The upcoming IPO isn’t just a market event for Lenskart.com; it’s a statement. CEO and co-founder Peyush Bansal has repeatedly emphasised that this is “not an exit event” but a fresh beginning.As the company seeks to raise capital and expand its investor base, the emotional stake remains with its promoters, signalling long-term commitment rather than a cash-out.<a target="_blank" href="https://www.planify.in/research-report/lenskart-share-price/">Lenskart</a> has evolved from a purely online eyewear startup into a consumer-tech ecosystem that spans manufacturing, retail and global distribution. With a profit in FY25 and revenues in the multiple-thousands of crores, the business model now hinges on sustainable growth, not just scale.This IPO isn’t about “growth at all costs”&nbsp; it’s about converting that growth into durability, in a sector where many once flamed out. On the financials, the story is turning more compelling:<ul><li>FY25 revenue reached ~₹6,652 crore (up ~22.5 % year-on-year) and profit came in at ~₹297 crore — a meaningful swing from the ~₹10 crore loss in FY24.</li></ul><ul><li>The fund-raise proceeds are earmarked for several growth levers: ~₹273 crore for new company-owned stores, ~₹591 crore for lease/rent payments tied to expansion, ~₹213 crore for technology &amp; cloud infrastructure, and ~₹320 crore for brand marketing.</li></ul>However — this is not a no-brainer. The valuation implied (~US$8 billion / ~₹70,000 crore) demands sustained execution across physical stores, supply-chain integration, and global markets. With large shareholders such as SoftBank Vision Fund, Temasek Holdings-US and Kedaara Capital participating or exiting via OFS, investor sentiment will lean heavily on clarity around margins and growth-durability

The upcoming IPO isn’t just a market event for Lenskart.com; it’s a statement. CEO and co-founder Peyush Bansal has repeatedly emphasised that this is “not an exit event”

𝗟𝗲𝗻𝘀𝗸𝗮𝗿𝘁 𝗜𝗣𝗢: 𝗧𝗵𝗲 𝗩𝗶𝘀𝗶𝗼𝗻𝗮𝗿𝘆 𝗟𝗲𝗮𝗽 𝗳𝗿𝗼𝗺 𝗣𝗿𝗶𝘃𝗮𝘁𝗲 𝘁𝗼 𝗣𝘂𝗯𝗹𝗶𝗰

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/article/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

Financial Performance (FY25 vs FY24)<ul><li>In FY25, BVG India Limited delivered robust growth in revenue and profitability. Total Income rose 16.7% YoY to ₹3,319.54 crore in FY25 from ₹2,844.85 crore in FY24, driven by strong performance in its facility management and emergency response services verticals. Revenue from Operations increased 16.3% YoY to ₹3,301.80 crore from ₹2,839.38 crore, reflecting healthy execution across both public and private sector contracts.</li><li>Profitability showed consistent improvement — Profit Before Tax (PBT) grew 15.0% YoY to ₹260.95 crore compared to ₹226.93 crore in FY24, while Profit After Tax (PAT) rose 24.6% YoY to ₹207.21 crore from ₹166.22 crore last year.</li><li>EBITDA stood at ₹364.14 crore in FY25, up from ₹347.04 crore in FY24, implying an EBITDA margin of 11.0%, compared to 12.2% in FY24, reflecting moderate cost inflation during expansion. Net Profit Margin improved marginally to 6.7% from 6.5%, underlining effective cost management and operating leverage.</li><li>The company maintained a healthy balance sheet with a Return on Capital Employed (ROCE) of 19.37% and Return on Equity (ROE) of 17.44% in FY25, indicating continued financial strength and efficient capital utilization.</li></ul>Strategic Developments<ul type="disc"><li>Business Diversification: Expanded its presence in emergency medical response, mobile veterinary services, and infrastructure facility management across national highways and airports.</li><li>Technology Enablement: Introduced AI-based solutions like BVG Lens (workforce management) and Optick (AI attendance and compliance) to enhance productivity and service quality.</li><li>Subsidiary Growth: Subsidiaries such as BVG Security Services and BVG Skill Academy contributed strongly to overall performance.</li><li>Human Capital Development: Strengthened its training ecosystem through collaboration with NSDC, and launched BVG Global Skillforge Solutions for international skill placements.</li></ul>IPO Update<ul><li>BVG India Limited, backed by private equity firm 3i Group, has re-filed its Draft Red Herring Prospectus (DRHP) with SEBI after four years, aiming to raise funds via an Initial Public Offering (IPO).</li><li>As per the latest DRHP, the company plans to raise ₹300 crore through a fresh issue of shares and an offer-for-sale (OFS) of up to 2.85 crore shares by existing shareholders. Major selling shareholders include Promoter Hanmantrao Gaikwad and investors Strategic Investments FM (Mauritius) Alpha and Strategic Investments FM (Mauritius) B, affiliates of the 3i Group.</li><li>Earlier, BVG India had filed its DRHP in September 2021 for a smaller issue size (₹200 crore fresh issue and 16.98 lakh shares OFS), which was later returned by SEBI in March 2023. Promoters currently hold 58.74% of the company, while public shareholders — led by Strategic Investments Alpha (21.89%) — own the remaining 41.26%.</li></ul> Outlook<ul><li>BVG India concluded FY25 with its highest-ever total income and profit, driven by expanding service offerings, efficient operations, and steady demand across facility and emergency management services. With investments in technology, workforce skilling, and diversification across infrastructure and healthcare projects, the company is well-positioned to capture long-term opportunities in India’s organized facility management and integrated service outsourcing market.</li><li>The upcoming IPO is expected to further strengthen its balance sheet, enhance visibility, and provide liquidity to early investors — positioning BVG India for the next phase of growth and market leadership.</li></ul>

BVG India Refiles IPO After Robust FY25 Performance

BVG India: Strong FY25 Growth and Renewed IPO Plans

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

Eyewear unicorn Lenskart founded by Peyush Bansal,&nbsp; is back in the headlines this time, for drawing two prominent investors ahead of its IPO. Billionaire Radha Kishan Damani, founder of DMart, and <a target="_blank" href="https://www.planify.in/research-report/sbi-mutual-fund-share-price/">SBI Mutual Funds</a> are reportedly set to invest ₹100 crore each through a secondary share purchase, valuing the company at nearly $5–6 billion.&nbsp;<ul><li>The deal comes as <a target="_blank" href="https://www.planify.in/research-report/lenskart-share-price/">Lenskart</a> gears up for its SEBI-approved IPO, which includes a ₹2,150 crore fresh issue and an offer-for-sale by existing investors like SoftBank and Kedaara Capital.</li></ul><ul><li>Over the years, Lenskart has built a formidable omnichannel presence with 2,000+ stores across India and an expanding global footprint in the Middle East and Southeast Asia. After turning profitable in FY25 with revenues crossing ₹6,600 crore, the company is showing what few startups have managed: consistent scale with improving margins.</li></ul>

Billionaire Radha Kishan Damani, founder of DMart, and SBI Mutual Fund made investments in lenskart pre-IPO.

Lenskart Pre-IPO Snapshot

Gujarat outpaced all states in the number of SME IPOs, with 31 companies debuting on BSE SME and NSE Emerge, edging past Maharashtra (28 listings) and Delhi (20). While Gujarat’s issuers mobilised around ₹1,206 crore (₹501 crore via BSE SME + ₹705 crore via NSE Emerge), Maharashtra led in total capital raised with ₹1,843 crore.&nbsp; What explains Gujarat’s dominance in listing count?&nbsp; Gujarat’s lead in listings reflects both entrepreneurial depth and awareness of capital markets. One key factor is the maturation of its SME and industrial ecosystem. The state has long been a manufacturing and export hub, with a strong base across chemicals, pharmaceuticals, engineering, textiles, and more. That gives local firms both operational scale and familiarity with capital markets.&nbsp; Local merchant bankers and advisory networks have also played a key role in guiding SMEs through the IPO process.<ul><li>However, the growing enthusiasm for <a target="_blank" href="https://www.planify.in/sme-ipo/">SME listings</a> brings both opportunities and caution. Analysts note that while IPO activity reflects confidence and maturity among small businesses, sustainability beyond listing remains the real test. Many issues have seen significant post-listing volatility, with performance hinging on promoter integrity, governance standards, and sector resilience.</li></ul><ul><li>For investors, rigorous due diligence remains non-negotiable; assessing business models, track record, balance sheet health, sector cyclicality, and promoter credentials. Meanwhile, regulators too must keep refining norms (e.g. disclosure standards, minimum performance thresholds) to ensure that the SME IPO boom builds trust and resilience, not speculative froth.</li></ul>

Gujarat outpaced all states in the number of SME IPOs, with 31 companies debuting on BSE SME and NSE Emerge

Gujarat has emerged as the frontrunner in SME IPO activity in the first half of FY26

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 <a target="_blank" href="https://www.planify.in/research-report/ncdex/">National Commodity &amp; Derivatives Exchange (NCDEX)</a> 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

Financial Performance (FY25 vs FY24) <ul><li>In FY25, Quality Enviro Engineers Private Limited delivered exceptional growth momentum. Total Income surged 30.3% YoY to ₹52.89 Cr in FY25 from ₹40.51 Cr in FY24, driven by strong growth in both product sales and service revenue. Profitability improved dramatically — Profit Before Tax (PBT) increased 116.4% YoY to ₹8.91 Cr versus ₹4.14 Cr last year. </li><li>Net Profit (PAT) jumped 130.3% YoY to ₹6.57 Cr, compared to ₹2.86 Cr in FY24, reflecting superior operational execution and significant revenue scaling. </li><li>Quality Enviro Engineers demonstrated remarkable operational efficiency and financial health. EBITDA (calculated as PBT + Depreciation + Finance Cost) grew to ₹9.89 Cr, implying an EBITDA margin of ~18.7%, a substantial improvement from ~12.8% in FY24. </li><li>Net Profit Margin more than doubled, improving to 12.5% from 7.0%, highlighting powerful operating leverage and cost management. The company’s liquidity strengthened significantly, with Cash &amp; Cash Equivalents growing to ₹13.15 Cr from ₹3.44 Cr. However, Return on Capital Employed (ROCE) requires a detailed calculation from the notes for a precise YoY comparison.</li></ul>Strategic Developments<ul><li>Capital &amp; Ownership Restructuring: The company significantly bolstered its equity base, increasing its Subscribed Capital by 38.7% through a fresh issuance of shares. This was complemented by a massive infusion into Reserves &amp; Surplus, which grew from ₹8.98 Cr to ₹29.01 Cr, enhancing the company's net worth and financial stability.</li><li>Strategic Capacity &amp; Asset Building: A major investment was made in Property, Plant &amp; Equipment, which increased nearly fourfold from ₹0.99 Cr to ₹3.67 Cr. This includes a substantial Capital Work-in-Progress (Building of ₹231.37 Lakhs), indicating strategic expansion of physical infrastructure and production capacity.</li><li>Business Mix Diversification: The company successfully diversified its revenue streams, with Revenue from Services more than doubling to ₹10.49 Cr from ₹5.0 Cr. This strategic shift towards high-margin services alongside product sales contributed significantly to the improved profitability.</li><li>Strengthened Lender Confidence: The company secured a large Cash Credit facility (₹834.88 Lakhs), indicating strong banking relationships and confidence in its business model and growth prospects.</li></ul> Outlook<ul><li>Quality Enviro Engineers closed FY25 with its highest-ever profit and revenue, underpinned by strategic capital infusion, asset expansion, and a successful diversification of its business model. </li><li>The company is exceptionally well-positioned to leverage its strengthened balance sheet and expanded operational capacity. </li><li>With a sharp focus on scaling both its product and high-margin service segments, Quality Enviro Engineers is poised for sustained growth while maintaining a disciplined and highly profitable operational framework.</li></ul>

Check Out Quality Enviro FY25 Results: Sales up by 30%, PAT up by 130%

Quality Enviro Emgineers Announces Robust FY25 Results

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