HDFC Securities Broker Research reports

Issue Snapshot:Issue Open: December 20 December 22, 2023Price Band: Rs. 499 524*Issue Size: Up to Rs 740 cr (Fresh Issue of Rs240 cr + Offer fo sale of Rs 500 cr includingemployee reservation of Rs 4 cr)Reservation for:QIB upto 50% eq shNon-Institutional atleast 15% eq sh((including 1/3rd for applications between Rs.2lakhs to Rs.10 lakhs))Retail atleast 35% eq shFace Value: Rs 2Book value: Rs 45.74 (September 30, 2023)Bid size: - 28 equity shares and in multiplesthereof100% Book built Issue IPO Note - Azad Engineering Limited

Issue Snapshot: Issue Open: December 19 December 21, 2023 Price Band: Rs. 808 850 *Issue Size: Up to Rs.,1008.59 (Fresh Issue of up to Rs 400 cr + Offer for sale of upto 7,159,920 eq sh ) Reservation for: QIB upto 50% eq sh Non-Institutional atleast 15% eq sh ((including 1/3rd for applications between Rs.2 lakhs to Rs.10 lakhs)) Retail atleast 35% eq sh Face Value: Rs 2 Book value: Rs 123.28 (September 30, 2023) Bid size: - 17 equity shares and in multiples thereof 100% Book built Issue IPO Note Happy Forgings Limited

IPO Note - Muthoot Microfin Limited IPO Note - Muthoot Microfin Limited

Issue Snapshot: Issue Open: December 14 December 18, 2023 Price Band: Rs. 627 660 *Issue Size: Up to 22,110,955 Equity Shares (Entirely Offer for sale) Reservation for: QIB upto 50% eq sh Non-Institutional atleast 15% eq sh ((including 1/3rd for applications between Rs.2 lakhs to Rs.10 lakhs)) Retail atleast 35% eq sh Face Value: Rs 2 Book value: Rs 61.06 (September 30, 2023) Bid size: - 22 equity shares and in multiples thereof 100% Book built Issue ipo-note-Inox India Limited

Issue Snapshot: Issue Open: December 13 December 15, 2023 Price Band: Rs. 469 493 *Issue Size: Rs 1200 cr (Fresh Issue of Rs 800 cr + Offer for sale of Rs 400 cr) Reservation for: QIB upto 50% eq sh Non-Institutional atleast 15% eq sh ((including 1/3rd for applications between Rs.2 lakhs to Rs.10 lakhs)) Retail atleast 35% eq sh Face Value: Rs 5 Book value: Rs 152.70 (September 30, 2023) Bid size: - 30 equity shares and in multiples thereof 100% Book built Issue Capital Structure: Pre Issue Equity: Rs. 45.41 cr *Post issue Equity: Rs. 53.53 cr Listing: BSE & NSE Book Running Lead Managers: ICICI Securities Limited, Citigroup Global Markets India Private Limited, Kotak Mahindra Capital Company Limited, Ambit Private Limited Sponsor Bank: HDFC Bank Ltd & Kotak Mahindra Bank Limited Registrar to issue: KFin Technologies Limited Shareholding Pattern Shareholding Pattern Pre issue % Post issue % Promoter and Promoter Group 56.93 48.30 Public & Employees 43.07 51.70 Total 100.0 100.0 *=assuming issue subscribed at higher band Source for this Note: RHP IPO Note - India Shelter Finance Corporation Limited

Issue Snapshot:Issue Open: December 13 December 15, 2023Price Band: Rs. 750 790 (Discount of Rs 75 pershare for all eligible employees)*Issue Size: Rs 1200 cr (Fresh Issue of Rs 350 cr+ Offer for sale of Rs 850 cr (including Employeereservation of Rs 5 cr)Reservation for:QIB atleast 75% eq shNon-Institutional upto 15% eq sh((including 1/3rd for applications between Rs.2lakhs to Rs.10 lakhs))Retail upto 10% eq shFace Value: Rs 10Book value: Rs 70.69 (September 30, 2023)Bid size: - 18 equity shares and in multiplesthereof100% Book built IssueCapital Structure:Pre Issue Equity: Rs. 56.25 cr*Post issue Equity: Rs. 60.68 crListing: BSE & NSEBook Running Lead Managers: JM FinancialLimited, BNP Paribas, ICICI Securities Limited,IIFL Securities LimitedSponsor Bank: HDFC Bank Ltd & Axis BankLimitedRegistrar to issue: Link Intime India PrivateLimitedShareholding PatternShareholding PatternPre issue%Post issue%Promoter and PromoterGroup100.00 74.97Public & Employees 0.00 25.03Total 100.0 100.0*=assuming issue subscribed at higher bandSource for this Note: RHP IPO Note - DOMS Industries Limited

Issue Snapshot: Issue Open: November 22 November 24, 2023 Price Band: Rs. 475 500 *Issue Size: 60,850,278 eq sh (Entirely Offer for Sale (including employee reservation of upto 2,028,342 eq sh + Reservation of Upto 6,085,027 eq sh for TML Shareholders) Reservation for: QIB upto 50% eq sh Non-Institutional atleast 15% eq sh ((including 1/3rd for applications between Rs.2 lakhs to Rs.10 lakhs)) Retail atleast 35% eq sh Face Value: Rs 2 Book value: Rs 70.27 (September 30, 2023) Bid size: - 30 equity shares and in multiples thereof 100% Book built Issue Tata Technologies Limited-IPO Note-22112023

Issue Snapshot: Issue Open: November 22 November 24, 2023 Price Band: Rs. 475 500 *Issue Size: 60,850,278 eq sh (Entirely Offer for Sale (including employee reservation of upto 2,028,342 eq sh + Reservation of Upto 6,085,027 eq sh for TML Shareholders) Reservation for: QIB upto 50% eq sh Non-Institutional atleast 15% eq sh ((including 1/3rd for applications between Rs.2 lakhs to Rs.10 lakhs)) Retail atleast 35% eq sh Face Value: Rs 2 Book value: Rs 70.27 (September 30, 2023) Bid size: - 30 equity shares and in multiples thereof 100% Book built Issue Tata Technologies Limited

Issue Snapshot: Issue Open: November 03 November 07, 2023 Price Band: Rs. 57 60 (Discount of Rs 5 for all eligible employee) *Issue Size: Rs.463.0 Cr (Fresh Issue of Rs 390.7 cr + Offer for sale of Rs 72.3 cr including employee reservation of Rs.12.5 cr) Reservation for: QIB upto 50% eq sh Non-Institutional atleast 15% eq sh ((including 1/3rd for applications between Rs.2 lakhs to Rs.10 lakhs)) Retail atleast 35% eq sh Face Value: Rs 10 Book value: Rs 40.92 (June 30, 2023) Bid size: - 250 equity shares and in multiples thereof 100% Book built Issue ESAF Small Finance Bank Limited

Issue Snapshot: Issue Open: October 31 November 02, 2023 Price Band: Rs. 308 324 (Discount of Rs 30 for all eligible employee) *Issue Size: 52,513,594 eq sh (Fresh Issue of Rs 365 cr + Offer for sale of 41,248,162 eq sh including employee reservation of Rs.1 cr) Reservation for: QIB atleast 75% eq sh Non-Institutional upto 15% eq sh ((including 1/3rd for applications between Rs.2 lakhs to Rs.10 lakhs)) Retail upto 10% eq sh Face Value: Rs 10 Book value: Rs 20.29 (June 30, 2023) Bid size: - 46 equity shares and in multiples thereof 100% Book built Issue ipo-note Honasa Consumer Limited 30102023