Dr Agarwal’s Health Care, an eye care services provider backed by Temasek Holdings and TPG, has filed preliminary documents with the capital markets regulator to raise an estimated Rs 3,000-3,500 crore through its initial public offering (IPO). This marks a significant move for the company, which is a leader in India’s eye care services market.

The IPO will consist of two main components:

Fresh issue of shares up to Rs 300 crore
Offer For Sale (OFS) of up to 6.95 crore equity shares by promoters and selling shareholders, including Arvon Investments Pte. Ltd, Claymore Investments (Mauritius) Pte. Ltd, and Hyperion Investments Pte. Ltd.

In addition, a portion of the IPO will be reserved for eligible employees, as detailed in the company’s draft red herring prospectus (DRHP). According to the draft papers filed, the fresh issue proceeds Rs 195 crore will primarily be used to reduce debt. The remaining funds will go towards general corporate purposes and potential unidentified acquisitions as part of the company’s expansion plans.

Dr Agarwal’s Health Care has built a strong reputation in India, offering a broad range of eye care services including:
Cataract surgeries
Refractive surgeries
Consultations
Diagnosis
Non-surgical treatments

The company also sells optical products, contact lenses, accessories, and eye care-related pharmaceutical items. According to a CRISIL MI&A report, Dr Agarwal’s Health Care commanded 25% of the total eye care service chain market in India during FY 2024.

As of March 31, 2024, Dr Agarwal’s Health Care operated 180 facilities, of which 165 were in India, with a significant presence in South India, particularly in Chennai, Hyderabad, and Bengaluru, followed by Western India. This extensive network has helped the company maintain its strong position in the eye care market.

On the financial front, Dr Agarwal’s Health Care reported:
Revenue from operations: Rs 1,332.15 crore in Fiscal 2024
Profit after tax: Rs 95.05 crore

The IPO is being led by several prominent investment banks, including Kotak Mahindra Capital Company, Morgan Stanley India Company, Jefferies India, and Motilal Oswal Investment Advisors.
With strong financial performance and ambitious expansion plans, Dr Agarwal’s Health Care’s IPO is expected to attract significant interest from both institutional and retail investors. The funds raised will not only help in reducing the company’s debt but also fuel future growth through potential acquisitions and broader market penetration.

NTPC Green Energy Limited (NGEL), a subsidiary of NTPC Ltd, has entered a joint venture with Mahatma Phule Renewable Energy and Infrastructure Technology Ltd. (MAHAPREIT) to develop 10 GW of renewable energy parks across India, including Maharashtra. This initiative aligns with NGEL’s strategy as it gears up for a much-anticipated Rs 10,000-crore Initial Public Offering (IPO), which could become one of India’s largest IPOs in 2024.

According to the joint venture agreement, the new company will focus on developing renewable energy projects not only in Maharashtra but also in other states across India. The agreement was signed on September 26 by Rajiv Gupta, CEO of NGEL, and Bipin Shrimali, Managing Director of MAHAPREIT, in Mumbai.

Earlier this month, NTPC Green Energy filed a draft red herring prospectus (DRHP) with SEBI for the IPO, which will be an entirely fresh issue of equity shares. The IPO includes a special quota for NTPC Ltd shareholders, allowing investors who hold shares as of the filing date to participate in up to 10% of the offering.

As the JV prepares to develop 10 GW of renewable energy capacity, NGEL’s IPO is attracting significant attention from the market, positioning itself as a major player in India’s renewable energy landscape.

NGEL was established by NTPC, India’s largest power utility, to focus exclusively on renewable energy projects. As part of NTPC’s long-term vision to reduce its carbon footprint and shift towards sustainable power generation, NGEL is tasked with accelerating the adoption of clean energy technologies, including solar, wind, and hybrid energy projects. NTPC has set an ambitious goal of achieving 60 GW of renewable energy capacity by 2032, and NGEL is central to this strategy. Currently, NTPC’s total installed renewable energy capacity stands at around 2.3 GW, but with NGEL leading the charge, the company aims to rapidly scale this capacity over the next decade.

NTPC Green Energy Limited is poised to play a pivotal role in India’s renewable energy future. With ambitious projects, innovative technologies, and a landmark IPO on the horizon, NGEL is set to drive the country’s transition to a cleaner and greener energy landscape. As India strives to meet its climate goals, NTPC Green Energy stands at the forefront, ready to power the nation with sustainable solutions.

Swiggy is gearing up for a highly anticipated IPO, filing its updated Draft Red Herring Prospectus (DRHP) as it eyes a significant slice of India’s massive Rs 2 lakh-crore food delivery market. Investors, eager to diversify their portfolios, will watch closely as Swiggy faces a tough profitability challenge amid fierce competition from Zomato, BigBasket, and others.

Founded in 2014 by Sriharsha Majety, Nandan Reddy, and Rahul Jaimini, Swiggy has evolved from a food delivery service into a tech-driven platform offering hyperlocal delivery solutions. With over 1.5 lakh restaurant partnerships across India, the company has secured a strong presence in major cities and tier-2 towns alike.

Swiggy’s IPO will include a fresh issue worth Rs 3,750 crore and an offer for sale (OFS) exceeding Rs 6,500 crore, bringing the total IPO size to over Rs 10,000 crore. This strategic move offers an alternative to Zomato, which listed in 2021, for investors looking to broaden their stakes in the food delivery sector.

Global investors such as SoftBank Vision Fund, Prosus, Accel, and Elevation Capital hold major stakes in the company, with high-profile individuals like Amitabh Bachchan, Madhuri Dixit, and cricketers Rahul Dravid and Zaheer Khan also investing in Swiggy’s pre-IPO shares.

While Swiggy’s revenue surged by 36% to Rs 11,247 crore in FY24, the company is still battling losses, albeit reduced. Its losses stood at Rs 2,350 crore, a significant improvement from Rs 4,179 crore in FY23. However, recent quarterly results showed a slight uptick in losses, raising concerns over the company’s ability to achieve profitability. This comes as Zomato reported a net profit of Rs 351 crore on revenues of Rs 12,114 crore for FY24, underscoring the gap between the two rivals.

Swiggy’s diversified offerings, including Instamart for grocery delivery, position it well in the broader quick-commerce segment. However, competition is intensifying as Walmart (via Flipkart) and BigBasket push deeper into the space. The company’s strategy of reduced discounts, tighter cost controls, and product diversification aligns with the industry’s shift towards integrated services.

Swiggy and Zomato collectively control over 90% of India’s food delivery market. With Zomato already establishing itself as a public market favorite, thanks to its profitability and Blinkit acquisition, Swiggy faces the challenge of convincing investors that it can follow suit.

Swiggy’s IPO not only provides an exit route for early investors but also presents an opportunity to raise capital for further growth. Last valued at $10.7 billion, the company is expected to seek a valuation between $10 billion and $13 billion when it goes public. The listing comes at a time when India’s IPO market is buoyant, adding excitement to Swiggy’s public debut.

Swiggy’s IPO marks a crucial step in the company’s journey, but challenges remain. As it seeks to raise funds and narrow its losses, Swiggy must navigate a competitive landscape dominated by key players like Zomato, BigBasket, and Flipkart. Investors will be keen to see how Swiggy positions itself for long-term profitability in India’s growing food and quick-commerce market.

Diffusion Engineers, a leading provider of repair and reconditioning services for heavy machinery, is set to launch its Initial Public Offering (IPO) on September 26, 2024 with a price band of Rs 159-168 per share. The Maharashtra-based company, which also manufactures welding consumables. Here’s a detailed look at the upcoming IPO and the company’s financial performance.

IPO key details

IPO opening date: September 26, 2024

IPO closing date: September 30, 2024

Anchor book date: September 25, 2024

Issue size: Fresh issue of 94.05 lakh equity shares

Price band: Rs 159-168 per share

Listing date: October 4, 2024

Lead manager: Unistone Capital

Registrar: Bigshare Services

Incorporated in 1982 and owned by the Garg family, Diffusion Engineers is a well-established name in the heavy machinery and equipment industry. The company also trades in anti-wear powders and welding and cutting machinery. With four manufacturing units located in Nagpur, Maharashtra, Diffusion Engineers plans to expand its portfolio by manufacturing powders for corrosion and abrasion resistance to be used in welding applications.

Financial Performance: FY24

Diffusion Engineers has demonstrated solid financial growth in FY24:

Revenue: ₹278.1 crore, reflecting a 9.1% growth from ₹255 crore in FY23.

Profit: ₹30.8 crore, a 39.1% increase compared to the previous year, driven by improved operational efficiency.

EBITDA: ₹38.9 crore, marking a 39.4% growth, with EBITDA margins expanding by 310 basis points to reach 14% in FY24.

The company aims to diversify its welding consumables portfolio by incorporating new products like corrosion-resistant powders. More than 90% of Diffusion Engineers’ revenue comes from the domestic market, while the remaining portion is generated through exports. With steady revenue and profit growth, the company is well-positioned to continue its expansion and cater to the increasing demand in the heavy engineering sector.

Diffusion Engineers’ IPO offers a solid opportunity for investors, particularly those looking at the heavy machinery and engineering sector. The company’s strong financial performance, strategic expansion plans, and growing demand for its services make it an attractive prospect.

The Initial Public Offering (IPO) of Manba Finance Limited opened today, offering investors a fresh opportunity to enter the financial sector. The public issue, worth ₹150.84 crore, will remain open for subscription until 25th September 2024. Below are the key details and expert insights about this IPO.

Manba Finance IPO key highlights

Issue size: ₹150.84 crore

IPO price band: ₹114 to ₹120 per equity share

IPO dates: 23rd September 2024 to 25th September 2024

Lead manager: Hem Securities Limited

Registrar: Link Intime India Private Limited

Stock exchanges for listing: BSE and NSE

Listing Date (Tentative): 30th September 2024

Share allocation and subscription status

The Manba Finance IPO consists entirely of fresh shares, aiming to raise ₹150.84 crore to strengthen the company’s capital base. Promoters currently hold a 100% stake in the company, and the issue allocation is divided into:

Qualified Institutional Buyers (QIBs): 50% of the issue

Retail Individual Investors (RIIs): 35% of the issue

Non-Institutional Investors (NIIs): 15% of the issue

On the opening day, the IPO witnessed an impressive subscription, with the issue getting subscribed 11.20 times by 1 PM. The non-institutional investor portion saw the highest demand, with 16.01 times subscription, followed by 14.69 times for retail investors, and 1.50 times for qualified institutional buyers.

Manba Finance shares are actively trading in the grey market, where stock market observers report a premium of ₹60 to ₹64 per share. This translates to a 53% premium over the upper price band of ₹120, indicating strong demand ahead of the official listing.

Manba Finance Limited is a Non-Banking Financial Company (NBFC) based in Maharashtra, specializing in loans for two-wheelers, three-wheelers, used cars, and small businesses. The company operates in 66 locations across six states—Maharashtra, Gujarat, Rajasthan, Chhattisgarh, Madhya Pradesh, and Uttar Pradesh.

Over the past two years, the company has demonstrated robust financial growth:

Assets Under Management (AUM): Increased to ₹936.85 crore in FY24, up from ₹495.82 crore in FY22, reflecting a CAGR of 37.5%.

Profit After Tax (PAT): Grew significantly by 89.5%, reaching ₹31.41 crore in FY24 from ₹16.58 crore in FY23.

Revenue: Increased by 44% to ₹191.58 crore in FY24, up from ₹133.32 crore in FY23.

Manba Finance’s lending model, which includes an average borrowing cost of 11.98% and lending rates above 20%, has also contributed to its strong return on capital employed (ROCE) margins, improving from 6.42% to 15.66%.

Manba Finance’s IPO has garnered significant attention from both institutional and retail investors, with its high grey market premium and strong first-day subscription figures indicating investor confidence. The company’s steady financial growth, combined with its expansion into personal and business loans, suggests it is well-placed to benefit from the rising demand in India’s NBFC sector. Investors looking for a high-growth opportunity, particularly in the lending space, may find Manba Finance’s IPO a promising investment.

Ola Electric, led by Bhavish Aggarwal, is set to open its much-anticipated IPO to investors on August 02, aiming to raise a substantial Rs 6,145.56 crore. This amount will be garnered through the issuance of fresh shares and an offer for sale. The IPO will close on August 06.

Key details of the IPO

• Total amount to be raised: Rs 6,145.56 crore
• Fresh shares: Rs 5,500 crore through 72.37 crore new shares
• Offer for sale: Rs 645.56 crore through 8.49 crore shares by promoters and other shareholders
• Issue price band: Rs 72 to Rs 76 per equity share
• Grey market premium: Approximately 16%
• IPO open date: August 02
• IPO close date: August 06
• Allotment of shares: Expected by August 07
• Listing date: Tentatively August 09 on NSE and BSE
• Retail subscribers: Minimum of one lot containing 195 shares, amounting to Rs 14,820.
• Small NIIs: Minimum lot size of 14 containing 2,730 shares.
• Big NIIs: Lot size of 68 containing 13,260 shares.

According to the papers filed with SEBI, Ola Electric is a leading player in India’s EV sector, focusing on vertically integrated technology and manufacturing capabilities. The company is building an EV hub in Tamil Nadu, which includes the Ola Futurefactory for EV manufacturing, Ola Gigafactory for cell manufacturing, and co-located suppliers. Their direct-to-customer omnichannel distribution network includes 870 experience centers and 431 service centers across India as of March 31, 2024.

The lead book-runners for Ola Electric’s IPO are Kotak Mahindra Capital Company, BofA Securities India, Axis Capital, SBI Capital Markets, Citigroup Global Markets India, Goldman Sachs (India) Securities, ICICI Securities, and BoB Capital Markets. The registrar handling the IPO is Link Intime India.

Ola Electric’s IPO comes at a time when India is focusing on reducing its carbon footprint and enhancing energy security. With a 35% market share in India’s electric two-wheeler market in FY24, up from 21% in FY23, Ola Electric sold 3.29 lakh units in FY24, more than doubling its sales from the previous year.

Ola Electric has set the price band at Rs 72-76 per share for its IPO. At the upper end, the company’s valuation stands at Rs 33,500 crore (approximately $4 billion). The stock is trading at a grey market premium of Rs 12 per share to the upper band of the issue price, translating to a premium of around 16%. Market participants believe the grey market premium movement will be crucial in assessing the IPO demand.

Ola Electric’s IPO is a pivotal development in the green mobility space, reflecting its strategic focus and market leadership. The substantial funds raised through the IPO will support its ambitious plans and further bolster India’s position in the global EV market.

The initial public offering (IPO) of Sanstar Limited opened on July 19, 2024, and will remain open until July 23, 2024. With a price band set at ₹90 to ₹95 per equity share, the IPO aims to raise ₹510.15 crore. Sanstar Limited plans to list on the BSE and NSE, with ₹397.10 crore being raised through fresh shares and ₹113.05 crore via the Offer for Sale (OFS) route.

The IPO has received an overwhelmingly positive response from investors. On the first day of bidding, the public issue was subscribed 4.16 times. The retail portion was booked 4.07 times, the Non-Institutional Investors (NII) segment saw 9.85 times subscription, while the Qualified Institutional Buyers (QIB) portion was subscribed 0.05 times.

Shares of Sanstar Limited have shown a strong performance in the grey market. As of today, the grey market premium (GMP) for Sanstar Limited is ₹46, an increase from ₹42 on Friday. This rise in GMP, despite weak sentiments on Dalal Street, highlights the robust subscription status and investor confidence.

Sanstar Limited is a leading manufacturer of plant-based specialty goods and ingredient solutions in India. The company produces ingredients, thickening agents, stabilizers, and sweeteners that enhance the flavor, texture, nutrition, and usefulness of meals. With an installed capacity of 1,100 tons per day from its two manufacturing plants in Dhule, Maharashtra, and Kutch, Gujarat, Sanstar exports its products to 49 countries and has a significant domestic presence.

Sanstar’s operating revenue has grown at a CAGR of 45.46% to ₹1,067.27 crore in FY24 from ₹504.40 crore in FY22. Profit after tax has increased to ₹66.77 crore in FY24 from ₹15.92 crore in FY22.

The proceeds from the IPO will be used for:

• Capital expenditure: ₹181.55 crore will be allocated for the development of the company’s Dhule facility.
• Debt repayment: ₹100 crore will be used to repay existing debt.
• General corporate purposes: The remaining funds will be used for various corporate needs.

Sanstar’s Red-Herring Prospectus (RHP) lists several risks:

• Raw material costs: Volatility in raw material costs could affect product pricing and financial performance.
• Supplier contracts: The lack of long-term contracts with suppliers may impact operations and costs.
• Working capital: High working capital requirements during peak maize harvesting season.
• Legal issues: Pending lawsuits could affect operational outcomes.
• Expansion delays: Delays in approvals and construction for the Dhule facility expansion could impact business.
• Export risks: Import tariffs, foreign currency fluctuations, and compliance issues could affect international operations.
• Growth management: Failure to manage growth initiatives could impact future financial performance.
• Financing restrictions: Compliance with financial covenants is crucial for operational flexibility.

IPO key dates

Bidding Period: July 19, 2024, to July 23, 2024
Allotment Date: Likely on July 24, 2024
Listing Date: Expected on July 26, 2024

Shivalic Power Control is set to launch its public issue by the end of this month or early July. The NSE Emerge-bound company plans to issue 64,32,000 equity shares with a face value of Rs 10 each. The SME player filed its Draft Red Herring Prospectus (DRHP) with the NSE in March 2024.

According to the DRHP, Shivalic Power Control will allocate Rs 30.20 crore from the net proceeds towards working capital requirements, and Rs 5.81 crore for acquiring new machinery. The remaining funds will be used for constructing a new assembly line, inorganic growth, and general corporate purposes. Corporate Capital Ventures is the sole book-running lead manager of the IPO, while Skyline Financial Services is the registrar for the issue.

Shivalic Power Controls manufactures a wide range of electric panels including PCC panels, IMCC panels, smart panels, MCC panels, outdoor panels, HT panels, CFD panels, DG synchronisation panels, LT & HT APFC panels, power distribution boards, bus ducts, and more.

Amit Kumar Jindal, the founder of Shivalic Power Controls, emphasized that the entire manufacturing process, from designing to production, is conducted at their facility in Faridabad. The company aims to increase its working capital to optimize costs and receive vendor discounts for payments. Jindal also highlighted the importance of ongoing innovation and efficiency, urging the industry to adopt new technologies to remain competitive.

Shivalic Power Controls serves renowned clients such as Hewlett Packard, Jindal Steel & Power, DCM Shriram, Rungta Mines, Bikaji Foods, Dabur, Radico, JK Cement, Orient Papers, Escorts, Reliance Cement, Naini Paper, and Yamaha Motors. The company recently secured a major order for the RBI data center and serves over 15 sectors in India and internationally, including clients in Nepal, Bangladesh, Uganda, Kenya, Algeria, and Nigeria.

For the nine months ending December 31, 2023, Shivalic Power Controls reported a net profit of Rs 7.6 crore with a revenue of Rs 63.55 crore. For FY23, the profit stood at Rs 7.16 crore with a revenue of Rs 82.15 crore.

Hyundai Motor India Limited (HMIL), the second-largest carmaker in India after Maruti Suzuki in FY24 based on passenger sales volumes, is gearing up for a monumental IPO. The company has invested $5 billion in its two manufacturing units in India, which remains its third-largest revenue market. Hyundai expects the IPO to enhance its visibility and brand image in India. Additionally, the listing will provide liquidity and create a public market for its shares.

Hyundai Motor India’s arm is set to file draft papers with SEBI, targeting to raise $3 billion through an initial public offering (IPO) at a valuation between $18 billion to $20 billion. The South Korean parent company plans to sell up to 142 million shares, representing a 17.5% stake in its Indian subsidiary through the “offer for sale” (OFS) route. If successful, this will surpass the previous record set by LIC’s $2.7 billion IPO in 2022.

The company ended FY23 with revenue of Rs 60,000 crore and profits of Rs 4,653 crore, the highest among non-listed car manufacturers in India. Hyundai Motor India is a major player in the Indian automotive market, contributing around 13% to Hyundai’s global sales in 2023. Popular models include the i20, Verna, Creta, Aura, and Tucson. Citi, HSBC Securities, JP Morgan, Kotak Mahindra Capital, and Morgan Stanley are advising on the transaction. HMIL achieved its highest-ever domestic sales in 2023, crossing the six-lakh mark.

The IPO is expected to draw significant attention from investors, given Hyundai’s strong performance and market position. This IPO could redefine the Indian automotive market landscape, providing Hyundai with the capital to expand and innovate further.

The Initial Public Offering (IPO) of Le Travenues Technology, the parent company of popular travel aggregator Ixigo, is set to make its debut on stock market on June 10, 2024. This eagerly anticipated IPO includes a fresh issuance of equity shares worth Rs 120 crore and an offer-for-sale (OFS) of 6,66,77,674 equity shares by the existing shareholders.

Key highlights of the Ixigo IPO

• Total IPO size: Rs 740.10 crore
• Fresh Issue: 1.29 crore shares aggregating to Rs 120 crore
• Offer-for-Sale: 6.67 crore shares aggregating to Rs 620.10 crore
• IPO opening date: June 10, 2024
• IPO closing date: June 12, 2024
• Anchor book opening: June 7, 2024
• Allotment date: June 13, 2024
• Listing date: June 18, 2024
• Price band: ₹88 to ₹93 per share
• Minimum lot size: 161 shares
• Minimum investment for retail investors: ₹14,973

The IPO sees significant participation from various major shareholders:

SAIF Partners India IV and Peak XV Partners Investments V are the largest shareholders, holding 23.37% and 15.66% stakes respectively.

Other key stakeholders include Aloke Bajpai, Rajnish Kumar, Micromax Informatics, Placid Holdings, Catalyst Trusteeship, and Madison India Capital HC.

Le Travenues Technology has shown substantial growth in recent years:

FY23 performance: The company recorded a net profit of Rs 23.4 crore, a significant turnaround from a loss of Rs 21.09 crore in the previous year. Revenue from operations increased by 32% to Rs 501.3 crore.

9MFY24 performance: For the nine-month period ended December FY24, net profit soared by 252.1% to Rs 65.7 crore, up from Rs 18.7 crore in the same period of the previous fiscal. Revenue jumped 34.8% to Rs 491 crore.

Founded in 2006, Le Travenues Technology operates as an online travel agency (OTA) under the brand name “Ixigo”. The company provides a comprehensive range of services including train, flight, and bus ticket bookings, as well as hotel reservations. Ixigo has a strong user base with 83 million monthly active users as of September 2023.

With its strong financial growth and innovative service offerings, Le Travenues Technology’s IPO is poised to attract significant investor interest. The company’s robust performance and strategic plans position it well for continued success in the competitive travel industry. Investors looking to capitalize on the booming travel market should keep an eye on the Ixigo IPO as it opens for subscription on June 10, 2024.