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Royal Challengers Bengaluru (RCB), one of the marquee teams of the Indian Premier League (IPL), is now reportedly set to be sold, with its owner United Spirits Ltd (USL) having initiated a strategic review of the franchise ahead of March 31, 2026. 

Nikhil Kamath, co-founder of Zerodha is among the top contenders to buy RCB.  And when one franchise changes hands at a premium, the ripple travels across the league. 

All eyes are now on Chennai Super Kings (CSK)

Unlike RCB, which has changed hands before, CSK’s promoters, led by N. Srinivasan’s group recently increased their stake in the holding company, signaling confidence in its long-term value.

CSK’s strong profitability, consistent fan engagement, and historic performance have made its unlisted shares 

Beyond the Game: The Business of IPL

The IPL’s total brand value now stands at $18.5 billion, according to reports, with franchises evolving into global sporting assets, much like NBA or Premier League clubs.

• For investors, these teams are no longer “entertainment bets” — they’re cash-generating media properties with scalable sponsorship and digital rights potential.
• RCB’s exit has triggered a valuation reset across the league positioning CSK as the credible benchmark for sustainable profitability and fan engagement.

The current CSK share price in the unlisted market stands around ₹208–₹210 per share.

RCB’s shake-up sparks a new innings for CSK — will legacy translate into valuation momentum?

In a surprising move, Aman Gupta, the co-founder and the face of the brand, stepped down from active operations.

Sameer Mehta has transitioned into the role of Executive Director, while Gaurav Nayyar, the company’s COO, now takes the helm as CEO.

Leadership exits right before a listing rarely goes unnoticed.

• According to its latest DRHP, the company also disclosed a 34% employee attrition rate in FY25, up from 28% the year before. That means one in three employees left the company in a single year.
• It’s leadership churn, high attrition, and an uneasy road to the IPO.

Despite the red flags, boAt remains India’s market leader in wearables, with over 27% market share in audio and strong recall across Tier 2 and 3 cities.

Its return to profitability in FY25 shows operational discipline.

The IPO Backstory

When boAt first filed for an IPO in 2022, it was a market darling.

 A ₹2,000 crore issue backed by booming D2C optimism.

 But as markets cooled and losses widened, the plan was shelved.

 Now, three years later, the brand is trying again with a  ₹1,500 crore IPO.

• In FY25, boAt turned profitable with ₹61 crore in PAT and ₹3,100 crore in revenue, but the real question isn’t about profits—it’s about consistency.

Above all, one thing  will test: Can boAt turn brand loyalty into lasting investor trust?

In India's edtech space, too many companies grew fast without proving profit. 

PhysicsWallah is shifting that narrative.

Physics Wallah: born on YouTube, built by credibility, and scaled with cash discipline.

Now, the company is preparing for its market debut with an IPO, including a fresh issue of ₹3,100 crore and a ₹380 crore offer-for-sale led by promoters.

The funds will be used to expand its offline centres, hybrid learning model, and digital platform — a play that merges tech efficiency with traditional classroom trust.

Founder Alakh Pandey and  Prateek Maheshwari each hold 105.12 crore shares, translating to a 40.31 percent stake apiece in the company. At the top price band, their individual stakes are valued at Rs 11,458 crore, or about $1.29 billion each.

The IPO is set at a price band of ₹103–₹109 per share.

Here’s what the numbers say:

The total IPO  issue size is about ₹3,480 crore. 

PhysicsWallah boasts 1 crore+ monthly active users and 500+ offline centres across its brands.

FY25 revenue: ₹1,240 crore (up ~42% YoY)

Profit after tax: ₹130 crore

Valuation: estimated around ₹28,426 - ₹30,000 cr  (~$3.6 billion)

• Use of  IPO proceeds:  ~₹460.5 crore for new/hybrid centres fit-outs, ~₹548.3 crore for lease payments for existing, ~₹710 crore for marketing, and ~₹200.1 crore for server and cloud infrastructure.
  
• Grey market premium (GMP) shows early sentiment: around +8% in the unlisted market for this IPO.

Key risks to consider: The valuation is steep for a company still in expansion mode, and profitability is yet to be fully demonstrated. Offline centre expansion is capital-intensive and competitive pressures from other edtech players, tuition chains and technology platforms remain high. Execution matters.

For years, India’s fintech story has been about apps that make payments faster.

But the next chapter is about something deeper — how merchants grow smarter with every transaction.

Pine Labs is entering the public market with a price band of ₹210-221 per share, launching 7- 11 November, raising ~₹3,900 crore. ​

From enabling tap-and-pay to powering EMI financing, digital gift cards, and loyalty programs — it’s turning every swipe into data, every data point into insight, and every insight into opportunity.

Behind every QR code at a local store or POS machine at a luxury outlet, there’s a layer of Pine Labs’ technology — connecting millions of merchants to credit, commerce, and customers.

Now, with its ₹3,900 crore IPO, Pine Labs is not chasing valuation hype.

FY25 revenue surged 28.5% YoY to ₹2,274 crore, while losses narrowed sharply from FY24.

But here’s the truth: It’s not yet a legacy profit-machine,  Pine Labs still posted a net loss of ~₹145 crore in FY25.

• Grey Market Premium  Substantially Falls in 5 days from ₹60 to ₹12.

• Key risks remain: It is still loss-making (net loss ~₹145 crore in FY25) despite revenue growth (~28% YoY). 

• Competitive pressure is high: payments & merchant commerce is crowded, both domestically and globally, and margin squeeze is possible. 

• Execution/internationalisation risk: The overseas growth and high-margin adjacencies are promising, but converting them into profits will take time.

• Investor dilution/esop risk: With a sizeable fresh issue plus OFS, institutional locking, and existing shareholder exits (eg. Peak XV Partners, PayPal Pte. Ltd., Mastercard Asia/Pacific Pte. Ltd.) the market will watch shareholding dynamics closely. 

Groww, one of India’s fastest-growing investment platforms, has rolled out commodities trading, allowing users to invest in crude oil, gold, silver, and other futures directly on its app. The move marks Groww’s next phase of evolution from a stock-broking startup to a complete investment ecosystem.

• The launch comes just days before the much-awaited Groww IPO, set to open on November 4, with a price band of ₹95-₹100 per share and an issue size of around ₹6,632 crore. By entering the commodities market, Groww aims to attract a wider investor base and boost engagement before its listing. 

• While commodities bring higher volatility, they also offer portfolio diversification — a strategic edge for both investors and the platform. As Groww broadens its product mix, it positions itself as a key challenger in India’s fintech and broking space.  

Update on OYO’s Bonus Issue

• Re-evaluation of Bonus Structure: Based on feedback received on the ongoing bonus issue,OYO has decided to re-evaluate and introduce a new, simplified bonus structure that will include all shareholders- both equity and CCPS holders, ensuring equal participation.
  
  
• Withdrawal of Current Resolution: As regulatory provisions do not permit mid-process changes, OYO will not proceed with the current resolution and will instead present a fresh, unified proposal for shareholder approval in compliance with the Companies Act, 2013.
  
  
• No Opt-In Required: The revised structure will be announced shortly and will not require shareholders to opt in separately.
  

According to OYO, the decision reflects the company’s continued commitment to governance-first growth, fairness, and long-term value creation for all categories of shareholders. OYO further stated that the upcoming bonus structure will embody its belief that every shareholder should have an equal opportunity to participate in PRISM’s next phase of growth.

• Financial Performance (Q2FY26 vs Q2FY25): In Q2FY26, Hero FinCorp reported a 5.7% YoY decline in total income to ₹2,139 Cr, compared with ₹2,268 Cr in Q2FY25, primarily due to lower interest income (-4.5% YoY to ₹1,868 Cr). Total revenue from operations stood at ₹2,137 Cr versus ₹2,265 Cr a year ago. Operating performance weakened sharply, with Profit Before Tax (PBT) turning into a loss of ₹100.0 Cr against a profit of ₹62.6 Cr in Q2FY25, largely driven by higher impairment on financial instruments (+11.7% YoY to ₹644.8 Cr) and elevated finance costs (+0.9% YoY to ₹835.2 Cr). After tax, the company reported a Net Loss of ₹112.8 Cr, compared to a profit of ₹26.5 Cr in Q2FY25. Consequently, Earnings Per Share (EPS) fell to ₹(8.71) from ₹2.09 in the same quarter last year. For H1FY26, total income declined 1.2% YoY to ₹4,474.1 Cr (vs ₹4,529.6 Cr in H1FY25), while Net Loss stood at ₹162.5 Cr, compared with a profit of ₹66.0 Cr in H1FY25.
  
  
• Operational Metrics (Q2FY26 vs Q2FY25): Hero FinCorp’s net profit margin stood at -5.3%, down from 1.2% in Q2FY25, reflecting rising funding and credit costs. Asset quality deteriorated — Gross NPA (GNPA) increased to 5.41% (vs 4.63% YoY) and Net NPA (NNPA) rose to 2.41% (vs 2.22% YoY). However, the Provision Coverage Ratio (PCR) improved to 56.83% from 53.27%, providing a stronger cushion against stressed assets. The company maintained a healthy capital position, with the Capital to Risk Weighted Assets Ratio (CRAR) at 17.41% (vs 16.67% YoY) and the Liquidity Coverage Ratio (LCR) improving sharply to 145.7% (from 105.4% last year), indicating ample liquidity reserves. Total debt to total assets remained stable at 86.5%, while Net Worth increased 2.3% YoY to ₹5,846.6 Cr (vs ₹5,714.8 Cr in Q2FY25).
  
  
• Strategic Developments: During H1FY26, Hero FinCorp acquired 2,148 loan accounts worth ₹117.8 Cr and transferred 1,01,161 loan accounts worth ₹1,475.3 Cr, reflecting continued portfolio churn and balance sheet optimization. Q2FY26 was a challenging quarter for Hero FinCorp, with profitability hit by elevated credit provisions and higher finance costs amid a tight interest rate environment. However, the company maintained robust capital adequacy (17.4%), improved liquidity coverage, and strengthened provisioning buffers. Portfolio stress remains concentrated in the MSME and personal loan segments, though the resolution book continues to decline — an encouraging sign. The planned Hero Fincorp IPO and potential reclassification of CCPS as equity are expected to enhance net worth and reduce leverage.

OYO (Oravel Stays Limited, “PRISM”) has issued an important update regarding the Bonus CCPS (“Bonus Shares”) as outlined in its Postal Ballot Notice dated October 28, 2025. Based on shareholder feedback received on the Postal Ballot, the Company has decided to communicate the details more clearly, extend the option election timeline, and reaffirm its commitment to transparency and a shareholder-friendly approach.

Key Updates and Benefits for Shareholders

• Extended Deadline: The option selection period has been extended by 9 days, until 6:00 PM on Friday, November 7, 2025, allowing shareholders more time to choose their preferred Bonus Share option.
• Limited Dilution: The Bonus Share issue remains limited to a maximum dilution of only 5% on a fully diluted basis- ensuring shareholder rewards with minimal impact on ownership.
• Distinct from Prior Bonus: This Bonus Share plan is separate from the earlier 1:1 issue, structured to reward long-term shareholders aligned with the Company’s IPO vision while still providing benefits to others.
• Simplified Process: CML submission is no longer required. Shareholders must simply ensure their demat accounts are active before opting for Bonus Shares and to do this verification on their own

Clarifications

• The issuance aims to enhance shareholder value by rewarding investors who support the Company’s IPO journey.
• Since equity shareholders bear higher risk without downside protection, they are being offered a small upside through Bonus Shares.
• Preference shareholders, including major investors like SoftBank Vision Fund and Ritesh Agarwal, are not eligible for the milestone-based bonus option.

Notice is hereby given that, pursuant to applicable provisions of the Companies Act, 2013 and MCA Circulars, the Company proposes to pass the enclosed Resolutions through Postal Ballot via remote e-voting provided by MUFG Intime India Pvt. Ltd.

Special Business

• To alter and increase the authorized share capital of the Company from Rs. 24,31,13,59,300 to Rs. 24,33,13,59,300 by including 10,00,000 Bonus A CCPS of Rs. 10 each and 10,00,000 Bonus B CCPS of Rs. 10 each.
  
  
• Approval is sought to issue Bonus Compulsorily Convertible Preference Shares (Bonus CCPS) to existing equity shareholders by capitalizing the Company’s free reserves, securities premium, or other permissible accounts as on March 31, 2025. Each Bonus CCPS, having a face value of Rs. 10 and credited as fully paid-up, will be allotted to eligible shareholders whose names appear in the register of members or beneficial owners as of October 24, 2025 (Record Date), in the ratio of 1 Bonus CCPS for every 6,000 existing equity shares held.

Characteristics of Bonus CCPS

• Preferential Dividend:  Bonus CCPS are issued at a noncumulative preferential dividend rate of 0.01% p.a. Holders of Bonus CCPS will be entitled to receive dividends on an as-if-converted basis, similar to equity shareholders, but such dividends shall be payable only when declared by the Board. In the event of repayment of capital, Bonus CCPS will carry pari passu rights with the equity shares of the Company.
  
  
• Conversion:
  • Each Bonus CCPS will, by default, convert into 1 equity share (“Default Bonus Conversion Ratio”). However, equity shareholders may choose a Milestone Based Option under which conversion will depend on whether a defined milestone is achieved:
    
    
    • Upon achievement of the milestone, each Bonus CCPS will convert into 1,109 equity shares (“Milestone Achievement Ratio”).
    • Upon non-achievement, each Bonus CCPS will convert into 0.10 equity share (“Milestone Non-Achievement Ratio”).
      
      
  • Shareholders not opting for the Milestone Based Option will be termed Class A Bonus CCPS Holders, while those who opt for it will be Class B Bonus CCPS Holders.
    
    
  • No fractional shares will be issued upon conversion- any fractional entitlement will be rounded to the nearest whole number (rounded up if less than one). Holders owning fewer than 6,000 equity shares of the Company will not be entitled to receive any Bonus CCPS.
    
    
  • The Milestone refers to the appointment of bankers during FY26 in connection with any proposed IPO of the Company.
    
    
  • Shareholder must notify the Company in writing of their choice regarding the Milestone Based Option within three working days from the dispatch of the Postal Ballot Notice
    
    
  • Shareholders holding more than 1% of the Company’s fully diluted equity share capitalmay choose different conversion ratios for different portions of their Bonus CCPS
    

• Issuance of Sweat Equity Shares:
  
  
  • To issue and allot up to 23,73,384 fully paid-up equity shares of face value Rs. 1 each as Sweat Equity Shares to Mr. Troy Matthew Alstead, Independent Director, in recognition of his value addition and professional contribution. Appropriate adjustment for the 1:1 bonus issuance (resulting in a total allotment of 47,46,768 shares) shall be made, as approved by the Board and shareholders in their meetings held on August 27, 2025, and September 26, 2025.
    
    
  • To issue and allot up to 23,73,384 fully paid-up equity shares of face value Rs 1 each as Sweat Equity Shares to Mr. William Steve Albrecht, Independent Director, in recognition of his professional contribution and value addition, with the 1:1 bonus issuance adjustment (totaling 47,46,768 shares) duly incorporated as per approvals granted by the Board and shareholders at their respective meetings on August 27, 2025, and September 26, 2025.

In 2015, two friends, Aman Gupta and Sameer Mehta, looked at India’s youth and saw one thing missing — affordable, stylish sound. What began as a small D2C experiment soon became boAt, a brand that turned earphones into a fashion statement.

• Today, boAt’s parent, Imagine Marketing Ltd, has filed its Updated DRHP with SEBI for a ₹1,500 crore IPO, trimmed from the earlier ₹2,000 crore plan.
• The issue comprises a fresh issue of ₹500 crore and an Offer-For-Sale (OFS) of ₹1,000 crore. This listing marks a key moment: from a digital born brand dominating Indian personal audio to a public‐market entity with governance and liquidity in full focus.

Market Leadership & Scale: boAt claims approximately a 25% market share by value and 34% by volume in India’s branded personal audio segment for FY25.  

Its affordable yet aspirational branding has made it one of India’s fastest-growing consumer electronics brands — a key moat against global competitors like Noise and OnePlus.

In FY25, it posted revenue of ~₹3,070.38 crore and turned profitable with net profit of ~₹61.08 crore, a turnaround after previous losses. In the first quarter of FY26, the company reported operating revenue of Rs 628 crore and a net profit of Rs 21.35 crore.

Diversified Portfolio & Channel Reach: The brand’s product range spans audio (earphones, speakers), wearables (smartwatches, rings), and charging solutions. On the distribution front, about 70.5% of sales were through online channels and ~29.5% through offline in FY25, plus over 12,000 offline retailers across India. 

The brand is a lifestyle icon, but its real test is profit sustainability.

Margins remain thin in a market crowded by Noise, OnePlus, and Fire-Boltt.
However, boAt’s local manufacturing, brand loyalty, and youth connect give it a moat most rivals dream of.

• From a small unit in Faridabad to the world’s largest helmet manufacturer by volume: Studds Accessories has redefined India’s manufacturing edge.

• As it opens its ₹455 crore IPO on October 30, the company isn’t just listing shares; it’s listing decades of trust built on safety, innovation, and brand power.

• With presence in 70+ countries and capacity to produce over 9 million helmets annually, Studds has turned “Make in India” into a global reality.

• Behind the visors lies a sharp financial story revenue up 10.4% YoY to ₹583.8 crore, and profit surging 21.7% to ₹69.6 crore in FY25.

• The dual-brand strategy of Studds and SMK continues to capture both mass and premium riders, fueling strong demand at home and abroad. 

• The issue, priced between ₹557–₹585 per share and Currently, the GMP of studds accessories IPO is 9%-10%.

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.

Lenskart 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”  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:

• 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.

• 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 & cloud infrastructure, and ~₹320 crore for brand marketing.

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

Financial Performance (FY25 vs FY24)

• 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.
• 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.
• 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.
• 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.

Strategic Developments

• Business Diversification: Expanded its presence in emergency medical response, mobile veterinary services, and infrastructure facility management across national highways and airports.
• Technology Enablement: Introduced AI-based solutions like BVG Lens (workforce management) and Optick (AI attendance and compliance) to enhance productivity and service quality.
• Subsidiary Growth: Subsidiaries such as BVG Security Services and BVG Skill Academy contributed strongly to overall performance.
• Human Capital Development: Strengthened its training ecosystem through collaboration with NSDC, and launched BVG Global Skillforge Solutions for international skill placements.

IPO Update

• 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).
• 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.
• 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%.

Outlook

• 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.
• 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.

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. 

What explains Gujarat’s dominance in listing count? 

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. 

Local merchant bankers and advisory networks have also played a key role in guiding SMEs through the IPO process.

• However, the growing enthusiasm for SME listings 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.

• 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.

Eyewear unicorn Lenskart founded by Peyush Bansal,  is back in the headlines this time, for drawing two prominent investors ahead of its IPO. Billionaire Radha Kishan Damani, founder of DMart, and SBI Mutual Funds are reportedly set to invest ₹100 crore each through a secondary share purchase, valuing the company at nearly $5–6 billion.

• The deal comes as Lenskart 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.

• 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.