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 | Allied Blenders & Distillers Ltd IPO | – | To be announced | To be announced | To be announced |
| 11 | Gold Plus Glass Industry Limited IPO | – | To be announced | To be announced | To be announced |
| 12 | Signature Global (India) Limited IPO | – | To be announced | To be announced | To be announced |
| 13 | Rashi Peripherals Ltd. IPO | – | To be announced | To be announced | To be announced |
| 14 | Ideaforge Technology IPO | – | To be announced | To be announced | To be announced |
| 15 | Ratnaveer Precision Engineering IPO | – | To be announced | To be announced | To be announced |
| 16 | J G Chemicals IPO | – | To be announced | To be announced | To be announced |
| 17 | Rishabh Instruments IPO | – | To be announced | To be announced | To be announced |
| 18 | Cyient DLM Ltd. IPO | – | To be announced | To be announced | To be announced |
| 19 | Survival Technologies IPO | – | To be announced | To be announced | To be announced |
| 20 | Mamaearth IPO | – | To be announced | To be announced | To be announced |
| 21 | Go Digit Insurance IPO | – | To be announced | To be announced | To be announced |
| 22 | Tata Technologies | – | To be announced | To be announced | To be announced |
| 23 | Northern Arc Capital Ltd IPO | – | To be announced | To be announced | To be announced |
| 24 | Penna Cement Industries Limited IPO | – | To be announced | To be announced | To be announced |
| 25 | Infinion Biopharma Ltd IPO | – | To be announced | To be announced | To be announced |
| 26 | ESDS Software Solution Ltd IPO | – | To be announced | To be announced | To be announced |
| 27 | Navi Technologies IPO | – | To be announced | To be announced | To be announced |
| 28 | Popular Vehicles and Services IPO | – | To be announced | To be announced | To be announced |
| 29 | Medi Assist IPO | – | To be announced | To be announced | To be announced |
| 30 | Gemini Edibles & Fats India ltd IPO | – | To be announced | To be announced | To be announced |
| 31 | Suraj Estate Developers IPO | – | To be announced | To be announced | To be announced |
| 32 | Nandan Terry IPO | – | To be announced | To be announced | To be announced |
| 33 | Maini Precision IPO | – | To be announced | To be announced | To be announced |
| 34 | BIBA 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 | Course5 Intelligence Ltd IPO | – | To be announced | To be announced | To be announced |
| 37 | Yatra Online Limited IPO | – | To be announced | To be announced | To be announced |
| 38 | FirstMeridian Business Services Ltd IPO | – | To be announced | To be announced | To be announced |
| 39 | Pristine Logistics and Infraprojects IPO | – | To be announced | To be announced | To be announced |
| 40 | PayMate India Ltd IPO | – | To be announced | To be announced | To be announced |
| 41 | Fincare Small Finance Bank Ltd. IPO | – | To be announced | To be announced | To be announced |
| 42 | Sterlite Power Transmissions Limited IPO | – | To be announced | To be announced | To be announced |
| 43 | Keventer Agro IPO | – | To be announced | To be announced | To be announced |
| 44 | Utkarsh Small Finance Bank Limited IPO | – | To be announced | To be announced | To be announced |
| 45 | Go Airlines IPO | – | To be announced | To be announced | To be announced |
| 46 | Gujarat Polysol Chemicals IPO | – | To be announced | To be announced | To be announced |
| 47 | TBO TEK Limited IPO | – | To be announced | To be announced | To be announced |
| 48 | Protean eGov Technologies IPO | – | To be announced | To be announced | To be announced |
| 49 | Uma Converter Limited IPO | – | To be announced | To be announced | To be announced |
| 50 | Cogent E-Services Ltd IPO | – | To be announced | To be announced | To be announced |
| 51 | Seven Islands Shipping IPO | – | To be announced | To be announced | To be announced |
| 52 | Ixigo IPO | – | To be announced | To be announced | To be announced |
| 53 | MobiKwik IPO | – | To be announced | To be announced | To be announced |
| 54 | Bharat FIH Ltd IPO | – | To be announced | To be announced | To be announced |
| 55 | Fedbank Financial Services Ltd IPO | – | To be announced | To be announced | To be announced |
| 56 | Godavari Biorefineries Ltd IPO | – | To be announced | To be announced | To be announced |
| 57 | Plaza Wires Ltd IPO | – | To be announced | To be announced | To be announced |
| 58 | Waaree Energies IPO | – | To be announced | To be announced | To be announced |
| 59 | BVG India Ltd IPO | – | To be announced | To be announced | To be announced |
| 60 | Prasol Chemicals Ltd IPO | – | To be announced | To be announced | To be announced |
| 61 | AKME Fintrade (India) Ltd IPO | – | To be announced | To be announced | To be announced |
| 62 | Healthium Medtech IPO | – | To be announced | To be announced | To be announced |
| 63 | Sahajanand Medical Technologies Limited IPO | – | To be announced | To be announced | To be announced |
| 64 | Imagine Marketing Limited IPO | – | To be announced | To be announced | To be announced |
| 65 | Puranik Builders Limited IPO | – | To be announced | To be announced | To be announced |
| 66 | Veeda Clinical Research Limited Ipo | – | To be announced | To be announced | To be announced |
| 67 | Macleods Pharmaceuticals Limited IPO | – | To be announced | To be announced | To be announced |
| 68 | TVS Supply Chain Solutions Limited IPO | – | To be announced | To be announced | To be announced |
| 69 | Lava International Ltd IPO | – | To be announced | To be announced | To be announced |
| 70 | Capital Small Finance Bank IPO | – | To be announced | To be announced | To be announced |
| 71 | Aadhar Housing Finance IPO | – | To be announced | To be announced | To be announced |
| 72 | Vikram Solar IPO | – | To be announced | To be announced | To be announced |
| 73 | Yatharth Hospital IPO | – | To be announced | To be announced | To be announced |
| 74 | Arohan Financial Services IPO | – | To be announced | To be announced | To be announced |
| 75 | EBIXCASH IPO | – | To be announced | To be announced | To be announced |
| 76 | Capillary Technologies IPO | – | To be announced | To be announced | To be announced |
| 77 | Kids Clinic India Ltd IPO | – | To be announced | To be announced | To be announced |
| 78 | Mukka Proteins IPO | – | To be announced | To be announced | To be announced |
| 79 | Senco Gold India Limited IPO | – | To be announced | To be announced | To be announced |
| 80 | JSW Infrastructure | – | To be announced | To be announced | To be announced |
Upcoming IPOs Report
#1. 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
#2. 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
#3. 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
#4. 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
#5. 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:
- Personal Computing, Enterprise & Cloud Solutions (ECS)
- 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
#6. 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
#7. 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
#8. 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.
#9. 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
#10. 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.
#11. 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
#12. 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
#13. 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
- Extensive product portfolio
- Strong research and development capabilities
- Robust distribution network which facilitates the timely delivery of products to customers.
- Regulatory compliance enhances trust and reliability in its products.
Weaknesses
- Intense competition can potentially impact market share and pricing.
- Dependence on external suppliers
- New rules and regulations may impact the company’s operations and profitability.
#14. 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
#15. 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 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
An IPO, or Initial Public Offering, is the process through which a private company offers its shares to the public for the first time. It allows the company to raise capital from investors and enables individuals to become shareholders in the company.
To participate in an IPO, you need to have a demat account with a registered stockbroker or a bank that provides IPO application services. Once the IPO is open for subscription, you can submit your application through the designated channels, such as stock brokers, or banks.
The price of an IPO is determined through a process called book building, where the company and its underwriters assess investor demand for the shares. Based on this demand and other market factors, the price is finalized. The final IPO price can be either fixed or determined within a price band.
Investing in IPOs carries certain risks. The stock may not perform as expected after listing, and its price can fluctuate significantly in the initial days or weeks. Additionally, the company may face operational, regulatory, or market risks that could impact its performance. You should carefully evaluate the company’s prospectus and consider these risks before making an investment decision.
You can stay informed about upcoming IPOs by regularly checking the websites of stock exchanges, financial news portals, or the websites of regulatory bodies like the Securities and Exchange Board of India (SEBI). Financial advisors or brokerage firms may also provide updates on upcoming IPOs to their clients.
Investing in IPOs can offer the opportunity to participate in the early stages of a company’s growth and potentially benefit from capital appreciation. Successful IPOs of companies with strong fundamentals can generate attractive returns for investors.
Yes, retail investors can participate in IPOs. SEBI has set aside a portion of the IPO shares specifically for retail investors, allowing them to invest at the IPO price. However, there may be certain eligibility criteria or limits on the maximum investment amount for retail investors.
