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Ather Energy’s IPO isn’t just about raising capital – it could be a milestone moment for India’s EV ecosystem as its Founders and early investors are set to see windfall gains from this listing. 

• While the company is yet to turn profitable, the IPO has turned into a golden exit for early believers — from marquee VCs like Tiger Global to IITM Incubation Cell. Founders Tarun Mehta and Swapnil Jain are cashing out a total of 19.6 lakh shares between them – 9.8 lakh each. With a weighted average acquisition cost of just Rs 21.09 per share, the duo is looking at over 15x returns.

• Founded in 2013, the Bengaluru-based Ather Energy designs and manufactures electric scooters along with supporting infrastructure such as charging networks and smart software solutions, positioning itself as more than just a vehicle maker but a comprehensive mobility solutions provider. 

• The upcoming IPO aims to fund Ather's expansion plans, including setting up a new manufacturing facility, research and development, and debt repayment. Notably, major shareholder Hero MotoCorp, holding around a 40% stake, will not be selling any shares in this offering.

• Ather's decision to proceed with the IPO at a reduced valuation of ~ $1.4 billion, down from an earlier target of $2.5 billion, reflects a strategic move to attract investors amid market volatility. The company has also reduced the fresh share issuance by 15%, and key investors like GIC and Tiger Global have halved their share offerings. 
  

• The proposed initial public offering (IPO) of Ather Energy comprises a fresh issue of equity shares aggregating to ₹2,626 crore, in addition to an offer for sale (OFS) of 1.1 crore equity shares by existing promoters and shareholders. Participants in the OFS include current investors such as the National Investment and Infrastructure Fund II, Internet Fund III Pte. Ltd, IITM Incubation Cell, IITMS Rural Technology and Business Incubator, as well as promoters Mr. Tarun Sanjay Mehta and Mr. Swapnil Babanlal Jain, who will be divesting part of their holdings.
  
  
• Proceeds from the IPO will be allocated as follows:₹927.2 crore towards the establishment of a manufacturing facility for electric two-wheelers in Maharashtra, ₹40 crore for debt repayment, ₹750 crore for investment in research and development initiatives, and ₹300 crore for marketing and promotional activities. These allocations are scheduled to be utilised over the fiscal years 2026 through 2028.
  
  
• Axis Capital Limited, HSBC Securities and Capital Markets (India) Private Limited, JM Financial Limited, and Nomura Financial Advisory and Securities (India) Private Limited are acting as the book running lead managers for the offering. Link Intime India Private Limited has been appointed as the registrar to the issue.

Did you hear the headlines about the SME stock that got listed  just nine months ago and delivered stunning ~260% returns  - a multi-bagger? 

The stock we’re talking about is Sathlokhar Synergy's E&C Global Limited, listed on the NSE SME platform in August 2024. Since then, it has delivered a stunning ~260% return to its IPO investors from the listing price. The company's SME issue, opened on July 30, 2024 and closed on August 2, 2024, was priced at ₹140 per share and witnessed a phenomenal demand. The current market price of the stock is  ₹505 per share. It’s just one example of how SME IPO’s no longer fly under the radar.

The year 2024 was historic for the Indian IPO market, with 91 companies launching mainboard IPO’s and collectively raising Rs 1.6 lakh crore. 

But 2025 hasn’t carried the same momentum.

The year 2025 started strong for SME IPO’s. In January and February alone, 20 SME companies launched their IPO’s. Investors were excited, and many of these IPO’s saw high demand.

But by March, the pace slowed down. Only 6 SME IPOs came to the market that month, raising around ₹170 crore. Even with the slowdown, SME’s raised nearly ₹1,980 crore in the first three months of the year. 

Market volatility has led to a slowdown in IPO activity. According to Prime Database, 26 domestic companies that have received SEBI approval are yet to enter the primary market in the first six months of the current financial year. These companies aim to raise Rs 72,000 crore through IPOs.

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So, we looked at the most valued SME IPO’s between January and March 2025, and broke them down into three categories:

• The ones that saw massive investor demand (highest subscription),

• The ones that give investors strong returns (post-listing performance),

• The ones that commanded premium valuations (high P/E multiples).

Disclaimer:   High subscription doesn’t always mean high returns. And a high P/E doesn’t guarantee strong fundamentals. But put together, they offer a powerful view of what investors are chasing — growth, momentum, or value.

• Financial Performance (Q4FY25 vs Q4FY24): In the fourth quarter of FY25, HDFC Securities reported a drop in total income, which fell by 13.9% to ₹742 Cr from ₹862 Cr in the same quarter last year. This was mainly due to lower earnings from fees and commissions. The company's Profit Before Tax (PBT) was ₹332 Cr, down 21.7% from ₹423 Cr in Q4 FY24. Profit After Tax (PAT) also declined by 21.0%, reaching ₹251 Cr compared to ₹318 Cr a year ago. Earnings per share (EPS) dropped by 29.2% to ₹141.3 from ₹199.6, mainly because of the profit dip and increase in number of shares due to employee stock options.
• Financial Performance (FY25 vs FY24): Despite a weaker Q4, the company did well overall in FY25. Total income for the year grew by 22.7%, reaching ₹3,265 Cr, up from ₹2,661 Cr in FY24. This was supported by higher interest income and better gains from financial assets. Profit Before Tax (PBT) for the year was ₹1,496 Cr, a 17.7% increase from ₹1,271 Cr last year. Net profit (PAT) also grew by 18.3%, reaching ₹1,125 Cr from ₹951 Cr. EPS for the full year rose by 6.8%, from ₹597.4 to ₹637.8, showing stable earnings despite more shares being issued.
• Operational Metrics (FY25 vs FY24): The company’s profit margins declined in Q4. Net profit margin dropped sharply to 8% in Q4 FY25 from 37% in Q4 FY24, mainly due to lower revenue and relatively higher costs. Operating margin also fell slightly to 46% from 49%, indicating some pressure on operating efficiency. For the full year FY25, margins were more stable. The net profit margin was 34%, compared to 36% in FY24, showing only a slight dip despite higher employee and finance costs. Operating margin remained steady at 46%, reflecting strong cost control and consistent operating performance throughout the year. Additionally, the company significantly improved its balance sheet strength by reducing its debt-to-equity ratio from 4.70x to 2.37x. This means the business is now relying more on its own funds and much less on borrowed money, which is a positive sign of financial discipline and lower risk.
• Strategic Developments: In FY25, HDFC Securities took some important steps to grow its business. The company launched its wholly-owned subsidiary HDFC Securities IFSC Ltd in GIFT City, enhancing its global capabilities. It also granted 3.34 lakh ESOPs and allotted 1.19 lakh equity shares under stock options, supporting employee retention and motivation. The company paid four interim dividends totaling ₹89.8 Cr during the year, underlining its commitment to shareholder returns. Moreover, the securities premium rose significantly from ₹235.2 Cr to ₹1,319.2 Cr YoY, indicating strong capital inflows. The company also managed ₹38,422 Cr in commercial paper issuances and redeemed ₹40,250 Cr, showcasing active liquidity and treasury management.
  

Financial Performance: As of FY24, Ikeda Limited showcased a sharp financial upturn, underpinned by robust topline growth and improving profitability. Revenue from operations surged nearly 2x from ₹25.11 Cr in FY23 to ₹50.39 Cr in FY24 (annualized trend), reflecting the company’s successful customer acquisition and growing traction in digital financial services. The company turned the corner on profitability, with PAT margins reaching 8% and Return on Capital Employed (ROCE) standing at 24%, indicating efficient asset utilization. The EBITDA margin also saw an expansion, suggesting better cost controls and operating leverage.

Operational developments: Operationally, Ikeda transformed its business model into a scalable fintech platform delivering services like AePS, micro-ATMs, money transfers, and bill payments through its “FINKEDA” app. The backend is driven by Aadhaar-enabled biometric authentication and API integrations with banks and UPI systems. The retailer-led distribution network enables a wide rural and semi-urban reach. During FY24, the company fortified its leadership bandwidth, inducted a professional CFO, expanded the Board with independent directors, and initiated partnerships with regulated entities like Paytm Payments Bank to comply with RBI norms and enhance transaction capabilities. Furthermore, positive cash flows from operations in Q1 FY25 highlight improved working capital discipline and greater monetization of services.

Future Outlook: Looking forward, Ikeda plans to leverage IPO proceeds to deepen tech infrastructure, enhance cybersecurity, and scale distribution in Tier 2–3 cities. With India’s fintech ecosystem expected to surpass $150 billion by FY25, Ikeda is strategically positioned to capitalize on the rising demand for real-time, low-cost financial services. However, competitive intensity, regulatory risks, and cybersecurity challenges warrant continuous investment in compliance, innovation, and data protection. Sustainable value creation will depend on Ikeda’s ability to drive user engagement, maintain retailer trust, and build differentiated service offerings amidst rapid digital transformation. The strategic blend of technology, distribution, and financial prudence will determine its trajectory in India’s evolving fintech landscape.

The RBI's Monetary Policy Committee has recently reduced the repo rate by 25 basis points to 6%. This move aims to inject more liquidity into the system and boost economic activity, particularly when inflation is under control. 

The decision marks the second consecutive cut and is intended to support economic growth amid global trade uncertainties.

The MPC meeting comes in the backdrop of Donald Trump announcing a 26% tariff on India, which could potentially slow GDP growth by 20-50 basis points. 

However,  Donald Trump announced a 90-day pause on tariffs for all countries except China. After this event, the US stock indexes recorded their biggest one-day gains.  

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Shark Tank India Season 4 witnessed significant investments from its panel of sharks, driving the growth of the Indian startup ecosystem. Aman Gupta led the investment charts in Shark Tank India Season 4 with the largest individual investment of ₹17.4 crore, closely followed by Ritesh Agarwal with ₹16.3 crore, demonstrating their strong commitment to backing innovative ventures. 

• The season saw a total investment of ₹94.8 crore across various startups, with seasoned investors like Anupam Mittal and Namita Thapar also making significant contributions.

• Several startups struck significant deals during the season. For instance, NOOE, a high-end lifestyle accessories brand, closed a major deal of ₹5 crores with Peyush Bansal for a 51% stake while Culture Circle, a luxury fashion marketplace, secured ₹3 crores for a 3% equity stake from Vineeta Singh and Anupam Mittal.
  

These deals underscore the investors' confidence in the potential of emerging businesses.

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As per Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and in continuation of NSDL’s letter dated October 8, 2024, SEBI has granted an extension for the listing of NSDL shares on a recognized stock exchange. As per SEBI’s letter dated March 28, 2025, the new deadline is July 31, 2025, subject to the conditions specified by SEBI.

Pace Digitek Ltd., a telecom and energy infrastructure solutions provider, has filed for an ₹900 crore IPO and secured a 125 MW Battery Energy Storage System (BESS) project in Telangana. The Pace Digitek IPO aims to fund capital expenditures, while the order win strengthens the company’s position in India’s renewable energy sector.

IPO Plans

• DRHP Filed – Pace Digitek has submitted its Draft Red Herring Prospectus (DRHP) to SEBI for an Initial Public Offering (IPO).

• Issue Size – The IPO includes a fresh issue of shares worth ₹900 crore, with a face value of ₹2 each.

• Pre-IPO Option – A ₹180 crore pre-IPO placement may be conducted, reducing the fresh issue size if executed.

• Fund Utilization – ₹630 crore from the proceeds will be used for capital expenditure and general corporate purposes.

• Listing Plans – The company plans to list its shares on the NSE and BSE.

• Allocation Structure –

  • 50% reserved for Qualified Institutional Buyers (QIBs)

  • 15% for Non-Institutional Investors

  • 35% for Retail Investors

Order Win in Telangana

• Auction Win – Pace Digitek secured a 125 MW/250 MWh Battery Energy Storage System (BESS) contract from TGGENCO.

• Winning Tariff – The company won the bid at ₹2.45153/kWh, securing the largest share.

• Competitive Process – The project was awarded under a global competitive bidding process.

• Government Support – The project benefits from Viability Gap Funding (VGF), aiding India’s renewable energy growth.

With strong IPO plans and a major project win, Pace Digitek is strengthening its telecom and energy infrastructure presence.

The Shark Tank India Season 4 finale was an inspiring episode, highlighting the journeys of entrepreneurs with disabilities. With guest mentors Jeet Adani and Srikanth Bolla, the episode delivered insights on business, life, and the importance of inclusivity. 

The episode welcomed Jeet Adani, Director of Adani Airports  under Adani Group as a guest mentor, who fulfilled his promise made eight weeks ago to join as a guide. Jeet Adani got married to Diva Jaimin Shah in a traditional ceremony in Ahmedabad on February 7, 2025.  During the interaction, he also pointed out that Shark and Shaadi.com CEO Anupam Mittal removed his profile from the matrimonial site. “He tweeted saying he removed my profile”.

The Season 4 finale episode showcased remarkable pitches from entrepreneurs dedicated to disability-inclusive innovations. Symbionic provides advanced prosthetic arms. Tickle Your Art founded by Shweta Runwal blends architectural expertise with artistic talent, aiming to empower individuals with Down syndrome.

New judge Srikanth Bolla, CEO and Co-Founder of Bollant Industries, a successful entrepreneur with visual impairment, brought his inspiring journey to the panel, adding in-depth insights to the discussions. Let’s discover the key moments and takeaways from this unforgettable finale. 

​Studds Accessories Limited, a key player in the two-wheeler helmet and accessories industry, is preparing for its Initial Public Offering (IPO). Below are the key details of the offering:

IPO Highlights:

The Naturik Co. becomes the comeback startup to secure an ALL-SHARK DEAL, proving resilience and innovation pay off! After a failed pitch in Season 3, the founders returned stronger and bagged ₹4 Cr from all five sharks! 

This deal not only boosts The Naturik Co. but also signals a growing investor appetite for sustainable, health-focused startups in India.

Founders Sahil and Isha Vohra initially sought ₹50 lakhs for a 2% equity stake , valuing their company at ₹25 crores. However, the intense interest from the sharks  led to a significantly larger deal.

The negotiations culminated in an unprecedented all-shark agreement, with each shark—Aman Gupta, Vineeta Singh, Anupam Mittal, Kunal Bahl, and Peyush Bansal—collectively investing ₹4 crores for a 22.22% equity stake in The Naturik Co.. This collaboration not only underscores the company's potential but also marks a milestone as the first all-shark deal of the season.

Apollo Green Energy Ltd. (AGEL Renewable Energy) has announced a ₹500 crore investment to develop a 1 GW renewable energy portfolio over the next 2-3 years. The initiative aims to strengthen India’s clean energy infrastructure through large-scale projects, government tenders, and private power agreements.

Investment & Growth Plans

• Investment Size – AGEL Renewable Energy plans to invest ₹500 crore in renewable energy expansion.

• Portfolio Target – The company aims to build a 1 GW renewable energy portfolio starting from FY26.

• Strategic Focus – The investment will bridge critical gaps in India’s renewable energy sector and support the country's clean energy goals.

Expansion & Hiring

• Talent Acquisition – AGEL Renewable Energy plans to hire up to 200 professionals in engineering, project management, R&D, and operations.

• Technology & Innovation – The company will develop storage solutions and leverage its parent company’s engineering expertise to ensure cost-effective energy delivery.

Market Strategy & IPO Plans

• Government Tenders – AGEL will actively bid for large-scale government tenders and establish Power Purchase Agreements (PPAs) with utilities and commercial consumers.

• Pan-India Projects – The company will develop utility-scale solar and wind projects, integrate storage solutions, and create long-term revenue streams.

• Upcoming IPO – Apollo Green Energy’s parent company is planning an IPO in 2025, aiming to expand its green energy portfolio and strengthen its market position.

With a nationwide strategy and strong financial backing, Apollo Green Energy is poised to become a key player in India’s renewable energy transformation.

Shark Tank India has seen some incredible investments over the seasons, with a few startups managing to secure an All Sharks Deal each time.

Did you know in Season 1,4 companies secured an All Sharks Deal, Season 2 saw 4 companies achieving this feat and Season 3 had the highest so far, with 6 companies securing All Shark Deals. Now, in Season 4, there are already 4 companies that have managed to impress all the sharks!

And the season  includes the exclusive and innovative companies marks the good deals this season with startups like - Hire for care, Off mint, brings up with fashion brand that redefining the clothing  as a medium for self-expression and Clap store Toys and the prominent one of the season the breakfast alternative - The Naturick  Co.