- The short — leadership prints & live risks
- Subscription patterns: QIB, HNI, Retail
- Valuation bands & comps (illustrative)
- Sentiment watch & liquidity tells
- Checklist for retail + red flags
- Two-week calendar (actuals & scheduled)
The short
- Urban Company: Listed Sep 17 at ~58–62% premium; traded ~86% above IPO price intraday today. Focus now shifts to cohort durability & cash conversion.
- Euro Pratik Sales: Price band ₹235–₹247; ₹451.31 cr OFS; 1.34× subscribed; anchors raised ₹135 cr; lists Sep 23 (Tue).
- Dev Accelerator (DEVX): Final issue price ₹61; listed Sep 17 largely flat; watch occupancy/lease tenor for fundamentals.
- Emmvee Photovoltaic Power: SEBI observations on Sep 9; total size ~₹3,000 cr (fresh + OFS) cleared to proceed.
- SME basket: Several opens/closings bunched this week; liquidity and maker inventory remain the day-2 risk.
Quick read: subscription patterns
| IPO | Band (₹) | Issue size (₹ cr) | Status | Subscription tell |
|---|---|---|---|---|
| Urban Company | 98–103 | — | Listed Sep 17 | Strong debut; post-listing focus on LTV/CAC & OCF |
| Euro Pratik Sales | 235–247 | 451.31 (OFS) | Listing Sep 23 | QIB 1.05×, NII 1.92×, Retail 1.23× (overall 1.34×) |
| Dev Accelerator (DEVX) | — | — | Listed Sep 17 | Muted debut; trade-to-trade; watch execution KPIs |
| SME basket | Varies | 10–50 | Multiple opens/closings | Oversub ≠ liquidity; float/maker depth key |
Note Treat GMP as sentiment only. For stability, float, anchor mix and sector tone matter more.
Valuation bands & comps (illustrative)
| Issuer | Implied P/S | EV/EBITDA | Peer comps (listed) | Read-across |
|---|---|---|---|---|
| Urban Company | 3.5–4.2× | NA / early-EBITDA | Marketplace/service adj. | Take-rate; cohort LTV/CAC; repeat mix; OCF bridge |
| Euro Pratik Sales | ~1.4–1.6× | ~10–12× | Building-materials proxies | Channel turns; receivables; pricing power vs input costs |
| Dev Accelerator | NA | ~12–16× | Flex-space peers | Occupancy; lease tenor; fit-out per seat; centre-level CM |
Sentiment watch
New-economy prints are leaning on QIB depth; HNI appetite tracks leverage cost and day-1 price talk. SME books stay hot, but day-2 liquidity fades quickest where free float is tight and maker inventory is thin.
Takeaway Favor quality + predictable unit economics over “oversub × gmp”. Anchors with longer lock-ins remain a stability signal.
Checklist for retail
Before you apply
- Read DRHP: revenue mix, margin path, customer concentration.
- Scan related-party transactions & contingent liabilities.
- Prefer strong cash conversion (OCF/EBITDA), not just PAT optics.
Red flags
- Working-capital swell vs peers.
- Promoter pledging / complex subs web.
- High churn; short contract tenors; auditor qualifications.
Two-week calendar
- Urban Company — listed Sep 17; post-listing lock-ins & anchor mix in focus.
- Euro Pratik Sales — listing Sep 23; watch final anchor breakdown and float.
- Dev Accelerator (DEVX) — listed Sep 17; monitor delivery volumes/liquidity.
- Emmvee Photovoltaic Power — SEBI observations Sep 9; watch RHP filing window.
Pro move Set alerts for “Basis of Allotment” and “Listing Notice” PDFs; confirm free float and market-maker obligations (for SME).