Tanmay 🇮🇳

I Study IPOs irrespective of what GMP is, If that's your primary parameter to apply an IPO, I might Dissapoint You

Views Are Personal |

Non SEBI Registered |

[Tanmay 🇮🇳 @Tanmay_31_]

Another flood of 10-15 Mainboard IPOs is set to hit the markets very soon

But this won't be like August, where 3-4 out of 5 IPOs very of Good/ High Quality

This month will see more Tier-2 and Tier-3 Mandates, very few will be of a good quality, this month The ratio between good quality and poor quality will be 1:2

Hence one needs to be very careful, I am sure that the disparity and Volatility between Anticipated Listing and Real Listing & Post-Listing Action will be very high

In terms of number of Mainboard IPOs, The month of September should be a new record

Keep Minting!

[Tanmay 🇮🇳 @Tanmay_31_]

@jangraapardeep It's my wish to pick it now, what's the problem ?

[Tanmay 🇮🇳 @Tanmay_31_]

Elevate Campuses IPO

I Am Applying For Post-Listing Action, Happy to hold for Medium Term as well

Elevate is the Largest Institutionalized and Independent Eduacation Platform across Student Accommodation across Higher Eduacation Institutes (HEI) and also own K-12 Assets

It's Portfolio Includes 17 HEIs, 18 K-12 Assets, student capacity of ~95,000, Occupancy of owned Portfolio stands at 99.47%

Top notch KEI Portfolio, solid K-12 Assets, solid Anchor Book, attractive Valuations

Valued at 10× FY27E EV/ EBITDA, on this valuation there is nothing to loose

Highly Predictable Cash Flows, Impressive Management, Ever-growing segment

This is one of those companies which won't be understood by many but will do well

[Tanmay 🇮🇳 @Tanmay_31_]

Two Mainboard Anchor Books

▪ SRIT India Limited

Investors Include :

• Abakkus Venture Fund
• Founders Collective Fund
• Taurus Mutual Fund
• Saint Capital Fund
• Meru Investment PCC
• Smart Horizon Opportunity
• Steptrade Revolution Fund
• Abundantia Capital VCC
• Holani Venture Capital

▪︎ Shah Investor's Home Limited

Investors Include :

• Anubhuti Value Trust
• Gagandeep Credit Capital
• Compact Structure Fund
• Sunrise Investment Trust

Both average books

[Tanmay 🇮🇳 @Tanmay_31_]

▪︎ Armee Infotech Limited IPO

Avoiding ❌️

Armee is a combination of IT Infrastructure, Managed Services, RE EPC and RE IPP businesses

The company is now shifting its business model to predominantly Solar EPC

Expensive Valuations, No Growth, 52.5% Retail Quota, Khichdi of RE and IT business

▪︎ Swastika Infra Limited IPO

I would be skipping, neutral on this

T&D EPC Company focusing purely on Government utilities

Good Financials and Financial Position even after growing that fast, buy there are lot of players in the segment

At 9-10× FY27E PE, Follows an Asset-Light Approach, average Anchor Book

Not a bad company, but no compelling
pointer to invest

[Tanmay 🇮🇳 @Tanmay_31_]

Adroit Industries Limited IPO Closing Today

I Am Applying Full Reasonable Listing Gains And Long-term

Adroit is a vertically integrated manufacturer and supplier of propeller shafts and torque transmission components used in driveline systems

Product Portfolio :
▪︎ Propeller Shafts
▪︎ CV Double Cardan Driveshaft Assemblies
▪︎ Flanges and Yokes
▪︎ U-Joints
▪︎ Forged products
▪︎ Sleeve/ Slip Yokes
▪︎ Tube/ Weld Yokes
▪︎ Center support Bearings
▪︎ Splined Tube Shafts
▪︎ Short Coupled Shafts
▪︎ End Yokes (Bore, Keyway, Clamp, Splined)
▪︎ Companion Flanges
▪︎ External Splines
▪︎ Mechanics style Cardian Parts and Accessories

Exports account for ~85% revenues for the company, export countries include the US, Canada, Latin America

Clientele : VE Commercial, BEML, Ashok Leyland, Dana, Machine Service Inc, Midwest Auto Parts, Johnson Power, Dacomsa, Godrej and Boyce, Conmat, Oilgear India, Hailstone Innovations, Etc.

Priced at ~17× FY27E PAT, There a good scope left on the table

Good Fundamentals, Good Anchors, Good Segment

Do your own due diligence

[Tanmay 🇮🇳 @Tanmay_31_]

New Mainboard IPO

Nityas Gems and Jewellery Limited

Date : 30 Sep - 5 October

Price Band : 70-75
Lot Size : 200 Shares

Size : 108.35 Crore (Full Fresh)

FV : 5
Retail : 35%

M.Cap : 432 Crore

FY26 PE : 17.8×

FY24
Revenue : 53.6 Crore
PAT : 4 Crore

FY25
Revenue : 97.3 Crore
PAT : 9.9 Crore

FY26
Revenue : 207 Crore
PAT : 24.2 Crore

Promoter Holding Post-issue :
93.44%➡️ 69.99%

LM : Choice Capital

[Tanmay 🇮🇳 @Tanmay_31_]

@UncleStocks Aur ISIF long only Fund kiska he fir ?

[Tanmay 🇮🇳 @Tanmay_31_]

Orient Cables IPO Anchor Book

Blockbuster Anchors 🔥👏

Investors Include :

▪︎ Nippon Mutual Fund
▪︎ ICICI Prudential Mutual Fund
▪︎ Border to Coast Pensions Partnership Fund
▪︎ Goldman Sachs Funds
▪︎ Ashoka WhiteOak Capital
▪︎ Aditya Birla Sun Life MF
▪︎ Invesco India Mutual Fund
▪︎ Motilal Oswal Mutual Fund
▪︎ Bandhan Mutual Fund
▪︎ Sundaram Mutual Fund
▪︎ 360 One Equity Fund
▪︎ Edelweiss Mutual Fund
▪︎ Aditya Birla Sun Life Insurance
▪︎ Edelweiss Life Insurance

This one is going to be a super hot IPO, Optic fibre companies are now in solid taste, and attractive valuations are cherry on the top

[Tanmay 🇮🇳 @Tanmay_31_]

One of the fastest-growing B2B commerce players in India with offerings like Marketplace, Processing and Customization, Logistics and Fulfilment, Private brands, Financing and Home building platform

JSW One Platforms Limited Files DRHP With SEBI

Size : 3,054 Crore
Fresh - 1,300 Crore
OFS - 1,754 Crore

FV : 10
Retail : 10%
Employee Quota ✅️

Shareholder Quota ☑️
– JSW Cement Limited
– JSW Steel Limited

FY24
Revenue : 1,420 Crore
Net Loss : (227 Crore)

FY25
Revenue : 3,980 Crore
Net Loss : (217 Crore)

FY26
Revenue : 5,787 Crore
Net Loss : (106.5 Crore)

Q1 FY27
Revenue : 1,657.7 Crore
PAT : 14.2 Crore

LM : JM Financial, ICICI Securities, Kotak Mahindra Capital, SBI CAPS, Prabhudas Liladher

[Tanmay 🇮🇳 @Tanmay_31_]

AceVector Limited IPO Anchor Book

Good Names 👍

Investors Include :

▪︎ Helios Mutual Fund
▪︎ Singularity Growth Fund
▪︎ Alchemy Capital
▪︎ IIFL Asset Management
▪ Negen Undiscovered Fund
▪︎ Mavira Growth Opportunities
▪︎ LC Pharoas Multi Strategy
▪︎ Taurus Mutual Fund
▪︎ Emerge Capital
▪︎ Saint Capital Fund
▪︎ ASAS Global Fund
▪︎ TIMF Holdings

[Tanmay 🇮🇳 @Tanmay_31_]

Varmora Granito Limited IPO Closing Today

I will be avoiding ❌

Good Company, Solid Brand but has came expensively for the future earnings, the Q1 and Q2 should take a hit due to RM shortage in Morbi

It’s FY27 Growth will be around 6.5-9% (even I doubt this growth), this company can never grow beyond that 10-12%, earnings should be flat to minimal growth in FY27, even on normalised FY28 earnings, it’s at ~30x FY28E PAT, around ~12x FY28E EV/ EBITDA, Kajaria trades at 13x FY28 EV/EBITDA, Somani trades at ~6x FY28 EV/EBITDA

Hence Varmora leaves less/no scope for its upcoming shareholders, GVT segment will grow at 8-10% and rest segments would remain flat to a 2-4% degrowth, hence a slow growth company at expensive valuations

Hopeful that the Assam expansion will drive some growth, but again that’s a new geography for the company

Found no compelling reason to invest in Varmora, although it’s a fundamentally a decent company

Do your own due diligence

[Tanmay 🇮🇳 @Tanmay_31_]

@kumar_sarw68929 🚀

[Tanmay 🇮🇳 @Tanmay_31_]

A Direct Play into the Robustly growing Light-weight and Affordable jewellery

Priority Jewels Limited IPO

Detailed Analysis

Applying For Reasonable-Big Listing Gains And Long-term

Highlights of the Issue :

Date : 28 August to 1 September
Price Band : 190-200

Size : 91.5 Crore (Full Fresh)

M.cap : 360 Crore

Objects Of The Issue :

▪︎ Repayment Of Debt - 75 Cr

▪︎ GCP - 16.5 Cr

Key Pointers :

▪︎ Priority is engaged in the designing, manufacturing and selling Light-weight, affordable diamond-studded gold and platinum fine jewellery

▪︎ The Company operates in the B2B Segment, It sells to independent jewellers and Retail chains in India as well as International Markets

▪︎ It's Clinetele Includes Caratlane, Kalyan Jewellers, Reliance Retail, Malabar Gold, TBZ Jewellers, Senco Gold, Bafleh Gems, DV Jewelry Corp, Etc.

▪︎ Priority's portfolio comprises Light-weight and Affordable Daily wear jewellery including Rings, Earrings, Pendants, Neckwear, Bracelets as well as occasion couture jewellery, it also makes Lab-grown diamond jewellery based on orders from specific customers

▪︎ The Company currently has 200+ customers, which includes 125 Independent Jewellers and 53 Jewellery Chains; It has presence across 21 states and 3 UTs in India and Exports to 13 countries including the US, UAE, Hong Kong, Belgium and Norway

▪︎ The Company operates through a Gold Metal Loan (GML) Model, which makes its inventory 100% hedged, they have followed this method since a very long time, leading to no exposure of commodity Volatility and generation of pure Operational Profitability rather than inventory gains

▪︎ The Company has 2 manufacturing facilities with an installed capacity of 700 Kgs (currently at ~70% Utilization), equipped with CAD/CAM and 3D Printing Technology

▪︎ Priority is looking to deleverage its books by 75 Crore, which will lead to a straight 6-7 Cr increase in the Bottomline

▪︎ The Company is exploring opportunities in the Middle-east markets and Deepening presence in the US Markets and also expanding its product portfolio into High-end jewellery and silver jewellery

Financials and Personal Assumptions :

FY24
Revenue : 410.6 Crore
PAT : 7.1 Crore

FY25
Revenue : 435.9 Crore
PAT : 10.5 Crore

FY26
Revenue : 539 Crore
PAT : 17.6 Crore

Q1 FY27
Revenue : 147.4 Crore
PAT : 6.5 Crore

FY27E
Revenue : 730 Crore
PAT : 35 Crore

FY28E
Revenue : 900 Crore
PAT : 51 Crore

Valuing Priority at 15× FY28E PAT, Anticipated Value Comes 420, Implying An Upside Of 110%

(Assumptions are based on volume growth of organised Lightweight and Affordable jewellery segment and commodity prices growth)

Better product mix, increase in Utilisation and operational efficiencies will improve the margins going forward with 7-8 cr interest cost savings

The Pre-IPO names were highly notable including Plutus, Cheay Investments (Rosyblue group), Maple Leaf (Keynote Financial), Suvankar Sen (Senco), Abdul Salem (Malabar), Majvibhai Patel (Kiran jewels), Hiren and Samir Sagar (Manubhai jewellers), Shrikant Zaveri (TBZ), Alukkas Varghese Joy (Joyallukas), Tehmasp Printer (IGI), Invicta, Etc.

The biggest Right To Win for this Company is the positioning, the particular segment of Lightweight and Affordable jewellery should grow ~3× than regular jewellery and this Company sits exactly in the segment and also serving Highly-funded, healthy balance sheet driven customers,
And 2nd is the 100% hedged model which will give significant comfort to investors at all the level

Good Anchor Book, Super Juicy Valuations, High Management Quality

Just A Personal View, Only For Educational Purposes

[Tanmay 🇮🇳 @Tanmay_31_]

The Largest Stock Exchange is now finally listed after a wait of more than a decade

I would call it a solid debut even though listed at <1% Premium, now 4% above Issue price

It's not easy to control such an enormous float supported by regulatory shocks and expensive Valuations

Happy for all the allotees, but could have wished better and investor friendly Valuations from the crown Jewel of Indian Capital Markets

Expecting 2 quarters of earnings degradation and extended regulatory tightness, so if you're View is short term, 5% return is a superb return

[Tanmay 🇮🇳 @Tanmay_31_]

The Crown Jewel of India’s Robust Capital Market Ecosystem

National Stock Exchange Of India Limited IPO (NSE)

Detailed Analysis

Small Risk Takers Can Evaluate For A Horizon beyond 12 months

Keep these three factors into consideration before investing :

▪︎ Short-Term Earnings Headwind
▪︎ Regulatory changes on CAS and options framework
▪︎ Supply from Cat-2 and Cat-3 AIFs without any Lock-in (supply out of the IPO)

Highlights of the Issue :

Date : 17-21 September
Price Band : 1,700-1,785

Size : 22,569 Crore (Full OFS)

M.cap : 4,41,788 Crore

Objects Of The Issue :

▪︎ To Carry out the Offer For Sale for Promoters and Existing Investors and achieving the benefits of listing the shares on the exchanges

Key Pointers :

▪︎ NSE is India's Largest Stock Exchange and one of the Largest Multi-asset Exchange platform Globally

▪︎ NSE is a vertically integrated platform for trading, clearing,
listing and other services comprising data feed, data terminal and licensing services

▪︎ NSE’s product offerings span across multiple asset classes, including cash market, futures, options, mutual funds platform, commodity derivatives, exchange-traded currency derivatives, wholesale debt market and interest rate futures, among others

▪︎ Company's Verticals include :
(Revenue split in bracket)

– Cash Market (11%)
– Futures (8.1%)
– Options (60.2%)
– Mutual Funds Platform (0.1%)
– Listing Services (1.7%)
– Data Connectivity Charges (5.7%)
– Data Centre Rack Charges (1.3%)
▪︎ Data Feed and Terminal Charges (3.3%)
– Licensing Services (1%)
– Clearing and Settlement Charges (1.8%)
– Others (~6%)

▪︎ Till March FY26, the unique registered investors base has grown at a CAGR of ~26% from ~30.9 mn to ~129.1 mn and further reaching to ~132.4 mn. NSE supported 261.4 mn registered investor accounts, 1,328 trading members and 3,005 listed entities

▪︎ The Exchange is looking to deleverage itself by entering new products and expanding its existing portfolio and deepen its penetration

▪︎ NSE is well positioned to benefit from the continued evolution of Indian and global markets, aided by financialization of savings, fund raising, depth of liquidity, wide product offerings, market leadership and operational scale.

Financial and Personal Assumptions :
(*in Crores)

FY24
Revenue : 16,352
EBITDA : 11,442
Normalized PBT : 12,675

FY25
Revenue : 19,176
EBITDA : 13,317
Normalized PBT : 14,914

FY26
Revenue : 18,713
EBITDA : 12,656
Normalized PBT : 14,120

Q1 FY27
Revenue : 5,252
EBITDA : 3,546
Normalized PBT : 4,100

FY27E
Revenue : 20,200
EBITDA : 13,400
Normalized PBT : 14,800

FY28E
Revenue : 22,800
EBITDA : 15,300
Normalized PBT : 16,900

Valuing NSE at 25× FY28E Normalized PBT, Anticipated Value Comes At 1,705, Implying An Downside of 4.5%

Positives :
▪︎ Professional Management
▪︎ Solid Market Leadership Globally and domestically
▪︎ Superb Margin Profile and Return Ratios
▪︎ A Direct Beneficiary of India's Robust Capital Market Growth
▪︎ Entering and ramping up new products
▪︎ Good Anchor Book
▪︎ Extremely Large Scale of Operations
▪︎ Elite Grade Captable

Negatives :
▪︎ High Dependance of Options
▪︎ Regulator continously striking down the trading on F&O
▪︎ Recent ban of Jane Street will itself have a meaningful impact
▪︎ Enormous Supply awaiting to hit the markets without Lockin (in the short term)
▪︎ Significant Supply post Lockin opens
▪︎ Super Short Term Headwind on Earnings
▪︎ Significant decrease in volumes of option trading
▪︎ Regulatory action against many KMPs

It's a superbly high quality company coming at a very wrong time and Valuations not giving any level of comfort, it should've been atleast 10% cheaper from currenct valuations

Institutions would surely get this Stock below Issue Price as Lot of supply is yet to knock the markets

Would have been more happy to give it an apply for short term as well :(

Just A Personal View, Only For Educational Purposes

[Tanmay 🇮🇳 @Tanmay_31_]

Moneyview Limited IPO Anchor Book

Solid Book 👏

Investors Include :

▪︎ SBI Mutual Fund
▪︎ ICICI Prudential Mutual Fund
▪︎ HDFC Mutual Fund
▪︎ Goldman Sachs Funds
▪︎ Mirae Asset Mutual Fund
▪︎ Motilal Oswal Mutual Fund
▪︎ WhiteOak Capital MF
▪︎ Aditya Birla Sun Life MF
▪︎ Quant Mutual Fund
▪︎ 360 One Equity Fund
▪︎ Amundi Asset Management
▪︎ HDFC Life Insurance Company

[Tanmay 🇮🇳 @Tanmay_31_]

New Mainboard IPO

Shah Investor's Home Limited

Date : 28-30 September

Price Band : 159-167
Lot Size : 89 Shares

Size : 90.2 Crore (Full Fresh)

FV : 10
Retail : 35%

M.Cap : 353.3 Crore

FY26 PE : 27×

Peers :

FY24
Revenue : 79 Crore
PAT : 18 Crore

FY25
Revenue : 94.5 Crore
PAT : 23.4 Crore

FY26
Revenue : 72.4 Crore
PAT : 13.1 Crore

Promoter Holding Post-issue :
84.34%➡️ 62.81%

LM : Beeline Capital

[Tanmay 🇮🇳 @Tanmay_31_]

@Young_Bidnesss Yes
Anondita, LT Elevator, Yash High-voltage, Rajesh Power, Manoj ceramic, Farm Peace, Sodhani Capital, bohot sare he aise

[Tanmay 🇮🇳 @Tanmay_31_]

3 SME IPOs Closing Today and two SME IPOs closing tomorrow

1. Robokidz Eduventures

Applying For Reasonable Listing Gains

We had interviewed this company, can have a look

2. FX Multitech

Small Risk Takers can apply for Listing Gains and Medium Term

3. Vivekanand Cotspin

Avoid ❌

4. Anand Seamless

Avoid ❌

5. Himalaya Nutravedics

Risk takers can apply for some Post-listing momentum

[Tanmay 🇮🇳 @Tanmay_31_]

@K46213K Yes few more left

[Tanmay 🇮🇳 @Tanmay_31_]

New Mainboard IPO

SRIT India Limited

Date : 28-30 September

Price Band : 123-130
Lot Size : 115 Shares

Size : 218.4 Crore (Full Fresh)

FV : 5
Retail : 35%

M.Cap : 835.5 Crore

FY26 PE : 19.3×

Peers :
Mastek - 11×
Railtel Corporation - 23×
Aurionpro Solutions - 18×
Allied Digital - 14×
Protean E-Gov - 28×
CSM Technologies - 21×

FY24
Revenue : 282.2 Crore
PAT : 29.1 Crore

FY25
Revenue : 400.5 Crore
PAT : 33.6 Crore

FY26
Revenue : 462.5 Crore
PAT : 43.3 Crore

Promoter Holding Post-issue :
84.91%➡️ 62.71%

LM : Choice Capital

[Tanmay 🇮🇳 @Tanmay_31_]

@rajnish_rajan Can Hold, should list 90% ideally

[Tanmay 🇮🇳 @Tanmay_31_]

SpectraA Technology Solutions Limited SME IPO

Applying 👍

The Company is a process equipment manufacturer for greenfield and brownfield projects involving Commercial Brewery Equipments, Distilleries, Food & Beverages, Dairy, and other Process Industries

Its capabilities include designing, Fabrication, installation and commissioning

It's clientele includes Diageo India, Pernod Ricard India, AbInBev, Alfa Laval, UBL, Asia Pacific, Steinecker, Etc.

Company Raising 36 Crore in Fresh Issue, Majorly Capital Expenditure (11 Cr), Working Capital (9.5 Cr) Repayment Of Debt (6.5 Cr) and rest for GCP

Priced at roughly ~13.6× FY26

Exports account for ~30% revenues with operations in countries like Germany, Nepal, UAE, Bhutan, New Zealand, Etc; and looking to expand in more overseas geographies

Pre-IPO Investors Include Convivial Advisors (A Motilal Oswal affiliate)

Do your own due diligence