List of Upcoming IPOs in India 2023

The recent news of Mankind shares surging 31% above the IPO price on its listing day is truly exciting.

It shows that investing in IPOs can offer great opportunities for profit. This encourages us, even if we don’t know about IPOs, to consider investing in the next IPO and potentially earn profits from it.

IPOs are a great chance for you to invest in promising companies from the beginning. But one major mistake that beginner investors often make while investing in an IPO is solely relying on the hype or buzz surrounding the IPO without doing in-depth research.

Many IPOs generate significant media attention and excitement, leading to a fear of missing out (FOMO) among investors. This FOMO can prompt beginner investors to invest in an IPO solely based on the hype and without thoroughly researching the company’s fundamentals, financials, and growth prospects.

But remember, the hype doesn’t guarantee long-term success. You can make informed choices by conducting thorough due diligence and understanding a company’s fundamentals, risks, and industry trends. 

Let’s discuss the detailed report of upcoming IPOs where I’ll discuss each company’s business in an easy way but before that, you can go through the list of upcoming IPOs in India.

List of Upcoming IPOs in India 2023

Sr. No.	Company Name	Issue Date	Allotment Date	Price Range(per share)	Min Amount / Min Qty
1	Avalon Technologies Limited	03 Apr 2023 – 06 Apr 2023	12 Apr 2023	415 – 436	14110 / 34
2	Mankind Pharma Limited	25 Apr 2023 – 27 Apr 2023	03 May 2023	1026 – 1080	13338 / 13
3	De Neers Tools Limited	28th Apr 2023 – 3rd May 2023	08 May 2023	95 – 101	114000 / 1200
4	Innokaiz India Limited	28th Apr 2023 – 3rd May 2023	08 May 2023	76 – 78	121600 / 1600
5	Nexus Select Trust REIT	09 May 2023 – 11 May 2023	16 May 2023	95 – 100	14250 / 150
6	Auro Impex & Chemicals Limited	11 May 2023 – 15 May 2023	18 May 2023	74 – 78	118400 / 1600
7	Krishca Strapping Solutions IPO	16 May 2023 – 19 May 2023	24 May 2023	51 – 54	102000 / 2000
8	Remus Pharmaceuticals Limited IPO	17 May 2023 – 19 May 2023	24 May 2023	1150 – 1229	115000/100
9	Hemant Surgical Industries IPO	24 May 2023 – 26 May 2023	31 May 2023	85 – 90	144000/1600
10	Bizotic Commercial Limited	12 June 2023 – 15 June 2023	20 June 2023	175-175	140000/800
11	Cosmic CRF Limited	14 June 2023 – 16 June 2023	21 June 2023	313-330	132000/400
12	Cell Point (India) Limited	15 June 2023 – 20 June 2023	23 June 2023	100-100	120000/1200
13	Vilin Bio Med Limited	16 June 2023 – 21 June 2023	26 June 2023	30-30	120000/4000
14	HMA Agro Industries	20 June 2023 – 23 June 2023	29 June 2023	555-585	14625/25
15	SAMHI Hotels Limited IPO	14 to 18 Sep 2023	22 Sep 2023	119 – 126	14994/119
16	Zaggle Prepaid Ocean Services Limited IPO	14 to 18 Sep 2023	22 Sep 2023	156 – 164	14760/90
17	Yatra Online Limited IPO	15 to 20 Sep 2023	25 Sep 2023	135 – 142	14190/105
18	Sai Silks (Kalamandir) Limited IPO	20 to 22 Sep	27 Sep	210-222	14874/67
19	Manoj Vaibhav Jewellers IPO	22 to 26 Sep	3 Oct	204 – 215	14835/89
20	Ratnaveer Precision Engineering IPO	–	To be announced	To be announced	To be announced
21	J G Chemicals IPO	–	To be announced	To be announced	To be announced
22	Rishabh Instruments IPO	–	To be announced	To be announced	To be announced
23	Cyient DLM Ltd. IPO	–	To be announced	To be announced	To be announced
24	Survival Technologies IPO	–	To be announced	To be announced	To be announced
25	Mamaearth IPO	–	To be announced	To be announced	To be announced
26	Go Digit Insurance IPO	–	To be announced	To be announced	To be announced
27	Tata Technologies	–	To be announced	To be announced	To be announced
28	Northern Arc Capital Ltd IPO	–	To be announced	To be announced	To be announced
29	Penna Cement Industries Limited IPO	–	To be announced	To be announced	To be announced
30	Infinion Biopharma Ltd IPO	–	To be announced	To be announced	To be announced
31	ESDS Software Solution Ltd IPO	–	To be announced	To be announced	To be announced
32	Navi Technologies IPO	–	To be announced	To be announced	To be announced
33	Popular Vehicles and Services IPO	–	To be announced	To be announced	To be announced
34	Medi Assist IPO	–	To be announced	To be announced	To be announced
35	Gemini Edibles & Fats India ltd IPO	–	To be announced	To be announced	To be announced
36	Suraj Estate Developers IPO	–	To be announced	To be announced	To be announced
37	Nandan Terry IPO	–	To be announced	To be announced	To be announced
38	Maini Precision IPO	–	To be announced	To be announced	To be announced
39	BIBA IPO	–	To be announced	To be announced	To be announced
40	Gemini Edibles & Fats India Ltd IPO	–	To be announced	To be announced	To be announced
41	Course5 Intelligence Ltd IPO	–	To be announced	To be announced	To be announced
42	Signature Global (India) Limited IPO	20 Sep to 22 Sep	27 Sep	366 – 385	14630/38
43	FirstMeridian Business Services Ltd IPO	–	To be announced	To be announced	To be announced
44	Pristine Logistics and Infraprojects IPO	–	To be announced	To be announced	To be announced
45	PayMate India Ltd IPO	–	To be announced	To be announced	To be announced
46	Fincare Small Finance Bank Ltd. IPO	–	To be announced	To be announced	To be announced
47	Sterlite Power Transmissions Limited IPO	–	To be announced	To be announced	To be announced
48	Keventer Agro IPO	–	To be announced	To be announced	To be announced
49	Utkarsh Small Finance Bank Limited IPO	–	To be announced	To be announced	To be announced
50	Go Airlines IPO	–	To be announced	To be announced	To be announced
51	Gujarat Polysol Chemicals IPO	–	To be announced	To be announced	To be announced
52	TBO TEK Limited IPO	–	To be announced	To be announced	To be announced
53	Protean eGov Technologies IPO	–	To be announced	To be announced	To be announced
54	Uma Converter Limited IPO	–	To be announced	To be announced	To be announced
55	Cogent E-Services Ltd IPO	–	To be announced	To be announced	To be announced
56	Seven Islands Shipping IPO	–	To be announced	To be announced	To be announced
57	Ixigo IPO	–	To be announced	To be announced	To be announced
58	MobiKwik IPO	–	To be announced	To be announced	To be announced
59	Bharat FIH Ltd IPO	–	To be announced	To be announced	To be announced
60	Fedbank Financial Services Ltd IPO	–	To be announced	To be announced	To be announced
61	Godavari Biorefineries Ltd IPO	–	To be announced	To be announced	To be announced
62	Plaza Wires Ltd IPO	–	To be announced	To be announced	To be announced
63	Waaree Energies IPO	–	To be announced	To be announced	To be announced
64	BVG India Ltd IPO	–	To be announced	To be announced	To be announced
65	Prasol Chemicals Ltd IPO	–	To be announced	To be announced	To be announced
66	AKME Fintrade (India) Ltd IPO	–	To be announced	To be announced	To be announced
67	Healthium Medtech IPO	–	To be announced	To be announced	To be announced
68	Sahajanand Medical Technologies Limited IPO	–	To be announced	To be announced	To be announced
69	BoAt Imagine Marketing Limited IPO	–	To be announced	To be announced	To be announced
70	Puranik Builders Limited IPO	–	To be announced	To be announced	To be announced
71	Veeda Clinical Research Limited Ipo	–	To be announced	To be announced	To be announced
72	Macleods Pharmaceuticals Limited IPO	–	To be announced	To be announced	To be announced
73	TVS Supply Chain Solutions Limited IPO	–	To be announced	To be announced	To be announced
74	Lava International Ltd IPO	–	To be announced	To be announced	To be announced
75	Capital Small Finance Bank IPO	–	To be announced	To be announced	To be announced
76	Aadhar Housing Finance IPO	–	To be announced	To be announced	To be announced
77	Vikram Solar IPO	–	To be announced	To be announced	To be announced
78	Yatharth Hospital IPO	–	To be announced	To be announced	To be announced
79	Arohan Financial Services IPO	–	To be announced	To be announced	To be announced
80	EBIXCASH IPO	–	To be announced	To be announced	To be announced
81	Capillary Technologies IPO	–	To be announced	To be announced	To be announced
83	Cloud Kids Clinic India Ltd IPO	–	To be announced	To be announced	To be announced
84	Mukka Proteins IPO	–	To be announced	To be announced	To be announced
85	Senco Gold India Limited IPO	–	To be announced	To be announced	To be announced
86	JSW Infrastructure	–	To be announced	To be announced	To be announced
87	Wellness Forever Medicare Limited IPO	–	To be announced	To be announced	To be announced
88	CMR Green Technologies IPO	–	To be announced	To be announced	To be announced
89	One MobiKwik Systems IPO	–	To be announced	To be announced	To be announced
90	Allied Blenders & Distillers Ltd IPO	–	To be announced	To be announced	To be announced
91	Gold Plus Glass Industry Limited IPO	–	To be announced	To be announced	To be announced

Upcoming IPOs Report

#1. Bizotic Commercial Limited

Bizotic Commercial Ltd. (BCL) is a garment manufacturer and marketer, offering a wide range of men’s clothing through retail stores and e-commerce. It outsources manufacturing to third-party contractors based on its specifications.

Financially, BCL has shown varying turnover and profits in recent years, with concerns over the sustainability of the recent boost in profits due to stock adjustments.

IPO Objective

The IPO proceeds will be used for setting up a retail store, loan repayment, working capital requirements, general corporate purposes, and meeting public issue expenses.

IPO Financials

Financial Year	Turnover	Net Profit
FY20	Rs. 11.14 cr	Rs. 0.16 cr
FY21	Rs. 16.80 cr	Rs. 0.34 cr
FY22	Rs. 53.42 cr	Rs. 0.60 cr
FY23 (Dec 2022)	Rs. 38.48 cr	Rs. 2.90 cr

Strengths

• Wide range of products and brands offered to customers
• Strong network and partnerships with suppliers and manufacturers
• Extensive distribution channels and reach in the market
• Proven track record of revenue generation and profitability
• Ability to adapt to changing market trends and customer preferences
• Efficient inventory management and logistics capabilities
• Strong customer relationships and focus on customer satisfaction

Weaknesses

• Challenges in maintaining a competitive pricing strategy
• Risk of inventory obsolescence and product shelf-life management
• Regulatory compliance and legal considerations in the trading sector

You may like to read – how to invest 1 crore for monthly income returns

#2. Cosmic CRF Limited

Cosmic CRF Limited, established in 2021, supplies cold-rolled stainless sections to manufacturing companies, including prominent clients such as Titagarh Wagons Limited and Jindal Rail Infrastructure Limited. The company acquired the CRF unit of Cosmic Ferro Alloys Limited, expanding its manufacturing capabilities.

Financially, CCL reported a net profit in FY23 and has shown a positive average EPS and RoNW in the last two fiscal years. The IPO is priced at a premium, considering the company’s near-term prospects.

IPO Objective

The IPO proceeds will be used for funding the expansion of the manufacturing unit, working capital requirements, loan prepayment/repayment, and general corporate purposes.

IPO Financials

Financial Year	Turnover (in crore)	Net Profit (in crores)
FY22	NIL	(0.12)
FY23	121.49	6.41

Strengths

• Specializes in the supply of cold-rolled stainless sections to manufacturing companies
• Diverse client base including well-known companies in the industry
• Ability to supply cold-rolled stainless sections through direct orders from railways
• Acquisition of CRF unit from Cosmic Ferro Alloys Limited, expanding manufacturing capabilities
• Strong financial performance with consistent growth in turnover and net profit
• Average EPS and RoNW indicating profitability and efficient use of resources
• Strategic utilization of net proceeds from the issue for expansion, working capital, loan repayment, and general corporate purposes
• Strong expertise and experience in the manufacturing and supply of cold-rolled stainless sections

Weaknesses

• Reliance on manufacturing companies and railways for business opportunities
• Vulnerability to fluctuations in raw material prices and market demand
• Need for continuous investment in machinery and technology to stay competitive
• Exposure to risks associated with the manufacturing industry, such as operational challenges and regulatory compliance
• Limited geographical reach and potential for market expansion

#3. Cell Point (India) Limited

Cell Point (India) Limited, incorporated in 2001, is a multi-brand retailer specializing in smartphones, tablets, mobile accessories, and consumer durable electronics goods. They offer products from renowned manufacturers such as Apple, Samsung, Oppo, Realme, Nokia, Vivo, Xiaomi, Redmi, and Oneplus. The company operates over 75 stores in Andhra Pradesh, including owned and leased properties.

IPO Objective

The company intends to utilize the proceeds from the IPO for various purposes, including repayment of borrowings, repairs, and renovation of retail outlets, working capital requirements, general corporate expenses, and issue expenses.

IPO Financials

Financial Year	Turnover (in crore)	Net Profit (in crore)
FY20	278.12	1.60
FY21	223.56	0.69
FY22	270.04	1.65

For the 9 months of FY23, Cell Point (India) Limited recorded a net profit of Rs. 5.81 crore on a turnover of Rs. 221.68 crore. However, the sustainability of such margins and rising competition raise concerns. The company’s debt as of December 31, 2022, stood at Rs. 48.80 crore.

Strengths

• Established presence in the multi-brand retail industry
• Wide range of products from top manufacturers like Apple, Samsung, and other brands
• Also engaged in the retail selling of consumer durable electronics goods like Smart TVs
• Consistent revenue generation over the past years
• Strong presence in Andhra Pradesh (75 stores)

Weaknesses

• Limited geographical presence restricted to the state of Andhra Pradesh
• High competition in the retail industry both online and offline
• Exposure to risks such as inventory management and pricing pressure
• Impact of economic fluctuations on consumer spending behavior

Check out – list of best investment schemes to double your money in India

#4. Vilin Bio Med Limited

Vilin Bio Med Limited, established in 2005, is a domestic pharmaceutical manufacturing company located in Roorkee, Uttarakhand. It specializes in the production of pharmaceutical products, including oral liquids, tablets and capsules, external preparations, and dry powders. The company supplies its products in bulk to pharmaceutical manufacturers, marketers, and traders who serve as distribution channels for customers.

IPO Objective

The primary objectives for utilizing the proceeds from the net issue are to augment additional working capital requirements and to support general corporate purposes.

IPO Financials

Financial Year	Turnover (in Rs. Cr.)	Net Profit (in Rs. Cr.)
FY20	16.82	0.16
FY21	11.72	0.12
FY22	11.22	0.03
FY23 (Dec 2022)	9.03	1.28

Please note that there are concerns about the sudden increase in profitability during the 9 months of FY23, which raises questions about its sustainability and potential for manipulation to enhance the IPO valuation.

Strengths

• Established presence in the domestic pharmaceutical manufacturing industry
• Wide range of pharmaceutical products, including oral liquids, tablets, capsules, and external preparations
• Strong R&D foundation
• B2B Sales model with bulk supply
• Consistent revenue generation over the past years
• Focus on quality and compliance with pharmaceutical regulations
• Potential for growth and expansion

Weaknesses

• Relatively smaller scale compared to peers
• Vulnerability to regulatory changes and compliance requirements
• Exposure to risks associated with manufacturing and supply chain management.

#5. HMA Agro Industries

HMA Agro Industries Limited, established in 2008, is a leading food trade organization in India specializing in frozen fresh buffalo meat, fruits, vegetables, and cereals. It is a major exporter of frozen buffalo meat, accounting for over 10% of India’s total exports, with its products reaching more than 40 countries worldwide under the brand names “Black Gold,” “Kamil,” and “HMA.”

The company operates four fully integrated packaged meat processing plants in Aligarh, Mohali, Agra, and Parbhani, with plans to establish a fifth plant in Haryana. Additionally, it owns secondary meat processing units in Jaipur and Manesar. These facilities have export approvals for various countries, predominantly in the Middle East, CIS, and Africa, and approximately 90% of the company’s sales come from exports.

IPO Objective

The net proceeds from the fresh issue will be utilized for working capital requirements and general corporate purposes.

IPO Financials

Financial Year	Turnover (in Rs. Cr.)	Net Profit (in Rs. Cr.)
FY20	2416.61	45.90
FY21	1720.40	71.60
FY22	3138.98	117.62
FY23 (Dec 2022)	2417.82	113.24

Despite a minor setback in revenue during the pandemic year, HMA Agro Industries has demonstrated improved margins. With the addition of new fully integrated plants and equipment, the company aims to sustain its growth momentum in margins.

Strengths

• One of the largest exporters of frozen buffalo meat products from India
• Strong brand presence
• Extensive distribution network reaching over 40 countries globally
• Diversified product portfolio, you can also diversify your investment portfolio of 15 lakhs to earn monthly income in India.
• Consistent financial performance with improving margins

Weaknesses

• Vulnerability to fluctuations in global meat demand and export regulations
• High dependency on international markets sales
• Potential competition from other meat exporters
• Dependency on external factors like government policies and trade agreements.

#6. Krishca Strapping Solutions 

Krishca Strapping Solutions is a leading manufacturer of steel straps, steel strapping tools, seals, and high-quality packaging solutions for the steel industry. 

Investing in Krishca Strapping Solutions can be a good opportunity as it operates in a sector that plays a crucial role in the logistics and supply chain industry. 

Krishca’s sales aren’t widely distributed among several customers as 51.90% of sales came from the top 5 customers only which means losing a single top customer can highly impact the sales. And steel prices are highly fluctuating which can hamper the profit margin of the company. 

Objective of IPO

The net proceeds from the IPO will be used for capital expenditure, debt repayment, and general corporate purposes.

IPO Financials

Financial Year	Revenue (in crores)	Profit/Loss (in crores)
2019-20	0.98	-2.24
2020-21	9.71	-0.67
2021-22	18.72	1.51

Strengths

• High-quality products
• Reduced debt 
• Debtor days were reduced from 164 to 110 days.
• Working capital requirement reduced from 532 days to 97.1 days

Weaknesses

• 52% of revenue from top 5 customers
• High volatility in steel prices

#7. Hemant Surgical Industries

Hemant Surgical Industries, established in 1989, has a strong presence in the medical equipment and disposables industry. With over three decades of experience, it offers a diverse product portfolio catering to a wide range of medical needs, serving both domestic and international markets. 

Hemant Surgical operates in various medical sectors, including renal care, cardiovascular disease, respiratory disease, critical care, and radiology. It has demonstrated stable financial performance, achieving significant revenue growth of 35.14% CAGR from FY21 to FY23, along with improved margins. 

Overall, the company is well-positioned to capitalize on favorable industry trends, as the Indian medical device market is projected to reach $50 billion by 2025.

Objective of IPO

The objective of Hemant Surgical Industries’ IPO is to raise funds for plant and machinery expenditures, meet working capital requirements, general corporate purposes, and issue expenses.

IPO Financials

Financial Year	Revenue (in crores)	Profit/Loss (in crores)
2019-20	60.65	1.15
2020-21	105.77	4.61
2021-22	111.50	7.65

Strengths 

• Established presence in the medical equipment and disposables industry
• Diverse product portfolio catering to various medical needs
• Strong track record of financial performance
• Wide client base in India and international markets
• Positioned to capitalize on the growth potential of the Indian medical device market

Weaknesses 

• Vulnerability to difficulties in sourcing and supplying raw materials
• Potential impact on operations from termination or non-renewal of agreements with third-party suppliers

If you want to get more investment ideas, then read how to invest your salary article.

#8. Go Digit Insurance

Go Digit is a leading digital full-stack insurance company in India, with a strong market presence and ownership of a significant share of Gross Written Premiums (GWP) among digital insurance players.

With its advanced technology-driven platform, Go Digit offers seamless and personalized insurance solutions for non-life products. The platform enables easy enrollment, efficient claims processing, underwriting, policy administration, data insights, and fraud detection.

As the largest full-stack digital insurer in India in terms of Gross Written Premiums, Go Digit has demonstrated consistent growth in GWP, achieving a CAGR of 52.9% to Rs 2,358 cr from 2020 to 2022. Despite the revenue growth, Go Digit has been incurring losses for the last 3 years. 

Though Go Digit has maintained a healthy solvency ratio of 2.01 times, well above the regulatory limit. The company has a proven track record of careful investments and maintaining financial stability.

Overall, Go Digit’s strong market position, technological expertise, impressive growth trajectory, and financial stability make it a compelling player in the digital insurance sector.

Objective of IPO

IPO proceeds will be used to support the company’s solvency ratio maintenance.

IPO Financials

Financial Year	Revenue (in crores)	Profit/Loss (in crores)
2019-20	1684	-175
2020-21	2874	-123
2021-22	4535	-296

Strengths 

• Immerging player in the digital insurance space in India
• Largest full-stack digital insurer in terms of Gross Written Premiums
• Strong growth in Gross Written Premiums and revenues
• Leveraging technology for seamless customer experience
• Healthy Solvency ratio and financial stability

Weaknesses 

• Historical net losses in previous years
• Reliance on the IPO proceeds to maintain solvency ratio
• Market uncertainties impacting the timing of the IPO

#9. Allied Blenders & Distillers Ltd IPO

Allied Blenders and Distillers (ABD) is the largest Indian-owned, India-made foreign liquor (IMFL) company, renowned for its flagship product Officer’s Choice Whisky, a top-selling whisky in its price range. 

With a strong distribution network across India, ABD holds the third position in annual sales volume among IMFL companies. 

It is recognized as a leading exporter of foreign liquor and owns a diverse portfolio of premium brands including Officer’s Choice, Sterling Reserve, and Officer’s Choice Brandy. ABD’s extensive presence in 22 international markets further highlights its global reach and influence. 

With a significant market share and a wide retail presence, ABD continues to excel as one of India’s premier liquor companies.

Objective of IPO

Prepayment and repayment of market borrowings, as well as fulfilling general corporate purposes.

IPO Financials

Financial Year	Revenue (in crores)	Profit/Loss (in crores)
2018-19	89346	152
2019-20	81191	128
2020-21	63788	25

Strengths

• ABD is the largest Indian-owned, India-made foreign liquor (IMFL) company, showcasing its strong position in the market.
• ABD has a list of successful flagship products like Officer’s Choice Whisky, contributing to ABD’s brand recognition and market success.
• Allied Blenders held a 23% market share by sales volume in 2021 in the mass premium segment and an 8.2% market share in the IMFL category.
• Allied Blenders owns 10 major brands of whisky, rum, brandy, and vodka catering to diverse consumer preferences.
• It has a pan-India distribution footprint, serving all permitted states and Union Territories through 12 regional sales service offices.
• ABD exports its products to 22 international markets in the Middle East, South and North America, Asia, Europe, and Africa.

Weaknesses

• A decline in the demand for whisky could have a negative impact on ABD’s business performance and financial stability.
• Changes in consumer preferences or failure to maintain the popularity of its brands could affect ABD’s future performance and market position.
• The inability to increase selling prices may impact ABD’s profit margin, especially if costs of production or raw materials rise.
• Profit is decreasing YoY basis

You can also learn how to predict the next candlestick for trend direction.

#10. Rashi Peripherals Ltd. 

Rashi Peripherals Ltd. is a leading distributor of technology products especially Information and Communications Technology (ICT) in India. The company plays a vital role in helping global IT brands establish their presence in the Indian market. Rashi Peripheral focuses on two key business verticals:

1. Personal Computing, Enterprise & Cloud Solutions (ECS)
2. Lifestyle and IT essentials. 

With a revenue growth of 53.85% between 2020 and 2022, Rashi Peripheral has demonstrated its strong performance.

With over three decades of experience, Rashi Peripheral has evolved from manufacturing peripherals to offering comprehensive ICT solutions to Indian and global IT companies.

Its expertise as a distribution partner has facilitated the entry of numerous global IT brands into India. The company distributes products from 48 global technology brands, including Asus, HP, Lenovo, Logitech, Nvidia, and similar other brands.

Rashi Peripheral’s distribution network is vast, comprising 50+ branches, 50+ service centers, and 60+ warehouses that cater to over 9,000 B2B customers in 750 locations. This extensive network enables efficient distribution and prompt support to its valued customers.

However, intense competition from online retailers and potential challenges related to supply chain disruptions could pose risks such as delays in product supply from global brands can affect the business.

Rashi Peripherals sell on credit to Channel Partners (or customers) at a very significant amount. It may lead to credit losses and impact the cash flow if the customer’s businesses encounter negative trends.

Objective of IPO

The company intends to allocate funds to repay debt and fulfill its working capital requirements.

IPO Financials

Financial Year	Revenue (in crores)	Profit/Loss (in crores)
2019-20	3918	41.8
2020-21	5864	122
2021-22	9161	180

Strengths

• Prominent distribution partner for global IT brands in India.
• Strong revenue growth of 53.85% in the last 3 years.
• Extensive distribution network pan India
• Partnerships with 48 global technology brands

Weaknesses

• High dependency on global brands’ and marketplaces’ product supply
• Highly competitive ICT industry
• Significant credit exposure to the Channel Partners 

#11. Ideaforge Technology

Ideaforge Technology is a prominent player in the unmanned aerial vehicle (UAV) or drone industry with 50% market share. You can invest in the growing drone industry, which has applications in sectors such as defence, surveillance, and infrastructure. 

The company’s advanced technology and strong customer base position it for potential growth. According to Drone Industry Insights, Ideaforge stands 7th globally in the dual-use drone market. Dual-use means the company manufactures drones for both civil as well as defence sectors

IPO’s fresh issuance proceeds of Rs 50 crore will be utilized towards debt payment, Rs 135 crore for working capital requirements, and an additional Rs 40 crore will be dedicated to R&D of the product.

However, regulatory restrictions, evolving industry standards, and competition from domestic and international players are important considerations.

Objective of IPO

Ideaforge’s objective for utilizing the funds includes the repayment or prepayment of certain loans, meeting working capital requirements, investing in product development, and addressing general corporate purposes.

IPO Financials

Financial Year	Revenue (in crores)	Profit/Loss (in crores)
2019-20	347	146
2020-21	1394	440
2021-22	1596	452

Strengths

• Backed by Qualcomm and Infosys
• Monopoly company with 50% market share
• Ranked 7 in global dual-use (defence and civil) drone segment
• High growth prospects

Weaknesses

• Strictly regulated industry, any non-compliance may affect business
• 90% of the business is heavily reliant on Indian government agencies 
• High dependency on global vendors for part supply

You can check out – best paper trading apps to practice your trading strategies without risking real money.

#12. Ratnaveer Precision Engineering

Ratnaveer Precision Engineering Ltd., based in Gujarat, is an engineering company known for its diversified product portfolio, including 2500 SKUs of stainless steel washers. Their products cater to various industries such as automotive, solar energy, wind power, oil & gas, pharmaceuticals, and instrumentations.

With a focus on global expansion, Ratnaveer Precision Engineering exports to countries like the UK, Germany, Spain, and the Netherlands, reducing dependency on any single customer.

As the demand for stainless steel continues to rise due to its enhanced corrosion resistance properties, the company specializes in manufacturing value-added stainless steel products.

Notably, Ratnaveer Precision Engineering has shown consistent growth in revenue and profits. Over the period of 2011 to 2022, their revenue witnessed a CAGR of 14.73%, while their profit after tax grew at a rate of 16.40%, reaching Rs. 95.35 million in Fiscal 2022 from Rs. 15.42 million in Fiscal 2011.

Objective of IPO

The proceeds will be utilized to meet the working capital requirements and general corporate purposes.

IPO Financials

Financial Year	Revenue (in crores)	Profit/Loss (in crores)
2019-20	60.65	1.15
2020-21	105.77	4.61
2021-22	111.50	95.35

Strengths

• Diversified product portfolio 
• Global presence
• Focus on value-added stainless steel products
• Steady revenue growth of 14.73% CAGR in (2011-2022)
• Profit after tax (PAT) growth of 16.40% in last 3 years

Weaknesses

• Reliance on stainless steel which is very volatile industry
• Potential impact of global economic conditions
• Regulatory changes affecting the steel industry
• No long-term agreements with its suppliers which may disrupt raw material supply 

#13. J G Chemicals 

J G Chemicals is a leading Indian manufacturer of zinc oxide, known for its significant production capacity and revenue in the industry. With a 30% market share in FY22, the company offers a wide range of over 80 grades of zinc oxide.

JG Chemicals has three manufacturing facilities with a combined capacity of 77,040 MTPA to deliver high-quality zinc oxide products.

J.G Chemicals also supplies Zinc oxide in more than 10 countries. As one of the top 10 global zinc oxide producers, the company has successfully supplied its products to over 200 domestic and 50 global customers in the past three years. 

Zinc oxide plays a critical role in tire manufacturing, and J.G Chemicals proudly supplies its products to nine out of the top 10 global tire manufacturers and 11 leading Indian tire manufacturers. Furthermore, zinc oxide finds applications in the pharmaceutical, chemical, and agricultural sectors.

BDJ Oxides, a material subsidiary of J.G Chemicals, holds the distinction of being the only zinc oxide manufacturer in India with IATF certification, which is preferred by tire companies.

Objective of IPO

The company plans to utilize the net proceeds from the fresh issues for the establishment of a new R&D center and meeting capital expenditure requirements.

IPO Financials

Financial Year	Revenue (in crores)	Profit/Loss (in crores)
2019-20	3993	139
2020-21	4353	288
2021-22	6128	431

Strengths

• Largest Indian zinc oxide manufacturer 
• Wide range of over 80 grades of zinc oxide, catering to diverse customer needs.
• Strong market presence with a 30% market share in FY22.
• Extensive customer base, serving over 200 domestic and 50 global customers.
• Key supplier to top global and Indian tire manufacturers.
• Diversification of applications in pharmaceuticals, chemicals, and agriculture sectors.

Weaknesses

• Vulnerability to market fluctuations in the zinc oxide industry.
• Reliance on the demand and pricing of raw materials
• Exposure to global economic conditions and geopolitical factors.

You may like to read – how to earn money online for students in India

#14. Rishabh Instruments

Rishabh Instruments is a global leader in energy efficiency solutions, offering a wide range of electrical automation, metering, and precision-engineered products for various industries. 

The company excels in manufacturing and supplying analog panel meters and low-voltage current transformers. 

Rishab Instruments has dedicated R&D centers in India, Poland, and China. With 5 manufacturing units across these countries, Rishabh Instruments serves a customer base of 100, offering a portfolio of 145 product lines.

In the financial year 2022, the company achieved a consolidated revenue of ₹470.25 crore, marking a growth of 20.6% compared to the previous year. Its net profit for FY22 also rose significantly by 38% to ₹49.65 crore. With total assets valued at ₹563.89 crores. 

Rishabh Instruments maintains a solid financial position to support its operations and future growth.

Objective of IPO

The IPO proceeds will be used for the expansion of the Nashik manufacturing unit and for general corporate purposes.

IPO Financials

Financial Year	Revenue (in crores)	Profit/Loss (in crores)
2019-20	4007	316
2020-21	3900	360
2021-22	4703	497

Strengths

• Diverse product portfolio catering to multiple industries.
• Global presence and strong reputation in the energy efficiency solutions sector.
• Emphasis on innovation and research and development.

Weaknesses

• High market competition

#15. Cyient DLM Ltd. 

Cyient DLM Ltd. is an experienced provider of Electronic Manufacturing Services (EMS) and solutions, serving regulated industries like aerospace, defence, and medical technology. 

They are a top supplier to global OEMs, offering design, development, and manufacturing solutions for complex systems. With three manufacturing units in India, they deliver high-quality EMS components. 

As of September 2022, their revenue from operations was Rs 340.27 crore, with a net profit of Rs 13.42 crore. In FY22, their revenue was Rs 7205 crore, and their net profit reached Rs 398 crore.

Objective of IPO

The IPO aims to fulfill the company’s increased working capital needs, finance capital expenditure, and facilitate inorganic growth opportunities.

IPO Financials

Financial Year	Revenue (in crores)	Profit/Loss (in crores)
2019-20	4571	-67
2020-21	6280	118
2021-22	7205	398

Strengths 

• Extensive experience serving highly regulated industries like aerospace, and defence
• Strong presence across the value chain and manufacturing solutions
• Top supplier to global OEMs
• Growing revenue and net profit show financial stability 

Weaknesses

• Exposure to regulated industries poses industry-specific risks.
• Dependence on a limited number of marquee customers may lead to revenue fluctuations.
• Competition from other EMS providers may affect market share and pricing.

Go through our article – how to invest 50 lakhs to get monthly income in India

#16. Survival Technologies 

Survival Technologies Ltd. is a leading specialty contract research manufacturing services (CRAMS) focused specialty chemical manufacturer. Contract research manufacturing services (CRAMS) are the services where a company helps other companies in making new products. They use their special knowledge and skills to develop and produce these products for their customers.

Survival Technologies has specialization in importing substitute chemicals, including complex chemicals from heterocyclic and fluorochemical products. By producing these specialty chemicals domestically, the company serves various industries in India.

With a portfolio of 677 synthesized products, including 500 commercially produced for export, Survival Technologies demonstrates its expertise and commitment to meeting market demands.

Survival Technologies has generated revenue at a 25.1% CAGR and gross profit has also increased from Rs.831M to Rs. 1,616M, at a CAGR of almost 40% from FY20 to FY22.

However, you must understand that Survival Technologies may encounter challenges due to import restrictions on raw materials and rising shipping costs. These factors can impact the company’s operations and overall performance.

Objective of IPO

The objective of the IPO is to secure funds for meeting working capital requirements and for general corporate purposes.

IPO Financials

Financial Year	Revenue (in crores)	Profit/Loss (in crores)
2019-20	1992	191
2020-21	2748	563
2021-22	3118	735

Strengths

• Specialized in manufacturing import substitute chemicals
• Collaborative approach with customers throughout the product lifecycle
• Diverse portfolio of 677 synthesized products
• Strong revenue growth and improved gross profit margin

Weaknesses

• Vulnerability to import restrictions on raw materials
• Exposure to increased shipping costs
• Reliance on the domestic market for sales only

#17. Mamaearth

Mamaearth is a fast-growing personal care brand that offers natural and toxin-free skin care products for babies, kids, and adults. The company’s strong consumer base and commitment to ethical practices provide growth opportunities. 

However, Mamaearth booked losses of Rs 428 cr in FY20 and Rs. 1,332 cr in FY21. But the skincare brand managed to gain a profit of Rs 14 cr in FY22.

Recently, Mamaearth has put its IPO on hold till October 2023 due to unfavorable market sentiments.

Objective of IPO

The primary use of the proceeds from the IPO for Mamaearth is to enhance brand visibility through advertising. Additionally, the funds will be allocated towards inorganic purposes and the establishment of new exclusive brand outlets.

IPO Financials

Financial Year	Revenue (in crores)	Profit/Loss (in crores)
2019-20	1142	-4280
2020-21	4720	-13246
2021-22	9643	224

Strengths

• Profitability achieved in FY22, indicating the potential for growth and profitability in the future.
• Strong brand recognition and customer loyalty in the skincare industry.
• High growth potential in the organic and natural skincare market segment.
• Experienced and well-known early investors, including celebrities, provide credibility and industry expertise.

Weaknesses

• Losses in FY20 and FY21 may raise concerns about the company’s financial stability.
• Heavy reliance on a limited range of products poses risks if there are changes in consumer preferences or marketplace dynamics.
• Uncertainty surrounding the usage of IPO funds and future plans
• High marketing spending may impact profitability

Check out – our report on top 20 stockbrokers in India

#18. Remus Pharmaceuticals Limited 

Remus Pharmaceuticals Limited is a pharmaceutical company dedicated to developing and manufacturing life-saving drugs. Investing in Remus Pharmaceuticals can be advantageous due to the potential for significant growth in the healthcare sector. 

As the demand for quality healthcare continues to rise, the company has the opportunity to introduce innovative drugs that address unmet medical needs. 

However, risks such as regulatory challenges, patent expirations, and the uncertainty associated with drug development and approval processes should be considered.

Objective of IPO

To secure funding for an acquisition, fulfill general corporate purposes and working capital requirements, and cover the expenses related to the IPO.

IPO Financials

Financial Year	Revenue (in crores)	Profit/Loss (in crores)
2019-20	119	8
2020-21	184	10
2021-22	247	34

Strengths

1. Extensive product portfolio
2. Strong research and development capabilities
3. Robust distribution network which facilitates the timely delivery of products to customers.
4. Regulatory compliance enhances trust and reliability in its products.

Weaknesses

1. Intense competition can potentially impact market share and pricing.
2. Dependence on external suppliers
3. New rules and regulations may impact the company’s operations and profitability.

#19. Gold Plus Glass Industry Limited 

Gold Plus Glass Industry Ltd applied for the IPO listing in December 2022. Gold Plus Glass is a leading manufacturer of architectural glass in India. The company has a strong track record of growth and profitability, with a robust distribution network and a diverse product portfolio. 

Float glass is currently one of the fastest-growing building materials in India. This presents an opportunity for the company to capitalize on the growing demand for its products. 

Nevertheless, expanding in this industry can be a costly endeavor due to the industry’s capital-intensive nature. The company also faces competition from imported float glass, which can pose challenges in terms of pricing and market share. 

Objective of IPO

Repaying market borrowings and meeting working capital requirements

IPO Financials

Financial Year	Revenue (in crores)	Profit/Loss (in crores)
2018-19	7803	-790
2019-20	6286	-800
2020-21	8525	576

Strengths 

• Low competition in the industry
• High demand for float glass
• Extensive distribution network 

Weaknesses

• Expansion is slow due to the high cost
• Faces competition from imported glass

You can go through our comparison of the Upstox vs Groww to know the brokerage charges of both stock brokers.

#20. Signature Global (India) Limited

Signature Global, a leading real estate development company in the Delhi NCR, specializes in affordable and mid-segment housing. With a market share of 19% and a track record of selling over 23,450 properties, investing in Signature Global offers exposure to the potential long-term growth of the real estate sector.

It’s important to note that the company’s expenses increased to Rs 1,076 crore while the net income was Rs 960 crore in the last fiscal year, resulting in a net loss of Rs 115.5 crore. 

Objective of IPO

Signature Global IPO aims to utilize the proceeds from the fresh issue to pay off debt, pursue inorganic growth through land acquisitions, and support general corporate purposes.

IPO Financials

Financial Year	Revenue (in crores)	Profit/Loss (in crores)
2019-20	263	-56.60
2020-21	155	-86.30
2021-22	940	-115.50

Strengths 

• An industry leader in the segment
• Clean track record 
• Growth-oriented company

Weaknesses

• Incurred losses in last 3 financial years

FAQs