Bharti Hexacom Ltd (Ticker: BHARTIHE IN) is a telecommunications company based in India, subsidiary of Airtel, operating in the telecommunications industry. The company provides a range of services, including fixed-line telephone and broadband services, across several Indian states such as Rajasthan, Arunachal Pradesh, Manipur, Meghalaya, Mizoram, Nagaland, and Tripura. Bharti Hexacom Ltd is set to list on April 12, 2024, on the National Stock Exchange of India. The firm is offering 75 million shares at the price of INR 570 per share, aiming to raise INR 42.75 billion (approximately USD 512 million). This values the company at a market capitalization of INR 285 billion (approximately USD 3.42 billion). The offering is managed by Axis Capital Ltd, Bob Capital Market, ICICI Securities Ltd, IIFL Securities Pte Ltd, and SBI Capital Markets .

GPT Healthcare Ltd (Ticker: Pending) is a healthcare services company based in India, specializing in operating multispeciality neighbourhood tertiary care hospitals under the ILS Hospitals brand. The company owns and operates four hospitals with a total of over 560 beds across Eastern India and aims to expand to more than 1000 beds in the next three years. GPT Healthcare Ltd is set to list its shares in an IPO in India. The IPO is expected to raise INR 4.85 billion (approximately USD 58.42 million) through the sale of 26.08 million shares, with a price range set between INR 177.00 and INR 186.00 (USD 2.13 to USD 2.24). The offering is solely comprised of secondary shares and is managed by JM Financial Ltd. The expected listing date is February 29, 2024. Note that GPT group is named after Founder Shri Govardhan Prasad Tantia and has no connection to ChatGPT or A.I. technology.

Juniper Hotels Ltd (Ticker: Pending) is set to launch an IPO aiming to raise $217 million, starting February 21. This hotel company, known for operating dining restaurants, cafes, bars, spas, rooms, and suites, also provides venues for meetings, weddings, conferences, and events, serving customers globally. As a partner of Hyatt Hotels in India, Juniper Hotels Ltd. boasts a portfolio that includes seven hotels and serviced apartments under the Hyatt brand, representing nearly 20% of the Hyatt-affiliated hotel rooms and apartments in the country.
The IPO, managed by JM Financial, CLSA India Pvt., and ICICI Securities, seeks funds for expansion and to strengthen Juniper Hotels' presence in the hospitality sector. Bookbuilding will conclude before Feb. 23, with the listing expected on February 28.

Jana Small Finance Bank Ltd (Ticker: JSFB IN) is a bank operating in the commercial banking sector within India. The company will list on the National Stock Exchange of India on February 14, 2024. Jana Small Finance Bank is issuing 13.77 million shares at an offer price of INR 414.00. The expected market capitalization at the offer is INR 43.30 billion (USD 521.81 million), with a total offer size of INR 5.70 billion (USD 68.69 million). The offering is managed by Axis Capital Ltd, ICICI Securities Ltd, Investec Capital Markets, SBI Capital Markets, and SBICAP Securities Ltd.

Capital Small Finance Bank Ltd (Ticker: CAPITALS IN) is a regional banking institution based in India, focusing on providing a range of banking services including personal banking, business banking, and NRI services. The bank announced its Initial Public Offering on February 1, 2024, with a market capitalization at offer of INR 21.08 billion (USD 254.03 million). Capital Small Finance Bank Ltd is set to list on the National Stock Exchange of India on February 14, 2024. The IPO consists of 11.18 million shares priced at INR 468.00 (USD 5.6399) each, making the total offer size INR 5.23 billion (USD 63.04 million). The primary shares constitute 86.03% of the offering, amounting to 9.62 million shares, while the secondary shares make up 13.97%, totaling 1.56 million shares.

Rashi Peripherals Ltd (Ticker: RPTECH IN) is a company operating in the Computers - Memory Devices industry based in India. Rashi Peripherals Ltd will list on the National Stock Exchange of India on February 14, 2024. The company is offering 19.29 million shares at an offer price of INR 311.00, with the expected market capitalization at the offer being INR 20.49 billion (USD 246.51 million). The total offer size is INR 6.00 billion (USD 72.17 million). The IPO is managed by JM Financial Ltd (Left Lead) and ICICI Securities Ltd. Rashi Peripherals distinguishes itself as a leading national distribution partner for global technology brands in India, providing end-to-end services including pre-sale activities, solutions design, technical support, marketing services, credit solutions, and warranty management services.

Apeejay Surrendra Park Hotels Ltd (Ticker: PARKHOTE IN) is a lodging company based in India, specializing in the operation of hotels and motels. The company plans to list on the National Stock Exchange of India on February 12, 2024. Apeejay Surrendra Park Hotels Ltd aims to raise INR 9.20 billion (approximately USD 110.94 million) through its initial public offering. The offering is managed by Axis Capital Ltd, ICICI Securities Ltd, and JM Financial Ltd. The specific details regarding the number of shares offered and the offer price are not disclosed at this stage.
Apeejay Surrendra Park Hotels Limited operates under five brands, catering to various market segments, including luxury boutique hotels with THE Park, THE Park Collection, and upper midscale categories with Zone by The Park, Zone Connect by The Park, and the economy brand Stop by Zone. The company has a significant presence across major Indian cities and is expanding into new locations.

BLS E-Services Ltd (Ticker: Pending) is an internet company specializing in digital service provision, focusing on business correspondence services to major banks, assisted E-Services, and E-Governance services across India. The company has announced its Initial Public Offering (IPO) with plans to list on February 6, 2024. BLS E-Services is offering 23,030,000 shares in the price range of INR 129.00 - 135.00 per share, aiming to raise INR 3.11 billion (approximately USD 37.39 million). Unistone Capital Pvt Ltd manages the offering as the sole book running lead manager, with Kfin Technologies appointed as the registrar for the issue.

The IPO was open for subscription between January 31 and February 1, 2024, and was met with a strong response, being oversubscribed 162.40 times. This enthusiasm was evident across all categories of investors, with non-institutional investors subscribing 300.06 times, retail investors 236.66 times, and qualified institutional bidders 123.30 times. The grey market premium (GMP) for BLS E-Services shares surged to approximately INR 175 per share, indicating a potential listing pop of around 130%. This IPO is entirely a fresh sale of equity shares without any secondary shares being offered. The shares are set to be listed on both the BSE and NSE on February 6, 2024.

Epack Durable Ltd (Ticker: Pending) is the second largest room air conditioner Original Design Manufacturer (ODM) in India, based on the number of units (indoor and outdoor units) manufactured in Fiscal 2023. The company's focus is on manufacturing Room Air Conditioners, Small Domestic Appliances (SDAs), and components like heat exchangers, cross-flow fans, axial fans, among others.
Epack Durable Ltd will list on the National Stock Exchange of India. The IPO is set to raise INR 2.40 billion (USD 28.95 million) with an expected price range of INR 218.00 - 230.00 (USD 2.63 - 2.77). The IPO includes the offering of 10.44 million shares, all of which are secondary shares. The expected listing date is January 29, 2024. The offering is being managed by Axis Capital Ltd, DAM Capital Advisors Ltd, and ICICI Securities Ltd.

Medi Assist Healthcare Services Ltd. (Ticker: MEDIASSI IN) is an insurance company based in India, specializing in providing third-party administration services to insurance companies through its wholly-owned subsidiaries, including Medi Assist TPA, Medvantage TPA, and Raksha TPA. The company operates a large network in India, with over 18,000 hospitals across more than 1,000 cities and towns. Medi Assist is known for administering both employee health insurance plans for employers and health insurance plans for retail customers, as well as publicly funded health schemes.
Medi Assist Healthcare Services Ltd. will list on the National Stock Exchange of India on January 23, 2024. The firm is offering 28.03 million shares at a price of INR 418.00 each. The expected market capitalization at the offer is INR 28.78 billion (USD 346.63 million), with a total offer size of INR 11.72 billion (USD 141.09 million). The offering is managed by Axis Capital Ltd, IIFL Securities Ltd, Nuvama Wealth Management, and SBI Capital Markets.

Jyoti CNC Automation Ltd (Ticker: Pending) is an India-based company specializing in the manufacturing of CNC (Computer Numerical Control) machines. Jyoti CNC Automation Ltd is recognized for its significant market presence in India and globally. The company offers a diverse portfolio of CNC products, including CNC Turning Centers, CNC Turn Mill Centers, CNC Vertical Machining Centers, CNC Horizontal Machining Centers, and multi-tasking machines. These products cater to various industries, such as aerospace, defense, auto components, and general engineering.

Jyoti CNC Automation Ltd is set to list on the National Stock Exchange of India (Natl India) on January 16, 2024. The company aims to raise INR 10.00 billion (approximately USD 120.02 million) through its Initial Public Offering (IPO). The expected price range for the offering is INR 315.00 to INR 331.00 per share, which translates to about USD 3.78 to USD 3.97. The offering is managed by Equirus Capital Pvt Ltd, ICICI Securities Ltd, and SBI Capital Markets.

Innova Captab Ltd (Ticker: INNOVACA IN) is an integrated pharmaceutical company in India, specializing in the generic drugs industry. The company, founded in 2006, focuses on research and development, manufacturing, drug distribution, marketing, and exports. Innova Captab operates with a focus on compliance with Environmental, Social, & Governance standards, and maintains WHO-GMP, EU-GMP, and other major registrations. It manages two manufacturing facilities and a team of over 1000 employees.

Innova Captab Ltd will list on December 29, 2023, on the National Stock Exchange of India. The firm is selling 12.72 million shares at an offer price of INR 448.00 per share. The expected Market Capitalization at the offer is INR 25.64 billion (USD 307.67 million). The total offer size is INR 5.70 billion (USD 68.41 million). The offering is managed by ICICI Securities Ltd and JM Financial Ltd.

Azad Engineering Ltd (Ticker: AZAD IN) is a metal processors and fabricators company based in India. Established as a manufacturer in the aerospace and defence, energy, and oil and gas industries, Azad Engineering specializes in producing highly engineered, complex components, including 3D rotating airfoil portions of turbine engines and other critical products for various applications. The company caters to global OEMs in more than 16 countries.

Azad Engineering Ltd announced its IPO on December 14, 2023. The company is expected to raise INR 7.40 billion (USD 88.81 million) through this offering. The price range for the offering is expected to be between INR 499.00 and INR 524.00 (USD 5.99 to USD 6.29). The exact number of shares offered and the final offer price are yet to be determined. The expected listing date is for December 28, 2023. The offering is managed by Anand Rathi Advisors Ltd, Axis Capital Ltd, ICICI Securities Ltd, and SBI Capital Markets.

Credo Brands Marketing Ltd (Ticker: MUFTI IN) is an Indian company in the apparel manufacturing industry, known for its flagship brand "Mufti." The company, established on April 29, 1999, offers a diverse range of casual clothing for men, including shirts, t-shirts, trousers, sweatshirts, jeans, cargos, chinos, jackets, blazers, sweaters, and athleisure wear. Credo Brands Marketing Ltd has evolved its product line significantly since 1998 and now caters to various fashion segments like relaxed holiday casuals, authentic daily casuals, urban casuals, party wear, and athleisure.

Credo Brands Marketing Ltd will list on December 27, 2023, on the National Stock Exchange of India. The firm is offering 19.64 million shares at an offer price of INR 280.00 per share. The expected market capitalization at the offer is INR 18.00 billion (USD 215.91 million). The total offer size is INR 5.50 billion (USD 65.93 million). The offering is entirely comprised of 19.64 million secondary shares and is managed by DAM Capital Advisors Ltd, ICICI Securities Ltd, and Keynote Corporate Services.

Happy Forgings Ltd (Ticker: HAPPYFOR IN) is an Indian company specializing in the automotive and truck parts and equipment industry. As the fourth largest engineering-led manufacturer in India, they focus on complex, safety-critical, heavy forged, and high precision machined components. Their operations are vertically integrated, encompassing engineering, process design, testing, manufacturing, and supply. The company primarily serves domestic and global original equipment manufacturers (OEMs) in the automotive sector, specifically commercial vehicles, and in the non-automotive sector, they cater to farm equipment, off-highway vehicles, and industrial equipment and machinery for various industries, including oil and gas, power generation, railways, and wind turbines.

Happy Forgings Ltd will list on December 27, 2023, on the National Stock Exchange of India. The firm is offering 11.87 million shares at an offer price of INR 850.00 per share. The expected market capitalization at the offer is INR 80.07 billion (USD 960.25 million). The total offer size is INR 10.09 billion (USD 120.95 million). The offering is managed by Axis Capital Ltd, Equirus Capital Pvt Ltd, JM Financial Ltd, and Motilal Oswal Investment Advisors. The share offering includes 4.71 million primary shares and 7.16 million secondary shares.

Suraj Estate Developers Ltd (Ticker: SURAJEST IN) is a real estate company specializing in real estate operating and development. With over 35 years of experience, the company has built more than 40 projects across residential and commercial segments in prime locations in Mumbai, India. Suraj Estate Developers will list its IPO on the National Stock Exchange of India on December 26, 2023. The company is offering 44.36 million shares at a price of INR 360.00 per share, which translates to approximately USD 4.32 per share. The total offer size is INR 15.97 billion (USD 191.64 million). The offering is being managed by Anand Rathi Advisors Ltd and ITI Capital Ltd.

INOX India Ltd (Ticker: INOXINDI IN) focuses on the manufacturing of cryogenic storage equipment. Founded in 1976, the company is a leading global provider and manufacturer in this sector. The company specializes in vacuum insulated cryogenic equipment, catering to a range of cryogens such as Helium, Hydrogen, Nitrogen, Oxygen, Argon, CO2, N2O, LNG, and Ethylene, with capabilities spanning the entire cryogenic temperature range from 2~200 Kelvin (-271 to -73°C).

INOX India Ltd announced its Initial Public Offering on December 8, 2023, aiming to raise INR 14.59 billion (USD 175.02M). The IPO is managed by Axis Capital Ltd and ICICI Securities Ltd. The company plans to offer 22.11 million shares, all of which are secondary shares, with an expected price range of INR 627.00 to 660.00 per share. The launch date for the IPO is set for December 8, 2023, with the pricing date post-market on December 21, 2023, and the expected listing date is also December 21, 2023. There are no greenshoe options detailed in this offering.

Doms Industries Ltd (Ticker: Pending) is a company operating in the distribution and wholesale industry, specifically focusing on the manufacturing and sale of stationery products and art materials. Established in 1976 in India, Doms Industries Ltd offers a diverse range of products including scholastic stationery, art material, paper stationery, office supplies, as well as hobby, craft, and fine art products.

The company announced its Initial Public Offering on December 2, 2023, with an aim to raise INR 12.00 billion (USD 144.06 million). The IPO is scheduled for the National Stock Exchange of India, with the launch date set for December 13, 2023, and the expected listing date being December 20, 2023. The offer price has been set at INR 790.00 (USD 9.484) per share, within the initial expected price range of INR 750.00 to 790.00 (USD 9.00 to 9.48). The total number of shares offered is 6.81 million, all of which are primary shares as there are no secondary shares or greenshoe options mentioned in the offering.

India Shelter Finance Corp Ltd (Ticker: Pending) is a diversified financial services company based in India, primarily operating in the consumer loans sector. The company specializes in providing home loans and loan against property (LAP) services. It offers home loans ranging from INR 5 Lakhs (USD ~6,000) to INR 50 Lakhs (USD ~60,000), with tenures up to 20 years and interest rates between 10.5% to 20%. Additionally, India Shelter Finance Corp Ltd provides LAP for households with minimum income proof.

The company announced its IPO on December 7, 2023, aiming to raise INR 8.83 billion (USD 105.92 million). The IPO is set to take place on the National Stock Exchange of India. The expected price range for the offering is INR 469.00 to 493.00 (USD 5.63 to 5.91) per share, with a total of 17.91 million shares being offered. There is no greenshoe option mentioned for this offering. The IPO is managed by a consortium of underwriters including Ambit Pvt Ltd, Citigroup Global Markets India Pte Ltd, ICICI Securities Ltd, and Kotak Mahindra Capital Company. The expected listing date is December 20, 2023.

Gandhar Oil Refinery India Ltd (Ticker: GANDHAR IN) is an Indian company in the Oil Refining industry, specializing in the production of a wide range of specialty oils and lubricants, including white oils, waxes, jellies, automotive oils, industrial oils, transformer oils, and rubber processing oils, marketed under the flagship brand “Divyol”. The company has a significant market share in the Indian oil industry and a strong global presence, catering to a diverse and extensive customer base. Announced on November 15, 2023, the company is preparing for an Initial Public Offering on the National Stock Exchange of India. Gandhar Oil Refinery India Ltd, a leading manufacturer in specialty oils, aims to raise INR 5.01 billion (USD 60.22 million) through this offering.

The IPO is managed by Edelweiss Securities Pvt Ltd and ICICI Securities Ltd. The company plans to offer 29.63 million shares, with a proposed price range of INR 160.00 to 169.00 (USD 1.92 to 2.03). The expected listing date is December 5, 2023. The share offering consists of 60.32% primary shares (17.87 million) and 39.68% secondary shares (11.76 million).

Fedbank Financial Services Ltd (Ticker: FEDFINA IN) is an Indian company specializing in a range of consumer and commercial financial services, including loans for home, auto, car, gold, and personal purposes, as well as mortgage services, catering to a diverse customer base in India. On November 16, 2023, the company announced its Initial Public Offering on the National Stock Exchange of India. Fedbank Financial Services Ltd aims to raise INR 6.00 billion (USD 72.08 million) through this offering.

The IPO is being managed by BNP Paribas/Mumbai, Equirus Capital Pvt Ltd, ICICI Securities Ltd, and JM Financial Ltd. The expected listing date is December 5, 2023. The offering includes 35.16 million secondary shares. The expected price range and offer price details are yet to be announced.

Tata Technologies (Ticker: Pending) is an engineering and technology services company based in India. The company specializes in providing services to the automotive, aerospace, and heavy machinery sectors. Tata Technologies is set to list on November 30, 2023, in India. The firm is offering shares with an expected valuation at the top end of the price band of 202.83 billion rupees (approximately USD 2.43 billion) at the price range of 475-500 rupees per share. The total offer size is 30.43 billion rupees (USD 366 million). Stakeholders, including parent company Tata Motors, are selling shares in this initial public offering. The offering has been oversubscribed, with investors bidding for more than 189 million shares, approximately 4.20 times the amount offered. This IPO is notable as it marks the first public float of a Tata Group company since Tata Consultancy Services in 2004.

Indian Renewable Energy Development Agency Ltd (Ticker: IREDA IN) is a government-owned financial institution in India, specializing in the Energy - Alternate Sources sector. Established in 1987, IREDA operates under the administrative control of the Ministry of New and Renewable Energy (MNRE). Its primary focus is on promoting, developing, and extending financial assistance for projects related to new and renewable sources of energy and energy efficiency/conservation.

IREDA will list on November 29, 2023, on the National Stock Exchange of India. The company is offering 671.94 million shares at an offer price of INR 32.00 per share. The expected market capitalization at the offer is INR 86.01 billion (USD 1.03 billion). The total offer size amounts to INR 21.50 billion (USD 258.00 million). This IPO is managed by Bob Capital Market, IDBI Capital Markets & Securities Ltd, and SBI Capital Markets. The offering comprises 60.00% primary shares (403.17 million) and 40.00% secondary shares (268.78 million).

ASK Automotive Ltd (Ticker: ASKAUTOL IN), operating in the Automotive/Truck Parts & Equipment - Original industry, announced its Initial Public Offering on 10/30/2023. The company, based in India, specializes in manufacturing advanced braking systems, aluminum lightweighting precision solutions, and safety control cables for automotive and non-automotive applications. ASK Automotive serves a wide range of markets, including OEMs, OES, independent aftermarkets, and exports, with 14 manufacturing facilities across India.

The IPO is set to raise INR 8.34B (USD 100.17M) with an offer price of INR 282.00 (USD 3.3874) per share, within the expected price range of INR 268.00 - 282.00 (USD 3.22 - 3.39). The offer comprises 29.57M shares, and the expected listing date is 11/15/23 on the National Stock Exchange of India. The Market Capitalization at offer is INR 55.59B (USD 667.80M). The IPO's book running lead managers are JM Financial Limited, Axis Capital Limited, ICICI Securities Limited, and IIFL Securities Limited, with Link Intime India Private Ltd serving as the registrar for the issue.

Protean eGov Technologies Ltd (Ticker: PROTEAN IN) is a company operating in the Computer Services industry, focusing on IT-enabled solutions. The company is based in India and announced its Initial Public Offering on October 30, 2023. Protean eGov Technologies Ltd aims to raise INR 4.90 billion (USD 58.90 million) through the IPO. The company has set its offer price at INR 792.00 (USD 9.51) per share. A total of 6.19 million shares are being offered, all of which are secondary shares. The IPO is scheduled to list on the BSE India on November 13, 2023. The offering is managed by Equirus Capital Pvt Ltd, ICICI Securities Ltd, IIFL Securities Ltd, and Nomura Financial Advisory & Securities India.

Cello World Ltd (Ticker: CELLO IN) is a consumer products company with a presence in consumer houseware, writing instruments and stationery, and moulded furniture and allied products. The company is a leading player in the Indian consumerware market with products spanning glassware, opalware, melamine, and porcelain categories. Cello has been associated with the "Cello" brand since 1962 and has diversified its product range over the last six decades. The company was incorporated on July 25, 2018, and has its registered office in Daman, India.

Cello World Ltd will list on November 6, 2023, in India. The firm is selling 29.32M shares at the price of INR 648.00 (USD 7.7961). The expected Market Capitalization at offer is INR 137.53B (USD 1.65B). The total offer size is INR 19.00B (USD 228.59M). The offering is managed by ICICI, IIFL FINANCE LTD, JM Financial Ltd, Kotak Mahindra Bank Ltd, and Motilal Oswal Investment Advisors.