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.

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.

2025 was a landmark year for India’s capital markets, with several blockbuster IPOs across finance, technology, and consumer sectors. The year showcased the balance between traditional financial giants and new-age digital disruptors.

The biggest IPOs in India in 2025 were Tata Capital (₹15,511.87 crore), HDB Financial Services (₹12,500 crore), and LG Electronics India, followed by other notable listings like Groww, PhysicsWallah, Pine Labs, and Lenskart.

These IPOs highlight how India's capital markets are balancing traditional finance (Tata, HDB) with new-age tech (Groww, Physics Wallah, Pine Labs).

Breakdown of India’s IPO Activity in 2025

Key Figures

• Number of IPOs: Approximately 80 mainboard IPOs between April 2024 and March 2025.
• Capital Raised: About ₹1,630 billion (₹1.63 trillion), a sharp rise compared to ₹619 billion in FY 2024.
• Global Ranking: India ranked 4th globally for IPO activity in 2025, with total proceeds of ₹85,241 crore up to September.

Notable Listings

• Tech Unicorns: Meesho, PhysicsWallah, Pine Labs, Groww, and Lenskart were among the standout IPOs.
• Diversified Sectors: Pharma (Sudeep Pharma), solar (Emmvee Photovoltaic, Fujiyama Solar), and accessories (Studds) also tapped the markets.
• Record Deals: Tata Capital’s IPO set a record for non-banking financial companies.

Benefits 

• Structural Growth: The jump from 76 IPOs in FY 2024 to 80 in FY 2025 shows resilience despite global volatility.
• Investor Confidence: Strong retail and institutional participation highlights India’s deepening domestic capital markets.
• Sectoral Expansion: Beyond tech, industries like healthcare, renewable energy, and consumer goods are increasingly represented.

Challenges Ahead

• Valuation Pressures: High-profile tech IPOs often debut at premium valuations, raising sustainability concerns.
• Global Headwinds: Interest rate changes or geopolitical shocks could slow momentum.
• Regulatory Oversight: SEBI continues to tighten disclosure norms to protect retail investors.

India’s IPO boom in 2025 was marked by 80 successful listings, record-breaking capital inflows, and a broadening sectoral base. This cements India’s position as one of the world’s most dynamic IPO markets.

Here’s a breakdown of the largest IPOs by issue size and market impact:

The Rise of India’s IPO Boom

Early Catalysts

• Post-2020 liquidity surge: Following the pandemic, global and domestic liquidity was abundant. Retail investors entered the markets in record numbers, aided by digital trading platforms.
• Tech startups leading the charge: Companies like Zomato (2021) marked a turning point, showing that consumer-tech firms could successfully tap public markets. This opened the floodgates for other startups.
• Regulatory support: SEBI streamlined listing processes, making it easier for firms to go public quickly.

Structural Drivers

• Domestic capital strength: Unlike earlier IPO waves that relied heavily on foreign inflows, India’s boom is now powered by local investors—mutual funds, retail buyers, and institutional capital.
• Record-breaking listings: Hyundai Motor India’s $3.3 billion IPO in 2024 became India’s largest ever, signaling global confidence in Indian markets.
• Pipeline momentum: By 2025, India saw over 100 firms go public—the highest in nearly two decades. Draft filings more than doubled compared to prior years.

Why It Matters

• New normal: Annual IPO issuances of $20–25 billion are now considered India’s “new watermark,” no longer a one-off spike.
• Sector diversification: While tech firms dominate, healthcare, consumer goods, and financial services are increasingly part of the mix.
• Global positioning: India is now one of the world’s hottest IPO destinations, rivaling traditional hubs like Hong Kong and New York.

Conclusion

The IPO boom in India started with tech-driven momentum in the early 2020s, fueled by liquidity, retail participation, and regulatory reforms. Today, it has matured into a structural trend, with India consistently raising $20+ billion annually. This positions India as a global IPO powerhouse, though careful regulation and investor discipline will be key to sustaining the momentum.

• Price Band fixed at ₹105 per equity share of face value ₹1 each to ₹111 per equity share of the face value of ₹1 each (“Equity Shares”) of Meesho Limited (the “Company”)
• Bid /Offer Opening Date – Wednesday, December 3, 2025, and Bid/ Offer Closing Date – Friday, December 5, 2025
• Bids can be made for a minimum of 135 Equity Shares and in multiples of 135 Equity Shares thereafter

Link: https://www.bseindia.com/markets/MarketInfo/DispNewNoticesCirculars.aspx?page=20251202-60

Meesho has allocated ₹2,439 crore to more than 60 anchor investors ahead of its Initial Public Offering. The anchor tranche includes participation from leading global institutional investors GIC, Fidelity and BlackRock, India’s largest domestic mutual funds SBI Mutual Fund, Axis Mutual Fund and Birla Mutual Fund, and globally prominent technology-focused investors such as Dragoneer Investment Group, Morgan Stanley Investment Management (Counterpoint Global), Goldman Sachs Asset Management and WCM Investment Management.

Out of the total allocation of 219,778,524 Equity shares to the Anchor Investors, 45.91% of the total allocation to Anchor Investors were allocated to 14 domestic mutual funds through a total of 52 total schemes.

• The Floor Price is 47.50 times the face value of Equity Shares and the Cap Price is 50.00 times the face value of the Equity Shares.
• Bid / Offer will open on Tuesday, November 4, 2025 and close on Friday, November 7, 2025 (“Bid Dates”).
• The Anchor Investor Bid / Offer Period shall be Monday, November 3, 2025.
• Bids can be made for a minimum of 150 Equity Shares and in multiples of 150 Equity Shares thereafter. (“No. of Bids”)

Billionbrains Garage Ventures Limited (The “Company”), shall open the Bid/Offer in relation to its initial public offer of Equity Shares on Tuesday, November 4, 2025.

The Price Band of the Offer has been fixed at ₹ 95 to ₹ 100 per Equity Share. (“Price Band”). Bids can be made for a minimum of 150 Equity Shares and in multiples of 150 Equity Shares thereafter.

The initial public offer of Equity Shares of face value ₹ 2 per share (“Total Offer Size”) comprises a fresh issue of up to ₹ 10,600 million (“Fresh Issue”) and an offer for sale of up to 557,230,051 Equity Shares (“Offer for Sale”).

The Anchor Investor Bidding Date shall be Monday, November 3, 2025, and the Bid/Offer shall close on Friday, November 7, 2025.

The Equity Shares offered through the 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 the BSE, the “Stock Exchanges”). For the purposes of the Offer, the Designated Stock Exchange shall be NSE.

Lalit Keshre, Whole Time Director and Chief Executive Officer

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

Sify Infinit Spaces Limited, one of the leading providers of data center colocation services in India, in terms of built information technology (“IT”) capacity, as of March 31, 2025, according to the Lattice and C&W Report has filed its Draft Red Herring Prospectus (DRHP) with market regulator Securities and Exchange Board of India (SEBI).

The company’s initial public offering comprises a fresh issue of equity shares aggregating up to ₹2,500 crore and an offer for sale of equity shares aggregating up to ₹1,200 crore by the selling shareholders — Kotak Data Center Fund (₹643 crore) and Kotak Special Situations Fund (₹557 crore).

In consultation with the BRLMs, Sify Infinit Spaces may consider undertaking a Pre-IPO placement of specified securities aggregating up to ₹500 crore, as permitted under applicable law, prior to the filing of the Red Herring Prospectus with the Registrar of Companies. If undertaken, the amount raised from such Pre-IPO placement will be reduced from the Fresh Issue size.

The company proposes to utilise the net proceeds from the Fresh Issue towards partial funding of capital expenditure for the completion of Tower B at its Chennai 02 data center and the construction of Towers 11 and 12 at its Rabale Data Center in Navi Mumbai amounting to Rs 465 crore and 860 crore respectively . A portion of the proceeds will also be used for the repayment or prepayment of certain borrowings amounting to Rs 600 crore while the balance will be deployed towards general corporate purposes.

Part of the Sify Group that pioneered private internet services in the late 1990s and promoted by Sify Technologies, Sify Infinit Spaces is a leading data center infrastructure company in India, offering colocation, interconnection, build-to-suit, and value-added services across its nationwide network.

It leverages the groups over 3 decades expertise across network, data center, and digital services, the company provides secure, sustainable, and energy-efficient digital infrastructure solutions tailored to client needs. As of March 31, 2025, it held a 15.26% market share by built IT capacity in India.

The Vegesna Ananta Koti Raju led company saw its first data center commenced operations in 2000, marking one of the earliest commercial data centers in India. Its hyperconnected infrastructure supports a wide range of workloads, each of it being purpose-built to provide high availability, robust security, scalable architecture and sustainability for hyperscale and enterprise clients.

As of June 30, 2025, the Company operated 14 colocation data center facilities across six major cities and demand hubs such as Mumbai, Chennai, Noida, Hyderabad, Bengaluru, and Kolkata with a combined built IT power capacity of 188.04 megawatts (MW).

Mumbai(Airoli) and Bengaluru data centers, catering to cloud hosting (public and hybrid), and Noida, Hyderabad, and Kolkata locations serving a broad range of enterprise workloads supported by advanced air, liquid, and immersion cooling systems.

Between Fiscal 2023 and Fiscal 2025, Sify Infinit expanded its built capacity by 95.41 MW, the highest addition among its peers.

SISL serves a diversified client base of over 500 customers, including three of the top four global Hyperscaler companies operating in India and seven of the top ten Indian banks (based on Fiscal 2024 revenues), as per the 1Lattice and C&W Report in its DRHP.

Its client mix spans sectors such as financial services, fintech, social media, OTT, manufacturing, retail, and healthcare industries for which digital infrastructure is mission-critical.

Moving towards AI driven workloads - three of its newest facilities i.e Rabale, Tower 5; Chennai 02 Tower B; Noida 02 Tower B have received certifications for AI workloads and advanced cooling technologies (air and liquid) from NVIDIA, have achieved Indian Green Building Council Platinum ratings, and are TIA-942 Rated 4 certified by the Telecommunications Industry Association (TIA). They can host workloads of up to 130 kilowatt (“kW”) per rack using direct-to-chip technology.

The Company has consistently demonstrated strong financial performance, with revenue from operations increasing from ₹10,213.40 million in Fiscal 2023 to ₹14,283.65 million in Fiscal 2025, reflecting its sustained growth momentum. EBITDA rose from ₹4,126.06 million in Fiscal 2023 to ₹6,342.46 million in Fiscal 2025, with EBITDA margins improving from 40.40% to 44.40% during the same period. Profit After Tax (PAT) also increased from ₹966.86 million in Fiscal 2023 to ₹1,263.60 million in Fiscal 2025.

A data center is a specialized facility designed to house computing, storage, and networking equipment. It serves as the physical foundation for digital services, enabling the storage, processing, and transmission of vast volumes of data. India’s data center demand is rapidly increasing, projected to grow at a CAGR of 30.1-35.1% (in IT MW terms) during Fiscal 2025-2030, reflecting the critical role data centers play in the country’s digital transformation.

JM Financial Limited, CLSA India Private Limited, J. P. Morgan India Private Limited, Kotak Mahindra Capital Company Limited and Morgan Stanley India Company Private Limited are the Book Running Lead Managers to the issue.

Mr. Vinayak Prarameswaran, Chief Investment Officer, Mr. Karan Virwani, MD & CEO & Mr. Clifford Lobo, Chief Financial Officer, WeWork India Management at the WeWork India IPO conference.

• Anchor Investor Bidding Date – Wednesday, October 01, 2025
• Bid /Offer Opening Date – Friday, October 03, 2025, and Bid/ Offer Closing Date –Tuesday, October 07, 2025
• Bids can be made for a minimum of 23 Equity Shares and in multiples of 23 Equity Shares thereafter
• Red Herring Prospectus (“RHP”) link: https://wework.co.in/investors-relations/Red%20Herring%20Prospectus.pdf

WeWork India Management Limited (the “Company”) proposes to open an initial public offering (“Offer”) of its equity shares of face value of ₹10 each (“Equity Shares”) on Friday, October 03, 2025. The Anchor Investor Bidding Date is one Working Day prior to Bid/Offer Opening Date, being Wednesday, October 01, 2025. The Bid/ Offer Closing Date is Tuesday, October 07, 2025.

The Price Band of the Offer has been fixed from ₹ 615 per Equity Share of face value ₹10 each to ₹ 648 per Equity Share of face value ₹10 each. Bids can be made for a minimum of 23 Equity Shares of face value ₹10 each and multiples of 23 Equity Shares of face value ₹10 each thereafter.

The company’s initial public offering comprises an Offer for Sale (“OFS”) of equity shares of up to 46,296,296 equity shares. The offer for sale comprises up to 35,402,790 equity shares by Embassy Buildcon LLP (“Promoter Selling Shareholder”), and up to 10,893,506 equity shares by 1 Ariel Way Tenant Limited (“Investor Selling Shareholder”).

Mr. Karan Virwani, MD & CEO, WeWork India Management addressing the audience at WeWork India Management’s Initial Public Offering

Ms. Neha Agarwal, Managing Director & Head, Equity Capital Markets, JM Financial, Mr. Vinayak Prarameswaran, Chief Investment Officer, Mr. Karan Virwani, MD & CEO, Mr. Clifford Lobo, Chief Financial Officer, WeWork India Management & Mr. Gautam Benjamin (Business Head – Digital and Technology) at their press conference to announce their Initial Public Offering.

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.

Founded by Alakh Pandey and Prateek Maheshwari, PhysicsWallah has filed an updated DRHP with SEBI to raise ₹3,820 crore through a mix of fresh issue and offer for sale.

IPO Breakdown

Component	Amount (₹ crore)	Purpose
Fresh Issue	₹3,100	Expansion, tech infra, marketing, acquisitions
Offer for Sale (OFS)	₹720	Promoters selling ₹360 crore each

Financial Snapshot

• FY25 Revenue: ₹2,887 crore (up from ₹1,940 crore in FY24)
• FY25 Net Loss: ₹243 crore (down from ₹1,131 crore in FY24)
• Net Worth: Turned positive at ₹1,945 crore

Use of Proceeds

• ₹460 crore: New offline/hybrid centers
• ₹548 crore: Lease payments
• ₹470 crore: Subsidiary investments (Xylem, Utkarsh)
• ₹200 crore: Cloud/server infrastructure
• ₹710 crore: Marketing blitz

Strategic Context

PhysicsWallah is the first new-age edtech startup to file for a public listing in India, signaling a shift as private funding slows. With over 98 million YouTube subscribers across its channels and a strong Tier-II/III presence, it’s betting big on hybrid learning and regional expansion.

• Price Band fixed at ₹ 98 to ₹ 103 per equity share of face value of ₹ 1 each (“Equity Share”);
• Bid /Offer will open on Wednesday, September 10, 2025 and close on Friday, September 12, 2025. The Anchor Investor Bidding Date shall be Tuesday, September 9 , 2025.
• Bids can be made for a minimum of 145 Equity Shares and in multiples of 145 Equity Shares thereafter. 
• A discount of ₹ 9 per equity share is being offered to eligible employees bidding in the employee reservation portion.

Urban Company Limited (the “Company”) shall open its Bid / Offer in relation to its initial public offer of Equity Shares on Wednesday, September 10, 2025.

The total offer size of Equity Shares aggregating up to ₹ 19,000 million [₹ 1900 crore] comprises of fresh issue aggregating up to ₹ 4,720 million [₹ 472 crore] and Offer for Sale aggregating up to ₹ 14,280 million [₹ 1,428 crore] by Selling Shareholders. (“The Total Offer Size”).

The Anchor Investor Bidding Date shall be Tuesday, September 9, 2025. The Bid/Offer will open on Wednesday, September 10, 2025 for subscription and will close on Friday, September 12, 2025.

The Price Band of the Offer has been fixed at₹ 98 to ₹ 103 per Equity Share. Bids can be made for a minimum of 145 Equity Shares and in multiples of 145 Equity Shares thereafter.

A discount of ₹ 9 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 (i) Expenditure for new technology development and cloud infrastructure and the amount estimated to be ₹1,900.00 million [₹190 crore], (ii) Expenditure for lease payments for its offices and the amount estimated to be ₹750.00 million [₹75 crore], (iii) Expenditure towards marketing activities and the amount estimated to be ₹900.00 million [₹90 crore] and (iv) General corporate purposes. (“Object of Offer”).

The offer for sale comprises of equity shares of face value ₹ 1 each, aggregating up to ₹3,900 million [₹390 crore] by Accel India IV (Mauritius) Limited, aggregating up to ₹1,730 million [₹173 crore] by Bessemer India Capital Holdings II Ltd., aggregating up to ₹3,460 million [₹346 crore] by Elevation Capital V Limited (formerly known as SAIF Partners India V Limited), aggregating up to ₹3,030 million [₹303 crore] by Internet Fund V Pte. Ltd. and aggregating up to ₹2,160.00 million[₹216 crore] by VYC11 Limited. (the “Investor Selling Shareholders”).

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

This Equity Shares are being offered through the red herring prospectus of the Company dated September 2, 2025 (the “RHP”) filed with the Registrar of Companies, Delhi and Haryana at New Delhi “RoC”) and are proposed to be listed on the BSE Limited (“BSE”) and the National Stock Exchange of India Limited (“NSE”).

The Offer is being made in terms of Rule 19(2)(b) of the Securities Contracts (Regulation) Rules, 1957, as amended (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 accordance with Regulation 32(2) of the SEBI ICDR Regulations not less than 75% of the Net Offer shall be available for allocation on a proportionate basis to Qualified Institutional Buyers (“QIBs”) (the “QIB Portion”), provided that the Company may, in consultation with the BRLMs, allocate up to 60% of the QIB Portion to Anchor Investors on a discretionary basis (the “Anchor Investor Portion”), out of which one-third shall be reserved for domestic Mutual Funds, subject to valid Bids being received from domestic Mutual Funds at or above the 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 (“Net QIB Portion”).

Further, 5% of the QIB Portion (excluding the Anchor Investor Portion) shall be available for allocation on a proportionate basis to Mutual Funds only, and 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 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. 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 on a proportionate basis to Non-Institutional Bidders (“NIBs”) (the “Non-Institutional Portion”) out of which (a) one-third of such portion shall be reserved for applicants with application size of more than ₹ 200,000 and up to ₹1,000,000; and (b) two-third of such portion shall be reserved for applicants with application size of more than ₹1,000,000, provided that the unsubscribed portion in either of such subcategories may be allocated to applicants in the other sub-category of Non-Institutional Bidders and not more than 10% of the Net Offer shall be available for allocation to Retail Individual Bidders (“RIBs”) (the “Retail Individual 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 applying under the Employee Reservation Portion, subject to valid Bids received from them at or above the Offer Price. All potential Bidders, other than Anchor Investors, are required to mandatorily utilise the Application Supported by Blocked Amount (“ASBA”) process, providing details of their respective bank accounts (including UPI ID (defined hereinafter) in case of RIBs) in which the Bid Amount will be blocked by the SCSBs, to participate in the Offer. Anchor Investors are not permitted to participate in the Offer through the ASBA process. For details, see “Offer Procedure” beginning on page 486.

Disclaimer:

Urban Company 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 RHP with the RoC on September 2, 2025. The RHP is available on the website of the Company at www.urbancompany.com, SEBI at www.sebi.gov.in, as well as on the websites of the BRLMs, i.e. Kotak Mahindra Capital Company Limited, Morgan Stanley India Company Private Limited, Goldman Sachs (India) Securities Private Limited and JM Financial Limited at https://investmentbank.kotak.com, www.morganstanley.com, www.goldmansachs.com and www.jmfl.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 33 of the RHP. Potential investors should not rely on the DRHP.

The Equity Shares offered in the Offer have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”), or any other federal securities laws or the securities laws of any state or other jurisdiction of the United States, and unless so registered may not be offered or sold within the United States or to, or for the account or benefit of, U.S. Persons as defined in Regulation S under the U.S. Securities Act (“U.S. Persons”), except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the U.S. Securities Act and applicable securities laws. Urban Company Limited is not registered and does not intend to register as an investment company under the U.S. Investment Company Act of 1940, as amended, and the rules thereunder (the “U.S. Investment Company Act”) in reliance on the exemption set forth in Section 3(c)(7) of the U.S. Investment Company Act, and investors will not be entitled to the benefits afforded to investors in a company registered under of the U.S. Investment Company Act. Accordingly, the Equity Shares are only being offered and sold (a) to persons in the United States or to or for the account or benefit of, U.S. Persons, in each case that are both “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 “qualified purchasers” ("QPs") (as defined in Section 2(a)(51) under the U.S. Investment Company Act) in reliance on the exemption set forth in Section 3(c)(7) of the U.S. Investment Company Act; or (b) outside the United States to investors that are not U.S. Persons nor persons acquiring for the account or benefit of U.S. Persons (unless such U.S. persons are QPs, but for purposes of the definition of “U.S. Person” herein shall include also any person that is not a U.S. person solely by reason of Rule 902(k)(1)(viii)(B) or 902(k)(2)(i) under Regulation S)) in “offshore transactions” as defined in and in compliance with Regulation S and the applicable laws of the jurisdiction where those offers and sales occur. The Equity Shares may not be re-offered, re-sold, pledged or otherwise transferred except in an offshore transaction in accordance with Regulation S to a person outside the United States and not known by the transferor to be a U.S. Person by pre-arrangement or otherwise (such permitted transactions including, for the avoidance of doubt, a bona fide sale on the BSE or NSE).

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

• 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

• 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.

Anthem Biosciences is making waves with its ₹3,395 crore IPO, which has been fully subscribed on Day 2 of bidding, reflecting strong investor confidence amid a global pharma pivot from China to India.

Company Snapshot

Founded in 2006, Anthem is a Contract Research, Development, and Manufacturing Organization (CRDMO).

• Offers end-to-end drug discovery, development, and manufacturing services.
• Specializes in fermentation-based APIs like probiotics, enzymes, peptides, and biosimilars.
• Facilities are cGMP-compliant, approved by USFDA, ANVISA, TGA, and PMDA.

IPO Highlights

• Price Band: ₹540–₹570 per share.
• Grey Market Premium (GMP): ₹116–₹121, suggesting a ~20% listing gain.
• Subscription Status (Day 2):
• Overall: 2.08x subscribed
• Non-Institutional Investors (NIIs): 5.75x
• Retail: 1.78x
• Qualified Institutional Buyers (QIBs): 44%
• Anchor Investors: Raised ₹1,016 crore from names like Abu Dhabi Investment Authority, Norges Bank, and Societe Generale.
• Listing Date: Tentatively July 21, 2025, on BSE and NSE.

📈 Analyst Sentiment

Brokerages are bullish:

• Motilal Oswal: “Well positioned to capitalize on market opportunities.”
• Anand Rathi: “Profitable track record, strong growth potential.”
• SBI Securities: “Fairly priced with superior margins and returns”.

With big pharma diversifying away from China, Anthem is well-positioned to capture outsourced CRDMO demand, especially in biologics and specialty APIs.

Reliance Jio has officially postponed its much-anticipated IPO, originally slated for 2025, as it pivots toward strengthening its financial fundamentals and expanding its digital footprint.

Why the delay?

Jio wants to boost revenue and subscriber growth before going public, especially in its core telecom business, which contributes nearly 80% of its $17.6 billion annual revenue.

The company is also expanding into AI infrastructure, app development, and connected devices, aiming to diversify beyond telecom and attract a broader investor base.

Strategic moves underway:

Jio is migrating 4G users to higher-revenue 5G services, with over 130 million 5G subscribers already onboard. It’s building an Open Telecom AI Platform in collaboration with AMD, Cisco, and Nokia to integrate AI across network operations.

Further, the company is preparing to compete with Elon Musk’s Starlink in India’s satellite broadband space.

Valuation & investor sentiment:

Analysts value Jio between $111 billion and $136 billion, depending on cost pressures and tariff expectations.

Despite the delay, major investors like Google, Meta, KKR, and Silver Lake remain supportive, trusting in Jio’s long-term growth strategy.

This move echoes Mukesh Ambani’s broader philosophy: prioritize operational maturity over rushed market entry.