Smartworks Coworking Spaces

• Smartworks Coworking Spaces is coming out with a 100% book building; initial public offering (IPO) of 1,48,88,691 shares of Rs 10 each in a price band Rs 387-407 per equity share.
• Not more than 50% 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 35% for the retail investors.
• The issue will open for subscription on July 10, 2025 and will close on July 14, 2025.
• The shares will be listed on BSE as well as NSE.
• The face value of the share is Rs 10 and is priced 38.70 times of its face value on the lower side and 40.70 times on the higher side.
• Book running lead managers to the issue are JM Financial, BOB Capital Markets, IIFL Capital Services and Kotak Mahindra Capital Company.
• Compliance Officer for the issue is Punam Dargar.

Profile of the company

Smartworks Coworking Spaces is an office experience and managed Campus platform. As of March 31, 2024, it was the largest managed campus operator, amongst the benchmarked operators in terms of total stock, with a lease signed portfolio of 8.0 million square feet. It has leased, and it manages a total SBA of 8.99 million square feet as of March 31, 2025. It strives to make Enterprises and their employees in India more productive at work by providing value-centric pricing and superior office experience vis-a-vis traditional workspaces, with access to enhanced services and amenities. Landlords, especially passive and non-institutional, benefit from the transformation of their bare shell properties into ‘Smartworks’ branded, fully serviced managed Campuses.

It focuses on mid-to-large Enterprises and has built a growing Client base, which includes Indian corporates, MNCs operating in India and startups. It equips its Campuses with modern and aesthetically pleasing designs using its extensive design library, integrated proprietary technology solutions and amenities such as cafeterias, sport zones, Smart Convenience Stores, gymnasiums, creches and medical centres. Some of these amenities take care of the daily needs of the employees of its Clients, and some are aspirational in nature, leading to collaborative workspace and team building. These aspects are likely to enhance well-being, fostering a vibrant and engaging work atmosphere.

As on June 30, 2025, the company has signed term sheets with Landlords in Gurugram for a Centre with a total SBA of 450,000 square feet under the variable rental business model, of which SBA of 33,504 square feet has been operationalised pursuant to agreements entered into by the company with the Landlord and each of the respective clients. It has also taken on lease two Centres in Singapore with a total SBA of 35,036 square feet and serves 83 Clients as on June 30, 2025. Singapore has emerged as one of the preferred locations for corporate headquarters with the highest number of completed regional headquarters in the past 10 years in Asia Pacific (2014 - 2023). Its presence in Singapore provides it the opportunity to explore further business opportunities in both India and Singapore.

Proceed is being used for:

• Repayment/ prepayment/ redemption, in full or in part, of certain borrowings availed by the company
• Capital expenditure for fit-outs in the New Centres and for security deposits of the New Centres (Capex)
• General corporate purposes

Industry Overview

Flexible workspace solutions primarily refer to fully furnished and serviced real estate offerings provided by Flexible Workspace Operators to end users with potential flexibilities built-in around aspects including but not limited to space design, tenure, area, location, and product. Multiple leading operators have also now developed the capability to offer multiple value-added and ancillary products and services. End users may consider one or the other kind of flexible workspace solution for a diverse set of use cases. The popularity and adoption of flexible workspace solutions has witnessed an increase amongst both startups and corporate enterprises, owing to their increasing use cases and constant innovations by leading Flexible Workspace operators. Flexible workspace solutions are becoming an integral part of the modern work culture, catering to diverse working styles and introducing flexibility to the commercial office market.

The flexible workspace stock in India stands over 96 Mn sq. ft. as of Q1 CY2025. While over 88 Mn. sq. ft. of this flexible workspace stock is spread across key tier 1 markets of India, demand for flexible workspaces in NonTier 1 cities has also been growing. The top 10 operators (by portfolio size in area Mn sq. ft., Q1 CY 2025) collectively contribute to majority of the total Pan India flexible workspace stock. Tier 1 cities account for over 88 Mn sq. ft. of the total flexible workspace stock in India as of Q1 CY 2025. The flexible workspace stock across tier 1 markets is forecast to keep growing at least in the near term in response to end user demand. The flexible workspace stock in Non-Tier 1 cities is also forecast to grow further to cater to the anticipated end user demand for office spaces in these cities owing to factors such as hybrid and distributed work policies being implemented by organizations, increased focus on employee wellbeing & retention by organizations, access to the skilled talent pool at competitive costs, improving infrastructure & connectivity and the relatively lower cost of living and cost of real estate in these cities.

India has witnessed growth in demand for flexible workspaces. Flexible workspace stock addition by operators has witnessed growth over the years and approximately 18 - 22 Mn sq. ft. of stock was added in 2024. The share of flexible workspaces stock in Non-SEZ occupied office stock across Tier I cities increased from 7% -9% Pre 2020 to 14% -16% by the end of CY2024. Features and benefits such as flexibility, capital efficiency, cost optimization, employee well-being and operational outsourcing are some of the key demand drivers of Flexible workspace solutions amongst both startups and enterprises. Through a widespread network of centres across the country and with the assistance of various in- house or aggregator owned hybrid digital products, leading flexible workspace operators may possess the ability to support various organizations in a more effective implementation of their hybrid and distributed working policies. 

Pros and strengths

Market leadership backed by scale and steady growth: As of March 31, 2024, it was the largest managed campus operator, amongst the benchmarked operators in terms of total stock, with a lease signed portfolio of 8.0 million square feet. It has a total of four lease signed centers in India above 0.5 million square feet in size, with the largest center of approximately 0.7 million square feet. located in Vaishnavi Tech Park in Sarjapur, ORR in Bengaluru. The company draws strength from its scale of operations and steady growth, leading to industry leadership. Over the last eight years, it has established a Pan-India ‘Smartworks’ brand with proven expertise in managing workspaces.

Ability to lease entire/ large properties in key clusters in India: The company’s ability lies in partnering with Landlords, especially passive and non-institutional, to lease and transform entire/ large properties across India’s key clusters into amenities rich ‘Smartworks’ branded Campuses. As of March 31, 2025, it is present across 14 Indian cities and in Singapore. The 28 key clusters identified across Tier 1 cities account for around 80% of total flexible workspace stock in these cities. It focuses on leasing entire/ large, bare shell properties in prime locations from Landlords and transform them into fully serviced, aesthetically pleasing and tech-enabled Campuses with daily-life and aspirational amenities.

Focus on acquiring Enterprise Clients with higher Seat requirements: The company caters to the needs of all team sizes, from under 50 to over 6,300 Seats, with a specific focus on mid and large Enterprises that typically have a requirement of over 300 Seats. Its ability to serve their customised infrastructure and operational requirements make it a suitable partner for them. Its largest Client deal size was over 6,300 Seats in Fiscal 2025, over 4,800 Seats in Fiscal 2024, and over 3,500 Seats in Fiscal 2023, demonstrating its value proposition and focus on serving large Enterprises.

Execution capabilities backed by cost efficiencies, effective processes and technology infrastructure: The company’s commercial model and standardised operations resonate with the price-conscious ethos of the Indian market. It standardises designs, uses modular and reusable fit-outs, achieves economies of scale and leverages proprietary technology in its facility build out and operations. It offers superior office experiences with aesthetically pleasing designs, by understanding its Clients’ functional requirements and preferences to offer customised solutions. It also ensures that its Clients get superior workspaces that adapt to their evolving needs. Since in flexible workspace solutions the upfront capital required to build the facility is usually invested by the operator, flexible workspace solutions can support the end user in circumventing the need for upfront capital investment in their office fit outs. This may provide an option for end user organizations to allocate the same capital towards their core business activities or another purpose of choice.

Risks and concerns

Maximum revenue comes from Pune, Bengaluru, Hyderabad and Mumbai: As on March 31, 2025, it has leased 50 Centres across 15 cities such as Bengaluru, Pune, Hyderabad, Gurugram, Mumbai, Noida and Chennai with 203, 118 Capacity Seats. The top four cities in which it operates, namely, Pune (Maharashtra), Bengaluru (Karnataka), Hyderabad (Telangana) and Mumbai (Maharashtra) constituted 75.19%, 80.07% and 77.85% of its Rental Revenue for the Fiscals 2025, 2024 and 2023, respectively. If it is unable to retain its Clients in its Centres located in the top four cities due to various factors such as increased competition or reduction in demand, it will lead to a decrease in its revenue and growth, which will have an adverse effect on its business, results of operations and financial condition.

Maximum revenue comes from Clients who typically require over 300 seats: It typically focus on mid-to large Enterprise Clients whose workspace needs exceed 300 Seats, often across multiple Centres and cities, across India and 63.44%, 59.98% and 55.85% of its Rental Revenues for the Fiscals 2025, 2024 and 2023, respectively was generated from Clients with over 300 Seats. Such Clients, given the nature of their requirement of large workspaces, often have a better negotiating ability and may dictate some of the key commercial terms including pricing. Additionally, it may not be able to successfully identify or source Clients with such workspace requirements at favourable commercial terms or at all. There may not be enough Clients with large workspace requirements to take up its offerings or adequate demand in the segment of Clients with such large workspace requirements.

Certain portion of rental revenue is derived from a limited number of Clients: A certain portion of its Rental Revenue is derived from a limited number of Clients including Enterprise Clients and multi-city Clients. The company is dependent on its top 20 Clients, as well as Enterprise Clients and multi-city Clients for its Rental Revenue. If such Clients prematurely terminate their agreements with it or does not renew their agreements or if it fails to retain such Clients, it may not be able to successfully identify and/or on-board Clients with similar workspace requirements and at favourable commercial terms or at all. If any of the top 20 Clients prematurely terminate their agreements with the company or do not renew their agreements or if it fails to retain such Clients, its business, revenues, cash flows, results of operations, and financial condition may be adversely affected.

High debt-equity ratio: The company’s debt-equity ratio (no. of times) was 2.90, 6.87 and 8.84 for the Fiscals 2025, 2024, and 2023, respectively. A high debt-equity ratio increases the risk of a credit default by the company and could magnify the impact of any increase in the cost of borrowings. A high debt-equity ratio adversely affects its ability to obtain loans from lenders at acceptable commercial terms or at all which in turn may impact its ability to maintain its current growth and adversely affect its business, results of operations and financial condition.

Outlook

Smartworks Coworking Spaces is engaged in the business of customized managed workspace solutions, offering fully serviced, tech-enabled office environments with aesthetic designs and essential amenities to meet the specific needs of enterprises and their employees. The company focus is on acquiring Enterprise Clients with higher Seat requirements as well as emerging mid-to-large Enterprises and growing with them. The company’s risk-mitigating strategy allows it to build a financially stable business model. On the concern side, the company derived 75.19% of its Rental Revenue in FY25 from its Centres located in Pune, Bengaluru, Hyderabad and Mumbai. Any adverse developments affecting such locations and Centres could have an adverse effect on its business, results of operations and financial condition. Moreover, it has substantial capital expenditures and may require additional financing to meet those requirements. Its inability to obtain financing at favourable terms, or at all, may have a material adverse effect on its financial condition, results of operations and cash flows.

The issue has been offering 1,48,88,691 shares in a price band of Rs 387-407 per equity share. The aggregate size of the offer is around Rs 576.19 crore to Rs 605.97 crore based on lower and upper price band respectively. Minimum application is to be made for 36 shares and in multiples thereon, thereafter. On performance front, the company’s revenue from operations increased by 32.20% to Rs 13,740.56 million for Fiscal 2025 from Rs 10,393.64 million for Fiscal 2024. This increase was primarily due to an increase in revenue from lease rentals. However, the company has reported a net loss of Rs 631.79 million as compared to a net loss of Rs 499.57 million.

The company has leased and it manages a total SBA of 8.99 million square feet as of March 31, 2025. It has primarily employed a straight lease model. Its scale has allowed it to establish its brand and industry leadership. As it moves forward, it aims to strategically expand into the variable rental and management contract models as well. In the variable rental model, capital expenditure costs are borne by it, however rental obligations only start once it has leased the respective portion of the space to its Clients. Client security deposits and Landlord contributions on building improvements offset capital expenditure cost, making it a capital efficient strategy. The variable rental model will further de-risk its business and eliminate occupancy-related risks while yielding better unit economics.

Asston Pharmaceuticals

• Asston Pharmaceuticals is coming out with an initial public offering (IPO) of 22,41,000 equity shares in a price band Rs 115-123 per equity share.
• The issue will open on July 9, 2025 and will close on July 11, 2025.
• The shares will be listed on SME Platform of BSE.
• The face value of the share is Rs 10 and is priced 11.50 times of its face value on the lower side and 12.30 times on the higher side.
• Book running lead manager to the issue is Sobhagya Capital Options.
• Compliance Officer for the issue is Vandana Mishra.

Profile of the company

Asston Pharmaceuticals is engaged in the manufacturing and export of both pharmaceutical formulations and nutraceutical products in domestic and various African markets. The company operates under brand “Asston”. Presently, the company is involved in the business of manufacturing and marketing of Tablets, Capsules, Oral Liquid, External Preparations (Ointment, Cream, Gel and Lotion) and Oral Powder (Sachet, Dry Syrup) etc. Apart from manufacturing products for direct sales, the company also manufactures various pharmaceutical products for different marketers on loan license or on contract manufacturing basis. Its business is primarily conducted on a principle-to-principle basis with various marketers.

Currently, it caters to multiple corporate clients on loan licence and/or contract manufacturing basis. It has its production facility at Ambernath, Maharashtra, for producing generic medicines in the tablet form and nutraceutical medicines in the tablet form, syrup and sachet form. It has a dedicated and separate floors for pharmaceutical products and nutraceutical products respectively as the norms and standards are different for both of them and are governed by FDA and FSSAI respectively. Since the FDA norms for pharmaceutical products are much more stringent, to comply with FDA standards separate guidelines are there to be followed. Facility has total production capacity of up to around 8-9 crore tablets per month.

The company produces an average of 5-6 crore tablets per month, with production capacity varying based on the weight of the medicines. Higher-weight medicines result in lower production quantities and vice versa. The syrup production capacity for nutraceuticals is approximately 37.5 kiloliters per month, while sachet production capacity ranges from 30 to 40 lakh sachets per month, depending on the powder weight per sachet. The facility is certified by relevant authorities and undergoes periodic audits by state and central FDA authorities. It includes a QA/QC unit and a warehouse for storing raw materials and finished goods in designated chambers under controlled conditions. The company engages contract manufacturers to produce generic medicines and antibiotics in various forms, including tablets, sachets, syrups, and capsules. All contract manufacturers are WHO-GMP certified to ensure their facilities and processes comply with applicable standards and industry norms.

Proceed is being used for:

• Funding capital expenditure requirements towards acquiring machinery in the manufacturing unit
• Funding the incremental working capital requirements of the company
• Repayment and/or prepayment, in part or full, of certain of its outstanding borrowings availed by the company
• General corporate purposes 

Industry Overview

India is the largest provider of generic drugs globally and is known for its affordable vaccines and generic medications. The Indian Pharmaceutical industry is currently ranked third in pharmaceutical production by volume after evolving over time into a thriving industry growing at a CAGR of 9.43% since the past nine years. Turnover for 2023-24 reached Rs 4,17,345 crore. Generic drugs, over-the-counter medications, bulk drugs, vaccines, contract research & manufacturing, biosimilars, and biologics are some of the major segments of the Indian pharma industry. India has highest number of pharmaceutical manufacturing facilities that comply with the US Food and Drug Administration (USFDA) and has 500 API producers that make for around 8% of the worldwide API market.

Market size of India pharmaceuticals industry is expected to reach $65 billion by 2024, $130 billion by 2030 and $450 billion market by 2047. According to the government data, the Indian pharmaceutical industry is worth approximately US$ 50 billion with over $25 billion of the value coming from exports. About 20% of the global exports in generic drugs are met by India. Indian hospital market valued at $98.98 billion in FY23 and projected to grow by 8% CAGR and reached to $193.59 billion by FY32. India is among the top 12 destinations for biotechnology worldwide and 3rd largest destination for biotechnology in Asia Pacific. The country holds 3-5% of the global biotechnology industry pie. In 2022, India’s bio-economy was valued at $137 billion, and aims to achieve $300 billion mark by 2030.

The pharmaceutical industry in India is a significant part of the nation's foreign trade and offers lucrative potential for investors. Millions of people around the world receive affordable and inexpensive generic medications from India, which also runs a sizable number of plants that adhere to Good Manufacturing Practices (GMP) standards set by the World Health Organization (WHO) and the United States Food and Drug Administration (USFDA). Among nations that produce pharmaceuticals, India has long held the top spot. Medicine spending in India is projected to grow 912% over the next five years, leading India to become one of the top 10 countries in terms of medicine spending. Going forward, better growth in domestic sales would also depend on the ability of companies to align their product portfolio towards chronic therapies for diseases such as such as cardiovascular, anti-diabetes, anti-depressants, and anti-cancers, which are on the rise. 

Pros and strengths

Formulation expertise: Formulation is key in the pharmaceutical industry and ability to formulate is what decides the outcome for the company. The company has established huge foundation in formulation development across diverse range of therapeutic categories. The company has an in-house QA/QC facility that works towards enhancing the formulations. This expertise has helped the company to establish as a reliable and a partner of choice in the exports market.

Wide range of products: The company has product portfolio of over 100 registered trademarks including generic medicines, pediatric drugs, Anti TB (new to the basket) treatments and eye drops. It produces tablets, capsules, syrups, sachets, and injectables, ensuring that it caters to a wide range of healthcare needs. It offers a diverse portfolio, including tablets, capsules and syrups. This gamut of products offerings with wide diversity allows the company to address the varying demands of different markets and customers, thereby strengthening its position in the pharmaceutical industry as one stop shop for various requirements and a preferred partner of choice.

Asset light model: The company has presently outsourced manufacturing of its requirements to the 5 contract manufacturers. Hence there is no need for heavy working capital or any maintenance capex or issues pertaining to any labour unrest or drawing ire of USFDA or CDSCO (The Central Drugs Standard Control Organization) or other regulators from regulatory perspective.

Risks and concerns

Maximum revenue comes from limited customers: The company derives a significant part of its revenue from its major customers and it does not have long-term contracts with these customers other than contracts with 2 customers for one year. Its top ten customers have contributed 97.45%, 100% and 100% of its revenues for the year ended March 31, 2024, March 31, 2023 and March 31, 2022 respectively based on Restated Financial Statements. The loss of one or more of these customers or a reduction in the amount of business it obtains from them could have an adverse effect on its business, results of operations, financial condition, and cash flows.

Geographical constrain: All its manufacturing facilities are situated at Ambernath, Thane, Maharashtra resulting in concentration in a single region. The concentration in Maharashtra heightens its exposure to adverse developments related to competition, as well as economic, political, demographic, and other changes in the state of Maharashtra, which may have a material adverse effect on its business, financial condition and results of. Any localized social unrest, natural disaster or breakdown of services or any other natural disaster in and around Maharashtra or any disruption in production at, or shutdown of, its manufacturing facilities could have material adverse effect on its business and financial condition.

Dependent on third party transportation providers for delivery of raw materials: The company is 100% dependent on third party transportation providers for delivery of raw materials to it from its suppliers and delivery of its products to its customers. It has not entered into any formal contracts with its transport providers and any failure on part of such service providers to meet their obligations could adversely affect its business, financial condition and results of operation.

Outlook

Asston Pharmaceuticals is engaged in the business of pharmaceuticals, specializing in exporting healthcare products globally. The company offers a diverse range of products, including tablets, capsules, sachets, and syrups. Its product portfolio encompasses various therapeutic categories, such as analgesics, antibiotics, antifungals, vitamins, and more. The company has wide range of products coupled with formulation expertise. On the concern side, the company derives a significant part of its revenue from its major customers and it does not have long-term contracts with these customers other than contracts with 2 customers for one year. If one or more of such customers choose not to source their requirements from it, its business, financial condition, and results of operations may be adversely affected. Moreover, all its manufacturing facilities are situated at Ambernath, Thane, Maharashtra resulting in concentration in a single region and any interruption for a significant period, in these facilities may in turn adversely affect its business, financial condition and results of operations.

The company is coming out with a maiden IPO of 22,41,000 equity shares of Rs 10 each. The issue has been offered in a price band of Rs 115-123 per equity share. The aggregate size of the offer is around Rs 25.77 crore to Rs 27.56 crore based on lower and upper price band respectively. On performance front, the net revenue from operation of the company increased to Rs 2,503.92 lakh in FY25 as against Rs 1,558.62 lakh in the FY24 representing an increase of 60.65%. The increase in revenue from operations was due to increase in export business of the company. Moreover, its profit after tax for the year 2024-25 increase by 217.95% from net profit of Rs 136.03 lakh in financial year 2023-24 to net profit Rs 432.51 lakh in financial year 2024-25.

The company’s goal is to become one of the leading suppliers of pharmaceutical products globally. Currently, it serves the West African region and recognize significant demand for products like it. The company is actively pursuing opportunities to expand into higher-margin markets such as North America and Europe. The company aspires to be a leading international supplier of healthcare products by introducing a wide range of generic and branded offerings, positioning itself as a key player in the export market. Presently, it has warehouse facility for its Ambarnath facility and all its contract manufacturers also have warehouse facilities to store raw materials and finished goods at their respective locations. Going forward, it looks to augment its storage and handling capacity in order to increase its exports and market presence pan India and worldwide.

GLEN Industries

• GLEN Industries is coming out with an initial public offering (IPO) of 64,96,800 equity shares in a price band Rs 92-97 per equity share.
• The issue will open on July 8, 2025 and will close on July 10, 2025.
• The shares will be listed on SME Platform of BSE.
• The face value of the share is Rs 10 and is priced 9.20 times of its face value on the lower side and 9.70 times on the higher side.
• Book running lead manager to the issue is GYR Capital Advisors.
• Compliance Officer for the issue is Shikha Sureka.

Profile of the company

GLEN Industries is engaged in the manufacturing of diverse range of Food packaging and Service Products, primarily Thin Wall Food Containers, Polylactic Acid (PLA) Straws and Paper Straws all mainly supplied to the Hotel, Restaurant, and Café/Catering (HoReCa) sector, Beverage industry and food packaging industry. Its extensive product lineup, available in various shapes and sizes, is widely favored by sectors such as the HoReCa industry, Quick Service Restaurants (QSR), the food, beverage and dairy industry, etc.

The company’s product lineup is organized into two primary segments: a diverse range of Thin Wall Food Containers and a comprehensive selection of straws, including both PLA and Paper Straws. This structure allows it to focus on delivering high-quality solutions in each category, catering to the specific needs of its customers. Customization on standardised products can be done by way of digital printing, shrink sleeving, dry offset printing, pad printing & screen printing. Its success is driven by a highly skilled workforce and a dynamic, experienced technical team, ensuring consistent, round-the-clock performance. It maintains strict adherence to international hygiene standards and rigorous quality control measures, which, combined with its ability to meet every buyer's requirement, have enabled it to surpass the competition and earn the trust of its customers. With all operations housed under one roof, it maintains streamlined processes and a cohesive approach to delivering excellence.

Its products are manufactured in strict compliance with FSSC 22000, ISO 9001:2015, Hazard Analysis & Critical Control Point (HACCP) standards. The company is also certified for ISO 14001:2015 for Environment Management System, FSC for Forest Management Certification and SEDEX 4 Pillar for Labour Standards, Health & Safety, Environment and Business Ethics. It uses high-grade raw materials to ensure its products meet both national and international quality benchmarks. Each product undergoes a rigorous quality and testing process before reaching the market, ensuring the highest level of safety and reliability. It has been exporting its products regularly to the Europe, USA, Australia, Middle East and Africa to name a few. Its products are designed, developed and manufactured as per countries local use & preferences. Regular & repeated business from 25+ customers over the years speak volumes of its commitment towards quality & consistency.

Proceed is being used for:

• For setting up a new manufacturing facility at Jaugram, West Bengal
• General corporate purpose 

Industry Overview

Plastic packaging is at the center of a new era in the Indian packaging industry. Its versatile usage is becoming the foundation for many industries for product packaging. Compared to other packaging types, plastic packaging containers provide unique benefits, such as high impact strength, stiffness, and barrier properties, which have expanded the market for plastic packaging in recent years. The market for beverage packaging has grown significantly over the last few years in India. Rapid changes in beverage packaging trends across the country are critical for the market's growth. The new trends in the packaging of beverages focus on structural changes, as well as the development of recycled materials like post-consumer recycling, customer acceptance, safety, and new filling technologies. The development of heat-resistant PET bottles improved the preservation of several drinks. The India Plastic Packaging Market size is estimated at $21.77 billion in 2024, and is expected to reach $25.35 billion by 2029, growing at a CAGR of 3.09% during the forecast period (2024-2029).

The food industry's demand for plastic packaging is driven by the need for convenient, compact solutions, particularly with the increasing popularity of ready-to-eat meals. These meals, often packaged in sealed trays of various shapes, including round containers and salad packs, are now seeing a notable shift toward using sustainable and environmentally friendly materials. This strategic move aligns with consumer preferences for eco-conscious packaging solutions, indicating a commitment to meeting market demands and reducing environmental impact within the industry. Flexible packaging comes in various forms, such as pouches, bags, films, and wraps, allowing for versatile packaging solutions to accommodate different cuts, portion sizes, and packaging formats within the meat, poultry, and fish industries. This enables efficient packaging of a wide range of products, from whole cuts to processed items like sausages and fillets.

Furthermore, plastic trays and containers are used in numerous industries as food containers in cafeterias, restaurants, homes, offices, etc. Food services businesses like restaurants utilize food packaging trays for takeout and delivery services, assuring food remains secure and presentable. Besides, other sectors like cafes and bakeries depend on these trays for packaging and displaying their products, improving customer convenience and appeal. The growth of e-commerce in India creates the demand for different food products. The rise of online retail sales in the county grew significantly from $87 million in 2022, and it is forecasted to reach $173 million by 2027. Growing retail online sales show that the demand for food packaging is increasing in India. Moreover, plastic bottles and containers have gained importance in the food industry due to their ability to provide longer shelf life to packaged food items.

Pros and strengths

Advanced in-house processing facilities with focus on cost competitiveness: The company’s modern production facilities are equipped with advanced and modern machineries and adhere to the highest industry standards. It maintains strict hygiene and safety protocols to ensure the integrity of its products at every stage of the manufacturing process. Its investment in advanced manufacturing facilities and cost competitiveness is driven by its commitment to customer satisfaction. It understands that affordability is a key consideration for its customers, and it continuously strives to deliver products that offer exceptional value for money. It prioritizes waste reduction, process optimization, and continuous improvement to eliminate inefficiencies and drive down costs. By minimizing waste and maximizing resource utilization, it ensures that every aspect of its operations adds value to its products without inflating costs.

Quality assurance: The company’s products are manufactured with strict adherence to globally recognized standards, including FSSC 22000, ISO 9001:2015, and Hazard Analysis & Critical Control Point (HACCP) guidelines, ensuring exceptional quality and food safety. Additionally, the company holds ISO 14001:2015 certification for Environmental Management Systems, demonstrating its commitment to sustainable practices, along with FSC certification for responsible forest management and SEDEX 4 Pillar accreditation, covering Labour Standards, Health & Safety, Environmental Responsibility, and Business Ethics. By sourcing high-grade raw materials, it ensures that its products consistently meet both national and international quality benchmarks.

Customization capabilities: It provides customizable designs, sizes, and branding options offering unparalleled flexibility to cater to the diverse and evolving needs of clients, particularly in the food service and retail sectors. This adaptability allows the company to create packaging solutions that align perfectly with their brand identity, enhance product appeal, and meet specific functional requirements. Whether it’s developing containers in unique shapes and sizes to accommodate specialized food items or incorporating logos, colors, and designs that reinforce brand recognition, customization empowers clients to differentiate themselves in competitive markets.

Risks and concerns

Dependent on external suppliers for most of its component requirements and raw materials: The company relies heavily on external suppliers for most of its machinery, components, and raw material needs. Any failure on the part of its suppliers to deliver these materials or components in the required quantities, within the agreed timelines, or in compliance with specified quality standards and technical specifications could negatively impact its operations. Such failures may hinder its ability to deliver products on time and at the desired quality levels, potentially resulting in contractual penalties, liabilities for non-performance, loss of customers, and damage to its reputation. Additionally, identifying and qualifying alternative suppliers who meet its technical and quality standards and can supply the required quantities would involve significant costs and could delay the delivery of its products. These factors could materially and adversely affect its business, financial condition, and operational results.

Depend on its manufacturing facilities in West Bengal: The company conducts its operations through its manufacturing facility situated at Howrah District in West Bengal. The concentration of all of its manufacturing operations in Howrah exposes it to adverse developments related to regulation, as well as political or economic, demographic and other changes in West Bengal as well as the occurrence of natural and man-made disasters in West Bengal, which may adversely affect business, financial condition and results of operations. Its manufacturing operations require significant labour and are also reliant on government policies in terms of taxes, duties and incentives made applicable by the state government. As a result, any unfavorable policies of the state government or state or local governments in this region, could adversely affect its business, financial condition and results of operations.

Significant revenue comes from exports: The company has historically derived a significant portion of its revenue from exporting to other countries. The company has garnered 33.48%, 32.98% and 37.27% of its revenue from exports in FY25, FY24 and FY23 respectively. Therefore, any adverse developments in the global economy or the industries in which its customers operate could have an impact on its sales from exports. From time to time, tariffs, quotas and other tariff and non-tariff trade barriers may be imposed on its products in jurisdictions in which it operates or seek to sell its products. There can be no assurance that the countries where it exports, among others, where it seeks to sell its products will not impose trade restrictions on it in future. It may also be prohibited from exporting to certain restricted countries that may be added to a sanctions list maintained by the Government of India or other foreign governments. Any such imposition of trade barriers may have an adverse effect on its results of operations and financial condition.

Outlook

Glen Industries is engaged in the manufacturing of eco-friendly food packaging and service products. The company specializes in producing thin-wall food containers and compostable straws, serving sectors such as Hotels, Restaurants, Cafes/Catering (HoReCa), the beverage industry, and food packaging. The company has advanced in-house processing facilities with focus on cost competitiveness. On the concern side, the company derives a significant portion of its revenues from exports and are subject to risk of international trade. Moreover, the company is dependent on external suppliers for most of its machinery / component requirements and raw materials.

The company is coming out with a maiden IPO of 64,96,800 equity shares of Rs 10 each. The issue has been offered in a price band of Rs 92-97 per equity share. The aggregate size of the offer is around Rs 59.77 crore to Rs 63.02 crore based on lower and upper price band respectively. On performance front, the company’s revenue from operations of the company for fiscal year 2025 was Rs 17,066.09 lakh against Rs 14,450.02 lakh for Fiscal year 2024, an increase of 18.10% in revenue from operations. The increase in revenue was primarily driven by a rise in the overall production of TWC and Straws, which in turn resulted in higher sales. Moreover, profit after tax for the Fiscal year 2025 was at Rs 1,826.57 lakh against profit after tax of Rs 857.89 lakh in fiscal year 2024, an increase of 112.91%.

The company intends to continue to invest in technology infrastructure to enable further technical innovation, improve its operational efficiencies, increase customer satisfaction and improve its sales and profitability. It intends to continue to focus on optimizing and automating its manufacturing processes to improve returns in a rapidly changing technological environment. It is proposing to utilize Rs 4773.00 lakh towards expansion of its manufacturing capabilities. Further, by expanding its technological capabilities it intends to be more cost-efficient player in each of the products it manufactures. Economies of scale will also enable it to continuously improve its operational efficiencies. It will continue with this strategy of invest in expanding its technological capabilities and manufacturing capacities which will also help it in attaining cost efficiency.

Smarten Power Systems

• Smarten Power Systems is coming out with an initial public offering (IPO) of 50,00,400 equity shares of face value of Rs 10 each for cash at a fixed price of Rs 100 per equity share.
• The issue will open on July 7, 2025 and will close on July 9, 2025.
• The shares will be listed on SME Platform of NSE.
• The share is priced at 10 times higher to its face value of Rs 10.
• Book running lead manager to the issue is Arihant Capital Markets.
• Compliance Officer for the issue is Rajbir Sharma.

Profile of the company

Smarten Power Systems is engaged into designing and assembling of power back-up and advanced solar power products such as Home UPS systems, solar inverters, solar power conditioning units (PCUs), solar charge controllers. It is also engaged in the trading of solar panels and batteries. It sells its products through its distributors within India. It also exports its products except solar panels outside India. It generates approximately 76.41% of its revenue through domestic sales and 23.59% of its revenue through exports. Currently, the company is operating in 23 states and 2 union territories within India and has also established global footprint in over 18 countries which includes Middle East, Africa, and South Asia region.

Currently, the company’s infrastructure enables the production of Home UPS systems, solar inverters, solar power conditioning units (PCUs) and solar charge controllers around 600 units per day, with the capacity to increase 1,200 units per day once the proposed facility at MET becomes operational. Its manufacturing setup is designed to handle low, medium, and high-capacity units, offering the flexibility to meet a wide range of customer needs and market demands. 

The company carries out its assembling and trading business of its products under its brand and the patent registered in the name of the company. Its products cater to a wide variety of customer segments, from individual households to large-scale commercial solar projects, providing flexibility and adaptability to evolving market needs.

Proceed is being used for:

• Purchase of movable assets of the production line of battery manufacturing unit
• Meeting the working capital requirements
• Repayment in full or in part, of its outstanding borrowings
• Funding capital expenditure requirements
• General corporate purposes

Industry Overview

The home UPS market in India was valued at $317.8 million in 2023 and is expected to grow to $493.0 million by 2032, with a compound annual growth rate (CAGR) of 5%. The home Uninterruptible Power Supply (UPS) market in India is a dynamic and rapidly evolving sector. Its growth is fueled by the increasing need for reliable power in the face of frequent outages, as well as the nation's surge in digitalisation and offsite work opportunities. India's home Uninterruptible Power Supply (UPS) market is fundamentally driven by the need for resilience against power instability. Despite rapid urbanization and economic growth, the country continues to experience frequent power supply inconsistencies, with outages being particularly prevalent in rural and remote regions where infrastructure development remains limited. This has elevated the home UPS from a convenience to an essential utility, addressing critical power needs across residential and professional spheres.

Meanwhile, Government initiatives such as the Smart City project, the development of solar parks and the solar energy subsidy scheme would further accelerate the adoption of solar installations across residential and commercial segments. Grid connected solar inverters dominate the market in 2023 owing to huge adoption across residential and commercial applications, whereas off-grid solar inverters are majorly limited to rural electrification applications. The Solar Inverters are further categorized based on - system type, technology, rated output power and its application. In terms of system type, the solar inverter is categorized into Grid Connected, Off-Grid and Hybrid Solar Inverters. Based on technology, the grid connected solar inverter is further categorized into micro, string and central inverters. Based on a comprehensive preliminary market assessment of 450 models from 25 manufacturers it was revealed that nearly 63% market share is of the models with rated output power capacity ranging from 1 kW to 10 kW. There is also a significant market share of solar inverters above 10 kW rated capacity.

India added a record 10 GW of solar capacity in Q1 2024, a nearly 400% year-over-year increase, driven by the commissioning of delayed projects as module prices fell and the Approved List of Models and Manufacturers (ALMM) order was suspended, as well as improved grid connectivity to projects previously stalled. Solar power accounted for 16.9% of the total installed power capacity and 40.1% of the total installed renewable capacity at the end of December 2023. India added a record 18.48 GW of renewable energy capacity in 2023-24, a 21% increase over the previous year, but industry experts say at least 50 GW of annual additions are needed to meet the 500 GW target by 2030. 

Pros and strengths

Innovative product range and technological advancements: The company has built a portfolio of over 372 SKUs, offering products across five distinct categories including home UPS systems, solar inverters, solar power conditioning units (PCUs), solar charge controllers, solar panels, and batteries. Its products cater to a wide variety of customer segments, from individual households to largescale commercial solar projects, providing flexibility and adaptability to evolving market needs. The company’s sine-wave technology gives it a distinct edge over conventional square-wave inverters. Sine-wave inverters are quieter, safer for sensitive electronics, and more efficient in managing power surges and fluctuations.

Strong research and development capabilities: The company’s success is its focus on research and development. Its R&D team consists of seven members who plays a critical role in maintaining its competitive advantage by continuously improving product quality, efficiency, and innovation. Its commitment to R&D has enabled the company to consistently deliver new product innovations and stay ahead of industry trends. Its R&D team comprises experts in power electronics, with relevant background in power conversion, inverter design, and energy storage systems and have over a decade of experience in developing efficient and reliable power systems, showcasing their technical depth and industry knowledge.

Extensive distribution and after-sales service network: The company has established a distribution network across India and internationally, ensuring its products are widely accessible in key markets. The company’s reach spans across 23 states and 2 union territories within India, supported by an extensive network that includes 380 distributors and 52 service centres catering to after sales service to resolve the complaints of the customers. It also has a reach outside India comprising of 31 distributors. Its network is its core strength, enabling the company to remain competitive with both organized and unorganized players in the power backup market.

Risks and concerns

Significant revenue comes from limited customers: The company relies on its top ten customers from whom it derives a significant portion of its revenue, contributing around 33.40%, 42.29% and 37.74% of its revenues from sale of products based on the Restated Consolidated Financial Statements for the financial year ended March 31, 2025, March 31, 2024 and March 31, 2023 respectively. Its reliance on such customers for its business exposes it to risks, that may include, but are not limited to, reductions, delays or cancellation of orders from its significant customers, a failure to negotiate favorable terms with its key customers or the loss of these customers, all of which would have a material adverse effect on the business, financial condition, results of operations, cash flows and future prospects of the company.

Geographical constrain: The company generates a significant portion of its revenue from the states of Haryana and Uttar Pradesh, making its business vulnerable to regional economic fluctuations and regulatory changes. Any adverse developments in these states such as economic downturns, changes in local laws, or increased competition could lead to a substantial loss of revenue. Additionally, natural disasters or unforeseen events in these regions may further disrupt its operations and impact its financial performance. This geographical concentration poses a risk to its overall business stability, and any significant loss of revenue from these key areas could have a material adverse effect on its financial condition and results of operations.

Exports is dependent on Nigeria and West Africa: The company derives a significant portion of its export revenue from Nigeria and West Africa. Any changes in foreign policies and import-export regulations can significantly impact the company’s ability to conduct international trade, affecting its export operations. Shifts in trade agreements, tariffs, quotas, and diplomatic relations between countries can lead to disruptions in supply chains, increased costs, or limited market access for exported goods. Additionally, increased trade barriers, such as higher tariffs or stricter import/export regulations, can reduce competitiveness in foreign markets, leading to lower demand for products or services. Similarly, changes in foreign policies that affect diplomatic or economic relations could create challenges in maintaining stable trade routes, payment processes, or overall business operations which could have a material adverse effect on its business, financial condition, results of operations and cash flows of the company.

Outlook

Smarten Power Systems Limited designs and assembles power backup and solar products, including Home UPS systems, solar inverters, power conditioning units, and charge controllers, and trades solar panels and batteries. The company has extensive distribution and after-sales service network. It also has vendor relationships and supply chain efficiency. On the concern side, the company’s top ten customers contribute significant revenues from operations and any loss of business from one or more of them may adversely affect its revenues and profitability. Moreover, a significant portion of the company’s revenue is derived from the states of Haryana and Uttar Pradesh, and any adverse developments in these states could adversely affect its business.

The company is coming out with an IPO of 50,00,400 equity shares of face value of Rs 10 each for cash at a fixed price of Rs 100 per equity share to mobilize Rs 50 crore. On performance front, the company’s revenue from operation has increased by 3.36% from Rs 19,519.57 lakh in the fiscal year ended March 31, 2024 to Rs 20,174.85 lakh in the fiscal year ended March 31, 2025. Moreover, Net Profit has increased by 13.11% from Rs 1,129.00 lakh in the fiscal year ended March 31, 2024 to profit of Rs 1,277.04 lakh in the fiscal year ended March 31, 2025.

The company derives a significant portion of its revenues from sales of lead-acid batteries, which form a crucial component of the power backup systems installed by its customers. Currently, the company assembles Home UPS/Inverters in-house, while lead-acid batteries are sourced from external vendors. This dependency on suppliers poses challenges in terms of ensuring consistent quality, timely delivery, and cost predictability. In order to overcome this dependency and as part of its strategic growth initiatives, the company intends to enter into manufacturing of lead-acid batteries, in addition to its current operations in which it primarily procures and supplies inverter batteries.

Travel Food Services

• Travel Food Services is coming out with a 100% book building; initial public offering (IPO) of 1,91,42,985 shares of Rs 1 each in a price band Rs 1045-1100 per equity share.
• Not more than 50% 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 35% for the retail investors.
• The issue will open for subscription on July 7, 2025 and will close on July 9, 2025.
• The shares will be listed on BSE as well as NSE.
• The face value of the share is Rs 1 and is priced 1045 times of its face value on the lower side and 1100 times on the higher side.
• Book running lead managers to the issue are Kotak Mahindra Capital Company, HSBC Securities and Capital Markets (India), ICICI Securities and Batlivala & Karani Securities India.
• Compliance Officer for the issue is Neeta Arvind Singh.

Profile of the company

Travel Food Services is the leading player in the fast-growing Indian airport travel quick service restaurant (Travel QSR) and lounge (Lounge) sectors based on revenue in Fiscal 2025, with a market share based on revenue (including Associates and Joint Ventures) of around 26% in the Indian airport travel QSR sector and approximately 45% in the Indian Airport Lounge sector in Fiscal 2025. The company’s Travel QSR business comprises a range of curated food and beverage (F&B) concepts across cuisines, brands and formats, which have been adapted to cater to customers’ demands for speed and convenience within travel environments.

It offers quick service formats adapted for the travel environment, such as fast food, cafes, bakeries, food courts, and bars, mainly within airports as well as at select highway sites in order to serve travellers’ demands for speed and convenience. It works closely with its regional Indian and international brand partners to adapt their F&B concepts for the travel environment. It achieves this by adjusting store layouts, streamlining menus, adapting merchandising and store designs, and developing travel friendly takeaway packaging, among other strategies. In addition, it has developed a portfolio of in-house brands through close collaborations between its experienced culinary, marketing and operations teams and based on its understanding of the unique needs of travellers and the travel environment.

Its F&B brand portfolio and presence across key airports in India position it well to benefit from the expected growth in the Travel QSR sector in airports in India. Such growth is supported by the rising propensity to spend on F&B, driven by increasing air travel, higher disposable income and extended dwell times during airport travel, as well as growing number of low-cost carriers (LCCs). The Indian Airport Travel QSR sector is expected to grow a CAGR of 17-19% from Fiscal 2025 to 2034, to reach a size of Rs 170-180 billion.

Proceed is being used for:

• Achieving the benefits of listing the Equity Shares on the Stock Exchanges
• Carrying out the Offer for Sale of Equity Shares by the Promoter Selling Shareholders

Industry Overview

Airport lounges offer a range of services that are designed to provide comfort and convenience to travellers. Lounges focus on providing wide range of high-quality food options along with a comfortable seating arrangement for the customer. Lounges can be broadly bundled into food and beverage, space to relax or work, and ancillary facilities such as shower, wellness services, entertainment, etc. These services can vary based on airport, airline or class of service. Lounges in India have grown significantly over the past five years, driven by the development of new operational airports, which increased to 138 as of September 2024 from 77 in FY16. Other factors such as partnerships with credit card companies and loyalty programmes have contributed to the growth as well.

Meanwhile, F&B revenue, which is the revenue earned by airports through concession agreements for operating F&B outlets, is one of the key components of the non-aeronautical revenue for airport operators. It has been growing at a healthy pace for key domestic airports. For Delhi International Airport and GMR Hyderabad International Airport, F&B revenue, which forms 8-10% of their total non-aeronautical revenue, logged a significant 15% CAGR between FY19 and FY25. The growth is attributed to increased passengers’ propensity to spend on F&B. This also shows that passengers are spending on non-travel-related activities such as eating at the airports. F&B operators at the airports have also customised their offerings as per the customer needs, in turn, enhancing passengers’ experience.

Further, Airport travel QSR and lounges are the key and fast-growing sectors in airport retail in India which together account for 35.00% (Rs 64 billion) of the total airport retail market in India as of FY25. Looking ahead, the airport travel QSR industry is expected to sustain the strong growth momentum, supported by the rising propensity to spend on F&B, driven by increasing air travel, higher disposable income, extended dwell times during airport travel, as well key supply-side factors such as customised product offerings, and improved airport infrastructure. In the long term, the industry is expected to sustain the growth momentum and register a CAGR of 17-19% from FY25 to FY34 to reach a size of Rs 170-180 billion by the end of FY34. 

Pros and strengths

Leading player in the Travel QSR and Lounge sectors in Indian airports: The company was the leading player in the Travel QSR and Lounge sectors in airports in India based on its revenue in Fiscal 2025. It operated the largest network of Travel QSRs in India, as of March 31, 2025, with 384 of its 413 operational outlets being situated in airports, and the remaining in highway sites. Also, it had a market share of around 26% based on revenue (including Associates and Joint Ventures) in the travel QSR sector in Indian airports in Fiscal 2025.

Strong expertise in handling the distinct challenges of F&B in the operationally complex and highly secure airport environment: Since the opening of its first Travel QSR outlet in 2009, it has cultivated a deep set of capabilities and processes that enable it to efficiently execute in and address the various operational challenges posed by the operationally complex and highly secure airport environment. These capabilities have been developed and honed through its 16 years of experience in the travel industry and enhance its value proposition for airport operators and the competitiveness of its bids for airport concessions. 

Diversified portfolio of partner F&B brands: Within its Travel QSR business, it represents and operates a wide range of popular international, regional Indian and in-house F&B brands. It had 90 F&B brands licensed from international and regional Indian brand partners, in addition to 37 in-house brands, as of March 31, 2025. This includes international brands such as KFC, Pizza Hut, Wagamama, The Coffee Bean & Tea Leaf, Subway and Krispy Kreme, regional Indian brands such as Bikanervala and Third Wave Coffee, and in-house brands such as Cafeccino, Curry Kitchen, Idli.com and Dilli Streat. Through its in-house brands, it customise its menu options to offer its customers additional options that appeal to local and international palates, while taking into account the requirements of airport operators. 

Deep understanding of traveller preferences: The company has introduced a number of innovative solutions within its Travel QSR and Lounge businesses that seek to address travellers’ demands for speed and convenience, while also elevating the overall travel experience for its customers and maintaining operational efficiencies. Its technological innovations have been part of its approach in addressing various pain points faced by travelers and enhancing its operational efficiency. Within select Travel QSRs located in airports, it has introduced self-ordering kiosks, online order and in-airport delivery options and contactless payment systems to accelerate customer servicing time and make ordering more convenient at select locations. Also, it installed grab-and-go fridges to provide travellers with quick pick up options at select outlets.

Risks and concerns

Maximum revenue comes from Travel QSRs and Lounges at the top 5 airports: The Travel QSRs and Lounges at the top 5 airports contributed 85.94%, 88.36% and 90.29% of its revenue from operations for Fiscals 2025, 2024 and 2023, respectively. The average remaining term of its concession agreements at its top five airports for Fiscals 2025, 2024 and 2023, is 3.47 years, as of March 31, 2025. Such concession agreements may be renewed through the tender and bidding process or through negotiations among the relevant parties. There is no assurance that it will be successful in renewing these key concessions when they expire or that they will not be subject to early termination, whether due to changes in contracting entities or otherwise. Termination of its concession agreements in relation to or a decrease in passenger traffic in such airports could have a significant impact on its revenue.

Depend on its relationship with its brand partners to franchise their brands: The company depend on its relationship with its brand partners to franchise their brands, with revenue from brand partners accounting for 54.37%, 54.44% and 54.06% of its revenue from Travel QSR for Fiscals 2025, 2024 and 2023, respectively. Its brand partners may terminate their franchise agreements with it or request to amend key terms of the relevant agreements, such as increasing franchising fees or royalty fees, subject to the terms of such agreements, or opt not to renew their franchise agreements with it upon their expiry for various reasons that may be outside its control.

Derive significant revenue from Lounge services: The success of the company’s Lounge business is dependent on its long-term relationship with its Lounge Partners, comprising domestic and international airlines, card issuers and networks, loyalty partner programmes, Lounge access programmes and financial institutions. Revenue from Lounge services amounted to 44.93%, 44.65% and 46.14% of its revenue from operations for Fiscals 2025, 2024 and 2023, respectively. Its business may be negatively impacted if it is unable to retain its existing Lounge Partners or attract new ones.

Higher employee attrition rates: The company had employee attrition rates of 58.65%, 61.73% and 66.33% in Fiscals 2025, 2024 and 2023, respectively. It must continue to attract, motivate and retain qualified managers with the qualifications to succeed in the sectors in which it operates as well as adequate frontline staff and skilled labour to operate its outlets. Competition for qualified employees is significant, and there is a risk that it will not effectively manage employee turnover. Any organisational changes, including changes in salaries and wages and other employee benefits that are, or are perceived to be negative, could result in an increased attrition rate. The failure to effectively manage employee turnover rates could negatively impact its sales performance, increase its wage costs, and negatively affect its business, results of operations, financial condition and prospects.

Outlook

Travel Food Services is an Indian airport travel quick service restaurant (Travel QSR) and lounge. The company’s F&B brand portfolio, comprising 117 partner and in-house brands, is in the operation of 397 Travel QSRs across India and Malaysia, as of June 30, 2024. It is leading player in the Travel QSR and Lounge sectors in Indian airports. It has a deep understanding of traveller preferences with a focus on delivering a quality customer experience. On the concern side, the Travel QSRs and Lounges at the top 5 airports contributed 85.94%, 88.36% and 90.29% of its revenue from operations for Fiscals 2025, 2024 and 2023, respectively. Termination of its concession agreements in relation to or a decrease in passenger traffic in such airports could have a significant impact on its revenue. Moreover, the company depends on its relationship with its brand partners to franchise their brands, with revenue from brand partners accounting for 54.37%, 54.44% and 54.06% of its revenue from Travel QSR for Fiscals 2025, 2024 and 2023, respectively. Failure to attract new brand partners or maintain or develop existing ones could adversely affect its business, results of operations, financial condition and prospects.

The issue has been offering 1,91,42,985 shares in a price band of Rs 1045-1100 per equity share. The aggregate size of the offer is around Rs 2000.40 crore to Rs 2105.73 crore based on lower and upper price band respectively. Minimum application is to be made for 13 shares and in multiples thereon, thereafter. On performance front, the company’s revenue from operations increased by 20.87% to Rs 16,877.39 million in Fiscal 2025 from Rs 13,963.22 million in Fiscal 2024. Moreover, the company’s restated profit for the year increased by 27.35% to Rs 3,796.59 million in Fiscal 2025 from Rs 2,981.20 million in Fiscal 2024.

The company generates the majority of its revenue from airports in India and plan to leverage its leadership position in the Travel QSR and Lounges sectors and its strong relationships with airport operators to expand its Lounge and Travel QSR businesses within existing airport terminals and new terminals in airports in which it is present, in addition to expanding into new airports and geographies. It strives to expand its business while delivering operational efficiency, driving earnings and generating operating cash flow. Going forward, the company plans to continue monitoring market trends and customer preferences in India, including at the regional level, and create or franchise new brands for its airport concession agreements and future bids.

Chemkart India

• Chemkart India is coming out with an initial public offering (IPO) of 32,29,200 equity shares in a price band Rs 236-248 per equity share.
• The issue will open on July 7, 2025 and will close on July 9, 2025.
• The shares will be listed on SME Platform of BSE.
• The face value of the share is Rs 10 and is priced 23.60 times of its face value on the lower side and 24.80 times on the higher side.
• Book running lead manager to the issue is Smart Horizon Capital Advisors.
• Compliance Officer for the issue is Ramdulari Saini.

Profile of the company

Chemkart India is a one stop destination for various nutritional, Health and sports supplement products, which are largely biased towards the food products providing health benefits in addition to their nutritional values, reflecting its ability in catering to nutritional as well as health needs of the end customers. The company is based in Mumbai, offering diverse range of captivated nutritional supplements and components. It offers products across mainly seven product categories, i.e. Amino Acids, Health Supplement, Herbal Extract, Nucleotide, Protein, Sports Nutrition, and Vitamin. Thus, positioning it favorably to adapt to the growing awareness with respect to the needs of nutrition in the food products.

It targets the Business to Business (B-to-B) platform which uses its products into manufacturing of finished supplements which includes sports supplements, health supplements, vitamins, protein products etc. Its product assortment and customer-centric approach aims to fulfil the daily and aspirational requirements of the end customers with a focus on variety, affordability, quality and convenience. Since the commencement of its operations, it has developed good standing relationships with its customers. It also engages actively with its suppliers to improve its supply chain processes.

Proceed is being used for:

• Financing the capital expenditure towards setting up of the Manufacturing Facility through investment in its Wholly Owned Subsidiary (WOS) Company, Easy Raw Materials Private Limited
• Repayment/prepayment of all or certain of its borrowings availed of by the company
• General corporate purposes 

Industry Overview

The global nutraceutical market is currently estimated at around $400 billion, blending the fields of food, pharmaceuticals, and biotechnology. India stands out as a key player, supported by its rich heritage of traditional knowledge, especially in Ayurveda, and a unique ecosystem that fosters growth in this sector. However, India's share remains under 2% globally, primarily due to a lack of defined industry classification within Indian ministries, limiting targeted sector support.

Recognizing the sector’s immense potential, the Council of Scientific and Industrial Research (CSIR) constituted a Nutraceutical Sector Task Force (TF) in November 2021 under the chairmanship of the Principal Scientific Adviser to the Government of India. This Task Force includes representatives from various ministries, including the Department of Commerce, the Department of Pharmaceuticals, the Food Safety and Standards Authority of India (FSSAI), the Ministry of AYUSH, and the Ministry of Food Processing. The TF also includes significant industry representation, ensuring that industry concerns and challenges are directly addressed. The Task Force’s mandate includes proposing policy measures to address challenges and drive initiatives toward the “Harmonized System of Nomenclature” and other international standards.

India has also prioritized infrastructure support, with nutraceutical incubation hubs and centers of excellence. NIFTEM-Kundli, Centurion University, and AIC-CSIR-CCMB have developed hubs fostering innovation, while the Kerala government inaugurated the first government-backed Nutraceutical Centre of Excellence in 2024. Through the Department of Commerce, India has showcased its nutraceutical strengths at global trade fairs, enhancing visibility and forging connections with international stakeholders. The collaboration between the Task Force and the Central Board of Indirect Taxes and Customs (CBIC) is working toward a unique HSN code to streamline exports and simplify customs procedures. With these strategic initiatives, India’s nutraceutical sector is set for unprecedented growth. India aims to position itself as a global leader in nutraceuticals, combining traditional knowledge with modern science to attract global partnerships and investments.  

Pros and strengths

Diversified product portfolio: The company’s understanding of the customer’s requirements, its product understanding capabilities, has allowed it to develop a comprehensive portfolio of a variety of nutraceutical products. It offers products mainly across seven product categories, i.e. Amino Acids, Health Supplement, Herbal Extract, Nucleotide, Protein, Sports Nutrition, Vitamin and many more under other health products category in different packaging sizes. Its diversified product portfolio enables it to cater to a wide range of customer preferences.

In house processing and warehousing capabilities: It also provides grinding and blending facility for few of the nutraceutical products at its processing unit. Blended ingredients are the mixture of various ingredients that is required to make a final product in its most authentic form. It is equipped with warehouse which enables blending, grinding and packaging of ingredients all in a hygienic way. The company has trained and experienced staff in terms of blending grinding and hygienic storages/ warehousing facilities. It also uses contract labourers for grinding and packaging in large bulk quantities who are specialised in this field.

Value proposition for customers: The company is catering to B2B segment which give it the advantage of wide spread customer network. It seeks to build on existing relationships and also focuses on bringing into its portfolio more customers. A long-term customer relationship with large customers reaps fruitful returns. Long-term relations are built on trust and continuous meeting with the requirements of the customers which creates value proposition for its existing as well as future customers and top end advantage is received in nutraceutical sector.

Risks and concerns

Significant revenue comes from limited customers: The company is dependent on certain customers for a significant portion of its revenues. The company has garnered 45.91%, 40.64% and 54.61% of its total revenue from top 10 customers in FY25, FY24 and FY23 respectively. Since the company’s revenues depend on a select number of customers, any adverse developments in its relationships with them or any disputes with them may adversely affect its business and revenues. The loss of one or more of its significant customers or a reduction in the amount of business it obtains from them could have an adverse effect on its business and results of operations.

Limited operational history in trading nutraceutical products and health supplements: As the company was incorporated in the year 2020, it may not have established a consistent performance history, making it difficult to predict future success. The nutraceutical sector is heavily regulated and have limited operating history which may mean that the company has less experience in navigating complex regulatory environments, potentially leading to compliance issues. With limited experience, the company may encounter challenges in the research, development and processing of effective nutraceutical products, which could impact their viability in the market. Further, the company may have less established relationships with suppliers, leading to potential disruptions, higher costs, or variability in product quality.

Geographical constrain: Currently majority of the company’s sales is derived from the state of Maharashtra, Gujarat and New Delhi. For the financial years ended March 31, 2025, 2024 and 2023 on the basis of Audited Standalone Financial Statements, its sales were Rs 11,579.56 lakh, Rs 8,786.82 lakh and Rs 10,209.32 lakh which constitutes 56.97%, 66.55% and 77.71% respectively of the Revenue from operations from Maharashtra, Gujarat and New Delhi. Any adverse developments affecting its operations in these regions could have an adverse impact on its revenue and results of operation.

Outlook

Chemkart India is a distributor specializing in high-quality food and health ingredients. The company bridges the gap between global ingredient manufacturers and businesses across various sectors. The company has diversified product portfolio. It also has in house processing and warehousing capabilities. On the concern side, the company’s business operations rely significantly on the continuous and timely supply of products from top 5 and top 10 suppliers. Also, it does not have continuing and exclusive supply agreement with them. Any interruptions or discontinuation of same will adversely impact its overall performance and profitability. Moreover, it sources its majority of the products from international market i.e. China. Any adverse developments affecting its procurement in this region could have an adverse impact on its revenue and results of operations.

The company is coming out with a maiden IPO of 32,29,200 equity shares of Rs 10 each. The issue has been offered in a price band of Rs 236-248 per equity share. The aggregate size of the offer is around Rs 76.21 crore to Rs 80.08 crore based on lower and upper price band respectively. On performance front, the company’s revenue from operations increased by 53.97%, from Rs 13,202.69 lakh in fiscal year 2024 to Rs 20,327.85 lakh in fiscal year 2025. Moreover, for Fiscal 2025, the company reported a net profit of Rs 2,427.10 lakh, a significant increase compared to Rs 1,451.82 lakh in Fiscal 2024.

The company’s product management and supply chain team can identify global trends early and bring novel products to the Indian market faster than competition. This gives a first-mover advantage to the company. The company has a large opportunity in health and nutraceutical ingredients for the export market. With an increasing focus on wellness, customers are more inclined towards preventive healthcare rather than treatment of illnesses. This has led to a rise in the demand for dietary supplements, functional foods and beverages that promote overall health. With a rise of fitness culture, there is an increasing demand for sports nutrition products, such as protein powders, amino acids and energy supplements.

Meta Infotech

• Meta Infotech is coming out with an initial public offering (IPO) of 49,80,000 equity shares in a price band Rs 153-161 per equity share.
• The issue will open on July 4, 2025 and will close on July 8, 2025.
• The shares will be listed on SME Platform of BSE.
• The face value of the share is Rs 10 and is priced 15.30 times of its face value on the lower side and 16.10 times on the higher side.
• Book running lead manager to the issue is HEM Securities.
• Compliance Officer for the issue is Komal Toshniwal.

Profile of the company

Meta Infotech is involved in the business of providing cybersecurity solutions to various organizations across India. Founded in 1998 and transitioned into the cybersecurity domain in 2010. The company delivers comprehensive cybersecurity solutions and services for protection and maintaining integrity of information and systems. The company works for safeguarding the digital infrastructures of companies belonging to diversified industries such as Banking, Capital Market, NBFC, IT/ITES, Cybersecurity, Automobile, Insurance, Pharmaceutical, FMCG, Real Estate, Hospitality, Manufacturing and Other conglomerates etc. Leveraging its domain expertise, it provides end-to-end cybersecurity solutions designed to address the challenges faced by these sectors. By optimizing and securing network resources it enables organizations to manage their digital infrastructure effectively, ensuring reliable and scalable connectivity to support their evolving network needs.

It procures the cybersecurity products from various international OEMs who develop solutions to ensure secure access, defense for web applications, cloud workload protection etc. It has entered into agreements as authorized resellers with a various OEMs for distribution of cybersecurity products, softwares along with its licenses and subscriptions etc. It offers a holistic suite of services ranging from consulting to implementation, along with annual maintenance and sustenance, catering exclusively to the cybersecurity needs of its clients. Moreover, it also provides on-site resources along with training services to the organizations.

It operates from its offices situated at Andheri and Thane in Mumbai and at Hyderabad. Its experience over the years has helped it evolve its in-house training centre with a focus on creating fresh talent and internal talent augmentation for continuous improvement and growth. Its in-house training initiative helps it in on-boarding fresh talent along with tailored learning, skill development, retention and engagement, consistency and cost efficiency. With strategic locations in Mumbai and Hyderabad It is well-positioned to provide its clients with timely and efficient cybersecurity services, ensuring their operations are secured and resilient against evolving cyber threats.

Proceed is being used for:

• Repayment in full or in part, of certain of its outstanding borrowings
• Funding capital expenditure towards establishment of new office premises at Unit no 911, 9th Floor, MINT Sahar, Andheri - kurla Road, Andheri east, Mumbai
• Setup of an interactive experience centre at its registered office situated at Unit no 118 and 119, 1st Floor, Ackruti Star, MIDC, Andheri East, Mumbai 
• General Corporate Purpose 

Industry Overview

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 $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.

Meanwhile, Research and Development (R&D) in Cyber Security focusses on promotion of applied research in addition to futuristic and blue-sky research in the thrust areas of IoT, Hardware Security, End point security, Network and System Security, Cryptography, Cyber Forensics, Threat Intelligence etc. Grant-In-Aid support is extended to research and academic institutions to promote creation of R&D infrastructure, capacity building and enhancement of skills and expertise. Specific efforts are made to nurture institutions and capacity enhancement in the entire country. This has helped in establishing an ecosystem for cyber security startups & industry which resulted in production of indigenous state-of-the-art tools for forensics, device and end-point security, IoT Security, Threat Intelligence tools. Ongoing projects are reviewed periodically and follow up actions are taken. Efforts in the projects have resulted in the development of certain indigenous security solutions and technologies which are deployed/being deployed at various user organisations.

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

One Stop Shop for safeguarding the digital assets and infrastructure: With a focus on its customers’ needs, it offers end to end services right from advising clients on the appropriate product for serving their cyber security requirements to implementing and training employees of the organization. Its diversified solutions include Endpoint Security, Email Security, Data Security, Database Security, Network & Perimeter Security, Application Security, API Security, Cloud Security, Identity Security, Secure Access Service Edge (SASE), Security Information and Event Management (SIEM). Its range of solutions are bundled with service offerings like: implementation services, annual maintenance services, sustenance services, professional services, managed security services, training etc.

Catering to wide range of end use industries: Over the years the company has built expertise to provide products and solutions for cybersecurity for diverse range of end user customers finding applications across multiple industry such as Banking, Capital Market, NBFC, IT/ITES, Cybersecurity, Automobile, Insurance, Pharmaceutical, FMCG, Real Estate, Hospitality, Manufacturing and Other conglomerates etc. Its diversification of revenue across multiple industry verticals allows it to prevent any possible industry concentration in any of its product categories.

Long standing relationships with various Cybersecurity OEM Developers: The company has entered into agreements as authorized resellers with a various OEMs for distribution of cybersecurity products along with its licenses and subscriptions etc. These OEMs develop solutions to ensure secure access, defence for web applications, Network security, End point security, cloud workload protection, high performance event streaming and integration ensuring real time visibility, in-memory data structure solutions etc. Its established relationship with these OEMs has enabled it to develop a holistic product portfolio addressing diverse cyber security solutions across various industries. Its agreements with its technology partners heighten its ability to provide products and services catering to specific customer requirements.

Risks and concerns

Significant revenue comes from single client: The company derives a significant portion of its revenue from operations from a few customers, with its single largest customer contributing more than 50%, of its revenue from operations during the last three financial years. The company has garnered 62.76%, 58.51% and 63.50% of its total revenue from single customer in FY25, FY24 and FY23 respectively. Its reliance on a single or limited number of customers for its business exposes it to risks, that may include, but are not limited to, reductions, delays or cancellation of orders from its key customers, a failure to negotiate favorable terms with its key customers or the loss of these customers, all of which would have a material adverse effect on the business, financial condition, results of operations, cash flows and future prospects of the company.

Heavily reliant on few OEM vendors/suppliers for purchase of software licenses: The company’s business model entails the purchase of significant quantities of cybersecurity products. It is heavily reliant on few OEM vendors/suppliers for purchase of software licenses in order to cater the needs of its customers and provide its cybersecurity solutions to various industries. Its single largest supplier contributing to more than 50% of its purchases during the last three financial years. Moreover, it has not entered into long-term contracts or arrangements with these OEM vendors. Any loss of such vendors/suppliers may disrupt its operations and will have a material adverse impact on its business and its revenue.

Intense competition in the market for cybersecurity product: The company operates in a competitive industry that experiences rapid technological developments, and changes in customer requirements. Its competitors include the big Global System Integrators, mid-sized, and several smaller local competitors in the various geographic markets in which it operates. It may face competition from companies that grow in size or scope as the result of strategic mergers or acquisitions, which may result in larger competitors with significant resources that benefit from economies of scale and scope. Such events could have a variety of negative effects on its competitive position and its financial results, including reducing its revenue, increasing its costs, and lowering its gross margin percentage. If its competitors develop and implement methodologies that yield greater efficiency and productivity, they may be able to issue services similar to it at lower prices without adversely affecting their profit margins.

Outlook

Meta Infotech is engaged in the business of cybersecurity solutions for various industries, including banking, IT, and manufacturing. The company offers services such as consulting, implementation, and sustenance, focusing on protecting and maintaining the integrity of information and systems. It is One Stop Shop for safeguarding the digital assets and infrastructure. On the concern side, the company derives a significant portion of its revenue from operations from a few customers, with its single largest customer contributing more than 50%, of its revenue from operations during the last three financial years. Loss of any of these customers or a reduction in business with any of them could adversely affect its business, results of operations and financial condition. Moreover, it is dependent on few Industries for majority of its revenue from operations with banking industry contributing to more than 50% of its revenue from operations during the last three financial years. Downtrend or change in regulatory framework in these Industries may result in an adverse effect on its business, revenue from operations and financial conditions.

The company is coming out with a maiden IPO of 49,80,000 equity shares of Rs 10 each. The issue has been offered in a price band of Rs 153-161 per equity share. The aggregate size of the offer is around Rs 76.19 crore to Rs 80.18 crore based on lower and upper price band respectively. On performance front, the net revenue from operations of the company increased significantly by 43.84%, rising from Rs 15,213.32 lakh in FY 2023-24 to Rs 21,882.35 lakh in FY 2024-25. Moreover, net profit after tax for the financial year 2024-25 increased to Rs 1,450.14 lakh as compared to profit of Rs 1050.78 lakh in the financial year 2023-24. The increase of 38.01% was due to factors increase in PAT margin.

The company consistently focus to increase its technological capabilities and expand its domain expertise. Most recently, it has added 2 new capabilities including 1) Micro segmentation and 2) Patch management. 1) Micro segmentation: enhances cybersecurity defense by dividing the network into smaller, isolated segments. This granular approach limits the movement of potential threats within the network, thereby containing breaches and reducing the impact of security incidents. 2) Patch management: Ensures that all applications, operating systems, middleware and network devices are consistently patched against known vulnerabilities, mitigating risks associated with security breaches and system failures. Going forward, it intends to continue growing its existing technological capabilities and expanding its domain expertise by identifying vulnerable sectors with growth potential to add value to its portfolio of offerings and help it gaining credibility in the market and expand its business verticals.

Cryogenic OGS

• Cryogenic OGS is coming out with an initial public offering (IPO) of 37,80,000 equity shares in a price band Rs 44-47 per equity share.
• The issue will open on July 3, 2025 and will close on July 7, 2025.
• The shares will be listed on SME Platform of BSE.
• The face value of the share is Rs 10 and is priced 4.40 times of its face value on the lower side and 4.70 times on the higher side.
• Book running lead manager to the issue is Beeline Capital Advisors.
• Compliance Officer for the issue is Rashmi Kamlesh otavani.

Profile of the company

Cryogenic OGS provides high-quality measurement and filtration equipment and systems by fabrication and assembling for various sectors like oil, gas, chemicals and allied fluid industry. Focused on innovative and tailored services, for oil, gas, chemicals and allied fluid industry, it provides customized solutions to meet the specific needs of its customers. Its team of experts works closely with clients to understand their unique requirements, developing tailored strategies that maximize efficiency and minimize costs.

Its in-house engineering and design capabilities helps it to offer diversified products and solutions to its customers in each of the segments in which it operates. Its comprehensive solutions include design, process engineering and manufacturing including fabrication, assembly and testing facilities. It uses Auto-CAD ELD software along with other pairing software for preparing designs of its products.

Spanning in over 8300 Square meters located at Vadodara, Gujarat, the company’s production facilities are equipped with all the required machineries and equipment required for its production processes. It also has a well-equipped quality checking department with highly skilled manpower to carry out the required testing of all kinds relating to the machines and equipment being prepared by it for e.g. Chemical testing, Mechanical testing, non-destructive testing, Hydro test of Equipment, Pneumatic leak test with air etc. It also has its administration block built up in the same premises to facilitate and ease out the overall working of the business.

Proceed is being used for:

• Meeting working capital requirements
• General corporate purposes 

Industry Overview

India’s Capital Goods manufacturing industry serves as a strong base for its engagement across sectors such as Engineering, Construction, Infrastructure and Consumer goods, amongst others. The engineering sector is the largest of the industrial sectors in India. It accounts for 27% of the total factories in the industrial sector and represents 63% of the overall foreign collaborations. Demand for engineering sector services is being driven by capacity expansion in industries like infrastructure, electricity, mining, oil and gas, refinery, steel, automobiles, and consumer durables. India has a competitive advantage in terms of manufacturing costs, market knowledge, technology, and innovation in various engineering sub-sectors. India’s engineering sector has witnessed remarkable growth over the last few years, driven by increased investment in infrastructure and industrial production. The engineering sector, being closely associated with the manufacturing and infrastructure sectors, is of huge strategic importance to India’s economy.

The development of the engineering sector of the economy is also significantly aided by the policies and initiatives of the Indian government. The engineering industry has been de-licensed and allows 100% foreign direct investment (FDI). Additionally, it has grown to be the biggest contributor to the nation's overall merchandise exports. India became a permanent member of the Washington Accord (WA) in June 2014. it is now part of an exclusive group of 17 countries that are permanent signatories of the WA, an elite international agreement on engineering studies and the mobility of engineers. Engineering Trade Analysis for April 2024 After registering a marginal increase in 2023-24, Indian engineering exports started the new fiscal 2024-25 with a decline of 3.2% year-on-year in April 2024. Share of engineering however was above 25 percent during the month. The decline in engineering exports was mainly due to 36.4 percent drop in exports of Iron and Steel. Lower shipment of steel was mainly witnessed in Italy, Nepal, UAE, Netherland, USA, China and Korea among others.

The oil and gas sector in India holds a pivotal position as one of the eight core industries, exerting a significant influence on the country's economic landscape. With India's economic growth intricately tied to its energy demand, the sector's importance is set to surge, fostering a conducive environment for investment. As of 2023, India remains the third-largest consumer of oil globally, underscoring the sector's significance. To meet the escalating demand, the government has implemented various policies, including permitting 100% foreign direct investment (FDI) in key segments such as natural gas and petroleum products. India's rapid economic expansion is propelling significant shifts in its energy landscape, particularly in the oil and gas sector. With burgeoning outputs and escalating demands for production and transportation, the consumption of crude oil is forecasted to surge, registering a remarkable CAGR of 4.59% to reach 500 million tonnes by FY40, soaring from 223 million tonnes in FY23.  

Pros and strengths

Strong and unique product technology: By leveraging its core technologies and unique ideas, it continues to provide new value to industry. It offers a wide range of products that are designed to meet the specific needs of its clients. The company’s products are made from the finest materials and are built to last, ensuring that they provide reliable performance year after year.  

Consistency in quality and service standards: It has been accredited with ISO 45001, ISO 14001, ISO 9001, confirming that it adheres to the highest standards in occupational health environmental management and quality control. ISO 45001 reflects its commitment in ensuring a safe and healthy workplace, ISO 14001 underscores its dedication to environmental sustainability, and ISO 9001 attests to its unwavering focus on quality management. These certificates are more than badges; they represent its pledge to excellence in every facet of its operations.

Established relationships with suppliers: The company has a strong relationship with its suppliers and due to its relationships with its suppliers, it gets quality and timely supplies of materials. This enables it to manage its inventories and supply quality products on timely basis to its customers.

Risks and concerns

Maximum revenue comes from limited customers: The company derived a significant portion of its revenues from limited number of clients. The company has garnered 70.27%, 73.21% and 68.78% of its total revenue from top 5 customers in FY25, FY24 and FY23 respectively. While, the company has maintained good and long-term relationships with its customers, but there can be no assurance that it will continue to have such long-term relationship with them. It cannot assure that it shall generate the same quantum of business, or any business at all, from these customers, and loss of business from one or more of them may adversely affect its revenues and profitability.

Majority of revenue from operation comes from Gujarat and Maharashtra: The company derives 46.72% and 34.95% of its revenue from State of Gujarat and Maharashtra respectively for the year ended March 31, 2025. Such geographical concentration of its business in this region heightens its exposure to adverse developments related to competition, as well as economic and demographic changes in this region which may adversely affect its business prospects, financial conditions and results of operations. It may not be able to leverage its experience in these regions to expand its operations in other parts of India.

Required services of third party manufacturers and suppliers: The company’s business generally requires the services of third party manufacturers and suppliers of machine parts, capital items and materials. The timing and quality of the machinery parts it installs, depends on the availability and skill of those third parties, as well as contingencies affecting them, including labour and material shortages and industrial action, such as strikes and lockouts. Though these third party manufacturers are approved manufacturers by it which it approves considering the timelines in which they can execute the contracts given by it to avoid any delays in execution of its principal contract, it cannot assure that skilled third parties will continue to be available at reasonable rates and in the areas in which it needs to execute its projects. As a result, it may be required to make additional investments or provide additional services to ensure the adequate performance and delivery of contracted services, and any delay in project execution could adversely affect its profitability.

Outlook

Cryogenic OGS manufactures and assembles high-quality measurement and filtration equipment for industries such as oil, gas, chemicals, and related fluid sectors. The company has strong and unique product technology. The company has Established Relationships with suppliers coupled with stable customer base. On the concern side, the company’s top five customers contribute majority of its revenues from operations and any loss of business from one or more of them may adversely affect its revenues and profitability. Moreover, majority of its Revenue from Operation (RFO) is generated from state of Gujarat and Maharashtra and any adverse development affecting its operations in this region could have an adverse impact on its business, financial condition and results of operations.

The company is coming out with a maiden IPO of 37,80,000 equity shares of Rs 10 each. The issue has been offered in a price band of Rs 44-47 per equity share. The aggregate size of the offer is around Rs 16.63 crore to Rs 17.77 crore based on lower and upper price band respectively. On performance front, the company’s revenue from operation has increased from Rs 2,425.41 lakh in FY24 to Rs 3,290.46 lakh in FY25 showing an increase of 35.67% from previous year i.e. FY24. Moreover, the company recorded increase in its profit after tax from Rs 534.50 lakh in the FY24 to Rs 612.26 lakh in the FY25.

The company has a sales and marketing team focusing on customer development and maintaining customer relationship. This team is also responsible for the marketing of its products, negotiating prices, procuring repeat orders and ensuring timely dispatch and deliveries. Its sales team has built long-term relationships with a number of its customers. As a B2B manufacturer, its channels of marketing are such that it needs to reach and target its clients of various sectors to offer its diversified products. Meanwhile, the company operates in a highly competitive market, with participants in the organised and unorganised sector. There are no entry barriers in the industry which puts it to threat of competition from new entrants as well. It faces competition from other manufacturers of oil and gas, petrochemical, chemicals and liquor equipment. The company’s cost effective and integrated offerings, its focus on customer satisfaction and its reliability combined with quality consciousness, provide it with a competitive advantage in its business.

Happy Square Outsourcing Services

• Happy Square Outsourcing Services is coming out with an initial public offering (IPO) of 31,90,400 equity shares in a price band Rs 72-76 per equity share.
• The issue will open on July 3, 2025 and will close on July 7, 2025.
• The shares will be listed on SME Platform of NSE.
• The face value of the share is Rs 10 and is priced 7.20 times of its face value on the lower side and 7.60 times on the higher side.
• Book running lead manager to the issue is Corpwis Advisors.
• Compliance Officer for the issue is Angha Ambalkar.

Profile of the company

Happy Square is a technology-based consulting firm, involved in Tech based human resource outsourcing business which focuses on end-to-end solution. Promoters of the company, Shraddha Rajpal and Nalini Rajpal have a combined experience of 10 plus years in the staffing industry. Driven by the passion for building an integrated staffing company, backed by their experience, its Promoters are the pillars of the company's growth and have built a strong value system for the company. With their enriching experience and progressive thinking, it aims to continue to grow in the human resource outsourcing business.

The company offers a wide array of services such as Recruitment, Payroll, Onboarding and flexible staffing. Its comprehensive network, structured processes, professionalism and strong work ethics ensure that it remain at the top on the domestic scale. It satisfies firms’ staffing, and recruitment needs in India through this specialised rich knowledge.

Its substantial talent pool and deep understanding of the hiring industry has helped it to achieve significant strides in the HR market. It is also an ISO 9001:2015 certified company. A proper staffing process allows it to identify the current and future requirements of the clients. Further, it helps it to create and execute a plan as per the derived requirements to hire the most suitable candidates.

Proceed is being used for:

• Funding of working capital requirements of the company
• General corporate purposes

Industry Overview

India has witnessed significant employment growth over the years. With the employment increased by nearly 36%, adding around 170 million jobs during 2016-17 and 2022-23, India's economic trajectory demonstrates sustained job creation across key sectors. With a robust democracy, dynamic economy, and a culture that celebrates unity in diversity, India’s journey toward becoming a global powerhouse continues to inspire the world. Recent data and economic analysis challenge the notion of 'jobless growth' in India, a concept that suggests GDP growth occurs without corresponding increases in employment.

The India Staffing and Recruiting market is valued at $18.5 Billion, based on a five-year historical analysis. This growth is driven by the increasing demand for flexible staffing solutions across various industries, including IT, manufacturing, and BFSI. The market's expansion is supported by the rise in digital recruitment technologies and a growing preference for temporary staffing due to evolving business needs and project-based requirements, making it a pivotal component of India’s workforce management ecosystem. Indian Staffing Federation (ISF) is the apex body of organized staffing companies representing over 1.66 million contract workforce employed through 121 member companies. ISF is formed to provide a platform for organized employment, work choice, compensation, social security and health benefits for the temporary workforce.

The rise of AI and automation can lead to fewer jobs, or a shift in the types of roles that need filling. This could reduce the demand for certain types of staffing services, especially in fields susceptible to automation. The staffing industry is highly competitive. New entrants, online job platforms, or global staffing agencies can reduce market share and put pressure on pricing. Nevertheless, the yearly net payroll additions to the EPFO have more than doubled from 61.1 lakh in FY19 to 131.5 lakh in FY24, driven by new job creation and greater formalization of employment. India’s gig economy is expanding rapidly, with the workforce in this sector expected to grow to 2.35 crore by 2029-30. 

Pros and strengths

Scalable business model: The company’s business model is technology driven and comprises of optimum utilization of its ability to put together a successful hiring and manpower recruitment team and achieving consequent economies of scale. The company approach has proven profitable and scalable over the past few financial years. It can expand by acquiring new client, entering new sectors as well as growing its existing client businesses. Business growth is mostly driven by expanding into new markets and maintaining continuous timely. This business model has proved successful and scalable for it since its incorporation. It can scale upward as per the requirement generated by the company.

Catering to diversified industrial verticals: The company thrives on a diverse revenue stream sourced from multiple regions industries across India. As a provider of manpower and human resource outsourcing services company, its extensive presence across India not only enables it to broaden its client portfolio but also ensures that it remains at the forefront of client requirements.

Customer Satisfaction and long-standing relationships with its customers: The company has worked with large number of marque clients which includes Cars24 Services Private Limited and Octopolis Technologies Private Limited to name a few. It has long-standing ties with its customers. This is attributable to the importance that its services hold. It builds long-term relationship with its customers to enable in-depth involvement with various departments and divisions of their organizations and enable it to understand their staffing requirements. Its service offerings enable it to cross-sell to current clients as well as attract new ones. It also conducts regular senior management reviews with its important clients to get feedback and discuss future potential.

Risks and concerns

Maximum revenue comes from limited customers: The company has garnered 65.56%, 61.43% and 70.44% of its total revenue from top 10 customers in FY25, FY24 and FY23 respectively. Significant dependence on certain clients, particularly in its relatively newer service offerings, may increase the potential volatility of its results of operations, if it does not achieve its expected margins or suffer losses on such contracts. The loss of, or a significant decrease in revenues from its key customers or key geographies due to any economic or other factors beyond its control may adversely affect its revenues, results of operation and profitability. 

Geographical constrain: The company operates in limited geographies for a significant portion of its revenue. The company’s operations are based out of limited region like Delhi, Uttar Pradesh, Kerala, Gujarat, Telangana, Haryana, Punjab, Maharashtra, Rajasthan, West Bengal, Assam, Madhya Pradesh, Chhattisgarh, Karnataka, Tamil Nadu and Andhra Pradesh. Exposure to projects in new geographies may not be as profitable as its current geographies. The company’s geographic concentration may have a have a material adverse effect on its business, results of operations and financial condition.

Management has limited experience in handling the business operations of the company: The company’s Managing Director, Poonam Rajpal and its Whole-time Director, Deepika Ondela hold an experience of over four years in corporate governance, and five years in human resource management, respectively, and therefore have a limited experience in handling the business operations of the company. Due to her limited experience, they may not be able to evaluate its business, future prospects and viability. Further, they may not have sufficient experience to address the risks relating to managing its operations. Additionally, they may not be able identify risks involved in its operations and therefore could fail to achieve timely fulfilment of business commitments and the quality requirements of its services.

Outlook

Happy Square Outsourcing Services specializes in HR outsourcing, focusing on recruitment, payroll, onboarding, and flexible staffing. The company is involved in a tech-based human resource outsourcing business focusing on end-to-end solutions. The company is catering to diversified industrial verticals. It has strong financial position and good track record of financial performance. On the concern side, the company’s revenue is dependent on limited customers and the loss of, or a significant decrease in revenues from, one or more of its key clients or primary markets may adversely affect its revenues, results of operations and financial performance. Moreover, the company operates in limited geographies for a significant portion of its revenue and also depends on limited number of customers for its revenue from operations. Projects in new geographies may not be as profitable as in existing geographies.

The company is coming out with a maiden IPO of 31,90,400 equity shares of Rs 10 each. The issue has been offered in a price band of Rs 72-76 per equity share. The aggregate size of the offer is around Rs 22.97 crore to Rs 24.25 crore based on lower and upper price band respectively. On performance front, In FY25, the company’s revenue from operations has increased by 40.59% to Rs 9,741.46 lakh from Rs 6,928.87 lakh in FY2024 due to the addition of new customers in customer portfolio and additional services from the existing clientele. Moreover, net profit increased by 34.38% to Rs 590.34 lakh in FY25 from Rs 439.32 lakh in FY24 was primarily due to higher revenue growth, improved cost management, and better overall operational performance.

The company is focused on continuing to expand its relationships with existing customers by helping them in getting replacement as well as new manpower requirements and become more engaging, responsive and efficient. It has a demonstrated track record of expanding its work with customers after an initial engagement. As the company has done previously, it aims to sustain the annual revenue contribution of a customer in subsequent years after the year of customer acquisition. Expansion of its relationships with existing active customers will remain a key strategy going forward as it continues to leverage its staffing solution expertise and knowledge of emerging requirements in order to drive incremental growth for its business.

Crizac

• Crizac is coming out with a 100% book building; initial public offering (IPO) of 3,69,09,871 shares of Rs 2 each in a price band Rs 233-245 per equity share.
• Not more than 50% 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 35% for the retail investors.
• The issue will open for subscription on July 2, 2025 and will close on July 4, 2025.
• The shares will be listed on BSE as well as NSE.
• The face value of the share is Rs 2 and is priced 116.50 times of its face value on the lower side and 122.50 times on the higher side.
• Book running lead managers to the issue are Equirus Capital and Anand Rathi Advisors.
• Compliance Officer for the issue is Kashish Arora.

Profile of the company

Crizac is a B2B education platform for agents and global institutions of higher education offering international student recruitment solutions to global institutions of higher education in United Kingdom, Canada, Republic of Ireland, Australia and New Zealand (ANZ). Student recruitment solutions from India into the United Kingdom is its strength as a result of its strong relationships built over time with global institutions of higher education in the United Kingdom. For the Fiscals March 31, 2025, March 31, 2024 and March 31, 2023, the company sourced applications for enrolment into global institutions of higher education from over 75 countries through its agents globally who are registered on its proprietary technology platform.

The company also works in close collaboration with global institutions of higher education, which has helped it in developing expertise and understanding of their recruitment preferences and develop bespoke strategies that reflect and highlight their unique goals and strengths. This has enabled it to scale its business, and it has grown at a CAGR of 100.18% in terms of increase in its revenue from operations in Fiscal 2015 to its revenue from operations, based on Proforma Consolidated Financial Information, for Fiscal 2025.

It is based in India with co-primary operations in London, United Kingdom. In addition to extensive operations and employees in India, it has consultants in multiple countries including Cameroon, China, Ghana, and Kenya. As on March 31, 2025, it had a team of 368 employees and 12 consultants with extensive experience of the international educational landscape. As of March 31, 2025. The company has around 10,362 Registered Agents globally who are registered on its proprietary technology platform. It has developed an internal system to meticulously identify prospective agents, establishing connections and nurturing the relationship with agents.

Proceed is being used for:

• Achieving the benefits of listing the Equity Shares on the Stock Exchanges
• Carrying out the Offer for Sale of Equity Shares by the Selling Shareholders

Industry Overview

The overseas education market has experienced significant growth in recent years, driven by several factors. Increasing globalization, coupled with the pursuit of quality education and international exposure, has led to a surge in demand for studying abroad. Students and parents are increasingly recognizing the value of acquiring a global perspective, accessing world-class educational institutions, and experiencing diverse cultures. The global education market, valued at approximately $6 trillion in 2024, is projected to expand to around $7.4 trillion by 2030. This includes the segments of Pre-K, K-12 and Higher education. Higher education (post K-12 education at universities, colleges etc.) stands as one of the largest segment within this education market, presenting substantial growth prospects. The segment is expected to reach a spending level of $2.4 trillion by 2030, increasing from $1.9 trillion in 2024.

A substantial portion of the global education economy is made up of the money spent on studying abroad. The cost of studying abroad has been steadily increasing over the years, driven by factors such as inflation, currency fluctuations, rising tuition fees at foreign institutions, and increasing living expenses in popular study destinations. The growth in international tertiary education enrolment has been phenomenal. From close to 2 million students travelling each year to study overseas to about 6.7 million in 2023, the growth has been unprecedented. There has been a corresponding increase in direct annual expenditure as well by these students going abroad for higher studies. While the total spend by students abroad was estimated to $200 billion by 2019, the same is estimated to grow to $262 billion by 2023 and $420 billion by 2030 growing at a CAGR of 7% (2023-2030).

While the internationally mobile students have increased by 20% over the last five years (2018 - 2023), yet only 2.56% of the student population in 2022 pursued higher education abroad. The total number of international students pursuing tertiary education abroad is expected to reach 8 million by 2030, which is a 2X over the 2012 value of 4.1 million. In 2019, there were more than 6 million tertiary international mobile students around the world, which is almost 3% of the total number of tertiary students globally. In 2024, there were more than 6.9 million tertiary international mobile students around the world. Total number of international students pursuing higher education abroad is expected to increase to 2X by 2030 (over 2012). 

Pros and strengths

One of the providers of international recruitment solutions: The company is a B2B education platform offering international student recruitment solutions to global institutions of higher education in United Kingdom, Canada, Republic of Ireland, Australia and New Zealand (ANZ). For Fiscals March 31, 2025, March 31, 2024 and March 31, 2023, its sourced applications for enrolment into global institutions of higher education from over 75 countries through its agents globally who are registered on its proprietary technology platform. Since commencement of its operations in Fiscal 2011, it has built significant experience in the recruitment solutions for global institutions of higher education, which has enabled it to develop a deep expertise and understanding of the markets and cultures in which it operates, which is demonstrated by it processing over 7.11 lakh student applications while working with over 173 global institutions of higher education during Fiscals 2025, 2024 and 2023.

Well entrenched relationship with global network of institutions of higher education: The company has over the years established long standing relationship with a global network of institutions of higher learning and for Fiscals ended March 31, 2025, March 31, 2024 and March 31, 2023 it worked with over 173 global institutions of higher education predominantly across United Kingdom, Republic of Ireland, Canada and USA. Out of its top 30 global institutions of higher learning, based on its revenue from operations, Fiscal 2025, Fiscal 2024 and Fiscal 2023, it had longstanding relationship of over 5 years with more than 20 global institutions of higher learning.

Wide ranging network of educational agents for sourcing students for recruitment: As of March 31, 2025, it has around 10,362 Registered Agents globally who are registered on its proprietary technology platform. It has developed an internal system to meticulously identify prospective agents, establishing connections and nurturing the relationship with agents. It seeks to identify and work with agents whose objectives align with its and foster a collaborative and symbiotic partnership. During Fiscal 2025, it had 3,948 Active Agents in over 39 countries overseas including United Kingdom, Nigeria, Pakistan, Bangladesh, Nepal, Sri Lanka, Cameroon, Ghana, Kenya, Vietnam, Canada and Egypt.

Scalable proprietary technology platform: One of the key features of its service offerings is its strong focus on technology. Its proprietary technology platform facilitates streamlined communication between its around 10,362 Registered Agents globally, who are registered on its proprietary technology platform as on March 31, 2025 the company, and its global institutions of higher education, and provides a comprehensive ‘one-stop’ window for a seamless experience, which enhances efficiency and accessibility. Its proprietary technology platform can be accessed by its agents who are the point of contact with the students.

Risks and concerns

Dependent on few global institutions of higher education for its revenue: The company is a B2B education platform for agents and global institutions of higher education offering international student recruitment solutions to global institutions of higher education in United Kingdom, Canada, Republic of Ireland, Australia and New Zealand (ANZ). While revenue from any particular institution of higher education may vary between financial reporting periods depending on the nature and term of on-going contracts, historically, it has been dependent on a limited set of global institutions of higher education for a majority of its revenue from operations.

Revenue is concentrated to certain geographical locations: The company’s source of revenue is concentrated to certain geographical locations. During Fiscal 2025, Fiscal 2024 and Fiscal 2023, it derived 95.12%, 96.13%, and 96.42% of its revenue from operations, based on its Proforma Consolidated Financial Information, from the global institutions of higher educations located in The United Kingdom. Its inability to operate and grow its business in such countries may have an adverse effect on its business, financial condition, result of operation, cash flow and future business prospects.

Heavily dependent on the service of its agents: The company’s business model requires it to establish and maintain a wide network of agents in India and in global markets. As of March 31, 2025, it has around 10,362 Registered Agents globally who are registered on its proprietary technology platform and during Fiscal 2025 Fiscal 2024 and Fiscal 2023 it had 3,948, 2,532, and 1,819, active agents respectively (i.e., agents from whom it received applications during the relevant periods (Active Agents) in over 39 countries overseas. It cannot assure that it will be able to maintain a similar proportion of its Active Agents to its Registered Agents. If the proportion of non-Active Agents increases then it may adversely impact its business, results of operations and financial conditions.

Business operations are seasonal in nature: The company operates in the educational consultancy services industry and as a service, it assists in enrolling students to global institutions of higher education. Enrolment into global educational institution is seasonal in nature and typically, enrolments are undertaken during specified intakes. Key intakes which are currently relevant to it occur during the months of January/ February, April/ May and September/ October. As its revenue is generated solely from its educational consultancy service, its revenue during the enrolment season is significantly higher than the rest of the year.

Outlook

Crizac is a B2B education platform for agents and global institutions of higher education offering international student recruitment solutions to global institutions of higher education in the United Kingdom, Canada, the Republic of Ireland, Australia and New Zealand (ANZ). The company has consultants in multiple countries, including Cameroon, China, Ghana, and Kenya. As of September 30, 2024, the company had a team of 329 employees and 10 consultants with extensive experience in the international educational landscape. On the concern side, the company is heavily dependent on few global institutions of higher education for its revenue and any loss of such global institutions of higher education may have an adverse impact on its business, results of operations and financial conditions. Also, the company is heavily dependent on the service of its agents and loss of any or all such agents may have an adverse impact on its business, results of operations and financial conditions.

The issue has been offering 3,69,09,871 shares in a price band of Rs 233-245 per equity share. The aggregate size of the offer is around Rs 860.00 crore to Rs 904.29 crore based on lower and upper price band respectively. Minimum application is to be made for 61 shares and in multiples thereon, thereafter. On performance front, the company’s revenue from operations increased by 60.27% from Rs 5,300.52 million in Fiscal 2024 to Rs 8,494.91 million in Fiscal 2025, due to an increase in the revenue from its education consultancy services. Moreover, the company’s profit for the year increased by 29.69% from Rs 1,179.21 million in Fiscal 2024 to Rs 1,529.33 million in Fiscal 2025.

The company will continuously seek to deepen its ties with existing agents and increasing the number of agents who avail of its services. Further, it proposes to augment its network of agents in China. India and China are the top two sources of students going abroad for education and accounting for close to 40% of the total international higher education expenditure. While these countries have the maximum students outbound for studies abroad every year, they also have the maximum students (more than a million) studying abroad across various undergraduate and post graduate courses. Going forward, the company anticipates that augmenting its network in China will lead to greater applications from Chinese students being routed through it, which will in turn have a positive impact on its business and results of operation.