IPO

The primary market remains busy this week, as the IPO pipeline expands to 11 issues. This week, seven companies are scheduled to debut on the stock exchanges, after seven successful listings last week.

Knack Packaging Ltd. (KPL) is an integrated packaging solutions provider engaged in the manufacturing of Printed and Laminated Woven Polypropylene (PLWPP) bags, catering to industries such as food, fertilizers, chemicals, cement and other industrial segments. The company operates four manufacturing facilities located in Gujarat with integrated manufacturing and printing capabilities offering endto-end processes from extrusion to high-quality printing. KPL has developed a diversified product portfolio with 13,379 SKUs supported by 73,000+ printing cylinders, serving a global client base of 1,950+ customers across 71 countries. Its strong export presence and focus on value-added flexible packaging solutions...

IPO Note

Aastha Spintex Ltd. (ASPL) is engaged in the business of manufacturing and trading cotton yarns (carded/combed/compact combed) and cotton bales. The cotton bales produced by the company are primarily used captively to produce cotton yarns, while the surplus is sold to spinning mills, traders, and other customers. Further, the cotton yarns produced by ASPL are used in both knitting and weaving applications, catering to a wide-spectrum of end-use segments and...

Company is amongst the few IT solutions companies, who have delivered first of its kind projects for government as well as for the private sector. Company also specialise in providing GovTech solutions and digital transformation services. Company provide technology solutions across sectors such as mining and allied services, government & public services, agriculture and allied services, industry and trade facilitation, education, healthcare and tourism . Incorporated in 1998, company have...

CSM Technologies Limited (CSM) is an IT/ITeS solutions provider specializing in digital transformation and e-governance services. The company operates across India and internationally in over 14 countries through its subsidiaries delivering technology-led solutions across multiple sectors including mining, government & public services, agriculture, industry & trade facilitation, education, healthcare, and tourism. Its business model is primarily project-based and tender-driven, with a strong focus on government contracts. The company's wide range of services include custom software development, e-governance platforms, AI/ML and IoT...

Company is a manufacturer and seller of traditional and contemporary handcrafted fine jewellery, specializing in Kundan, Polki, Diamond and Studded pieces. Company's brand name Rambhajo finds its roots in a jewellery business established in 1921 by Late Shri Kishan Gilara in Jaipur. He started Rambhajo as a local brokerage and trading venture in the jewellery market. The brand name evolved steadily into a wellknown brand in the jewellery manufacturing and retail space in Jaipur, Rajasthan. Company's offerings include necklaces,...

Company is one of the domestic ocean cruise operators in India, offering luxurious and inherent Indian experiences. This enables company to set industry benchmarks, foster brand loyalty, and establish pricing standards, thereby strengthening company's market presence and creating a strong competitive position. Company currently operate a cruise vessel, the MV Empress', and since its launch, 730,819 guests have sailed on company's cruise vessel, which has covered more than 321,292.53 nautical...

Incorporated in November 2020, Waterways Leisure Tourism Limited is one of India's leading domestic ocean cruise operators, offering luxury cruise experiences focused on Indian culture, hospitality, entertainment, and cuisine. The company operates the cruise vessel MV Empress, which sails to destinations including Mumbai, Goa, Kochi, Chennai, Lakshadweep, Visakhapatnam, Puducherry, and select international destinations such as Sri Lanka, Thailand, Singapore, and Malaysia. The company held approximately 79% market share by value in India's domestic ocean cruise industry in FY25. The company's net...

IPO Note

Advit Jewels enters the public market riding a compelling top-line trajectory – revenue has compounded at ~64% CAGR from FY23 to FY25, PAT margins have been healthy at 20%+, and return ratios (RoNW at 43.64%) are among the strongest in the jewellery cohort.

Turtlemint is a tech-enabled insurance distribution platform that connects customers, insurance advisors and insurers. In 2015, Turtlemint became the first to adopt the point-of-sale person (PoSP) distribution model and also has the largest certified PoSP network among the Peer Group as of March 31, 2025 as well as December 31, 2025 Company have significantly outpaced the growth of the overall retail insurance market, in terms of gross direct premium income (GDPI). While the combined growth...

IPO Note

IPO Note

The company currently operates one cruise vessel with capacity of 2,005 guests and has entered into lease agreements for two additional vessels Norwegian Sky (2,004 guests) and Norwegian Sun (1,936 guests), expected...

The primary market is gaining momentum as the IPO pipeline expands to 14 issues. This week, six companies are scheduled to debut on the stock exchanges, after three successful listings last week.

At the upper end of the price band (INR 808), the issue implies a post-money market capitalisation of INR 5,850 Cr. and an enterprise value of INR 5,946 Cr., translating to TTM EV/EBITDA of 50.6x on FY26 financials (post-issue diluted).

Turtlemint enters the public market as the largest certified PoSP network in India, with a structurally differentiated distribution footprint in Tier 2/3/4 markets that no digital-only platform has replicated at scale.

Turtlemint Fintech Solutions Ltd. (Turtlemint) is a Mumbai based fintech company engaged in the digital distribution of Insurance, Loans and Mutual Funds, through its tech-enabled proprietary triadic technology platform that seamlessly connects Digital Partners (Point-Of-Sale-Person (PoSP)), Insurer Partners, and customers. Its PoSP/Digital Partner-led distribution model, enabled by platforms such as TurtlemintPro, Turtlefin, and Turtlemint Money allows PoSPs to distribute financial products including Motor, Health, Life Insurance, Mutual Funds, Loans and Credit Cards. As of December 2025, Turtlemint has built...

Insurance Solutions