Adani Group Affiliate Plans ₹1,250 Cr IPO to Boost Solar Manufacturing

Adani Group-backed Vishakha Renewables has filed draft IPO papers with SEBI to raise ₹1,250 crore via a fresh issue, alongside an offer-for-sale of 1.81 crore shares. The proceeds will primarily be used to repay ₹900 crore of its ₹2,700 crore debt, strengthening its balance sheet and funding solar glass capacity expansion.

Vishakha Renewables has officially filed its Draft Red Herring Prospectus (DRHP) with SEBI on September 30, 2026, confirming plans to raise ₹1,250 crore via a fresh issue, alongside an offer-for-sale of 1.82 crore shares. This filing is the authoritative announcement from the company.

Founded in 2015, Vishakha Renewables is an Adani Group‑backed solar manufacturing company that produces critical components for photovoltaic systems, including solar glass, aluminium frames, encapsulants (EVA/EPE), and backsheets. It is headquartered in Gujarat and operates large integrated facilities in Mundra, making it one of India’s leading players in the solar value chain. The company has India’s largest operational solar glass furnace, scaling from 660 TPD to 1,920 TPD (12.8 GW equivalent capacity). 

Adani Group-backed Vishakha Renewables IPO

IPO Structure

• Fresh Issue: ₹1,250 crore
• Offer-for-Sale (OFS): 1.81 crore shares by promoters and existing shareholders
• Pre-IPO Placement: Up to ₹250 crore possible; fresh issue size will be reduced if exercised
• Promoter Holding: 75.61% (Adani Properties 39.14%, Jigish Nagindas Doshi 30.92%, others include Gautam, Rajesh, Vinod Adani, and S B Adani Family Trust)

Business & Operations

• Core Products: Solar glass, aluminium frames, encapsulants (EVA, EPE), and back sheets for solar panels
• Facilities: 4 manufacturing plants in Mundra, Gujarat
• Current Capacity: 660 tonnes per day (TPD) solar glass
• Expansion: Additional 1,260 TPD nearing commissioning, making it one of India’s largest solar glass producers

Financials

• Revenue (FY26): ₹1,893.4 crore (up 24.8% YoY)
• Profit (FY26): ₹173.4 crore (vs ₹56.5 crore in FY25)
• Debt: ₹2,700.5 crore (as of June 2026)
• Use of IPO Proceeds: ₹900 crore for debt repayment; balance for general corporate purposes; OFS proceeds go to selling shareholders

Strategic Significance

• Adani Ecosystem: Deep integration with Adani’s renewable energy push; Adani Properties is the largest shareholder
• Demand Visibility: Long-term offtake agreements with Mundra Solar PV Ltd and Mundra Solar Energy Ltd (15–17 years) ensure steady demand
• Sector Context: India’s solar manufacturing sector is expanding under government incentives, but faces risks from import competition and policy changes

Risks & Considerations

• High Debt Load: Even after repayment, significant borrowings remain
• Execution Risk: Timely commissioning of new capacity is critical
• Competitive Pressure: Global imports could impact margins
• Regulatory Dependence: Policy shifts in solar energy could affect demand

Quick Comparison: IPO Highlights

Aspect	Details
Fresh Issue	₹1,250 crore
Offer-for-Sale	1.81 crore shares
Pre-IPO Placement	Up to ₹250 crore
Debt Repayment	₹900 crore planned
FY26 Profit	₹173.4 crore
Capacity Expansion	660 TPD → 1,920 TPD solar glass

Snapdeal Parent AceVector IPO Opens Sept 25, Targets ₹1,741 Cr Market Cap

Snapdeal’s parent AceVector has fixed its IPO price band at ₹30–₹32 per share, aiming for a post‑issue valuation of about ₹1,741 crore. The ₹420 crore issue opens on September 25 and closes on September 29, with listing expected on October 5.

AceVector Group, formerly Snapdeal Limited, is a Gurugram‑based digital commerce ecosystem founded in 2007 by Kunal Bahl and Rohit Bansal. It operates Snapdeal, Unicommerce, and Stellaro Brands, focusing on value‑driven e‑commerce for India’s non‑metro consumers.

AceVector’s latest shareholding shows funds as the dominant owners with over 77% stake, while founders Kunal Bahl and Rohit Bansal together hold just under 7%. SoftBank, Nexus Venture Partners, and Foxconn are among the largest institutional investors.

Key IPO Details

IPO Size	₹420 crore (₹287 crore fresh issue + ₹133 crore OFS)
Price Band	₹30–₹32 per share
Valuation	₹1,741 crore (~$182 million)
Subscription Dates	Opens Sept 25, closes Sept 29
Anchor Bidding	Sept 24
Listing Date	Oct 5
Face Value	₹1 per share
Lot Size	Minimum 468 shares (multiples thereafter)

Company Background

• AceVector Group houses Snapdeal, Unicommerce (SaaS e‑commerce enablement), and Stellaro Brands (consumer brands).
• Founders Kunal Bahl and Rohit Bansal hold ~ 6.7 % stake and are not selling shares.
• SoftBank (via Starfish) is the largest shareholder (30.1%) and will sell ~₹88 crore worth of shares. Nexus Venture Partners and Foxconn are also participating in the OFS.

AceVector’s major acquisitions include its 2015 purchase of Unicommerce eSolutions, which became India’s leading SaaS platform for e‑commerce enablement, and the 2025 full acquisition of Shipway, a logistics automation startup. These moves strengthened its ecosystem beyond Snapdeal’s marketplace.

Use of Proceeds

• ₹132 crore → Marketing & business promotion for Snapdeal.
• ₹50 crore → Technology infrastructure.
• Remaining → Inorganic growth (acquisitions) & general corporate purposes.

Financial Snapshot

• FY26 Revenue: ₹510 crore (up 29% YoY).
• FY26 Net Loss: ₹37–₹61 crore (narrowed from ₹126–₹139 crore in FY25).
• Free Cash Flow: Positive for the first time in FY26 (~₹10.8 crore).

Risks & Considerations

• Valuation decline: From Snapdeal’s peak $6.5B valuation in 2016 to ~$182M now.
• Competitive pressure: Value‑fashion segment faces rivals like Meesho, Myntra, Ajio, Reliance Trends, and Zudio.
• Loss‑making entity: Despite narrowing losses, profitability remains uncertain.
• Heavy reliance on fashion: ~62% of Snapdeal’s business comes from fashion, mostly priced below ₹599.

Investor Takeaway

AceVector’s IPO offers exposure to India’s value‑fashion e‑commerce niche, but comes with high competition and reduced valuation compared to Snapdeal’s past peak. The narrowed losses and positive cash flow are encouraging, yet sustainability remains a key risk.

Ananya Birla-led Svatantra Microfin Files ₹3,000 Cr IPO With SEBI to Boost Capital, Expand Microfinance Reach, and Empower Grassroots Entrepreneurs

Ananya Birla led Svatantra Microfin Limited, an inclusion-focused non-banking financial company enabling financial independence for households and empowering grassroots entrepreneurs within the Indian economy, has filed its DRHP with SEBI for an IPO.

The IPO comprises a fresh issue of ₹1,500 crore and an offer for sale of ₹1,500 crore, aggregating to a total Issue size of ₹3,000 crore.

The proceeds from the fresh issue are to be utilised towards augmenting the Company’s Tier I capital base to meet its future capital requirements, including onward lending, arising out of the growth and expansion of its business and assets.

Svatantra Microfin Limited enables financial inclusion by providing access to credit for individuals and small entrepreneurs, helping strengthen livelihoods and support economic participation across communities. Its portfolio primarily comprises microfinance loans, complemented by secured lending products, viz. affordable housing finance, including loans against property, offered through its Subsidiary, Svatantra Micro Housing Finance Corporation Limited.

Svatantra Microfin Limited is led by Ananya Birla, Chairperson and Non-Executive Director, who represents the next generation of the Aditya Birla Group’s legacy. The Company was the first institution to receive the NBFC-MFI license, which was introduced by the Reserve Bank of India in 2011.

Svatantra Microfin Limited is the second-largest non-banking financial company – microfinance institution (“NBFC-MFI”) in India as of March 31, 2026, 2025 and 2024 in terms of microfinance assets under management (“AUM - MFI”). Svatantra Microfin was the fastest growing NBFC-MFI in India over the last three Fiscals, with AUM - MFI growing at a CAGR of 20.87% from ₹ 144,378.72 million as of March 31, 2024 to ₹ 210,932.22 million as of March 31, 2026, among the peers. Its share of the total AUM - MFI in India increased from 3.26% as of March 31, 2024 to 6.37% as of March 31, 2026, reflecting the Company's resilient growth through economic cycles. As of March 31, 2026, Svatantra Microfin is also the largest NBFC-MFI in Bihar and Uttar Pradesh, based on AUM - MFI.

A key pillar of the company's microfinance risk management strategy is diversification across geographies. For instance, no single district contributed more than 2.74%, 2.60% and 2.35% of Company ’s AUM – MFI as of March 31, 2026, 2025 and 2024, respectively, while no single state contributed more than 23.02%, 21.66% and 20.72% of Company’s AUM – MFI as of the same dates. Svatantra Microfin limited reported the lowest Gross Stage 3 Ratio among the MFI Peers in Fiscals 2025 and 2026, at 2.24% and 1.19%, respectively. Its performance has been supported by geographic diversification, disciplined underwriting, borrower-centric product offerings and collection mechanisms.

Further, the amalgamation of Chaitanya India Fin Credit Private Limited into Svatantra Microfin Limited, with effect from March 21, 2026, complemented its existing geographic presence, particularly given its established presence in southern India, and further strengthened its pan-India presence while maintaining a diversified geographic portfolio.

Svatantra Microfin Limited has remained resilient through the period of sectoral stress compared to MFI Peers, with our Company’s return on average AUM (“RoAAUM”) being the highest among the MFI Peers in Fiscals 2025 and 2026, at 2.90% and 3.57%, respectively. Through Fiscals 2025 and 2026, years of elevated credit costs and asset quality stress across the microfinance sector, the company delivered the highest return on equity (“ROE”) at 13.66% and 15.00%, respectively.

As of March 31, 2026, Its microfinance operations are supported by a diversified geographic footprint and deep district-level penetration, with a network of 2,123 branches across 20 states and 394 districts across India. This network is complemented by an on-ground presence comprising 24,594 employees, including 15,575 field officers, which has enabled Svatantra Microfin to serve 4,266,316 active borrowers as of March 31, 2026 in its microfinance business.

Axis Capital Limited, Avendus Capital Private Limited, IIFL Capital Services Limited, Kotak Mahindra Capital Company Limited and SBI Capital Markets Limited are the Book Running Lead Managers.

Veritas Finance IPO: ₹900 Crore Fresh Issue, OFS of 12.8M Shares

Veritas Finance Limited, a diversified, retail-focused non-deposit taking NBFC registered with the Reserve Bank of India, under the scale-based regulations of the RBI, classified as an ‘NBFC-Middle Layer’ has filed its DRHP with SEBI for an IPO.

Established in 2015, Veritas Finance primarily provide small business loans to micro, small and medium enterprises and self- employed individuals, and over the years, has expanded its business to include home loans and used commercial vehicle loans. As of March 31, 2026, the company’s Loans (AUM) aggregated to ₹9,134.2 Crore, growing at a CAGR of 26.33% for the period between FY24 to FY26. The company posted a profit of ₹ 330.3 Crore for the year FY26 growing at a CAGR of 16.11% for the period between FY24 to FY26. Its disbursements grew to ₹ 4,579.5 Crore for the year FY26 at a CAGR of 11.22% for the period between FY24 to FY26.

The offer comprises of a fresh issue of equity shares aggregating up to ₹ 900 crore and an Offer for Sale (OFS) of up to 12,827,093 equity shares by the selling shareholders. The face value of each equity share is ₹10.

The company proposes to utilise the net proceeds to augment its capital base for meeting future business requirements and supporting onward lending.

The Company, in consultation with the BRLMs, may consider a Pre-IPO Placement of Specified Securities aggregating up to ₹ 180 Crore, as may be permitted under applicable law, at its discretion, prior to filing of the Red Herring Prospectus with the RoC. The Pre-IPO Placement, if undertaken, will be at a price to be decided by the company, in consultation with the BRLMs. If the Pre-IPO Placement is completed, the amount raised pursuant to the Pre-IPO Placement will be reduced from the Fresh Issue.

Veritas Finance focuses on addressing the financial needs of underserved and underbanked MSMEs and individuals by providing access to credit. To address the significant credit gap in these sectors, it offers a range of products, including small business loans, housing loans, used commercial vehicle loans, and working capital loans. The company has invested in building a wide distribution network across rural and semi-urban areas with a branch network (excluding service centres) of 444 branches across 10 states and 1 union territory in India, as of March 31, 2026. It has a well-established presence in Tamil Nadu, Andhra Pradesh, Telangana, Karnataka and West Bengal.

The equity shares offered through the Draft Red Herring Prospectus are proposed to be listed on BSE Limited ("BSE") and the National Stock Exchange of India Limited ("NSE") (collectively, the "Stock Exchanges").

ICICI Securities Limited, IIFL Capital Services Limited, JM Financial Limited and SBI Capital Markets Limited are the Book Running Lead Managers to the issue.

Cult.fit Ltd Files DRHP With SEBI for an Initial Public Offering (IPO); Reports 36.26% YoY Revenue Growth in FY26

Cult.fit Ltd (previously Curefit Healthcare Pvt Ltd), India's largest fitness services provider, has filed its Draft Red Herring Prospectus (DRHP) with SEBI for an Initial Public Offering (IPO).

The Company is India’s largest fitness and active lifestyle platform by the number of fitness centers in its network as of March 31, 2026, according to the Redseer Report. It offers fitness services and active lifestyle products through an integrated platform comprising the cult.Fit app, cult.Fit website, and other online and offline channels. According to the Redseer Report, the Company is also the only fitness and active lifestyle platform in India with a presence across both fitness services and fitness products as of March 31, 2026. The Company aims to be the preferred destination for individuals seeking a fit and active lifestyle.

The offer comprises a fresh issue of equity shares aggregating up to ₹ 950 crore and an offer for sale aggregating up to 17,86,09,200 equity shares by the selling shareholders. The face value of each equity share is ₹ 1.

The company proposes to utilize the net proceeds towards:

• Repayment/prepayment, in full or in part, of certain borrowings availed of by the Company;
• Capital expenditure towards setting up new Cult Elite and Cult Neo centres (collectively, “Cult Centres”);
• Investment in its subsidiary, Cultsport Private Limited, for capital expenditure towards setting up new Exclusive Brand Outlets (“EBOs”);
• Expenditure towards lease/rent/licence agreement-related payments for existing identified centres operated by the Company;
• Brand marketing, advertising and business promotion to enhance brand awareness; and
• General corporate purposes.

The Company is the largest fitness and active lifestyle platform in India as of March 31, 2026, with 708 fitness centers spread across 77 cities in India, which was four times the scale of the next largest player, according to the Redseer Report, and in fiscal year 2026 had a transacting base of 987,020 paid members for its fitness services business and over 4.23 million products shipped in the fitness products business.

The business benefits from a diversified revenue profile, with fitness services contributing roughly 70% of revenues and the fitness products business accounting for the remaining 30%, providing a balanced mix of recurring and transactional income streams.

The Company has demonstrated a trajectory of growth with improving profitability. Its revenue from operations increased from ₹9,266.62 million in fiscal year 2024 to ₹17,206.06. million in fiscal year 2026, representing a growth with year-on-year increase of 36.26% in fiscal year 2026 compared to a year-on-year increase of 31.17% in fiscal year 2025. Adjusted EBITDA Margins strengthened from -2.76% in fiscal year 2025 to 8.41% in fiscal year 2026.


Cult Elite is a hybrid fitness centre format offering equipment-based gym workouts alongside trainer-led group classes across multiple formats, including strength, yoga, dance and boxing, while Cult Neo is a pro-segment gym format offering a standardized fitness experience with in-house designed equipment, superior ambience and certified staff. Exclusive Brand Outlets (EBOs) are company-operated retail stores dedicated exclusively to the sale of Cult-branded fitness products.

The Company’s core belief is that great products build great brands. As per the Redseer Report, fitness and active lifestyle brands experience a high level of reluctance from new users to engage, and a strong brand with products that deliver on commitment is critical to build trust and shape customer behavior. Over the last 10 years, through extensive user engagement across its fitness services and fitness products, the Company has built a brand that embodies fun, community, and an aspirational yet accessible approach to fitness.

Technology is the core pillar that powers the company's integrated platform. It deploys technology across all aspects of its operations from personalized workout recommendations and AI-driven decisioning to standardized service delivery, capacity optimization, and operational efficiency at scale, enabling it to deliver a consistent, good-quality fitness experience across its wide network of fitness centers and through its digital offerings.

In its apparel category, the company operates in the mass-premium segment and offers performance and athleisure products with dedicated ranges for running, training, yoga, combat-based fitness formats, and others. In its footwear category, it similarly operates in the value and mass-premium segment and offers performance-oriented and comfort-led products for use cases such as running, training and more. In its equipment category, the company offers fitness equipment for use both at home and at commercial gym fitness centres, as well as recovery products, fitness accessories, and cycles.

The fitness services market in India is estimated at approximately ₹256 billion (approximately US$2.9 billion) in CY2025 and is expected to grow to ₹487-531 billion (US$5.6-6.1 billion) by CY2030, representing a CAGR of 14-16%, driven by rising urban disposable incomes, increasing health consciousness and improved affordability and accessibility through scale-led fitness platforms. According to the Redseer Report, a fit and active lifestyle is essential for overall well-being, and enabling this requires access to quality fitness centres where people can work out, along with quality, affordable products that support users across their fitness journey.

The Equity Shares to be offered through the Red Herring Prospectus are proposed to be listed on the Stock Exchanges, being BSE and NSE.

Axis Capital Limited, Goldman Sachs (India) Securities Private Limited, Jefferies India Private Limited, JM Financial Limited and Morgan Stanley India Company Private Limited are the book running lead managers (BRLMs) to the issue.

Defence Tech OEM Tonbo Imaging Plans IPO via ₹18 Million Share OFS

Tonbo Imaging Limited, a global defence electronics original equipment manufacturer (OEM), has filed its Draft Red Herring Prospectus (DRHP) with market regulator the Securities and Exchange Board of India (SEBI).

The company’s initial public offering comprises an Offer for Sale (OFS) of up to 18,085,246 equity shares of face value ₹2 each.

The Offer for Sale comprises 1,960,000 equity shares by Promoter Selling Shareholders, 339,700 equity shares by the Promoter Group Selling Shareholder, and 15,635,046 equity shares by Investor Selling Shareholders.

Founded in 2003 by technologists with prior experience at the U.S. Department of Defense and Sarnoff Corporation, Tonbo Imaging transitioned into a defence-focused product manufacturing company in 2012 following the buyout by its promoters. The company is promoted by Arvind Lakshmikumar, Ankit Kumar and Cecilia D’Souza. The promoters have been together for two decades and bring together a wealth of experience in global defence programs product engineering and capital raising.

Marquee investors who are invested in the company include Qualcomm Ventures, Artiman, Edelweiss Value, Celesta Capital II LP, HBL Engineering, Tenacity Ventures, India Exim Bank and Florintree.

As per the F&S Report in its DRHP, Tonbo Imaging is the fastest-growing defence technology player in India in terms of revenue, EBITDA and PAT margin growth (CAGR FY23–FY25) among listed peers. During the same period, it was also the largest manufacturer by sales value of thermal imaging systems supplied to government and defence agencies in India.

In FY25, the company accounted for 93% of India’s thermal imaging exports, positioning it as the largest exporter of such systems from the country. It serves a diversified customer base including global militaries, law enforcement agencies, homeland security organisations and global defence OEMs.

The company designs, develops and manufactures International Traffic in Arms Regulations (U.S.) free advanced sensing, processing, communication and guidance systems for surveillance, reconnaissance, targeting and control applications. It is evolving from standalone tactical systems to integrated autonomous platform solutions, combining multiple hardware and software subsystems for battlefield deployment.

Its diversified product portfolio is broadly classified into tactical systems and platform systems, spanning the electromagnetic spectrum from visible imaging to long-wave infrared and multi-sensor imaging and includes thermal imaging cores, weapon sights, hand-held thermal imaging binoculars, targeting systems, missile seekers, fire control systems and missile guidance systems, enabling autonomy on the battlefield.

Its offering emphasises on miniaturisation, low size-weight-and-power (SWaP) designs, modular payloads and AI-enabled image processing, with applications across remote weapon stations, missile seekers, ISR platforms, armoured vehicles and soldier-wearable systems. Its mission is to assist, augment and replace humans on the battlefield.

As on June 30,2025 it has over 20,000 systems deployed across 24 countries.

The company is among the few Indian defence players with 100% ownership of its intellectual property, spanning optics, embedded software and electronics, with no dependence on external technology partners. It operates an asset-light model, retaining core design and IP ownership while outsourcing manufacturing to certified electronics manufacturing services (EMS) partners such as Kaynes Technology India Limited and Avalon Technology and Services Private Limited though all prototype development, system integration, and qualification testing are conducted in-house.

As of September 30, 2025, it had an order book of ₹ 2,665.70 million. Additionally between October 1, 2025 to November 30, 2025, it has received orders aggregating to ₹ 716.80 million.

For the three months ended June 30, 2025, revenue from operations stood at ₹686.77 million, with India contributing ₹632.86 million, accounting for 92.15% of total revenue, while the rest of the world (Middle East/Africa) contributed ₹41.70 million, representing 6.07%; Europe and Asia accounted for ₹3.19 million (0.46%) and ₹7.69 million (1.12%), respectively, during the quarter, while profit after tax (PAT) for the period was ₹54.31 million, with a PAT margin of 7.68%.

In Fiscal 2025, revenue from operations increased to ₹4,690.80 million, with Europe emerging as the largest contributor at ₹3,065.18 million, accounting for 65.34% of total revenue, followed by India at ₹1,570.44 million (33.48%), Asia at ₹7.69 million (0.16%) and the United States at ₹0.51 million (0.01%), while PAT stood at ₹727.60 million, reflecting a PAT margin of 15.34%.

Revenue from overseas customers rose to ₹3,073.38 million in Fiscal 2025, accounting for 65.52% of revenue from operations, compared to ₹2,081.46 million (48.61%) in Fiscal 2024 and ₹180.64 million (18.66%) in Fiscal 2023. For the three months ended June 30, 2025, revenue from customers located outside India stood at ₹44.89 million, representing 6.54% of revenue from operations.

Some of its key projects include developing airborne systems with high performance EO/IR gimbal for an Indian defence R&D organisation, a multi-spectral infrared seeker and command launcher unit with advanced computer vision capabilities for a defence manufacturing company and a cost-effective, FSO communication system suitable for terrestrial and naval applications, addressing the limitations of current FSO technologies in challenging environments for Indian armed forces.

JM Financial Limited and IIFL Capital Services Limited are the Book Running Lead Managers to the issue.

boAt Parent Imagine Marketing Files ₹1,500 Cr IPO With SEBI

Imagine Marketing Limited, operating primarily under the “boAt” brand, ranked the largest brand in the branded personal audio category in India, with a market share of 26% in value terms and 34% in volume terms for the Financial Year 2025 has filed its Updated Draft Red Herring Prospectus (UDRHP) with the Securities and Exchange Board of India (SEBI).

The proposed initial public offering comprises a total issue of equity shares of face value of ₹1 each aggregating up to ₹ 1500 Crores, with fresh issue of equity shares aggregating to Rs 500 Crores and offer for sale of equity shares aggregating to Rs 1000 Crores. The offer for sale comprises of equity shares aggregating to Rs 75 Crores by Sameer Ashok Mehta, equity shares aggregating to Rs 225 Crores by Aman Gupta, equity shares aggregating to Rs 500 Crores by South Lake Investment Limited (Promoter Selling Shareholders) as well as equity shares aggregating to Rs 150 Crores by by Fireside Ventures Investment Fund-I (Scheme of Fireside Ventures Investment Trust) and equity shares aggregating to Rs 50 Crores by Qualcomm Ventures LLC (Individual Selling Shareholders).

The Company proposes to utilize the Net Proceeds towards funding the working capital requirements of our Company amounting to Rs 225 Crores, funding the brand and marketing expenses towards enhancing the awareness and visibility of the products and brand amounting to Rs 150 Crores as well as for general corporate purposes.

The company operates primarily under the “boAt” brand, which was launched in 2015. The company is focused on offering audio, wearables and charging solutions products that cater to India’s rapidly growing cohort of young, digitally native and technology and trend-conscious customers. boAt has maintained its position as India’s leading branded personal audio company by volume every year from FY2020 to FY2025, according to the Redseer Report. The brand was also the third-largest digital-first brand in India by revenue in FY2025 and ranked fourth globally in volume terms across branded personal audio for the same period.

boAt is one of India’s largest digital-first consumer product companies with a capital-efficient growth history, a consistent #1 leadership position in the fast-growing audio category, and strong presence across adjacent segments. The brand enjoys significant equity, clear market positioning, and a compelling value proposition, backed by a robust innovation engine driven by in-house R&D and significant collaborations. Its products are designed and manufactured in India through an agile supply chain, supported by a diversified channel mix spanning leading online platforms and an expanding offline footprint, under the guidance of a professional, founder-led management team with deep industry expertise.

During FY2025, boAt sold over 34 million units in India, underscoring its leadership across the country’s fast-growing consumer tech ecosystem. While the company began its journey in the audio category, it has diversified into wearables such as smartwatches and smart rings, and charging solutions including cables, chargers, and power banks. As of June 30, 2025, boAt offered over 250 high quality, lifestyle-oriented and technology-focused products across price points.

For FY25, boAt reported total revenue from operations (sale of products) of ₹3070.38 Crores. By product category, the audio segment remained the primary revenue driver, contributing ₹2586.040 Crores or 84.23% of total revenue from operations. The wearables segment accounted for ₹330.414 Crores, forming 10.76% of total revenue, while other products contributed ₹153.933 Crores, comprising 5.01%. The figures underscore boAt’s continued leadership in the audio category, supported by growing traction in wearables and a diversified product portfolio across channels. For FY25, boAt reported a profit of ₹61.08 Crores, reflecting a turnaround from the losses recorded in the previous year. The company achieved an EBITDA of ₹142.519 Crores, translating to an EBITDA margin of 4.64%. These figures highlight a significant improvement in profitability and operational efficiency.

A digital-first brand, boAt has built a diversified distribution network spanning e-commerce marketplaces, its D2C website, and a rapidly growing offline presence. As of June 30, 2025, it reached over 12,000 offline retailers across 25 states and 5 union territories through 112 distributors and a presence at all leading omnichannel retailers including Croma and Vijay Sales as of June 30, 2025. For FY25, online channels accounted for ₹2166.072 Crores, representing 70.55% of total sales, while offline sales stood at ₹904.315 Crores, contributing 29.45%. The consistent strength of boAt’s omnichannel strategy underscores its balanced growth across both digital and physical retail platforms, supported by strong consumer demand and effective distribution reach across India.

The company also operates over 115 third-party service centres across India and has extended its reach to the Middle East, Nepal and other South Asian markets. For FY25, boAt derived the overwhelming majority of its revenue from operations within India, accounting for ₹3058.77 Crores or 99.62% of total sales.

With over 75 million units manufactured domestically and 75.83% of total units made in India in Q1 FY2026 (up from 39.65% in FY2023), boAt continues to strengthen its supply chain resilience and agility. Its founders, Sameer Mehta and Aman Gupta, CEO Gaurav Nayyar, a professional management team, and marquee investors including Warburg Pincus, Qualcomm Ventures, and Fireside Ventures, drive the company’s success.

ICICI Securities Limited, Goldman Sachs (India) Securities Private Limited, JM Financial Limited and Nomura Financial Advisory and Securities (India) Private Limited are the bankers to the issue

InsurTech Startup Turtlemint Files Confidential IPO Papers with Sebi, Eyes Main-Board Listing

Turtlemint Fintech Solutions Ltd, an insurtech company, has filed papers with markets regulator Sebi for its proposed initial public offering (IPO) using the confidential pre-filing route.

In a public announcement, the Mumbai-based insurance advisor-focused startup, said it has filed "the pre-filed draft red herring prospectus with Sebi and the stock exchanges...in relation to the proposed initial public offering of its equity shares on the main-board of the stock exchanges".

To assist the public offering, the company has roped in ICICI Securities, Jefferies India, JM Financial and Motilal Oswal Investment Advisors as the lead merchant bankers, according to market sources.

Founded in 2015 by Dhirendra Mahyavanshi and Anand Prabhudesai, Turtlemint is designed to simplify the purchase and management of insurance policies. The firm has sold 1.6 crore policies through its network of over five lakh advisers.

The platform helps financial advisors instantly match each customer with a suite of products best suited for their unique needs, through a digital solution, thereby making advisors & their business efficient.

Turtlemint is backed by Amansa Capital, Jungle Ventures, and Nexus Venture Partners.

Lenskart’s IPO Journey Begins: DRHP Filed for ₹2,150 Cr Fresh Issue to Fund Tech, Retail Expansion

Lenskart Solutions Limited, India’s leading omni-channel eyewear retailers offering a wide selection of affordable and fashionable prescription eyeglasses, sunglasses and contact lenses has filed its Draft Red Herring Prospectus (“DRHP”) with market regulator Securities and Exchange Board of India (“SEBI”).

The offer comprises a fresh issue of equity shares aggregating up to ₹21,500 million (the “fresh issue”) and an offer for sale of up to 132,288,941 equity shares by certain existing shareholders, including Peyush Bansal, Neha Bansal, Amit Chaudhary and Sumeet Kapahi, Promoter Selling Shareholders and SVF II Lightbulb (Cayman) Limited, Schroders Capital Private Equity Asia Mauritius Limited, PI Opportunities Fund – II, Macritchie Investments Pte. Ltd., Kedaara Capital Fund II LLP, and Alpha Wave Ventures LP, Investor Selling Shareholders.

It may consider a pre-ipo placement aggregating to Rs 430 crs prior to filing of the RHP. If undertaken, it will be reduced from the fresh issue size.

The company proposes to utilise the net proceeds from the IPO for various strategic initiatives, including capital expenditure for setting up new Company-operated Company-owned (CoCo) stores in India; payments related to lease, rent, and license agreements for these CoCo stores; investments in technology and cloud infrastructure; brand marketing and business promotion to enhance brand awareness; potential unidentified inorganic acquisitions; and general corporate purposes.

Founded in 2008, Lenskart commenced operations in India as an online business in 2010 and opened its first retail store in New Delhi in 2013. It believes that clear vision is fundamental to the personal development and well-being of an individual and their aim is to build a tech enabled supply and distribution that improves access to affordability and quality “Eyewear for All”.

Today, the brands business spans across designing, manufacturing, branding and retailing and it operates the largest eyewear retail networks in India with a strong presence across metro, Tier 1 and Tier 2+ cities, as well as international operations in Southeast Asia and the Middle East.

It owns and operates frame and lens design and prescription eyeglasses manufacturing facilities at two locations in India in Bhiwadi, Rajasthan and Gurugram, Haryana, supplemented by regional facilities in Singapore and the United Arab Emirates.

The brand targets different customer categories through a portfolio of brands and sub-brands that include premium collections through John Jacobs and Owndays (acquired in 2022), and economy and affordable premium collections through Lenskart Air, Vincent Chase, hustlr, and Hooper Kids.

The company recently agreed to purchase the remaining 80% stake in Stellio Ventures S.L., which owns the “Meller” consumer eyewear brand, for ₹4,063.93 million. Its products are primarily sold online through its website to customers across multiple countries. Additionally, Stellio operates a retail store in Barcelona, Spain.

In FY 25, across its brands, it launched 105 new in-house designed and engineered collections globally, including in collaboration with popular brands and celebrities. Additionally, it sold 27.2 million eyewear units across 12.41 million customer accounts in India and Overseas

Interesting to note that customers contributing almost 45% of the revenues to the company in India engaged with the brand digitally through organic searches, social media or other online mediums 90 days before completing their purchase.

From its own facial analysis and frame recommendation tool to its AI enabled Computer Vision platform which analysis CCTV footage from its retail locations to optimise customer flow at stores and increase conversion rates and Geo-analytics to predict revenue potential and payback period, customised technology solutions have been used from engagement to supply chain, post order fulfilment, retail store operations - the brands 500+ tech team has been responsible to build, maintain and enhance its core technology infrastructure, including its websites, mobile applications, warehouse management system and AI-driven tools supporting its operations and customer experience.

During FY25, the brand conducted 38.59 million virtual try-ons and 37.87 million face/frame size measurements for our customers in India through our mobile applications.

While India continues to be its largest market in Asia it is amongst the two largest organised retailers of prescription eyeglasses in terms of the B2C eyeglasses sales volumes in FY25. It offers an extensive portfolio of eyewear products including prescription eyeglasses, computer glasses, zero-power glasses, and sunglasses, with customisation enabled across lenses and frames.

It recorded over 100 million cumulative app downloads and garnered more than 104.97 million annual visitors on its websites globally in FY25. The brand currently operates across 2,723 stores (comprising 2,067 stores in India and 656 stores internationally).

As per the DRHP, across India, Japan, Southeast Asia and Middle East where the company is present there are an estimated 1.3 billion individuals who are affected by refractive errors as of Financial Year 2025, representing 32% of global population. If one has to look at only India, the number of individuals affected by refractive errors in India has increased from approximately 43% (approximately 590 million) in the Financial Year 2020 to an estimated 53% (approximately 777 million) in the Financial Year 2025 and is projected to increase to approximately 62% (approximately 943 million) by the Financial Year 2030

Its proprietary platform, including mobile apps and website, supports seamless ordering, virtual try-ons and digital consultations. Lenskart’s customer journey is further supported by its in-house optometrists and cutting-edge optical labs, enabling precision-driven fulfilment and quicker turnaround.

Kotak Mahindra Capital Company Ltd, Morgan Stanley India Company Pvt Ltd, Avendus Capital Pvt Ltd, Citigroup Global Markets India Pvt Ltd, Axis Capital Ltd, Intensive Fiscal Services Pvt Ltd are the Book Running Lead Managers to the Issue.

DRHP Link : https://nsearchives.nseindia.com/corporate/Registration_29072025101510_DRHP.pdf

SaaS Unicorn Amagi Media Labs Files DRHP for ₹1,020 Crore IPO

• Rs. 1,020 crores to be raised as fresh capital
• Rs. 667 crores earmarked towards investment in technology and cloud infrastructure
• OFS of 3.41 crore equity shares

Amagi Media Labs Limited, a software-as-a-service (“SaaS”) company that connects media companies to their audiences through cloud-native technology and helps content providers and distributors upload and deliver video over the internet (streaming) through smart televisions, smartphones and applications, has filed the draft red herring prospectus (DRHP) with capital markets regulator SEBI to raise funds through an initial public offering (IPO).

Baskar Subramanian, MD & CEO, Amagi Media Labs

Amagi, founded in 2008 by its promoters Baskar Subramanian, Managing Director & CEO; Srividhya Srinivasan, Chief Technology Officer; and Arunachalam Srinivasan Karapattu, President—Global Business, is backed by leading venture capital firms, including Accel, Avataar Ventures, Norwest Venture Partners, and Premji Invest. The company works with more than 45% of the top 50 listed ‘media and entertainment’ companies by revenue.

According to the DRHP, the proposed IPO of the Bengaluru-headquartered company combines a fresh issue of equity shares aggregating up to Rs. 1,020 crores with an offer for sale (OFS) of up to 3,41,88,542 equity shares (3.41 crore equity shares) by the selling shareholders.

As part of the OFS, the Investor Selling Shareholders - PI Opportunities Fund I, PI Opportunities Fund II, Norwest Venture Partners X – Mauritius, Accel India VI (Mauritius) Ltd., Accel Growth VI Holdings (Mauritius) Ltd., Trudy Holdings, AVP I Fund, and certain Individual Selling Shareholders will be offloading shares.

Amagi proposes to utilize the Net Proceeds of the Fresh Issue towards investment in technology and cloud infrastructure (Rs. 667 crores); funding inorganic growth through unidentified acquisitions and general corporate purposes.

Amagi is the only end-to-end, AI-enabled cloud platform in the video category of the Media & Entertainment (M&E industry) serving as the ‘industry cloud’ for the sector. It’s business is organized across three key divisions - Cloud Modernization, Streaming Unification, and Monetization and Marketplace which addresses the requirements of three main categories of customers - Content Providers (including television networks, movie studios, production companies, sports leagues, and other media creators), Distributors (such as OTT platforms, telecom operators, and smart television manufacturers) and Advertising platforms and advertisers (including demand-side platforms, ad agencies, brands and technology providers that facilitate digital advertising transactions.)

Amagi reported revenue from operations of Rs. 1,162 crores in FY25, recording a compound annual growth rate of 30.70% from FY2023 to FY2025, driven by new customer acquisition and increased use of the platform by existing customers.

Kotak Mahindra Capital Company Limited, Citigroup Global Markets India Private Limited, Goldman Sachs (India) Securities Private Limited, IIFL Capital Services Limited, and Avendus Capital Private Limited are the Book Running Lead Managers to the issue.

The equity shares of the company are proposed to be listed on BSE and NSE.

NephroPlus Files IPO Papers with SEBI; Asia’s Largest Dialysis Provider Eyes Market Expansion

• Rs. 129.1 crores earmarked towards opening new dialysis clinics
• OFS of 1.27 crore equity shares

Nephrocare Health Services Limited known for its brand NephroPlus, Asia’s largest dialysis services provider and fifth largest globally (in terms of number of treatments performed in Fiscal 2025) (as per a F&S report), has filed the draft red herring prospectus (DRHP) with capital markets regulator SEBI to raise funds through an initial public offering (IPO).

NephroPlus, incorporated in 2009, is the largest organized dialysis service network in India, having 447 clinics across 269 cities in 21 states and 4 Union Territories, and serving more than 33,000 patients globally on an annual basis, and has a revenue market share of over 50% in India’s organized market (in terms of number of treatments). It has also expanded its international footprint to include Philippines (34 clinics), Uzbekistan (4 clinics), Nepal (5 clinics) and has entered the Middle East market through Kingdom of Saudi Arabia recently.

It offers both haemodialysis, with capabilities such as home haemodialysis, hemodiafiltration, holiday dialysis, dialysis on call, and dialysis on wheels, ensuring patients have access to the most suitable and convenient treatment options. As of March 31, 2025, NephroPlus had more than 5,000 dialysis machines and had performed over 3.30 million treatments.

Vikram Vuppala, BVP (Bessemer Venture Partners) Trust, Edoras Investment Holdings Pte. Ltd., Healthcare Parent Limited (HPL), Investcorp Private Equity Fund II (IPEF II) and Investcorp Growth Opportunity Fund (IGOF) are the Promoters of the Company.

According to the DRHP, the proposed IPO of the Hyderabad based company is a combination of a fresh issue of equity shares aggregating up to Rs. 353.4 crores and an offer for sale (OFS) of up to 1,27,92,056 equity shares (1.27 crore equity shares) by the selling shareholders.

As part of the OFS, the Promoter Selling Shareholders include Investcorp Private Equity Fund II, Healthcare Parent Limited, Investcorp Growth Opportunity Fund and Edoras Investment Holdings Pte. Ltd. and Other Selling Shareholders include Investcorp India Private Equity Opportunity Limited, International Finance Corporation, 360 One Special Opportunities Fund - Series 9 and 360 One Special Opportunities Fund - Series 10.

NephroPlus proposes to utilize the Net Proceeds of the Fresh Issue towards capital expenditure to the tune of Rs. 129.1 crores for opening new dialysis clinics in India; Rs 136 crores for pre-payment or scheduled repayment of certain borrowings availed by the company and rest on general corporate purposes.

The company, in consultation with the BRLMs, may consider a Pre-IPO Placement aggregating up to Rs. 70.6 crores; prior to filing of the Red Herring Prospectus with the ROC. If the Pre- IPO Placement is undertaken, then the fresh issue will be reduced to the extent of such Pre-IPO placement.

In FY25, NephroPlus reported revenue from operations of Rs. 755.8 crores and profit after tax of Rs. 67 crores.

Currently, kidney disease is the third fastest-growing cause of death globally and diabetes and hypertension have been recognized as the two leading drivers of chronic kidney disease (CKD). Rapid urbanization and lifestyle changes have further contributed to the increased incidence of CKD.

ICICI Securities Limited, Ambit Private Limited, IIFL Capital Services Limited and Nomura Financial Advisory and Securities (India) Private Limited are the Book Running Lead Managers to the issue.

Juniper Green Energy Files DRHP with SEBI for Up to Rs.3000 Crore IPO

Juniper Green Energy Limited is among the top 10 largest renewable independent power producer (“IPPs”) in India in terms of Total Capacity as at December 31, 2024, where total capacity includes operational, under construction contracted and awarded projects. (Source: CRISIL Report). The company develop, build, operate and maintain utility scale renewable energy projects through its in-house EPC team and O&M team, and generate revenue through the sale of electricity to various off-takers, including central and state government-backed entities.

Juniper Green Energy Limited has filed its Draft Red Herring Prospectus (“DRHP”) with market regulator Securities and Exchange Board of India (“SEBI”). The Company plans to raise funds through offer of equity shares (face value ₹10 each) through initial public offerings aggregating up to ₹ 30,000 million (₹3000 Crore).

The offer comprises of fresh issue of equity shares aggregating up to ₹ 30,000 million (₹3000 Crore). (The “Fresh Issue”). 

The Company proposes to utilize the Net Proceeds towards funding – (i) Repayment/ prepayment in full or part, of certain borrowings availed by our Company estimated amount to be ₹10,922.71 million [₹ 1092.27 crores] , (ii) Investment in our Material Subsidiaries namely Juniper Green Gamma One Private Limited, Juniper Green Three Private Limited, Juniper Green Field Private Limited, Juniper Green Beam Private Limited, and our Subsidiaries namely Juniper Green Kite Private Limited and Juniper Green Ray Two Private Limited for repayment/ pre-payment, in full or in part, of all or a portion of certain of their outstanding borrowings estimated amount to be ₹ 11,577.29 million [₹1157.72 crores] and balance amount towards general corporate purposes. (The “Object of Issue”).

The company commissioned its first solar project with a capacity of 100 Megawatts (“MW”) (144.97 Megawatts peak (“MWp”)) in March 2020 and have since expanded its portfolio of projects to a Total Capacity of 7,898.45 MW (10,069.58 MWp) as at May 31, 2025. Apart from solar projects, Juniper Green portfolio also includes wind energy projects and a focus on complex renewable energy projects, such as WSH and FDRE projects with BESS. They are ranked as the second largest bidder in terms of total capacity won in WSH and FDRE tenders concluded between April 1, 2021 to December 31, 2024 and had a 100% conversion rate for WSH and FDRE tenders won between April 1, 2021, to December 31, 2024. (Source: CRISIL Report). 

The Equity Shares that will be offered through the Red Herring Prospectus are proposed to be listed on the BSE Limited (“BSE”) and National Stock Exchange of India Limited (“NSE”). (The “Listing Details”)

ICICI Securities Limited, HSBC Securities and Capital Markets (India) Private Limited, JM Financial Limited and Kotak Mahindra Capital Company Limited are the Book Running Lead Managers to the issue. (The “BRLMs”)

Shadowfax Technologies Limited files Confidential DRHP for Rs. 2,500 crore IPO with SEBI

Shadowfax Technologies Limited, India’s leading logistics service provider has filed a confidential draft red herring prospectus with SEBI for an initial public offering.

As per sources, the IPO size is expected to be in the range of Rs. 2,000 – Rs. 2,500 crore, comprising of a mix of fresh issue and offer for sale (OFS) by existing shareholders. The company is expected to be valued around Rs. 8,500 crore.

In its last fundraise in February 2025, the company raised a primary and secondary capital at an approximate valuation of Rs. 6,000 crore.

The company plans to utilize the proceeds the fresh issue towards enhancing capacity, driving growth, and further investments in the company’s network business, according to sources.

The e-commerce segment is the major revenue contributor, accounting for around 75% of the business. The remaining comes from quick commerce and hyperlocal deliveries.

Shadowfax is backed by marquee investors such as Flipkart, TPG, Eight Roads Ventures, Mirae Asset Ventures and Nokia Growth Funds.

Shadowfax stands as India’s leading logistics service provider for e-commerce express parcel and value-added services. With a robust distribution network covering over 2,200+ cities and more than 14,300 PIN codes, Shadowfax has established itself as a market leader in the logistics industry.

Pine Labs Limited Files DRHP With SEBI

Pine Labs Limited (“The Company”), a technology company focused on digitizing commerce through digital payments and issuing solutions for merchants, consumer brands and enterprises, and financial institutions has filed its Draft Red Herring Prospectus (“DRHP”) with market regulator Securities and Exchange Board of India (“SEBI”).

The offer comprises of fresh issue of equity shares aggregating up to ₹26,000 million (₹2600 crore) (The “Fresh Issue”) and offer for sale Up to 147,822,225 Equity Shares by Selling Shareholders.(The “Offer for Sale”).

Pine Labs processed payments of ₹7,531.05 billion-in gross transaction value (“GTV”) and 3.97 billion transactions through its platforms in the nine months period ending December 31, 2024. As of December 31, 2024, company had 915,731 Merchants, 666 consumer brands and enterprises, and 164 financial institutions, who used its platforms to enable transactions quickly, securely and easily manage their business.

Pine Labs provide a wide suite of services within its Digital Infrastructure and Transaction Platform and Issuing and Acquiring Platform. According to the Redseer Report, in India, company’s core market, it were the largest player in closed and semi-closed loop gift card issuances by transaction value in Fiscal Year 2024. The company were also the largest digital affordability solution enablers at DCPs in terms of total processed value, among the top five in-store digital platforms, and a prominent Bharat Connect transactions processing solutions provider in Fiscal Year 2024, according to the Redseer Report.

The Equity Shares that will be offered through the Red Herring Prospectus are proposed to be listed on the BSE Limited (“BSE”) and National Stock Exchange of India Limited (“NSE”). (“Listing Details”)

Axis Capital Limited, Morgan Stanley India Company Private Limited, Citigroup Global Markets India Private Limited, J.P. Morgan India Private Limited and Jefferies India Private Limited are the Book Running Lead Managers to the issue. (The “BRLMs”)

Wakefit Innovations Limited files DRHP with SEBI; to raise Rs 468 crore via fresh issue

Wakefit Innovations Limited, the largest D2C home and furnishings company in India in terms of revenue in Fiscal 2024, as per a Redseer report has filed the draft red herring prospectus (DRHP) with capital markets regulator SEBI to raise funds through an initial public offering (IPO).

According to the DRHP, the proposed IPO of the Bengaluru-based company is a combination of a fresh issue of equity shares aggregating up to Rs. 468.2 crore and an offer for sale (OFS) of 5,83,99,085 equity shares (5.83 crore shares) by the selling shareholders.

As part of the OFS, the promoters - Ankit Garg and Chaitanya Ramalingegowda and Other Selling Shareholders - Nitika Goel, Peak XV Partners Investments VI, Redwood Trust, Verlinvest S.A., SAI Global India Fund I LLP, Investcorp Growth Equity Fund, Investcorp Growth Opportunity Fund and Paramark KB Fund I will be offloading shares.

Wakefit proposes to utilize the Net Proceeds from the Fresh Issue towards funding of capital expenditure worth Rs. 82 crores for setting up of 117 new COCO – Regular Stores and one COCO – Jumbo Store; Rs. 15.4 crores towards capex for purchase of new equipment and machinery; Rs. 145 crores towards expenditure for lease, sub-lease rent and license fee payments for existing stores; Rs 108.4 crores towards marketing and advertisement expenses for enhancing the awareness and visibility of the brand and the remaining amount will be used for general corporate purposes.

The company, in consultation with the BRLMs, may consider a Pre-IPO Placement aggregating up to Rs. 93.6 crores; prior to filing of the Red Herring Prospectus with the ROC. If the Pre- IPO Placement is undertaken, then the fresh issue will be reduced to the extent of such Pre-IPO placement.

Wakefit, which was incorporated in 2016 is the fastest homegrown player in the home and furnishings market in India among organized peers to achieve a total income of more than Rs. 1,000 crores, as of March 31, 2024.

It has a wide range of mattresses, furniture, and furnishings which it sells through both own channels (comprising the website and COCO – Stores) and external channels (including various marketplaces, such as major e-commerce platforms and multi-branded outlets). It is a fullstack vertically integrated company, enabling it to control every aspect of operations, from conceptualizing, designing and engineering products to manufacturing, distributing and providing customer experience and engagement.

Wakefit operates five manufacturing facilities of which two are situated at Bengaluru, Karnataka, two at Hosur, Tamil Nadu and one at Sonipat, Haryana. Its facilities are equipped with imported machinery and automation technologies, such as robotic arms and roller belts, which streamline the production process and reduce waste.

Wakefit reported revenue from operations of Rs. 986.3 crore in FY24 and Rs. 971 crore for the nine-months period ended December 31, 2024.

India’s Home & Furnishings market can be broadly classified into 3 key categories - furniture, mattresses and furnishings & décor. The Home & Furnishings market in India is estimated to be approx. Rs. 2.8 lakh crores as of CY2024 and projected to grow at 13% CAGR to reach Rs. 5.9 lakh crores by CY2030 fuelled by organized retail growth, rising online dominance, and premiumization.

Axis Capital Limited, IIFL Capital Services Limited and Nomura Financial Advisory and Securities (India) Private Limited are the Book Running Lead Managers to the issue. The equity shares of the company are proposed to be listed on BSE and NSE.

DRHP Link: https://nsearchives.nseindia.com/corporate/Registration_27062025055322_DRHP.pdf

Greaves Electric Mobility Files DRHP With SEBI; Aims to Raise Rs. 1000 Crore via Fresh Issue

Greaves Electric Mobility Limited, an EV manufacturer known for its Ampere, Eltra and Ele brands and offering a complete suite of vehicles across electric two-wheeler (E-2W) and three-wheeler (3W) segments catering to both B2C and B2B customers for personal and commercial purposes, has filed the draft red herring prospectus (DRHP) with capital markets regulator, SEBI to raise funds through an initial public offering (IPO).

According to the draft red herring prospectus, the Initial Public Offering of the company consists of a Fresh Issue of equity shares aggregating up to Rs. 1000 crores and an Offer for Sale of up to 18,93,98,200 Equity Shares (18.9 crore shares) by the Selling Shareholders. Under the offer for sale component, Greaves Cotton Limited, the Promoter Selling Shareholder will divest 5.1 crore equity shares and Abdul Latif Jameel Green Mobility Solutions DMCC, the Investor Selling Shareholder will divest 138,398,200 Equity Shares (13.8 crore shares).

The company, in consultation with the BRLMs, may consider a Pre-IPO placement aggregating up to Rs. 200 crores, prior to the filing of the Red Herring Prospectus. If the Pre-IPO placement is completed, the fresh issue will be reduced to the extent of such Pre-IPO placement.

Greaves Electric Mobility Limited (GEML) which was established in 2008 proposes to utilize the Net Proceeds of the Fresh Issue towards investment for:

• Product & technology development and enhancing capabilities at its Technology Centre in Bengaluru (Rs. 375.2 crores); 
• Development of in-house battery assembly capabilities (Rs. 82.9 crores);
• Funding expansion of the manufacturing capacity of Bestway Agencies Private Limited (wholly owned Material Subsidiary) (Rs. 19.8 crores); funding expansion of the manufacturing capacity of MLR Auto Limited (a Material Subsidiary) (Rs. 38.2 crores); 
• Increasing company’s stake in MLR through acquisitions (Rs. 73.6 crores); increase digitization and deployment of information technology infrastructure (Rs. 27.8 crores); 
• Funding inorganic growth through unidentified acquisitions and general corporate purposes.

GEML’s vehicle portfolio caters to a diverse customer base, with its offerings spanning E-2W across all three segments - High Speed e-Scooters, City Speed e-Scooters and Low Speed e-Scooters, with models for B2C and B2B use cases, and 3Ws which includes products across the entire spectrum of 3W mobility, which includes electric three-wheelers, internal combustion engine three-wheelers (diesel or CNG) and e-rickshaws, with models for cargo and passenger use cases.

As of September 30, 2024, GEML operated three manufacturing facilities in strategic locations in Ranipet (Tamil Nadu), Greater Noida (Uttar Pradesh) and Toopran (Telangana). The company’s revenue from operations as of Fiscal 2024 was Rs. 611.8 crores and Rs. 302.2 crores for the six months ended September 30, 2024.

Motilal Oswal Investment Advisors Limited, IIFL Capital Services Limited and JM Financial Limited are the book running lead managers to the issue.

IndiQube Spaces Ltd Files DRHP for Rs. 850 Crore IPO

IndiQube Spaces Limited, a managed workplace solutions company dedicated to transforming the traditional office experience through comprehensive, sustainable, and technology-driven solutions has filed the draft red herring prospectus (DRHP) with capital markets regulator, SEBI to raise funds through an initial public offering (IPO).

IndiQube is backed by prominent venture capital firm, WestBridge Capital and renowned individual investor, Ashish Gupta with Rishi Das, Chairman, Executive Director and CEO and Meghna Agarwal, COO and Executive Director at the helm.

The IPO of the Bengaluru based company comprises of a Fresh Issue of equity shares aggregating up to Rs. 750 crores and an Offer for Sale (OFS) of equity shares aggregating up to Rs. 100 crores by the Promoter Selling Shareholders – Rishi Das and Meghna Agarwal.

IndiQube Spaces Limited proposes to utilize the Net Proceeds of the Fresh Issue towards funding capital expenditure towards establishment of new centers (Rs. 462.6 crores); repayment or prepayment, in full or in part, of certain borrowings availed by the company (Rs. 100 crores); and general corporate purposes.

The company which was incorporated in 2015, manages a portfolio of 103 centers across 13 cities, covering 7.76 million square feet of area under management (AUM) in super built-up area with a total seating capacity of 172,451 as of June 30, 2024 and has a balanced portfolio of global capability centers (GCCs) and Indian enterprises as part of its clientele.

IndiQube’s clients include GCCs, Indian corporates, unicorns as well as start-ups across sectors like Myntra, upGrad, Zerodha, No Broker, Redbus, Juspay, Perfios, Moglix, Ninjacart, Siemens, Narayana Health to name a few.

IndiQube Grow is the company’s core offering which represents a comprehensive workplace solution, for plug and play workspaces incorporating interiors, technology, facility management and value-added services. It has also developed four additional verticals, namely IndiQube Bespoke, IndiQube One, MiQube and IndiQube Cornerstone to service specialized client requirements.

It reported a Total Income of Rs. 867.6 crores in Fiscal 2024 as against Rs. 601.2 crores in Fiscal 2023. FY24 EBITDA stood at Rs. 263.4 crores, while for Q1FY25 itself the EBITDA was Rs. 153 crores.

IndiQube recently expanded its Board with addition of four Independent Directors, including one woman Independent Director. Naveen Tewari, chief executive officer and founder of the InMobi Group, Avalur Gopalaratnam Muralikrishnan, a certified chartered accountant with over 35 years of experience in the finance industry; Rahul Matthan, partner at Trilegal with 30 years of experience, and Sachi Krishana, with 20 years of experience in the field of human resources are the new members of the Board.

Flexible workspaces are becoming an integral part of the commercial office market. The rise of hybrid work models, prudence in the use of capital, the need for flexibility, workspace planning, and a shift in work culture are amongst the factors fuelling the demand for flexible workspaces.

According to a CBRE report, the flexible workspace stock in India currently stands over 79 million sq.ft. out of which Tier 1 cities account for over 72 million sq.ft. The Tier 1 stock is estimated to grow to approximately 124 Mn sq. ft. by end of CY2027.

Bengaluru is the largest commercial office and flexible workspace market in India currently, accounting for over 30% of the total flexible workspace stock amongst Tier I cities. IndiQube is amongst the leading operators in Bengaluru with a portfolio of 60 centers spanning 5.04 million square feet in AUM.

The Book Running Lead Managers to the offer are ICICI Securities Limited and JM Financial Limited

The equity shares are proposed to be listed on BSE and NSE.