India’s quick-commerce pioneer Zepto Ltd. is poised to take a major step toward public markets, with filings for an initial public offering (IPO) of ~$500 million in Mumbai. This move could mark one of the most significant consumer-internet listings on the horizon and underscores the maturation of India’s rapid delivery economy.&nbsp; Company Overview: From 10-Minute Delivery to Unicorn Scale Founded in 2021 by <a href="https://www.planify.in/investors/aadit-palicha/">Aadit Palicha</a> and Kaivalya Vohra, Zepto began as a hyper-local grocery delivery platform promising deliveries within 10 minutes of order placement. Since then, it has expanded into a technology-driven quick commerce ecosystem, serving broad fast-moving consumer goods through a dense network of dark stores across major urban centres.&nbsp; Over a short period, Zepto has scaled rapidly: <ul><li>Grew to handle close to 2 million daily orders in 2025.&nbsp;</li><li>Operates 1,000+ dark stores strategically placed for rapid fulfilment.&nbsp;</li><li>Revenue more than doubled to ₹11,110 crore in FY25, up from about ₹4,454 crore in FY24.&nbsp; </li></ul> The company’s growth has been backed by industry-leading investors and billions in funding, laying groundwork for its public market bid. Recently, the company moved a step closer to a listing by converting itself into a public limited company, a regulatory prerequisite for an IPO.&nbsp; The planned offering&nbsp; likely routed confidentially through SEBI under draft papers&nbsp; is expected to include both fresh issuance and secondary sales by existing investors, carried out with the support of global and domestic banks, including Axis Bank, Morgan Stanley, HSBC and Goldman Sachs.&nbsp; Business Model &amp; Unit Economics Zepto’s core proposition is ultra-fast delivery of everyday essentials, enabled by: Dark stores, small fulfilment centres in high-density urban areas; Mobile-first logistics and routing technology; Repeat customer engagement through app experience, memberships, and offers. This model generates revenue primarily through product sales, delivery charges, and platform fees, with unit economics improving as delivery density increases. Gross order value (GOV) tripled to ~$3 billion within eight months, indicating strong traction. More recently, the company is nearing an annualized GOV of $4 billion as of April 2025. Many dark stores are turning profitable on an EBITDA-adjusted basis, a sign of improved operational leverage.&nbsp; However, the business remains capital intensive and historically burn-heavy, with cash burn rates significantly higher than peers, a challenge Zepto is attempting to address through cost reductions and better economies of scale.&nbsp; Strong Funding and Growth Backdrop <a href="https://www.planify.in/research-report/zepto-kiranakart-technologies-pvt-ltd/">Zepto IPO</a> plans come after an active fundraising phase. In 2025, the company raised about $450 million at a $7 billion valuation, led by marquee names like General Catalyst and Avenir Growth. Performance metrics add weight to this momentum: revenue surged by nearly 150 % to around ₹11,110 crore in FY25, up from ₹4,454 crore in the previous year, reflecting rapid scale even as unit economics continue to improve.&nbsp; Zepto has also expanded its ESOP pool to over $500 million, one of the largest among Indian consumer internet startups, signaling an attempt to broaden employee participation ahead of a public debut.&nbsp; Let’s&nbsp; Look at India’s Quick-Commerce Landscape <a href="https://www.planify.in/research-report/blinkit-blink-commerce-private-limited/">Blinkit (Zomato)</a>:&nbsp; Blinkit (Zomato) remains the market leader&nbsp; Market Share: ~45–52% Dark Stores: 1,500+ (targeting ~2,000 by end-2025) Ownership: Zomato (market cap ~$28 billion) Weekly GOV: ~₹845 crore Swiggy Instamart Market Share: ~25–27% Dark Stores: 1,062+ across 124+ cities Parent Valuation: ~$11 billion (post-IPO) Weekly GOV: ~₹405 crore Zepto&nbsp; Market Share: ~21–23% Dark Stores: ~700–750 across 15+ cities Valuation: ~$7 billion (Oct 2025) Financials and path to profitability<ul><li style="font-size:16px;color:#222222;background-color:transparent">The company has consistently operated at a net loss, though margins have shown improvement and there are industry expectations of EBITDA profitability in near term.&nbsp;</li><li style="font-size: 16px;color: rgb(34, 34, 34);background-color: transparent">Cash Burn Reduction: Cost optimization initiatives, including cuts in marketing spend and workforce rationalisation, are part of the strategy to slash monthly cash burn and strengthen the runway.</li></ul> Zepto IPO gives rise to:&nbsp; Zepto’s anticipated IPO is significant for several reasons: Validation of India’s quick-commerce ecosystem as it matures from private investment to public markets; A test case for heavily subsidised, convenience-first business models seeking sustainable economics; A bullish signal for India’s startup IPO pipeline, a trend highlighted by data showing more than 20 startups readying listings across sectors including marketplaces, consumer internet, and niche B2B platforms.&nbsp; Conclusion Zepto’s planned $500 million IPO filing in India marks a defining moment for both the company and the quick-commerce industry. Backed by strong revenue growth, deep investor support, and expanding scale, the company enters the public market conversation with momentum. Yet, its long-term success will ultimately hinge on how convincingly it can balance growth with profitability. As Zepto moves closer to filing its DRHP, all eyes will be on its financial disclosures and on whether India’s markets are ready to reward speed-driven businesses with sustainable fundamentals.

India’s quick-commerce pioneer Zepto Ltd. is poised to take a major step toward public markets, with filings for an initial public offering (IPO) of ~$500 million in Mumbai

Quick commerce unicorn moves closer to public markets amid massive growth and intense competition

Zepto Set to Initiate IPO Process with $500 Million Filing in India

After years of private market buildup and strategic equity infusions, Arohan Financial Services is finally on track for a long-awaited public market debut. Industry watchers and company insiders alike now expect the <a href="https://www.planify.in/research-report/arohan-financial-services/">Arohan Financial Services IPO</a> to hit the market within the next 12–15 months, potentially in FY27, marking a watershed moment for one of India’s leading microfinance institutions.&nbsp; This development signals renewed confidence from promoters, investors and regulators about both Arohan’s business fundamentals and the broader opportunity in financial inclusion lending. As India’s microfinance sector matures, the company’s IPO, if successful, could emerge as one of the most transformative listings from the NBFC-MFI segment in recent years. Business profile: a focused microfinance franchise Arohan operates as an NBFC-MFI, with lending largely directed towards women borrowers and micro-entrepreneurs in under-banked regions. Its loan book is concentrated in eastern and northern India, with a presence across states such as West Bengal, Bihar, Assam, Odisha and Uttar Pradesh. Unlike diversified NBFCs, Arohan has remained largely focused on microfinance, a segment that demands strong risk controls, local underwriting knowledge and close borrower engagement. This focus has helped the company build operational depth, even as the sector has seen periodic stress from regulatory changes and regional disruptions. Founded as a focused microfinance institution, Arohan has spent the past decade building scale with the support of long-term <a href="https://www.planify.in/investors/">institutional investors</a>. Backed by the Aavishkaar Group and other global impact-focused funds, the company has prioritized measured growth, capital discipline and governance, key prerequisites for a public listing. Over the years, Arohan has raised multiple rounds of private capital, allowing early investors to partially de-risk while funding expansion into new geographies. The proposed IPO would mark the next phase of this journey, offering public market investors a chance to participate in a business that sits at the intersection of financial inclusion and regulated lending. From Private Equity Backing to Public Markets Arohan’s journey toward an IPO has been marked by a steady transition from private equity capital to broader market readiness. Backed by the Aavishkaar Group, the firm has attracted significant institutional interest over the years from sponsors like ASK Financial Holding, the Michael &amp; Susan Dell Foundation, and other global development finance entities.&nbsp; Unlike a flash-to-market listing, Arohan’s timeline allows for:<ul><li style="font-size: 16px;color: rgb(34, 34, 34);background-color: transparent">Advisor selection and due diligence</li><li style="font-size: 16px;color: rgb(34, 34, 34);background-color: transparent">Prospectus drafting and SEBI review</li><li style="font-size:16px;color:#222222;background-color:transparent">Roadshows and institutional book-building</li><li style="font-size:16px;color:#222222;background-color:transparent">Market-condition assessment for valuation</li></ul> What investors will watch closely As Arohan moves closer to filing its draft prospectus, several aspects will be under scrutiny: <ul><li style="font-size:16px;color:#222222;background-color:transparent">Asset quality trends and regional concentration</li><li style="font-size:16px;color:#222222;background-color:transparent">Cost of funds and margin sustainability</li><li style="font-size:16px;color:#222222;background-color:transparent">Borrower growth versus credit discipline</li><li style="font-size:16px;color:#222222;background-color:transparent">Corporate governance and promoter intent post-listing</li></ul>​Microfinance IPOs tend to be evaluated conservatively by the market, given the sector’s sensitivity to economic cycles and regulatory oversight. How Arohan positions itself on these parameters will play a key role in investor response. Financial Snapshot Financially, Arohan crossed ₹1,580 crore in revenue in FY25, while returning to profitability with ₹110 crore in net profit. Asset quality remains controlled, with net NPAs under 0.5%, a key metric public-market investors track closely in microfinance businesses. Asset Quality Gross NPA: ~2.77–2.85%Net NPA: ~0.47–0.53%&nbsp;Capital Adequacy Ratio (CAR): 34.09% Conclusion Arohan Financial Services’ journey toward a public listing reflects a lender that has moved beyond rapid expansion and into a phase of consolidation and balance-sheet strengthening. The contrast between FY24’s strong profitability and FY25’s moderation highlights the realities of operating in the microfinance segment—where asset quality, regulatory discipline, and capital buffers matter more than headline growth. With a scaled national presence, a seasoned investor base led by Aavishkaar Group, and a clear focus on risk management, Arohan enters its IPO preparation phase with the fundamentals of a mature NBFC-MFI. The company’s recent emphasis on provisioning, capital adequacy, and controlled portfolio growth signals alignment with public-market expectations rather than short-term performance optics. As India’s microfinance sector gradually regains stability and investor confidence, Arohan’s move toward listing stands as a reflection of the sector’s evolving maturity. The coming months will define how effectively the lender positions its long-term growth narrative within the framework of transparency, governance, and sustainable returns—elements that increasingly define credibility in India’s capital markets.

After years of private market buildup and strategic equity infusions, Arohan Financial Services is finally on track for a long-awaited public market debut. Industry watchers and company insiders alike now expect the Arohan Financial Services IPO to hit the market within the next 12–15 months, potentially in FY27

Arohan Financial Services Moves Closer to IPO, Launch Timeline Set at 12–15 Months

India’s largest asset manager is finally stepping into the public-market spotlight. SBI Mutual Fund has initiated the process of appointing merchant bankers, a formal signal that the long-anticipated SBI mutual fund IPO has moved from intent to execution.&nbsp; Over the past week, the asset manager has begun formally appointing merchant bankers and other service providers, the first concrete step in what company insiders describe as a 12-month timeline to take the firm public. Strategic Partnership: How Amundi Became a Key Promoter​Unlike many Indian IPOs driven by a single domestic promoter, SBI Mutual Fund is the product of a long-standing joint venture between the State Bank of India (SBI) and Amundi, the European asset management powerhouse.&nbsp; Amundi headquartered in Paris and one of Europe’s largest asset managers with over €2.2 trillion in assets under management brought international asset-management expertise and global best practices into the partnership. This collaboration has helped SBI Mutual Fund grow beyond its domestic roots, combine expansive distribution with global investment frameworks, and position itself as a market leader in India’s mutual fund industry.&nbsp; Today, SBI holds roughly 61.98% of the company, while Amundi holds 36.40% through its wholly owned subsidiary Amundi India Holding, with a small remainder held by other investors. The move follows board approvals at the promoter level to pare a portion of stakes and test investor appetite for one of the country’s most-watched asset-management listings. SBI and Amundi plan to offer roughly 10% of SBI Funds Management to the market with SBI putting up about 6.3% and Amundi about 3.7% through an offer-for-sale structure, according to exchange filings and company announcements. That packaging keeps the company’s operating control firmly with existing promoters while unlocking value through a market price discovery process. Why the merchant-banker call matters In IPO journeys, hiring merchant bankers is where seriousness begins. It triggers forensic due diligence, regulatory preparation, and the earliest valuation conversations. For SBI Mutual Fund, this step indicates that the promoters State Bank of India and Amundi are confident enough about market conditions and internal readiness to move ahead. Given the scale of operations and regulatory sensitivity around asset management businesses, the bankers’ role will be critical. They will shape the draft red herring prospectus (DRHP), determine the optimal offer-for-sale structure, and anchor institutional demand. For investors tracking the sbi mutual fund IPO, this phase will define the contours of the listing more than any headline valuation number. Market Leadership and Competitive Standing One of the key and major reasons why the <a href="https://www.planify.in/research-report/sbi-mutual-fund-share-price/">SBI mutual fund IPO</a> is enthusiastically anticipated is the scale size and market position the company commands and holds. As of September 2025, SBI Mutual Fund managed and represented around ₹12 lakh crore in assets, encompassing both traditional mutual funds and alternate investments.&nbsp; This translates into a market share of about 15.55%, the largest of any asset manager in India, making it the undisputed leader in a rapidly expanding mutual-fund and growing landscape.&nbsp; Such scale matters. In a business where recurring fee income, net inflows, and <a href="https://www.planify.in/investors/">investor trust</a> drive long-term profitability, leading market share provides structural advantages over peers, especially in buoyant equity markets and rising SIP flows. What the unlisted market is already signalling Even before formal IPO pricing, the unlisted market has been actively tracking SBI Mutual Fund. Recent transactions indicate an&nbsp;<a href="https://www.planify.in/research-report/sbi-mutual-fund-share-price/">SBI Mutual fund share price</a> of around ₹2,429 per share, reflecting strong demand and high expectations from investors ahead of the IPO. This price level suggests that the market is already discounting: <ul><li style="font-size:16px;color:#222222;background-color:transparent">Leadership position in AUM</li><li style="font-size:16px;color:#222222;background-color:transparent">Strong parentage and distribution strength via SBI</li><li style="font-size:16px;color:#222222;background-color:transparent">Consistent profitability and operating leverage</li><li style="font-size:16px;color:#222222;background-color:transparent">Brand credibility and low business risk relative to peers</li></ul> However, it’s important to note that unlisted prices are indicative, not definitive. Once the DRHP is filed, valuation will be tested against listed peers, growth assumptions, and regulatory headwinds. How the market may value SBI Mutual Fund From an analytical perspective, SBI Mutual Fund’s valuation will be assessed against listed peers such as HDFC AMC and Nippon Life India AMC. Key drivers will include: <ul><li style="font-size:16px;color:#222222;background-color:transparent">Consistency of net inflows across market cycles</li><li style="font-size: 16px;color: rgb(34, 34, 34);background-color: transparent">Mix between active and passive products</li><li style="font-size: 16px;color: rgb(34, 34, 34);background-color: transparent">Margin sustainability amid fee pressure</li><li style="font-size: 16px;color: rgb(34, 34, 34);background-color: transparent">Growth in retail participation via SIPs</li></ul> At an unlisted SBI Mutual fund share price of ₹2,429, the implied valuation already places the company in the upper band ofM of AMC multiples. The final IPO pricing will need to strike a balance—rewarding quality while leaving room for long-term compounding. Conclusion SBI Mutual Fund kicks off IPO and the price discovery has already begun with Merchant-banker hunt signals a 12-month sprint to market.&nbsp; SBI mutual fund IPO is now visible, structured, and time-bound. The unlisted&nbsp;<a href="https://www.planify.in/research-report/sbi-mutual-fund-share-price/">SBI Mutual fund share price</a> of ₹2,429 shows that expectations are already high but the real test will come when institutional investors weigh growth certainty against valuation comfort.

India’s largest asset manager is finally stepping into the public-market spotlight. SBI Mutual Fund has initiated the process of appointing merchant bankers

SBI Mutual Fund Begins Hiring Merchant Bankers for Upcoming IPO; check for Key Details

India’s unlisted ecosystem, a space once considered niche but now standing at the intersection of regulation, investor appetite, and startup maturity. What began as a quiet corner of <a href="https://www.planify.in/markets/">private markets</a> has now evolved into a semi-mainstream investment avenue, buoyed by rising Pre-IPO activity, sharper disclosures, and SEBI’s growing intent to bring this market under a structured regulatory framework. Through the year, conversations around a dedicated SEBI-approved platform for unlisted securities became louder. While the regulator did not roll out a full-fledged marketplace, a major jumpi its working groups and consultation papers made it clear: transparency, price-discovery, and investor safeguards would eventually shape the next phase of the unlisted market. For platforms like <a href="https://www.planify.in/">Planify</a>, which operate on structured due diligence, the developments signaled both validation and responsibility. At the same time, 2025 witnessed significant churn. Some companies rode a surge in financial performance or Pre-IPO demand, while others corrected sharply reflecting business headwinds, governance concerns, or shifts in sectoral cycles. This article walks through the&nbsp; full recap of how the unlisted share market moved in 2025, based on performance:&nbsp; winners and losers, sentiment, and the broader ecosystem narrative. 2025 was the year India’s unlisted market stopped being a shadow of public markets and began acting like a leading indicator.&nbsp; The Macro Picture Three structural threads pulled the unlisted market forward this year: A large IPO pipeline and active DRHP filings. Many late-stage startups and sizable private firms prepared prospectuses, signaling potential exits and making their private shares more interesting to buyers who wanted a pre-listing entry. SEBI’s public roster of DRHPs throughout 2025 confirms the renewed IPO thrust.&nbsp; India crossed roughly 21 crore demat accounts by October 2025, a dramatic expansion that also increases the pool of investors with the basic infrastructure to hold unlisted shares legally in demat form. That widening investor base changed the demand dynamics for pre-IPO stock. Regulatory focus on bringing order to <a href="https://www.planify.in/pre-ipo/">pre-IPO trades</a>. SEBI’s chair has publicly discussed exploring a regulated platform for pre-IPO trading and pushed for disclosure requirements so investors get better information and pricing becomes less opaque. This signaled a likely institutionalization of a market that had long relied on informal networks and grey-market signals.&nbsp; Put together, these forces meant more flows, more scrutiny, and more price movement in select unlisted names especially those with credible exit timelines. Sectoral winners and losers: what actually moved Below are the Planify-tracked top gainers and laggards for 2025. These moves tell the real story of market sentiment. Top Gainers&nbsp; <div style="margin-left:0pt"><table><tbody><tr><td>Companies</td><td>Current Price</td><td>Returns(%)</td></tr><tr><td>Bolzen &amp; Mutter</td><td>₹400</td><td>105.13%</td></tr><tr><td>Philips Domestic Appliances India Ltd</td><td>₹976</td><td>87.69%</td></tr><tr><td>Fractal Analytics Pvt. Ltd.</td><td>₹2,048</td><td>36.53%</td></tr><tr><td>Hindustan Power Exchange</td><td>₹40</td><td>22.77%</td></tr><tr><td>ADMACH Systems</td><td>₹190</td><td>15.15%</td></tr><tr><td>ESDS</td><td>₹510</td><td>14.86%</td></tr><tr><td>Kineco</td><td>₹3,294</td><td>13.31%</td></tr><tr><td>NCDEX</td><td>₹495</td><td>10.74%</td></tr></tbody></table></div> Top Losers&nbsp;​<div style="margin-left:0pt"><table><tbody><tr><td>Companies</td><td>Current Price</td><td>Returns(%)</td></tr><tr><td>GH2 Solar</td><td>₹300</td><td>(77.20%)</td></tr><tr><td>Jupiter Solar Power</td><td>₹352</td><td>(49.62%)</td></tr><tr><td>Apollo Green Energy Ltd.</td><td>₹102&nbsp;</td><td>(38.18%)</td></tr><tr><td>PNB Finance &amp; Industries</td><td>₹9,775</td><td>(32.00%)</td></tr><tr><td>Schneider Electric President Systems</td><td>₹1,230</td><td>(31.44%)</td></tr><tr><td>Bira</td><td>₹180</td><td>(25.62%)</td></tr></tbody></table></div>

Conclusion The unlisted market in 2025 did not behave like a speculative fad. It matured: more companies disclosed, more institutions participated, and policy signals moved the space toward formalisation. Winners were generally companies with demonstrable operational traction or imminent IPO visibility; losers were capital-intensive firms or those with execution gaps. Crucially, SEBI’s intention to explore a regulated pre-IPO trading platform combined with growing demat penetration is the single most important structural change. If delivered with sensible disclosure and settlement protocols, it will convert much of the informal pre-IPO liquidity into a safer, more transparent market widening access while protecting investors.&nbsp; For investors, that means the unlisted market will continue to offer asymmetric returns but only for those who do homework, demand transparency, and recognize that illiquidity is the price of early access.

India’s unlisted ecosystem, a space once considered niche but now standing at the intersection of regulation, investor appetite, and startup maturity.

A year review and recap

How the Unlisted Market Moved in 2025: Gainers, Losers & Key Insights

India’s fund-management industry is about to get a fresh public face. ICICI Prudential AMC is all set to open its IPO from December 12, 2025, a move that could reshape how <a href="https://www.planify.in/investors/">investors view</a> mutual-fund houses in the public markets. Here’s a full breakdown of what you need to know. From Fund House to Public Market Giant ICICI Prudential AMC is among the largest , largest mutual funds in India in terms of assets under management. Backed by ICICI Bank and UK-based Prudential Corporation the company has quietly built a formidable presence in the equity credit hybrid ETF and passive fund categories. As of FY25, the company manages nearly ₹11 lakh crore in AUM, placing it among the top AMCs in India. Its revenue model is asset-light, fee-driven, and deeply linked to India’s long-term savings behaviour. That’s precisely what makes this IPO structurally important for long-term investors. ICICI Prudential AMC IPO Details The ICICI Prudential AMC's IPO issue size is worth&nbsp; ₹10,602 crore making it one of the biggest IPOs of the decade in the financial sector. The entire issue is an offer for sale (OFS) by Prudential Corporation Holdings that is expected to sell about 10% of its stake. ICICI Bank will remain positioned as the majority shareholder. You know what? ICICI Prudential AMC's upcoming IPO of ₹10,602 crore is expected to be one of the major milestones in the upcoming mutual fund house and financial services sector in recent years. At a time when domestic mutual fund participation is at record highs and SIP inflows are rewriting savings behavior the significance of an IPO goes far beyond fundraising numbers. The&nbsp; ₹10,602-crore ICICI , <a href="https://www.planify.in/research-report/icici-prudential-life-insurance/">ICICI Prudential</a> AMC IPO is an offer for sale (OFS) by Prudential Corporation Holdings that allows the foreign investor to partially monetize its stake. No fresh shares are being issued, meaning the company’s net worth and capital structure remain unchanged post-listing. While the final band is yet to be declared, analysts tracking the offer expect aggressive valuations in line with HDFC AMC’s premium. The eventual ICICI Prudential AMC IPO share price will determine whether it lists as India’s largest AMC by market capitalization. Industry experts believe the strong brand equity of ICICI Bank, wide distribution channels and consistent profitability give the company a legitimate case for premium pricing. Investor Curiosity Rises: Grey Market &amp; Private Valuations Ahead of the listing, the ICICI Prudential AMC IPO unlisted share Price has drawn significant attention in the private market. While grey market activity offers directional sentiment, experts warn that such trades lack liquidity and transparency. Retail investors should rely on official filings, not speculative pricing. Common Investor Questions that has been asked frequently around IPO What is the IPO price of ICICI Prudential AMC?​The IPO price band is ₹2,061–₹2,165 per share.&nbsp; What is the valuation of ICICI Prudential AMC?At the upper band, the implied valuation is around ₹1.07 lakh crore.&nbsp; What is the issue size of ICICI AMC IPO?The total issue size is ₹10,602 crore via offer-for-sale.&nbsp; When is the ICICI AMC IPO?Public subscription opens December 12, 2025, and closes December 16, 2025.&nbsp; Does ICICI Prudential AMC IPO have a shareholder quota?Yes, there is a reserved quota for eligible shareholders of ICICI Bank. As per the RHP, a portion of shares is reserved for them.&nbsp; Why This IPO Deserves Attention: Business Strength&nbsp; Market-leading scale and strong financials As of September 2025, ICICI Prudential AMC is the largest mutual-fund AMC in India by equity-oriented QAAUM (quarterly average assets under management), with total AUM exceeding ₹10.15 lakh crore.&nbsp; In FY25, the AMC reported revenue of ₹4,683 crore and net profit of ₹2,651 crore both ahead of peers like HDFC AMC.&nbsp; Such scale means the company enjoys strong operating leverage: a large AUM base, diversified schemes, and high margin across equity and debt mutual funds making it relatively insulated from cyclical shocks. Asset-light, high-margin business modelUnlike capital-intensive businesses, an AMC’s core costs are largely fixed — compliance, distribution infrastructure, talent — while variable costs scale slowly. As fund inflows grow, incremental revenue drops almost directly to the bottom line. That makes AMC businesses especially attractive at scale. Strong investor confidence &amp; brand equity As part of the broader ICICI Group, and with a decades-long track record, ICICI Prudential enjoys both brand trust and deep distribution&nbsp; critical advantages when flows into mutual funds can spike or churn quickly. Institutional exit, not dilution clean structure Because this IPO is a pure OFS (not a fresh issue), existing shareholders are selling and the company isn’t diluting equity. That preserves per-share intrinsic value, while delivering liquidity to the promoter.&nbsp; Given the macro backdrop of rising financial savings, growing mutual fund penetration, and increasing household wealth this seems like a well-timed, high-quality listing. <div style="margin-left:0pt"><table><tbody><tr><td>Key Financial Metrics</td><td>ICICI Prudential AMC</td><td>HDFC AMC</td></tr><tr><td>Return on Equity (ROE)</td><td>32.4% </td><td>82.8% </td></tr><tr><td>AUM</td><td>₹10.87 lakh crore</td><td>₹8.81 lakh crore </td></tr><tr><td>P/B Ratio</td><td>10.3–10.8x</td><td>14.2x </td></tr><tr><td>Market Share </td><td>13.3%</td><td>11.5% </td></tr></tbody></table></div> Conclusion The ICICI Prudential AMC IPO isn’t just another public listing, it’s a statement about where India’s savings and investment culture is headed. With rising financial penetration, growing adoption of mutual funds, and increasing household wealth, asset-management companies stand to benefit disproportionately. We are participating in this IPO as&nbsp; from the perspective of&nbsp; Long-term equity investors, Those seeking exposure to India’s savings and investment behaviour Portfolios looking for stable, fee-based financial businesses. It may not excite short-term traders, but for patient investors, this is a rare chance to own a large, profitable, and structurally relevant financial institution at scale.

India’s fund-management industry is about to get a fresh public face. ICICI Prudential AMC is all set to open its IPO from December 12, 2025

ICICI Prudential AMC IPO: ₹10,602-Crore Offer Opens Dec 12

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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