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Meesho

• Meesho is coming out with a 100% book building; initial public offering (IPO) of 51,02,75,743 shares of Rs 1 each in a price band Rs 105-111 per equity share. 
• Not more than 75% of the issue will be allocated to Qualified Institutional Buyers (QIBs), including 5% to the mutual funds. Further, not less than 15% of the issue will be available for the non-institutional bidders and the remaining 10% for the retail investors.
• The issue will open for subscription on December 03, 2025 and will close on December 05, 2025.
• The shares will be listed on BSE as well as NSE.
• The face value of the share is Rs 1 and is priced 105.00 times of its face value on the lower side and 111.00 times on the higher side.
• Book running lead managers to the issue are Kotak Mahindra Capital Company, J.P. Morgan India, Morgan Stanley India Company, Axis Capital and Citigroup Global Markets India.
• Compliance Officer for the issue is Rahul Bhardwaj.

Profile of the company

Meesho is a multi-sided technology platform driving e-commerce in India by bringing together four key stakeholders - consumers, sellers, logistics partners and content creators. The company’s e-commerce marketplace, that it operates under the brand name Meesho, emerged as India’s largest in terms of number of Placed Orders and Annual Transacting Users among e-commerce players in India in the last twelve months period ended September 30, 2025. 

The company’s value focused platform is designed to serve all segments of consumers across India by making ecommerce affordable, accessible and engaging. The company is focused on providing ‘Everyday Low Prices’ to consumers. Its technology-first operations, platform scale and efficiency offers low cost order fulfilment to sellers on Meesho. This, along with a zero commission model for sellers enables it to reduce the average cost charged to sellers and provide a wide assortment of products ranging from low cost unbranded products, regional brands and national brands at affordable prices on Meesho. The company’s artificial intelligence/machine learning (AI/ML) led algorithms are designed to deliver a personalised, discovery led shopping experience to consumers similar to an offline window shopping experience, making online shopping easy and engaging for consumers.

The company monetises its platform through services that are provided to sellers on Meesho such as order fulfilment, advertising and data insights. Further, it does not charge sellers any commission and it does not charge any platform fee to consumers on Meesho. The company’s platform scale and ecosystem integration also enables it to launch and scale New Initiatives such as (i) low cost local logistics network for daily essentials and (ii) a financial services platform where regulated partners offer financial services tailored to its stakeholders, further strengthening platform stickiness and addressable market. It therefore operates in two business segments - Marketplace and New Initiatives.

Proceed is being used for:

• Investment for cloud infrastructure in Meesho Technologies, company’s subsidiary
• Payment of salaries of its existing and replacement hires for the Machine Learning and AI and technology teams for AI and technology development undertaken by Meesho Technologies
• Investment in Meesho Technologies for expenditure towards marketing and brand initiatives
• Funding inorganic growth through acquisitions and other strategic initiatives and general corporate purposes.

Industry Overview

India retail market stood at Rs 83 trillion ($978 billion) in Fiscal 2025 and is projected to grow to Rs 123-135 trillion ($1.4-1.6 trillion) by Fiscal 2030P, implying a CAGR of 8-10%. This represents an acceleration in growth rate compared to the growth in retail market over the past five years, which was adversely affected by economic slowdowns resulting from the COVID-19 pandemic and global macroeconomic factors. Despite the large scale, India’s per capita retail spend remains low compared to China, Indonesia and the US, underscoring the long-term growth potential. Organised retail, comprising modern brick and mortar formats and e-commerce players, has grown from 15% of the total India retail market in Fiscal 2020 to 21% in Fiscal 2025. It is further projected to reach 32-34% by Fiscal 2030, translating into a Rs 39-46 trillion ($462-542 billion) opportunity. There is immense headroom for organised retail to further expand in India, as indicated by global benchmarks from mature and emerging markets.

India e-commerce market is currently sized at Rs 6 trillion ($70 billion) in terms of gross merchandise value (GMV) and is projected to reach Rs 15-18 trillion ($174-214 billion), penetrating 12-13% of India retail market by Fiscal 2030. As of Fiscal 2025, e-commerce penetration in non-electronics categories remains significantly below that of electronics (37%), indicating substantial headroom for growth. Penetration levels in non-electronics categories stand at 2% in grocery, 19% in fashion, 19% in beauty and personal care, and 5% in others where others include Pharma, Home and furniture, General merchandise and Jewellery. Capitalizing on this headroom, the non-electronics categories are projected to lead the ecommerce growth in India over the next 5 years contributing to 72-73% of India e-commerce market in Fiscal 2030P as compared to 64% in Fiscal 2025.

India is home to one of the largest and fastest-growing digital economies globally, driven by rapid internet adoption. Internet users increased from 310-330 million in Fiscal 2015 to 818-853 million in Fiscal 2025 and are projected to reach nearly 1 billion by Fiscal 2030. While the online shopper base has nearly doubled post-COVID, a sizeable gap persists between India’s smartphone users and shoppers. As of Fiscal 2025, India has 692-706 million smartphone users, while the number of e-commerce shoppers stands at only 250-270 million, highlighting significant headroom for further e-commerce penetration. India's e-commerce shoppers represent 31-32% of internet users, below mature economies like the US (88%) and large emerging economies such as China (83%) and Indonesia (52%), also indicating a headroom for increased e-commerce penetration. 

Pros and strengths

Integrated flywheel model driving scalable platform efficiency: The company’s platform orchestrates transactions amongst its four key stakeholders - consumers, sellers, logistics partners and content creators. At the core of its platform is the company’s commerce flywheel. Consumers transact on Meesho because of the wide assortment of products that are available at affordable prices. Next one is Logistics flywheel. As order volumes on Meesho increase, it helps logistics partners better utilise their capacity, improve the density of fulfilment and reduce the price of their services on a per order basis. Moreover, the company has activated a content commerce flywheel that enhances product discovery and engagement on Meesho. Content creators are attracted to Meesho as it offers them an avenue to monetise their creativity by promoting its sellers’ products. The company’s platform also enables introduction and scaling of new services rapidly where each new service strengthens the capabilities of its overall platform by creating new flywheels.

Technology-driven platform enabling scalable and efficient operations: Technology powers every part of its platform enabling it to scale, reduce costs and increase efficiency while enhancing the value generated and experience for all its stakeholders. Rather than relying on manual interventions, it employs a technology driven approach to problem solving. As of September 30, 2025, the company had a total technology workforce of 1,182 full time employees, including 163 in its machine learning and AI team. This technology workforce represented 56.77% of its total employee base of 2,082. In the last twelve months period ended September 30, 2025, its GMV to FTE ratio was Rs 293.94 million.

Cost-efficient platform enabling affordable pricing for consumers: The company is a value focused e-commerce platform that delivers ‘Everyday Low Prices’ for consumers, which means that consumers get products at low prices on Meesho without having to rely on limited time discounts and event based flash sales. Its zero commission model for sellers combined with its low-cost order fulfilment reduces the average cost charged to sellers and enables them to provide a wide assortment of products at affordable prices on Meesho. In mature ecommerce markets such as China, value focused e-commerce players have potential for leadership in e-commerce user base expansion, while commanding substantial share of the market value. Its scale amplifies this advantage, as is demonstrated by the decreasing average cost charged to its sellers on Meesho, which it defines as the average cost paid by the seller on Meesho for each Placed Order to a consumer. Its large base of consumers, sellers and logistics partners has introduced competition, encouraging them to offer quality products and services efficiently and at low prices.

Trust-driven platform powered by user-generated content: The company focuses on building trust across its platform. The company’s value focused platform enables sellers to sell a wide assortment of products including not just well known national brands but also regional and unbranded products. To build consumer trust, it has instituted trust building features across the consumer journey. Its large operations generate powerful trust signals. These signals include 1,298.22 million consumer ratings, 399.67 million consumer reviews, and 86.39 million consumer generated images and videos as of September 30, 2025. These signals enable consumers on Meesho to make an informed decision especially with respect to unbranded products and regional brands. It actively encourages its consumers to purchase products by reviewing the content on its platform through consumer communications and awareness campaigns.

Risks and concerns

Sustained losses highlight profitability risk: The company has incurred losses since its inception in 2015. While it was cash flow positive in the six months period ended September 30, 2024, and Fiscals 2025 and 2024, it had Restated loss before exceptional items and tax of Rs 4,332.14 million and Rs 240.38 million in the six months period ended September 30, 2025 and September 30, 2024, and Rs 1,084.29 million, Rs 3,145.33 million and Rs 16,719.02 million in Fiscals 2025, 2024 and 2023, respectively. It had negative cash flows from operating activities for the six months period ended September 30, 2025 and Fiscal 2023. If it is unable to generate adequate revenue and manage its cash flows and expenses, it may continue to incur losses.

Third-Party logistics constraints may impact operations: Products sold on Meesho are delivered to consumers through third party logistics partners either through (i) Valmo, its technology platform or (ii) end-to-end logistics partners. Further, the company is engaged with five end-to-end logistics partners during the six months period ended September 30, 2025. Service interruptions, failures, constraints or inadequate service quality of these logistics’ partners could harm its business, financial condition and prospects.

Operational risks from elevated cod usage: A large portion of orders on Meesho are paid using cash on delivery (CoD). In the six months period ended September 30, 2025 and September 30, 2024, and Fiscals 2025, 2024 and 2023, 72.00%, 78.51%, 76.95%, 85.39% and 88.71%, respectively, of Shipped Orders were on CoD basis. CoD reduces the rate of successful deliveries and increases operational inefficiencies and risks related to cash handling.

Uncertain outcomes due to nascent content commerce model: Content creators are individuals who create and host short form videos and live streams on Meesho and third party social media platforms to enhance the shopping experience of its consumers. Sellers can engage the services of content creators through its platform to promote their products on Meesho and social media platforms. In the last twelve months period ended September 30, 2025, September 30, 2024, and Fiscal 2025, 50,319, 13,659, and 27,836 Active Content Creators were listed on its platform, respectively. Due to its limited operating history, the nascency of content commerce in India and its rapid growth profile, its future operating results may be hard to predict, and its historical results may not be indicative of, or comparable to, its future results. Further, its failure to attract and retain content partners could have an adverse impact on its business.

Outlook

Meesho is a multi-sided technology platform driving e-commerce in India by connecting four key stakeholders - consumers, sellers, logistics partners, and content creators. The company operates its e-commerce marketplace under the brand name Meesho, enabling consumers to access a wide range of affordable products while offering sellers a low-cost platform to grow their businesses. The company’s focus on cost efficiency and technological innovation has enabled it to maintain a positive cash flow position while strategically investing in new business verticals to expand its digital ecosystem. On the concern side, the company has recorded substantial losses over the years and experienced negative operating cash flows in key periods. Sustained profitability will depend on its ability to improve revenues and effectively control cash flows and expenses. Moreover, the company has started its content commerce business in Fiscal 2024 and has limited operating history in operating this business. Further, its failure to attract and retain content partners could have an adverse impact on its business. 

The issue has been offering 51,02,75,743 shares in a price band of Rs 105-111 per equity share. The aggregate size of the offer is around Rs 5357.89 crore to Rs 5664.06 crore based on lower and upper price band respectively. Minimum application is to be made for 135 shares and in multiples thereon, thereafter. On performance front, the company’s revenue from operations increased by 29.37% to Rs 55,775.38 million in the six months period ended September 30, 2025 from Rs 43,112.87 million in the six months period ended September 30, 2024, primarily due to an increase in its Segment revenue - Marketplace. Moreover, the company’s Restated loss decreased by 72.12% to Rs 7,007.18 million in the six months period ended September 30, 2025 from a restated loss of Rs 25,128.91 million in the six months period ended September 30, 2024.

The company’s aim is to democratise internet commerce for everyone by building a platform that is affordable and accessible to a diverse consumer base, whether a high income urban shopper or a rural consumer. It intends to tap into a growing market opportunity and increase consumer penetration from both Top 8 cities and beyond in India. As of Fiscal 2025, India has 692-706 million smartphone users, while the number of online shoppers stands at only 250-270 million, highlighting significant headroom for further e-commerce penetration. Going forward, the company plans to continue to scale its content commerce marketplace. As of Fiscal 2025, content commerce in India accounted for 1%-2% of the overall ecommerce market, significantly lower than Indonesia (20-30%) and China (40-50%) in the same period, highlighting substantial headroom for growth. With a growing content commerce base on its platform, the company is well positioned to capture this growth potential.

Aequs

• Aequs is coming out with a 100% book building; initial public offering (IPO) of 7,71,04,477 shares of 10 each in a price band Rs 118-124 per equity share. 
• Not more than 75% of the issue will be allocated to Qualified Institutional Buyers (QIBs), including 5% to the mutual funds. Further, not less than 15% of the issue will be available for the non-institutional bidders and the remaining 10% for the retail investors.
• The issue will open for subscription on December 03, 2025 and will close on December 05, 2025.
• The shares will be listed on BSE as well as NSE.
• The face value of the share is Rs 10 and is priced 11.80 times of its face value on the lower side and 12.40 times on the higher side.
• Book running lead managers to the issue are JM Financial, IIFL Capital Services and Kotak Mahindra Capital Company.
• Compliance Officer for the issue is Ravi Mallikarjun Hugar.

Profile of the company

Aequs is the only precision component manufacturer operating within a single special economic zone in India to offer fully vertically integrated manufacturing capabilities in the Aerospace Segment, which sets it apart from other contract manufacturers with selective manufacturing capabilities amongst its peers. Precision components are precisely machined parts that are designed and manufactured to exact specifications and are commonly supplied to OEM customers and system integrators. It had one of the largest portfolios of aerospace products in India, as of March 31, 2025. Its diverse product portfolio includes components for engine systems, landing systems, cargo and interiors, structures, assemblies and turning for its aerospace clients.

The company’s advanced manufacturing capabilities also enable it to enter into new business segments by leveraging existing capabilities. While it primarily operates in the Aerospace Segment, over the years, the company has expanded its product portfolio to include consumer electronics, plastics, and consumer durables for its consumer clients. The company’s diverse consumer product portfolio includes consumer durables such as cookware and small home appliances, plastics such as outdoor toys, figurines, toy vehicles and components for consumer electronics such as portable computers and smart devices.

The company is one of the few manufacturers in India with niche metallurgy capabilities, specializing in precision machining of high-end alloys, including titanium alloys for its aerospace clients. Further, the company is the leading company within a single special economic zone in terms of end-to-end manufacturing capabilities (machining, forging, surface treatment and assembly) for the Aerospace Segment in India, based on the number of capabilities and approvals.

Proceed is being used for:

• Repayment and/ or prepayment, in full or in part, of certain outstanding borrowings and prepayment penalties, as applicable, availed by: (a) the company; and (b) three of its wholly-owned Subsidiaries, AeroStructures Manufacturing India Private Limited, Aequs Consumer Products Private Limited and Aequs Engineered Plastics Private Limited, through investment in such Subsidiaries
• Funding capital expenditure to be incurred on account of purchase of machinery and equipment by: (a) the company; and (b) one of its wholly-owned Subsidiaries, AeroStructures Manufacturing India Private Limited, through investment in such Subsidiary
• Funding inorganic growth through unidentified acquisitions, other strategic initiatives and general corporate purposes

Industry Overview

India has emerged as one of the most significant markets for aircraft orders, reflecting the rapid growth of its aviation sector. A booming economy, increasing middle-class affluence, and expanding urbanization have driven the demand for air travel in India. These factors, coupled with a growing appetite for domestic and international travel, have spurred Indian airlines to expand and modernize their fleets significantly. India's aircraft manufacturing market is rapidly growing, fuelled by rising air travel demand and e-commerce. The country is emerging as a key hub for aircraft manufacturing, assembly, and maintenance due to its strategic location and economic growth. A shift toward indigenous production is evident, with companies like Hindustan Aeronautics Limited (HAL) collaborating with global giants like Airbus and Boeing to enhance local manufacturing capabilities.

India's export of aerospace-engineered components had witnessed significant growth, reflecting the country's rising capabilities in precision manufacturing and its expanding role in the global aerospace supply chain. In FY2019, aerospace component exports accounted to Rs 119.37 billion ($1.71 billion), driven by increased participation of Indian manufacturers in global aerospace programs, government initiatives like Make in India, and strategic partnerships with leading international aerospace firms. In FY2025, the exports reached Rs 588.38 billion ($6.96 billion). The push towards self-reliance in defense and aerospace, along with favourable policies and infrastructure development, is positioning India as a key supplier of high-quality aerospace components to global markets. Aequs has one of the largest portfolios of aerospace products in India, as of March 31, 2025.

India is rapidly emerging as a key destination for aerospace manufacturing, driven by several strategic factors that position the country as an attractive hub for global aerospace companies and local manufacturers. India offers a cost advantage, with competitive labor costs and lower overheads compared to other established aerospace manufacturing hubs like the US and Europe. This cost efficiency makes India an attractive destination for the Global Aerospace companies. Additionally, India has made significant strides in developing a skilled workforce in aerospace engineering and manufacturing. The government's emphasis on education, training programs, and partnerships with aerospace companies ensures a steady supply of qualified professionals to meet the sector's growing needs. 

Pros and strengths

Integrated end-to-end aerospace manufacturing leader: The company is leading company within a single special economic zone in terms of end-to-end manufacturing capabilities (machining, forging, surface treatment and assembly) for the Aerospace Segment in India, based on the number of capabilities and approvals. Across its three manufacturing ecosystems in India and two dedicated aerospace facilities outside India, that it operates in, it had an aggregate capacity of 2,919,058 annual machining/molding hours for products within the Aerospace Segment and Consumer Segment, and over 200 computer numerical control (CNC) machines for Aerospace Segment and 161 molding machines deployed for consumer products, each as of September 30, 2025. The company’s extensive machining capabilities enable it to manufacture critical and complex components, such as engine systems, landing systems, at a large scale and in a timely manner.

Unique vertically integrated precision manufacturing advantage: The company is only precision component manufacturer operating within a single special economic zone in India to offer fully vertically integrated manufacturing capabilities in the Aerospace Segment, which sets it apart from other contract manufacturers with selective manufacturing capabilities amongst its peers. There is a high barrier to enter precision manufacturing business segments, due to the substantial investment required to establish advanced precision manufacturing capabilities, develop proof of concept and cultivate relationships with global OEMs. The company’s capabilities and the success of the manufacturing ecosystems are the result of over two decades of experience and collaboration with customers and suppliers, providing it competitive advantages within the precision component manufacturing industry.

Global footprint across three continents enhancing OEM proximity: The company has a manufacturing presence across India, U.S. and France, with strategic proximity to global OEMs, which enables it to create innovative products and engineering solutions for these OEMs. The company is one of the few companies in India in the Aerospace Segment with a presence in three continents, which enables access to skilled workforce with diverse backgrounds and expertise, apart from the closeness to the customer which helps in its long-term customer relationships.

Deep customer loyalty driving majority of revenue: The company has established long-standing relationships with high entry barrier global customers, such as Airbus, Collins Aerospace, Spirit Aerosystems Inc., Safran and Boeing in the Aerospace Segment, and Hasbro, Spinmaster, Wonderchef, and Tramontina in the Consumer Segment. Over the years, it has also established itself as Tier-1 suppliers for such OEM customers. As of September 30, 2025, the company’s three largest customer groups had an average tenure of 15 years with it. The company’s five largest customer groups collectively accounted for 66.36%, 69.71%, 73.17%, 69.08% and 65.84% of its revenue from operations for the six months period ended September 30, 2025 and 2024, and the Financial Years 2025, 2024 and 2023, respectively. Further, its relationships with these key customers enable access to a substantial portion of the end market.

Risks and concerns

High revenue dependence on aerospace segment: The company has derived a significant portion of its net external revenue from the Aerospace Segment (88.23% for the six months period ended September 30, 2025, 86.00% for the six months period ended September 30, 2024, 89.19% for the Financial Year 2025, 78.44% for the Financial Year 2024 and 72.06% for the Financial Year 2023). Any decrease in demand of products within the Aerospace Segment or any development that makes the sale of products within the Aerospace Segments less economically beneficial may adversely affect its business, results of operations, financial condition and cash flows.

Revenue concentration risk from key customer groups: The company is dependent on its ten largest customer groups, which comprise a significant portion of its revenue from operations (82.51% for the six months period ended September 30, 2025, 85.56% for the six months period ended September 30, 2024, 88.57% for the Financial Year 2025, 86.51% for the Financial Year 2024 and 86.48% for the Financial Year 2023). Any failure to maintain its relationship with these customer groups or any adverse changes affecting their financial condition will have an adverse effect on its business, results of operations, financial condition and cash flows.

Geographic concentration exposes operations to regional risks: The company operates units in three manufacturing clusters in India, Belagavi Manufacturing Cluster, Hubballi Manufacturing Cluster and Koppal Manufacturing Cluster all situated in the state of Karnataka. The concentration of the units in the manufacturing clusters that it operates in, in the state of Karnataka exposes it to regional risks and adverse events specific to the state. These regional risks include disruptions to infrastructure, significant natural disasters, workforce disruptions, changes in general economic and political conditions, civil unrest, the regulatory environment, and local government policies, among others.

Continued losses and impairment provisions pose financial challenges: The company has incurred losses of Rs (169.77) million, Rs (717.00) million, Rs (1,023.46) million, Rs (142.44) million and Rs (1,094.95) million for the six months period ended September 30, 2025 and 2024, and the Financial Years 2025, 2024 and 2023, respectively and it has made provisions for impairment of goodwill in its Subsidiaries. The company may continue to experience losses in the future and may be required to make similar provisions for impairment, which could result in an adverse effect on its business, results of operations, financial condition and cash flows.

Outlook

Aequs is engaged in manufacturing and operating a special economic zone in India to offer fully vertically integrated manufacturing capabilities in the Aerospace Segment. The company has advanced and vertically integrated precision manufacturing capabilities. It has comprehensive precision product portfolio across high value segments. On the concern side, the company has derived a significant portion of its net external revenue from the Aerospace Segment and any decrease in demand of products within the Aerospace Segment or any development that makes the sale of products within the Aerospace Segments less economically beneficial may adversely affect its business, results of operations, financial condition and cash flows. Moreover, the company is dependent on its ten largest customer groups, which comprise a significant portion of its revenue from operation and any failure to maintain its relationship with these customer groups or any adverse changes affecting their financial condition will have an adverse effect on its business, results of operations, financial condition and cash flows. 

The issue has been offering 7,71,04,477 shares in a price band of Rs 118-124 per equity share. The aggregate size of the offer is around Rs 909.83 crore to Rs 956.10 crore based on lower and upper price band respectively. Minimum application is to be made for 120 shares and in multiples thereon, thereafter. On performance front, the company’s revenue from operations increased by 17.03% to Rs 5,371.59 million for the six months period ended September 30, 2025 from Rs 4,589.73 million for the six months period ended September 30, 2024, primarily due to an increase in revenue from contracts with customers. Moreover, its loss for the period decreased to Rs (169.77) million for the six months period ended September 30, 2025 from the loss of Rs (717.00) million for the six months period ended September 30, 2024.

The company has scaled the volume of products sold to its customers in the Aerospace Segment in the past. Going forward, as a part of its growth strategy, the company aims to increase wallet share from existing customers in Aerospace Segment. The company plans to execute this strategy by increasing the utilization of available capacity at its existing facilities and by strengthening and localizing its supply chain in India. As part of this approach, the company intends to selectively engage sub-contractors for lower value-added activities within the supply chain ecosystem. This will enable it to allocate internal resources and manufacturing capacity toward higher value-added and more complex components, thereby moving up the value chain. These efforts will also support its ability to remain competitive and provide comprehensive, end-to-end solutions to its customers.

Astron Multigrain

• Astron Multigrain is coming out with an initial public offering (IPO) of 29,20,000 equity shares of face value of Rs 10 each for cash at a fixed price of Rs 63 per equity share.
• The issue will open on December 01, 2025 and will close on December 03, 2025.
• The shares will be listed on SME Platform of BSE.
• The share is priced at 6.30 times higher to its face value of Rs 10.
• Book running lead manager to the issue is Finaax Capital Advisors.
• Compliance Officer for the issue is Shivani Garg.

Profile of the company

Established in year 2018, Astron Multigrain is into manufacturing of instant noodles. It manufactures noodles on contract manufacturing basis for Gokul Snacks who sells the product manufactured by it under their trade name. It also manufactures noodles for own brand sales which is sold under trade name “Astron’s Swagy Noodles”. Its instant noodles are available in one variant - 1. Mast Masala (Classic flavour). The company is also engaged in manufacturing of noodle bhujiya and papad. Instant Noodles are pre-cooked noodles, sold in dried blocks with flavouring powder and/or seasoning oil. The “instant” aspect comes from the fact that they only require hot water to rehydrate and cook, significantly reducing preparation time compared to traditional noodles. Ready to eat noodles are making a niche for itself based on its popularity for being tasty and quick to make.

The company currently operates through its Registered Office and manufacturing unit set up located in Gondal, Rajkot, Gujarat, with an installed capacity of 5110 MTA, where the production of its products consisting of instant noodles, noodle bhujiya and papad are carried out. Its manufacturing unit is accredited with FSSAI license under Food Safety and Standards Act, 2006. To demonstrate food safety commitment, its organization has received ISO 22000 - 2018, for food safety management. Its in-house manufacturing enables it to minimize production time, bring cost effectiveness, have an effective control over every stage of manufacturing process that allows continuous monitoring of its product’s quality. The company markets and sells its products in B2B segment majorly in the states of Gujarat, Madhya Pradesh, Maharashtra and Bihar. Its products are sold to Super Stockiest who supplies to the wholesalers and further the same is distributed among retailers.

Since its inception, the company is managed by its Promoters cum Directors Jenish Parshottambhai Khunt and Poonam Jenish Khoont, who individually have experience of 7 years and 5 years in the Ready to Eat Food Industry. Their involvement in day to day activities of its business operations including corporate strategy and planning, sales and marketing, production planning has helped the company to set up efficient process thereby streamlining the operations from start. In a short span of time, the company’s Promoters have established themselves as a trusted and reliable source for supply of Instant Noodles to its customers. Its approach of timely supply of materials, quality control, logistics, inventory management, credit and delivery at cost effective prices to the customers has helped the company to build strong relationship with its customers.

Proceed is being used for:

• Funding capital expenditure towards purchase of machinery
• Meeting working capital requirements
• General corporate purposes

Industry Overview

India Ready-To-Eat Food Market was valued at $1,037.15 Million in 2025 and is expected to reach $2,436.79 Million by 2031 with a CAGR of 15.3% during the forecast period. The India Ready-To-Eat (RTE) food market has experienced significant growth in recent years, driven by evolving consumer lifestyles, increasing urbanization, and a burgeoning middle-class population. RTE foods offer convenience and time efficiency, catering to the busy schedules of urban dwellers who seek quick meal solutions without compromising on taste or nutrition. The market is characterized by a diverse range of products including frozen meals, snacks, instant mixes, and ready-to-cook foods. Key players in the RTE food industry in India include both domestic brands and multinational corporations, each vying to capture a larger share of the growing market. Factors contributing to the market's expansion include rising disposable incomes, changing dietary preferences, and the influence of Western eating habits.

The Indian instant noodles market size stands at $1.59 billion in 2025 and is projected to reach $2.98 billion by 2030, reflecting a strong 13.39% CAGR. Rapid urban migration, quick-commerce penetration, and a growing appetite for global flavors are broadening both the buyer base and the usage occasions for the Indian instant noodles market. Urban households now combine traditional masala preferences with adventurous Korean variants, creating parallel value and volume growth streams. Retail digitalization, led by 10-minute delivery apps, is reshaping route-to-market economics, while packaging innovation in cup formats adds premium price ceilings without material demand erosion. Simultaneously, programs focusing on fortification, millet incorporation, and sodium reduction highlight the Indian instant noodles market's blend of nutrition and convenience in its offerings.

Structural changes in Indian household dynamics are driving the demand for convenience, extending beyond urban areas into semi-urban and rural regions. Urban consumers, particularly working professionals and students, often face time constraints, leaving little opportunity for cooking. Instant noodles, which require minimal time and effort to prepare, perfectly address this need for convenience. Busy families, single-person households, hostellers, and young adults increasingly rely on instant noodles as a quick meal or snack option. This widespread adoption reinforces instant noodles' position as a staple convenience food. The growing popularity of multi-serve packs, with a 13.51% CAGR, highlights a shift in perception, as instant noodles are now viewed as complete meal solutions rather than just snacks. This trend is further fueled by the rise of nuclear families, which reduces the transfer of traditional cooking knowledge and increases dependence on packaged solutions.

Pros and strengths

Affordable pricing: One of the most significant competitive moats the company possesses is its ability to offer products at a price point accessible to a vast consumer base, especially middle and lower income groups families and students who seek affordable meals. Its large scale production significantly drives down the per unit cost of manufacturing. By producing more unit of its product, it can negotiate favorable terms with raw material suppliers, optimize production line for maximum output and spread fixed costs over a large volume. Automation in mixing, sheeting, steaming, frying/drying, and packaging not only reduces labour costs but also enhances consistency and minimizes waste, further contributing to a lower cost of goods sold.

Well established trade name: The company operates in a brand sensitive market and consumers prefer reliable and affordable products for self-consumption. The reputation and the quality of its products have enabled it to establish brand equity of the products marketed under its trade name “Astron Swagy” thereby fostering consumer loyalty. Consumers expect a familiar and reliable product every time they open a package. This consistency builds trust and reinforces brand loyalty. Maintaining a consistent and satisfying taste profile and selling quality products at affordable prices and innovative packaging has assisted the company in building strong brand name. The company’s commitment to quality and purity has enabled it to position itself as a trusted brand in the market in which it operates.

Widespread sales and distribution network: Currently, majority of the company’s sales is derived from the states of Gujarat, Madhya Pradesh, Maharashtra and Bihar. The company sells its products through super stockiest. It has a well-established relationship with its super stockiest. Instant noodles being an FMCG item have demand from many small retailers (kiranas, small shops), and super-stockists help in ensuring availability across the network. Through super stockiest the company is able to cover large territories, including remote, semi-urban or rural areas. For a product that thrives on mass consumption, penetrating rural markets is vital for growth. A super stockist model is well-suited for these scattered population pockets, as it makes it economically feasible to distribute products to areas that would be challenging for the company to service directly.

Risks and concerns

Reliance on top clients for majority of revenues: The company is dependent on certain customers who have contributed a substantial portion of its total revenues. The company has garnered 48.86%, 61.42% and 67.55% of its total revenue from top 10 customers in FY25, FY24 and FY23 respectively. Till date the company has good relation with its customers. It cannot guarantee that it will continue to generate the same volume of business, or any business, from them, and the loss of one or more key customers could adversely affect its revenue and operational results.

Dependence on limited suppliers for product procurement: The company relies on a limited number of suppliers for product procurement. The company has procured 49.12%, 67.55% and 83.21% of its product from top 10 suppliers in FY25, FY24 and FY23 respectively. Till date the company has good relation with its Suppliers. It cannot guarantee that it will continue to receive the same volume and quality of supplies, or any supplies at all, from these suppliers. The loss of one or more key suppliers could adversely impact its stock procurement, revenue, and operational results. However, the composition and volume of purchases from these suppliers may change as it actively seeks new suppliers to improve quality and pricing in the normal course of business. While it is confident in its ability to maintain strong relationships with existing suppliers and identify new ones, it cannot assure that these relationships will endure long-term or that new suppliers will be secured in a timely manner.

Concentration of operations in Gujarat poses business risk: The company is dependent on state of Gujarat for a significant portion of its revenue from operations. The company has garnered 91.41%, 74.46% and 66.31% of its total revenue from state of Gujarat in FY25, FY24 and FY23 respectively. The loss of any of its major customer in this state due to any adverse development or significant reduction in business from its major customer may adversely affect its business, financial condition, results of operations and future prospects.

Outlook

Astron Multigrain manufactures instant noodles. It produces noodles on a contract basis for Gokul Snacks Pvt. Ltd., who sells them under their own brand. The company also sell under own brand “Astron’s Swagy Noodles”, currently available in Mast Masala (Classic Flavour). The company is well-established trade name with widespread sales and distribution network. On the concern side, the company relies on a limited number of customers for its sales, and the loss of any major customer could adversely impact its revenue and profitability. Moreover, the company relies on a limited number of suppliers for product procurement, and the loss of any key supplier could impact its business operations.

The company is coming out with an IPO of 29,20,000 equity shares of face value of Rs 10 each for cash at a fixed price of Rs 63 per equity share to mobilize Rs 18.40 crore. On performance front, the company has reported 30.93% rise in revenue from operations to Rs 3,390.58 lakh in FY25 as compared to Rs 2,589.53 lakh in FY24. The company’s net profit surged 16.30% to Rs 230.71 lakh in FY25 from Rs 198.38 lakh in FY24.

The company currently sells instant noodles in only one flavour i.e. Classic Flavor. It intends to offer multiple flavors like Manchurian and Peri Peri to cater to varied consumer tastes. While its core product has established a strong market presence, the Indian consumer's palate is diverse, adventurous, and constantly evolving. This strategy outlines a flavor-centric approach to growth, moving beyond a ‘one-size-fits-all’ masala offering. Instead of significant capital investment in new product formats, it will leverage its existing manufacturing infrastructure to rapidly innovate on flavor, the primary driver of choice in this category. The company’s strategy is to systematically expand its instant noodle portfolio by developing a diverse and exciting range of flavors, thereby capturing a larger market share, increasing household penetration, and solidifying its brand as the innovative flavor player in instant noodle market.

Helloji Holidays

• Helloji Holidays is coming out with an initial public offering (IPO) of 9,28,800 shares in a price band of Rs 110-118 per equity share. 
• The issue will open on December 02, 2025 and will close on December 04, 2025.
• The shares will be listed on SME Platform of BSE.
• The face value of the share is Rs 10 and is priced 11.00 times of its face value on the lower side and 11.80 times on the higher side.
• Book running lead manager to the issue is Khambatta Securities.
• Compliance Officer for the issue is Shikha Daruka.

Profile of the company

Helloji Holidays offers customized holiday packages for leisure travellers and provide end-to-end travel solutions, including domestic and international flight bookings, hotel and resort reservations, cruises, luxury car rentals, sightseeing, and destination management services. Its offerings are designed for both individual travellers and groups, including corporate bookings. In addition to core travel services, it also provides value-added services such as travel insurance, passport and visa assistance. The company’s focus remains on delivering tailored travel solutions that fulfil customer aspirations and create memorable journeys.

The company’s business is closely linked to geographical and seasonal trends, as travel demand varies with environmental conditions and the suitability of destinations throughout the year. It addresses these dynamics by curating travel packages aligned to customer preferences, ensuring the right match between destination and season. With a professional approach and constant interaction, it aims to meet client expectations by delivering services within agreed timelines and cost guidelines, while consistently expanding its portfolio of destinations and packages.

Its pricing model follows two approaches: (i) procuring special partner rates directly from service providers, or (ii) sourcing services from third-party travel partners. In both cases, it clearly communicates consolidated costs to its customers, ensuring transparency and eliminating hidden charges. By providing complete clarity in pricing, it empowers customers to make informed decisions with confidence in the value they receive. To further strengthen customer experience, it provides support at every stage of travel - before, during, and after the journey. Services include issuance of e-tickets, flight alerts via SMS and online messaging platforms, as well as 24x7 post-sales emergency assistance. This high-touch support model reinforces its commitment to client satisfaction and continuity of service.

Proceed is being used for:

• Meeting the working capital requirements of the company
• Capital expenditure towards purchase of software
• General corporate purpose

Industry Overview

India’s travel and tourism industry is one of the most significant contributors to its economy, with the country consistently ranking among the top 10 globally in terms of the GDP contribution from this sector. The rich diversity of India’s tourism offerings, ranging from its cultural and historical heritage to wellness and adventure tourism, gives the country a unique advantage in the global tourism landscape. India’s tourism sector thrives on its vast diversity that caters to a wide range of tourist interests. From the ancient monuments of the Indus Valley Civilization and the grandeur of the Taj Mahal to the rich spiritual heritage offered by its temples, shrines, and religious festivals, India is home to an unparalleled wealth of cultural and heritage tourism. Beyond its historical and cultural significance, India also boasts a rapidly growing wellness tourism sector, with globally recognized Ayurveda, yoga, and spiritual retreats attracting travellers seeking healing and rejuvenation.

In CY2024, the travel and tourism sector contributed approximately 5% to India’s Gross Domestic Product (GDP), highlighting its critical role in the national economy. This figure reflects both direct contributions -- from services like hotels, travel agencies, transport, and leisure services -- and indirect contributions such as supply chain and investment impacts. According to estimates from the World Travel & Tourism Council (WTTC) and supported by data from the Ministry of Tourism, Government of India, this contribution is expected to grow significantly, reaching 7.6% by CY2034. The projected increase is driven by rising domestic consumption, improved connectivity, growing middle-class spending power, and focused government interventions aimed at making tourism a strategic sector for economic development.

India's tourism market is currently estimated to be worth $22.5 billion in CY2024, reflecting strong post-pandemic recovery. The market size includes spending on domestic and inbound travel, accommodation, food services, entertainment, and cultural activities. Growth has been propelled by increased domestic travel, a surge in interest for wellness and spiritual tourism, and improved digital travel infrastructure. In 2024, India experienced a significant resurgence in outbound travel, with Indian Nationals Departures (INDs) reaching 30.23 million, marking 8.44% increase over the previous year. This growth reflects a strong recovery from the pandemic-induced decline in CY2020, when departures had fallen sharply. The strong outbound travel momentum in 2024 reflects India’s economic resilience, rising disposable incomes, easing of travel restrictions, and improved international air connectivity. The Gulf countries -- especially the UAE and Saudi Arabia -- remain pivotal to India’s travel ecosystem, driven by employment ties, business linkages, religious tourism, and family visitation. With continued investments in aviation and visa reforms, outbound travel from India to GCC nations is expected to grow further in the coming years. 

Pros and strengths

Synergistic distribution model targeting business and leisure travelers: The company has developed a distinct go-to-market strategy that combines both B2B (Business-to-Business) and B2C (Business-to-Consumer) approaches. This integrated model creates strong network effects and effectively addresses the diverse needs of the Indian travel market. Its business operates on a Referral-Based Growth model sourcing customers from across India and internationally, with a focus on providing tailored travel services.

Services offering: The company offers complete travel solutions and act as a one-stop provider for all travel and related services. Its wide range of offerings is designed to meet the needs of both Indian and international travellers. From visa assistance and flight bookings to holiday packages, travel insurance - it provides everything under one roof. This combination of services makes travel easier for its customers and sets it apart in the market. The company’s focus on constantly improving its services and adapting to changing customer needs has helped it to grow and stand out from the competition.

Organizational stability supported by strong management expertise: The company has an established track record of 13+ years which indicates the company’s ability to weather economic and business cycles. The promoters have experience in diverse industries. This indicates its ability to maintain business viability and guide the business through operational hurdles. Its promoters are the guiding force behind the operational and financial decisions of the company. Its promoters are responsible for the entire business operations of the company along with an experienced team of executives who assist them.

Risks and concerns

Revenue concentration risk from limited clients: The company derived a significant portion of its revenue from limited customers. The company has garnered 41.88%, 43.21% and 25.29% of its total revenue from its top 10 customers in FY25, FY24 and FY23 respectively. The loss of one or more such customers, the deterioration of their financial condition or prospects, or a reduction in their demand for its products could adversely affect its business, results of operations, financial condition and cash flows.

Business vulnerability due to ticketing concentration: The company is dependent on its airline ticketing business, which generates a significant percentage of its revenues. The company has garnered 53.41%, 60.40% and 51.24% of its total revenue from airline ticketing business in FY25, FY24 and FY23 respectively. The company does not have any agreement with any airline company for ticketing business. The company expects that it will continue to be reliant on its ticketing business for the foreseeable future. The loss of any of its key customers for any reason (including delay in fulfilling existing orders; adverse changes in the financial condition of its customers, such as possible bankruptcy or liquidation or other financial hardship) could adversely affect its business, results of operations, cash flows and financial condition.

Absence of binding contracts may impact business continuity: The company’s business model is primarily based on providing packaged travel services for leisure and holidays to end customers on a per-package basis. It does not enter into long-term contracts or formal marketing tie-ups with its customers and travel agents. As such, repeat business is highly dependent on customer satisfaction and preferences. These arrangements are not exclusive and are conducted largely on the basis of good faith without definitive agreements. Consequently, such agents may terminate or modify their arrangements with it at short notice or without notice. There is also no assurance that they will continue to be associated with it in the future on terms favourable to it, or at all. Further, in the absence of binding arrangements, it cannot prevent such travel agents from simultaneously working with competitors or from prioritizing their interests elsewhere. Any such developments may adversely affect its business continuity, results of operations, cash flows and financial condition.

Outlook

Helloji Holidays offers customized holiday packages and complete travel solutions for leisure and corporate travellers. Its service offerings include domestic and international flights, hotels, resorts, cruises, luxury cars, sightseeing, and destination management. The company also offers travel insurance, passport, and visa assistance. The company is One-stop provider for all travel and related services. On the concern side, the company derived a significant portion of its revenue from limited customers. The loss of one or more such customers, the deterioration of their financial condition or prospects, or a reduction in their demand for its products could adversely affect its business, results of operations, financial condition and cash flows. Also, the company is dependent on its airline ticketing business, which generates a significant percentage of its revenues.

The company is coming out with a maiden IPO of 9,28,800 equity shares of Rs 10 each. The issue has been offered in a price band of Rs 110-118 per equity share. The aggregate size of the offer is around Rs 10.22 crore to Rs 10.96 crore based on lower and upper price band respectively. On performance front, the company has reported 8.30% rise in revenue from operations at Rs 2,812.36 lakh in FY25 as compared to Rs 2,596.77 lakh in FY24. Moreover, the company’s net profit increased 16.15% to Rs 209.64 lakh in FY25 as compared to Rs 180.49 lakh in FY24. 

As the company’s business volumes grow, it expects to gain stronger bargaining power for bulk bookings across air travel and hotel accommodations. This increased leverage will allow the company to offer more competitive packages to its customers and clients, helping it to attract higher traffic over the long term. Additionally, the anticipated growth in both domestic and international operations will generate incremental operating leverage, further enabling it to enhance its offerings and maintain price competitiveness in the market.

Ravelcare

• Ravelcare is coming out with an initial public offering (IPO) of 18,54,000 shares in a price band of Rs 123-130 per equity share. 
• The issue will open on December 01, 2025 and will close on December 03, 2025.
• The shares will be listed on SME Platform of BSE.
• The face value of the share is Rs 10 and is priced 12.30 times of its face value on the lower side and 13.00 times on the higher side.
• Book running lead manager to the issue is Marwadi Chandarana Intermediaries Brokers.
• Compliance Officer for the issue is Esha Srivastava.

Profile of the company

Ravelcare operates through a digital first distribution model in the beauty and personal care segment (BPC) offering a range of haircare, skincare, and bodycare products. Its current operations are built around a direct-to-consumer (D2C) approach, supported by e-commerce and data-driven product development processes. Its products are sold through multiple channels including its website, major online marketplaces such as Amazon, Flipkart and Myntra and quick commerce platform i.e. Blinkit. In Financial Year 2024-25, the company has initiated catering to customers based out of UAE, Australia, Canada, Germany, USA and Saudi Arabia.

Its manufacturing is currently undertaken through contract manufacturing arrangement with licensed third-party contract manufacturer. The formulations of the products are developed by the company and the product Research and Development (R&D) is carried out in collaboration with external formulation experts and third-party laboratories. The company also manages logistics and warehousing operations across key Indian states to ensure timely delivery and supply chain reliability. However, the company intends to set-up its own manufacturing facility at Mauje-Peth, Amravati, Maharashtra with a total installed capacity of 1,050 TPA. The proposed facility will contain end to end processes from manufacturing till the dispatch of product comprising of R&D, manufacturing, packaging, warehousing and distribution.

The company’s business model focuses on leveraging e-commerce platforms and digital channels to engage with customers directly through its product offering. The company aims to leverage technology to streamline customer engagement, demand forecasting, and fulfilment, forming an essential part of its digital-first platform. The company also focuses on providing personalized experience through customized haircare and skincare products. The word “Ravel” holds a dual meaning to entangle and to untangle which mirrors the philosophy of the company. In a personal care landscape often marked by generic solutions and overwhelming choices, its brand seeks to untangle this complexity by offering structured, data-informed, and personalized product experiences.

Proceed is being used for:

• Marketing and advertisement expenses toward enhancing the awareness and visibility of its brand
• Setting up a new manufacturing facility at Mauje-Peth in Amravati (Proposed facility)
• General corporate purposes

Industry Overview

India’s beauty and personal care industry is experiencing an unprecedented transformation, driven by surging online sales, increased global brand interest, and the rapid expansion of homegrown players. The country has emerged as the world’s fastest-growing online market for beauty products, with beauty e-commerce and quick commerce sales rising 39% in value between June and November 2024 compared to the previous year, far outpacing the 3% growth in physical store sales, Platforms such as Amazon, Myntra, Blinkit, Zepto, Nykaa, and Reliance Retail’s Tira are leading this growth, while brands are strengthening their digital presence to capture demand for convenience, variety, and influencer-driven trends. India’s beauty and personal care market, valued at Rs 2,43,236 crore ($28 billion), is expected to reach Rs 2,95,358 crore ($34 billion) by 2028, growing at 10-11% annually.

Over the last decade, India has seen consistent growth in the personal care and cosmetics market with increasing shelf space in boutiques and retail stores across the country. Many multinational brands have entered the Indian market, primarily aided by dedicated support structure and their respective pricing strategies. The Indian cosmetics industry is majorly categorised into skin care, hair care, oral care, fragrances, and colour cosmetics segments. The overall market share is expected to grow to $20 billion by 2025 with a Compound Annual Growth Rate (CAGR) of 25%. On the other hand, the global cosmetics industry is growing at 4.3% CAGR and will reach $450 billion by 2025. By 2025, along with this growth, India will constitute 5% of the total cosmetics market and reach the top five global markets in terms of revenue. Additionally, the market will continue to rise strongly due to consumers' growing choice of speciality cosmetic products such as organic, herbal, and ayurvedic items. Colour cosmetics, perfumes, specialised skin care, hair care, and makeup cosmetics are the main industries predicted to increase.

The shifting consumer landscape is one of the most compelling forces behind this expansion. More so than ever before, Indians are discriminating and quality-conscious. The market for cosmetics is expanding as disposable incomes grow and urbanisation quickens. Players in the industry, both established and new, will benefit greatly from this growth. The landscape of the cosmetic industry has changed significantly because of the digital revolution. Consumers throughout the country now have easy access to various products thanks to e-commerce platforms. Anyone with an internet connection may now shop for cosmetics with unparalleled ease, from crowded cities to far-flung villages. Firms are now able to connect deeply with their target demographic owing to digital marketing methods. Particularly social media has developed into a potent tool for firms to engage and communicate with consumers. As technology develops and the internet becomes more widely used in India, this trend is expected to intensify. 

Pros and strengths

Diversified customer base having a wide geographic presence: The company has a wide geographical presence and well-diversified customer base in India, wherein it supplies custom based products. Its supply chain and logistics systems are designed to support efficient and timely distribution, meeting the needs of its diversified customer base. It operates with fulfillment centers across multiple states to serve its customers with the use of third-party logistics services, which are continuously monitored by its team till the time they are delivered to the customers.

Digital distribution channel: The company adopts the digital-first distribution approach whereby it offers its products directly through its own website and e-commerce platforms such as Amazon, Flipkart and Myntra. In addition, its products are available on quick commerce applications i.e. Blinkit in FY 2025-26. This direct-to-consumer (D2C) approach reduces dependency on intermediaries and allows it to manage the end-to-end customer experience from discovery to delivery. It also enables it to offer competitive pricing by reducing distribution costs.

Product innovations: It continuously learns from its interactions with customers through its website to understand their hair, skin, body and scalp care needs and preferences. Insights from its onboarding questionnaires, reviews, responses and feedback help it to improve existing products and develop new ones. It undertakes end-to-end product development activities including concept creation, formulation development, packaging selection, pricing strategy, and market positioning. These decisions are informed by structured consumer insights, internal data analysis, and product feedback cycles. The development lifecycle typically involves formulation design, ingredient evaluation, regulatory compliance assessment, and pre-launch performance testing.

Risks and concerns

Concentration risk from haircare product portfolio: The company has derived a significant amount of revenue from Haircare products. The company has garnered 95.20%, 95.70% and 97.19% of its total revenue from Haircare products in FY25, FY24 and FY23 respectively. While its dependence on sales from haircare products has been declining with increasing contributions from bodycare products and it has introduced a new range of skincare and scalpcare products in FY 2023-24 and 2024-25, haircare products still remain its primary source of revenue, any adverse impact in the sales of the of its haircare products will impact its business, cash flows, financial condition and results of operations.

High dependence on website and digital marketing channels: The company has historically relied on, and continues to depend heavily upon, its website and digital media marketing for its business operations for advertising, customer engagement, and sales, which are crucial for maintaining its brand visibility and reaching its target audience. This reliance places it in a position where its ability to negotiate effectively with these platforms is limited. Any changes in the existing terms and conditions, pricing structures, or policies of these digital marketing channels could have a direct and adverse impact on its profitability. Its website and digital media marketing, which are owned by it, may be susceptible to technical issues. Such issues could potentially result in a loss of business sales.

Manufacturing outsourcing risk and single-supplier dependence: The company outsources the manufacturing of all its products to third-party contract manufacturer, and do not own any manufacturing facilities. The company is currently working with a single contract manufacturer whose manufacturing unit is located in the state of Maharashtra, India. Its dependence on third party manufacturer could adversely affect its business, results of operations, cash flows and financial condition. Its contract manufacturer does not manufacture products exclusively for it and accordingly, may choose to manufacture products for other parties, which may lead to conflicts of interest. In addition, they may manufacture products identical to the company’s by making use of the formulations supplied by it, and the company may not be able to prevent the same, in the absence of adequate intellectual property protections, which in turn may adversely affect its business, results of operations, financial condition and cash flows.

Outlook

Ravelcare is a digital-first beauty and personal care brand offering a comprehensive range of haircare, skincare, bodycare, and scalp care products tailored to individual needs. The company serves a broad domestic and international customer base through a distributed warehousing model and third-party logistics, ensuring fast and reliable delivery. On the concern side, the company derives a significant amount of revenue from Haircare products. Any decrease in the sales of its haircare products will adversely affect its business, cash flows, financial condition and results of operations. Moreover, the company is significantly dependent on its Website and Digital Media Marketing for the sale of its products.

The company is coming out with a maiden IPO of 18,54,000 equity shares of Rs 10 each. The issue has been offered in a price band of Rs 123-130 per equity share. The aggregate size of the offer is around Rs 22.80 crore to Rs 24.10 crore based on lower and upper price band respectively. On performance front, the company has reported 13.09% rise in revenue from operations at Rs 2,497.89 lakh in FY25 as compared to Rs 2,208.78 lakh in FY24. Moreover, the company’s net profit increased 4.60% to Rs 525.52 lakh in FY25 as compared to Rs 502.41 lakh in FY24. 

The company’s current manufacturing is conducted through third-party contract manufacturer. It is in the process of establishing its own manufacturing facility to improve its operating margins by reducing contract manufacturing costs and dependency. This transition will enable it to manage the end to end process from production to delivery with greater control over product quality and inventory levels. It is also expected to enhance its flexibility in research and development and strengthen its warehousing and distribution operations. The company initially began its operations by selling its products through its own website. Further, to make its products more accessible and expand its customer base it has extended distribution to e-commerce marketplaces such as Amazon, Flipkart, and Myntra. Further to ensure quick deliveries, the operations were expanded to quick commerce. This multi-channel strategy enables it to reach a wider audience and provide customers with multiple options for purchasing its products.

Neochem Bio Solutions

• Neochem Bio Solutions is coming out with an initial public offering (IPO) of 45,88,800 shares in a price band of Rs 93-98 per equity share. 
• The issue will open on December 02, 2025 and will close on December 04, 2025.
• The shares will be listed on SME Platform of NSE.
• The face value of the share is Rs 10 and is priced 9.30 times of its face value on the lower side and 9.80 times on the higher side.
• Book running lead manager to the issue is Vivro Financial Services.
• Compliance Officer for the issue is Shradha Sarthak Agrawal.

Profile of the company

Neochem Bio Solutions is a specialty performance chemical company with a legacy of over four decades, engaged in the business of manufacturing specialty performance chemicals with a diverse portfolio of over 350 customized formulations across four primary product segments viz., (i) Polymers, (ii) Surfactants, (iii) Silicones, and (iv) Esters & bio-based sustainable solutions. Its products are essential and used in industries such as textile & garment washing, home & personal care (HPC), institutional and industrial cleaners, water treatment, paints and coatings, paper and pulp, construction, rubber and dyes and pigments. The company is accredited with recognized process certifications such as ISO 9001:2015, ISO 14001 and ISO 45001. Its product certifications include ZDHC Level 3 and GOTS 7.0.

It offers a comprehensive range of textile and garment washing auxiliaries such as pre-treatment, dyeing, finishing, printing and coating applications across all fabric and garment substrates compatible with various processing machines. It manufactures and supplies a diverse range of specialty performance chemicals such as dispersant polymers, anti-foams, specialty surfactants, silicone emulsions, and rheological modifiers for the home and personal care industries. Its water treatment range includes anti-scalant formulations based on high and low molecular weight polymers, along with dispersants, anti-foams, de-colorants and flocculants. For the paint and coating industry, it offers acrylic dispersants, wax emulsion-based additives, anti-foams, and acrylic emulsions. Further, its institutional and industrial cleaning range includes room care, laundry care, kitchen hygiene, and personal hygiene solutions tailored for commercial and industrial use.

The company’s manufacturing facility is located at Saket Industrial Estate, Village Moraiya, Ta. Sanand, Dist-Ahmedabad, which has an installed capacity of 22,000 metric ton per annum (MTPA) with a total area of 6,763 square meters. This facility is partially automated and designed for production of small to medium batches with the capability to handle both liquid and powder-based chemistries. The facility is supported by warehousing capacity to store approximately 1,350MT of raw materials and finished goods at a time. Its formulation and product application development initiatives are supported by a dedicated in-house research & development laboratory, and an application research center equipped with advanced testing capabilities and operated by a team of qualified professional including support staff. Its initiatives are directed towards advancing sustainability through the development of bio-based products tailored to meet specific customer requirements.

Proceed is being used for:

• Funding the long-term working capital requirements of the company
• Repayment/prepayment, in full or part, of all or certain outstanding borrowings availed by the company
• General corporate purposes

Industry Overview

India’s domestic chemicals industry has exhibited consistent and robust growth over recent years, reflecting its pivotal role in supporting the country's industrialization and consumption-driven economy. From a market size of Rs 12 lakh crores in FY19, the sector expanded to approximately Rs 23 lakh crore in FY24, clocking a CAGR of around 9.3%. This momentum is expected to continue with the market likely to surpass Rs 26 lakh crores by FY25. The sector’s growth is underpinned by rising domestic demand across end-use industries such as agriculture, pharmaceuticals, textiles, automotive, and construction. India’s strategic shift towards import substitution, enhanced focus on manufacturing under the 'Make in India' initiative, and increased investments in R&D and specialty chemicals have further strengthened the sector’s trajectory. Moreover, tightening global environmental norms have led to a shift in manufacturing from China to India, positioning the country as an emerging global hub for chemical production. This is complemented by a well-established value chain, cost competitiveness, and growing domestic consumption, especially in specialty and performance chemicals.

Textile chemicals are critical inputs used throughout the textile manufacturing process to impart specific properties and enhance performance. These chemicals play diverse roles, including preparing raw fibers through pre-treatment agents, enabling coloration through dyeing and printing auxiliaries, and adding functional attributes via finishing agents such as wrinkle resistance, water repellency, flame retardancy, and antimicrobial properties. Additionally, various textile auxiliaries improve process efficiency and final product quality. Their applications span across apparel, home textiles, and technical textiles, including sportswear, medical fabrics, and industrial materials, making them a cornerstone of the global textile value chain.

The global textile chemicals market has shown a fluctuating but overall upward trend over recent years. In 2019, the market stood at $32.4 billion but saw a sharp contraction to $23.8 billion in 2020, likely due to pandemic-driven disruptions in production, supply chains, and demand. However, the industry recovered swiftly, reaching $30.1 billion in 2021 and growing further to $38.8 billion in 2022 and $41.5 billion in 2023. By 2024, the market reached $52.4 billion, reflecting a CAGR of around 10% from 2019 to 2024. Looking ahead, the market is projected to expand at a CAGR of 10-12%, reaching $87.4 billion by 2029. This growth is expected to be driven by rising demand for functional and sustainable textiles, increased urbanization, evolving fashion trends, and technological advancements in chemical formulations that align with stricter environmental regulations. 

Pros and strengths

Integrated and flexible manufacturing operations: The company operates an integrated manufacturing facility that enables it to produce key intermediates in-house and develop proprietary formulations for diverse customer requirements. Its manufacturing facility at Moraiya, Ahmedabad, is equipped to handle multiple chemistries such as polymer based acrylic dispersants formulation, bio-based esters and silicone based formulations and products based on surfactant chemistry which supports intermediate manufacturing and formulation processes. A significant portion of its total production is derived from intermediate manufacturing operations, with a substantial share utilised internally in downstream formulations. This integrated structure allows it to exercise greater control over input quality, manage production costs efficiently and ensure supply chain reliability which are important for specialty performance chemicals that require consistent quality and performance standards.

Strong understanding of applied chemistries for diverse end-use industries: With over four decades of operational experience and technically qualified team, it has developed strong application and process knowledge across a wide range of industries such as textiles and garment washing, home and personal care, industrial and institutional cleaning, construction chemicals, paint and coatings, water treatment, paper and pulp, rubber, and dyes and pigments. Its understanding of customer-specific product requirements, combined with its formulation capabilities, enables it to deliver specialty performance chemicals that meet functional, regulatory and quality standards across diverse industrial applications. Its product portfolio includes more than 350 customized formulations, classified under four primary product segments such as polymers, surfactants, silicones, esters and bio-based sustainable solutions which are used to meet industry specific requirements.

Strong research and development capabilities: The company has technical capabilities that enable the development of environmentally sustainable chemical solutions, tailored to evolving customer requirements. Its in-house R&D and product application development laboratory located at its manufacturing facility in Moraiya, Ahmedabad, is equipped with advanced testing and formulation infrastructure and operated by a team of qualified professionals including support staff. Its technical initiatives focus on three core areas: (i) formulation development based on customer-specific application requirements, (ii) process optimization to reduce energy consumption and effluent generation and (iii) innovation and development of bio-based alternatives to conventional synthetic chemistries. As a result, the company has developed its range of green essentials (Sustainable ATMOS series) which are bio-based formulations which include plant-based/plant derived products.

Risks and concerns

Heavy reliance on textile segment for growth: The company derives a substantial portion of its revenue from the textile industry. The revenue generated from the sale of textile specialty performance chemical products constituted approximately 77.03%, 85.24%, 90.75%, and 95.92%, respectively, of its total revenue from operations for the six months period ended September 30, 2025 and Financial years ended March 31, 2025, March 31, 2024 and March 31, 2023. Consequently, any material decline in the performance of the textile sector, or its failure to sustain, grow, or efficiently manage its sales within this sector, may materially and adversely affect its business operations, financial condition and results of operations.

Vulnerability due to non-contractual customer relationships: The company generally does not enter into firm, long-term supply agreements with the majority of its customers. Instead, its sales are typically governed by short-term purchase orders, which specify the unit price, delivery schedule, and quantity of products to be supplied. These purchase orders are subject to amendment or cancellation prior to final confirmation. As a result, the loss of one or more key customers, or any significant reduction in their demand for its products, could materially and adversely affect its business operations, financial condition, results of operations and cash flows.

Supplier concentration risk without firm contracts: The company is dependent on third party suppliers for the procurement of raw materials, however, it has not entered into any long-term supply arrangement or agreement for the same. The company has procured 48.21%, 57.01% and 50.63% of its total raw material from top 10 suppliers in FY25, FY24 and FY23 respectively. If it fails to successfully leverage its existing and new relationships with suppliers, its business and financial performance could be adversely affected.

Outlook

Neochem Bio Solutions is engaged in the business of manufacturing of specialty performance chemicals. The company products are essential and used in industries such as textile & garment washing, home & personal care (HPC), institutional and industrial cleaners, water treatment, paints and coatings, paper and pulp, construction, rubber and dyes and pigments. The company has leveraged existing strategic collaborations and partnerships to diversify end user industries. The company is strengthening the presence across end-user application industries. On the concern side, the company derives a substantial portion of its revenue from the textile industry. Consequently, any material decline in the performance of the textile sector, or its failure to sustain, grow, or efficiently manage its sales within this sector, may materially and adversely affect its business operations, financial condition and results of operations. Moreover, the company has not made any long-term supply arrangement or agreement with its suppliers. In an eventuality where its suppliers are unable to deliver it the required materials, at a competitive price, in a time-bound manner it may have a material adverse effect on its business operations and profitability.

The company is coming out with a maiden IPO of 45,88,800 equity shares of Rs 10 each. The issue has been offered in a price band of Rs 93-98 per equity share. The aggregate size of the offer is around Rs 42.68 crore to Rs 44.97 crore based on lower and upper price band respectively. On performance front, the company has reported 37.66% rise in revenue from operations at Rs 8,417.27 lakh in FY25 as compared to Rs 6,114.63 lakh in FY24. Moreover, the company’s net profit soared 4-fold to Rs 775.07 lakh in FY25 as compared to Rs 180.13 lakh in FY24. 

Innovation is a driver of its growth strategy, with a dedicated focus towards the development of differentiated, high-performance and sustainable chemical solutions. Its dedicated in-house R&D and product application development team, comprising qualified professionals including support staff, works closely with customers to develop customized formulations that address specific application requirements while simultaneously enhancing environmental and operational efficiency. It is engaged in advancing bio-based alternatives to conventional synthetic chemicals, with the objective of reducing environmental impact and improving product lifecycle performance. Several of its bio-based chemical formulations include plant-based softeners, phosphorus-free chelating agents and glucose-derived surfactants, which are aimed at reducing the carbon footprint and improving the lifecycle performance of customer products.

Clear Secured Services

• Clear Secured Services is coming out with an initial public offering (IPO) of 64,85,000 shares in a price band of Rs 125-132 per equity share. 
• The issue will open on December 01, 2025 and will close on December 03, 2025.
• The shares will be listed on SME Platform of NSE.
• The face value of the share is Rs 10 and is priced 12.50 times of its face value on the lower side and 13.20 times on the higher side.
• Book running lead manager to the issue is Horizon Management.
• Compliance Officer for the issue is Apurva Mishra.

Profile of the company

Clear Secured Services provides a range of services aimed at improving operational efficiency and supporting business functions across different sectors. It specializes in Integrated Facility Management (IFM), offering both soft services - such as housekeeping, security services, payment management services, and staffing services - and hard services, including electro-mechanical services, repair and maintenance services, facade cleaning and pest control services. These services are tailored to meet the operational needs of commercial and industrial clients, focusing on cleanliness, safety, and reliability.

Under Support Services, it also delivers Total Infrastructure Solutions (TIS), which include interior design, plumbing, fire safety, and office furniture services. These are designed to improve workplace functionality and design. In the agro-food sector, it assists with the sourcing and trading of millets and wheat. Its Telecom Infrastructure Solutions cover mobile tower installations, while its Cash Van service supports the secure transport of cash for ATM operations. Through its service network and domain experience, it helps businesses manage routine operations, allowing them to focus on their primary activities.

Its operations prioritize efficiency, regulatory compliance, and consistent service delivery across regions. It has established processes for contract management, recruitment, labour compliance, and cost control. Technology and process improvements are used to maintain service quality and address client needs. It also focuses on employee welfare, business development, and managing relationships with stakeholders to support long-term engagement.

Proceed is being used for:

• Investment in its wholly owned Subsidiary, Comfort Techno Services Private Limited (CTSPL) for funding the Purchase of Equipment
• Funding for working capital requirement
• Repayment or prepayment of borrowings
• General corporate purposes

Industry Overview

In today's competitive business landscape, one of the key factors that can make or break an organization's success is its ability to source and retain skilled manpower. Manpower sourcing refers to the process of identifying, attracting, and hiring qualified & skilled individuals to fulfil the workforce requirements of a company. Role of a Manpower supply companies to make available qualified and competent workers for companies in need or short of skilled staff. Manpower supply companies provide a bridge between skilled workers and businesses that require its services. Staffing solutions refer to services offered by companies that assist other businesses in finding and hiring suitable employees. These services encompass various stages of the hiring process, including recruitment, screening, interviewing, and selecting candidates for temporary, permanent, or temporary-to-permanent roles. Staffing services include traditional staffing agencies, online job boards, and social media recruiting. These staffing services often specialize in specific industries and can provide prequalified candidates, easing the hiring burden on organizations.

Meanwhile, Integrated Facilities Management (IFM) refers to a coordinated effort involving space and people to maintain buildings and properties. In other words, it is the outsourcing of services and functions which are considered as non-core activities for a business. Strong macroeconomic growth fundamentals are contributing to a steady growth in the Integrated Facility Management Market in India. In the past decade the market has witnessed solid growth except for the COVID-19 pandemic; increasing investments in Services and Manufacturing sector is expected to drive the growth momentum over the next five years. Higher FDI over the past decade, driven by liberal economic policies in India has created opportunities for private sector. Additionally, the rise of organised retail developments in India have also contributed to the built environment, thereby driving the demand for Facility Management services.

Outsourcing of Facility Management Services has steadily grown in the past. The Integrated Facility Management outsourcing model, particularly for Soft Services, Mechanical, Electrical & Plumbing and Heating, Ventilation & Air-conditioning Services, has advanced significantly and can currently deliver additional value well beyond mere cost savings. Today, outsourcing is a critical component of achieving desired performance and is successfully employed by forward-thinking companies to improve employee performance. It is anticipated that infrastructure projects and international organisations investing in India would continue to fuel demand for Facility Management services. Growing awareness among domestic companies, digitalisation of buildings, focus on sustainability and reduction in carbon emissions, and other building maintenance services are expected to widen the scope of Facility Management solutions in the future. 

Pros and strengths

Integrated service offerings and strategic business model positioned for industry growth: The company offers a diverse range of integrated facility management services across various sectors as one of the companies in India with a broad geographic reach and extensive customer base. Its expansive service portfolio allows it to combine different service offerings and create tailored solutions that meet the specific needs of its customers, strengthening both customer acquisition and retention efforts. As customer needs evolve, it can expand its service offerings to accommodate those changes. Its integrated facility management services include both soft services, such as housekeeping, sanitation, staffing and security services, and payment management services, as well as hard services like mechanical, electrical, and plumbing, along with, pest control, façade cleaning, and additional services like total infrastructure solutions, domestic trading of agro foods, business support services, telecom infrastructure solutions and provision of cash vans.

Direct operations and nationwide presence with large workforce: Currently the company is serving 17 customer locations in 15 states and 2 union territories in India. Its wide presence enables it to offer services to customers who prefer a single service provider for their operations at multiple locations. The company is able to deliver these services through a network of 17 branch offices spread across key geographies, as on August 31, 2025. Locating its branch offices in proximity to its customer sites also results in greater focus on, and attention to its customers as well as higher quality and customized service delivery. The company operates directly to ensure better control, accountability, and quality. With a presence in multiple states and a workforce of around 4,025 employees, it is able to provide consistent service across regions. Its direct operations model minimizes the reliance on subcontractors, allowing it to maintain high service standards.

Strong, ongoing relationships with clients across key sectors: The company’s long-term relationships with prestigious clients underscore its commitment to service excellence. Through dynamic problem-solving, continuous training, and strict compliance with industry standards, it is able to build and maintain strong client relationships. These relationships, built on trust and performance, help it to retain existing clients and expand its customer base in both domestic and international markets. Its focus on client satisfaction is at the core of its business strategy. In FYs 2023, 2024, 2025 and for five months August 31, 2025, it served 271, 247, 208 and 117 customers, respectively. Its ability to uphold high-quality standards while continuously expanding its services to meet the evolving demands of the industry has helped it to build long-term relationships with key customers. Notably, 6 of its key customers have been with the company for over 5 years.

Risks and concerns

Significant customer concentration risk: The company’s business revenue is primarily dependent on a few key customers. The company has garnered 80.99%, 64.15% and 53.83% of its total revenue from top 5 customers in FY25, FY24 and FY23 respectively. The company’s dependence on these key customers for a significant share of its revenue may persist. Moreover, if the financial situation or prospects of these customers worsen, their demand for its services could diminish, leading to a substantial reduction in its revenue. Failing to retain one or more of these key customers would negatively affect its financial results and business performance.

Significant dependence on government contracts: A considerable part of its business relies on government contracts. For example, in FY 2025, two out of its top 10 customers, were government entities. In five months ended August 31, 2025 and FYs 2025, 2024 and 2023, it generated revenue from government entities amounting to Rs 10383.05 lakh, Rs 16891.88 lakh, Rs 3,844.95 lakh and Rs 3,295.23 lakh, respectively, which represented 45.45%, 35.47%, 11.06% and 10.66%, of its total consolidated revenue from operations for those periods. Any adverse changes in government policies or its relationship with government entities could hinder its ability to win contracts. Delays, cancellations, or reallocations of government contracts could harm its cash flow, business, and financial condition.

Maharashtra-centric revenue concentration risk: A considerable portion of the company’s revenue comes from providing services to customers in Maharashtra. In five months ended August 31, 2025 and FY 2025, 2024 and 2023, the company’s revenue from Maharashtra amounted to Rs 17,609.02 lakh, Rs 34311.56 lakh Rs 17462.91 lakh and Rs 9935.40 lakh representing 77.08%, 72.06%, 50.25% and 32.15% of its total revenue from operations for those periods. Any decline in revenue from this region -- whether due to heightened competition, supply changes, reduced demand, or challenges in renewing or extending existing contracts under commercially favourable terms -- could negatively impact its business, cash flow, operational results, and financial standing. Furthermore, significant disruptions in these areas, such as those caused by social, political, or economic factors, natural disasters, or civil unrest, could have an adverse effect on its business.

Outlook

Clear Secured Services is a Mumbai‑based facility management, offering integrated security, maintenance, infrastructure, staffing, telecom, and IT services. The company has integrated service offerings and strategic business model positioned for industry growth. On the concern side, the company’s business revenue is primarily dependent on a few key customers and failing to retain one or more of these key customers would negatively affect its financial results and business performance. Moreover, a substantial portion of its revenue is generated from a limited number of geographical regions, and any negative developments in these areas could adversely impact its business, cash flows, operational results, and financial condition.

The company is coming out with a maiden IPO of 64,85,000 equity shares of Rs 10 each. The issue has been offered in a price band of Rs 125-132 per equity share. The aggregate size of the offer is around Rs 81.06 crore to Rs 85.60 crore based on lower and upper price band respectively. On performance front, the company has reported 37.01% rise in revenue from operations at Rs 47,617.53 lakh in FY25 as compared to Rs 34,754.28 lakh in FY24. Moreover, the company’s net profit declined 17.89% to Rs 992.19 lakh in FY25 as compared to Rs 1,208.43 lakh in FY24. 

Going forward, the company’s goal remains to retain, strengthen, and expand its customer base. It plans to capitalize on expected market growth, leveraging its proven track record and ability to effectively deliver services. Its strategy will target both existing customers and new prospects. Additionally, it aims to leverage its diverse range of services and geographic presence to offer bundled solutions, providing a one-stop integrated service experience for customers. This approach will reduce the need for customers to engage multiple vendors, thereby increasing its share of their business. It will continue to adopt a consultative, long-term partnership model, enabling it to address increasing customer service requirements while expanding its market share. This model helps mitigate the revenue and earnings uncertainty typically associated with the short-term nature of many non-government contracts. In the government sector, where contracts are usually awarded through competitive bidding, it intends to refine its bidding strategies and optimize its pricing to meet the qualifying criteria and win more contracts.

Invicta Diagnostic

• Invicta Diagnostic is coming out with an initial public offering (IPO) of 33,08,800 shares in a price band of Rs 80-85 per equity share. 
• The issue will open on December 01, 2025 and will close on December 03, 2025.
• The shares will be listed on SME Platform of NSE.
• The face value of the share is Rs 10 and is priced 8.00 times of its face value on the lower side and 8.50 times on the higher side.
• Book running lead manager to the issue is Socradamus Capital.
• Compliance Officer for the issue is Soniya Nilesh Mahajan.

Profile of the company

Invicta Diagnostic is a diagnostic chain in Mumbai Metropolitan Region (MMR) offering radiology and pathology solutions. It offers pathology and radiology testing services such as imaging (including radiology), pathology/clinical laboratory and teleradiology to customers under the brand name “PC Diagnostics” through its operational network, which consists of 7 diagnostic centres and 1 centralised laboratory across Mumbai Metropolitan Region in the state of Maharashtra.

The company offers a range of approximately 60 routine and 487 specialized pathology tests and approximately 96 basic and 130 advanced radiology tests that cover a range of specialties and disciplines, as of October 31, 2025. Its test menu includes pathology tests ranging from basic biochemistry and clinical pathology which are performed at its own centres to cytogenetics and high-end molecular diagnostic tests which are outsourced to larger reference laboratories, and radiology tests ranging from basic echocardiograms, X-rays and ultrasounds to advanced radiology tests including computerized tomography (CT) scans, magnetic resonance imaging (MRI) scans and advanced positron emission tomography CT (PET CT). It focuses on a customer centric approach to enhance the overall quality of its services for optimal customer satisfaction. For convenience of its customers, it provides value-added services such as home collection of specimens and house calls and various delivery or access modes for tests reports.

The company has implemented a ‘hub and spoke’ model across MMR which are either directly or through its subsidiaries, whereby specimens are collected across multiple locations within a catchment area or region for delivery to its reference centres for diagnostic testing. This model provides greater economies of scale and enhances consistency in its testing procedures and results. All of its centres offer integrated diagnostics services (pathology and radiology tests under one roof) with smaller spokes offering pathology tests and basic radiology tests and hub centres offering pathology tests, basic radiology tests and advanced radiology tests such as MRI, CT and PET CT.

Proceed is being used for:

• Funding capital expenditure for purchase of medical equipment towards establishment of five new diagnostic centres in Maharashtra
• General corporate purposes

Industry Overview

Healthcare industry comprises of a diverse range of players offering products and service meant to meet the healthcare needs of a patient. These include Healthcare Delivery (Hospitals), Pharmaceuticals, Diagnostics, Medical Equipment & Supplies, Health Insurance, Telemedicine, and Medical Tourism. Diagnostic process is crucial for identifying and managing various health conditions and ensuring effective medical treatment and patient care, thus facilitating faster recovery of patient. Diagnostic companies provide service to clients in both B2B which includes hospitals, nursing homes, clinics, and other healthcare establishments, and B2C which includes direct customers. The diagnostic process in India starts with patients recognizing symptoms or going for routine/wellness checkups. They first consult a doctor who evaluates their condition and recommends specific diagnostic tests. Patients can then proceed by visiting diagnostic centres directly to undergo the tests, providing samples at the doctor's clinic for transfer to the lab, or using home collection services offered by some diagnostic centres. After the samples are collected, the laboratory conducts the necessary tests. Results are then delivered to patients either online or offline, or directly to hospitals for those labs engaged in B2B services.

In terms of market segmentation, Pathology holds the larger share of about 62% of the total market due to the high demand for routine and specialized blood tests, which are essential for diagnosing a wide range of medical conditions. Pathology tests are the initial tests recommended by healthcare professional whenever a disease or illness is suspected. These are repeated regularly even after a problem has been identified and medical conditions have been addressed for regular monitoring. However, radiology is experiencing a faster growth than pathology as radiology offers quicker diagnosis, making it more attractive to both patients and healthcare providers. Between 2020-24, radiology segment is estimated to observe CAGR of 11.5% against 9.7% CAGR observed by the pathology segment with market revenue reaching Rs 407 billion and Rs 648 billion by the end of 2024, respectively.

Propelled by the rising ageing population, non-communicable diseases, and the government initiative to improve the healthcare infrastructure in India, the diagnostic sector is expected to witness a healthy growth both at Pan-India as well as in Maharashtra. The overall India diagnostic market revenue growth is expected to be fuelled by higher rate of growth in the radiology segment which is estimated to grow at CAGR of 13.5% against pathology segment which is projected to grow at 12.8% CAGR between CY 2024-2030. While in Maharashtra, the radiology segment is projected to grow at CAGR of 13.1% and pathology at 12.5% CAGR between CY 2024-2030. However, the pathology category is expected to continue to dominate the market through CY 2030 both on Pan India basis and well as in Maharashtra on account of the growing health consciousness among the population. The growing health consciousness has led to an increase in the number of people going for regular health check-ups where the major portion of these tests comprises pathology tests. 

Pros and strengths

Expanding presence in MMR specifically in radiology sector: The company operates under the brand name “PC Diagnostics” in the Mumbai Metropolitan Region. Established in 2021, it aims to provide quality diagnostic services with a one-stop solution for both pathology and radiology testing services. Its journey began in 2021 with the establishment of the first flagship centre in Thane. As of September 30, 2025, its operational network has expanded to include 7 diagnostic centres, consisting of a flagship centre in Thane, 3 hubs, 3 spokes, and a centralized laboratory, located across various regions of MMR. The flagship centre in Thane serves as the main hub, equipped for a wide range of diagnostic services, including pathology specimen collection and advanced radiology tests (MRI, CT, PET CT). 3 Hub centres in Byculla, Marol (Andheri East) and Bhayander East with similarly equipped to provide diagnostic services, ensuring standards of quality and consistency, and 3 Spoke centres offer essential pathology tests and basic radiology services, including one co-located with its centralized laboratory for convenience. This expansion reflects its dedication to meeting the growing demand for diagnostic services in the MMR.

Diagnostics provider that offers one-stop-solution at affordable price: Providing a comprehensive one-stop-solution for diagnostic services at affordable prices is a significant strength of the company. By offering a wide range of diagnostic tests and imaging modalities under one roof, the company eliminates the need for patients to visit multiple facilities, saving them valuable time and effort. This approach not only enhances patient convenience but also promotes better coordination among healthcare professionals, leading to more efficient and effective diagnosis and treatment planning. With advanced technologies like PET CT scans, MRI, CT scans, sonography, X-rays, and pathology services available, it ensures that patients have access to the latest diagnostic tools without the hassle of navigating through different providers. Moreover, its commitment to affordable pricing makes these diagnostic services accessible to a broader population.

Implementation of Hub and Spoke Model: The company has implemented a ‘hub and spoke’ model across MMR which are either directly or through its subsidiaries, whereby specimens are collected across multiple locations within a catchment area or region for delivery to its reference centres for diagnostic testing. This model provides greater economies of scale and enhances consistency in its testing procedures and results. The spoke centres are located within a 2-3 km radius of its Hub centres. All of its centres offer integrated diagnostics services (pathology and radiology tests under one roof) with smaller spokes offering pathology tests and basic radiology tests and hub centres offering pathology tests, basic radiology tests and advanced radiology tests such as MRI, CT and PET CT. The spoke centres serve as dedicated profit centres in themselves, offering a range of preventive healthcare services and routine diagnostic tests.

Risks and concerns

MMR-Centric operations pose high strategic risks: The company’s diagnostic operations are concentrated within the MMR catering to the healthcare needs of this densely populated urban agglomeration. While its presence in this key market has played a pivotal role in its growth and success, its dependence on a single geographic region poses substantial risks to its long-term business continuity and financial performance. As of September 30, 2025, the MMR accounts for a staggering 100% of its total revenue from operations, highlighting its dependence on this region’s economic landscape and healthcare dynamics. Any adverse developments within the MMR, such as regional economic slowdowns, political instability, natural disasters, or disruptions in infrastructure, could severely impact its ability to maintain consistent service delivery and revenue streams.

Radiology-centric business model risk: The company’s focus on radiology services has been a characteristic of its business model. It has made investments in imaging modalities such as CT, MRI, PET-CT, and X-ray, positioning itself as a provider of radiology diagnostic solutions. The company has garnered 88.10%, 93.46% and 98.38% of its total revenue from Radiology segment in FY25, FY24 and FY23 respectively. This heavy reliance on radiology services implies that any disruptions, challenges, or shifts in market dynamics specific to this domain could have a disproportionate impact on its overall business.

Sustained competition threatening business stability: The diagnostics industry in India is highly competitive with several companies present in the market, and therefore it is challenging to improve market share and profitability. Its competitors include diagnostic healthcare service providers in India, hospital-based laboratories, independent clinical laboratories, other smaller-scale providers of diagnostic services (with more established local and regional presence in certain geographies) such as pathology, radiology laboratories and preventive care providers as well as international service providers, which may establish and expand their operations in future. It competes on the breadth of its test offerings, the geographical reach of its network, its ability to accurately process specimens and report data in a timely manner and its customer relationships. If it is unable to compete effectively, its business could decline or contract and its business, results of operations and financial condition could be adversely affected.

Outlook

Invicta Diagnostic offers radiology and pathology solutions. The company provides pathology and radiology testing, including imaging, radiology, and teleradiology, under the brand 'PC Diagnostics' through 7 diagnostic centres and a central laboratory across Mumbai, Maharashtra. The company is expanding presence in the MMR, specifically in the radiology sector. On the concern side, the company’s operations are concentrated in MMR and any loss of business in such region could have an adverse effect on its business, results of operations and financial condition. Moreover, concentrated emphasis on radiology services also exposes it to substantial risks that could adversely impact its operations, financial performance, and long-term growth prospects. 

The company is coming out with a maiden IPO of 33,08,800 equity shares of Rs 10 each. The issue has been offered in a price band of Rs 80-85 per equity share. The aggregate size of the offer is around Rs 26.47 crore to Rs 28.12 crore based on lower and upper price band respectively. On performance front, the company’s revenue from operations increased by 90.11% to Rs 3,009.52 lakh for Fiscal 2025 from Rs 1,583.05 lakh for Fiscal 2024, primarily due to increase in revenue from pathology and radiology tests to individual and institutional customers. Moreover, the company has reported 29.54% rise in its net profit at Rs 492.95 lakh in FY25 as compared to Rs 380.54 lakh in FY24. 

The company has established a presence across Mumbai Metropolitan Region (MMR). It has been doing research and analysis to identify suitable locations for setting up new diagnostic centres. Prime locations with high footfall and drive through traffic within densely populated areas are being identified to maximize accessibility and convenience for its patients. It has implemented a ‘hub and spoke’ model across MMR which are either directly or through its subsidiaries. It is actively exploring opportunities to expand its network of hub and spoke centres across the Maharashtra, further strengthening its integrated hub-and-spoke model. This strategic approach to location selection and network expansion ensures that its diagnostic services are readily available to a wide population base, while optimizing operational efficiencies and leveraging the synergies between the hub and spoke centres.

Logiciel Solutions

• Logiciel Solutions is coming out with an initial public offering (IPO) of 20,67,600 shares in a price band of Rs 183-193 per equity share. 
• The issue will open on November 28, 2025 and will close on December 02, 2025.
• The shares will be listed on SME Platform of BSE.
• The face value of the share is Rs 10 and is priced 18.30 times of its face value on the lower side and 19.30 times on the higher side.
• Book running lead manager to the issue is Fintellectual Corporate Advisors.
• Compliance Officer for the issue is Geetanjali Nerchehal.

Profile of the company

Logiciel Solutions has grown into an offshore software development partner, empowering startups and growing businesses to transform visionary ideas into scalable, secure, and high-performance digital platforms. With over a decade of consistent delivery excellence, it specializes in creating tailored, robust, and future ready software solutions across web, mobile, and cloud-native technologies. The company is an experienced outsourced software development firm, delivering end-to-end custom software solutions to enterprises and startups worldwide. Its expertise spans Cloud Engineering, AI/ML, UI/UX Design, and Application Development, leveraging cutting-edge technologies to build high-performing digital solutions.

The company’s core operations are anchored at its central development center in Ludhiana, Punjab, which houses the majority of its engineering and delivery teams. While a large portion of its workforce operates from its primary development center, it also maintains a strategically structured remote engineering workforce across India. This hybrid model allows it to leverage the best of office-based and remote work environments, ensuring strong team cohesion and quality control from its office-based teams, while also tapping into a versatile and geographically diverse talent pool through remote contributors.

At the forefront of its innovation journey is a focused and pragmatic embrace of Artificial Intelligence (AI). Recognizing AI’s transformative impact on software development, the company is actively integrating AI tools across the lifecycle from code generation and automated testing to UI/UX enhancement and intelligent project management. While AI remains an evolving space, it is moving fast to harness its capabilities and deliver greater speed, efficiency, and insight for its clients. The company’s long-term value as a technology partner is reflected in its enduring client relationships. Many of its clients have grown with it over multiple years, with its longest ongoing engagement now entering its 12th year - a testament to its reliability, impact, and alignment with client goals.

Proceed is being used for:

• Capital expenditure towards upgrading of physical infrastructure
• Investment in human resources through manpower hiring
• Capital expenditure towards upgradation of IT infrastructure
• Funding for business development and marketing activities
• General corporate purpose

Industry Overview

India's Information Technology (IT) and Business Process Management (BPM) sector has emerged as a global leader, contributing significantly to the country's economy. The industry has played a crucial role in positioning India as a preferred outsourcing destination, with robust capabilities in IT services, software development, and digital transformation solutions. The IT & BPM sector has become one of the most significant growth catalysts for the Indian economy, contributing significantly to the country’s GDP and public welfare. The IT industry accounted for 7.5% of India’s GDP, as of FY23 and is projected to hit 10% by FY25. As innovative digital applications permeate sector after sector, India is now prepared for the next phase of growth in its IT revolution. India is viewed by the rest of the world as having one of the largest Internet user bases and the cheapest Internet rates, with 76 crore citizens now having access to the Internet.

The Indian IT industry’s revenue touched $227 billion in FY22, a 15.5% YoY growth and was estimated to have touched $245 billion in FY23. The IT spending in India is estimated to record a double-digit growth of 11.1% in 2024, totalling $138.6 billion up from US$ 124.7 billion last year. By 2025, the Indian software product industry is projected to hit Rs 8,68,700 crore ($100 billion) as companies seek to expand globally. The Indian software product industry is expected to reach $100 billion by 2025. Indian companies are focusing on investing internationally to expand their global footprint and enhance their global delivery centres. The data annotation market in India stood at $250 million in FY20, of which the US market contributed 60% to the overall value. The market is expected to reach $7 billion by 2030 due to accelerated domestic demand for AI.

India's IT industry is likely to hit the $350 billion mark by 2026 and contribute 10% towards the country's gross domestic product (GDP). India’s IT export revenue rose by 9% in constant currency terms to US$ 194 billion in FY23. Exports from the Indian IT services industry stood at $199 billion in FY24. The export of IT services has been the major contributor, accounting for more than 53% of total IT exports (including hardware). India is the topmost offshoring destination for IT companies across the world. Having proven its capabilities in delivering both on-shore and off-shore services to global clients, emerging technologies now offer an entire new gamut of opportunities for top IT firms in India. The IT spending in India is estimated to record a double-digit growth of 11.1% in 2024, totalling $138.6 billion up from $124.7 billion last year. India’s public cloud services market grew to $3.8 billion in the first half of 2023, expected to reach $17.8 billion by 2027. By 2026, widespread cloud utilisation can provide employment opportunities to 14 million people and add $380 billion to India's GDP. 

Pros and strengths

Startup & growth venture expertise: The company has experiences partnering with both startup founders and technology leaders such as CTOs, Heads of Engineering, and Product Executives to support the full software lifecycle from MVP to scale. Its teams are skilled at adapting to evolving business needs while delivering strong technical execution. This includes enabling i) Rapid MVP development and investor-ready demo platforms to support early-stage fundraising and market Validation, ii) It builds software that is scalable that can grow with business, well documented, enterprise grade and has long time Maintainability and iii) Deployment of high-performing software teams that integrate seamlessly with internal stakeholders and consistently deliver on quality, speed, and reliability.

AI-augmented software development: While no organization has fully mastered AI, it is among the early adopters actively integrating AI across the software delivery lifecycle. The company’s teams use AI tools Such as Cursor, Microsoft CoPilot, Windsurf for: Automated code generation and refactoring to improve development velocity; AI-driven test coverage to increase reliability and reduce manual effort; Bug detection, code reviews, and performance optimization via AI-enhanced static analysis; and Project planning and sprint forecasting using AI-powered Project Management tools such as JIRA & Clickup.

Rapid team onboarding: The company understands the importance of time in high-growth environments. Its onboarding process is designed for speed and precision: Dedicated teams can be deployed within 1- 2 weeks, with a deep understanding of project goals and required technologies; and its onboarding framework includes immediate alignment on architecture, development workflows, and communication protocols.

Risks and concerns

Concentrated customer base driving majority of sales: The company derives a significant portion of its revenue from a select group of valued customers, reflecting strong ongoing relationships. In the previous periods, its top 10 customers contributed over 97% of its total sales, with its single largest customer accounting for more than 50% of its revenue from operations over the last three financial years and stub period. Consequently, the loss of any of these key customers, or a significant reduction in the volume of business from them, could have a material adverse impact on its business, financial condition, and results of operations.

Heavy geographic concentration in the US market: The company’s revenue from operations is heavily concentrated in the United States of America, making it highly susceptible to economic, political, and regulatory developments in that region. For the period ended September 30, 2025 and for Fiscal 2025, Fiscal 2024, and Fiscal 2023, customers based in the United States contributed approximately 96.28%, 96.48%, 99.60%, and 98.60% of its revenue from operations, respectively. Given this high concentration, any adverse economic developments such as a recession, inflationary pressures, interest rate fluctuations, or tightening of fiscal policies in the USA could materially impact its business performance and financial condition.

Significant exposure to home improvement & construction clients: A substantial portion of the company’s revenue is concentrated from services related to companies which are part of Home Improvement & Construction which provides services pertaining to residential remodeling, roofing, HVAC, solar installation, and exterior renovations. The revenue contribution from the services related to Home Improvement & Construction is Rs 743.52 lakh, Rs 1 451.55 lakh, Rs 1181.41 lakh and Rs 1054.24 lakh for the period ended September 30, 2025 and for financial year ended on March 31, 2025, 2024 and 2023 respectively. The company offers custom software development services that cater to the specific needs of the business and provide a tailored solution that meets business objectives. A loss of customer of this segment may affect its revenue and profitability of the business.

Outlook

Logiciel Solutions is an outsourced software development partner, delivering end-to-end custom technology solutions to startups and enterprises around the world. The company has startup & growth venture expertise. It has AI-Augmented software development. On the concern side, the company derives a substantial portion of its revenue from a limited number of customers. Consequently, the loss of any of these key customers, or a significant reduction in the volume of business from them, could have a material adverse impact on its business, financial condition, and results of operations. Moreover, its revenues from operations are heavily dependent on customers located in the United States of America (USA). Worsening economic conditions or factors that negatively affect the economic conditions of the USA could materially adversely affect its business, financial condition and results of operations. 

The company is coming out with a maiden IPO of 20,67,600 equity shares of Rs 10 each. The issue has been offered in a price band of Rs 183-193 per equity share. The aggregate size of the offer is around Rs 37.84 crore to Rs 39.90 crore based on lower and upper price band respectively. On performance front, the company has reported 23.44% rise in revenue from operations to Rs 2,090.55 lakh in FY25 as compared to Rs 1,693.62 lakh in FY24. The company net profit surged 37.80% to Rs 547.43 lakh in FY25 as compared to Rs 397.26 lakh in FY24. 

Recognizing that the company’s success relies on a highly skilled workforce, it places significant emphasis on attracting, training, and retaining top talent. Through structured learning programs, leadership development initiatives, and upskilling opportunities, it ensures that its employees remain at the forefront of technological advancements. A performance based compensation structure, coupled with a culture of innovation, helps it to foster motivation and alignment with the company goals. Expanding its talent acquisition strategy further enables it to onboard specialized professionals in AI, DevOps, cybersecurity, and SaaS product development.

Purple Wave Infocom

• Purple Wave Infocom is coming out with an initial public offering (IPO) of 24,96,000 shares in a price band of Rs 120-126 per equity share. 
• The issue will open on November 28, 2025 and will close on December 02, 2025.
• The shares will be listed on SME Platform of BSE.
• The face value of the share is Rs 10 and is priced 12.00 times of its face value on the lower side and 12.60 times on the higher side.
• Book running lead manager to the issue is Smart Horizon Capital Advisors.
• Compliance Officer for the issue is Shivani Gupta.

Profile of the company

Established in 2007, Purple Wave Infocom is engaged in the business of digital PRO AV (professional audio-video) integration, post-sales support and distribution. Audio video (AV) integration involves the combination of audio, video, and control systems into a unified solution. It provides end-to-end customised digital PRO AV and automation solutions which includes designs, integration, management & on-site support including cloud-based communication and automation solution for organizations across the country and in overseas market. Its technological solutions re-define communication, connectivity and creative synergy. It excels in designing and implementing customized AV solutions for corporate boardroom, organised retail digital branding, indoor & outdoor advertising, smart classroom, government projects, place of worship, home theatre, experience centre and other industries. It also offers value added services such as content management service - in Software as a service (SaaS) model, a cloud-based tool that helps users create, store, edit and publish digital content on their screens. The company is offering live streaming and content management services through “Streampurple”.

In addition to integration, the company is also engaged in direct selling and distribution of PRO AV products including but not limited to active LED screens (indoor/outdoor), professional display screens (touch / non-touch screens), digital signage screens, electronics shelf labels (ESL), digital podium, video conferencing cameras, processors, media players, speakers, mics, amplifiers, unified communication (UC) devices, hearing assistive device, mounts, cables and accessories. The company is also offering after-sales value added services includes annual maintenance contract (AMC) for technical support, repair & maintenance services of AV infrastructure to ensure optimal product performance and customer satisfaction.

The company’s customised AV solutions enable individuals and organizations to communicate, collaborate and present information more effectively and efficiently. It caters to the specialised needs of corporates and individuals’ clients by providing PRO AV and automation solutions designed to meet individual preferences and diverse user requirements. Its PRO AV solution helps in aiding the digital transformation across the sectors such as advertising technology (AdTech), education technology (EdTech), unified communication (UC) and AV entertainment & automation.

Proceed is being used for:

• Funding capital expenditure requirements of the company towards purchasing an office space cum product display area
• Repayment/ prepayment of certain borrowings availed by the company
• General corporate purpose

Industry Overview

India is among the top countries globally in the field of scientific research, positioned as one of the top five nations in the field of space exploration. The country has regularly undertaken space missions, including missions to the moon and the famed Polar Satellite Launch Vehicle (PSLV). India is likely to take a leading role in launching satellites for the SAARC nations, generating revenue by offering its space facilities for use to other countries. The engineering R&D and product development market in India is forecast to post a CAGR of 12% to reach $63 billion by 2025, from $31 billion in 2019. As per the Economic Survey 2022, India’s gross domestic expenditure on R&D (GERD) as a percentage of GDP stood at 0.66%. India plans to move forward with developing its science and technology sector by collaborating with other countries. India has active bilateral science and technology (S&T) programs of cooperation with more than 45 countries, including dedicated programs for Africa, ASEAN, BRICS, EU and neighbouring countries. India is aggressively working towards establishing itself as a leader in industrialization and technological development. Significant developments in the nuclear energy sector are likely as India looks to expand its nuclear capacity.

Meanwhile, the Indian Media and Entertainment (M&E) industry is a sunrise sector for the economy and is making significant strides. The increasing availability of fast and cheap internet, rising incomes, and increasing purchases of consumer durables have significantly aided the industry. India’s media and entertainment industry are unique as compared to other markets. The industry is well known for its extremely high volumes and rising Average Revenue Per User (ARPU). The M&E sector is set for substantial growth, with a projected 10.2% increase, reaching Rs 2.55 trillion ($30.8 billion) by 2024 and a 10% CAGR, hitting Rs 3.08 trillion ($37.2 billion) by 2026. Advertising revenue in India is projected to reach Rs 330 billion ($3.98 billion) by 2024. India has also gotten on board with 5G and is already planning for 6G well ahead of the future. This push towards digital adoption especially in the rural regions will provide advertisers and publishers with an immense opportunity to capture untapped markets and help grow India’s media and entertainment industry forward.

Further, the Indian Electronics System Design & Manufacturing (ESDM) sector is one of the fastest growing sectors in the economy and is witnessing a strong expansion in the country. The ESDM market in India is well known internationally for its potential for consumption and has experienced constant growth. The Indian electronics manufacturing industry is projected to reach $520 billion by 2025. The demand for electronic products is expected to rise to $400 billion by FY25 from $33 billion in FY20. The demand for electronic goods has increased as consumers' preferences for products and devices with smart technology (like smart LED TVs) and inventive designs have changed and disposable incomes have increased. Continuous rise in personal disposable income in India increased to reach 2,410 in FY23, which is directly correlated with consumers' desire to spend money on electronics. 

Pros and strengths

Wide product portfolio having applications across various customer segments: The company provides end-to-end customised digital PRO AV and automation solutions which includes designs, integration, management & support on site including cloud-based communication and automation solution for organizations across the country and in overseas market. It excels in designing and implementing customized AV solutions for corporate boardroom, retail, outdoor advertising, smart classroom, government projects, place of worship, home theatre, experience centre and other industries. In addition to integration, the company is also engaged in direct selling and distribution of PRO AV products including but not limited to active LED screens (indoor/outdoor), professional display screens (touch / non-touch screens), digital signage screens, video conferencing cameras, processors, media players, speakers, mics, amplifiers, hearing assistive device, mounts cables and accessories.

Well established relationship with clients: The company through regular communication and personalized service, has fostered a client base who provide it repeated business for all their audio video needs (Active LED screens, Professional display and Audio needs). This relationship with clients has been crucial for it to sustain competition in the industry. It has a dedicated toll-free line for its customers to address any difficulties faced while operating its products. It ensures to attend any such queries from its customers by sending its technical personnel at the customer site or the same is addressed through telephone support. The company has an experienced sales and technical team across India.

Leveraging the experience of its Promoters and Directors: The company’s Promoters, Chairman and Managing Director, Manoj Kumar Singh and its Whole-Time Director, Sandhya Singh who possesses over 28 years and 17 years of experience respectively in the AV industry. Its promoters are associated with the company since its inception. They are well-versed in the latest advancements in technology and are constantly updating their knowledge to provide innovative and customized solutions to meet the varied requirements of its clients. The vision and growth strategies of the company have been greatly influenced by their experience.

Risks and concerns

Heavy reliance on limited customer base: The company is dependent on certain customers who have contributed to a substantial portion of its total revenues. The company has garnered 69.90%, 61.27% and 74.03% of its total revenue from top 10 customers in FY25, FY24 and FY23 respectively. Any loss of its major customers may reduce its sales and affect its estimates of anticipated sales, and may have an adverse effect on its business, results of operations, financial condition and cash flow. Further pricing pressure from customers may adversely affect its gross margin, profitability and ability to increase its prices, which in turn may materially adversely affect its business, results of operations and financial condition.

Revenue vulnerability due to Delhi-centric operations: The company has derived a significant portion of its revenue from operations from customers located in certain geographical regions especially Delhi. The company has garnered 36.48%, 40.53% and 41.02% of its revenue from operations from Delhi in FY25, FY23 and FY22 respectively. The concentration of its revenues from Delhi heightens its exposure to adverse developments related to competition, as well as economic, political, regulatory circumstances including on account of any on-going economic slowdown and inflationary trends. The existing and potential competitors to the company’s businesses in India may increase their focus in the said region, which could reduce its market share. The occurrence of or its inability to effectively respond to, any such events or effectively manage the competition in the region, could have an adverse effect on its business, results of operations, financial condition, cash flows and future business prospects.

Competitive bidding risk: As a part of the company’s business and operations, it bids for projects on an on-going basis. Projects are awarded following competitive bidding processes and satisfaction of prescribed qualification criteria. While service quality, technological capacity and performance, as well as reputation, experience and sufficiency of financial resources are important considerations in selecting AV integrators by respective authority decision makers, there can be no assurance that it would be able to meet such qualification criteria. If the company is not able to successfully bid for new projects, it may adversely affect its business operations and financial conditions.

Outlook

Purple Wave Infocom is engaged in the sale and integration of digital professional audio-video (PRO AV) equipment. The company offers comprehensive, end-to-end PRO AV and automation solutions, including system design, integration, management, and on-site support. The company has wide product portfolio having applications across various customer segments. On the concern side, the company is highly dependent on certain key customers for a substantial portion of its revenues. Loss of relationship with any of these customers may have a material adverse effect on its profitability and results of operations. Moreover, the company’s business is dependent on global suppliers/manufacturers effectively maintaining, promoting or developing their brands and maintaining standard quality products including launching new AV (Audio-Video) products at regular intervals. 

The company is coming out with a maiden IPO of 24,96,000 equity shares of Rs 10 each. The issue has been offered in a price band of Rs 120-126 per equity share. The aggregate size of the offer is around Rs 29.95 crore to Rs 31.45 crore based on lower and upper price band respectively. On performance front, the company has reported 40.16% rise in revenue from operations to Rs 12,601.59 lakh in FY25 as compared to Rs 8,990.74 lakh in FY24. The company net profit surged 67.61% to Rs 911.51 lakh in FY25 as compared to Rs 543.83 lakh in FY24. 

As a part of its growth strategy, the company plans to expand its operation by funding of capital expenditure towards setting up of office space cum product showcase area for streamlined operations, brand awareness and creating selling opportunities for its products. The company’s plans for infrastructure expansion revolve around establishing office space cum product showcase area strategically positioned to drive sales growth and enhance customer engagement as well as saving in rent expenses. The office space cum product showcase area will be sitting up in Delhi which will offer immersive environments where customers can interact firsthand with its diverse range of AV products and automation solutions. The product showcase area will design to appeal to affluent clients and resellers, interested in AV and automation solutions. With a dedicated customer relations team focused on providing personalized attention, it ensures that each customer receives customized solutions that align with their unique needs. These activities are integral to creating, maintaining and enhancing brand visibility and correspondingly to create, sustain and enhance its presence in the industry.