- The short — five-line brief with actions
- Mainboard — live roster
- SME — heat, liquidity & market-maker grids
- Anchors & float maths — stability over GMP
- Checklist — DRHP to listing
- FAQ — allotment, financed bids, lock-ins
The short
- Fresh filings: Integris Medtech (₹3,500–4,000 cr), Rays Power Infra (~₹1,150 cr), BVG India (₹300 cr fresh + OFS) filed in October.
- Large pipeline: Avaada Electro confidential DRHP (~₹9,000–10,000 cr); Sify Infinit Spaces DC play (~₹3,700 cr) lodged last week.
- Consumer: Duroflex filed a smaller fresh issue (~₹183–184 cr) aimed at retail expansion.
- Read-through: Infra & medtech leadership continues; anchors with longer lock-ins correlate with smoother day-2 books.
- Play: Prioritise issues with predictable cash conversion and ≥15–20% free float; don’t chase GMP without anchor depth.
Mainboard — live roster (Oct 2025)
| Issuer | Stage | Size band (₹ cr) | Offer mix | Use of proceeds / thesis | Watch |
|---|---|---|---|---|---|
| Integris Medtech | DRHP filed (Oct) | 3,500–4,000 | ₹925 cr fresh + OFS | Diversified medtech platform; scale & procurement flywheel | Gross margin resilience; device approvals; working-capital turns |
| Rays Power Infra | DRHP filed (Oct) | ~1,150 | Fresh + OFS | Solar EPC/manufacturing; orderbook leverage | Order-to-revenue conversion; module/cell spread sensitivity |
| BVG India | DRHP filed (Oct) | ₹300 fresh + OFS | ₹300 cr fresh + 28.5 mn shares OFS (indicative) | Facility management services; cash-flow generation | Client concentration; wage inflation; receivables cycle |
| Avaada Electro | Confidential DRHP | ~9,000–10,000 | To be disclosed | Solar manufacturing expansion; scale with policy tailwinds | Capex execution; PLI alignment; global price cycles |
| Sify Infinit Spaces | DRHP filed (last week) | ~3,700 | Fresh + OFS | Data-centre buildout (Chennai, Navi Mumbai); debt reduction | Power/water SLAs; utilisation ramp; anchor lock-in staggering |
| Duroflex | DRHP filed (Oct) | ~183–184 | Fresh | Retail expansion; brand investments | Gross margin vs RM costs; offline productivity metrics |
SME — heat, liquidity & market-maker grids (illustrative)
| Issuer | Issue size (₹ cr) | Oversub (x) | Free float (%) | MM obligation | Day-2 risk |
|---|---|---|---|---|---|
| Light engineering | 22 | 120× | 14% | Yes | High if ADTV < ₹2 cr |
| Staffing | 35 | 70× | 18% | Yes | Medium; watch seller concentration |
| Agri inputs | 18 | 40× | 20% | Yes | Medium; seasonal earnings |
Sizing rule Max position ≤ 5× ADTV; halve if free float < 18% or a single seller controls > 20% of float.
Anchors & float maths — stability over GMP
| Item | Healthy | Unhealthy | Why it matters |
|---|---|---|---|
| Anchor mix | Long-only + pension/SWF | Hot-money concentration | Smoother day-2, fewer air pockets |
| Lock-ins | Staggered 30/90/180d | Short & uniform | Reduces cliff supply |
| Float | Free float ≥ 15–20% | Free float < 12% | Better price discovery & depth |
Checklist — DRHP to listing
Issuer
- Metrics glossary (LTV/CAC/CM2) reconciled to audited numbers
- Working-capital cycle mapped; vendor/customer concentration
- Contingent liabilities & related-party pricing disclosed
Bankers
- Anchor map by mandate type; lock-in staggering
- Free-float model + day-2 market-maker plan
- Valuation bridge vs listed comps; sensitivity ranges
Investors
- Position size by ADTV and float; avoid financed retail into weak floats
- Watch day-2 order-book depth, not just GMP
- Exit rule: −6% vs Nifty over 20d or revisions flip negative
FAQ
- Does high oversub guarantee a pop? No—float quality and anchor mix dominate day-2 outcomes.
- Are SME issues riskier? Liquidity risk is higher; follow MM obligations and ADTV math strictly.
- Should I chase GMP? Treat as sentiment; prioritise float, anchors, and unit economics.