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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Why Smart Investors Are Turning to Unlisted Shares for Higher Returns

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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