- The short — this week’s signals
- Files, clears, and pauses
- Valuation bands & comps (illustrative)
- SME surge — day-2 reality
- Checklist for retail & anchors
The short
- Files: A clutch of consumer/industrial names updated financials and refreshed DRHPs for an October–November window.
- Clears: Observation letters for select mid-caps landed; anchor outreach underway.
- Pauses: A few books deferred amid market volatility and sector-specific noise.
Files, clears, and pauses
| Stage | What moved | Read-through | What to watch next |
|---|---|---|---|
| DRHP filing/refresh | Consumer services, specialty industrials | Targeting festive and year-end windows | Updated revenue mix and cohort disclosures |
| Observation letters | Mid-cap manufacturing & platforms | Listing windows narrowing | Anchor allocations and lock-in tenors |
| Deferrals | Smaller discretionary names | Prefer stability in GMP/liquidity | Watch when QIB risk returns |
Valuation bands & comps (illustrative)
| Issuer type | Implied P/S | Implied EV/EBITDA | Listed read-across | Key swing factor |
|---|---|---|---|---|
| Consumer platform | 3–5× | NA / early EBITDA | Marketplace/vertical peers | Take rate, retention, CAC payback |
| Industrial mid-cap | 1–2× | 9–12× | Capital goods/specialty peers | Orderbook-to-sales, margin conversion |
| Asset-light services | 2–3× | 10–14× | Tech-enabled services | Utilization and churn |
SME surge — day-2 reality
Oversubscription remains elevated, but day-2 liquidity is uneven where floats are tight. Treat allocation-led pops as opportunity to right-size exposure rather than chase prints. Focus on free float, market-maker obligations, and working-capital cycles.
Checklist — retail
- Read DRHP tables: revenue mix, customer concentration, contingent liabilities.
- Prefer CFO positivity (OCF/EBITDA) and low receivable days.
- Size bids by likely allotment and free float, not oversub multiples.
Checklist — anchors
- Push for cohort metrics and CM2 bridges to audited numbers.
- Insist on clear use-of-proceeds and capex phasing.
- Model post-lock-in supply; avoid crowded exit windows.
Two-week calendar (indicative)
- Mainboard names aiming for late-October roadshows; keep contingency slots for earnings blackout overlaps.
- SME line-up remains busy; verify exchange cut-offs and market-maker terms before bids.