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Originally incorporated in 2010 by Kuldeep Jain, a former McKinsey partner, Clean Max Enviro Energy Solutions Limited (CleanMax) has emerged as India’s largest renewable energy provider for the Commercial and Industrial (C&I) segment. The company specializes in delivering comprehensive decarbonization solutions, ranging from rooftop solar and wind-solar hybrid farms to advanced energy storage and carbon credit services. With an operational footprint spanning India, the UAE, Thailand, and Bahrain, CleanMax manages a robust portfolio of 2.54 GW in operational capacity and an additional 2.53 GW of contracted projects under execution.

The company has recently secured approximately ₹1,500 crore in a pre-IPO funding round led by global investment giants Temasek Holdings and Bain Capital. This capital raise, priced at ₹1,053 per share, serves as a precursor to its upcoming Initial Public Offering (IPO) valued at ₹5,200 crore. The IPO will consist of a fresh issue of ₹1,500 crore and an Offer for Sale (OFS) of ₹3,700 crore, aimed at strengthening the company's capital base and providing an exit for early investors while funding its next phase of global expansion.

Business Model and Operating Footprint

CleanMax operates primarily on a Business-to-Business (B2B) model, providing "Energy-as-a-Service" to corporate clients. It pioneered the OPEX (or BOOT) model in India, where the company invests in, builds, and operates renewable energy plants, while clients pay only for the energy consumed at tariffs typically 20–40% lower than the grid. The company also offers "Group Captive" models and "Virtual PPAs" (vPPAs) to help large enterprises meet their sustainability and net-zero goals without heavy upfront capital expenditure.

The company’s strategic focus on tech-heavy industries has made it a preferred partner for global technology majors, with nearly 40% of its portfolio serving clients like Google, Apple, Amazon, Meta, and Equinix. Its operational reach extends across 10 Indian states with significant concentration in Karnataka and Gujarat and international markets in the Middle East and Southeast Asia, supported by a workforce of over 460 employees.

Capex and Future Growth Drivers

The proceeds from the fresh issue of the IPO and the recent pre-IPO round are primarily earmarked for scaling operations in the capital-intensive renewable energy sector. The funds are intended for:

• Repayment of Borrowings: Approximately ₹1,125 crore is allocated to reduce outstanding debt, which stood at roughly ₹7,973 crore as of March 2025, thereby improving the company’s debt-to-equity ratio and financial flexibility.
  
• General Corporate Purposes: To facilitate entry into emerging green technologies, such as Battery Energy Storage Systems (BESS) and green hydrogen.

Overall, Clean Max Enviro Energy Solutions represents a significant play on the global corporate transition toward Net-Zero. By leveraging long-term contracts with blue-chip multinational corporations and securing backing from marquee investors like Temasek and Brookfield, the company is positioned as a frontrunner in the rapidly evolving renewable energy landscape.

Originally incorporated in 2010 as Marushika Traders and Advisors Private Limited, Marushika Technology Limited (MTL) has evolved into a specialized distributor and service provider of Information Technology (IT) and Telecom Infrastructure solutions. The company provides a comprehensive suite of digital infrastructure services, including data center setup, active networking, cybersecurity, advanced surveillance systems, and power management. Its diversified operations also include smart solutions such as smart lighting and waste management and a recently expanded Auto-tech division dedicated to the maintenance and refurbishment of military vehicles for the defense sector.

The company is now launching an Initial Public Offering (IPO) of up to 23,05,200 Equity Shares of face value Rs10 each to raise ₹26.97 crore, entirely through a fresh issue. Marushika Technology IPO price band is set at ₹111 to ₹117 per share. The lot size for an application is 1,200. The minimum amount of investment required by an individual investor (retail) is ₹2,80,800 (2,400 shares) (based on upper price). The minimum lot size for investment in HNI is 3 lots (3,600 shares), amounting to ₹4,21,200. IPO will list on NSE SME with a tentative listing date fixed as Feb 19, 2026.

Business Model and Operating Footprint

Marushika Technology Limited operates primarily on Business-to-Business (B2B) and Business-to-Government (B2G) models, serving as a critical link between Original Equipment Manufacturers (OEMs) and end-users. The company has a significant operational presence in Delhi and Uttar Pradesh, which collectively contributed over 61% of its total revenue in the most recent stub period.A key strategic pillar is its "Bill-to-Ship" model, which streamlines logistics by having products delivered directly from suppliers to client project sites, thereby optimizing execution timelines and reducing handling costs. MTL's ability to integrate diverse technologies from smart access controls to integrated command centers enables it to serve high-profile government entities such as Bharat Electronics Limited (BEL) and the Delhi Metro Rail Corporation (DMRC).

Capex and Future Growth Drivers

The proceeds from the IPO are essential for MTL to scale its operations in the capital-intensive IT infrastructure and defense technology sectors. The Net Proceeds are primarily earmarked for:

• Funding Working Capital Requirements: Approximately ₹1,468.00 Lakhs to support project execution and trade receivables.
  
• Repayment of Borrowings: Approximately ₹500.00 Lakhs to reduce indebtedness and improve the balance sheet.
  
• General Corporate Purposes: To support business expansion and operational exigencies.

Overall, Marushika Technology Limited represents a strategic play on India’s dual focus on digital transformation and defense indigenization. By combining a proven track record in IT infrastructure with an emerging presence in military vehicle maintenance, the company is positioning itself to capture growing government and private sector demand for integrated technology solutions.​

Founded in 2015, OFB Tech Private Limited (OfBusiness) has established itself as a tech-enabled B2B industrial conglomerate and fintech platform, serving as a critical supply chain partner for India’s Small and Medium Enterprise (SME) sector. The company operates as a "one-stop" shop for manufacturing and infrastructure firms, offering a integrated solution that combines raw material procurement, tech-driven fulfillment, and embedded financial services. Its core operations span multiple industrial supply chains, including metals, chemicals, polymers, agri-commodities, and energy.

The company is currently preparing for a major mainboard Initial Public Offering (IPO) targeted for early 2026, with an estimated issue size between $750 million and $1 billion. This public debut follows a rapid scaling phase where the company reached a valuation of approximately $5 billion, positioning it as one of the few profitable unicorns in India’s B2B e-commerce space.

Business Model and Operating Footprint

OfBusiness operates a dual-engine business model that links industrial commerce with credit. As a commerce platform, it aggregates demand from thousands of SMEs to negotiate bulk pricing directly with large manufacturers and OEMs, passing on volume discounts to smaller players. The company has a significant operational footprint across 26 states and 7 Union Territories in India, and has expanded its presence to over 35 countries globally.

A key strategic pillar is its proprietary BidAssist platform, which enables SMEs to discover and bid for millions of government and private tenders using AI-driven analytics. Additionally, its fintech vertical, Oxyzo Financial Services, provides tailored, collateral-free working capital loans. By using transaction data from its commerce platform to underwrite these loans, OfBusiness has created a self-sustaining ecosystem that solves the primary SME pain points: expensive raw materials and lack of formal credit.

Capex and Future Growth Drivers

The proceeds from the upcoming IPO are intended to deepen the company's presence in the industrial value chain and enhance its technological moats. The primary growth drivers include:

• Vertical Integration & Manufacturing: Moving beyond pure aggregation into contract manufacturing and private labeling (via its OFG Manufacturing arm) to capture higher margins.
  
• Technological Advancement: Scaling its SaaS offerings and "Nexizo.AI" platform for real-time commodity price tracking and supply chain automation.
  
• Global Supply Chain Expansion: Strengthening its export-import footprint, particularly in high-demand categories like chemicals, steel, and agricultural products.
  
• Strategic Acquisitions: Continuing its track record of acquiring specialized supply chain and manufacturing firms to enter new industrial clusters.

Overall, OfBusiness represents a significant play on India’s $700 billion manufacturing sector. By merging a massive commerce engine with sophisticated data-driven financing, the company is uniquely positioned to benefit from the ongoing formalization and digital transformation of the Indian industrial economy.

The Union Budget 2026-27 focuses on capital-intensive growth, domestic manufacturing, strategic self-reliance, and long-term infrastructure development.

Key Highlights:

• Infrastructure & Capital Expenditure – Record allocations for railways, logistics corridors, power transmission, urban infrastructure, and industrial clusters aim to strengthen connectivity, reduce logistics costs, and crowd in private investment.
• Taxation & Fiscal Measures – Selective customs duty rationalisation, sector-specific duty exemptions, and revisions in securities transaction taxes reflect a calibrated approach to revenue mobilisation while supporting manufacturing and capital markets.
• Manufacturing & Industry Support – Strong policy push for electronics manufacturing, battery storage systems, container manufacturing, heavy engineering, and textiles through incentive schemes, PLI extensions, and cluster-based development.
• Agriculture & Rural Development – Continued support for rural infrastructure, drinking water schemes, irrigation projects, and allied activities focuses on improving rural livelihoods and execution efficiency.
• Technology & Digital Economy – Enhanced allocations for semiconductors, data centres, AI models, and IT services reforms aim to position India as a global compute, electronics, and digital innovation hub.
• Financial Services & Capital Markets – Measures impacting securities transaction taxes, derivatives trading, and exchange operations indicate a focus on market stability, transparency, and long-term capital formation, while supporting financial deepening and investor confidence.
• Pharmaceuticals & Healthcare – Higher budgetary allocation for healthcare, launch of flagship biopharma initiatives, customs duty exemptions on life-saving drugs, and expanded AYUSH funding aim to strengthen healthcare access, innovation, and domestic pharmaceutical capabilities.
• Social Welfare & Human Development – Increased spending on healthcare, education, skill development, and employment programs underscores a sustained focus on human capital and inclusive growth.
• Green Energy & Sustainability – Policy support for solar energy, battery storage, grid modernisation, rare earth processing, and electric mobility strengthens India’s clean energy transition and supply-chain security.
• Defence & Strategic Sectors – Higher defence capital outlay, increased spending on aerospace engines, indigenous weapons, and critical minerals reinforces national security and self-reliance objectives.

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Founded in 2001 and headquartered in New Delhi, Transline Technologies Limited is a specialized technology solutions provider focusing on integrated security systems, biometric authentication platforms, and AI-driven software. Over its 23-year history, the company has evolved into an end-to-end solutions provider across four key verticals: video surveillance, biometric solutions, IT infrastructure, and managed services. Its diverse clientele includes various departments of the Government of India, law enforcement agencies, public sector units (PSUs) in oil & gas and railways, and private enterprises in sectors like manufacturing and telecom.

The company is now received approval on 22 January, 2026 for an IPO of up to 16,191,500 Equity Shares of face value ₹2 each, entirely through an Offer for Sale (OFS) by existing Selling Shareholders. The offer will be conducted through a 100% book-built process, and the company has received in-principle approvals for listing on both the BSE and NSE. This public debut marks a significant milestone as the company seeks to achieve the benefits of listing on stock exchanges and provide liquidity to its shareholders.

Business Model and Operating Footprint

Transline Technologies follows a project-led delivery approach, conceptualizing and executing tailored technology solutions for specific customer needs. The company operates a pan-India network through its registered office in New Delhi and regional offices in Navi Mumbai and Hyderabad.

A core strategic focus is its proprietary technology stack, which includes:

• StorePulse: An AI-powered video analytics tool for footfall tracking and customer behavior analysis.
• CamStore: A real-time video compression tool that reduces CCTV storage bandwidth consumption by up to 90% while maintaining footage integrity.
• CheckCam: A CCTV network health monitoring system that provides real-time alerts and automated incident management.
  These proprietary solutions are delivered via a Software-as-a-Service (SaaS) model, creating steady and predictable recurring revenue streams.
  
  

After years of anticipation, PhonePe has moved a step closer to the public markets. The fintech major has received regulatory approval from the capital markets regulator, clearing a crucial hurdle for its much-awaited initial public offering (IPO).

The nod from the Securities and Exchange Board of India (SEBI) marks a significant milestone in PhonePe’s listing journey and signals regulatory comfort with the company’s structure and disclosures. The approval paves the way for formal IPO preparations and positions PhonePe among India’s most closely watched upcoming listings.

PhonePe’s IPO comes at a time when the company has strengthened its business fundamentals, expanded beyond digital payments into financial services, insurance, and wealth products, and completed its redomiciling from Singapore to India—an essential step for listing on domestic exchanges.

With SEBI’s approval in place, PhonePe is expected to move ahead with finalising its Draft Red Herring Prospectus (DRHP) and engaging investment bankers. The IPO is likely to be one of India’s largest fintech listings, with reports suggesting the company could seek a valuation of around $15 billion, making it a landmark event for India’s digital payments and fintech ecosystem.

Founded in 2005, ESDS has evolved from a traditional software services firm into a vertically integrated cloud and managed services provider, offering Infrastructure-as-a-Service (IaaS), Platform-as-a-Service (PaaS), disaster recovery, and managed hosting solutions. Its client base spans BFSI, government, telecom, healthcare, and large enterprises, supported by long-term contracts and recurring revenue characteristics.

The company is now preparing for a mainboard IPO aggregating up to ₹600 crore, entirely through a fresh issue, with an additional Pre-IPO placement of up to ₹120 crore under consideration. This capital raise marks a pivotal phase in ESDS’s growth journey, as it seeks to strengthen its balance sheet, fund expansion, and scale its data centre and cloud infrastructure footprint.

Business Model and Operating Footprint

ESDS operates a network of owned and operated data centres across Nashik, Airoli (Navi Mumbai), Bengaluru, and Mohali, giving it a geographically diversified and latency-optimised infrastructure base within India. 

A key strategic focus has been its proprietary automation platform and cloud management tools, which enable cost optimisation, uptime guarantees, and service reliability for enterprise clients. This technology-driven operating model is intended to enhance margins over time while improving scalability.

​Capex and Future Growth Drivers

The optics of ESDS’s IPO are notable given the capital-intensive nature of the data centre and cloud services business. The proceeds are primarily expected to be deployed toward:

• Expansion of data centre capacity and related infrastructure

• Investment in cloud platforms, automation, and cybersecurity capabilities

• General corporate purposes and balance sheet strengthening

Overall, ESDS Software Solution Ltd. represents a play on India’s domestic digital infrastructure build-out, combining owned data centre assets, recurring enterprise revenues, and a technology-led service model. Its upcoming IPO will be closely watched as a barometer for investor appetite toward India-focused cloud and data centre platforms

Madhur Iron & Steel (India) Limited has filed its Draft Red Herring Prospectus (DRHP) with SEBI on January 23, 2026, proposing an initial public offering of up to 1,00,00,000 equity shares through a 100% book-built process. The IPO comprises entirely of a fresh issue of equity shares with no offer for sale component, indicating that all proceeds will be used to fund the company’s growth and balance sheet requirements.

The issue is being undertaken under Regulation 6(1) of the SEBI ICDR Regulations, as the company has a consistent track record of profitability, reporting a net profit of ₹18.12 Crores in Fiscal 2025 and ₹12.5 Crores in Fiscal 2024. As a result, the IPO represents a profitability-backed offering rather than a purely growth-oriented listing, with investor interest likely driven by the company's financial stability and operational expansion in the steel sector. The equity shares are proposed to be listed on both BSE and NSE.

Incorporated in 2012, Madhur Iron & Steel operates in the steel manufacturing and trading space, primarily catering to the infrastructure, construction, power transmission, and railway sectors. Headquartered in Bhilai, Chhattisgarh, the company manufactures structural steel products such as angles, channels, flats, and rods, and also engages in the trading of steel products to offer comprehensive solutions to its institutional customers. Its promoter is Jayant Agrawal.

The proceeds from the IPO are proposed to be utilised primarily towards financing capital expenditure for setting up a new manufacturing facility, Proposed Unit II (₹75.8 Crores), funding working capital requirements (₹35.3 Crores), and repayment or prepayment of outstanding borrowings (₹11.9 Crores). The substantial allocation towards capacity expansion highlights the company's focus on scaling its manufacturing capabilities to meet growing market demand.

After nearly a decade in regulatory limbo, the National Stock Exchange of India (NSE) has taken a decisive step closer to the capital markets. The exchange has received a No-Objection Certificate (NOC) from the regulator, formally clearing a key hurdle for its long-awaited initial public offering (IPO).

The approval from the Securities and Exchange Board of India (SEBI) marks a major milestone in one of India’s most closely watched listing journeys. The move signals regulatory comfort after years of heightened scrutiny and is expected to unlock the next phase of the IPO process.

​NSE IPO plans date back to 2016 but were repeatedly delayed due to governance concerns and the co-location network access controversy. Over the years, the exchange has worked to resolve legacy issues, strengthen internal controls, and settle outstanding regulatory matters—efforts that have now culminated in SEBI’s go-ahead.

With the NOC in hand, NSE is expected to move swiftly towards preparing its Draft Red Herring Prospectus (DRHP) and appointing investment bankers. Given its dominant position in India’s cash and derivatives markets and a large base of unlisted shareholders, the NSE listing is widely expected to be one of the most significant IPOs in India’s capital market history.

Indian Link Chain Manufacturers Ltd has entered into an agreement to acquire a majority stake in RRP Electronics Ltd, marking its strategic entry into the semiconductor and high-technology electronics space. RRP Electronics operates in advanced electronics, including semiconductor assembly and testing (OSAT), electro-optics, and medical device components.

Post the transaction, the company plans to rebrand as RRP Electronics India Ltd, signalling a structural shift away from traditional chain manufacturing toward high-value electronics and semiconductor manufacturing. The deal terms were not disclosed.

The acquisition represents a business model pivot and sector re-rating trigger, aligning the company with India’s broader electronics manufacturing push, but also introduces execution and integration risk given the sharp diversification.

The IPL ecosystem’s total business value jumped to $18.5 billion in 2025, with franchise valuations scaling up as media rights, sponsorship deals and fan engagement expand. Amid this growth, Royal Challengers Bangalore (RCB) became the most valuable franchise at $269 million, overtaking Chennai Super Kings (CSK), which was valued around $235 million. 

This macro shift underscores two things:

• franchises trade at real brand multiples

• ownership changes now drive unlisted pricing signals

CSK’s unlisted share price has climbed sharply trading up ~25% to ₹200–205, implying a valuation around ₹6,300–₹7,800 crore in private markets.

This development moves IPL valuation discussions from “sports passion” to institutional asset valuation:

• Ownership deals (KKR/RCB/RR) are becoming reference points for private pricing

• CSK unlisted investors may see improved pricing as valuation benchmarks shift up

Even if CSK’s on-field performance dipped in 2025 (which affected brand rankings), the broader business economics of IPL teams' annuity media rights, central revenue distribution, and sponsorship inflows  remain strong. 

The Metropolitan Stock Exchange of India (MSEI), once a dormant stock exchange overshadowed by NSE and BSE, is quietly rebuilding itself in 2025–26 through strategic capital raises, liquidity initiatives and renewed investor interest. This rekindled momentum has translated into unlisted share price action and broader market conversation, though with clear performance caveats.

In FY25, MSEI reported a net loss of ₹34.2 crore, despite some cost rationalisation, after operating revenue fell sharply and total income declined year-on-year. Yet the company took structural steps, including the amalgamation of its clearing subsidiary and a fresh ₹238 crore capital infusion from marquee investors such as Rainmatter (Zerodha), Groww’s parent, Share India Securities and others scaling up its equity base and strengthening its balance sheet for future growth efforts.

MSEI’s unlisted share price has seen volatility reflecting investor sentiment swings. 

• Historically trading in the ₹0.80–₹2 range for years, optimism around strategic fundraises and product expansion lifted prices towards the ₹10-plus zone in early 2025 before regulatory headwinds and operational uncertainty triggered corrections. 

• Currently, unlisted quotes sit below ₹5, down from prior highs, a drop of nearly 65% from peak levels, underscoring how sentiment can swing sharply in privately traded assets.​

• Adding to the structural push, MSEI’s Liquidity Enhancement Scheme (LES) incentivises market makers with up to ₹40 lakh/month plus zero exchange transaction charges to provide continuous buy-sell quotes, a bid to deepen liquidity and improve trading quality, especially for less-active stocks. This scheme runs until June 30, 2026, with bids due by January 23, 2026. 

India’s semiconductor ecosystem is slowly shifting from being import-dependent to homegrown manufacturing, and Polymatech Electronics Ltd. is emerging as one of the most compelling pieces of that puzzle. 

The company widely regarded as India’s first opto-semiconductor chip maker is preparing for a mega IPO of around ₹10,000 crore, with its Draft Red Herring Prospectus expected to be filed in 2026. This marks a significant leap from its earlier proposed ₹750 crore offer, reflecting its ambitious expansion plans and capital needs. 

Founded in 2018 with an initial investment of just ₹14 crore, Polymatech’s growth has been rapid. Its global manufacturing footprint spans advanced packaging and testing in India and Singapore, PCB fabrication in Estonia and ingot/wafers production in France, with assembly in Bahrain, all supporting diversified revenue streams.

Earlier projections saw Polymatech targeting $2.5 billion (~₹20,000 crore) revenue by FY26 on the back of expanded chip capacity and an order book reportedly worth ~₹7,000 crore, mostly exports.

Capex and Future Drivers

The optics of a ₹10,000 crore IPO in the semiconductor space especially one focused on opto-semiconductors and next-generation chips is noteworthy for several reasons:

Strategic positioning in chips, Global production base, and Tech differentiation.

• A key milestone for the company is its GaN semiconductor plant in Nava Raipur, Chhattisgarh, backed by a ₹1,143 crore investment. This facility is poised to produce next-generation Gallium Nitride chips for 5G and future 6G networks, aligning with India’s technology and telecom ambitions. 

• Beyond domestic capacity, Polymatech has also commissioned a €100 million PCB facility in Estonia, enabling high-density boards for telecom, aerospace, automotive and defence applications, a strategic move toward end-to-end electronics manufacturing.

Notice is hereby given that the Ninth (9th) Extra-Ordinary General Meeting (“EGM”) of the Members of Hindustan Power Exchange Limited will be held on Thursday, February 05, 2026 at 10:30 A.M. (IST) through Video Conferencing (“VC”)/ Other Audio-Visual Means (“OAVM”), to transact the following businesses:

Special Business:

To consider and, if thought fit, to pass, with or without modification(s), the following resolution as a Special Resolution:

Instructions at glance

After nearly a decade of delays, the National Stock Exchange of India (NSE) is finally on track for its long-awaited initial public offering (IPO). The Securities and Exchange Board of India (SEBI) is reported to be in advanced stages of issuing the No-Objection Certificate (NOC) that will clear the regulatory hurdle preventing NSE’s public listing.

SEBI Chairman Tuhin Kanta Pandey has indicated that the nod could come within this month, a significant development that could unlock one of India’s largest capital markets listings.

NSE’s IPO has been pending since the exchange first filed its IPO plans in 2016, but regulatory scrutiny especially around governance lapses and the co-location network access controversy repeatedly stalled the process. Since then, NSE has taken steps to resolve legacy disputes, strengthen compliance, and settle regulatory matters, clearing the path for formal IPO procedures. 

If the approval is formalised soon, NSE will begin preparing its Draft Red Herring Prospectus (DRHP) and engage with investment bankers for the next steps. With over 1.7 lakh unlisted shareholders and a dominant position in cash and derivatives trading, the listing is expected to be one of India’s most watched IPOs.