NSE, India’s Largest Exchange, To List on Rival BSE

The National Stock Exchange of India (NSE) is finally going public with its long-awaited IPO, opening on 17 September 2026 and closing on 21 September 2026. The issue is priced at ₹1,700–₹1,785 per share, valuing NSE at up to ₹4.42 lakh crore, with listing expected on 24 September 2026.

NSE has officially announced IPO through its Red Herring Prospectus (RHP) and related filings on its investor relations site. The exchange confirmed the price band of ₹1,700–₹1,785 per share, subscription dates (17–21 September 2026), and listing on BSE on 24 September 2026.

Notably, NSE’s IPO was delayed nearly a decade due to regulatory hurdles and legal disputes, including SEBI’s scrutiny of governance issues. SEBI rules prohibit exchanges from self-listing, hence NSE’s shares will debut on BSE only.

NSE’s governing board and IPO committee passed resolutions approving the offer; SEBI granted listing approval.

Key NSE IPO Details

• IPO Type: Entirely an Offer for Sale (OFS) — NSE itself will not raise fresh capital; proceeds go to selling shareholders.
• Shares Offered: ~12.64 crore equity shares (≈5.1% of NSE’s equity).
• Price Band: ₹1,700–₹1,785 per share.
• Lot Size: 8 shares (minimum retail investment ≈ ₹14,280 at upper band).
• Employee Discount: ₹170 per share for eligible NSE employees.
• Issue Size: ~₹22,562 crore (reduced from earlier ₹30,000 crore plan).
• Listing Date: Expected on 24 September 2026 at BSE.

Major Selling Shareholders

• State Bank of India (SBI): Reduced stake sale to ~1.60 crore shares.
• Morgan Stanley Strategic (Mauritius): Cut sale to ~1.10 crore shares.
• Bank of Baroda, GIC, Stock Holding Corp, National Insurance Co.: All trimmed their offers.

NSE Market Position

• Dominates Indian markets: 92.99% of cash equity turnover, 99.79% of equity futures, and 74.71% of equity options.
• Global standing: World’s largest equity derivatives exchange by contracts traded for 7 consecutive years.
• Investor base: 129 million registered investors as of March 2026.

Financial Snapshot

• FY26 Revenue: ₹16,601 crore (↓3% YoY).
• FY26 Net Profit: ₹10,302 crore (↓15% YoY).
• Valuation: At upper band, ~₹4.42 lakh crore (~$47 billion), placing NSE among India’s top 10 companies by market cap.

Risks & Considerations

• No fresh capital: Since it’s an OFS, NSE won’t receive funds for expansion.
• Profit decline: FY26 saw a 15% drop in net profit, raising valuation concerns.
• Crowded IPO market: September 2026 has multiple large IPOs, which could affect investor appetite.

Timeline Overview

Event	Date
Anchor Investor Bidding	16 Sept 2026
IPO Opens	17 Sept 2026
IPO Closes	21 Sept 2026
Allotment Finalization	22 Sept 2026
Listing on BSE	24 Sept 2026

Manipal Payment and Identity Solutions Limited’s IPO to Open on Wednesday, Sept. 9, 2026

• Not for distribution outside India
• Manipal Payment and Identity Solutions Limited’s IPO to Open on Wednesday, September 9, 2026
• Price Band fixed at ₹322 to ₹339 per equity share of face value of ₹10 each. 
• Anchor Investor Bidding - Tuesday, September 8, 2026
• Bid /Issue opening - Wednesday, September 9, 2026, closing - Friday, September 11, 2026
• Bids can be made for a minimum of 44 Equity Shares and in multiples of 44 Equity Shares thereafter. 
• Red Herring Prospectus link: https://mpimanipal.com/wp-content/uploads/2026/09/Red-Herring-Prospectus_compressed.pdf

Manipal Payment and Identity Solutions Limited (MPISL) announced its initial public offering (IPO) details: Wednesday, September 9, 2026, the bids will open and, Friday, September 11, 2026, the bids will close. The Anchor Investor Bidding date is set for Tuesday, September 8, 2026. The Price Band of the Issue has been fixed from ₹322 - ₹339 per Equity Share. Bids can be made for a minimum of 44 Equity Shares and multiples of 44 Equity Shares thereafter. The Offer comprises Fresh Issue of equity shares aggregating up to ₹320 crore and an Offer for sale of up to 14,306,785 Equity Shares by the promoter selling shareholder, Manipal Technologies Limited.

MPISL provides payments solutions, identifications solutions, secure solutions, and smart tagging and internet of things (IOT) solutions to banks, fintechs, NBFCs, and governments worldwide. In Fiscal 2026, the company held approximately 36.4% of India's credit card and 30.9% of its debit card issuance market, positioning it among the largest manufacturers of payment cards, both globally and in India. Additionally, it is one of India's largest national identity card producers, having billed over 1 billion cards in 12 regional languages. MPISL serves customers through 10 facilities across India, catering to a diverse set of over 300 customers in Fiscal 2026 across domestic and international jurisdictions.

MPISL has been certified by payment networks Mastercard (for over 16 years), RuPay (for over nine years) and by other payment networks for over 15 years and nine years, respectively, for manufacturing and personalization of payment cards. Further, the facilities are certified for Payment Card Industry Data Security Standard (Level 1) Version 4.0.1 for secure data management and the Manipal Facility is certified for ‘INTERGRAF’ (Central Bank Level) and Card Quality Management for secure card manufacturing and personalization.

The Equity Shares are proposed to be listed on BSE Limited (BSE) and the National Stock Exchange of India Limited (NSE). For the purpose of the Issue, BSE Limited shall be the Designated Stock Exchange.

The issue:

The Offer is being in terms of Rule 19(2)(b) of the SCRR, read with Regulation 31 of the SEBI ICDR Regulations. The Offer is being made through the Book Building Process and is in compliance with Regulation 6(2) of the SEBI ICDR Regulations, wherein in terms of Regulation 32(2) of the SEBI ICDR Regulations, not less than 75% of the Offer shall be available for allocation on a proportionate basis to Qualified Institutional Buyers (“QIBs”, and such portion, the “QIB Portion”), provided that our Company may, in consultation with the BRLMs, allocate up to 60% of the QIB Portion to Anchor Investors on a discretionary basis, in accordance with the SEBI ICDR Regulations, of which 40% shall be reserved in the following manner (i) 33.33% of the Anchor Investor Portion shall be reserved for domestic Mutual Funds; and (ii) 6.67% of the Anchor Investor Portion shall be reserved for Life Insurance Companies and Pension Funds, subject to valid Bids being received from domestic Mutual Funds, Life Insurance Companies and Pension Funds, as applicable, at or above the Anchor Investor Allocation Price.

Any under-subscription in the Life Insurance Companies and Pension Funds category specified in (ii) above may be allocated to domestic Mutual Funds, in accordance with the SEBI ICDR Regulations. In the event of under-subscription or non-allocation in the Anchor Investor Portion, the balance Equity Shares shall be added to the QIB Portion (other than the Anchor Investor Portion) (the “Net QIB Portion”).

Further, 5% of the net QIB Portion shall be available for allocation on a proportionate basis only to Mutual Funds and the remainder of the net QIB Portion shall be available for allocation on a proportionate basis to all QIB Bidders (other than Anchor Investors) including Mutual Funds, subject to valid Bids being received at or above the Offer Price. However, if the aggregate demand from Mutual Funds is less than 5% of the net QIB Portion, the balance Equity Shares available for allocation in the Mutual Fund Portion will be added to the remaining QIB Portion for proportionate allocation to QIBs. Further, not more than 15% of the Offer shall be available for allocation to Non-Institutional Bidders out of which (a) one-third of such portion shall be reserved for applicants with application size of more than ₹ 0.2 million and up to ₹ 1.00 million; and (b) two-third of such portion shall be reserved for applicants with application size of more than ₹ 1.00 million, provided that the unsubscribed portion in either of such sub-categories may be allocated to applicants in the other sub-category of Non-Institutional Bidders and not more than 10% of the Offer shall be available for allocation to Retail Individual Bidders in accordance with the SEBI ICDR Regulations, subject to valid Bids being received from them at or above the Offer Price.

All potential Bidders (except Anchor Investors) are required to mandatorily utilise the Application Supported by Blocked Amount (“ASBA”) process by providing details of their respective bank accounts (including UPI ID for UPI Bidders using UPI Mechanism) in which the Bid Amount will be blocked by the SCSBs or the Sponsor Banks, as applicable, to participate in the Offer. Anchor Investors are not permitted to participate in the Anchor Investor Portion of the Offer through the ASBA process.

Disclaimer:

MANIPAL PAYMENT AND IDENTITY SOLUTIONS LIMITED (formerly known as MCT Cards & Technology Limited) is proposing, subject to receipt of requisite approvals, market conditions and other considerations, to make an initial public offering of its Equity Shares ( “Offer”) and has filed the RHP with RoC and subsequently with the SEBI and the Stock Exchanges. The RHP shall be available on the website of the SEBI at www.sebi.gov.in, the websites of the Stock Exchanges at www.bseindia.com and www.nseindia.com, respectively, the website of the Company at https://mpimanipal.com and on the website of the Book Running Lead Managers (“BRLMs”), i.e. Motilal Oswal Investment Advisors Limited, Axis Capital Limited, ICICI Securities Limited, IIFL Capital Services Limited (formerly known as IIFL Securities Limited) and Nuvama Wealth Management Limited at www.motilaloswal.com, www.axiscapital.co.in, www.icicisecurities.com, www.iiflcapital.com and www.nuvama.com, respectively. Any potential investors should note that investment in equity shares involves a high degree of risk and for details relating to such risk, see ‘‘Risk Factors’’ beginning on page 20 of the RHP. Potential investors should not rely on the UDRHP-I filed with SEBI and the Stock Exchanges, and should rely on their own examination of our Company and the Offer, including the risks involved, for making any investment decision.

The Equity Shares have not been, and will not be, registered under the United States Securities Act of 1933, as amended (“U.S. Securities Act”) or any state securities laws in the United States, and unless so registered, may not be offered or sold within the United States, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. Accordingly, the Equity Shares are being offered and sold only outside the United States, in "offshore transactions", as defined in and in reliance on Regulation S under the U.S. Securities Act and the applicable laws of the jurisdictions in which such offers and sales are made. There will be no public offering in the United States.

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.

Zetwerk IPO Push: Manufacturing Orderbook Hits ₹12,370 Cr; Debt Repayment, Acquisitions Planned

• Revenue from operations grew 40.43% to ₹15,913 Crores in FY26, led by growth in renewable energy, power transmission and AI infrastructure.
• Operating performance improved sharply since Fiscal 2024, with adjusted EBITDA up 4.3x to ₹421 Crores and Adjusted PBT turning positive at ₹45.7 Crores from a loss of ₹248.8 Crores
• Manufacturing orderbook doubled to ₹ 12,370 Crores in FY26 as compared to FY2024; international markets contributed nearly 30% of Manufacturing Business revenue in FY26.

Zetwerk, a technology-led, asset-light manufacturing platform for industrial and consumer goods in India and globally, has filed its Updated Draft Red Herring Prospectus (UDRHP) with the Securities and Exchange Board of India (SEBI).

The company aggregates manufacturing capacity across a network of third-party suppliers and its own facilities into a "universal factory," unified through Zetwerk OS, its proprietary technology backbone. Its customers span utilities, renewables, consumer electronics, artificial intelligence infrastructure, aerospace, space & defence, oil & gas and industrial automation.

Zetwerk operates two reportable business segments: the Manufacturing Business, which enables customers to manufacture industrial and consumer products through its supplier network and own facilities; and the Ecosystem Business, branded Terra91, which aggregates and sources industrial commodities for customers. A third segment, Civil Infrastructure Works, was discontinued in FY26 as part of a strategic realignment to focus on the core segments.

The proposed initial public offering comprises a fresh issue of Equity Shares of face value of ₹1 each aggregating up to ₹2,600 Crores and an offer for sale of up to 96,837,455 equity shares of face value ₹1 each by the selling shareholders.

Zetwerk plans to use the net proceeds mainly to pay down debt – ₹1,250 Crores at the company and ₹550 Crores across subsidiaries – with the balance towards inorganic growth through unidentified acquisitions, and general corporate purposes.

The company's promoters are Amrit Pratik Acharya and Srinath Ramakkrushnan, both IIT Madras alumni. The company, in operation for around 8 years, connects 26 owned manufacturing facilities across India, USA, Germany and Spain and a network of 6,979 third-party suppliers in multiple countries into a unified manufacturing network.

The hybrid manufacturing model it follows allows it to benefit from the scalability of a distributed network, with capacity accessed through third-party manufacturers without a corresponding increase in invested capital together with the control of selective own capacity for complex, high-value manufacturing.

Zetwerk OS coordinates a single order across multiple facilities to speed up production cycles. It automates key decisions and replaces manual processes with technology that standardizes every stage of the manufacturing lifecycle and supports distributed manufacturing.

As of March 31, 2026, Zetwerk's Manufacturing platform had a diverse customer base ranging from start-ups to large industrial companies, including 8 of Sensex, 16 of Nifty 50, and 102 of India's Fortune 500 companies. Some of its customers include Siemens Gamesa, Acer India, NextPower, CG Power, NTPC Renewable Energy, L&T MHI Power Boiler, DRDO, NALCO, IOCL, Mortenson, Nordex Acciona, Indian Air Force and Numaligarh Refinery Limited.

Zetwerk grew revenue from operations 40.43% to ₹15,913 Crores in FY26, up from ₹11,332 Crores, led by a nearly doubling energy business on the back of broader themes of AI capex wave and energy transition. Operating performance improved sharply since Fiscal 2024: adjusted EBITDA rose from ₹97 Crores in Fiscal 2024 to ₹323 Crores in Fiscal 2025 and ₹421 Crores in FY26, a 4.3x increase over two years. Adjusted PBT grew from a loss of ₹248.8 Crores in Fiscal 2024 to a profit of ₹45.7 Crores in FY26.

The reported PBT of -₹1,558 Crores in FY26 was primarily driven by two one-time, non-cash adjustments ahead of the IPO. The first is a Management Stock Options equity top-up of ₹796 Crores, thereby increasing promoter’s stake in the company. The transaction did not involve any cash outflow and is net worth neutral. The second is a one-time provision of ₹453 Crores relating to the civil infrastructure business, which the company has discontinued as part of a portfolio consolidation.

Zetwerk's manufacturing orderbook doubled to ₹ 12370 Crores in FY26 as compared to ₹ 6170 in FY2024.

Zetwerk has benefitted from its evolving customer relationships that has gone from single order engagements to multi-year contracts across multiple categories. Revenue from Repeat Customers in its Manufacturing Business stood at 80.15% in FY2026 and the Net revenue retention stood at 120% for the same period.

Zetwerk's top 10 customers have been associated with the company for ~3 years, and contribute to nearly 36% of revenues. The company has cumulatively delivered products and raw materials worth ₹69,588 Crores in terms of GMV.

In FY 2027, Zetwerk has been recognised as India's Fastest Growing Engineering Brand 2026, according to Strongest Indian Brands 2026 rankings published by independent brand valuation consultancy Brand Finance.

Kotak Mahindra Capital Company Limited, Morgan Stanley India Company Private Limited, Goldman Sachs (India) Securities Private Limited, Avendus Capital Private Limited, JM Financial Limited, HSBC Securities and Capital Markets (India) Private Limited, Pantomath Capital Advisors Private Limited, are the Book Running Lead Managers to the issue.

Link: https://ir.zetwerk.com/wp-content/uploads/Zetwerk-Manufacturing-Businesses-Limited-UDRHP-I.pdf

NDR InvIT Trust to Launch ₹750 Crore IPO, Converting to India’s First Public Warehousing InvIT

NDR InvIT Trust, a private listed infrastructure investment trust sponsored by NDR Warehousing Private Limited, is proposing conversion from a private listed InvIT to a public InvIT (Infrastructure Investment Trust) through an initial public offer (IPO) of units aggregating up to ₹7,500 million (₹750 crore). The Offer comprises a fresh issue of up to ₹4,500 million (₹450 crore) and an offer for sale of up to ₹3,000 million (₹300 crore) by Investcorp India Warehousing IFSC Trust.

NDR InvIT Trust stands as India’s first perpetual warehousing and industrial parks InvIT, according to the JLL Report. As of June 30, 2026, the Trust manages a total leasable area of 22.97 million sq. ft., of which 21.58 million sq. ft. is currently developed. Its portfolio is spread across key warehousing markets, including Ahmedabad, Bengaluru, Chennai, Hyderabad, Kolkata, Mumbai, NCR Delhi and Pune, which together account for approximately 80% of India’s organised warehousing stock, according to the JLL Report.

The Sponsor, NDR Warehousing Private Limited, is recognised as one of India’s pioneering warehousing developers and was the first entrant in the general warehousing space to secure funding from a major global institution, as per the JLL Report.

The proceeds from the Fresh Issue will primarily be utilised towards the acquisition of 100% of NDR Advanced Storage Private Limited for up to ₹2,976 million (₹297.6 crore) and acquisition of 100% interest of NDR Storewell Warehousing LLP for up to ₹842 million (₹84.2 crore), with the balance proposed for general purposes. The proposed acquisitions are expected to strengthen and diversify the Trust’s portfolio of income-generating warehousing assets and support its future growth.

About NDR InvIT Trust:NDR InvIT Trust is an infrastructure investment trust registered with SEBI and sponsored by NDR Warehousing Private Limited. The Trust owns and operates a diversified portfolio of warehousing and industrial assets across key logistics markets in India.

Draft Offer Document link: https://www.sebi.gov.in/filings/invit-public-issues/aug-2026/ndr-invit-trust-private-to-public-_103486.html

Shiprocket IPO to Open August 12 with Price Band ₹92–₹97 per Share

• Price Band has been fixed from ₹ 92 to ₹ 97 per Equity Share
• The Floor Price is 9.2 times and the Cap Price is 9.7 times of the face value (₹10 per share) of the Equity shares
• Bid/Offer will open on Wednesday, August 12, 2026 and close on Friday, August 14, 2026 (“Bid/Offer Period”)
• The Anchor investor Bid/Offer Period shall be on Tuesday, August 11, 2026
• Bids can be made for a minimum of 154 Equity Shares of face value ₹10 each and in multiples of 154 Equity Shares of face value ₹10 each thereafter (“Minimum Bid Lot”)
• RHP Link: https://www.axiscapital.co.in/contents/Shiprocket%20Limited%20-%20RHP%20-%20August%205,%202026-1785937235.pdf

Shiprocket Limited (the “Company”), shall open the Bid/Offer in relation to its Initial Public Offer of Equity shares on Wednesday, August 12, 2026.

The Price Band of the Offer has been fixed at ₹ 92 to ₹ 97 per Equity Share of face value ₹10 each. (“Price Band”).

Bids can be made for a minimum of 154 Equity Shares of face value ₹10 each and in multiples of 154 Equity Shares of face value ₹10 each thereafter. (“Minimum Bid Lot”).

The Anchor Investor Bidding Date shall be Tuesday, August 11, 2026. The Bid/Offer shall open on Wednesday, August 12, 2026.

(L–R) Mr. Saahil Goel- Managing Director and Chief Executive Officer, Shiprocket Limited and Mr. Tanmay Kumar, Chief Financial Officer Limited , Shiprocket Limited

The total offer size of equity shares with face value of ₹10 each aggregating up to ₹16,174.85 million, comprises of a fresh issue of equity shares aggregating up to ₹8,855.00 million and an Offer for sale of equity shares aggregating up to ₹7,319.85 million.

The company proposes to utilize the net proceeds from the fresh issue towards Investment in the growth of the Shiprocket’s platforms by way of investment in marketing initiatives primarily for its Emerging Business and for its Core Business; for investment in technology infrastructure and capabilities primarily for its Emerging Business and for its Core Business; Repayment / prepayment, in full or in part, of certain borrowings availed of by the Company including payment of the interest accrued thereon; and Funding inorganic growth through unidentified acquisitions and general corporate purposes.

The Equity Shares offered through this Red Herring Prospectus are proposed to be listed on the Stock Exchanges being BSE Limited (“BSE”) and National Stock Exchange of India Limited (“NSE” and together with BSE, the “Stock Exchanges”). For the purpose of the Offer, NSE is the Designated Stock Exchange.

Axis Capital Limited, BofA Securities India Limited, JM Financial Limited and Kotak Mahindra Capital Company Limited are the book running lead managers to the issue.

This is an Offer in terms of Rule 19(2)(b) of the SCRR read with Regulation 31 of the SEBI ICDR Regulations. This Offer is being made through the Book Building Process in compliance with Regulation 6(2) of the SEBI ICDR Regulations wherein not less than 75% of the Net Offer shall be available for allocation on a proportionate basis to Qualified Institutional Buyers (“QIBs” and such portion the “QIB Portion”) provided that our Company, in consultation with the BRLMs, may allocate up to 60% of the QIB Portion to Anchor Investors on a discretionary basis in accordance with the SEBI ICDR Regulations (“Anchor Investor Portion”), of which 33.33% shall be reserved for domestic Mutual Funds and 6.67% shall be reserved for Life Insurance Companies and Pension Funds, subject to valid Bids being received from domestic Mutual Funds, Life Insurance Companies and Pension Funds at or above the price at which Equity Shares will be allocated to the Anchor Investors (“Anchor Investor Allocation Price”), in accordance with the SEBI ICDR Regulations. In the event of under-subscription or non-allocation in the Anchor Investor Portion, the balance Equity Shares shall be added to the QIB Portion (excluding the Anchor Investor Portion) (“Net QIB Portion”).

Further, 5% of the Net QIB Portion shall be available for allocation on a proportionate basis to Mutual Funds only and the remainder of the Net QIB Portion shall be available for allocation on a proportionate basis to all QIBs (other than Anchor Investors) including Mutual Funds, subject to valid Bids being received at or above the Net Offer Price. If at least 75% of the Net Offer cannot be Allotted to QIBs, then the entire Bid Amount (as defined hereinafter) will be refunded forthwith. However, if the aggregate demand from Mutual Funds is less than 5% of the Net QIB Portion, the balance Equity Shares available for allocation in the Mutual Fund Portion will be added to the remaining QIB Portion for proportionate allocation to QIBs. Further, not more than 15% of the Net Offer shall be available for allocation to Non-Institutional Bidders (“NIBs”) of which (a) one third portion shall be reserved for NIBs with application size of more than ₹200,000 and up to ₹1,000,000; and (b) two-thirds of the portion shall be reserved for NIBs with application size of more than ₹1,000,000, provided that the unsubscribed portion in either of such sub-categories may be allocated to Bidders in other sub-category of the NIBs in accordance with SEBI ICDR Regulations, subject to valid Bids being received above the Offer Price and not more than 10% of the Net Offer shall be available for allocation to Retail Individual Bidders (“RIB”) in accordance with the SEBI ICDR Regulations, subject to valid Bids being received from them at or above the Offer Price.

The offer includes a reservation of equity shares of face value of ₹ 10 each, aggregating up to ₹ 10.00 million, for subscription by eligible employees (“employee reservation portion”). The Company, in consultation with the BRLMs, may offer a discount of up to ₹ 9 per equity share of the offer price to eligible employees bidding in the employee reservation portion (“employee discount”), subject to necessary approvals as may be required. The offer less the employee reservation portion is hereinafter referred to as the “net offer”.

All Bidders (except Anchor Investors) are required to mandatorily utilise the Application Supported by Blocked Amount (“ASBA”) process by providing details of their respective ASBA accounts and UPI ID (in case of UPI Bidders using the UPI Mechanism), in which case the corresponding Bid Amounts will be blocked by the SCSBs or under the UPI Mechanism, as applicable to participate in the Net Offer. Anchor Investors are not permitted to participate in the Anchor Investor Portion of the Net Offer through the ASBA process.

Disclaimer:

Shiprocket Limited is proposing, subject to, receipt of requisite approvals, market conditions and other considerations, to make an initial public offering of its Equity Shares and has filed the Red Herring Prospectus (“RHP”) with the Registrar of Companies, National Capital Territory of Delhi - I, at South Delhi (“RoC”) on August 5, 2026. The RHP is available on the website of the Company at www.shiprocket.in, SEBI at www.sebi.gov.in, as well as on the websites of the BRLMs, i.e. Axis Capital Limited, BofA Securities India Limited, JM Financial Limited and Kotak Mahindra Capital Company Limited at www.axiscapital.co.in, https://business.bofa.com/bofas-india, www.jmfl.com and https://investmentbank.kotak.com, respectively and the websites of National Stock Exchange of India Limited and BSE Limited at www.nseindia.com and www.bseindia.com, respectively. Any potential investor should note that investment in equity shares involves a high degree of risk and for details relating to such risk, please see “Risk Factors” on page 30 of the RHP. For taking an investment decision, potential investors must rely on their own examination of our Company and the Offer, including the risks involved. Investors are advised to rely only on the information contained in the RHPand price band advertisement for making investment decision.. The Equity Shares offered in the Offer have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any other applicable law of the United States and, unless so registered, may not be offered or sold within the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the U.S. Securities Act and applicable state securities laws in the United States. Accordingly, the Equity Shares are being offered and sold (a) within the United States only to persons reasonably believed to be “qualified institutional buyers” (as defined in Rule 144A under the U.S. Securities Act and referred to in the Red Herring Prospectus as “U.S. QIBs”) in transactions exempt from, or not subject to, the registration requirements of the U.S. Securities Act; and (b) outside the United States in “offshore transactions” as defined in, and in reliance on, Regulation S under the U.S. Securities Act and in compliance with the applicable laws of the jurisdictions where those offers and sales are made.

Dhoot Transmission Limited’s IPO to Open on Monday, August 10, 2026

Price Band fixed at ₹ 829 per equity share of face value ₹2 each to ₹871 per equity share of the face value of ₹2 each (“Equity Shares”) of Dhoot Transmission Limited (the “Company”)

Anchor Investor Bidding Date – Friday, August 07, 2026

Bid /Offer Opening Date – Monday, August 10, 2026, and Bid/ Offer Closing Date – Wednesday, August 12, 2026

Bids can be made for a minimum of 17 Equity Shares of face value Rs 2 each and in multiples of 17 Equity Shares thereafter

Red Herring Prospectus (“RHP”) link:RHP Document

Dhoot Transmission Limited (the “Company”) proposes to open the initial public offering (“Offer”) of its equity shares of face value ₹2 each (“Equity Shares”) on Monday, August 10, 2026. The Anchor Investor Bidding Date is a Working Day prior to Bid/Offer Opening Date, being Friday, August 07, 2026. The Bid/Offer Closing Date is Wednesday, August 12, 2026.

The Price Band of the Offer has been fixed from ₹ 829 per Equity Share of face value ₹2 each to ₹ 871 per Equity Share of face value of ₹2 each. Bids can be made for a minimum of 17 Equity Shares of face value ₹2 each and multiples of 17 Equity Shares of face value ₹2 each thereafter. The Floor price and the Cap Price are 414.50 times and 435.50 times the face value of the equity shares, respectively. The Price to Earnings ratio (“P/E”) based on diluted EPS for Fiscal 2026 for our company at the lower end of the price band (i.e. floor price) is 33.98 times and at the upper end of the price band (i.e. cap price) is 35.70 times as compared to the average industry peer group P/E Ratio of 55.31 times. A discount of ₹80 per equity share is being offered to eligible employees bidding in the employee reservation portion. The weighted average return on net worth for last three fiscal years is 27.06%.

The Offer comprises a fresh issue of Equity Shares aggregating up to ₹1400 Crores (the “Fresh Issue”) and an Offer for Sale of up to 1,91,37,602 Equity Shares by certain existing shareholders including up to 16,018,769 Equity Shares of face value ₹2 each by BC Asia Investments XV Limited (“Promoter Selling Shareholder”) and up to 3,118,833 Equity Shares of face value ₹ 2 each by Mangalam Capital Private Limited (formerly known as Mangalam Coils Private Limited) (“Promoter Group Selling Shareholder”, together with Promoter Selling Shareholder, the “Selling Shareholders”).

The Offer is being made through the Book Building Process, in terms of Rule 19(2)(b) of the SCRR read with Regulation 31 of the SEBI ICDR Regulations and in compliance with Regulation 6(1) of the SEBI ICDR Regulations, wherein not more than 50% of the Net Offer shall be allocated on a proportionate basis to Qualified Institutional Buyers (“QIBs”) (“QIB Portion”), provided that our Company, in consultation with the Book Running Lead Managers may allocate up to 60% of the QIB Portion to Anchor Investors on a discretionary basis in accordance with the SEBI ICDR Regulations (“Anchor Investor Portion”), of which 33.33% shall be reserved for domestic Mutual Funds and 6.67% shall be reserved for Life Insurance Companies and Pension Funds, subject to valid Bids being received from domestic Mutual Funds, Life Insurance Companies and Pension Funds at or above the Anchor Investor Allocation Price. In the event of under-subscription, or non-allocation in the Anchor Investor Portion, the balance Equity Shares shall be added to the QIB Portion (“Net QIB Portion”).

Further, 5% of the Net QIB Portion shall be available for allocation on a proportionate basis only to Mutual Funds, subject to valid Bids being received at or above the Offer Price, and the remainder of the Net QIB Portion shall be available for allocation on a proportionate basis to all QIBs, including Mutual Funds subject to valid Bids being received at or above the Offer Price. However, if the aggregate demand from Mutual Funds is less than 5% of the Net QIB Portion, the balance Equity Shares available for allocation in Mutual Fund Portion will be added to the remaining Net QIB Portion for proportionate allocation to all QIBs.

Further, not less than 15% of the Net Offer shall be available for allocation to Non-Institutional Bidders and not less than 35% of the Net Offer shall be available for allocation to Retail Individual Bidders (“RIBs”) in accordance with the SEBI ICDR Regulations, subject to valid Bids being received at or above the Offer Price. One-third of the Non-Institutional Portion shall be available for allocation to Non-institutional Bidders with a Bid size of more than ₹0.20 million and up to ₹1.00 million and two-thirds of the Non-Institutional Portion shall be available for allocation to Non-Institutional Bidders with a Bid size of more than ₹1.00 million provided that under-subscription in either of these two sub-categories of the Non-Institutional Portion may be allocated to Non-Institutional Bidders in the other sub-category of Non-Institutional Portion in accordance with the SEBI ICDR Regulations, subject to valid Bids being received at or above the Offer Price.

Further, Equity Shares will be allocated on a proportionate basis to Eligible Employees Bidding in the Employee Reservation Portion, subject to valid Bids received from them at or above the Offer Price. All potential Bidders (except Anchor Investors) are mandatorily required to participate in the Offer through the Application Supported by Blocked Amount (“ASBA”) process by providing details of their respective ASBA accounts and UPI ID in case of UPI Bidders, as applicable, pursuant to which their corresponding Bid Amount will be blocked by the Self Certified Syndicate Banks (“SCSBs”) or by the Sponsor Banks under the UPI Mechanism, as the case may be, to the extent of the respective Bid Amounts. Anchor Investors are not permitted to participate in the Offer through the ASBA process.

The Equity Shares are proposed to be listed on BSE Limited (“BSE”) and the National Stock Exchange of India Limited (“NSE”). For the Offer, NSE shall be the Designated Stock Exchange.

Axis Capital Limited, Jefferies India Private Limited, Kotak Mahindra Capital Company Limited, Nomura Financial Advisory and Securities (India) Private Limited, SBI Capital Markets Limited and 360 ONE WAM Limited are the Book Running Lead Managers.

Disclaimer

DHOOT TRANSMISSION LIMITED, is proposing, subject to applicable statutory and regulatory requirements, receipt of requisite approvals, market conditions and other considerations, to make an initial public offering of its Equity Shares and has filed the RHP dated August 3,2026 with the RoC. The RHP and Abridged Prospectus shall be available on the website of SEBI at www.sebi.gov.in, as well as on the websites of the Stock Exchanges i.e. BSE and NSE, respectively, on the website of the Company at www.dhoottransmission.com and on the websites of the BRLMs, i.e. Axis Capital Limited, Jefferies, Kotak Mahindra Capital, Nomura, SBI Capital Markets and 360 ONE WAM Limited.

Any potential Bidders should note that investment in equity shares involves a high degree of risk and for details relating to such risk, see “Risk Factors” on page 24 of the RHP. Potential Bidders should not rely on the UDRHP-I filed with SEBI and the Stock Exchanges for making any investment decision and should instead rely on the RHP, when filed, for making an investment decision.

The Equity Shares offered in the Offer have not been and

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.

JSW One Platforms Taps Bankers for $400M IPO

JSW One Platforms has appointed Kotak Mahindra Capital, JM Financial, ICICI Securities, and SBI Capital Markets as advisors for its planned $350–400 million IPO, targeted for 2027, reported Mint on Wednesday. The offering will include both a fresh issue of shares and an offer for sale by existing shareholders.

JSW One Platforms is the JSW Group’s digital B2B commerce venture, founded in 2018 and headquartered in Mumbai. It operates as a marketplace and distribution platform for MSMEs in manufacturing and construction, combining materials procurement, logistics, and embedded finance.

IPO Details

• Advisors: Kotak Mahindra Capital, JM Financial, ICICI Securities, SBI Capital Markets
• Size: $350–400 million (approx. ₹2,900–3,300 crore)
• Structure: Combination of fresh issue and offer for sale (OFS)
• Timeline: Listing expected in 2027
• Parent Context: Follows JSW Steel’s approval of a ₹811 crore stake sale in JSW One Platforms

Company Snapshot

• Business Model: Full-stack B2B marketplace for MSMEs in manufacturing and construction
• Ownership: JSW Group entities hold 78.76%, rest owned by funds and angel investors
• Financials: Net profit of ₹90 crore in FY26
• Growth: Became a unicorn in 2025 after raising ₹340 crore; later raised ₹575 crore in October 2025
• Expansion: Funds used to strengthen JSW One Finance Ltd, expand steel/cement supply chains, logistics, and MSME credit access. 

Financials & Growth

JSW One Platforms has shown rapid financial growth in recent years. In FY25, the company reported revenues of around ₹3,976–3,983 crore, marking a sharp 180% year-on-year increase. Its gross merchandise value (GMV) stood at ₹12,567 crore, reflecting strong traction in its B2B marketplace operations. By FY26, the company achieved a net profit of ₹90 crore, though this remains a relatively small contribution to JSW Steel’s consolidated earnings.

On the funding side, JSW One became a unicorn in May 2025 after raising ₹340 crore, followed by another ₹575 crore round in October 2025, which pushed its valuation to about $1.02 billion. The capital has been directed toward expanding JSW One Finance Ltd, strengthening supply chains in steel and cement, and enhancing logistics and credit access for MSMEs.

Market Context

• Sector Trend: B2B commerce firms like Moglix, OfBusiness, Zetwerk also eyeing IPOs
• Investor Interest: Bessemer Venture Partners projects $200 billion opportunity by 2030 in India’s B2B marketplaces
• Strategic Positioning: Aligns with JSW Group’s broader strategy of unlocking value through subsidiary listings

Risks & Considerations

• Market Volatility: IPO success depends on equity market sentiment in 2027
• Minor Contribution: JSW One’s profit contribution to JSW Steel remains small (0.35% of consolidated net profit)
• Execution Risks: Regulatory approvals and pricing decisions could delay or alter the offering

 Strategic Implications

• Liquidity Event: Enables JSW Steel to monetize its investment
• Capital Allocation: IPO proceeds expected to fund expansion in steel, cement, logistics, and fintech
• Group Strategy: Reinforces JSW Group’s push into digital B2B commerce alongside traditional steel operations

IPO Snapshot Table

Aspect	Details
Advisors	Kotak Mahindra Capital, JM Financial, ICICI Securities, SBI Capital Markets
IPO Size	$350–400 million (₹2,900–3,300 crore)
Structure	Fresh issue + Offer for Sale
Timeline	2027
Ownership	JSW Group 78.76%, rest funds/angels
FY26 Profit	₹90 crore

Juniper Green Energy Limited ₹1800 crore Initial Public Offering to open on July 30, 2026

• Price Band fixed at ₹ 214 to ₹ 225 per equity share of face value of ₹ 10 each (“Equity Share”);
• Bid /Offer will open on Thursday, July 30, 2026, and close on Monday, August 3, 2026. The Anchor Investor Bidding Date shall be Wednesday, July 29, 2026. 
• Bids can be made for a minimum of 66 Equity Shares and in multiples of 66 Equity Shares thereafter. 
• A discount of ₹ 21 per equity share is being offered to eligible employees bidding in the employee reservation portion

Juniper Green Energy Limited (the “Company”) shall open its Bid / Offer in relation to its initial public offer of Equity Shares on Thursday, July 30, 2026.

The total offer size of Equity Shares aggregating up to ₹ 18000 million [₹ 1800 crore] comprises of fresh issue (“The Total Offer Size”).

The Anchor Investor Bidding Date shall be Wednesday, July 29, 2026. The Bid/Offer will open on Thursday, July 30, 2026, for subscription and close on Monday, August 3, 2026.

The Price Band of the Offer has been fixed at₹ 214 to ₹ 225 per Equity Share. Bids can be made for a minimum of 66 Equity Shares and in multiples of 66 Equity Shares thereafter.

A discount of ₹ 21 per equity share is being offered to eligible employees bidding in the employee reservation portion

The Company proposes to utilise net proceeds from fresh issue of Equity Shares towards repayment/pre-payment, in full or part, of certain borrowings availed by Company; investment in one of its Material Subsidiaries namely Juniper Green Gamma One Private Limited, and its

Subsidiaries namely Juniper Green Kite Private Limited and Juniper Green Power Five Private Limited for repayment/ pre-payment, in full or in part, of all or a portion of certain of their outstanding borrowings; and balance amount towards general corporate purposes (“Object of Issue”).

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 or BRLMs to the Issue.

About Juniper Green Energy Limited:

Juniper Green Energy is an independent renewable energy power producer in India, focused on the development, construction and operations of utility-scale solar, wind, and hybrid renewable energy projects. It is headquartered in Delhi NCR since October 2018; the company has grown its operational capacity to 1.1 GWp. With expertise spanning the entire project lifecycle – from initial concept to construction and development across India – Juniper Green Energy provides energy solutions and undertakes large-scale projects, thus playing a role in India's shift towards clean energy.

Juniper Green Energy is a part of the AT Capital Group, a globally diversified investment group based in Singapore. AT Capital Group focuses on sectors including Renewable Energy, Residential and Commercial Real Estate, with a presence in India, the GCC, Europe, and the United States. Within India, the group also operates Experion Developers, a real estate company, and Experion Capital, a Non-Banking Financial Company (NBFC) that specializes in financing real estate and infrastructure projects. 

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.

Tryfacta Files for GIFT City IPO, Set to Become First US-Headquartered Company to List in India

Tryfacta, Inc. (“Tryfacta”), an artificial intelligence (“AI”)-enabled provider of specialized workforce and technology solutions serving Federal government and State, Local and Education (“SLED”) government agencies across the United States, has filed its Draft Offer Document (DOD) with the International Financial Services Centres Authority (IFSCA) for its proposed initial public offering (IPO) on the exchanges at GIFT City, Gujarat.

Upon listing, Tryfacta is expected to become the first US-headquartered (foreign) company to list its equity shares in India through the GIFT City framework.

The proposed IPO comprises a fresh issue of up to 13.3 million equity shares and an offer for sale of up to 3.0 million equity shares by selling shareholder Ratika Tyagi. The issue will be denominated in US dollars, and the equity shares are proposed to be listed on NSE IFSC Limited (NSE IX) and India International Exchange (India INX).

As per Regulation 25(1) of the IFSCA (Listing) Regulations, 2024, allotment to investors shall be on a proportionate or discretionary basis as decided by the company in consultation with the Book Running Lead Manager and disclosed in the offer document.

As set out in the offer document, the company intends to use the net proceeds of the fresh issue towards repayment and/or pre-payment, in full or in part, of working capital facilities; to fund inorganic growth through acquisitions and other strategic investments; and for general corporate purposes.

Founded in 1996 and headquartered in Dublin, California, Tryfacta, Inc. is led by Ratika and Adesh Tyagi and has evolved from a niche Healthcare, IT and commercial staffing and services firm into a comprehensive workforce-solutions provider with services ranging from recruitment to payroll management across healthcare, information technology, administrative and professional-services segments.

Its business is supported by a technology-led operating model that leverages AI-powered recruitment tools, automated candidate screening, digital onboarding and workforce-management platforms.

While Tryfacta’s primary focus is across Federal and SLED programs, it also offers temporary-to-permanent staffing and direct placements; payroll services covering compliance, benefits administration and wage processing for contractual employees; executive hiring and leadership recruitment; and managed services, enabling clients to access both contingent and on-roll talent pools. Its first SLED contract was awarded in 2017.

The company’s client contracts reflect both recurring demand and long-term relationships. As of December 31, 2025, nearly 47% of its contracts had a tenure of 5–10 years, 38% between 2–5 years, 8% of two years or less, and the balance of about 6% over 10 years. Recent awards include work for a Texas political subdivision and medical support and services for a Federal agency.

In Fiscal 2024 and Fiscal 2025, it served 70 and 105 clients, respectively, across Federal and SLED government projects, deploying a contractual workforce of 3,960 and 2,591 professionals in those years.

As of December 31, 2025, it maintained a large database of experienced candidates and had been awarded contracts for the supply of staffing solutions and professional services by over 220 Federal and SLED clients across 41 states in the US.

The company operates through a diversified delivery model supported by a team of recruiters, delivery managers and account managers. It has also established a Global Capability Centre (GCC) in Mohali, India, supporting recruitment operations, technology development, pre-sales and account-management functions. Through its subsidiary Tryfacta Global IFSC Private Limited — an IFSC unit registered as a BATF service provider under the IFSCA (Book-keeping, Accounting, Taxation and Financial Crime Compliance Services) Regulations, 2024 — the company plans to expand its international service offerings from GIFT City.

In March 2026, Tryfacta was awarded two task orders with an aggregate value exceeding USD 62 million under a medical-services contract vehicle administered by a U.S. Department of War (DoW), formerly the U.S. Department of Defense (DoD), supporting U.S. Army installations in Texas.

Its net revenue improved from USD 37.0 million in Fiscal 2023 to USD 50.5 million in Fiscal 2025, a CAGR of 16.76%, with the majority derived from SLED contracts. Gross profit grew from USD 4.9 million to USD 6.6 million over the same period.

According to the 1Lattice industry report cited in its offer document, the US workforce-solutions market grew from USD 135.4 billion in 2019 to USD 177.2 billion in 2025 and is projected to reach USD 224.5 billion by 2030, an annual growth rate of about 4.8% during 2025–2030, driven by rising federal investments across defense, cybersecurity, healthcare and digital-modernization programs.

While growth in government staff compensation has moderated in recent years, overall SLED spending continues to expand, indicating a shift in spending composition rather than a reduction in total public-sector expenditure. As a result, governments often rely more on contract staffing, workforce augmentation and outsourced digital services to maintain service delivery without increasing permanent headcount.

YOKI Financial Services Private Limited is the Book Running Lead Manager to the issue.

SpaceX Sets $135 IPO Price, Targets $75B Raise

SpaceX has officially set its IPO share price at $135 per share, targeting a $75 billion raise and a valuation of around $1.75 –$1.77 trillion— making it the largest initial public offering in history. Trading is expected to begin on June b12, 2026 on Nasdaq under the ticker SPCX, with Elon Musk retaining over 85% voting control.

SpaceX IPO Overview

Key IPO Details

Parameter	Information
Share Price	$135 per share (fixed, no price range)
Total Shares Offered	≈ 555.6 million
Funds Raised	≈ $75 billion
Valuation	$1.75 – $1.77 trillion
Listing Date	June 12, 2026
Exchange & Ticker	Nasdaq – SPCX
Underwriters	Goldman Sachs, Morgan Stanley, BofA Securities, Citigroup, J.P. Morgan, Barclays
Retail Allocation	Up to 30% of shares, unusually high for a mega-IPO
Lock-up Period	366 days for Musk and insiders
Voting Control	Musk retains ≈ 85% voting power, 42% economic ownership

Strategic Context

• Record-breaking scale: The $75 billion raise surpasses Saudi Aramco’s $29.4 billion IPO (2019), making SpaceX the largest public listing ever.
• Business mix: SpaceX’s empire spans Falcon 9, Starlink, Starship, and xAI, positioning it across aerospace, satellite internet, and AI computing.
• Revenue snapshot: 2025 revenue ≈ $18.7 billion (+33% YoY); Q1 2026 ≈ $4.7 billion.
• Profitability: Still negative (2025 net loss ≈ $4.9 billion) due to heavy investment in rockets, satellites, and AI data centers.
• Market ambition: Prospectus cites a $28.5 trillion total addressable market, covering space travel, global internet, and AI infrastructure.

Investor Considerations

• Unusual pricing: SpaceX broke convention by fixing $135 before its roadshow — a “take-it-or-leave-it” approach leveraging Musk’s retail following.
• Valuation risk: At ≈ 94× trailing revenue, analysts warn of overvaluation vs. peers (Tesla ≈ 17×, Palantir ≈ 81×).
• Governance: Dual-class structure limits ordinary shareholder influence.
• Liquidity: Only ≈ 5% of shares will be publicly tradable initially.

Broader Impact

• Cements Musk’s control over the world’s largest space and AI enterprise.
• Triggers a wave of mega-listings (OpenAI and Anthropic expected next).
• Redefines public market valuations for deep-tech companies.

SpaceX IPO Could Deliver $60 Billion Windfall to Early Backers

SpaceX, Elon Musk’s privately held aerospace company, is widely expected to pursue an initial public offering (IPO) in the coming years. If realized, the IPO could generate returns exceeding $60 billion each for early investors, according to projections from industry analysts and venture capital insiders.

According to a report by media outlets including The Information, a SpaceX IPO could deliver more than $60 billion each to early backers Founders Fund and Valor Equity Partners, making it one of the largest venture capital windfalls in history. The figures are projections tied to a potential offering, as SpaceX has not yet formally announced IPO plans.

Early Investment and Stakes

• Founders Fund, co‑founded by Peter Thiel, invested in SpaceX during its formative years when the company was still proving the viability of reusable rockets.
• Valor Equity Partners, led by Antonio Gracias, was another early backer, supporting Musk’s vision of lowering launch costs and expanding access to space.
• Both firms hold substantial equity stakes, which have appreciated dramatically as SpaceX’s valuation surged past $180 billion in private markets.

Market Context

• SpaceX has become the dominant player in commercial spaceflight, with its Falcon 9 rockets accounting for the majority of global launches.
• Its Starlink satellite internet service has expanded to millions of subscribers worldwide, creating a recurring revenue stream that strengthens IPO prospects.
• Analysts suggest that a public listing could value SpaceX at $300 billion or more, rivaling the largest tech IPOs in history.

Strategic Implications

• For Venture Capital: A $60B+ return would rank among the largest VC payouts ever, reshaping perceptions of risk and reward in deep‑tech investing.
• For SpaceX: IPO proceeds could fund ambitious projects, including Mars colonization, Starship development, and expansion of Starlink.
• For Markets: Institutional investors would gain direct exposure to the commercial space sector, potentially driving aerospace valuations higher.

Risks and Considerations

• Regulatory hurdles: IPO timing depends on SEC filings and compliance with disclosure standards.
• Market volatility: Valuations in the tech and aerospace sectors can fluctuate sharply.
• Lock‑up periods: Early investors may face restrictions before realizing gains.

Investor Impact Table

Investor	Founder(s)	Early Role	Projected IPO Return
Founders Fund	Peter Thiel & partners	Seed‑stage backer	$60B+
Valor Equity Partners	Antonio Gracias	Early growth investor	$60B+

Editorial Note

SpaceX’s potential IPO would mark a historic moment in venture capital, cementing Musk’s company as not only a technological leader but also a financial juggernaut. The scale of returns for Founders Fund and Valor Equity Partners underscores the transformative potential of early‑stage investing in frontier technologies.

Musk’s SpaceX Targets $1.75 Trillion Valuation in Landmark IPO

SpaceX has confidentially filed for an IPO, aiming for a valuation of over $1.75 Trillion, which could make it the largest stock market listing in history. The listing is expected around June 2026, with the company targeting inclusion in the Nasdaq 100.

It is to be noted that the only Elon Musk company that has gone public so far is Tesla, which debuted on Nasdaq in June 2010 at a valuation of about $1.7 billion. Other Musk ventures like SpaceX, Neuralink, The Boring Company, and xAI remain private, though SpaceX has now filed for a record-breaking IPO.

Several of SpaceX’s competitors in the commercial space sector have already gone public, including Rocket Lab, Planet Labs, Astra, and Virgin Galactic. These companies trade on US exchanges and provide investors with exposure to satellite launches, space infrastructure, and tourism.  

Key Facts About the SpaceX IPO

• Filing Date: April 1, 2026 (confidential submission to the SEC).
• Expected Listing: June 2026.
• Valuation Target: More than $1.75 trillion, surpassing the market caps of most tech giants.
• Exchange: Nasdaq, with early inclusion in the Nasdaq 100 index as a condition.
• Banks Involved: 21 banks lined up to manage the IPO, internally codenamed “Project Apex.”
• Recent Valuation Context: SpaceX was valued at $1.25 trillion after merging with Elon Musk’s AI company, xAI.

Why This Matters Globally

• Mainstreaming Space Investment: A trillion-dollar IPO signals that space exploration and satellite operations are now mainstream investment opportunities.
• Investor Impact: This could rival or exceed the largest IPOs in history, reshaping tech and aerospace markets.
• India Context: For investors in Gurugram and across India, this IPO could open opportunities to participate in one of the most ambitious global ventures, especially through international brokerage platforms.

Comparison With Other Mega IPOs

Company	IPO Year	Valuation at IPO	Current Market Cap (2026)
SpaceX	2026	$1.75T (target)	TBD (largest ever)
Saudi Aramco	2019	$1.7T	~$2T
Alibaba	2014	$231B	~$190B
Meta (Facebook)	2012	$104B	~$900B

Risks & Considerations

• Market Volatility: Tech-heavy IPOs often face sharp swings post-listing.
• Regulatory Scrutiny: SEC review and global investor oversight could delay or reshape terms.
• Dependence on Musk: Heavy reliance on Elon Musk’s leadership and vision introduces both opportunity and risk.
• Geopolitical Factors: Space exploration and

Fractal Analytics to Launch ₹28.3 Billion IPO on Feb 9, Price Band ₹857–₹900

Management of Fractal Analytics Limited -  Mr. Srikanth Velamakanni, Co-Founder, Group Chief Executive & Executive Vice-Chairman, Mr. Ashwath Bhat, Chief Financial Officer and Mr. Satish Raman, Chief Strategy Officer along with Mr. Jayasankar Venkataraman, Deputy Chief Executive Officer, Kotak Mahindra Capital Company Limited and Mr. Pratik Loonker, Head Of ECM & Co-Head Of FSG, Axis Capital Limited at the press conference to announce their forthcoming Initial Public Offering

• Price Band fixed at ₹ 857 per equity share of face value ₹1 each to ₹ 900 per equity share of the face value of ₹1 each (“Equity Shares”) of Fractal Analytics Limited (the “Company”)
• Anchor Investor Bidding Date – Friday, February 06, 2026
• Bid /Offer Opening Date – Monday, February 09, 2026, and Bid/ Offer Closing Date –Wednesday, February 11, 2026
• Bids can be made for a minimum of 16 Equity Shares and in multiples of 16 Equity Shares thereafter
• Red Herring Prospectus (“RHP”) link: https://fractal.ai/docs/Investor-Relations/Offer-Documents/Fractal-RHP.pdf

Fractal Analytics Limited (the “Company”) proposes to open an initial public offering (“Offer”) of its equity shares of face value of ₹1 each (“Equity Shares”) on Monday, February 09, 2026. The Anchor Investor Bidding Date is one Working Day prior to Bid/Offer Opening Date, being Friday, February 06, 2026. The Bid/ Offer Closing Date is Wednesday, February 11, 2026.

The Price Band of the Offer has been fixed from ₹ 857 per Equity Share of face value ₹ 1 each to ₹ 900 per Equity Share of face value ₹ 1 each. Bids can be made for a minimum of 16 Equity Shares of face value ₹ 1 each and multiples of 16 Equity Shares of face value ₹ 1 each thereafter.

The initial public offering by the Company comprises a fresh issue of equity shares aggregating up to INR 10,235 million (the “Fresh Issue”) and an Offer for Sale of equity shares aggregating up to INR 18,104 million (the “Offer for Sale”, and together with the Fresh Issue, the “Offer”).

The Offer for Sale is being undertaken by existing shareholders including Quinag Bidco Ltd, TPG Fett Holdings Pte. Ltd., Satya Kumari Remala and Rao Venkateswara Remala, and GLM Family Trust (collectively, the “Selling Shareholders”). The Offer comprises of an Employee Reservation Portion aggregating up to INR 600 million for subscription by eligible employees.

The Offer is being made in terms of Rule 19(2)(b) of the SCRR read with Regulation 31 of the SEBI ICDR Regulations. The Offer is being made through the Book Building Process, in compliance with Regulation 6(2) of the SEBI ICDR Regulations, where at least 75% of the Net Offer shall be available for allocation on a proportionate basis to Qualified Institutional Buyers (“QIBs”) (the “QIB Category”), provided that our Company in consultation with the BRLMs, may allocate up to 60% of the QIB Category to Anchor Investors, on a discretionary basis (the “Anchor Investor Portion”), of which 40% shall be reserved as under: (i) 33.33% for domestic Mutual Funds; and (ii) 6.67% for Life Insurance Companies and Pension Funds, subject to valid Bids being received from domestic Mutual Funds, Life Insurance Companies and Pension Funds at or above the price at which Equity Shares are allocated to Anchor Investors. Any under-subscription in the reserved category specified in clause (ii) above may be allocated to domestic Mutual Funds. In the event of under-subscription or non-allocation in the Anchor Investor Portion, the balance Equity Shares shall be added to the QIB Category (excluding the Anchor Investor Portion) ("Net QIB Category”).

Further, 5% of the Net QIB Category shall be available for allocation on a proportionate basis to Mutual Funds only and the remainder of the QIB Category shall be available for allocation on a proportionate basis to all QIBs, including Mutual Funds, subject to valid Bids being received at or above the Offer Price. However, if the aggregate demand from Mutual Funds is less than 5% of the Net QIB Category, the balance Equity Shares available for allocation in the Mutual Fund Portion will be added to the remaining Net QIB Category for proportionate allocation to QIBs. If at least 75% of the Net Offer cannot be Allotted to QIBs, then the entire application money will be refunded forthwith. Further, not more than 15% of the Net Offer shall be available for allocation to non-institutional investors (“Non-Institutional Investors” or “NIIs”) (the “Non-Institutional Category”) of which one-third of the Non-Institutional Category shall be available for allocation to Bidders with an application size of more than ₹200,000 and up to ₹1,000,000 and two-thirds of the Non-Institutional Category shall be available for allocation to Bidders with an application size of more than ₹1,000,000 provided under-subscription in either of these two sub-categories of the Non Institutional Category may be allocated to Bidders in the other sub-category of the Non-Institutional Category in accordance with the SEBI ICDR Regulations, subject to valid Bids being received at or above the Offer Price. Further, not more than 10% of the Net Offer shall be available for allocation to retail individual investors (“Retail Individual Investors” or “RIIs”) (the “Retail Category”) in accordance with the SEBI ICDR Regulations, subject to valid Bids being received at or above the Offer Price.

All Bidders (other than Anchor Investors) shall mandatorily participate in this Offer through the Application Supported by Block Amount (“ASBA”) process and shall provide details of their respective bank account (including UPI ID for UPI Bidders using UPI Mechanism) in which the Bid Amount will be blocked by the SCSBs or the Sponsor Banks, as the case may be. Anchor Investors are not permitted to participate in the Offer through the ASBA process.

The Equity Shares of the Company are proposed to be listed on BSE Limited (“BSE") and the National Stock Exchange of India Limited (“NSE”) (BSE and NSE together, the “Stock Exchanges”).

Kotak Mahindra Capital Company Limited, Morgan Stanley India Company Private Limited, Axis Capital Limited, and Goldman Sachs (India) Securities Private Limited are the Book Running Lead Managers (“BRLMs”) to the Offer.

All capitalised terms not defined herein would have the same meaning as attributed to them in the RHP.

Disclaimer: FRACTAL ANALYTICS LIMITED is proposing, subject to applicable statutory and regulatory requirements, receipt of requisite approvals, market conditions and other considerations, to make an initial public offering of its Equity Shares and has filed the RHP with RoC and the Stock Exchanges on February 2, 2026. The RHP shall be available on the website of Sebi at www.sebi.gov.in, and is available on the websites of the Stock Exchanges i.e. BSE and NSE at www.bseindia.com and www.nseindia.com, respectively, on the website of the Company at www.fractal.ai and the websites of the BRLMs, i.e., Kotak Mahindra Capital Company Limited, Morgan Stanley India Company Private Limited, Axis Capital Limited and Goldman Sachs (India) Securities Private Limited at https://investmentbank.kotak.com, www.morganstanley.com, www.axiscapital.co.in and www.goldmansachs.com respectively. Any potential investors should note that investment in equity shares involves a high degree of risk and for details relating to such risk, see ‘‘Risk Factors’’ beginning on page 36 of the RHP. Potential investors should not rely on the DRHP filed with SEBI and the Stock Exchanges, and should instead rely on their own examination of our Company and the Offer, including the risks involved, for making any investment decision.

The Equity Shares offered in the Offer have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any other applicable law of the United States and, unless so registered, may not be offered or sold within the United States, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. Accordingly, the Equity Shares are being offered and sold (a) within the United States only to persons reasonably believed to be “qualified institutional buyers” (as defined in Rule 144A under the U.S. Securities Act) in transactions exempt from, or not subject to the registration requirements of the U.S. Securities Act and (b) outside the United States in offshore transactions as defined in and in compliance with Regulation S and the applicable laws of the jurisdiction where those offers and sales are made. The Equity Shares have not been and will not be registered, listed or otherwise qualified in any other jurisdiction outside India and may not be offered or sold, and Bids may not be made by persons in any such jurisdiction, except in compliance with the applicable laws of such jurisdiction.

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.