and in terms of numbers it has expanded sparsely launching over 30 Sunday Hotels across India, UAE, Saudi Arabia, and Southeast Asia in the past year. The platform now spans roughly this much around 22,700 hotels, 1,19,900 homes, and 91,300 listings globally. Valuation and Investor Sentiment Some reports suggest that OYO’s DRHP filing in November 2025 is pegged at a valuation between $7–8 billion, which translates to ~₹58,100 crore – ₹66,400 crore. With around 657 crore outstanding shares, this implies an IPO price band of roughly ₹88–101 per share, compared to an estimated unlisted market price of ~₹50 per share.​At these levels, OYO would be valued at nearly 25–30× FY25 EBITDA and 93–107× FY25 PAT, significantly higher than traditional hospitality peers like Indian Hotels or Lemon Tree, though OYO argues its asset-light, tech-enabled model deserves a premium. Behind the scenes, SoftBank, OYO’s largest shareholder, has reportedly engaged with marquee investment banks including Citi, Goldman Sachs, Axis, ICICI, JM Financial, and Jefferies to gauge investor appetite. The board is expected to review the proposal soon as final preparations are being made. ​Market Tailwinds and Strategic Moves At its core, the upcoming DRHP filing is being timed to leverage improved fundamentals. OYO’s recent quarterly performance indicates stronger growth, along with improved financials, marking a potential inflection point. Adding to that, the hospitality sector is riding a wave of double-digit growth, especially post-pandemic. On the branding front, OYO is also exploring a new parent brand identity and a separate app for its premium hospitality offerings moves that signal a broader strategic rethink of its platform and value proposition. Conclusion OYO’s FY25 financial performance reads like a comeback story. Strong revenue growth (20%), continuous sustained profitability (10 persistent profitable EBITDA quarters), and increase in booking establishes a solid foundation. With a clear growth trajectory and optimistic FY26 estimates, Oyo appears in a better position than before and its upcoming IPO plans now relax on forcing the financial position or compelling financial footing.

After two earlier canceled and aborted bids, the hospitality chain is prepared to file its draft Red Herring Prospects (DRHP) in November 2025, which targets about $7-8 billion IPO valuation.

OYO IPO 2025: DRHP Filing in November at $7-8 Billion Valuation

The Indian capital market stands on a significant transformation, as the Securities and Exchange Board of India (SEBI), led by Chairperson Tuhin Kanta Pandey, indicates the informal pre-IPO grey market under its watchful eyes and to bring it under a regulated structure.&nbsp; <a href="https://www.planify.in/markets/">India's capital markets</a> may be on the verge of introducing upbringing structural change. At a time when the IPO pipeline is booming with around ₹4.3 trillion collected in FY25 and another ₹1.4 trillion is expected soon. SEBI chairperson Tuhin Kanta Pandey has indicated on the installation of a regulated platform for pre-IPO share trading. Recently, the idea of ​​floating at the Capital Markets Conference is to bring orders and transparency to the place dominated by the grey market. This proactive stance is not just a bureaucratic exercise; This represents a fundamental change towards increasing transparency, promoting better value search and protecting investor interests in the rapid dynamic market. This step is a deliberate attempt to formalize a place that has been operated in the shade for a long time, aligning it with strong regulatory principles that govern public markets. Understanding the Grey Market At its core, the grey market is an informal, over-the-counter space, where shares of companies preparing IPOs are traded. These transactions are outside the scope of formal stock exchanges and regulatory bodies, which rely on personal agreements between buyers and sellers. Although it offers a tentalizing glimpse in potential future valuation, its unregulated nature means that it lacks fundamental safety measures in the official markets. There are no standardized revelations, there is no clear pricing mechanism, and severe, no legal support if a transaction is provoked. This optimism cooks an atmosphere for speculation and information asymmetry, making it an uncertain area, especially for investors who may have resources or expertise lacking to navigate its complications. As Mr. Pandey clarified, insufficient pre-list information often prevents investors from making informed decisions. The lack of transparency of the current grey market may distort valuation and highlight investors. A regulated platform will address these pain points. Why SEBI is Eyeing the Grey Market Today, much of the pre-IPO activity happens in the grey market—an informal system where shares of companies about to list are traded on the basis of private agreements between buyers and sellers. Prices are often dictated by sentiment and speculative demand rather than structured disclosures. This system, while popular, carries obvious risks. Settlement failures are not uncommon. There’s little transparency on how valuations are determined. And retail investors who increasingly participate in IPOs are particularly vulnerable to mispricing, misinformation, or even fraud. As Pandey explained, “Before and prior to the IPO debut, if it [the grey market or <a href="https://www.planify.in/pre-ipo/">pre-IPO market</a>] is regulated, it would ease for the companies and investors that can help in price discovery. If it is regulated, then the government also gets its due share of revenue, taxes, by ensuring fair revenue collection and promoting market integrity. How a Regulated Pre-IPO Platform Could Help Investors The proposed regulated platform is envisioned as a structured liquidity window before official listing, offering significant advantages, especially for accredited and early investors. Currently, individuals or entities who have invested in companies through private placements, angel rounds, or hold Employee Stock Ownership Plans (ESOPs) often face challenges in realizing their investments before an IPO.&nbsp; The existing mainboard IPO compliance processes can be lengthy and cumbersome, effectively locking up their capital. A regulated pre-IPO trading platform will provide these investors a valid avenue to control and sell their stakes in a transparent manner, aligned with their need of liquidity without waiting for an uncertain IPO timeline. This fundamentally converts pre-IPO share trading from informal, opaque deals to a transparent, regulated ecosystem. By creating a standardised framework, SEBI would also remove the anomalies and irregularities of the grey market. Price discovery will become cleaner, with trades in a transparent environment monitored by exchanges and regulators. For investors, this means low opposition risk, better settlement assurance, and valuation that reflect more realistic reflection of demand and supply. What a Regulated Venue Means for Investors The core of SEBI's plan is the establishment of a "regulated venue" for pre-listing trading. For everyday investors, it translates into a far more secure and approximate environment. Imagine a platform where revelations are compulsory, business practices are standardized, and a clear set of checks and balances is in place. This will significantly reduce the risks associated with the existing gray market, which will offer a reliable route to investors to reach pre-IPO shares without navigating the murky water of informal agreements. It is about bringing validity to a place that has long been operated on handshake deals. If this proposal moves forward, the most visible change will be the formalisation of pre-IPO trading. Transactions that currently take place informally through dealer networks or WhatsApp groups will migrate to a supervised venue. Liquidity will be easier: Investors won’t be bound to wait for IPO approvals or regulator clearances before monetising holdings. Regulated disclosures: Companies opting into this system will need to provide basic information that supports price discovery, making the process more transparent. Defined participation: It is expected that the platform will be limited to first recognized accredited investors, reducing the risk for retail participants who may otherwise be exposed to complex, illegal equipment. Revenue for the government: Ensure compliance by transferring trades to an official platform, which often cuts cash-based practices associated with the grey market. Over time, it can also strengthen the IPO pricing because the pre-listing trades in a regulated setup will provide a reliable reference point for market demand. Beyond IPOs: The Horizon of Derivatives SEBI's forward-screening approach is not limited to pre-IPO trading. Mr. Pandey has also been cited to extend the tenure of equity derivatives in the latest discussion move, which is moving beyond the current weekly and monthly termination cycles. These subtle yet significant ideas reflect a broad vision for market development. Long-term derivatives can offer catering, more sophisticated hedging and investment strategies for a broad array of participants in the market. Still in the counseling phase, it indicates SEBI's intentions to constantly develop the market infrastructure to meet the demands of a dynamic financial landscape. Conclusion The proactive stance of SEBI, from regulating the pre-IPO market to increasing the derivative offerings and breaking over malfunction, paints a clear picture of a regulator committed to promote a strong, transparent and fair capital market. From the perspective of an ecosystem, it can be a welcome step. A regulated pre-IPO trading platform has the ability to bridge the gap between private and public markets, which offers safe exit, better use of ESOP, and exploration of cleaner value and price discovery the grey market reduction. If well applied, SEBI's move can set an example for other emerging markets, which can position India as a leader in capital market innovation with strong security measures.

EBI chairperson Tuhin Kanta Pandey has indicated on the installation of a regulated platform for pre-IPO share trading. Recently, the idea of ​​floating at the Capital Markets Conference is to bring orders and transparency to the place dominated by the grey market.

Tuhin Kanta Pandey Signals SEBI’s Plan to Regulate Pre-IPO Grey Market for Transparency

Vikran Engineering Limited is designed to launch its initial public offer (IPO) on 26 August 2025, set to close on 29 August 2025. The IPO aims to raise ₹772 crore through a combination of <a href="https://www.planify.in/buy-pre-ipo/">fresh equity shares</a> and a proposal for sale. The price band for IPO has been fixed at ₹92 to ₹97 per equity share.&nbsp; Company Overview Vikran Engineering, rapidly expanded Indian Engineering, Procurement and Construction (EPC), which was established in 2008, is a company. The company specializes in providing end-to-end services including concept, design, supply, installation, tests and commissions on a turnkey basis. Its diverse project portfolio mainly focuses on the vertical of energy and water infrastructure, each contributing about 49% of its revenue, which highlights their high growth capacity. Within the power sector, there is a strong appearance in both the power transmission and distribution of dishes engineering, with 400kV power transmission and 765kV additional high voltage (EHV) substation projects. This includes projects like 132 KV Transmission Line Construction and Bay Extension Projects for railway electrification.&nbsp; In the water sector, their projects include underground water distribution, surface water drainage, overhead tanks and distribution networks. The company also specializes in the solar EPC for ground-mounted solar projects and smart metering. By June 30, 2025, Vikran Engineering had successfully executed 45 projects in 14 states, with a total executed contract price ₹19,199.17 million. He currently has 44 ongoing projects in 16 states, with a total order price of ₹51,202.07 million, and an order book of ₹24,424.39 million.&nbsp; Notable customers in the government sector include NTPC Limited, Power Grid Corporation of India Limited and various state power distribution companies. Vikran Engineering Promoters are Rakesh Ashok Mercahadkar, Avinash Markhadkar and Nakul Markhadkar, who collectively held 81.78% of Pre-IPO Capital. Rakesh Ashok Markhedkar, Chairman and Managing Director, is the only promoter to participate in the sale proposal.​Financial performance and evaluation Vikran Engineering has demonstrated consistent financial growth. Its revenue from operations increased by 16.53% from ₹791 crore in FY24 to ₹922 crore in FY25. The total income grew from ₹529 crore in FY23 to ₹922 crore in FY25. Profit After Tax (PAT) has also shown improvement, rising from ₹42 crore in FY23 to ₹77 crore in FY25.&nbsp;​Its Net Worth expanded significantly from ₹131.14 crore in FY23 to ₹467.87 crore in FY25, indicating financial strength. As of March 31, 2025, the company's Debt/Equity ratio stood at 0.58. According to the latest financial reports, Vikran Engineering has a Return on Equity (ROE) of 35.43% and a Return on Capital Employed (ROCE) of 35.67%. At the IPO price band of ₹92–97 per share, the valuations appear reasonable considering the earnings and growth momentum. Vikran Engineering IPO Details and Structure <a href="https://www.planify.in/research-report/vikran-engineering-exim/">Vikran Engineering IPO</a> has been structured as a book-made issue, aimed at&nbsp; ₹772.00 crores. This includes a new issue of 7.43 crore shares, which collects up to ₹721 crore, and a proposal for sales (offs) of 0.53 crore shares, an amount of 51 crores by promoter Rakesh Ashok Markhedkar. The income of the new issue is mainly made to increase the working capital requirements of the company, with 541 crore allocated for this purpose in the financial years 2025 and 2026, the remaining for general corporate purposes. The purpose of this strategic allocation is to support future project execution and continuous development.&nbsp; The membership window for the IPO is from August 26, 2025 to August 29, 2025. The allocation with listing on both anticipated BSE and NSE on 1 September 2025 on 1 September 2025 has been temporarily determined.&nbsp; Pantomath Capital Advisors Pvt. Ltd. and Systematics Corporate Services Limited Book-Hanging Lead Manager, while Bigger Services Pvt. Limited Registrar for this issue. Investors will closely look at the listing after the Vikran engineering share price movement, reflecting the market spirit. Major Key risk to watch Reliance on third-party logistics: Vikran depends a lot on external logistics partners to provide material and machinery to project sites across India. Any delay, disruption or refusal of service can be severely affected by the project time limit, cost efficiency and profitability. Cost of raw materials: Engineering and manufacturing firms such as Vikran are brought into contact with steel, cement and other major material prices. If the cost of raw materials is interrupted, the cost structure and margin of the company may have adverse effects. Tender-operated business with government risk: About 46% of its revenue comes from government tenders, in addition to PSU and private sector contracts. Any recession in public sector expenses, changes in policy, or failure to win tender can barely stop the contract or renaissance -flow. Working capital intensity and cashflow pressure: Like most EPC players, Vikran projects require significant investment in materials, labor and equipment, and revenue is often felt only after a certificate or billing delay. The company requires the ongoing capital to operate, which is right what is the goal of advancing the new IPO issue. Should you apply? The Vikran Engineering IPO comes at a time when India’s infrastructure sector is booming, backed by government push and rising private capex. The company has shown revenue growth, a decent order book, and a growing presence in EPC contracts. However, thin margins, high receivables, and dependence on government spending make this a higher-risk bet compared to more established peers. The Vikran Engineering IPO taps into India’s infrastructure boom and carries ambition but also risks. While some are being managed via fresh capital, others like tender dependence, raw material volatility, and regulatory approvals are structural and require close monitoring. Investors should weigh these factors carefully, alongside valuation and growth prospects, if they plan to take a long-term stake in the company. For <a href="https://www.planify.in/investors/">aggressive investors</a> looking to ride the infrastructure boom, this IPO may offer medium-term opportunities. But for conservative investors, it may be wiser to wait until the company proves its ability to translate growth into consistent free cash flows.

Vikran Engineering Limited is designed to launch its initial public offer (IPO) on 26 August 2025, set to close on 29 August 2025. The IPO aims to raise ₹772 crore.

Vikran Engineering IPO: ₹772 Cr Issue at ₹92–97 Price band Opens on Aug 26, 2025

In India’s buzzing equity market, where retail participation is at an all-time high, few stories are as bizarre and as alarming as that of RRP Semiconductor Limited. Once an obscure and little known trading company, it has suddenly and abruptly rebranded and transformed itself in tremendous ways and become a popular&nbsp; name in India’s so-called semiconductor boom.&nbsp;On paper, the transformation looks dazzling: explosive sales growth, sky-high profits, and a stock price that has multiplied by over 15,000% in just one year. But scratch beneath the surface, and the cracks begin to appear large enough to suggest that RRP Semiconductor could be scripting one of the laziest pump-and-dump scams in recent history. The first red flag comes from the company’s origins. Until some time ago, the RRP semiconductor was known as GD Trading and Agencies Limited, which had no track records in construction. In 2023–24, it changed its name, adopted the busty "semiconductor", and announced plans for an OSAT (outsourced semiconductor assembly &amp; test) plant in Maharashtra. This rebranding was completely timed with a push for the semiconductor of India, which ensured maximum publicity around the new identity. But while the name changed, there is scant evidence of tangible assets or capacity that would justify its grand claims. What followed was a stock market spectacle. From trading at barely ₹25 a share, RRP’s stock skyrocketed to ₹3,966.35 by mid-2025, delivering a 15,399% return. Over just six months, the stock jumped more than 1,000%. For unsuspecting retail investors, this looked like the next big semiconductor bet—a chance to ride the India tech wave. Yet, the company’s financials tell a completely different story. Financial Performance Under Scrutiny RRP Semiconductor has shown an astounding increase in sales, from Rs 0.38 crore to Rs 14.82 crore in just three quarters. By March 2025, net sales had reached Rs 31.59 crore, a substantial rise from Rs 0.38 crore in March 2024. The company's revenue for 2025 was reported as 315.91 million INR, an 8213.53% increase from 3.8 million INR. Its market capitalization increased by 15096% in one year to 5404 Crore, with reported revenue of 26.5 Cr and profit of 6.50 Cr.&nbsp; The stock has recently made buzz and is currently trading at 320 times its book value. Despite a reported net profit of Rs 6.56 crore in December 2024, the tax paid on profit remains at 0%. The company's net profit margin in Q1 2025-2026 reportedly fell by -8920.83% to -2900.00%. While RRP Semiconductor reported a profit margin of 26.49% and an operating margin of 24.75% (ttm), it paid 30.00 million in taxes in the past 12 months, with an effective tax rate of 26.17%. Quarterly results show wild, almost scripted swings. In Q1 FY25, revenue commands major gap stood at just ₹5 crore, further inching up to nearly&nbsp; ₹6 crore in Q2. Then suddenly, in Q3, revenue exploded to ₹15 crore, before crashing back to ₹6 crore in Q4. By Q1 FY26, sales collapsed to zero. In December 2024, the net profits followed the same roller coaster to disappear only in later quarters. If it was a real commercial growth, one would expect to invest in a stable ramp-up of plants, equipment and production. Instead, what emerges is the picture of a company inflating numbers one quarter and resetting them the next—a classic sign of manipulation. Perhaps the most damning and incriminating&nbsp; evidence arrives from its balance sheet only. Despite claiming ₹6.56 crore net profit in December 2024, the company has not paid a single rupee in taxes. All its reported earnings are tied up in debtors and receivables, rather than cash flow. Investors, essentially, are being shown glossy sales figures that never convert into actual money. On paper, the company looks profitable; in reality, it is starved of liquidity. Pump-and-Dump in the Making? Semiconductors are the backbone of modern electronics, and India is actively pushing to build a domestic chip ecosystem. RRP seems to be using this narrative to pump up its stock price, riding the industry’s hype despite showing no credible link to actual chip manufacturing or technology. The pattern looks familiar:<ul><li style="font-size:16px;color:#000000;background-color:transparent">Big jumps in revenue and profit on paper.</li><li style="font-size:16px;color:#000000;background-color:transparent">No taxes paid.</li><li style="font-size:16px;color:#000000;background-color:transparent">Profits locked in debtors.</li><li style="font-size:16px;color:#000000;background-color:transparent">No clear proof of real semiconductor operations.</li></ul> These signs often point to a pump-and-dump scheme, where promoters show exaggerated growth to attract investors, increase share prices, and then quietly exit while retail investors are left with severe losses and suffer downturn. Corporate Governance Concerns Concerns deepen when looking at leadership. Reports on investor forums highlight CFO and CEO resignations, with replacements tied to related parties and lacking relevant qualifications reflects another red flag in corporate governance.&nbsp; Investor forums have picked up on these discrepancies. On Reddit’s r/IndianStockMarket, one user bluntly wrote: “The firm has no fixed assets; the spike in profit for 2025 is a book entry, all of it explained by trade and loan receivables.”&nbsp; Conclusion The anomalies surrounding RRP Semiconductor's financial statements particularly the absence of tax payments on reported profits and the significant proportion of sales remaining uncollected in debtors present a compelling case for heightened scrutiny.&nbsp; While the entry into the company's fabless semiconductor market indicates ambition, these financial red flags look at their strategic moves. This situation underlines the widespread reason from investors and a significant requirement for a strong examination and conduct due diligence by regulatory bodies to detect the actual financial health and operational integrity of the RRP semiconductor.&nbsp; The story of the RRP semiconductor is a reminder for investors to look beyond attractive numbers and large industries buzzwords. Growth without cash flow, profits without taxes, and sales without credibility usually lead to a financial trap. As markets chase the semiconductor dream, investors must ask: Is this a real business, or just a slow-motion scam?

RRP Semiconductor was known as G D Trading & Agencies Ltd, a little-known entity with no track record in manufacturing. In 2023–24, it changed its name, adopted the buzzword “semiconductor,” and announced plans for an OSAT (Outsourced Semiconductor Assembly and Test) plant in Maharashtra.

RRP Semiconductor Under the Microscope: Unfolding Financial Anomalies

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