IPO Pipeline Watch (Weekly): Who Filed, Who Delayed

In this piece:

The short

Filings (mainboard): Sify Infinit Spaces (data centres) filed; Rays Power Infra DRHP posted; Integris Medtech, BVG India, Hotel Polo Towers progressed in queue.
Listings/lock-ins: Urban Company (listed Sep 17) crossed its anchor lock-in window this week; watch float dynamics near expiries.
Bands: Late-week band work concentrated in consumer/tech-adjacent names; anchors prefer longer lock-ins.
SME: Active calendar with logistics, industrials, e-mobility in mix; day-2 liquidity hinges on free float + MM design.
Tone: Large-cap stability aids quality issuance; HNI leverage needs careful net-of-interest math.

Company	Stage	Sector	Notables
Sify Infinit Spaces	DRHP filed	Data centres	~₹3,700 cr target; DC expansion and deleveraging focus
Rays Power Infra	DRHP filed	Renewable EPC	Utility-scale pipeline; execution & WC cycles key
Integris Medtech	Filed	Medical devices	Unit-economics & import substitution angle
BVG India	Filed	Facility mgmt	Cash conversion and client concentration to watch
Hotel Polo Towers	Filed	Hospitality	Occupancy & RevPAR sensitivity to cyclicality
Urban Company	Listed (Sep 17)	Services marketplace	Anchor lock-in expiry this week; monitor float behaviour

Data room tip Lock a single metric glossary across DRHP/RHP/investor decks (LTV/CAC, CM2, take-rate) to shorten observation loops.

Recent/ongoing	Type	Band (₹)	Takeaway
MPK Steels	SME	75–79	Metals pricing vs WC management
KVS Castings	SME	53–56	Auto-cycle exposure; customer mix
Manas Polymers & Energies	SME	76–81	Input spreads; capacity utilization
Rukmani Devi Garg Agro Impex	SME	93–99	Agri trade margin volatility
Zelio E-Mobility	SME	129–136	EV ramp credibility; subsidy sensitivity
Sunsky Logistics / Sheel Biotech / BAG Convergence	SME	Varied	Free float + MM obligations drive day-2 volume

Reality check: Oversub ≠ easy exit. Size positions by ADTV; avoid crowded low-float names into events.

Issuer type	Implied P/S	Implied EV/EBITDA	Peer read-across	What to test
Digital infra (data centre)	—	14–20×	Global DC/REIT adj.	PUE, contracted MW, tenure, step-up clauses
Renewable EPC	—	10–13×	Domestic EPC comps	Working capital, receivables, margin stability
Consumer/service marketplace	3.0–4.5×	—	Marketplace/service adj.	Cohort LTV/CAC, CM2 ladder, churn
Facilities management	1.0–1.6×	8–12×	Domestic services comps	Client concentration, wage inflation pass-through

QIB: Anchor quality with staggered lock-ins stabilises listings; watch fund concentration.
HNI: Leverage normalises book optics; net returns compress after interest.
Retail: Allocation improves in mid-sized issues; treat GMP as sentiment, not value.

Next week: 1–2 mainboard launches possible if observation windows align; anchors mid-week.
SME wave: 6–10 books across logistics/industrial/EV themes; verify exchange notices for cut-offs.
Listings: SME + selective mainboard listings cluster Thu–Fri; check free float & MM design.

Pro move Build two investor cards now: (1) float map with lock-in ladder; (2) CM2 bridge by segment with sensitivity bands.

One-pager metric glossary across filings & roadshows; freeze definitions.
Cohort dashboards reconciled to audited notes; include upside/downside scenarios.
Vendor/PR slots pre-booked for compressed observation→launch windows.

Prioritise free float, anchor quality, and cash conversion over “oversub × gmp”.
Size by ADTV; avoid crowded low-float names into events.
Track net revisions post-RHP; trim on weakening unit-economics credibility.

Does high oversub guarantee a pop? No. Float and anchor quality dominate outcomes.
Is financed HNI worth it? Only if post-allocation IRR beats interest + slippage risk.