​<a target="_blank" href="https://www.planify.in/research-report/hindusthan-engineering-industries/">Hindusthan Engineering &amp; Industries Limited</a> delivered consistent financial performance in FY25, demonstrating stability in both revenue and profitability. Alongside moderate earnings growth, the company reinforced its balance sheet through stronger equity and asset expansion, positioning itself for sustainable long-term growth.<ul><li>Revenue: In FY25, the company recorded a total revenue of ₹2,999.49 crore, reflecting a 7% increase over FY24. This steady growth underlines the company’s ability to sustain top-line expansion in a competitive market environment.</li><li>Net Profit and EPS: Profit After Tax (PAT) stood at ₹218.34 crore, showing a 5% rise year-on-year. Similarly, Earnings Per Share (EPS) increased by 5% to ₹148.46, highlighting that profitability gains translated directly into improved shareholder returns.</li><li>Assets &amp; Equity: On the balance sheet side, total assets reached ₹2,436.10 crore, up 10% from the previous year, indicating continued capacity building and investment. More significantly, total equity rose 15% to ₹1,609.55 crore, strengthening the company’s capital base and reinforcing financial resilience.</li></ul>Hindusthan Engineering &amp; Industries closed FY25 with stable revenue growth, improved profitability, and stronger equity. While growth rates were moderate compared to high-growth peers, the company’s steady performance and balance sheet reinforcement signal long-term stability, making it well-positioned to capture future opportunities.

Hindusthan Engineering & Industries Limited delivered consistent financial performance in FY25, demonstrating stability in both revenue and profitability.

Hindusthan Engineering & Industries: Steady Growth with Strengthened Equity

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

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

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

OYO is&nbsp; giving it another shot, and this time the timing, the numbers and the backers and supporters make this attempt genuinely worth watching and truly intriguing. After two earlier aborted bids, the hospitality chain is prepared to file its draft Red Herring Prospects (DRHP) in November 2025, which targets about $7-8 billion IPO valuation. The headline converts Oyo alone to a potential marquee public debut from an aspiring unicorn, but the IPO details below it matters far more for investors and the broad market. <h2 style="line-height: 1.38;text-align: justify">What the $7–8 billion target implies</h2> Multiple outlets citing and various sources referencing PTI and market sources say OYO plans to approach the market with a DRHP in November and is aiming for a $7-$8 billion valuation, a figure and number that would place OYO among the biggest Indian tech/hospitality listings if realized.&nbsp; That target valuation is a sizable step down from the $10–12 billion marks floated during earlier listing ambitions, but still signals confidence from the company’s side that it can command a premium multiple on improving operating metrics. <h2 style="line-height: 1.38;text-align: justify">The Comeback Attempt</h2> OYO’s earlier plans to go public did not take off. The first filing in 2021 aiming for a $12 billion valuation was dropped amid market volatility and regulatory scrutiny. A second attempt in 2023 was also shelved following SEBI’s extensive queries on governance and valuation methodology. Now, in its third attempt, OYO seems ready to re-enter public markets with caution and better positioning. OYO has achieved its best year looking like a magical rise yet by emerging as India’s most profitable startup in FY25, with a net profit after tax (PAT) of ₹623 crore, a 172% jump and conservatively experienced a significant surge from ₹229 crore in FY24. This was a major milestone after years of losses. Revenue grew 20% to ₹6,463 crore, powered in large part by OYO’s premium offerings like Townhouse Hotels, Sunday Hotels, and by integrating G6 Hospitality into its portfolio. Adjusted EBITDA rose and increased to ₹1,132 crore, reflecting up 27% from ₹889 crore in the previous year. Impressively, this marks the 10th consecutive quarter that OYO delivered EBITDA-level profitability. Gross Booking Value (GBV) soared by 54% YoY to ₹16,436 crore, riding strong demand and strategic expansion. OYO is projecting even stronger results for FY26: PAT could reach ₹1,100 crore and EBITDA is expected near ₹2,000 crore, helped by full-year contributions from its Motel 6 acquisition, which is expected to add over ₹630 crore EBITDA in FY26. <h2 style="line-height: 1.38;text-align: justify">Funding History and Book Value</h2> OYO has raised over $4.5 billion in funding since inception. Its largest backer, SoftBank Vision Fund, still holds around 47% stake. Other investors include Lightspeed, Sequoia, Airbnb, and Microsoft. In its last major secondary sale (2023–24), <a href="https://www.planify.in/research-report/oyo-share-price/">OYO's share prices</a> reportedly changed hands at ₹40–45 per share, implying a valuation closer to $5 billion. Based on filings, OYO has approximately 7 billion outstanding shares. At the targeted $7–8 billion valuation, this translates to an IPO price band of around ₹60–66 per share. Book value per share is estimated at ₹15–16, which means OYO is targeting a Price-to-Book (P/B) multiple of ~4x. <h2 style="line-height: 1.38;text-align: justify">OYO: Expanding Global Footprint</h2> OYO continues to grow its premium presence and in terms of numbers it has expanded sparsely launching over 30 Sunday Hotels across India, UAE, Saudi Arabia, and Southeast Asia in the past year. The platform now spans roughly this much around 22,700 hotels, 1,19,900 homes, and 91,300 listings globally. <h2 style="line-height: 1.38;text-align: justify">Valuation and Investor Sentiment</h2> Some reports suggest that OYO’s DRHP filing in November 2025 is pegged at a valuation between $7–8 billion, which translates to ~₹58,100 crore – ₹66,400 crore. With around 657 crore outstanding shares, this implies an IPO price band of roughly ₹88–101 per share, compared to an estimated unlisted market price of ~₹50 per share.​At these levels, OYO would be valued at nearly 25–30× FY25 EBITDA and 93–107× FY25 PAT, significantly higher than traditional hospitality peers like Indian Hotels or Lemon Tree, though OYO argues its asset-light, tech-enabled model deserves a premium. Behind the scenes, SoftBank, OYO’s largest shareholder, has reportedly engaged with marquee investment banks including Citi, Goldman Sachs, Axis, ICICI, JM Financial, and Jefferies to gauge investor appetite. The board is expected to review the proposal soon as final preparations are being made. <h2 style="line-height: 1.38;text-align: justify">​Market Tailwinds and Strategic Moves</h2> At its core, the upcoming DRHP filing is being timed to leverage improved fundamentals. OYO’s recent quarterly performance indicates stronger growth, along with improved financials, marking a potential inflection point. Adding to that, the hospitality sector is riding a wave of double-digit growth, especially post-pandemic. On the branding front, OYO is also exploring a new parent brand identity and a separate app for its premium hospitality offerings moves that signal a broader strategic rethink of its platform and value proposition. <h2 style="line-height: 1.38;text-align: justify">Conclusion</h2> OYO’s FY25 financial performance reads like a comeback story. Strong revenue growth (20%), continuous sustained profitability (10 persistent profitable EBITDA quarters), and increase in booking establishes a solid foundation. With a clear growth trajectory and optimistic FY26 estimates, Oyo appears in a better position than before and its upcoming IPO plans now relax on forcing the financial position or compelling financial footing.

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

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

<a target="_blank" href="https://www.planify.in/research-report/hero-fincorp/">Hero FinCorp Ltd</a> (HFCL), the lending arm of Hero MotoCorp, is gearing up for an IPO.&nbsp; The total IPO size is now ₹3,408 crore, marking a reduction from the ₹3,668 crore planned earlier. Hero Fincorp IPO backed by Apollo Global, ChrysCapital and Apis Partners. Ahead of the IPO, the company completed two pre-IPO placements that not only strengthened its balance sheet but also set the tone for its market valuation. On June 5, 2025, Hero FinCorp raised ₹260 crore by allotting 18.57 lakh shares to 12 investors&nbsp;at a price of ₹1,400 per share, translating to a valuation of nearly ₹25,014 crore. This round brought in marquee investors such as Shahi Exports and RVG Jatropha. This pre-IPO round led to a reduction of ₹260 crore in the fresh issue size of the IPO.&nbsp;On July 11, 2025, a second round added ₹50 crore from Vattikuti Ventures. This was achieved by allotting 3.57 lakh shares at ₹1,400 per share. This second placement further reduced the fresh issue size by ₹50 crore, bringing the revised fresh issue size to ₹1,790 crore. With these two rounds, the company mobilised ₹310 crore out of its target of ₹420 crore through pre-IPO placements. At ₹1,400 per share, Hero FinCorp is valued at a P/B multiple of ~2.98x, based on its FY25 book value of ₹452 per share. The company is currently valued at ~ ₹25,014 crore, reflecting investor confidence in its recalibrated strategy and long-term growth prospects. In Q1 FY26, Hero FinCorp reported a net loss of ₹49.7 crore, reversing from a profit a year ago, despite modest revenue growth to ₹2,333 crore, as compared to Q1 FY25 revenue of ₹2,250 crore. The weakness stemmed from elevated impairment costs, which soared to ₹2,884 crore(FY25) from&nbsp; ₹1,205 crore(FY24) up by 67%, as the company grapples with stress in its unsecured loan book. Provisions rose by 5.3% YoY to ₹740 Cr, and Net NPA increased to 2.50% from 2.15%., forcing management to recalibrate its lending model. To reassure investors, the company has paused fresh disbursements in unsecured lending and is pivoting toward secured products such as vehicle and SME loans. Management still guides for around 14% loan growth in FY26, highlighting confidence in its franchise strength and distribution network built around Hero MotoCorp dealerships. Hero FinCorp's IPO strategy bolsters Tier-1 capital, strengthens its lending base, and taps the public markets at a more optimal valuation. The company is strategically shifting gears to strengthen its loan book.&nbsp;

Hero FinCorp Ltd (HFCL), the lending arm of Hero MotoCorp, is gearing up for an IPO.  The total IPO size is now ₹3,408 crore, marking a reduction from the ₹3,668 crore planned earlier.

Hero FinCorp IPO: An Upcoming Bet Amid Shifting Gears in Lending

<ul><li>​Revenue and Profitability – The company’s consolidated revenue grew by 4.8%, rising from ₹870.72 Cr in FY24 to ₹912.2 Cr in FY25, driven by higher occupancy, improved room rates, and stronger food &amp; beverage sales. This supported a 5% increase in EBITDA, from ₹372 Cr in FY24 to ₹390 Cr in FY25, maintaining margins above 40%. However, higher depreciation and finance costs kept net profit growth moderate, with consolidated PAT at ₹85.3 Cr in FY25 versus ₹84.8 Cr in FY24, ensuring earnings stability.</li><li>Financial Position – The company’s consolidated retained earnings grew sharply from ₹2,740.4 Cr in FY24 to ₹3,617 Cr in FY25, reflecting healthy cash generation. At the same time, deleveraging remained a focus: of the ₹1,100 Cr raised through NCDs in FY23, the outstanding liability reduced to ₹714 Cr by March 2025.</li><li>Future Prospects – The management remains confident about sustained growth in the Indian hospitality industry, supported by strong domestic tourism, rising disposable incomes, and favourable government policies on infrastructure and travel promotion. With an EBITDA margin of over 40%, a focus on operational efficiency, and ongoing debt reduction, the company is well-positioned to capitalize on industry tailwinds. Expansion will be pursued selectively via refurbishments and asset-light management contracts, ensuring profitable growth while maintaining financial prudence.</li></ul>

Bharat Hotels Released it FY25 Results

The murmurs from regulatory corridors have crystallised into a clear signal: the Securities and Exchange Board of India (SEBI) is set to bring the informal pre-IPO grey market under its watchful eye.&nbsp; India’s capital markets may be on the brink of a structural shift. At a time when the IPO pipeline is booming with nearly ₹4.3 trillion raised in FY25 and another ₹1.4 trillion expected soon. SEBI chairperson Tuhin Kanta Pandey has hinted at the establishment of a regulated platform for <a target="_blank" href="https://www.planify.in/pre-ipo/">pre-IPO share trading</a>. The idea, floated at a recent capital markets conference, is to bring order and transparency to a space currently dominated by the grey market. The timing of this move is crucial. India’s IPO market is expanding at record speed. In 2024 alone, 337 companies tapped the public markets, 91 on the mainboard and 241 on SME exchanges, raising nearly ₹1.67 lakh crore, with average listing gains of 29%. Yet, on the unlisted side, the scale is even larger. Estimates suggest more than 1,300 profitable unlisted companies together represent nearly ₹150 lakh crore of enterprise value waiting to be unlocked. In order to bring pre-listing transactions into a structured ecosystem that allows accredited investors, early backers, and ESOP holders to access liquidity in a safe environment. Currently, early-stage investors and employees often wait years for IPO exits, with ESOPs going underutilized. A regulated venue could change that, allowing accredited investors to buy and sell stakes ahead of listing, with proper settlement systems, tax compliance, and checks to avoid manipulation. It also ensures that the government captures its share of revenues, while companies benefit from cleaner valuation benchmarks. This move signifies a pivotal shift towards greater transparency and investor protection in India's burgeoning capital markets.

SEBI is set to bring the informal pre-IPO grey market under its watchful eye.

The Impending Regulation of India's Pre-IPO Grey Market

SEBI Eyes Transparency

Vikram Solar’s IPO was a book-built issue worth ₹2,079.37 crore, consisting of a fresh issue of 4.52 crore shares (₹1,500.00 crore) and an offer for sale of 1.75 crore shares (₹579.37 crore).<ul><li>IPO Timeline: Opened on August 19, 2025, closed on August 21, 2025, allotment finalized on August 22, 2025, and listing took place today, August 26, 2025, on the BSE and NSE.</li><li>Pricing: Price band of ₹315–₹332 per share; issue price at ₹332. Lot size was 45 shares, requiring a minimum retail investment of ₹14,175. For sNII, minimum investment stood at ₹2,09,160 (630 shares), and for bNII, ₹10,00,980 (3,015 shares).</li><li>Post-IPO P/E: 85.88.</li></ul><h4>Subscription Status</h4><ul><li>Anchor Investors: 1.00× (1,86,99,120 shares; ₹620.81 Cr)</li><li>QIB (Ex Anchor): 145.10× (₹60,052.72 Cr)</li><li>Non-Institutional Investors: 52.87× (₹16,412.45 Cr)<ul><li>bNII: 59.58×</li><li>sNII: 39.46×</li></ul></li><li>Retail Investors: 7.98× (₹5,780.37 Cr)</li><li>Employees: 5.10×</li><li>Overall Subscription:56.42× (₹82,296.51 Cr)</li></ul>JM Financial Ltd. acted as book-running lead manager; MUFG Intime India Pvt. Ltd. served as registrar.<h4>Neutral Market View</h4>Our platform maintained a neutral rating, viewing Vikram Solar as a turnaround legacy play with potential, but with slower-than-expected performance. Unlisted market prices ranged between ₹180 and ₹485 in the past 18 months.<hr><h3>Legal Development – Fraud Case Filed</h3>On August 26, 2025, the Matunga Police, following a court directive, registered a criminal case of fraud and criminal conspiracy against Vikram Solar (VSL) and Vikram Capital Management Pvt Ltd (VCMPL) along with 11 directors.The complaint, filed by Nilang Navneet Shah, a director at Mumbai-based Seklink Technologies and Realty Pvt Ltd, alleges he was defrauded under the pretext of a solar module export deal to a US-based buyer, Kopia Power Devco.

Vikram Solar gets Listed in Domestic Bourses

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

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

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

<ul><li>Financial Performance (FY25 vs FY24):<a target="_blank" href="https://www.planify.in/research-report/ask-investment-managers/">ASK Investment Managers</a> reported a mixed performance in FY25. Total income declined slightly by 0.8% to ₹1,112 Cr, compared to ₹1,121 Cr in FY24. This dip was mainly due to lower revenue from operations (₹1,038 Cr vs ₹1,063 Cr last year, down 2.2%), though other income rose 27.9% to ₹75 Cr. Profit Before Tax (PBT) fell by 16.7% YoY, from ₹515 Cr in FY24 to ₹429 Cr in FY25. However, due to lower tax outgo, Net Profit (PAT) improved 10.2% YoY, reaching ₹444 Cr versus ₹403 Cr in FY24. This reflects strong bottom-line resilience despite weaker top-line growth. On a per-share basis, EPS grew 8.1% YoY from Rs.48 per share in FY24 to Rs.52 per share in FY25.</li><li>Operational Metrics (FY25 vs FY24): Margins showed some stress during the year. The operating margin declined as expenses grew faster than revenues – total expenses were up 12.8% YoY at ₹683 Cr vs ₹605 Cr in FY24. This was largely due to higher employee costs (+18.4%), finance costs (+87.3%), and depreciation (+59.6%), reflecting investments in expansion and digital infrastructure. For FY25, the net profit margin stood at ~40%, up from 36% in FY24, helped by a one-time tax adjustment reducing tax liability. However, operating efficiency weakened somewhat, and cost-to-income ratio increased, indicating pressure on operating leverage. On the balance sheet side, ASK strengthened its equity base – net worth rose to ₹1,8135 Cr in FY25 from ₹1,560 Cr in FY24 (+16.2%), while total liabilities declined to ₹386 Cr from ₹569 Cr. The debt-to-equity ratio improved sharply to 0.21x from 0.36x, showing strong financial discipline.</li><li>Strategic Developments: In FY25, ASK Investment Managers focused on strengthening its business model and expanding its offerings. The company received SEBI’s in-principle approval to launch its own mutual fund, marking a significant milestone in diversifying its product portfolio. It also restructured subsidiaries by acquiring ASK Alternatives Managers Pvt. Ltd. and infused ₹250 Cr into ASK Wealth Advisors to support future growth. On the shareholder front, the company declared two interim dividends totaling around ₹222 Cr, reinforcing its commitment to returns. Employee alignment was strengthened through ESOPs and ESARs, while operations expanded with new offices across 27 locations, enhanced NRI platforms in Singapore and Dubai, and international AUM growth through its UCITS platform. These steps reflect ASK’s strategy of scaling up while maintaining strong financial discipline. However, tracking revenue momentum and margin stability will be crucial, as expense growth is outpacing top-line growth.</li></ul>

ASK Investment Reports Mixed FY25 with PAT Up 10%

ASK Investment Managers Posts Modest FY25 with Flat Revenues

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