Participated · Equity · Aug 2026

Incorporated in 2000 and based in Goa, Molbio Diagnostics develops and manufactures the Truenat point-of-care PCR platform and test kits for molecular diagnosis across more than 30 diseases including tuberculosis, COVID, HIV, HPV and hepatitis B and C. Its battery-operated Truenat platform is patented in over 100 countries and is designed for deployment in resource-limited settings to enable decentralized diagnosis within an hour. The company operates six manufacturing facilities in India (two in Goa, two in Bengaluru, and one each in Visakhapatnam and Pune) with an installed capacity of 5,400 devices per annum and 3.9 crore Truenat test kits annually as of March 31, 2026. Financially, Molbio reported revenue from operations of ₹1,445 crore and profit of ₹164 crore for fiscal 2026. The company intends to expand R&D and manufacturing capacity using proceeds from its IPO, including funds earmarked for a Centre of Excellence, additional infrastructure and new plant and machinery. Its shares are proposed to be listed on the BSE and NSE on August 17, 2026.

Participated · Equity · Jan 2026

Founded in 2008, Amagi Media Labs provides cloud-based software that helps broadcasters and streaming platforms manage, distribute, and monetise video across smart TVs, smartphones, and other digital endpoints. The company operates three business lines—cloud modernisation, streaming unification, and monetisation & marketplace—and currently serves more than 45 % of India’s top-50 listed media and entertainment companies by revenue. Amagi booked ₹1,162 crore in revenue from operations in FY25, reflecting a 31 % CAGR between FY23 and FY25, and earned ₹6.40 crore in profit on ₹704.80 crore revenue during the six months ended 30 September 2025. At the upper end of its IPO price band, the firm is valued at over ₹7,800 crore. Management plans to deploy ₹550 crore of fresh capital to bolster technology and cloud infrastructure, pursue inorganic growth via acquisitions, and fund general corporate purposes over FY26-FY28.

Participated · Equity · Nov 2025

Capillary Technologies India is a software product company offering artificial-intelligence-driven, cloud-native SaaS applications that help enterprise customers deepen consumer and channel-partner loyalty. Its platform is deployed globally, targeting large enterprises that want to enhance engagement and retention. For the six months ended September 2025, the company recorded consolidated revenue of ₹359.21 crore, following FY 25 revenue of ₹598.25 crore. To accelerate growth, the company is moving toward a public listing on the BSE and NSE. A portion of the IPO proceeds will come from a fresh issue of shares, providing new capital to the business. Capillary’s upcoming listing is being managed by JM Financial, IIFL Capital Services and Nomura Financial Advisory & Securities (India), with MUFG Intime India acting as registrar. The firm’s strategy centers on expanding its AI-driven loyalty product suite and scaling its global enterprise footprint.

Participated · Equity · Oct 2025

Founded in 2007, Canara HSBC Life Insurance Company Ltd operates as a private, bank-promoted life insurer in India, offering term, savings, and other life insurance products primarily through the branch networks of its promoter banks. The company is a joint venture in which Canara Bank holds 51 %, HSBC Insurance (Asia-Pacific) Holdings owns 26 %, and Punjab National Bank is a minority shareholder. Over the years, the insurer has established itself as a significant player among private life insurance providers that leverage bancassurance distribution. To unlock shareholder liquidity, the firm is pursuing a public listing via a ₹2,516 crore initial public offering structured entirely as an offer for sale. Because the IPO is an OFS, the company itself will not receive primary capital; instead, proceeds will flow to the selling shareholders. Ahead of the IPO, the company allotted shares to anchor investors to bolster demand and provide pricing stability. Post-listing, Canara HSBC Life will gain enhanced public visibility and a broadened shareholder base, which management hopes will support future growth initiatives in India’s expanding life insurance market.

Participated · Equity · Oct 2025

Rubicon Research focuses on the research, development, and manufacturing of specialty pharmaceutical formulations targeted primarily at regulated markets, with a particular emphasis on the U.S. market. The company operates two FDA-inspected R&D centers and two manufacturing plants that support its product pipeline. Its strategy includes both organic growth through continued product development and inorganic growth via acquisitions. Ahead of its IPO, the company highlighted plans to direct ₹310 crore of fresh-issue proceeds toward debt repayment, thereby strengthening its balance sheet. Additional funds will be earmarked for future acquisitions to broaden its portfolio and geographic reach. The total IPO is structured at ₹1,377.5 crore, combining a ₹500 crore fresh issue with an ₹877.5 crore offer for sale by promoter General Atlantic Singapore. Following the IPO, General Atlantic’s stake is expected to fall by roughly 35%, diversifying Rubicon’s shareholder base. The successful anchor book signals strong institutional confidence in the company’s growth prospects.