HDFC Securities Broker Research reports

IPO Note - Corona Remedies Limited Corona Remedies Limited is an India-focused branded pharma firm, develops, manufactures, and markets 71 brands across women's healthcare, cardio-diabeto, pain management, urology, and more

IPO Note - Wakefit Innovations Limited Over the years, Wakefit Innovations Ltd. has evolved from a sleep solutions player into a one-stop destination offering home and furnishing solutions to meet customers' evolving needs, with products tailored to cater to the mass, masstige, and premium segments

IPO Note - Aequs Limited Aequs Limited (Aequs) is a vertically integrated precision component manufacturer with manufacturing capabilities in the Aerospace Segment and Consumer Segment.

IPO Note - Meesho Limited Meesho Ltd is a multi-sided technology platform driving e-commerce in India by uniting four key stakeholdersconsumers, sellers, logistics partners, and content creators

Issue Snapshot: Issue Open: November 13 November 17, 2025 Price Band: Rs. 216-228 *Issue Size: Up to Rs 828 cr (Fresh issue of up to Rs 600 cr + Offer for sale of upto 1,00,00,000 eq sh) 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 1 Book value: Rs 16.58 (June 30, 2025) Bid size: - 65 eq sh and in multiples thereof 100% Book built Issue IPO Note - Fujiyama Power Systems Limited - 14112025

Issue Snapshot: Issue Open: November 14 November 18, 2025 Price Band: Rs. 549-577 (Employee Discount Rs 52/unit) *Issue Size: Up to Rs 877.50 cr (Fresh issue of upto Rs 345 cr + Offer for sale of upto 9,228,796 eq sh) 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 2 Book value: Rs 68.59 (Sept 30, 2025) Bid size: - 25 eq sh and in multiples thereof 100% Book built Issue IPO Note - Capillary Technologies India Limited

Issue Snapshot: Issue Open: November 11 November 13, 2025 Price Band: Rs. 103-109 (Employee Discount Rs 10/unit) *Issue Size: Up to Rs 3480 cr (Fresh issue of upto Rs 3100 cr + Offer for sale of upto 34,862,385 eq sh) 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 1 Book value: Rs 7.19 (June 30, 2025) Bid size: - 137 eq sh and in multiples thereof 100% Book built Issue IPO Note - PhysicsWallah Limited - 14112025

Issue Snapshot: Issue Open: April 28 April 30 2025 Price Band: Rs. 304 321 (Discount of Rs 30 for all eligible employee) *Issue Size: 9,28,58,599 Equity Shares (Fresh issue of Rs 26,260 million + Offer for sale 11,051,746 eq sh) 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 1 Book value: Rs 4.0 (December 30, 2024) Bid size: - 46 equity shares and in multiples thereof 100% Book built Issue IPO Note - Ather Energy Limited

Issue Snapshot: Issue Open: February 14 February 18 2025 Price Band: Rs. 401 425 *Issue Size: 2,02,04,618 Equity Shares (Rs.858.7 cr) including Fresh issue of 52,94,118 Equity Shares (Rs. 225 cr) + Offer for sale 1,49,10,500 equity shares (Rs. 633.7 cr) Reservation for: QIB atleast 75% eq sh Non-Institutional alteast 15% eq sh ((including 1/3rd for applications between Rs.2 lakhs to Rs.10 lakhs)) Retail atleast 10% eq sh Face Value: Rs 10 Book value: Rs 33.07 (September 30, 2024) Bid size: - 26 equity shares and in multiples thereof 100% Book built Issue IPO Note - Quality Power Electrical Equipments Ltd

Issue Snapshot: Issue Open: February 12 February 14 2025 Price Band: Rs. 674 708 (Employee Discount Rs 67) *Issue Size: Offer for sale of upto Rs 8750 cr Reservation for: QIB upto 50% eq sh Non-Institutional alteast 15% eq sh ((including 1/3rd for applications between Rs.2 lakhs to Rs.10 lakhs)) Retail atleast 35% eq sh Face Value: Rs 1 Book value: Rs 79.92 (September 30, 2024) Bid size: - 21 equity shares and in multiples thereof 100% Book built Issue IPO Note - Hexaware Technologies Limited

Carraro India Ltd (CIL) is a technology-driven integrated supplier specializing in complex engineering products and solutions tailored for original equipment manufacturers (OEMs) in the agricultural tractor and construction vehicle sectors in India. As an independent tier 1 solution provider, the Company focuses on manufacturing critical components such as axles, transmission systems, and gears. With 27 years of presence in India, it has established a robust network of local and international customers and suppliers, leveraging its early-mover advantage to build lasting relationships and understand market needs effectively. IPO Note Carraro India Limited

Issue Snapshot: Issue Open: December 20 December 24, 2024 Price Band: Rs. 610 643 (Discount of Rs 30 per share for all eligible employees) *Issue Size: Up to Rs. 1600.0 cr (Entirely fresh issue including employee reservation of upto Rs 1.0 cr) Reservation for: QIB alteast 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 1 Book value: Rs 289.56 (September 30, 2024) Bid size: - 23 equity shares and in multiples thereof 100% Book built Issue IPO Note Ventive Hospitality Limited

Issue Snapshot: Issue Open: December 19 December 23, 2024 Price Band: Rs. 410 432 *Issue Size: Up to Rs 838.91 cr (Fresh issue of Rs 400 cr + Offer for sale of 1.02 cr shares including employee reservation of upto Rs. 19 crore) Reservation for: QIB upto 50% eq sh Non-Institutional upto 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 92.02 (June 30, 2024) Bid size: - 34 equity shares and in multiples thereof 100% Book built Issue Capital Structure: Pre Issue Equity: Rs.25.00 cr *Post issue Equity: Rs. 26.85 cr Listing: BSE & NSE Book Running Lead Managers: Inga Ventures Private Ltd, Axis Capital Ltd, HDFC Bank Ltd, IDBI Capital Markets & Securities Limited Sponsor Bank: Axis Bank Ltd & ICICI Bank Ltd Registrar to issue: Link Intime India Private Limited IPO Note Transrail Lighting Limited

Issue Snapshot: Issue Open: December 11 December 13, 2024 Price Band: Rs. 74 78 *Issue Size: Up to Rs 8000 cr (Entirely Offer for sale) Reservation for: QIB upto 50% eq sh Non-Institutional alteast 15% eq sh ((including 1/3rd for applications between Rs.2 lakhs to Rs.10 lakhs)) Retail alteast 35% eq sh Face Value: Rs 10 Book value: Rs 13.14 (September 30, 2024) Bid size: - 190 equity shares and in multiples thereof 100% Book built Issue IPO Note - Vishal Mega Mart Limited

Issue Snapshot: Issue Open: December 11 December 13, 2024 Price Band: Rs. 522 549 *Issue Size: Up to Rs 3042.6 cr (Fresh issue of up to Rs 950 cr + Offer for sale of upto 3,81,16,934 eq sh) Reservation for: QIB upto 50% eq sh Non-Institutional alteast 15% eq sh ((including 1/3rd for applications between Rs.2 lakhs to Rs.10 lakhs)) Retail alteast 35% eq sh Face Value: Rs 1 Book value: Rs 55.93 (September 30, 2024) Bid size: - 27 equity shares and in multiples thereof 100% Book built Issue IPO Note - Sai Life Sciences Limited

Issue Snapshot: Issue Open: December 11 December 13, 2024 Price Band: Rs. 265 279 *Issue Size: Up to Rs 572 cr (Entirely fresh issue) 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 2 Book value: Rs 27.74 (June 30, 2024) Bid size: - 53 equity shares and in multiples thereof 100% Book built Issue IPO Note - Mobikwik Limited

Issue Snapshot: Issue Open: November 22 November 26, 2024 Price Band: Rs. 140 148 (Discount of Rs 13 per share for all eligible employees) *Issue Size: Up to 4,39,48,000 eq sh (Fresh issue of up 3,86,80,000 eq sh + Offer for sale of up to 52,68,000 including employee reservation of upto 1,00,000 eq sh) Reservation for: QIB upto 2,19,24,000 eq sh Non-Institutional atleast 65,77,200 eq sh ((including 1/3rd for applications between Rs.2 lakhs to Rs.10 lakhs)) Retail atleast 1,53,46,800 eq sh Face Value: Rs 10 Book value: Rs 23.60 (June 30, 2024) Bid size: - 101 equity shares and in multiples thereof 100% Book built Issue IPO Note - Enviro Infra Engineers Limited

IPO Note - Niva Bupa Health Insurance Company Limited Issue Snapshot: Issue Open: November 07 November 11, 2024 Price Band: Rs. 70 74 *Issue Size: Up to Rs 2200 cr (Fresh issue of up to Rs 800 cr + Offer for sale of Up to Rs 1400 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 11.95 (June 30, 2024) Bid size: - 200 equity shares and in multiples thereof 100% Book built Issue

IPO Note - ACME Solar Holdings Limited Issue Snapshot: Issue Open: November 06 November 08, 2024 Price Band: Rs. 275 289 (Discount of Rs 27 per share for all eligible employees) *Issue Size: Up to Rs 2,900 cr (Fresh issue of Rs 2,395 cr + Offer for sale of Rs 505 cr including employee reservation of upto Rs. 10 crore) 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 2 Book value: Rs 37.19 (June 30, 2024) Bid size: - 51 equity shares and in multiples thereof 100% Book built Issue

IPO Note - Swiggy Limited Issue Snapshot: Issue Open: November 6 November 8, 2024 Price Band: Rs. 371 390 (Employee discount of Rs 25 per share) *Issue Size: Up to Rs 11327 cr (Fresh issue of up to Rs 4499 cr + Offer for sale of Up to 175,087,863 eq sh) Reservation for: QIB atleast 75% eq sh Non-Institutional upto 15% eq sh Retail upto 10% eq sh Face Value: Rs 1 Book value: Rs 33.61 (June 30, 2024) Bid size: - 38 equity shares and in multiples thereof 100% Book built Issue