Mom’s Belief ranks first in India by number of centres providing intervention plans for children with neurodevelopmental disorders (NDDs) and is the seventh largest globally in its domain, based on the number of centres. The Company had earlier undertaken a confidential filing of its pre-filed draft red herring prospectus with SEBI in October 2025. Pursuant to the observations received from SEBI and the Stock Exchanges (BSE and NSE) earlier, the Company has transitioned to the public filing phase with the submission of the UDRHP-I.

The IPO comprises a Fresh Issue of up to 60 lakh equity shares of face value ₹10 each. The Company, in consultation with the Book Running Lead Manager (BRLM), may consider a Pre-IPO Placement of up to 20% of the Issue size before filing the Red Herring Prospectus with the Registrar of Companies (RoC).

Mom’s Belief provides multidisciplinary, evidence-based intervention plans for children aged 18 months to 15 years diagnosed with neurodevelopmental disorders such as Autism and Dyslexia.

As of September 30, 2025, the Company operates 136 centres across 57 cities in 20 states and union territories in India, including 43 centres in Tier 1, 76 centres in Tier 2, and 17 centres in Tier 3 cities. The Company has also expanded internationally through the acquisition of Mom’s Belief US, Inc., adding three centres in the United States.

The Company’s “Parent-as-a-Co-Therapist” model integrates therapy into the child’s home environment and emphasizes structured parental involvement. To date, Mom’s Belief has served over 56,500 children. The Company has reported a Pro Forma Revenue CAGR of 81.8% between Fiscal 2023 and Fiscal 2025.

The Net Proceeds from the Fresh Issue are proposed to be utilized towards capital expenditure of ₹576.20 million for the establishment of new centres, including Company Learning Centres, School Collaboration Centres, Centres for Excellence and Research, and Upskilling Academies, along with associated technology costs. An amount of ₹144.45 million is proposed to be used towards lease payments for existing centres in India, while ₹101.31 million is proposed to be invested in its U.S. subsidiary, Mom’s Belief US, Inc., towards lease and license payments for centres in the United States. Further, ₹102.08 million is proposed to be allocated towards brand awareness and inclusive outreach programmes. The balance of the Net Proceeds will be utilized towards funding inorganic growth through unidentified acquisitions and for general corporate purposes.

Mom’s Belief had earlier raised USD 685,000 from The LEGO Foundation to support initiatives aimed at empowering families of neurodivergent children.

Mefcom Capital Markets Limited is the sole Book Running Lead Manager to the Issue, and Link Intime India Private Limited is the Registrar to the Issue. The Equity Shares are proposed to be listed on the Main Board of BSE and NSE.

The post Mom’s Belief: India’s Leading Neuro Care Company for Children Advances with IPO Filing appeared first on NRI News.

INDIA: Fractal Analytics Limited (the “Company”) proposes to open an initial public offering (“Offer”) of its equity shares of face value of ₹1 each (“Equity Shares”) on Monday, February 09, 2026. The Anchor Investor Bidding Date is one Working Day before the Bid/Offer Opening Date, being Friday, February 06, 2026. The Bid/ Offer Closing Date is Wednesday, February 11, 2026.

The Price Band of the Offer has been fixed from ₹ 857 per Equity Share of face value ₹ 1 each to ₹ 900 per Equity Share of face value ₹ 1 each. Bids can be made for a minimum of 16 Equity Shares of face value ₹ 1 each and multiples of 16 Equity Shares of face value ₹ 1 each thereafter.

The initial public offering by the Company comprises a fresh issue of equity shares aggregating up to INR 10,235 million (the “Fresh Issue”) and an Offer for Sale of equity shares aggregating up to INR 18,104 million (the “Offer for Sale”, and together with the Fresh Issue, the “Offer”).

The Offer for Sale is being undertaken by existing shareholders, including Quinag Bidco Ltd, TPG Fett Holdings Pte. Ltd., Satya Kumari Remala and Rao Venkateswara Remala, and GLM Family Trust (collectively, the “Selling Shareholders”). The Offer comprises of an Employee Reservation Portion aggregating up to INR 600 million for subscription by eligible employees.

The Offer is being made in terms of Rule 19(2)(b) of the SCRR, read with Regulation 31 of the SEBI ICDR Regulations. The Offer is being made through the Book Building Process, in compliance with Regulation 6(2) of the SEBI ICDR Regulations, where at least 75% of the Net Offer shall be available for allocation on a proportionate basis to Qualified Institutional Buyers (“QIBs”) (the “QIB Category”), provided that our Company in consultation with the BRLMs, may allocate up to 60% of the QIB Category to Anchor Investors, on a discretionary basis (the “Anchor Investor Portion”), of which 40% shall be reserved as under: (i) 33.33% for domestic Mutual Funds; and (ii) 6.67% for Life Insurance Companies and Pension Funds, subject to valid Bids being received from domestic Mutual Funds, Life Insurance Companies and Pension Funds at or above the price at which Equity Shares are allocated to Anchor Investors. Any under-subscription in the reserved category specified in clause (ii) above may be allocated to domestic Mutual Funds. In the event of under-subscription or non-allocation in the Anchor Investor Portion, the balance Equity Shares shall be added to the QIB Category (excluding the Anchor Investor Portion) (“Net QIB Category”).

Further, 5% of the Net QIB Category shall be available for allocation on a proportionate basis to Mutual Funds only, and the remainder of the QIB Category shall be available for allocation on a proportionate basis to all QIBs, including Mutual Funds, subject to valid Bids being received at or above the Offer Price. However, if the aggregate demand from Mutual Funds is less than 5% of the Net QIB Category, the balance Equity Shares available for allocation in the Mutual Fund Portion will be added to the remaining Net QIB Category for proportionate allocation to QIBs. If at least 75% of the Net Offer cannot be allotted to QIBs, then the entire application money will be refunded forthwith. Further, not more than 15% of the Net Offer shall be available for allocation to non-institutional investors (“Non-Institutional Investors” or “NIIs”) (the “Non-Institutional Category”) of which one-third of the Non-Institutional Category shall be available for allocation to Bidders with an application size of more than ₹200,000 and up to ₹1,000,000 and two-thirds of the Non-Institutional Category shall be available for allocation to Bidders with an application size of more than ₹1,000,000 provided under-subscription in either of these two sub-categories of the Non Institutional Category may be allocated to Bidders in the other sub-category of the Non-Institutional Category in accordance with the SEBI ICDR Regulations, subject to valid Bids being received at or above the Offer Price. Further, not more than 10% of the Net Offer shall be available for allocation to retail individual investors (“Retail Individual Investors” or “RIIs”) (the “Retail Category”) in accordance with the SEBI ICDR Regulations, subject to valid Bids being received at or above the Offer Price.

All Bidders (other than Anchor Investors) shall mandatorily participate in this Offer through the Application Supported by Block Amount (“ASBA”) process and shall provide details of their respective bank account (including UPI ID for UPI Bidders using UPI Mechanism) in which the Bid Amount will be blocked by the SCSBs or the Sponsor Banks, as the case may be. Anchor Investors are not permitted to participate in the Offer through the ASBA process.

The Equity Shares of the Company are proposed to be listed on BSE Limited (“BSE“)and the National Stock Exchange of India Limited (“NSE”) (BSE and NSE together, the “Stock Exchanges”).  

Kotak Mahindra Capital Company Limited, Morgan Stanley India Company Private Limited, Axis Capital Limited, and Goldman Sachs (India) Securities Private Limited are the Book Running Lead Managers (“BRLMs”) to the Offer.

All capitalised terms not defined herein would have the same meaning as attributed to them in the RHP.

Disclaimer: FRACTAL ANALYTICS LIMITED is proposing, subject to applicable statutory and regulatory requirements, receipt of requisite approvals, market conditions, and other considerations, to make an initial public offering of its Equity Shares and has filed the RHP with RoC and the Stock Exchanges on February 2, 2026. The RHP shall be available on the website of SEBI

at www.sebi.gov.in, and is available on the websites of the Stock Exchanges i.e. BSE and NSE at www.bseindia.com and www.nseindia.com, respectively, on the website of the Company at www.fractal.ai and the websites of the BRLMs, i.e., Kotak Mahindra Capital Company Limited, Morgan Stanley India Company Private Limited, Axis Capital Limited and Goldman Sachs (India) Securities Private Limited at https://investmentbank.kotak.com, www.morganstanley.com, www.axiscapital.co.in and www.goldmansachs.com respectively. Any potential investors should note that investment in equity shares involves a high degree of risk, and for details relating to such risk, see ‘‘Risk Factors’’ beginning on page 36 of the RHP. Potential investors should not rely on the DRHP filed with SEBI and the Stock Exchanges, and should instead rely on their own examination of our Company and the Offer, including the risks involved, for making any investment decision.

The Equity Shares offered in the Offer have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any other applicable law of the United States and, unless so registered, may not be offered or sold within the United States, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. Accordingly, the Equity Shares are being offered and sold (a) within the United States only to persons reasonably believed to be “qualified institutional buyers” (as defined in Rule 144A under the U.S. Securities Act) in transactions exempt from, or not subject to the registration requirements of the U.S. Securities Act and (b) outside the United States in offshore transactions as defined in and in compliance with Regulation S and the applicable laws of the jurisdiction where those offers and sales are made. The Equity Shares have not been and will not be registered, listed or otherwise qualified in any other jurisdiction outside India and may not be offered or sold, and Bids may not be made by persons in any such jurisdiction, except in compliance with the applicable laws of such jurisdiction.

The post What to Expect from Fractal Analytics Limited’s IPO Opening on February 09, 2026: Insights for Potential Investors appeared first on NRI News.

MUMBAI: Wakefit Innovations Limited (the “Company”) proposes to open an initial public offering (“Offer”) of its Equity Shares of face value of ₹1 each (“Equity Shares”) on Monday, December 8, 2025. The Anchor Investor Bidding Date is one Working Day before the Bid/Offer Opening Date, being Friday, December 5, 2025. The Bid/ Offer Closing Date is Wednesday, December 10, 2025.

The Price Band of the Offer has been fixed from ₹ 185 per Equity Share of face value ₹1 each to ₹ 195 per Equity Share of face value ₹1 each. Bids can be made for a minimum of 76 Equity Shares of face value ₹1 each and multiples of 76 Equity Shares of face value ₹1 each thereafter.

This Offer is being made through the Book Building Process in compliance with Regulation 6(2) of the SEBI ICDR Regulations wherein not less than 75% of the Offer shall be available for allocation on a proportionate basis to Qualified Institutional Buyers (“QIBs” and such portion the “QIB Portion”) provided that our Company in consultation with the BRLMs, may allocate up to 60% of the QIB Portion to Anchor Investors on a discretionary basis in accordance with the SEBI ICDR Regulations (“Anchor Investor Portion”), of which one-third shall be reserved for domestic Mutual Funds, subject to valid Bids being received from domestic Mutual Funds at or above the Anchor Investor Allocation Price, in accordance with the SEBI ICDR Regulations.

The Initial Public Offering comprises a Fresh Issue of Equity Shares aggregating up to ₹ 3,771.78 million and an Offer for Sale of up to 46,754,405 Equity Shares by the Selling Shareholders. It includes up to 7,729,488 Equity Shares by Ankit Garg and up to 4,452,185 Equity Shares by Chaitanya Ramalingegowda (collectively the “Promoter Selling Shareholders”); up to 899,205 Equity Shares by Nitika Goel, up to 20,374,774 Equity Shares by Peak XV Partners Investments VI, up to 138,047 Equity Shares by Redwood Trust, up to 10,193,506 Equity Shares by Verlinvest S.A., up to 413,150 Equity Shares by SAI Global India Fund I, LLP and up to 2,554,050 Equity Shares by Paramark KB Fund I (collectively “Other Selling Shareholders”).

Further, 5% of the Net QIB Portion shall be available for allocation on a proportionate basis to Mutual Funds only, and the remainder of the Net QIB Portion shall be available for allocation on a proportionate basis to all QIBs (other than Anchor Investors), including Mutual Funds, subject to valid Bids being received at or above the Offer Price. However, if the aggregate demand from Mutual Funds is less than 5% of the Net QIB Portion, the balance Equity Shares available for allocation in the Mutual Fund Portion will be added to the remaining QIB Portion for proportionate allocation to QIBs.

In the event of under-subscription or non-allocation in the Anchor Investor Portion, the balance Equity Shares shall be added to the Net QIB Portion.

Further, not more than 15% of the Offer shall be available for allocation to NIBs of which (a) one third portion shall be reserved for Bidders with application size of more than ₹0.20 million and up to ₹1.00 million; and (b) two-thirds of the portion shall be reserved for Bidders with application size of more than ₹1.00 million, provided that the unsubscribed portion in either of such sub-categories may be allocated to Bidders in other sub-category of the NIBs in accordance with SEBI ICDR Regulations and not more than 10% of the Offer shall be available for allocation to Retail Individual Bidders (“RIB”) in accordance with the SEBI ICDR Regulations, subject to valid Bids being received from them at or above the Offer Price.

All Bidders (except Anchor Investors) are required to mandatorily utilise the Application Supported by Blocked Amount (“ASBA”) process by providing details of their respective ASBA accounts and UPI ID (in case of UPI Bidders using the UPI Mechanism), in which case the corresponding Bid Amounts will be blocked by the SCSBs or under the UPI Mechanism, as applicable to participate in the Offer. Anchor Investors are not permitted to participate in the Anchor Investor Portion of the Offer through the ASBA process.

The Equity Shares of the Company are proposed to be listed on BSE Limited (“BSE“)and the National Stock Exchange of India Limited (“NSE”) (BSE and NSE together, the “Stock Exchanges”).  

Axis Capital Limited, IIFL Capital Services Limited, and Nomura Financial Advisory and Securities (India) Private Limited are the Book Running Lead Managers (“BRLMs”)to the Offer.

Disclaimer:

WAKEFIT INNOVATIONS LIMITED is proposing, subject to applicable statutory and regulatory requirements, receipt of requisite approvals, market conditions, and other considerations, to make an initial public offering of its Equity Shares and has filed the RHP. The RHP is available on the website of SEBI at www.sebi.gov.in, as well as on the websites of the Stock Exchanges i.e., BSE and NSE at www.bseindia.com and www.nseindia.com, respectively, on the website of the Company at www.wakefit.co, and on the websites of the Book Running Lead Managers (“BRLMs”), i.e,. Axis Capital Limited, IIFL Capital Services Limited (formerly known as IIFL Securities Limited), and Nomura Financial Advisory and Securities (India) Private Limited at www.axiscapital.co.in, www.iiflcapital.com and http://www.nomuraholdings.com/company/group/asia/india/index.html, respectively.

Any potential investors should note that investment in equity shares involves a high degree of risk, and for details relating to such risk, see “Risk Factors” on page 33 of the RHP filed with SEBI and the details set out in the Red Herring Prospectus, when filed. Potential Bidders should not rely on the DRHP filed with SEBI and the Stock Exchanges for making any investment decision. The Equity Shares offered in the Offer have not been and will not be registered under the U.S. Securities Act of 1933, as amended (“U.S. Securities Act”), or any state securities laws in the United States, and unless so registered may not be offered or sold within the United States, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the U.S. Securities Act and applicable state securities laws. Accordingly, such Equity Shares are being offered and sold (i) outside of the United States in offshore transactions in reliance on Regulation S under the U.S. Securities Act and the applicable laws of the jurisdiction where those offers and sales occur.

The post Wakefit Innovations Limited: What Investors Need to Know About the Upcoming IPO on December 8, 2025 appeared first on NRI News.

The company has filed its Draft Red Herring Prospectus (“DRHP”) with the market regulator, Securities and Exchange Board of India (“SEBI”), to raise funds through the offer of equity shares (face value ₹ 5 each) through initial public offerings aggregating up to ₹45,750.00 million [₹4,575 Crore]. (“Total Offer Size”)

The total offer size comprises fresh issue of equity shares aggregating up to ₹37,500.00 million [₹3,750 crore] (The “Fresh Issue”) and offer for sale by Selling Shareholders aggregating up to ₹8,250.00 million [₹825 Crore] (“Offer for Sale”).

The Equity Shares that will be offered through the Red Herring Prospectus are proposed to be listed on the BSE Limited (“BSE”) and the National Stock Exchange of India Limited (“NSE”). (“Listing Details”)

ICICI Securities Limited, Kotak Mahindra Capital Company Limited, JM Financial Limited, and Ambit Private Limited are the Book Running Lead Managers to the issue. (“BRLMs”)

According to the CRISIL Report, SAEL Industries Limited is among the top 5 renewable energy IPPs in India, which are vertically integrated and equipped with in-house solar module manufacturing, based on operational capacity as of June 30, 2025. According to the CRISIL Report, we are a pioneer in the Indian AgWTE industry and the largest AgWTE operator in India based on operational capacity as of June 30, 2025. We have an extensive presence across the value chain, allowing us to leverage our in-house strengths to drive innovation and efficiency. We develop, build, own, and operate utility-scale solar and AgWTE energy projects that generate energy for central government entities, state DISCOMs, and private entities. We have an integrated in-house approach to executing our renewable projects across the entire life cycle of developing a project, from bidding to the project achieving commercial operations and subsequently operating and maintaining the project. Our project development team has extensive experience in the renewable energy industry to complete projects in a timely and efficient manner.

Disclaimer:

SAEL Industries Limited is proposing, subject to applicable statutory and regulatory requirements, receipt of requisite approvals, market conditions, and other considerations, to make an initial public offering of its Equity Shares and has filed the DRHP with SEBI and the Stock Exchanges. The DRHP is available on the website of the Company at www.sael.co, SEBI at www.sebi.gov.in, as well as on the websites of the BRLMs, i.e., ICICI Securities Limited, Kotak Mahindra Capital Company Limited, JM Financial Limited, and Ambit Private Limited at www.icicisecurities.com, https://investmentbank.kotak.com, www.jmfl.com, and www.ambit.co, respectively, and the websites of National Stock Exchange of India Limited and BSE Limited at www.nseindia.com and www.bseindia.com, respectively. Potential investors should note that investment in equity shares involves a high degree of ris,k and for details relating to such risks, please see the section entitled “Risk Factors” on page 34 of the DRHP and the details set out in the RHP, when filed. Potential investors should not rely on the DRHP for making any investment decision and should instead rely on the RHP, when filed, for making an investment decision.

This announcement does not constitute an invitation or offer of securities for sale in any jurisdiction. This announcement has been prepared for publication in India only and is not for publication or distribution, directly or indirectly, in or into the United States. The Equity Shares have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws in the United States, and unless so registered, may not be offered or sold within the United States, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the U.S. Securities Act and any applicable U.S. state securities laws. Accordingly, the Equity Shares are being offered and sold (i) in the United States only to “qualified institutional buyers” (as defined in Rule 144A under the U.S. Securities Act) in transactions exempt from, or not subject to, the registration requirements of the U.S. Securities Act and (ii) outside the United States in “offshore transactions” as defined in, and in reliance on Regulation S under the U.S. Securities Act and in accordance with the applicable laws of the jurisdictions where such offers and sales occur. There will be no public offering of the Equity Shares in the United States.

The post SAEL Industries Limited Seeks to Raise ₹ 4,575 Crore Through IPO appeared first on NRI News.

Out of the total allocation of 14,33,80,733 Equity Shares to the Anchor Investors, 7,95,48,091 Equity Shares (i.e., 55.48% of the total allocation to Anchor Investors) were allocated to 14 domestic mutual funds through a total of 35 schemes.

 The anchor book saw participation from a wide variety of domestic investors, including ICICI Prudential MF, Kotak MF, Nippon MF, Aditya Birla Sun Life MF, DSP MF, 360 ONE, Motilal Oswal MF, Tata MF, Bharti AXA MF, Edelweiss MF, and Canara Robeco MF, to name a few.

 The anchor book saw participation from a wide variety of international investors, including Capital Research, Goldman Sachs Asset Management (GSAM), Fidelity, Franklin Templeton Global, Eastspring Investments, Pine Bridge, and White Oak Capital, to name a few.

As mentioned in the RHP, Global investment firm Think Investments invested a little over Rs 136 crore as part of a pre-IPO funding round. The shares were bought at Rs 127 per piece.

The price band of the issue is fixed at Rs. 103/- to Rs. 109/- per equity share. The offer includes a discount of Rs. 10/- per Equity Share being offered to Eligible Employees bidding in the Employee Reservation Portion. Bids can be made for a minimum of 137 Equity Shares and in multiples of 137 Equity Shares thereafter.

The IPO shall open its bid/offer in relation to its initial public offer on Tuesday, 11^th November 2025. The bid/ offer closing date is Thursday, 13^th November 2025.

The total offer size comprises equity shares of face value of ₹1 each aggregating up to ₹ 3480 Crores. The IPO includes a fresh issue of equity shares of face value ₹1 each aggregating up to ₹3100 Crores and an offer for sale of equity shares of face value ₹1 each aggregating up to ₹380 Crores.

Kotak Mahindra Capital Company Limited, J.P. Morgan India Private Limited, Goldman Sachs (India) Securities Private Limited, and Axis Capital Limited are the bankers to the issue.

Link: https://www.bseindia.com/markets/MarketInfo/DownloadAttach.aspx?id=20251110-57&attachedId=f778380b-e39b-4da6-8635-82ca22998503

The post PhysicsWallah Limited Secures ₹ 1562.85 Crore from 57 Anchor Investors at ₹ 109 per Share appeared first on NRI News.

MUMBAI: RSB Retail India Limited, a leading multi-format apparel retailer catering to premium, mid-premium, and value customer segments offering ethnic wear, everyday casual wear, and formal wear, has filed the draft red herring prospectus (DRHP) with the capital markets regulator SEBI to raise funds through an initial public offering (IPO).

According to the DRHP, the proposed IPO of the Hyderabad-based company is a combination of a fresh issue of equity shares aggregating up to Rs. 500 crore and an offer for sale (OFS) of up to 2.98 crore equity shares by the selling shareholders.

As part of the OFS, the Selling Shareholders include Potti Venkateswarlu, Seerna Rajamouli, Tiruveedhula Prasada Rao, Potti Venkata Sai Abhinay, Seerna Suresh, Tiruveedhula Rakesh, Tiruveedhula Keshav Gupta, Maturu Venkata Lakshmi Sindhu, Gourishetty Lalitha, and Potti Malathi Lakshmi Kumari.

RSB Retail proposes to utilize the Net Proceeds from the Fresh Issue as follows: Rs. 275 crore towards repayment/ prepayment of certain loan facilities availed by the company; Rs. 118 crores towards setting up of new stores under the R. S. Brothers and South India Shopping Mall formats; and the rest on general corporate purposes.

RSB Retail, incorporated in 2008, traces its journey to the year 1999, when the first R.S. Brothers store in Koti, Hyderabad, Telangana, was launched. As of March 31, 2025, RSB Retail had 73 stores across 22 cities in three South Indian states – Telangana, Andhra Pradesh, and Karnataka. It operates primarily through five key brick-and-mortar store formats – South India Shopping Mall, R.S. Brothers, Kanchipuram Narayani Silks, Dè Royal, and Value Zone Hyper Mart

In Fiscal 2025, RSB Retail India Limited registered a revenue from operations of Rs. 2694 crore, recording a CAGR of 12.55% from FY23 to FY25. The FY25 profit after tax was Rs. 104.4 crore.

Potti Venkateswarlu, Seerna Rajamouli, Tiruveedhula Prasada Rao, Potti Venkata Sai Abhinay, Seerna Suresh, Tiruveedhula Rakesh, and Tiruveedhula Keshav Gupta are the Promoters of the Company.

The apparel market in South India accounted for 28% of the total apparel market and was valued at Rs. 1,723 billion in Fiscal 2024. This market is further projected to grow at a CAGR of 12% to reach a value of Rs. 3,050 billion by Fiscal 2029.

Motilal Oswal Investment Advisors Limited, HDFC Bank Limited, and IIFL Capital Services Limited are the Book Running Lead Managers to the issue.

The post RSB Retail India files DRHP with SEBI for IPO appeared first on NRI News.

MUMBAI:  Kalpataru Limited (the “Company”), one of the prominent real estate developers in the Mumbai Metropolitan Region of Maharashtra (MMR) and present across all its micro-markets in MMR, will open its initial public offering on Tuesday, June 24, 2025.

The Anchor Investor Bidding Date is one Working Day before the Bid/Issue Opening Date, that is, Monday, June 23, 2025. The Bid/ Issue Closing Date will be on Thursday, June 26, 2025.

The Price Band of the Issue has been fixed from ₹ 387 per Equity Share to ₹ 414 per Equity Share. Bids can be made for a minimum of 36 Equity Shares and multiples of 36 Equity Shares thereafter.  

The Issue consists of a fresh issue of up to such number of Equity Shares aggregating up to ₹ 15,900 million (the “Fresh Issue”).

The Company proposes to utilize the net proceeds from the Issue towards repayment/pre-payment, in full or part, of certain borrowings availed by the Company and the subsidiaries; and general corporate purposes.

The Issue is being made through the Book Building Process, in terms of Rule 19(2)(b) of the Securities Contracts (Regulation) Rules, 1957, as amended (“SCRR”) read with Regulation 31 of the SEBI ICDR Regulations and in compliance with Regulation 6(2) of the SEBI ICDR Regulations wherein not less than 75% of the Net Issue shall be available for allocation on a proportionate basis to Qualified Institutional Buyers (“QIBs”, and such portion, the “QIB Portion”), provided that our Company in consultation with the BRLMs may allocate up to 60% of the QIB Portion to Anchor Investors on a discretionary basis (“Anchor Investor Portion”). One-third of the Anchor Investor Portion shall be reserved for the domestic Mutual Funds, subject to valid Bids being received from the domestic Mutual Funds at or above the Anchor Investor Allocation Price by the SEBI ICDR Regulations. In the event of under-subscription or non-allocation in the Anchor Investor Portion, the balance Equity Shares shall be added to the QIB Portion (other than the Anchor Investor Portion) (the “Net QIB Portion”). Further, 5% of the Net QIB Portion shall be available for allocation on a proportionate basis to Mutual Funds only, and the remainder of the Net QIB Portion shall be available for allocation on a proportionate basis to all QIB Bidders, including Mutual Funds, subject to valid Bids being received at or above the Issue Price. Further, not more than 15% of the Net Issue shall be available for allocation to Non-Institutional Investors, out of which (a) one third of such portion shall be reserved for applicants with application size of more than ₹ 0.20 million and up to ₹ 1.00 million and (b) two-third of such portion shall be reserved for applicants with application size of more than ₹ 1.00 million, provided that the unsubscribed portion in either of such sub-categories may be allocated to applicants in the other sub-category of Non-Institutional Investors and not more than 10% of the Net Issue shall be available for allocation to RIIs by the SEBI ICDR Regulations, subject to valid Bids being received from them at or above the Issue Price. Further, up to [•] Equity Shares aggregating to ₹159.00 million will be available for allocation to Eligible Employees, subject to valid Bids being received at or above the Issue Price. All Bidders, other than Anchor Investors, are required to participate in the Issue by mandatorily utilising the Application Supported by Blocked Amount (“ASBA”) process by providing details of their respective ASBA Account (as defined hereinafter) and UPI ID in case of UPI Investors, if applicable, in which the corresponding Bid Amounts will be blocked by the SCSBs or under the UPI Mechanism, as the case may be, to the extent of respective Bid Amounts.

The Equity Shares offered through the Red Herring Prospectus are proposed to be listed on both BSE Limited (“BSE“)and the National Stock Exchange of India Limited (“NSE”, together with BSE, the “Stock Exchanges”).  

ICICI Securities Limited, JM Financial Limited, and Nomura Financial Advisory and Securities (India) Private Limited are the Book Running Lead Managers (BRLMs) to the Issue.

All capitalised terms referred to in this press release that have not been defined shall have the same meaning as prescribed in the red herring prospectus of the Company dated June 18, 2025 (“RHP”).

Disclaimer: Kalpataru Limited is proposing, subject to receipt of requisite approvals, market conditions, and other considerations, an initial public offering of its equity shares and has filed a red herring prospectus dated 18th June, 2025. (“RHP”) with the Registrar of Companies, Mumbai at Maharashtra, and the Securities and Exchange Board of India (“SEBI”). The RHP is available on the website of the Company at www.kalpataru.com, the website of SEBI at www.sebi.gov.in, and the website of the Book Running Lead Managers, ICICI Securities Limited at www.icicisecurities.com, JM Financial Limited at www.jmfl.com and Nomura Financial Advisory and Securities (India) Private Limited at www.nomuraholdings.com/company/group/asia/india/index.html and the websites of BSE Limited and National Stock Exchange of India Limited at www.bseindia.com and www.nseindia.com, respectively. Any potential investor should note that investment in Equity Shares involves a high degree of risk. For details, potential investors should refer to the Red Herring Prospectus, including the section titled “Risk Factors” on page 32 of the RHP. The Equity Shares proposed to be offered in the Offer have not been and will not be registered under the U.S. Securities Act of 1933, as amended (“U.S. Securities Act”), or any state securities laws of the United States and, unless so registered, may not be offered or sold within the United States, except under an exemption from, or in a transaction not subject to, the registration requirements of the U.S. Securities Act and applicable state securities laws. Accordingly, the Equity Shares will be offered and sold outside the United States in “offshore transactions” as defined in and in compliance with Regulation S under the U.S. Securities Act and the applicable laws of the jurisdiction where those offers and sales are made. There will be no public offering of the Equity Shares in the United States.

The post Kalpataru Limited Set to Launch IPO on June 24, 2025 appeared first on NRI News.

The Board of Directors of Aequs Ltd. recently passed a resolution for approval to change its status to a public company and rename it from “Aequs Private Limited” to “Aequs Limited”, as per its regulatory filing.

The company is reportedly planning to launch an IPO worth $200 million, as per sources and past media reports. The offer will comprise both a fresh issue of equity shares and an offer for sale (OFS) component, according to company’s regulatory filings. The company declined to comment.

The book running leading managers to the IPO reportedly are Kotak Mahindra Capital, JM Financial, and IIFL Capital.

Aequs had received significant equity infusion over the years from its promoters to scale the operations of the company. Additionally, it has attracted global investors such as Amicus Capital, Amansa Capital, Steadview Capital, Catamaran (the family office of Infosys founder N. R. Narayana Murthy), Sparta Group, and the investment office of Desh Deshpande, as per publicly available information. The company was able to raise external funding in the form of CCPS amounting to ~₹586 crore from PE investors, which will be used by the company to fund the growing scale of operations as per a CareEdge Ratings report dated 5^th July, 2024.

The total income of the company was around Rs. 988 crore (as per regulatory filing) in FY24, and the total operating income was Rs. 970 crore (CareEdge Ratings Report) in FY24. Upon successful completion of the capex project and on the back of continuous order inflow in the aerospace business, CareEdge Ratings estimates the company’s revenue to grow at a compounded annual growth rate (CAGR) of 45% in the near to medium term.

The company derives financial flexibility from continued promoter’s support, the report said. The founder and Chairman &. CEO, Aravind Melligeri has decades of experience in aerospace segment and has been the co-founder of QuEST Global Engineering Private Limited. The company had recently announced the appointment of Jean-Michel Condamin, as Chief Executive Officer (CEO) of the Aerospace Division. Rajeev Kaul is the Managing Director of Aequs Ltd.

Aequs runs manufacturing operations across three countries – India, France, and the USA, to provide supply chain efficiencies to its global customer base in multiple industry verticals. Further, it operates three manufacturing clusters (Belgavi, Hubballi & Koppal) in Karnataka, India. Media reports mentioned that Aequs, along with Tata Electronics, Motherson Group & Jabil, are now producing mechanical components for Apple products. 

The post Aequs Files for $200 Million IPO appeared first on NRI News.

According to sources familiar with the matter, the IPO size is expected to be around $700 mn – $1 bn, comprising a mix of a fresh issue and an offer for sale component. The company is backed by marquee investors like Peak XV, RIBBIT, YC, ICONIQ, Tiger Capital, and Microsoft CEO Satya Nadella. Proceeds from the IPO are expected to be invested in technology development and business expansion. 

As reported earlier, Merchant bankers to the issue include JP Morgan India Private Limited, Kotak Mahindra Capital Company Limited, Citigroup Global Markets Private Limited, Axis Capital Limited, and Motilal Oswal Securities Limited.

Groww began in 2016 and has emerged as the fastest-growing retail broking platform in India in FY25, with over 26% market share as of March 2025. In FY25, Groww emerged as the single-largest contributor, adding 34 lakh new accounts—a 40% share of NSE’s growth. The Company’s active client base rose from 9.5 million in March 2024 to 1.29 crore in March 2025, reflecting a sharp 36% year-on-year increase. According to reports, the company is likely to raise $100-150 million in funding at a post-money valuation of $7 billion from Singapore-based asset management firm GIC. The round is part of a larger $250-300 million round, which is expected to close within the next two weeks.

Groww’s uniform growth is attributed to its mobile-first, user-friendly experience and a focus on education, which appeals to retail investors across the country.

Groww is at the forefront of digitising retail investing in India. Its customer-centric approach has built a platform enabling seamless access and an informed investing culture.

Groww turned profitable in FY23, with revenue of ₹1,277 crore and a profit of 449 crore. In FY24, Groww reported revenue of ₹3,145 crore with an operating profit of ₹535 crore, indicating consistently strong business performance. Last year the company paid a one time tax of ₹1,340 crore in India domicile move, leading to a net loss of ₹805 crore. The company’s steady rise indicates how technology-led investing is reshaping investor choices and is set to transform the future of India’s financial markets.

The post Groww Submits Confidential IPO Papers to SEBI appeared first on NRI News.

According to the DRHP, the Initial Public Offering of the Kolkata-headquartered company consists of a Fresh Issue of equity shares aggregating up to Rs. 600 crore and an Offer for Sale of equity shares aggregating up to Rs. 400 crore. The OFS comprises stake sale by the Promoter Selling Shareholders, P N S Business Private Limited and Rasish Consultants Private Limited.

Fusion CX proposes to utilize proceeds of the fresh issue to the tune of Rs 292 crore for payment of debt, Rs 75 crore towards investment in step-down subsidiaries – Omind Technologies Inc and Omind Technologies Private Limited – for upgrading IT tools.

Additionally, funds will be used for pursuing inorganic growth through unidentified acquisitions and other strategic initiatives and general corporate purposes.

Fusion CX is a customer experience (CX) service provider delivering high-end, complex, and integrated CX services across multiple channels including voice, email, chat, social media and message, and focused on key verticals such as telecom, high-tech growth and travel, BFSI, retail and healthcare.

Incorporated in 2004, Fusion CX blends deep domain expertise with a portfolio of proprietary AI tools to enable intelligent, multilingual, and omnichannel engagement at scale through a broad spectrum of generative AI-driven technologies that enhance customer engagement, operational efficiency, and digital transformation.

It has developed a multilingual global network with 40 delivery centers spread across 15 countries as on December 31, 2024. It’s client portfolio of 197 customers includes 22 Fortune 1000 companies and some of its key customers include DMEC Capital Services, Telaid, Achieve Collection, Ameriflex, Coastline, Ajio, Meesho, Call Core Media, Arvind Fashion, Propneu S.A., Leonardo Hotels, Insurance Express, K2 ClaimsServices Sentry Credit, and Traya.

On the financial front, Fusion CX reported revenue from operations of Rs. 991 crore and a profit after tax (PAT) of Rs. 36 crore for FY24, while its revenue for nine months ended FY25 (9MFY25) was Rs. 925 crore with a PAT of Rs. 47 crore.

Nuvama Wealth Management, IIFL Capital Services and Motilal Oswal Investment Advisors are the book running lead managers to the issue. The equity shares are proposed to be listed on BSE and NSE.

Link to DRHP: https://www.bseindia.com/corporates/download/390034/IPO%20Prior/DRHP_20250527101617.pdf

The post Fusion CX Limited Submits DRHP to SEBI for Rs. 1,000 Crore Fundraising Initiative appeared first on NRI News.