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KFin Technologies’ Sreekanth Nadella believes R&T competition drives innovation.



KFin Technologies IPO News

Sreekanth Nadella, MD and CEO of KFin Technologies, a financial services platform, says that the need to provide better solutions at lower costs led to consolidation in the registrar and transfer agent (R&T) business.

On December 19, 2022, the company will release a Rs 1,500 crore public issue that will only include an offer for sale (OFS).

KFin Technologies is a financial services platform that offers services and solutions to asset managers and corporate issuers in the capital markets ecosystem.

Nadella said, “Every penny counts for investors, and so do the costs of the registrar.”


He was answering a question about how there are only two companies in the R&T space.

“We’re able to offer a higher level of service, even though there have been a lot of new rules in the last three or four years,” he said. “We can do this while still serving a large number of investors.”

Also Read: KFin Technologies IPO Details

Nadella also said that KFin Technologies, as a registrar, didn’t just work in the mutual fund market but also in the secondary market. The company has about 22 billion folios and about six billion investors.


Nadella thought that if there were more R&T players, it would lead to more innovation in the field.

When asked about the trade-off between the interests of shareholders and those of customers after the company went public, Nadella said, “Our assets under management (AUM) match the growth of our clients. As my clients get better, so do I. If my clients don’t get better, I don’t either. We work together to help the client grow.”

Nadella also pointed out that, despite putting a lot of money into technology, a large asset management company (AMC) needed at least 500 to 600 and maybe even 1,000 people to work. “About 40% of our costs go toward technology. But things that used to take days to do can now be done in seconds.”

Also Read: KFin Technologies IPO Review


“A partner like us can bring a lot of new ideas to the table and not just basic services and solutions,” he said.

Radhika Gupta, MD and CEO of Edelweiss AMC, said that more competition in the R&T space is a good thing when it comes to prices.

“Let me explain how my expense ratio works. In direct plans, I charge a fee of 15 basis points (bps). I give 1 bps to the Association of Mutual Funds in India (AMFI) for investor education, and I give 7 bps to my RTAs, the depositories (NSDL and CDSL), and the exchanges (NSE, BSE). So, I have 7 bps left. I make less money as an AMC than the service providers do. Gupta also said, “I joke that if I ever left the industry, I would go into the digital RTA business.”

Gupta thinks that there is a lot of talk about how much AMCs charge and how much alpha they have. “A lot more attention needs to be paid to AMC costs,” she said.


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Sah Polymers to Chaman Metallics – Four IPOs raising nearly 110 crore this week




Sah Polymers to Chaman Metallics | Sah Polymers, Rex Sealing and Packing Industries, and SVS Ventures are the three IPOs that are currently accepting investor subscriptions; Chaman Metallics will do so on January 4. Nearly 110 crore is anticipated to be raised across these four IPOs.

CompanyOpen dateClose dateIPO size
Sah PolymersDec 30, 2022Jan 4, 2023₹66.3 crore
Rex Sealing and Packing IndustriesDec 30, 2022Jan 4, 2023₹8.09 crore
SVS VenturesDec 30, 2022Jan 4, 2023₹11.24 crore
Chaman MetallicsJan 4, 2023Jan 6, 2023₹24.21 crore

IPO for Sah Polymers to raise $66.3 billion

Udaipur-based On December 30, Sah Polymers began its initial public offering (IPO), which will end on January 4 of 2023. The IPO’s price range is set at 61 to 65 rupees per share.
With no offer for sale (OFS) component, the company’s 66 crore initial public offering (IPO) is a full fresh issue of 10.2 million shares.

The company’s shares are currently fetching a grey market premium (GMP) of nine dollars per share. Before they are listed on stock exchanges, IPO shares are traded in an unofficial market at a premium known as GMP.

The company primarily produces and sells woven sacks, HDPE/PP woven fabrics, polypropylene (PP) and high density polyethylene (HDPE) bulk bags (also known as FIBC bags).


Sah Polymers plans to set up a new facility with an added installed capacity of 3.96 billion tonnes annually to produce various FIBC product variants using some of the net proceeds from the IPO. Once it is operational, the company’s total production capacity will increase to 7.92 billion tonnes annually.

Rex Sealing will list its IPO on the SME Exchange.

The IPO for Rex Sealing began last week and will end in January. The initial public offering’s share price is set at $135.
Through a new issue worth 4.05 crore and a sale offer by the promoters and shareholders worth 4.04 crore, the company hopes to raise 8.09 crore. The BSE SME exchange will list the IPO.

The company plans to use the fresh issue’s proceeds to pay for general corporate needs and working capital requirements.

Rex Sealing and Packing Industries is currently constructing a second manufacturing facility at Ambernath that will be 4,000 square meters large. This facility will be used to expand operations and produce various types of asbestos-free gasket sheets for steel, automotive, and other processing units.


11.24 crore will be raised by the SVS Ventures IPO.

The property developer also began last week and will conclude its initial public offering on January 4. The issue will cost 20 cents per share.
By issuing all of its new shares, the company hopes to raise 11.24 crore. The BSE SME exchange will list the IPO.

The company’s business activities include the development of residential real estate projects, primarily for the middle- and upper-class market, including apartment-style complexes and villas.
Its projects are advertised and offered for sale under the name “SVS Ventures” (formerly known as Vijay & co.)

Also Read: Elin Electronics IPO News: 10 things to know before applying

The January 4 IPO for Chaman Metallics will begin.

The IPO of steel manufacturer Chaman Metallics will start on January 4 and end on January 6. The issue will cost 38 cents per share.
By issuing all of its new shares, the company hopes to raise 24.21 crore. The NSE SME exchange will list the IPO.


The company plans to use the fresh issue’s proceeds to cover working capital needs as well as for general corporate purposes.

The primary activity of Chaman Metallics is the production and sale of direct reduced iron (i.e. sponge iron). Induction furnaces and electric arc furnaces are the primary steel-making processes that use sponge iron as a raw material.

It runs a manufacturing facility in Chandrapur, Maharashtra, with an installed capacity to produce 72,000 metric tonnes of sponge iron. The states of Maharashtra, Odisha, and Chhattisgarh are where the company sells its goods the most.

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1000 P/E? Investors express concern over Mamaearth IPO astronomical valuation.




Mamaearth IPO | Internet users have taken notice of the company’s sky-high valuation, excessive advertising expenses, and inconsistent profit.

Gaurav Kapoor, a comedian from New Delhi, has over a million YouTube subscribers. Kapoor is the one who cracks one-liners. When it comes to promoting Mamaearth’s products, however, he becomes a laughingstock.
“How can you promote a hair oil product if you’re losing your own hair?” is one of the sanitized remarks.

Since the company’s incorporation in 2016, Kapoor and other influencers have heavily promoted Mamaearth products. The sheer volume of advertisements for the then-fledgling brand would have irritated the average YouTube viewer.

Mamaearth is the flagship brand of the beauty and personal care company Honasa Consumer, which plans to conduct an initial public offering. The company submitted its IPO draft on December 30.


The amount spent on advertising and influencer marketing is highlighted in the draft red herring prospectus of the company. The company collaborated with 3,958 influencers as of September 30, 2022.

In FY22, the company spent approximately Rs 391 crore on advertising, which represented approximately 40% of its revenue.

Also Read: Full IPO Details of Abans Holdings

Aditya Kondawar of Complete Circle Capital tweeted, “This is way too high.” Due to the fact that the return on ad spend (ROAS) has not improved from 2.6 over the past three years, experts consider this number to be high. ROAS is a metric that measures the amount of revenue generated per advertising rupee spent.


Since FY20, Mamaearth’s ROAS has fluctuated between 2.4% and 2.6%. Less money must be spent on advertising and marketing when a brand has more repeat customers. According to experts, the fact that Mamaearth’s ROAS has not improved indicates a lack of repeat customers.

In comparison, Nykaa’s ROAS for FY22 was 7.8 and Hindustan Unilever’s was 10.6.

Valuation makes little sense

In comparison to the company’s valuation, the exorbitant advertising expenditure is insignificant. The company intends to raise up to Rs 400 crore through a fresh issue of shares, in addition to an offer to sell approximately 46,8 million shares.

The company was valued at $1.2 billion in January 2022, making it a unicorn. With the size of its IPO, Mamaearth is reportedly targeting a market capitalization of $3 billion (approximately Rs 24,000 crore).


In FY22, the company reported a net profit of 14 crore rupees. This results in a price-to-earnings ratio of approximately 1,714x.

‘Ridiculous,’ ‘catastrophic,’ and ‘extortion’ are some of the terms used on social media to describe the valuation demand. Numerous investors have announced on Twitter that they will avoid this IPO.

According to the draft prospectus, the company reported a net loss of Rs 1,332 crore in FY21 and Rs 428 crore in FY20.

“Initially, when new-age companies issued IPOs, there was an element of intrigue due to the hype that was created. According to Ambareesh Baliga, an independent market analyst, investors’ desire for a slice of the pie in 2021 preceded the valuations.


Things have now changed. Mamaearth and Nykaa are both direct-to-consumer beauty and personal care companies, according to Baliga.

“Nykaa’s initial returns were favorable, but its profits have been stagnant for the past four quarters. “Investors have now realized that cash flow and bottom-line growth are crucial, so they will not repeat the same mistake,” he added.

New-age technology stocks, including Nykaa, Paytm, and Zomato, have all declined by more than 50 percent since their initial public offerings.

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Rishabh Instrument Ltd submits draft IPO papers to Sebi in order to raise funds.



Initial Public Offering

Rishabh Instrument Ltd | The company is a one-stop shop for electrical automation devices, metering, control, and protection devices, portable test and measuring instruments, and solar string inverters.

Rishabh Instruments Ltd, based in Nashik, has submitted a draft red herring prospectus to the Securities and Exchange Board of India in order to raise funds through initial public offerings.

The IPO includes a fresh issue of Rs 75 crore as well as an offer to sell up to 9.42 million shares by the company’s existing shareholders and promoters.

The OFS includes up to 2.5 million shares from Asha Narendra Goliya, 4 lakh shares from Rishabh Narendra Goliya, 5.18 lakh shares from Narendra Rishabh Goliya (HUF), and 6 million shares from South Asia Clean Energy Fund (SACEF), a South Asia-focused small and medium enterprises (SME) fund managed by Global Environment Fund (GEF).


Also Read: Elin Electronics IPO News: 10 things to know before applying

The issue is led by Dam Capital Advisors Ltd, Mirae Asset Capital Markets India, and Motilal Oswal Investment Advisors.

The company is a one-stop shop for electrical automation devices, metering, control, and protection devices, portable test and measuring instruments, and solar string inverters.

Furthermore, through its subsidiary Lumel Alucast, it manufactures and distributes aluminum high pressure die casting. As of March 2022, it has two manufacturing facilities in Nashik and a total installed capacity of 4.19 million units per year.

The proceeds of the Rs 59.50 crore issue will be used to expand its manufacturing facility in order to build and strengthen core capabilities, as well as to increase capacity for manufacturing electrical automation products, metering, control, and protection devices, and solar string inverters. According to the DRHP.


Revenue from operations for FY22 was Rs 470.25 crore, up from Rs 389.96 crore the previous year. Net profit for the period was Rs 49.65 crore, compared to Rs 35.94 crore the previous year.

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Elin Electronics IPO News: 10 things to know before applying



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Elin Electronics IPO News | It is the fifth initial public offering (IPO) that started taking orders in December. Abans Holdings, Sula Vineyards, Landmark Cars, and KFin Technologies were the first four.

Before you sign up for the public issue, here are 10 important things to know:

1) IPO dates

On December 20, people could start putting in bids for the public offer. On December 22, the last day to sign up for the IPO is.

2) Price Band

Price range for the offer is between Rs 234 and Rs 247 per share.

3) Offer details

Elin Electronics wants to raise Rs 475 crore through a public issue, which will include a fresh issue of shares worth Rs 175 crore and an offer-for-sale (OFS) by the company’s founders worth Rs 300 crore.


Some of the selling shareholders in the OFS are Kamal Sethia, Kishore Sethia, Gaurav Sethia, Sumit Sethia, Suman Sethia, Vasudha Sethia, and Vinay Kumar Sethia.

The company has already gotten Rs. 142 crore from “anchor investors” on December 19, a day before the public offering started.

Also Read: Is the low valuation of Elin Electronics IPO a good enough reason to buy shares?

4) Objectives of the issue

The money from the new issue will be used to pay off debt, build new facilities in Ghaziabad, Uttar Pradesh, and Verna, Goa, and for general business purposes.


The money from the OFS will go to the people selling their shares.

5) Lot size, and reservation for investor categories

Investors can bid for at least 60 shares, and after that, they can bid for multiples of 60 shares.

Retail investors can invest up to Rs 2 lakh per IPO, so the least they can put in is Rs 14,820 for one lot and the most they can put in is Rs 1,92,660 for 13 lots.

Half of the company’s offer is only for qualified institutional buyers (QIBs), 15% is for non-institutional investors (people with a lot of money), and the remaining 35% is for retail investors.


6) About the company

Elin Electronics is one of the largest fractional horsepower motor manufacturers in India. It provides end-to-end product solutions for major brands of lighting, fans, and small/kitchen appliances in India.

It also makes medical diagnostic cartridges for use in diagnostic devices, as well as plastic-moulded and sheet-metal parts and components, mostly for customers in the auto-accessory and consumer durables sectors.

The company has three places where they make things. They are in Ghaziabad (Uttar Pradesh), Baddi (Himachal Pradesh), and Verna (Himachal Pradesh) (Goa).

Elin Electronics has more than 300 customers, including big names like Bosch, Faber, Philips, Havells, Usha, Panasonic, Signify Innovations, Eveready, Molbio Diagnostics, Denso, and IFB.


Regarding the market opportunity, the total addressable EMS market in India was worth Rs 2.65 lakh crore in FY21 and is expected to grow to Rs 9.96 lakh crore in FY23 at a CAGR of 30.3%.

Elin has pointed out its competitive strengths, such as its established market position in key verticals, including its leadership in fractional horsepower motors, its diversified products, which make its business model less risky, its long-term relationships with a large number of well-known customers, and its high degree of backward integration, which makes the company more efficient, improves the quality of its products, and helps it keep customers.

Also Read: Elin Electronics IPO Review

7) Financials

Compared to the previous year, Elin Electronics’ profit after tax (PAT) grew by 12.3% to Rs 39.15 crore in FY22. This was helped by growth in the top line but hurt by weak margin performance. During the same time period, revenue went up by 27% to Rs 1,094 crore because more retail customers bought home and personal appliances.


On the operating side, earnings before interest, taxes, depreciation, and amortisation (EBITDA) went up by 16 percent to Rs 80 crore, but the margin went down by 69 basis points (bps) to 7.31 percent compared to the previous year. Even the PAT margin went down 45 bps from FY21 to FY22, from 3.62 percent to 3.58 percent.

In FY22, the return on equity (RoE) went down by 38 bps to 13.85%, while the return on capital employed (RoCE) went up by 92 bps to 15.82%.

For the six months ending in September 2022, the net income was Rs 20.67 crore, and the company made Rs 604.45 crore in sales.

8) Promoters

Promoters Mangi Lall Sethia, Kamal Sethia, Kishore Sethia, Gaurav Sethia, Sanjeev Sethia, Sumit Sethia, Suman Sethia, Vasudha Sethia, and Vinay Kumar Sethia, and shareholders who are part of the promoter group, own 53.98 percent of Elin. After the issue, this will drop to around 33 percent. Now, 69 people own shares in the company.


Mangi Lall Sethia is the Chairman and Wholetime Director of the company. Kamal Sethia is the Managing Director on the board, and Sumit Sethia and Sanjeev Sethia are also Wholetime Directors.

9) Risks and Concerns

Here are the main worries and risks that brokerage firms Anand Rathi and Canara Bank Securities have pointed out.

a) The company makes most of its money from a small number of very important customers (Top 5 customers contributed 65.4 percent of total revenues as of FY22). If any of these customers stop doing business with Elin, it could hurt the company’s profits and operations in a big way.

b) Any delay, interruption, or reduction in the supply of raw materials used to make its products, or any increase in the cost of raw materials or parts, could hurt its business.


c) Elin does not get firm, long-term commitments from its customers to buy a certain amount of its products. If customers don’t renew their contracts or keep ordering from the company, the business and its results of operations will suffer.

10) Allotment and listing dates

By December 27, all of the IPO shares will have been given out. By December 28, refunds will be sent to the bank accounts of those who didn’t win, and by December 29, eligible investors will get their equity shares.

On December 30, the company will make its first appearance on the BSE and NSE.
Analysts said that Elin’s shares traded for about 18% more than the upper price band of Rs 247 per share on the grey market, which is an official trading platform.

The issue’s book-running lead managers are Axis Capital and JM Financial, and the offer’s registrar is KFin Technologies.


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Is the low valuation of Elin Electronics IPO a good enough reason to buy shares?



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Now that the year is almost over, Elin Electronics could be one of the last companies to go public in 2022.

People have high hopes for the company because it has to fill big shoes in the electronics market. In October, Electronics Mart India went public at Rs 59 per share, which was 51% more than its initial price. Ashish Kacholia, a well-known investor, was interested in the electronics store Aditya Vision in Bihar last week.

The public offering for Elin Electronics includes a fresh issue of Rs 175 crore and an offer for sale (OFS) of up to Rs 300 crore at a price range of Rs 234–447 per share.

Also Read: Elin Electronics IPO


At the high end of the price range, the electronics manufacturing services (EMS) provider looks like a good deal at 31x FY22 earnings, while Dixon Technologies and Amber Enterprises are trading at 140x and 62.8x FY22 earnings, respectively.

Sharekhan, Prabhudas Lilladher, and Dolat Capital have given the issue a “subscribe” rating because they think the price of the IPO is fair and there is still enough value for investors.

Plus, the company is in a market segment that is helped by the government’s PLI (product-linked incentive) programmes and the fact that more manufacturing is being done outside of the country.

There are, however, risks that can’t be ignored.


Competitive market

Frost & Sullivan, a global research and consulting firm, says that the total addressable EMS market in India was worth Rs 2.65 lakh crore in FY21 and is expected to grow to Rs 9.96 lakh crore in FY26. About 40% of this is made up by Indian EMS companies.

F&S says that the Indian EMS market will grow from Rs 1.07 lakh crore in FY21 to Rs 5.97 lakh crore in FY26, which is a CAGR of about 40%.

And it will be hard for Elin Electronics to get its share of the market because there are other private and unorganised players.

Elin has a 10.7% market share for small appliances, a 12% market share for fractional horsepower motors, a 7.2 % market share for LED lighting and flashlights, and a 0.6 % market share for fans. Each product line has a different set of competitors. Smile Electronics, PG Electroplast, Yash Electronics, and Dixon Technologies are some of its main competitors.


Religare Broking is “neutral” about the offering and sees competition as the company’s biggest risk.

Also Read: Elin Electronics IPO Review

Client concentration

Brokerages like that the company has two business models: OEM (original equipment manufacturing) and ODM (original design manufacturing). However, they all warn of the risk that comes from having too many clients.

According to the company’s Red Herring prospectus, about 65.43 percent of the company’s revenue comes from its top five customers, and about 80 percent comes from its top ten customers. Its biggest customer is responsible for 27–30% of all sales (across all product lines).


Some of its most important clients are Philips, Bosch, Panasonic, and Eveready.

“We have some clients who have been with us for more than 20 years. “The loss of a key customer could have a big effect on our revenue, and it might be hard for us to get the same amount of business from other customers to make up for the loss,” the company said in its RHP.

Also, Elin Electronics gets Rs. 142 crore through an anchor book before its IPO.

Also Read: Radiant Cash Management IPO


Margin profile

Between FY20 and FY22, Elin’s revenue and net profit grew at 18% and 19%, respectively, while the EBITDA margin stayed the same at 7.1%. The EBITDA margin is higher than 4 percent at Dixon Technology and a little lower than 7.34 percent at Amber Enterprises. The amount of net profit that Elin makes is 3.6%.

“The business model is mostly to blame for the low profitability ratio, and it’s possible that it won’t change much in the future. We have spent a lot of money on capital in the past and will continue to do so,” the company warned in its RHP.

In its portfolio, it says that medical diagnostic cartridges have the highest margin. But it only brings in 1.33 percent of all the money. Elin’s only role in medical diagnostics is to sell cartridges to Molbio, a company that makes rapid point-of-care equipment and has its own patented technology for it.

Scaling up this vertical can improve margins, believe analysts.

Even though there are risks, people in the market think that retail investors are excited about the issue because the GMP (grey market premium) was Rs 40 even before the IPO opened. Now, everyone will be watching to see how many people sign up.


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Abans Holdings IPO News | Fully subscribed on Last Day



Abans Holdings IPO News

Abans Holdings IPO News | On December 15, the last day of bidding, 1.09 times as many people sign up for Abans Holdings‘ public offering as they have before. There were bids for 1.39 million shares, which is more than the 1.28 million shares that were offer.

Institutional buyers who purchase 4.1 times the amount they were allow to were the first to back the issue.

People with a lot of money purchase 1.48 times what was set aside for them, while small investors purchase 39% of what was set aside for them.

The company had set aside 10% of the offer for qualified institutional buyers, 30% for high-net-worth individuals (investors who are not part of an institution), and the remaining 60% for the general public.


The Rs 345.6-crore public issue includes a new issue of Rs 102.60 crore and an offer by promoter Abhishek Bansal to sell Rs 243 crore.

Also Read: Full IPO Details of Abans Holdings

The company will use the money from the new issue to add to the capital base of its non-bank financial company (NBFC) subsidiary, Abans Finance.

By December 20, all of the IPO shares will have been given out. Participants who didn’t win will get their money back by December 21, and eligible investors will get their equity shares in their demat accounts by December 22.


On December 23, the company will make its first appearance on the BSE and NSE markets.

Abans Holdings helps corporate, institutional, and high-net-worth clients with NBFC services, global institutional trading in equities, commodities, and foreign exchange, private client stock broking, depositary services, asset management services, investment advisory services, and wealth management services.

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Sula Vineyards IPO news | IPO Subscribed 1.45 times on final day, retail portion booked 1.37 times.



Sula Vineyards IPO news, IPO Details

Sula Vineyards IPO News | Even though the market is doing well, investors haven’t shown much interest in Sula Vineyards’ public offering on December 14, the last day of bidding. This could be because a complete offer for sale is making people less likely to sign up.

There were offers for a total of 2.72 million equity shares, which is 1.45 times the size of the initial public offering (IPO), which was for a total of 1.88 million shares.

Retail investors have purchase 1.37 times the amount that they were allow, whereas investors with a lot of money have purchase 88% of what they were allowed to purchase.

The institutional buyers that has permission to acquire were able to purchase twice as much as had been reserve for them.


Since the IPO is just an offer to sell, the QIB part must be fully subscribe, and the minimum number of public shares should be equal to 10% of the implied market cap.

Also Read: Full Sula Vineyards IPO details

Half of the offer size has keep aside for qualify institutional buyers. 15% for high-net-worth individuals, and the remaining 35% for retail investors.

Sula Vineyards IPO News | The biggest winery in India wants to raise Rs 960.35 crore by selling 2.69 crore shares to investors and promoters.


The price range for the offer is between 340 and 357 rupees per share.

Since it was establish in 2003, Sula Vineyards has been the market leader in both the number of sales and the value of those sales in the U.S. wine market.. Its market share has gone up from 33% in FY09 to over 50% in FY12 and has stayed the same since then. In FY22, the company’s share of the domestic 100% grapes wine market was 52%.

Also Read: Sula Vineyards IPO Review

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The IPO for KFin Technologies is set to start on December 19 and will raise Rs 1,500 crore.



KFin Technologies, a platform for financial services that is drive by technology, has decided to hold its initial public offering (IPO) on December 19. After Sula Vineyards, Abans Holdings, and Landmark Cars, this would be the fourth company to go public this month.

The offer will end on December 21, and the price range is Rs.347 to Rs.366 per share.

On December 16, investors will be able to look at the anchor book for one day.
General Atlantic Singapore Fund aims to fund Rs 1,500 crore through a public issuance with merely an offer to sell. The selling shareholder will get all of the money from the offer, and the company will get nothing.

The company has set aside 75% of the offer for qualified institutional buyers, 15% for people with a lot of money, and 10% for regular people who want to invest.


KFin is a leading technology-driven financial services platform that offers complete services and solutions to the capital markets ecosystem in India. This includes asset managers and corporate issuers.

Also Read: Complete KFin Technologies IPO Details

It also helps investors in a number of ways, such as by starting and processing transactions for mutual funds and private retirement plans in Malaysia, the Philippines, and Hong Kong.

KFin has 13 shareholders, and the company’s founder, General Atlantic Singapore Fund Pte Ltd, owns 72.51 percent of the company.
According to the RHP, Compar Estates and Agencies owns 10.86% of the company and Kotak Mahindra Bank owns 9.86%.

In FY22, KFin made a profit of Rs 148.5 crore. The year before, it lost Rs 64.5 crore. During the same time period, sales went up 33% to Rs 639.5 crore.


In 6 months ending September FY23, the company’s profit rose 26% Rs 85.34 crore & revenue rose 20% Rs 348.7 crore.

The merchant bankers for the issue are ICICI Securities, Kotak Mahindra Capital Company, JP Morgan India, IIFL Securities, & Jefferies India. This is done by Bigshare Services.

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