- The short — leadership issues & watchpoints
- Subscription patterns this fortnight
- Valuation bands & comps (illustrative)
- SME surge — liquidity & day-2 truth
- Checklist for retail & anchors
The short
- Urban Company: Watch HNI pace and anchor mix; cohort health (repeat, CM2) will be the debate into listing.
- Euro Pratik Sales: Distributor-led décor play; retail likely active—monitor inventory turns and channel cashflows.
- DevX: Flex-space demand steady; occupancy and lease tenor are the durability tells.
- SME basket: Oversub prints remain strong; post-listing liquidity still the swing risk.
Quick read: subscription patterns
| IPO | Band (₹) | Issue size (₹ cr) | Subscription trend (indicative) |
|---|---|---|---|
| Urban Company | To be confirmed/announced | ~1,500–2,000 | QIB steady; HNI lumpy; retail measured |
| Euro Pratik Sales | Mid-50s–60s | ~150–200 | Retail oversub early; QIB light-to-moderate |
| DevX | TBD | ~700–800 | Late book-build; watch anchor quality |
| SME basket | Varies | 10–50 | High oversub but uneven post-listing liquidity |
Note Treat grey-market chatter as sentiment only. Float, anchors, and lock-ins matter far more for stability.
Valuation bands & comps (illustrative)
| Issuer | Implied P/S | Implied EV/EBITDA | Peer comps (listed) | Read-across |
|---|---|---|---|---|
| Urban Company | ~3–4× | NA / early EBITDA | Asset-light services & marketplaces | Take rate & cohort LTV/CAC sensitivity |
| Euro Pratik Sales | ~1–1.6× | ~10–12× | Building materials/distribution proxies | Channel turns & working capital discipline |
| DevX | NA | ~12–16× | Flex-space peers | Occupancy & revenue-per-seat trajectory |
Method: Map bands to trailing revenue/EBITDA; triangulate with peer medians; adjust for growth, margin path, and free float.
SME surge — day-2 reality
Book strength is not liquidity. Names with thin floats and concentrated holders can gap on day two. Focus on free float, market-maker obligations, and receivable cycles. Use allocation pops to right-size exposure rather than chase late prints.
Checklist — retail
- Read DRHP: revenue mix, customer concentration, contingent liabilities.
- Prefer CFO positivity (OCF/EBITDA) and tight receivable days.
- Size bets to likely allotment and float, not oversub multiples.
Checklist — anchors
- Demand cohort tables with CM2, repeat, CAC, and payback by city/vintage.
- Push for clear use-of-proceeds and capex phasing.
- Model post-lock-in supply; avoid crowded exit windows.
Two-week calendar (indicative)
- Urban Company — roadshow/anchor timelines likely to bunch; watch anchor lock-in profiles.
- Euro Pratik Sales — finalization & listing window targeted within fortnight if books progress as planned.
- SME wave — 6–10 issues queued; verify exchange notices for cut-offs and market-maker terms.
Pro move Set alerts for “Basis of Allotment” PDFs; free float and lock-ins drive early volatility.