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

BoAt, a leading Indian consumer electronics well-confined brand, is making waves within the financial market with its expected Initial Public Offering (IPO). The company is still in the process to file its Draft Red Herring Prospectus (DRHP) for a substantial ₹2,000 crore IPO. Following this making efforts and documenting RHP for a clear path. This move has generated considerable listing buzz amongst investors and marketplace experts enthusiasts, signalling a pivotal moment for the brand and the wider electronics sector. The <a href="https://www.planify.in/research-report/boat-imagine-marketing/">BoAt IPO</a> is expected to be a landmark event, attracting massive attention from early investors.​Imagine Marketing, the parent corporation of the prominent consumer electronics brand boAt, has confidentially filed its Draft Red Herring Prospectus (DRHP) with SEBI for a ₹2,000 crore Initial Public Offering (IPO). This marks the company's 2nd attempt to make a mark in public, following a withdrawn IPO plan in January 2022 due to detrimental market conditions. The cutting-edge filing through the confidential pre-filing path lets the enterprise maintain privacy concerning the IPO information, together with the&nbsp;<a href="https://www.planify.in/planify-feed/imagine-marketing-boat-released-its-financials-for-fy25/">boAt IPO price</a>&nbsp;and particular issue structure, till later phrases, presenting flexibility in finalising the offer. This strategic approach pursuits to avoid investor fatigue, frequently associated with prolonged waiting periods between DRHP filing and IPO release. Confidential Filing Route SEBI introduced the pre-filing of offer documents as an non-compulsory alternative mechanism for Main Board IPOs in November 2022. This exclusive path allows groups greater flexibility in timing their public offering presentation, as it provides an 18-month window to proceed with the IPO after receiving the very last and final remarks from the regulator, as compared to the normal 12 months for traditional filings.&nbsp; This prolonged timeline permits corporations like boAt to align their public IPO launch with beneficial market conditions without instantaneous public pressure or scrutiny. The process includes preliminary and private assessment by SEBI, observed by public disclosure of an Updated Draft Red Herring Prospectus (UDRHP-I) after incorporating regulatory observations. Boat shares in the unlisted market are currently trading around ₹1,535 per equity share, reflecting strong investor interest ahead of its planned IPO. About the company Boat, founded in 2013 by Aman Gupta and Sameer Mehta, has grown into one of India's largest digital-first manufactures and brands, holding main market positions in more than one fast-developing product categories, which include audio devices, smart wearables, and cell accessories. The brand is recognised for presenting splendid offerings, aspirational lifestyle-centered merchandise at accessible price factors. In FY24, the company recorded revenue of ₹3,121 crore, and reduced its loss by almost&nbsp; half having ~53. The corporation has additionally made enormous investments in local manufacturing and production, with about 70-75% of its audio and wearable products now produced domestically through partnerships like Dixon Technologies, assisting the 'Make in India' initiative and improving supply chain performance. <div class="se-component se-image-container __se__float-justify"><figure><img src="https://testing-planify.s3.amazonaws.com/sun_editor/74308ef2-e658-483e-9466-7746eca0fe54.png" alt="" data-rotate="" data-proportion="true" data-size="," data-align="justify" data-percentage="auto,auto" data-file-name="image.png" data-file-size="9691" data-origin="," style=""></figure></div>

Boat: IPO Details The boAt IPO is predicted to be a mixture and combination of fresh issuance of equity shares and an offer-for-sale (OFS). In its previous attempt, the ₹2,000 crore IPO was to comprise a fresh issue of ₹900 crore and an OFS of as much as ₹1,100 crore. While the exact breakdown for the present offering is still yet to be disclosed, the capital raised from this IPO is intended to fuel boAt's increased growth via increasing into new categories like smart rings and AI-based entirely health technology, enhancing brand visibility, scaling in-house manufacturing, localizing the&nbsp; supply chain, and strengthening its balance sheet through debt reduction and investment in studies and development. The Boat share price has appreciated significantly from ~₹1,300 in early 2024 to its current level near ₹1,535, signaling growing confidence in the brand’s valuation. Market Performance Despite a mentioned slowdown in wearable tool and device shipments in India, with an 8.7% year-on-year fall in Q4 FY24, boAt has maintained a giant market share. As of mid-2024, boAt held and positioned itself strong by attaining substantial market shares of 42% in audio devices and on the other side 26.7% in wearables. The enterprise's commercial business approach leverages a robust online presence, specially on e-commerce systems like Amazon and Flipkart, alongside an expanding offline retail footprint. Notably, in FY 2024, boAt experienced a shift with offline sales growth and good surge that have surpassed online sales, projecting to account for about one-third of its total sales. What’s Behind boAt’s Expansion Strategy? To regain momentum, boAt is pushing deeper into offline retail, mainly in Tier 2 and Tier 3 cities, even as continuing worldwide outreach into the Middle East and Southeast Asia. The audio phase still accounts for about 80% of sales and remains its most powerful growth pillar. The company is streamlining marketing costs and warranty expenses to enhance margins in FY25. Conclusion For investors interested in Imagine Marketing, the boAt unlisted share price has been a point of interest, with prices around ₹1,560 to ₹1,659 per equity share recently. The valuation of boAt with a potential target range of $1.5 billion closer to the IPO filing. The minimum ticket size for investment in Imagine Marketing's unlisted shares is currently between ₹35,000 to ₹43,000. While there is no official announcement from the stock exchanges regarding the boAt IPO date, industry norms suggest that the final launch could be in mid-to-late 2025, following SEBI's review and observations. The success of this IPO could establish a trend for other consumer electronics firms in the Indian market.

BoAt, a leading Indian consumer electronics well-confined brand, is making waves within the financial market with its expected Initial Public Offering (IPO).

BoAt to File DRHP for ₹2,000 Cr IPO — Big Listing Buzz You Can’t Miss

In a landmark moment for India’s burgeoning renewable energy sector, Vikram Solar is set to launch its highly anticipated Initial Public Offering. The company has officially received SEBI's nod, and the vikram solar ipo date has been finalized, marking a pivotal moment for both the company and the broader solar industry. This article provides a comprehensive and insightful analysis of the IPO, covering its key details, market sentiment all around the solar module manufacturer, <a target="_blank" href="https://www.planify.in/research-report/vikram-solar/">Vikram Solar IPO</a>. &nbsp; Let’s deep dive into the recent developments and upcoming exploration of the company’s growth story, IPO structure, financial health, and what the future may hold for the Vikram Solar share price. Vikram Solar Key IPO Details The Vikram Solar IPO is all set to begin and finalized to open for subscription from August 19 to August 21, 2025. This book-built and constructed issue pursuits to raise a total of ₹2,079.37 crore, which includes a fresh issue of ₹1,500 crore and an Offer for Sale (OFS) of ₹579.37 crore through its promoters. The enterprise has set a price band of ₹315 to ₹332 per equity share. Investors can thoroughly make due diligence processes then apply for minimum 45 shares, which translates to a minimum starting bare investment of&nbsp; ₹14,940 at the upper price band. The proceeds from the fresh issue are strategically earmarked for a new solar cell and module production facility, a move that is anticipated to seriously increase the company's manufacturing capacity and marketplace presence. About Vikram Solar&nbsp; Vikram Solar is considered one of India's largest and recognized well known solar photovoltaic (PV) module manufacturers. With over 15 years of industry experience in, the company has set up itself as a Tier-1 producer, presenting high-performance PV modules and presenting complete EPC (Engineering, Procurement, and Construction) services globally. Its financial performance has shown a robust boom trajectory, with a significant growth in sales and a sharp development in profitability in recent financial years. As of FY25, the business enterprise reported a revenue of ₹3,459.53 crore and a net profit of ₹139.83 crore, reflecting a robust business model and operational performance. The organisation’s deep understanding and robust R&amp;D capabilities offers it a competitive side in a surprisingly high dynamic market. <div class="se-component se-image-container __se__float-justify"><figure><img src="https://testing-planify.s3.amazonaws.com/sun_editor/bfa2d40f-fd19-4548-b9d1-6ded7b13c0fe.png" alt="" data-rotate="" data-proportion="true" data-size="," data-align="justify" data-percentage="auto,auto" data-file-name="image.png" data-file-size="11768" data-origin="," origin-size="858,537" style=""></figure></div> Market Buzz: GMP and Investor Sentiment The market sentiment around the IPO is a critical indicator for potential investors. The vikram solar grey market price (GMP) is currently reported to be around ₹65-₹70 per share. Based on the upper price band of ₹332, this translates to a potential listing gain of over 20%. This strong GMP suggests a healthy demand for the Vikram solar share in the unlisted market and indicates that investors are confident about the company's future prospects. While the GMP is a crucial parameter and indicator to get insights and ideas about the given IPO, it is important to remember that it is not a guarantee of listing performance. The actual vikram solar share price on the day of listing will be determined by real market demand. Furthermore, the vikram solar unlisted share price that was being traded prior to the IPO provided a base for this premium, reflecting the market’s early valuation of the company. The robust grey market premium, coupled with strong fundamentals, points to a positive reception from the public. Conclusion&nbsp; The Vikram Solar IPO represents a compelling investment opportunity in a sector poised for exponential and surging growth. The company operates in the fast-increasing solar industry, driven via international sustainability goals and favorable government policies. Its strong financials, giant manufacturing capability, and an impressive order book all propose a robust commercial business model. However, a balanced view is vital. The industry is highly capital-intensive, and the organisation's success is tied to its potential to manage debt and effectively execute its enlargement further expansion plans. The IPO's valuation, as indicated by using a high P/E ratio in comparison to some competitors, could be a factor of attention for investors. Ultimately, this IPO is exceptionally appropriate for investors with a long-term vision and perspective who consider the future of renewable energy and are willing to invest in a marketplace leader. While the high GMP hints at potential short-term profits, the actual value lies in the enterprise's long-term growth tale. It is a stock to be watched closely, however a thorough evaluation of your own financial goals and risk tolerance is vital before deciding to apply.

The Vikram Solar IPO is all set to begin and finalized to open for subscription from August 19 to August 21, 2025.

Vikram Solar IPO: ₹1,500 Cr Issue Gets SEBI Approval; Know Date, Price and Apply Process

The recent arrest of Viresh Joshi, a former chief trader and fund manager at Axis Mutual Fund, by the Enforcement Directorate (ED) has sent ripples through India's financial markets, shedding light on a front-running and money laundering scheme estimated to be worth over ₹200 crore. This significant event highlights the continuous battle against illicit trading practices that threaten the integrity of the market. The Allegations: How a Fund Manager Exploited the System&nbsp;Viresh Joshi, who was a senior fund manager at Axis Mutual Fund from 2018 to 2021, stands accused of orchestrating an extensive front-running operation. Front-running is an illegal activity where a trader uses advanced, confidential knowledge of a client's large pending orders to execute trades for their own benefit, thereby profiting from the anticipated price movement.&nbsp;​The investigation, which began with a December 2024 FIR filed by Mumbai Police, alleges that Joshi leveraged his position to engage in these illicit trades. He reportedly used a trading terminal located in Dubai and a network of "mule trading accounts" to carry out these transactions, defrauding investors of Axis Mutual Fund, an institution that manages assets exceeding ₹2 lakh crore. Initial findings from the ED's probe suggest that the total proceeds generated by Joshi and his associates could surpass ₹200 crore. These illicit gains were allegedly funneled through a complex web of shell entities and bank accounts linked to the accused and their family members.​Legal Ramifications and Asset Freezes Joshi was taken into custody on August 2nd, and a special Prevention of Money Laundering Act (PMLA) court has remanded him to ED custody until August 8th. As part of the ongoing investigation, the ED conducted search operations on August 1st and 2nd, resulting in the freezing of assets valued at ₹17.4 crore, which include shares, mutual funds, and bank balances. The ED's actions are based on an FIR filed by Mumbai Police in December 2024, which alleges criminal breach of trust, cheating, and violations of Indian securities regulations. Understanding Front-Running and its Impact Front-running represents a serious breach of Indian securities law, undermining market fairness by exploiting informational advantages for personal gain. It involves individuals trading securities based on non-public information about an impending large transaction that is likely to influence the security's price. Unlike insider trading, which typically involves company insiders using confidential corporate information, front-running focuses on the misuse of knowledge about pending client orders. In the context of the Axis Mutual Fund case, Joshi, as a fund manager, allegedly obtained privileged information regarding the fund's substantial buy or sell orders and then executed personal trades ahead of the fund's transactions, profiting from the subsequent price changes. This case highlights a major financial fraud in India's mutual fund industry. Regulatory Measures and Enforcement The Securities and Exchange Board of India (SEBI) actively and diligently investigates and penalizes the front-running&nbsp; instances under the section in regards with Prohibition of Fraudulent and Unfair Trade Practices regarding Securities Market (PFUTP) Regulations, 2003. SEBI diagnosed irregularities and identified discrepancies in 2022 that brought about the Axis Mutual Fund scrutiny and strict investigation. Front-running is a severe violation that may erode investor trust and potentially impact fund performance adversely. In August 2024, SEBI in addition reinforced mutual fund norms by requiring Asset Management Companies (AMCs) to set up institutional mechanisms to identify and save you from front-running and other fraudulent securities transactions. These amendments aim to enhance surveillance systems and inner manipulate methods to deal with misconduct. AMFI (Association of Mutual Funds in India) has also been directed to formulate standard working processes to ensure synergy across all units and AMCs. Axis Mutual Fund's Stance: Reassuring Investors Axis Mutual Fund has clarified that the ED's research and the arrest of Viresh Joshi do no longer impact the AMC's present day operations. The fund stated that Joshi's employment was terminated in May 2022 following their own research, emphasizing that this count number relates solely to the alleged movements of an individual. Axis AMC has reassured its investors that their investments stay stable and that the enterprise has implemented important measures to bolster its business enterprise operations and manage capabilities. Broader Market Implications: A Call for Enhanced Vigilance The Axis Mutual Fund case, alongside other current front-running investigations regarding entities like Quant Mutual Fund, highlights the essential want for strong regulatory oversight and superior detection structures within India's financial markets. While SEBI has made strides in market law, there's an ongoing want for technological advancements and extended sources, similar to global opposite numbers and counterparts, for financial crime investigations and surveillance.&nbsp; The ongoing research is anticipated to discover further complexities, with the ED indicating the possibility of more arrests because the probe into the misuse of market-sensitive statistics and money laundering continues. This case serves as a crucial reminder regarding the importance of ethical compliance and transparent practices since all these wrongdoings involve from ages and in order to have a balanced approach to safeguard interest and maintain confidence and ensure the integrity of the capital market. Conclusion The Viresh Joshi front-running scandal at Axis Mutual Fund stands as a stark reminder of the persistent challenges faced in relation to safeguarding the integrity of India's financial markets. The incident underscores the important need for continuous and regular vigilance to bring about more suitable regulatory frameworks, and advanced technological solutions to stumble on and deter illicit sports like the front-running. As the investigation progresses, it's vital that all stakeholders, from regulators to fund managers and investors, continue to be devoted to fostering a transparent and moral and ethical financial balanced environment. This will not only rebuild investor confidence however additionally make sure the long-term stability and boom of India's capital market.

reportedly used a trading terminal located in Dubai and a network of "mule trading accounts" to carry out these transactions, defrauding investors of Axis Mutual Fund, an institution that manages assets exceeding ₹2 lakh crore. Initial findings from the ED's probe suggest that the total proceeds generated by Joshi and his associates could surpass ₹200 crore.

Unraveling the ₹200 Crore Front-Running Scandal at Axis Mutual Fund

The Metropolitan Stock Exchange of India (MSEI), long considered a dormant player in India’s capital market, has recently re-emerged into the spotlight. This unexpected attention, occurring twice within a six-month period, raises critical questions about whether MSEI is truly on a path to revitalization or if this renewed interest is merely a speculative phenomenon. Understanding its recent financial activities and strategic shifts is key to evaluating its future. MSEI’s recent fundraising initiatives have undeniably captured market attention. In December 2024, the exchange successfully raised a significant ₹240 crore through private placement. Following this, in July 2025, MSEI announced an ambitious intent to raise an additional ₹1,000 crore, bringing its total funding aspiration to a remarkable ₹1,240 crore within less than half a year. This aggressive capital-raising drive naturally sparks curiosity regarding the underlying reasons for such renewed and fervent interest in an exchange that, for nearly seven years, saw its unlisted shares languish between ₹0.80 and ₹2, marked by negligible trading volumes and a distinct lack of investor engagement. The sudden shift in sentiment and capital flow necessitates a deeper examination of what has fundamentally changed.​ The F&amp;O Catalyst and Regulatory Intervention The primary driving force at the back of MSEI's late 2024 to early 2025 resurgence changed into the robust perception that it'd release a brand new Futures&nbsp; Options (F&amp;O) platform, providing India a third weekly expiry window. This narrative gained traction amidst explosive increase in F&amp;O buying and selling volumes, mainly from retail investors, between 2020 and 2024. However, SEBI’s internal take a look at revealed sizable retail investor losses in derivatives trading, leading to a regulatory crackdown. SEBI mandated a single only weekly expiry consistent with change to reduce excessive speculation, which impacted current exchanges' revenues. MSEI then located itself to provide a further weekly expiry, doubtlessly on Fridays, fueling investor optimism and a sharp upward push in its share price to ₹12. However, SEBI's next clarification in April–May 2025 considerably impacted MSEI’s F&amp;O plans. SEBI stipulated that most effective two days were allowed for weekly expiries throughout all exchanges: Tuesday for NSE and Thursday for BSE. Since MSEI had chosen Tuesday for its proposed expiry and presented a slot that has been already occupied via NSE, its F&amp;O method became cancelled out and efficaciously nullified. Exploring New Revenue Avenues Amidst Uncertainty With its F&amp;O objectives blocked, MSEI is now exploring alternative revenue models. These include launching cash marketplace products, venturing into the bond exchange zone, and focusing on areas of interest buying and selling merchandise or regulatory offerings. However, those markets are pretty aggressive and already ruled by way of installed players. It remains unsure whether or not MSEI can benefit from a big marketplace proportion in those areas. The preliminary optimism has diminished, mainly due to a correction in MSEI’s share price. The proposed ₹1,000 crore fundraising may also result in large proportion dilution if not supported by means of clear growth strategies. &nbsp;A Cautious Outlook From an analytical angle, the revival story of MSEI presently lacks guidance from operational traction. Its valuation surge was more often than not pushed by using sentiment and the wish related to its F&amp;O strategy. With SEBI having closed that door, the company is actively searching for new revenue streams. While there is a possibility that MSEI should introduce meaningful products in the coins or bond segments and start producing revenue, sparking renewed investor interest, this remains a huge uncertainty. Until concrete tendencies emerge, MSEI has to be regarded as an excessive high-risk, speculative funding, presently missing fundamental clarity but nonetheless preserving the ability for future strategic optionality. Conclusion: Turnaround Hope—but Only if Strategy Follows Capital MSEI’s current swing from irrelevance to a revival attempt is eye-catching. Investors agree that it may damage BSE-NSE dominance if alternative expiry days or niche buying and selling segments take off. Strategic capital and broker assistance bring legitimacy. And with FY25 losses narrowing and equity underpinning restoration, the case isn't illusory. But belief should be tethered to execution. If MSEI can't construct real volumes in equities, bonds, SME, or derivatives over the next 12–18 months, hype-driven share price profits may additionally fade. Without liquidity, listing, or earnings generation, early optimism may additionally turn into long-term disappointment. For potential investors in MSEI unlisted shares, the selection is clear: treat it as a high-risk, regulatory based bet—now not an actuality. If the narrative holds, returns may be tremendous. If no longer, the exchange can also deliver few rewards beyond today's exhilaration.&nbsp;

in July 2025, MSEI introduced a bold purpose to raise a further ₹1,000 crore, bringing its general investment aspiration to a surging and remarkable ₹1,240 crore in less than half a year.

MSEI—Turnaround Bet or Investor Trap? Deep Dive Into the Exchange’s Journey

The Indian financial landscape is witnessing a remarkable surge in demand for unlisted shares, reworking what turned into as soon as a gap market right into a dynamic arena for each pro and new-age investors. The attraction is straightforward but effective: the promise of enormous gains through getting in on promising organizations earlier than they hit the general public exchanges. This growing appetite is vividly illustrated by the fact that, according to the Economic Times, over one lakh retail investors flocked to acquire unlisted NSE stocks within a mere three months. This phenomenon underscores a key shift in investor conduct – a proactive quest for early-bird advantages in organizations like Tata Capital, Vikram Solar,&nbsp; Hero Fincorp, and PACE Digitech as they eye their rather <a target="_blank" href="https://www.planify.in/pre-ipo/">upcoming IPOs</a>. Why the Unlisted Market is Buzzing The fervent interest in <a target="_blank" href="https://www.planify.in/unlisted-shares/">unlisted shares</a> stems from a trustworthy premise: purchase low, sell excessive. Investors are betting that the unlisted share price of a promising agency might be notably lower than its eventual IPO listing price. This "pre-IPO" method allows them to doubtlessly lock in sizable profits as soon as the enterprise transitions from a non-public entity to a publicly traded one. It’s a sport of foresight, wherein investors intend to capitalize on the valuation hole among the private market and the greater liquid, transparent public marketplace. The surge in retail participation isn't only a fleeting trend; it displays a maturing investor base inclined to explore higher-threat, better-reward avenues. Platforms specializing in unlisted securities have additionally performed a pivotal position, democratizing get right of entry to and imparting a degree of liquidity that changed into formerly scarce. This enables a broader spectrum of investors to diversify their portfolios with excessive-growth capacity belongings that could in any other case be out of reach until their reputable IPO. Navigating Key Pre-IPO Opportunities: A Closer Look Tata Capital: The Unfolding NBFC Giant The <a target="_blank" href="https://www.planify.in/research-report/tata-capital/">Tata Capital IPO</a> is one of the most keenly watched events of 2025 in the Indian economic offerings quarter. With SEBI’s confidential approval of its Draft Red Herring Prospectus (DRHP) for a massive ₹17,200 crore public difficulty, the enterprise is poised for a considerable listing. Backed by way of Tata Sons' dominant 88.6% stake and strong financial health (AUM exceeding ₹2.2 lakh crore and net income of ₹3,655 crore in FY25), Tata Capital's public debut is driven through regulatory mandates (RBI's September 2025 closing date for massive NBFCs to listing) and strategic increase goals. The journey of Tata capital unlisted shares has been a rollercoaster. Prices soared from ₹300 in 2022 to over ₹1,000 in early 2025, fueled via a speculative frenzy. However, post-DRHP filing, the tata capital unlisted share price has corrected to around ₹750-800, with the tata capital grey market price additionally tempering from its peaks. This adjustment highlights a vital valuation reset: while the unlisted marketplace regularly builds in great premiums, the eventual Tata capital share price The IPO is anticipated to be around ₹400, reflecting a more conservative and sustainable valuation. For Tata capital pre-IPO investors, this needs a pragmatic technique, specializing in long-term value&nbsp; creation over speculative short-term profits. Vikram Solar: Riding the Green Energy Wave Vikram Solar stands as a key player in India's booming renewable energy area, making its capacity IPO a warm topic for investors eyeing the green revolution. As a leading solar module manufacturer and EPC solutions provider, the organization is well-positioned to benefit from India's formidable energy transition goals and authorities and government incentives just like the PLI scheme. The anticipation around the Vikram Solar IPO gains stems from these strong sectoral tailwinds. Investors engaging with <a target="_blank" href="https://www.planify.in/research-report/vikram-solar/">Vikram Solar unlisted shares</a>are seeking early exposure to this boom tale. While the Vikram Solar unlisted share price fluctuates with market sentiment and the organization’s overall performance, the Vikram Solar gray market price gives a sneak peek into call for. However, the solar industry faces inherent risks from raw material volatility, supply chain disruptions, and severe competition. Prudent investors must balance the company's strong market position and growth opportunities against these challenges, accomplishing thorough due diligence earlier than betting on its eventual Vikram Solar share price post-listing. Hero Fincorp: The Diversified Lending Powerhouse Hero Fincorp, an NBFC titan from the venerable Hero Group, gives another compelling unlisted possibility. With a various lending portfolio spanning two-wheeler financing (its center energy), SME loans, business vehicle loans, and private loans, the organization is strategically positioned to seize India’s developing credit score call for. The robust parentage offers a sturdy basis of governance and financial backing. The Hero Fincorp unlisted shares have been incredibly trendy, with their Hero Fincorp unlisted share charge reflecting sturdy underlying business basics and the anticipation of its public debut. While no definitive DRHP has been filed these days (as of late 2024), marketplace expectations for a <a target="_blank" href="https://www.planify.in/research-report/hero-fincorp/">Hero Fincorp IPO</a> remain high, pushed with the aid of its constant increase and the overall trend for massive NBFCs to list. A public list would provide Hero Fincorp with superior capital to get right of entry for expansion. However, the NBFC area is exceptionally aggressive and vulnerable to regulatory changes and credit score risks, which investors should carefully keep in mind. PACE Digitech: The Tech Play in the Unlisted Arena &nbsp;Investing in PACE Digitech within the unlisted market is a bet at the virtual transformation wave sweeping throughout industries. As a participant within the generation and digital offerings zone, its unlisted percentage reputation appeals to investors seeking out capability listing profits from a company running in a swiftly evolving, high-growth environment. The number one drivers for making an investment in <a target="_blank" href="https://www.planify.in/research-report/pace-digitek/">PACE Digitech unlisted shares</a> are its modern solutions, customer base, revenue growth, and the general high-quality sentiment in the direction of tech agencies. However, the unlisted tech region comes with its personal set of market dynamics. Competition is fierce, technological disruption is constant, and public marketplace valuations for tech organizations can be risky. The loss of comprehensive public disclosures and liquidity are inherent risks. Investors must delve deep into PACE Digitech’s intellectual property, management strength, and financial trajectory, acknowledging the multiplied risks related to unlisted tech investments and the uncertainty of an IPO timeline. Conclusion The cutting-edge enthusiasm for unlisted stocks gives interesting opportunities for investors organized to adopt the important studies and receive the associated risks. As corporations like Tata Capital, Vikram Solar, Hero Fincorp, and PACE Digitech put together for his or her public debuts, they no longer best represent funding opportunities but additionally underscore the dynamism and evolving maturity of India's capital markets. While unlisted percentage prices may revel in fluctuations—on occasion even trading above eventual <a target="_blank" href="https://www.planify.in/valuations/">IPO valuations</a>—that is a natural part of the marketplace's journey in the direction of establishing a sustainable public valuation. For the astute investor, achievement on this space hinges on looking past headlines, information the nuanced marketplace dynamics, that specialize in essential price, and retaining a pragmatic method to marketplace fluctuations, in the long run positioning themselves to probably capture the next wave of wealth advent in India's burgeoning economic system.

over one lakh retail investors flocked to acquire unlisted NSE stocks within a mere three months. This phenomenon underscores a key shift in investor conduct – a proactive quest for early-bird advantages in organizations like Tata Capital, Vikram Solar,  Hero Fincorp, and PACE Digitech as they eye their rather upcoming IPOs.

From Unlisted to IPO: How to Invest in Vikram Solar, Hero Fincorp, PACE Digitech

Lenskart, India's leading eyewear retailer in news headlines making highlights for its big move regarding filing its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for an Initial Public Offering (IPO). The enterprise aims to raise ₹2,150 (about $250 million) via a fresh issue of equity shares. This IPO additionally includes an offer for sale(OFS)&nbsp; available on the market of 132.28 million shares through way of existing investors and promoters.​Shareholder Participation in OFS The Offer for Sale (OFS) will see participation from several key investors, together with SoftBank, Temasek, Schroders Capital, PI Opportunities Fund, Kedaara Capital, and Alpha Wave. SoftBank is in a move forward slated to sell off the most essential element and largest portion core part amongst institutional shareholders, major offering 2.55 crore shares.&nbsp; Other extensive sellers encompass Schroders Capital (1.91 crore shares), PI Opportunities Fund (87 lakh shares), and Temasek (78.5 lakh shares). Promoters and key management employees, which includes co-founder and CEO <a target="_blank" href="https://www.planify.in/investors/peyush-bansal/">Peyush Bansal</a> (2.05 crore stocks), Neha Bansal (57.3 lakh stocks), and Amit Chaudhary (28.6 lakh stocks), are also taking components in the OFS.&nbsp;​Sumeet Kapahi, one of the founding group's early individuals and Global Head of Sourcing, is supposed to offer 28.6 lakh shares and acquire his organization stock at an average weighted cost of ₹8.11 per share. Notably, the organization determined in its DRHP that Sumeet Kapahi's B.Com (Hons.) degree certificate and marksheets from the University of Delhi are not traceable. Lenskart Financial Performance <a target="_blank" href="https://www.planify.in/research-report/lenskart-share-price/">Lenskart</a> has examined large financial growth, with profits growing via approach of 22.5% year-on-year to ₹7,009 crore in FY25 from ₹5,609 crore in FY24. The company achieved significant profitability in FY25 and showcased potential growth that made a frame, reporting a net profit of ₹297 crore, a notable turnaround from a loss of ₹10 crore in FY24.&nbsp; Lenskart's revenue from operations rose commanding high in demand in Pre IPO buzz and consistently surged by 43% to ₹5,609 crore in FY24 from ₹3,927 crore in FY23. In FY25, the total revenue showed a dramatic move upwards approximately ₹6,415 crore (around $755 million), with India contributing $455 million (₹3,865 crore) and international operations accounting for $300 million (₹2,550 crore). The enterprise organisation's gross margin became 70% in FY25, with unusual value prices of $8 (₹680) and common selling prices of $28 (₹2,380). Lenskart's EBITDA margins were 18-22% in FY25. As of March 2024, Lenskart's popular debt stood at ₹4.97 billion. The company's preferred borrowing as of March 31, 2025, have become ₹345.94 crore, a decrease from ₹497.15 crore within the previous financial year. Market Presence and Business Strategy Incorporated in 2010, Lenskart is India's largest eyewear retailer having been a strategic giant with gradual efforts with a strategic double check and recent amendments in valuation of ₹52,533 crore as of June 13, 2025. It operates on a strategic outlet process comprising direct-to-consumer model, offering a wide range of eyewear products under its own brands and sub-brands, including prescription eyeglasses, sunglasses, and contact lenses.&nbsp; As of March 31, 2025, Lenskart had 2,723 recently increased stores globally, with 2,067 in India and 656 internationally. The commercial organization and industrial enterprise approach heavily makes a speciality of competitive expansion, geographically and via an enhanced and wider omnichannel presence. This consists of putting in place new grand outlets, making an investment in technology and cloud infrastructure, and developing present day product offerings.&nbsp; The business enterprise additionally uses era which incorporates AI-powered digital attempts for try-on capabilities, that have contributed to over 20 million app downloads, and automated manufacturing and robotics for precision in lens reducing. Additionally, Lenskart gives home eye-checkup services completed through licensed optometrists, enhancing comfort and accessibility for clients. Lenskart Valuation Narrative With its IPO exercise, Lenskart is targeting a valuation in the ballpark of $8–9 billion (₹70,000–75,000 crore)—a sharp upward revision from $5 billion in mid-2024. IPO filings and commentary suggest aspirational valuation targets closer to $10 billion (₹85,000 crore), supported by robust growth and improved financial health. In choosing a public DRHP route—rather than SEBI’s confidential process—Lenskart signals confidence in its fundamentals and appetite for transparency. Lenskart Solutions Share Price The <a target="_blank" href="https://www.planify.in/research-report/lenskart-share-price/">Lenskart Solutions unlisted share price</a> is ₹400 per share. The grey market premium (GMP) for Lenskart's IPO shares has not yet started. The Lenskart Solutions share price in the unlisted market can vary, with other sources reporting it at different prices in the Pre IPO market. These unlisted shares are traded in the over-the-counter market. Conclusion Lenskart's recent DRHP submitting with SEBI marks a pivotal step toward its especially expected IPO, this is expected to be certainly considered one of India's biggest tech-client listings in 2025. The business organization aims to raise ₹2,150 crore through a fresh issue hassle, complemented by using a proposal on the market by way of offer for sale (OFS) of 132.3 million shares through existing shareholders and promoters. This go together move comes as Lenskart accomplished profitability in FY25, reporting a net profit of ₹297 crore, a big turnaround from previous losses. The fresh capital raised may be strategically invested to further enhance Lenskart's aggressive growth plans, together with the&nbsp; building up order of recent business company-owned and corporation-operated (CoCo) outlets with vendor stores, great investments in technology and cloud infrastructure, and enhanced extremely good brand recognition marketing efforts.&nbsp; The IPO also offers an opportunity for important investors like SoftBank and diverse promoters to partially divest their stakes. Lenskart's robust revenue increase, increasing global footprint, and progressive omnichannel employer model position it as a huge participant inside the hastily evolving international eyewear marketplace. The achievement of this IPO can be cautiously watched as it could set a new benchmark for other tech-led businesses eyeing public listings in India.

Lenskart  is going to raise 2,150 cr IPO, recently filed its DRHP.

Lenskart files DRHP with Sebi to raise ₹2,150 crore in fresh capital via IPO

The State Bank of India (SBI), India’s largest public sector bank, recently became the focal point of a ₹5.5 crore personal loan fraud, shaking investor confidence and putting a spotlight on the vulnerabilities within even the country’s most robust banking institutions. This incident is not just a case of financial malpractice; it raises critical questions about risk management, regulatory compliance, and the future of trust in India’s banking sector. Anatomy of the Fraud: How ₹5.5 Crore Vanished in Personal Loan Defaults​ The fraud reportedly involved the sanction and disbursal of personal loans falsely documented or granted without proper due diligence. This breach highlights lapses in credit appraisal and verification mechanisms. Personal loans, by their very nature, carry higher risk than secured loans given the absence of collateral, making thorough vetting essential. According to recent disclosures, certain branches under SBI’s purview approved large loan facilities without stringent background checks on borrowers. Fraudulent entities or individuals exploited procedural loopholes, masking their intentions to default once funds were disbursed. The fraudulent activities culminated in a bad loan exposure of ₹5.5 crore, which the bank has now classified as a non-performing asset (NPA). The Broader Implications for SBI and Indian Banking SBI’s brand recognition as the country’s banking pillar means this scandal has outsized repercussions. While the sum is probably a fraction of the financial institution’s universal loan book, the symbolic harm to customers' trust is huge. SBI caters to tens of millions of retail, business enterprise, and government clients, and incidents of fraud can fuel apprehensions around safety and governance. This event underscores numerous broader challenges: Credit Risk Management:&nbsp;The fraud demonstrates weaknesses in controlling credit risk, especially in personal loans, where verifying repayment capacity and background checks are paramount. Operational Controls:&nbsp;It points to gaps in internal controls and audit mechanisms that failed to flag irregular loan approvals in a timely manner. Regulatory Scrutiny: SBI now faces increased scrutiny from financial regulators like the Reserve Bank of India (RBI), which could lead to tighter compliance norms and periodic reviews. Investor Sentiment: The incident may temporarily have an impact on market confidence that dramatically presents shockwaves to regular customers impacting SBI’s stock overall performance and investor outlook amid an already risky macroeconomic backdrop. SBI’s Response: Investigations and Reforms Underway The bank’s management answered swiftly, starting up an internal study to track the basis motives and understand accountable personnel. By cooperating with regulation enforcement businesses, SBI aims to prosecute the culprits and get as much of the defrauded amount as possible. SBI has introduced superior due diligence protocols, collectively with stricter Know Your Customer (KYC) norms, digital surveillance of loan sanctioning tactics, and real-time verification mechanisms to plug such fraud within the future. Staff training packages are being intensified to reinforce ethical standards and vigilance. Moreover, SBI is accelerating its adoption of technology-driven credit risk models that make use of AI and massive and big data&nbsp; analytics for early fraud detection. These sophisticated equipment automate risk profiling and show unusual transactional behavior that could break out conventional audits. What Investors and Customers Should Know For stakeholders, the ₹5.5 crore fraud serves as a cautionary story and an opportunity to re-observe risk and safeguards with India’s banking place. For Depositors and Retail Customers The incident not only implies immediate threat to deposits, as SBI deposits are insured as much as ₹5 lakh under the Deposit Insurance and Credit Guarantee Corporation (DICGC) scheme. However, clients have to stay vigilant and screen their bills frequently for any anomalies. For Investors SBI, through specific function of its duration and government backing, is resilient however not proof against operational risks. This incident has to have an impact on short-term marketplace sentiment. Investors should look beforehand to the bank’s transparency in addressing the difficulty, restoration progress, and reinforcement of risk controls. For Regulators and Policymakers The fraud calls interest to chronic vulnerabilities in NBFCs and banks alike. RBI may also recollect stepped forward regulatory measures, particularly for unsecured lending, to guard systemic stability. Lessons From Previous Banking Frauds: A Pattern Emerges The SBI fraud is a part of a recurring narrative within the Indian banking landscape, wherein non-public and company mortgage frauds have periodically threatened regional stability. Years of statistics reveal that such incidents frequently stem from vulnerable governance, collusion, and old evaluation frameworks. Successful mitigation calls for: - Decentralizing decision-making authority with layered checks- Leveraging generation for real-time threat exams- Routinely education group of workers on fraud identity and ethics- Creating more potent whistleblower protections SBI’s sturdy and power bumper robust brand and government ownership showcased well and offer a layer of safety net, however accountability and systemic reforms stay critical to prevent recurrence. The Road Ahead Restoring confidence after and post-fraud can be a way hinged on SBI’s dedication to transparency and systemic strengthening. Public disclosures about the fraud’s specifics, the investigative outcomes, and easy steps closer to compensation are essential to uphold shareholder and public consideration and trust that makes the system credible. Simultaneously, SBI’s ongoing digitization journey can be an overall game-changer in fraud prevention. Blockchain for immutable transaction facts, AI for predictive danger fashions, and extra biometric-based KYC have the capacity to elevate operational obstacles for fraudsters dramatically. The Indian banking sector, led with the resources of institutions like SBI, need to embody the improvements at the same time as fostering a lifestyle of accountability and moral and ethical banking to stable the future of financial offerings. Final Thoughts The ₹5.5 crore personal loan fraud case towards SBI is a wake-up call that even the most powerful banks are vulnerable to breaches. It is a reminder and surged indicator to institutions like these prominent banks that growth and technological advancements in banking need to go hand in hand with vigilant risk management and established governance. As SBI navigates this disaster and ongoing crisis, how transparently and decisively it acts will impact not just on its own reputation and &nbsp; brand popularity but also form public confidence in India’s financial system. For customers, investors, and regulators alike, the focal point should now shift toward analyzing from this lapse and strengthening defenses to ensure Indian banking’s resilience in an increasingly more complicated financial landscape. This recent case underscores the need of balancing rapid credit expansion and growth with impeccable control frameworks—exceptional then can India’s banking sector appropriately fuel the country’s economic aspirations without compromising trust.

The State Bank of India (SBI), India’s biggest public sector bank, nowadays became the focus of a ₹5.5 crore based on personal loan fraud, shaking investor confidence

Unveiling the ₹5.5 Crore Personal Loan Fraud at SBI

The financial markets are marked to witness and focused a widespread event as NSDL (National Securities Depository Limited), subsidized by industry stalwarts IDBI Bank and the National Stock Exchange (NSE) that is looking to prepare to release a ₹463 crore Initial Public Offering (IPO) at an expected valuation of ₹1.85 billion. This strategic move is being intently watched through investors keen to capitalize on the potential of one of India’s most crucial market infrastructure institutions. The unfolding IPO tale extends beyond numbers — it heralds a transformative segment not only for NSDL however additionally for India's capital market ecosystem. NSDL’s emergence within the IPO area arrives amid growing market anticipation fueled by its dominant role in securities depository offerings. Before the IPO, NSDL unlisted shares have been actively traded, capturing investor interest because of their promise of listing gains and the corporation’s sturdy financial backbone. However, these shares have exhibited a brilliant price range in grey market dealings, clarifying the need for a transparent listing for price discovery. The prevailing <a target="_blank" href="https://www.planify.in/research-report/nsdl/">NSDL unlisted share price</a> has varied but recently stabilized around ₹1,025, reflecting both demand and tempered investor expectancies post-intensified regulatory scrutiny. NSDL IPO Details&nbsp; National Securities Depository Limited (NSDL), established in August 1996, is registered with SEBI as a Market Infrastructure Institution providing depository services to a huge network of traders, brokers, monetary establishments, and issuers. It holds a dominant market position with an 86.83% share in assets under custody, dealing with securities worth ₹423.44 lakh crore, and servicing over 5.27 crore demat accounts as of FY24. The NSDL IPO is set to open approximately ₹3,000 to ₹4,000 crore (around $463 million), targeting a valuation nearing ₹1.85 billion (approx. $1.85 bn). The offering particularly consists of some sort of an Offer for Sale (OFS), wherein existing shareholders, including IDBI Bank, NSE, and Union Bank, will divest a portion of their holdings. The NSDL IPO is scheduled to open for public subscription from July 30 to August 1, 2025, with anchor investor bidding on July 29. The decided price band has been announced between ₹760 and ₹800 according to per share, and the lot size is set at 18 equity shares, requiring a minimal investment of around ₹14,400 at the upper price band.&nbsp; Investors should plan their participation accordingly, considering the IPO is a fully offer-for-sale issuance by existing shareholders, including major financial institutions like IDBI Bank and NSE. The allotment of shares is expected on August 4, with the tentative listing date on stock exchanges set for August 6, 2025, marking NSDL’s debut as the country’s second publicly traded depository. Around 50.1 million shares are proposed to be presented, and the IPO has a retail quota of about 35%, Qualified Institutional Buyers (QIB) quota of 50%, and High Net Worth Individuals (HNI) allotted 15%. The upcoming issue is going to list on each NSE and BSE platform in this month, following regulatory approvals and timely procedural clearances. NSDL Unlisted Shares and Grey Market Pricing&nbsp; Prior to the IPO launch, trading of NSDL unlisted shares has been active in the grey market but was frozen from July 18, 2025, as per regulatory norms ahead of the public listing. Before this freeze, the NSDL unlisted share price peaked around ₹1,275 per share in line with proportion but slipped almost 20% to approximately ₹1,025 these days, influenced by means of market sentiment and pricing anticipation for the NSDL IPO. Regarding the NSDL gray market price, it fluctuated with increasing call for because the IPO date approached, with a said premium mountaineering from ₹138 to approximately ₹165 consistent with shares in mid to overdue July 2025, indicating strong marketplace interest in spite of the price adjustments. Regulatory Delays and Listing Timeline&nbsp; The IPO opening dates have seen some extensions by SEBI, pushing the deadline for listing NSDL shares to mid-August 2025, due to promoters like NSE and IDBI Bank needing to reduce their holdings to regulatory compliance levels below 15% as mandated for depository entities. Financial Highlights and Market Position&nbsp;NSDL is financially strong with revenues exceeding ₹1,268 crore and a profit after tax of ₹275 crore, maintaining a debt-free status which appeals to investors looking for stability in market infrastructure investments. NSDL Market Position Comparison with other Depository NSDL serves fewer clients but with a significantly higher average custody value per account, approximately ₹1.25 crore, showcasing its strong institutional presence.&nbsp; CDSL caters to a larger number of retail investors, with an average custody value near ₹5 lakh per account. NSDL has a longstanding association with the <a target="_blank" href="https://www.planify.in/research-report/national-stock-exchange/">National Stock Exchange</a> (NSE), India's premier stock exchange, which reinforces its position in handling bulk institutional transactions.&nbsp; CDSL is linked closely and majorly focused with the Bombay Stock Exchange (BSE) that has grown primarily by capturing the retail segment. <div style="margin-left:0pt"><table><tbody><tr><td>Segments</td><td>NSDL</td><td>CDSL</td></tr><tr><td>Demat Accounts&nbsp;</td><td>~3.91 Cr active accounts</td><td>About 14.65 Cr demat accounts</td></tr><tr><td>Value of Assets under custody</td><td>Dominates with more than 89% share.&nbsp;</td><td>Holds around 20-24% of assets value.</td></tr><tr><td>Client Base</td><td>Few, Large clients with high average custody value (₹1.25 Cr per account)&nbsp;</td><td>Larger retail customer base with lower custody value (₹5 lakh per account)</td></tr><tr><td>Service Association</td><td>Close association with NSE</td><td>Works Closely with BSE</td></tr><tr><td>Growth Trends</td><td>Consistent revenue with increased EBITDA growth, emphasizes Institutional Clients</td><td>Rapid growth driven by retail investor base</td></tr></tbody></table></div> Investor Considerations&nbsp;Investors eyeing the NSDL IPO should note that while shares are poised to be listed on both NSE and BSE, the past performance of NSDL unlisted shares and recent grey market premiums showcase fluctuating valuation expectations going into the IPO. The lock-in on <a target="_blank" href="https://www.planify.in/pre-ipo/">pre-IPO shares</a> will last six months post-listing, restricting immediate resale to maintain market balance. Conclusion The NSDL IPO supported and backed by IDBI Bank and NSE-focused NSDL IPO has planned to concentrate and focus on about approximately ₹463 million at a ₹1.85 billion valuation, and stands as a landmark event in India’s capital markets. It not only most effectively represents a vast fundraising milestone for NSDL but additionally reinforces the credibility and modernization of India’s securities market infrastructure. Supported by heavyweight institutional backing, sturdy marketplace positioning, and sturdy financials, the NSDL IPO offers investors a strategic opportunity to take part inside the boom of an essential national financial institution.

The financial markets are marked to witness and focused a significant event as NSDL (National Securities Depository Limited) is looking to prepare to release a ₹463 crore Initial Public Offering (IPO) at an expected valuation of ₹1.85 billion.

IDBI Bank and NSE-Backed NSDL Plan ₹463-Mn IPO at ₹1.85-Bn Valuation

The financial corridors are abuzz as Tata Capital, a pivotal arm of the esteemed Tata Group, advances its initial public offering (IPO) process with renewed vigor in 2025. The recent catalyst particularly with the submitting of its updated Draft Red Herring Prospectus (DRHP) with Securities and Exchange Board of India (SEBI) has not only signaled development for the <a target="_blank" href="https://www.planify.in/research-report/tata-capital/">Tata capital IPO</a> but additionally sparked a significant and notable 6.2% rally in Tata Investment shares, which holds a strategic stake in Tata Capital. This recent event embarks and&nbsp; highlights investor sentiment and confidence along with anticipation surrounding the upcoming public debut, marking a substantial milestone within the Indian NBFC (Non-Banking Financial Company) landscape. Tata Capital IPO Details Tata Capital has been preparing for market listing for a long time and finally going to list certainly one of the biggest IPOs in India’s financial offerings arena in 2025, with the planned IPO Structure to raise about ₹17,200 crore through the combination fresh issue and offers for sale (OFS).&nbsp; This great capital infusion aligns with regulatory mandates that require large NBFCs to get listed by the period of timeline mandated by September 2025. The fresh issue could bolster Tata Capital’s came this far and showcased extreme potential to increase its loan book and penetrate underserved markets, in particular in SME segments, at the same time as the OFS will see&nbsp; Tata Sons and International Finance Corporation (IFC) offloading a combined substantial stake. Tata Capital Share Price Reaction The significant surge in <a target="_blank" href="https://www.planify.in/article/tata-capital-ipo-to-raise-2-billion-as-sebi-approves-2025s-biggest-listing/">Tata Investment stocks</a>, which rallied 5-6% following information of the DRHP submitting, displays the market’s optimism about Tata Capital's valuation and listing potential. Tata Investment Corporation presently holds approximately 2.15% stake in Tata Capital, making it a right away beneficiary of the IPO buzz and excitement all around. The ripple effect across Tata institution shares clearly demonstrated the impact of the upcoming IPO on the broader Tata ecosystem, attracting significant upcoming attention towards the planned IPO from institutions and investors alike. Digging deeper into the valuation dynamics, the Tata capital unlisted shares experienced a top notch price journey leading to early 2025, surging from around ₹300 in 2022 to a peak of approximately ₹1,050-1,100 in early 2025, driven via robust pre-IPO sentiment and regulatory expectations. However, publishing the DRHP submission and revised valuations, these unlisted shares have seen a correction to about ₹875-900 levels, indicating a 30% markdown from their height.&nbsp; Parallelly, the Tata capital unlisted share&nbsp;price within the grey market has been ranging between around share price ₹900 to ₹1,100 in mid-2025, reflecting the continued anxiety among bullish anticipation and valuation pragmatism created notable investment spark. The gray market remains an essential indicator, representing investor sentiment earlier than the real information about the IPO price band is introduced. The Tata capital grey market price as a consequence offers a real-time glimpse into secondary market perceptions, which presently suggest a mild tempering compared to its in advance exuberance. Tata Capital operates as a diversified NBFC with strong backing from Tata Sons, which owns ~ 88.6% stake, and other Tata group companies holding an additional 7%. The company’s portfolio spans retail and SME lending, commercial finance, wealth and investment banking, private equity, and sustainable finance solutions, positioning it well within the growing credit demands of India’s economy. With assets under management (AUM) reported at ₹2.2 lakh crore in FY25 and a consistent net profit surge to ₹3,657 crore, Tata Capital exhibits robust financial health despite some rising non-performing assets (NPAs). <div class="se-component se-image-container __se__float-center" style="min-width: 100%; width: 75%"><figure style="width: 75%;"><img src="https://testing-planify.s3.amazonaws.com/sun_editor/6da43a52-656d-4928-b88e-e0b111976584.png" alt="" data-rotate="" data-proportion="true" data-size="75%," data-align="center" data-percentage="75," data-file-name="image.png" data-file-size="40078" data-origin="," origin-size="867,430" style="width: 100%;"></figure></div> On the valuation front, the saga becomes even more compelling. The Tata capital unlisted shares witnessed meteoric rises between 2022 and early 2025, soaring nearly threefold from ₹300 to over ₹1,000, propelled by speculators and <a target="_blank" href="https://www.planify.in/pre-ipo/">pre-IPO investors</a> banking on Tata’s growth promise. Yet, the IPO price band, tentatively pegged around ₹400, has sent ripples of caution through these unlisted avenues. This sizable markdown presents a clear signal: the public market listing will come at a conservative P/E ratio that weighs operational fundamentals over speculative frenzy. Early investors betting at unlisted heights now see a reset—a classic example of how public market discipline tempers private enthusiasm. For informed investors eyeing the Tata capital pre IPO phase, this recalibration serves as a crucial lesson in patience and prudence. Outlook as the IPO Approaches Tata Capital grey market pricing remains a high-risk, high-reward space—cautious traders may prefer to stay close to <a target="_blank" href="https://www.planify.in/buy-pre-ipo/">IPO pricing</a> levels. Tata Capital had rolled out its rights issue at ₹343to serve as a strong valuation anchor for both listed and unlisted markets. In the ongoing outlook and&nbsp; market sentiment investors should keenly follow the Tata Capital share price evolution and for this it is essential to recognize that the true price discovery process unfolds post-listing. The grey market and unlisted share prices offer first-rate insights, regularly leading headline market expenses by months, however the public market will in the end validate valuations through transparent demand and supply for dynamics. The coming quarters should witness heightened volatility but also big possibilities for long-term price advent and crucial advancement is needed as Tata Capital unlocks new capital, expands lending, and benefits from greater marketplace scrutiny. Conclusion In essence, Tata Capital’s IPO journey represents a blend of legacy, regulation, and market ambition. The 6.2% significant recent surge in Tata Investment shares post-DRHP filing isn’t just a percentage point rise rather above that it signals potential and specifically indicates renewed investor faith in Tata Capital’s forthcoming public market transformation. As grey market prices oscillate and unlisted share valuations recalibrate, knowledgeable informed investors have to carefully stabilize enthusiasm with financial discipline. The Tata Capital IPO isn't merely a transaction; it is an emblematic case of India’s evolving capital marketplace story—in which investment tradition meets disruption, and where patient investing may also acquire great rewards.

﻿The financial corridors are abuzz as Tata Capital, a pivotal arm of the esteemed Tata Group, advances its initial public offering (IPO) process with renewed vigour in 2025.

Tata Capital IPO Update: DRHP Filing Triggers 6.2% Surge in Tata Investment Shares

It’s not often that the watchdog pulls up the gatekeeper. India’s oldest bourse, the BSE, has been slapped with a ₹25 lakh penalty by SEBI, highlighting systemic lapses in handling critical corporate disclosures. The regulator’s 45-page order, based on inspections from February 2021 to September 2022, revealed two major failings: Early Access for Trusted Users: BSE’s internal Listing Compliance Team and paid clients reportedly received price-sensitive announcements ahead of the official website release, a breach of Regulation 39(3) of SECC norms. Weak Broker Code Oversight: Brokers were allowed to alter trade details in error accounts without proper verification, risking manipulation or misuse.&nbsp; In simple terms, brokers could change trade information in error accounts without properly checking.&nbsp; This lack of oversight made it possible for someone to misuse or manipulate the trades. It’s like being able to fix errors without anyone double-checking, which can create risks. An error account is a temporary holding area for trades that were punched incorrectly (like entering the wrong customer code) and brokers were shifting trades there without checking why they went wrong. Although BSE implemented corrective measures such as time-stamped release mechanisms and tighter surveillance. SEBI noted these actions only came post-inspection, underscoring that the real issue was inherent, not incidental.&nbsp; SEBI emphasized that exchanges serve as the “first layer of oversight.” Reforms should come proactively, not reactively, post-inspection. Market Fallout: BSE Shares Slide on Compliance Blues BSE shares dropped over 1% following the announcement. By July 8, BSE shares had fallen down nearly 15% over past three sessions due to the ongoing <a href="https://www.planify.in/article/the-jane-street-scandal-unveiling-a-market-manipulation-scheme-in-india/">jane street case</a>, and furthermore, BSE shares plunged 21% from its early-July record high. Yet, a key nuance: derivatives contribute roughly 58% of BSE’s earnings, with the Jane Street ban affecting only ~1% of that, suggesting long-term revenue erosion is likely limited, even if sentiment hits longer. The Core Violations: Unequal Access and Lax Monitoring SEBI's investigation revealed that BSE's system architecture allowed its paid clients and internal listing compliance monitoring (LCM) team to access corporate announcements before they were publicly available on its website. This created a breach of fair disclosure norms, as the data dissemination process lacked safeguards to ensure simultaneous and equal access for all stakeholders. Specifically, in 6 out of 100 cases examined, paid subscribers received information before general website users, while the LCM team received data before it was replicated to other databases in 98 out of 100 instances.&nbsp; Such practices violate Regulation 39(3) of the Securities Contracts (Regulation) (Stock Exchange and Clearing Corporations) Regulations, 2018, which mandates fair and transparent access for all users. SEBI also noted BSE's failure to establish a "really simple syndication" (RSS) feed, which could have mitigated the risk of unequal access. Although BSE later implemented a time gap to address the issue, SEBI found that this corrective action was taken only after the inspection brought the lapses to light. Another significant finding was BSE's inadequate monitoring of client code modifications (CCM), which are only permitted in cases of genuine errors. The exchange failed to initiate disciplinary action against brokers with frequent modifications and did not sufficiently monitor 'error accounts'. This raised concerns about potential misuse and a lack of due diligence in trades between unrelated institutional clients.&nbsp; Why this Penalty Matters The financial penalty, while not substantial for an organisation of BSE's size, carries significant symbolic weight. It sends a clear message that regulatory lapses, even those seemingly minor, will not be overlooked. For investors, this incident underscores the importance of regulatory vigilance. A fair and transparent market relies on the principle of equal information access for all participants. Any deviation from this principle can create an uneven playing field, potentially disadvantageous to investors who do not have access to premium data feeds or early information. The penalty reinforces the idea that exchanges, as frontline regulators, have a profound responsibility to ensure their systems and processes uphold the highest standards of integrity. Beyond the immediate fine, the SEBI action on BSE contributes to a broader narrative of increasing regulatory scrutiny in the Indian financial markets. Recent events, such as the ban on US quant trading firm Jane Street due to allegations of manipulating Nifty Bank, highlight SEBI's proactive stance against market malpractices. These actions are indicative of a concerted effort by the regulator to strengthen market infrastructure, enhance transparency, and protect investor interests. The cumulative effect of these measures is aimed at fostering a more robust and trustworthy capital market ecosystem, which is essential for attracting both domestic and foreign investment. Conclusion The ₹25 lakh penalty imposed by SEBI on BSE serves as a crucial wake-up call for all market participants, especially stock exchanges, regarding their fundamental responsibility to ensure market integrity.&nbsp; Going forward, SEBI is likely to replicate this clampdown across exchanges and brokers. For <a href="https://www.planify.in/investors/">investors</a>, the takeaway is clear: market integrity is fragile, and vigilance is paramount. As the regulatory landscape continues to evolve, exchanges are expected to demonstrate greater proactive compliance and robust governance to prevent future lapses and safeguard the interests of all stakeholders.

BSE, has been slapped with a ₹25 lakh penalty by SEBI, highlighting systemic lapses in handling critical corporate disclosures.

BSE Shares Slide on Compliance Blues

SEBI Fines BSE ₹25 Lakh: A Wake-Up Call for Market Integrity

India's primary market is poised for a significant H2’FY25, with ~ 162 companies planning to raise a record ₹2.4 lakh crore through public offerings. This fundraising surge is unprecedented in the capital market, occurring as stock markets stabilize and geopolitical tensions ease.&nbsp; India’s IPO market is witnessing remarkable activity in mid-2025, with a record number of companies preparing to raise substantial funds. By the end of June 2025, 71 companies had already received approval from the Securities and Exchange Board of India (SEBI) to launch IPOs, aiming to collectively raise around ₹1.14 lakh crore. Additionally, 90 companies have filed their Draft Red Herring Prospectus (DRHP) with SEBI as of July 2, 2025, seeking to raise a total of ₹1.17 lakh crore and awaiting regulatory approval. &nbsp;Overview of India's IPO Market in 2024 and Early 2025​India's IPO market demonstrated remarkable resilience and growth in 2024 and early 2025, positioning itself as a global leader. In 2024, India achieved the top global position in IPO volume for the first time, listing nearly twice as many IPOs as the US and two-and-a-half times more than Europe. A total of 327 companies went public, raising $19.9 billion, which represented a 36% y-o-y increase in volume and a 150% increase in proceeds. The <a href="https://www.planify.in/research-report/national-stock-exchange/">National Stock Exchange</a> (NSE) also claimed the top spot globally for funds raised in 2024, surpassing NASDAQ. This period was marked by strong economic fundamentals, stable stock markets, low inflation, and increasing retail investor participation.​<div class="se-component se-image-container __se__float- __se__float-center" style="min-width: 100%; width: 100%"><figure style="width: 100%;"><img src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXfy6tsu70i68XMQBoIY1tT9B88lsbuCWtYdKHINRTUkis5NS7-nYkwR4vC5ToiXTUygz7ukefbUlOOx-zEeE4-oGUj3hJPxfkz1KNaYFaYy_PCW613XR5v4_AXuPMjCoGbT5vjVgA?key=g8tXNjsm3BpaU47BOLFeWA" alt="" data-proportion="true" data-align="center" data-file-name="AD_4nXfy6tsu70i68XMQBoIY1tT9B88lsbuCWtYdKHINRTUkis5NS7-nYkwR4vC5ToiXTUygz7ukefbUlOOx-zEeE4-oGUj3hJPxfkz1KNaYFaYy_PCW613XR5v4_AXuPMjCoGbT5vjVgA?key=g8tXNjsm3BpaU47BOLFeWA" data-file-size="0" data-origin="," data-size="100%," data-rotate="" data-percentage="100," origin-size="751,452" style="margin-left: 0px; margin-top: 0px; width: 100%;"></figure></div>​ Despite a record-breaking 2024, the beginning of 2025 noticed a more cautious sentiment within the IPO marketplace. In Q1 2025, IPO interest in India dropped by 20% as compared with last year Q1 2024, with 62 IPOs raising $2.8 billion, a lower from 82 IPOs in Q1 2024. This decline was influenced by multiple factors including global macroeconomic uncertainties, together with the U.S. prevalent tensions and geopolitical centric spherical concerns. However, India, despite the fact the notion has been created and that value only led India to be ranked fourth globally in IPO proceeds for the period of&nbsp; Q1 2025, contributed 10% to the entire global capital raised. By the end of January 2024, India had passed country wise parameter led Hong Kong to turn out to be the world's fourth in number largest stock market. <div class="se-component se-image-container __se__float-justify"><figure style="width: 752px;"><img src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXc4IgF5hBVkp8Zpv7536ej_Ea6Y4q_K4YIGucS90NArUJhQhIiiRRsPZTnD3th58wi09Fl30syIYbAinWjSE98KEMypFXdSRMnpOutJmAbvBwlVOrtjVOA_VF6bPAfKEc0g-PWF?key=Npr3Mi_s1UdQpQAr6uhY_g" alt="" data-proportion="true" data-size="752px,452px" data-align="justify" data-file-name="AD_4nXc4IgF5hBVkp8Zpv7536ej_Ea6Y4q_K4YIGucS90NArUJhQhIiiRRsPZTnD3th58wi09Fl30syIYbAinWjSE98KEMypFXdSRMnpOutJmAbvBwlVOrtjVOA_VF6bPAfKEc0g-PWF?key=Npr3Mi_s1UdQpQAr6uhY_g" 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>

The Big Players and What Lies Ahead​The pipeline for the second half of 2025 is bursting with potential, featuring several large and highly anticipated IPOs that are set to contribute significantly to this record-breaking fundraising spree. These listings cut across diverse sectors, showcasing the breadth and dynamism of the Indian economy. Groww is officially in the IPO queue, having filed its DRHP in May 2025 and targeting a valuation between $700 million and $1 billion, with fresh equity expected to raise up to ₹6,000 crore. Meanwhile, LG Electronics India continues to plan a large-scale ₹15,000 crore (~$1-1.5 bn) IPO even if its launch has been delayed due to market volatility, reports indicate its listing may resume later in 2025 once conditions stabilize . In the renewable energy space, Vikram Solar filed its DRHP in September 2024, aiming to raise ₹1,500 crore to finance cell capacity expansion. Backed by a robust &gt;8 GW order book and plans to scale manufacturing to 6 GW by FY26, it typifies capital-efficient growth poised for public markets . Other marquee listings in progress include Reliance Jio—India’s largest-ever potential IPO valued at over ₹40,000 crore—and Tata Capital, planning a ₹15,000 crore listing with a mix of primary and secondary shares. Beyond these, Meesho, the social-commerce startup, and Tata Capital, the NBFC arm of Tata Group, are among the high-profile entities preparing to file DRHPs or receive SEBI approvals in the coming quarters . These offerings will add scale and institutional depth to the market. OYO – Finally aiming to go public after multiple delays, albeit at a lower valuation than its 2021 peak. NSE (National Stock Exchange) – One of the most anticipated IPOs, with an estimated size of over ₹10,000 crore. Other high-profile names planning IPOs include Ola Consumer, <a href="https://www.planify.in/research-report/phonepe/">PhonePe</a>, Urban Company, and <a href="https://www.planify.in/research-report/zepto-kiranakart-technologies-pvt-ltd/">Zepto</a>&nbsp;—each targeting public listings by late 2025 or early 2026, with strong financials and investor pull. Meanwhile, impact/health sector firms like WeWork India and NephroPlus have received SEBI nods for IPO activity; WeWork India will launch an Offer‑For‑Sale, while NephroPlus aims for a ₹2,000 crore public raise via a DRHP filing by July 2025. Indira IVF, preparing its entry via the confidential DRHP route, moves forward backed by EQT, reflecting growing investor confidence in high‑growth healthcare themes. This evolving landscape of 162 expected IPOs aggregating ₹2.4 lakh crore is notable for sectoral breadth—covering fintech, energy, telecom, healthcare, mobility, and digital platforms. It underscores a shift from speculative listings to fundamentally strong companies built for scale, profitability, and transparent governance. Institutional investors particularly QIBs are demanding robust metrics like EBITDA margins, return ratios, and board transparency, indicating a maturing and discerning market . Has IPO Pricing Run Too Hot? After a record-breaking year in 2024, India’s IPO markets are poised for another blockbuster in 2025. According to data from various merchant bankers and DRHP filings, 162 companies are expected to raise a staggering ₹2.4 lakh crore from public offerings this year—nearly doubling the ₹1.6 lakh crore mobilized in 2023. This surge reflects India's growing stature as a global capital market hotspot, outpacing traditional heavyweights like the U.S. and Europe in IPO activity. But behind the euphoria, a question is emerging among investors and analysts alike: Are Indian IPOs getting too hot to handle? As valuations continue to soar and listing gains become increasingly unpredictable, 2025 may test the resilience of both issuers and retail investors. Valuations: Frothy or Justified? While valuations have been steep, many IPOs continue to attract strong attention. A notable example is Hyundai Motor India’s IPO in October 2024—the largest in Indian history. Institutional appetite helped it raise $3.3 billion, valuing the subsidiary at $19 billion, compared with a mere 3.7–5× forward P/E for its Korean parent and ~22–26× P/E in India. While institutional investors like BlackRock and Fidelity heavily subscribed, retail interest remained lukewarm, with only ~50% subscription on the retail portion—suggesting skepticism over rich pricing. Such valuation premiums with wide discrepancies between Indian subsidiaries and global peers have reignited questions: Are Indian IPOs overvalued—or are they priced for long-term growth expectations? Overall, Capital raised through IPOs in the first half of 2025 stood at ₹51,150 crore across 119 listings, compared to ₹37,682 crore from 157 IPOs during the same period in 2024. Despite 63% fewer IPOs in early 2025 versus 2024, average deal size doubled—from ₹905 crore to ₹1,870 crore, driven by blockbuster issues from Hexaware, Ather Energy. Outlook for the Rest of 2025 With ₹2.4 lakh crore expected to be raised across 162 IPOs, the rest of 2025 looks promising but cautiously optimistic. Key factors to watch: <ul><li style="font-size:15px;color:#000000;background-color:transparent">Market sentiment ahead of U.S. elections​</li><li style="font-size:15px;color:#000000;background-color:transparent">India’s Q2 GDP print and inflation numbers​</li><li style="font-size:15px;color:#000000;background-color:transparent">Global liquidity and interest rate trends​</li><li style="font-size:15px;color:#000000;background-color:transparent">Performance of mega IPOs like NSE&nbsp;</li></ul>​If market conditions remain stable, 2025 could go down as India’s most successful IPO year ever—both in terms of volume and value. However, investors need to look beyond just issue price and hype. Final Take India’s IPO boom signals a maturing capital market—robust, diverse, and globally competitive. However, with valuations at a premium, diligence is critical. Discounting market hype in favor of strong earnings, transparent corporate governance, and long-term outlook will distinguish winners from also-rans. The next wave of offerings will be a litmus test—not just for issuers, but for investor discipline and market maturity.

India's primary market is poised for a significant H2’FY25, with ~ 162 companies planning to raise a record ₹2.4 lakh crore through public offerings.

India’s IPO Boom: 162 Companies Set to Raise ₹2.4 Lakh Crore in 2025

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