23–25 Sep · band ₹134 · ₹151 Cr · 88% fresh / 12% OFS

P/E post

23.0x

RoE

22.5%

D/E

0.41

EBITDA margin

27.7%

retail slice

₹53 Cr

odds at 20x

~5%

Sixty-year driveline maker — propeller shafts, Dewas MP, >90% exports to 32 countries. FY24→FY26 revenue 125→143 Cr, PAT 14.5→26.2 Cr (+44%), EBITDA margin 23.7→27.7% against 11–16% for GNA Axles, Talbros and Hindustan Hardy; 88% fresh, into Dewas and Pithampur capex. Anchors ₹45.2 Cr from six domestic AIFs (Abakkus ₹10 Cr, Chhattisgarh Investments ₹10 Cr, Valour ₹7.5 Cr, Cognizant Capital ₹7.5 Cr, Aarth ₹5.2 Cr, Fortune Hands ₹5 Cr) — no mutual fund, which is adequate rather than a stamp. Risks: top-10 customers 67% of revenue, top-10 suppliers 92% of purchases, US concentration, 237-day working capital, borrowings 8→52 Cr in a year. What flips the call: QIB under 1x at Friday's close with retail above 5x is the weak-listing pattern — sell the whole allotment at the open.

24–28 Sep · band ₹34 · ₹1,092 Cr · 69% fresh / 31% OFS

P/E FY26

21.5x

P/E annualised

8.6x

P/B

2.6

managed AUM

₹21,380 Cr

retail slice

₹382 Cr

promoters post

20%

Digital personal-loan platform: 140M registered users, 9.7M monetised, 48 lending partners. FY26 revenue +43% to 3,404 Cr but PAT +1% to 243 Cr — the margin compression is the number to understand, and the June quarter (PAT 174 Cr) says it may have turned; expenses fell 56%→35% of income FY24→FY26. Lead managers Axis, BofA, IIFL, Kotak. Risks: the default-loss-guarantee model is exactly where RBI has been tightening; unsecured book; top-10 partners 37% of revenue; no NPA or credit-cost disclosure in the summaries; 31% OFS; the issue was trimmed to a ~$624M valuation. As a hold this is a regulatory bet; as a listing trade it is the strongest here. Read tonight's anchor list — domestic mutual funds would de-risk it.

25–29 Sep · band ₹272 · ₹552 Cr · 58% fresh / 42% OFS

P/E post

23.6x

RoE

25.8%

D/E

0.95

market share

22.9%

peers

12–16x

promoters post

82%

#4 in networking cables — broadband, telecom, data centres, e-mobility. FY26 revenue +42% to 1,182 Cr, PAT flat at 54 Cr as copper pass-through took the margin 6.4→4.6%; the June-26 quarter recovered to PAT 33 Cr and EBITDA 11.2%, which is the question answered if it holds. ₹155 Cr of proceeds to debt, ₹92 Cr capex; JM + IIFL. Electrical/power equipment is IMPROVING on our own RRG at rank 29 — the one issue here in a sector the scan likes. 42% OFS is the caveat.

24–28 Sep · band ₹405 · ₹405 Cr · 88% fresh / 12% OFS

P/E post

24.6x

RoE

14.7%

D/E

1.17

capacity

1.73 MTPA

peers

17–21x

to debt

₹250 Cr

Southern integrated steel, six plants in Karnataka and Andhra, green power under 15–25-year PPAs. FY26 revenue 4,202 Cr (+18%), PAT 7.7→127 Cr as EBITDA margin went 4.9→7.3%. Against it: the profit jump is one year old, operating cash flow fell ~40% to 63 Cr — profit quality unproven — and recent steel listings trade at 17–21x. PL Capital + Khambatta. One retail lot for the pop; it will trade on steel prices, not on this IPO.

23–25 Sep · band ₹375 · ₹300 Cr · fresh-heavy

P/E

26.2x

PAT margin

3.3%

borrowings

48→174 Cr

contingent liab.

₹129 Cr

bankers' record

7 of 9 below issue

IT infrastructure and managed services for government and PSU clients, Ahmedabad, plus a renewable sideline. FY26 revenue 1,410 Cr (+7%), PAT 45 Cr — below FY24's 50 Cr; RoE 71→29% in two years; rising receivables. 26x for a 3%-margin government contractor. The quota structure is the tell: a 52.5% retail slice against 25% QIB says the bankers do not expect institutions to fill it, and their last nine issues saw seven list below price. Ventura says Subscribe; the structure says otherwise.

25–29 Sep · band ₹139 · ₹304 Cr · 95% fresh / 5% OFS

P/E

13.1x

P/B

0.67

RoE

18.9%

D/E

0.79

to capacity

₹226 Cr

TMT bars, billets and sponge iron, Kutch. FY26 revenue 1,685 Cr (+11%), PAT 80 Cr (+33%), EBITDA 9.9%; ₹226 Cr into capacity plus a hybrid wind and solar plant. The only issue here below book value, and the only one whose price does not assume the cycle continues. But it is a regional commodity steelmaker and an 8% expected listing gain is not worth the lock-up. If the 24th's anchor list carries real institutions — CLSA is on the book — a single retail lot becomes reasonable.

23–25 Sep · band ₹185 · ₹161 Cr · 80% fresh / 20% OFS

P/E

15.2x

RoNW

35.4%

order book

₹917 Cr

book/revenue

1.8x

contingent liab.

₹273 Cr

market cap

₹631 Cr

Power transmission and distribution EPC, Rajasthan-heavy. Revenue 211→506 Cr and PAT 14→41 Cr in two years is real growth at a fair multiple. But contingent liabilities of ₹273 Cr against a ₹631 Cr market cap, rising receivables and a 4% GMP: no listing edge and a balance-sheet question that the order book does not answer. Worth studying once listed and once a few quarters of conversion are visible.

25–29 Sep · band ₹305 · ₹500 Cr · 100% fresh

P/E post

24.3x

P/B

5.0

D/E

3.29

borrowings

₹2,909 Cr

FY24→26 income

2,437→1,051→1,851 Cr

Mumbai developer, #3 by launches and sales, #1 in Kalyan-Dombivli. FY26 income 1,851 Cr and PAT 186 Cr look excellent until the three years are read together — 2,437 / 1,051 / 1,851 Cr — which is revenue recognition, not a run-rate, so the +234% PAT year prices something that has not been earned twice. One reviewer computes the post-issue P/E at 95x on a different earnings base; when reviewers cannot agree on the base, the base is the risk. Only ₹100–325 Cr of proceeds go to debt against ₹2,909 Cr of borrowings.

22–24 Sep · band ₹148 · ₹708 Cr · 45% fresh / 55% OFS

P/E post

60.7x

RoE

6.8%

P/B

3.74

Kajaria P/E

~40x

revenue 3 yrs

1,473→1,563 Cr

Morbi tiles. Revenue flat across three years, PAT 55 Cr, RoE 6.8% — and priced at 61x against Kajaria's ~40x with double the return ratios. 55% OFS, with Katsura exiting, and every rupee of fresh money going to debt repayment rather than the business. Anand Rathi, Axis, Antique and Ventura said Subscribe; Canara said Avoid; the book has settled it at 0.15x on day two with QIB at zero.

23–25 Sep · band ₹362 · ₹2,100 Cr · 100% fresh

P/E reported

35.1x

P/E normalised

~68–89x

D/E

4.98

borrowings

1,207→4,121 Cr

one-off in PAT

₹105 Cr

beds

78,542

Student housing plus K-12 schools — a good business (Value Research: "good business, complicated issue") inside an issue that is not. FY26 PAT of 174 Cr includes a ₹105 Cr one-time gain, so the real multiple is ~68x rather than 35x; borrowings went 1,207→4,121 Cr in a single year; and of the ₹2,100 Cr raised, ₹1,100 Cr goes to the sponsor's Singapore entities to buy sixteen private school companies, with ₹750 Cr to debt. JM, IIFL and Morgan Stanley placed ₹945 Cr with anchors. Sushil and Ventura say Subscribe. Interesting below ~₹270 once the debt reduction is real; not at 362.

25–29 Sep · band ₹32 · ₹420 Cr · 68% fresh / 32% OFS

FY26 revenue

₹510 Cr (+29%)

FY26 loss

₹46–61 Cr

valuation

₹1,741 Cr

EBITDA

negative

Snapdeal, Unicommerce and Stellaro Brands under one roof. The loss narrowed — FY25 126 Cr to FY26 46 Cr on the company's figures — but EBITDA is still negative, RoNW negative, and SoftBank's Starfish is selling up to 27.6M shares alongside Nexus. Zero grey-market premium, and our own base rate for a zero-GMP listing is −6.6% with only 29% of them listing positive. Nothing here to price a listing trade on.