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

QIB

0.05x

retail

7.24x

HNI

7.2x

overall

5.18x

GMP

unchanged ₹34

closes

tomorrow

<b>Yesterday's page wrote the condition down and today it is firing.</b> The note read: <em>QIB under 1x at Friday's close with retail above 5x is the weak-listing pattern — sell the whole allotment at the open.</em> On day 2 QIB is <b>0.05x</b> against retail <b>7.24x</b> and HNI <b>7.2x</b>. Institutions are absent and the book is being filled entirely by individuals, which is the shape that lists well and then fades. QIB lines do fill on the final day, so the condition is not formally met until tomorrow's close — but 0.05x with one session left is not a line that reaches 5x, and the horizon changes now rather than after the fact. The business case is unchanged and still good: 27.7% EBITDA margin against 11–16% for the peers, 88% fresh into capex. <b>This is a listing trade, not a holding.</b> The tranche-hold is off.

24–28 Sep (opened today) · band ₹34 · — · —

GMP

₹14

was

₹11 yesterday

GMP %

+41.2%

expected

~+39%

status

open today

closes

28 Sep

<b>Applied 24 September, HNI.</b> The strongest grey market on the board and it strengthened overnight, ₹11 to ₹14, 32.4% to 41.2% — the only issue here whose expected listing clears +30% after the overstatement is taken off. Call and horizon unchanged from yesterday. The hold condition is still the credit-cost line in Q2 rather than the listing pop: a lender's listing gain tells you nothing about its book, and 30% of the allotment is the most that should ride on a quarter nobody has seen yet. <b>What to watch before Monday's close, and it is the Adroit lesson:</b> the QIB line. Adroit was applied for on the same reasoning and is closing at 0.05x QIB against 7.24x retail. If Moneyview's book takes the same shape — retail far ahead, institutions absent — the 30% hold comes off and the whole allotment is sold at the open.

25–29 Sep · band ₹272 · — · —

GMP

₹45

was

₹34

GMP %

+16.5%

expected

~+14%

retail slice

₹193 Cr

opens

tomorrow

Yesterday's call carried a condition: <em>sHNI if GMP ≥ ₹30 on day 3</em>. It is ₹45, up from ₹34, so the condition is met before the issue has even opened. Retail slice of ₹193 Cr is large enough that the odds do not collapse at a high multiple, which is the reason this is a better sHNI candidate than a ₹150 Cr issue at the same subscription.

24–28 Sep (opened today) · band ₹405 · — · —

GMP

₹55

was

₹50

GMP %

+13.6%

expected

~+11%

status

open today

closes

28 Sep

Unchanged call. GMP firmed from ₹50 to ₹55 but the percentage barely moved, 12.3% to 13.6%, because the band is high. The anchor book still has no published names, which is why this stays retail-only and does not get an sHNI cheque.

25–29 Sep · band ₹139 · — · —

GMP

₹24

was

₹15

GMP %

+17.3%

expected

~+15%

anchor

24 Sep

opens

tomorrow

The largest overnight GMP move on the board, ₹15 to ₹24, and the call does not change on that alone. <b>A grey-market quote is not a reason to apply to an issue skipped on its fundamentals</b> — it is the half of the evidence with no print behind it. What would change the call is the anchor list published today: domestic mutual funds rather than a row of small AIFs.

23–25 Sep (closes tomorrow) · band ₹375 · — · —

overall

0.53x

QIB

0.93x

retail

0.5x

GMP

₹55 (was ₹46)

GMP %

+14.7%

closes

tomorrow

<b>The clearest divergence on the board and the reason the two columns are both printed.</b> The grey market marked this up from ₹46 to ₹55 overnight while the exchange book sits at <b>0.53x with one day left</b> — retail itself only 0.5x against a quota that is 52.5% retail. One of those numbers is an unregulated quote with no print behind it and the other is the exchange's own record of money actually bid. The skip stands on the verifiable half.

23–25 Sep (closes tomorrow) · band ₹185 · — · —

overall

0.96x

QIB

0.69x

HNI

1.9x

retail

0.71x

GMP

₹8 unchanged

closes

tomorrow

Unchanged on every number that matters — GMP still ₹8, book still under 1x on the second day with only the HNI line above water. Expected listing of about +2% does not pay for the application.

23–25 Sep (closes tomorrow) · band ₹362 · — · —

overall

0.2x

QIB

0.18x

retail

0.13x

GMP

₹3 (was ₹5)

GMP %

+0.8%

expected

~−2%

The avoid is being confirmed by the tape. GMP fell from ₹5 to ₹3 and the book is <b>0.2x with one day left</b>, retail at 0.13x against a retail quota of only 10%. At a GMP of 0.8% the expected listing is already negative once the 2.6-point overstatement is taken off. The structural objection is unchanged and is the real one: ₹1,100 Cr of proceeds to the sponsor's Singapore entities.

22–24 Sep (closes today) · band ₹148 · — · —

overall

0.27x

QIB

0.11x

retail

0.4x

GMP

₹0 (was ₹5)

expected

~−6.6%

closes

today

Closes today at <b>0.27x</b> with the grey market at zero, down from ₹5 yesterday. A zero GMP has averaged <b>−6.6%</b> on listing and listed positive 29% of the time across the 295 listings behind the lens. An issue that cannot fill its own book is the cleanest avoid on this page, and the valuation objection — 61x against Kajaria's 40x on half the RoE — was there before the book confirmed it.

25–29 Sep · band ₹305 · — · —

GMP

₹18

GMP %

+5.9%

expected

~+3%

band

₹305

opens

tomorrow

change

none

Nothing moved overnight. Expected listing of about +3% does not pay for the lock-up.

25–29 Sep · band ₹32 · — · —

GMP

₹0

expected

~−6.6%

band

₹32

opens

tomorrow

sellers

SoftBank, Nexus

change

none

Still zero in the grey market on the day before it opens. The objection is unchanged: SoftBank and Nexus are selling, which makes the issue an exit rather than a raise.

28–30 Sep · band ₹123–130 · ₹218 Cr · 100% fresh / no OFS

P/E post

19.3–24.8x

RoE FY26

30.2%

RoE H1

16.0%

D/E

0.23

govt revenue

~92%

OCF FY25

−₹58.9 Cr

Bengaluru IT services for government — e-governance, healthcare, telecom; CMMI Level 5; ₹1,280 Cr order book at 3.3x revenue. The structure is the good part: <b>100% fresh, no OFS</b>, promoter 84.9% → 62.7%, D/E 0.23. <b>Three things override it.</b> First, the RHP discloses a conditional binding term sheet to buy 50% of Blossom Multi Specialty Hospital at an indicative ₹280 Cr valuation — <b>₹140 Cr for the stake, against a ₹218 Cr raise</b> — plus an inter-corporate deposit of up to ₹50 Cr, and the seller, Dr Chandan Dash, has been a non-executive director of SRIT since 10 August 2026 while the relationship is recorded as “Nil”. Whether IPO money funds it is not stated, and about 35% of gross proceeds is earmarked for <em>unidentified</em> acquisitions. Second, <b>profit is not becoming cash</b>: operating cash flow −₹58.9 Cr in FY25 and −₹17.5 Cr in H1 FY26 while PAT rose to ₹43.3 Cr, with cash down 69% to ₹7.6 Cr. Third, the headline 30% RoE is backward-looking — H1 FY26 is 16.0% RoE and 16.4% RoCE, and sub-contracting has gone from 61% of revenue to 73%. At 24.8x trailing against Mastek's 17.5x with worse margins and worse conversion, a +6.6% expected listing is not payment for any of that.

28–30 Sep · band ₹159–167 · ₹90 Cr · 100% fresh / no OFS

P/E post

26.9x

revenue FY26

−23%

PAT FY26

−44%

RoE

7.6% (was 14.7%)

OCF FY26

−₹19.7 Cr

D/E

0.10

Gujarat and Maharashtra retail broker, 1994, eleven branches, ~38,000 active clients. No OFS, promoters stay at 62.8%, D/E 0.10, and a genuinely thick 30% EBITDA margin even in a bad year. <b>The problem is the direction of travel.</b> Revenue fell 23% and PAT fell 44% into the issue — ₹23.4 Cr to ₹13.1 Cr — RoE halved from 14.7% to 7.6%, and it is priced at <b>26.9x post-issue on that declining base</b>. Operating cash flow is −₹19.7 Cr against ~₹13 Cr of reported profit, and borrowings tripled to ₹18.5 Cr while the issue asks for ₹60 Cr of working capital. The sole banker, Beeline Capital, is predominantly an SME-IPO house with no retrievable mainboard listing record. A broking cycle turns and this may well be a trough — but the trough is being sold at a peak multiple, and a GMP of 6% that was zero yesterday is not conviction.