IPO

IPO NOTE

The company's platform growth has improved operational leverage and cost efficiency, improving profitability for FY25 compared to FY23. Revenues have witnessed ~34% CAGR between FY23-25 while the company reported net profit of Rs.28.5cr for FY25 (Ex. Deferred Tax) in...

The Company has serviced ~14.6 Mn. customers till date. Moreover, it has witnessed a healthy growth of 25.5% CAGR in its overall NTV over FY23-25, driven by an increase of 17.3% CAGR growth in annual transacting users and a growth of 4.6% CAGR in avg. spend per transacting user.

Urban Company operates a technology-driven, full-stack online services marketplace for quality driven services and solutions across various home and beauty categories. Company operate in 51 cities across India, United Arab Emirates (UAE) and Singapore, excluding cities served by company's joint venture in Kingdom of Saudi Arabia (KSA), of which 47 cities are in India, as at June 30, 2025. Company's platform enables consumers to easily order services, including cleaning, pest...

IPO NOTE

IPO NOTE

The IPO market continues its strong activity this week, with eleven new issues set to open, including three from the mainboard segment. Additionally, seven companies will make their stock market debut, following 11 listings last week.

Company is amongst the leading and specialised designers and manufacturers of Mangalsutra in India. Company is engaged in designing, manufacturing, and marketing, a varied range of Mangalsutra studded with diverse range of stones including but not limited to, American diamond, cubic zirconia, pearl, mother of pearl, and semi-precious stones, in 18k and 22k purity of gold, to its business-to-business (B2B) clients. Mangalsutra is a traditional necklace, crafted from gold and black beads worn by...

Dev Accelerator Ltd. (DAL) is a flex space operator (a third-party company that manages and run flexible workplaces) with presence in tier-I & tier-II markets across India. The company offers comprehensive office space solutions which includes sourcing office spaces, customizing designs, developing spaces and providing technology solutions. As of May'25, DAL has over 250 clients and 28 centers across 11 cities in India with 14,144 seats with SBA (Super Built-up Area) of 8,60,522 sqft under management. Flexible workspace solutions include managed office spaces, co-working spaces,...

Shringar House of Mangalsutra Ltd. is engaged in designing, manufacturing and marketing a varied range of Mangalsutra in India. The company offers an extensive range of Mangalsutra featuring over 15 collections and more than 10,000 active SKUs, catering to a diverse demographics. Shringar's clientele includes corporate clients, wholesale jewellers, and retailers across 24 states and 4 union territories. Additionally, the company has international presence in the UK, New Zealand, UAE, the USA and Republic of Fiji. Company's marquee corporate clientele includes Malabar Gold, Titan, Reliance Retail, Novel Jewel,...

Urban Company Ltd (UCL) is a technology driven, full-stack online services marketplace for quality driven solutions and services in 51 cities across India, United Arab Emirates (UAE) and Singapore. The market of Saudi Arabia is...

Action in the primary market seems to be unstoppable, as there will be eight new public issues hitting this week, including one from the mainboard segment. In addition, ten companies will make their stock market debut, following ten listings last week.

Company is a pharmaceutical company engaged in developing, manufacturing and marketing a diverse range of sterile liquid products - parenteral products, being packed in plastic container with Aseptic Blow-Fill-Seal (ABFS) and Injection Strech Blow Moulding (ISBM) technology. Company manufacture large volume parenterals (LVPs) and small volume parenterals (SVPs) in six therapeutic segments. In addition to that, company also manufacturer medical devices. Company...

IPO NOTE

Company is a chemical manufacturing company engaged in manufacturing of; (i) high purity advance pharmaceutical intermediates (Pharma Intermediate) which serves as raw material/ key starting material in the manufacturing of active pharmaceutical ingredients; and (ii) active pharmaceutical ingredients (APIs) which serves as a raw material for pharmaceutical formulations in preparation of various type of Finished Dosage Formula (FDF) such as tablet, capsules,...

Vikran’s initial issue is available at 17.3x TTM EV/EBITDA which is much
lower to its peer average of 32.0x TTM EV/EBITDA. We believe the issue
is attractively priced, as its growth in terms of revenue and EBITDA, has
trended in a similar range of its peers, while it is available at a much lower
valuation. We assign a “SUBCRIBE” rating to the issue.

Company is one of the fast-growing Indian Engineering, Procurement and Construction (EPC) company in terms of revenue growth over FY23-25, compared to the average industry growth estimates and the peer set considered. While company is relatively smaller in terms of revenue from operations in comparison to the listed industry peers, Company's revenue from operations grew at a CAGR of 32.17% from 5,243.05 million...

IPO NOTE

IPO NOTE

The IPO market keeps its momentum this week, with ten issues set to open, including two from the mainboard segment. In addition, ten companies will make their stock market debut, following five listings last week.