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

Orkla India, formerly known as MTR Foods, is a multi-category packaged food manufacturer best known for its MTR, Rasoi Magic and Eastern spice and condiment brands. The company’s portfolio spans spices, masalas, ready-to-eat meals, sweets and breakfast mixes that are distributed across India. In anticipation of a stock market listing scheduled for 6 November, Orkla India is conducting a ₹1,667 crore initial public offering that is structured entirely as an offer for sale by its existing shareholders. At the top end of the ₹695–730 price band, the IPO would value the business at about ₹10,000 crore. Current promoters Orkla Asia Pacific Pte Ltd and Orkla ASA together hold 90 % of the shares, while Navas Meeran and Feroz Meeran each own 5 %. Because the IPO does not include a fresh issue, the company will not receive proceeds; however, the public listing is expected to enhance its market visibility and provide liquidity to existing backers. Ahead of the IPO, the company completed a ₹499.6 crore anchor placement to a mix of domestic and foreign institutional investors.

Participated · Equity · Oct 2025

Founded in 1975, Studds Accessories designs, manufactures, markets, and sells two-wheeler helmets under its mass-market Studds line and its premium SMK line, alongside ancillary motorcycle gear such as luggage, gloves, rain suits, riding jackets, eyewear, and helmet locks. The company also contract-manufactures helmets for global brands like Jay Squared’s Daytona and O’Neal, distributing these products across Europe, the United States, and Australia. Studds exports to over 70 countries, giving it a broad international footprint in the Americas, Asia, and Europe while maintaining a significant domestic presence in India. Its customer base includes leading motorcycle OEMs such as Hero MotoCorp, Honda Cars India, Suzuki Motorcycle India, Eicher Motors’ Royal Enfield, and India Yamaha Motor, as well as institutional buyers like Central Police Canteens and the Canteen Stores Department. The firm is preparing for a ₹455 crore initial public offering priced between ₹557–585 per share, which implies a valuation of roughly ₹2,300 crore at the top end. Because the IPO is entirely an offer for sale, Studds itself will not receive any primary proceeds. The company recently completed an anchor investor allocation to bolster demand ahead of the listing.

Participated · Equity · Sep 2025

Solarworld Energy Solutions is a solar energy solutions provider that focuses on EPC work for utility-scale and other solar power projects. The company plans to vertically integrate by building a 1.2 GW Solar PV TopCon manufacturing facility in Pandhurana, Madhya Pradesh through its subsidiary, Kartik Solarworld. To fund this expansion, it is coming to market with a ₹490 crore initial public offering that includes a ₹440 crore fresh issue and a ₹50 crore offer-for-sale by promoter Pioneer Facor IT Infradevelopers. At the top end of the ₹333–351 price band, Solarworld will be valued at just over ₹3,000 crore. Ahead of the IPO, the company secured anchor commitments totaling ₹220.5 crore, underscoring institutional confidence in the offering. Seventy-five percent of the IPO is reserved for qualified institutional buyers, with 15 percent for non-institutional investors and 10 percent for retail. Proceeds from the fresh issue will primarily finance the new manufacturing plant and be used for general corporate purposes. Nuvama Wealth Management and SBI Capital Markets are acting as the book-running lead managers, and the company is scheduled to list on September 30.

Participated · Equity · Sep 2025

Pune-based GK Energy is India’s largest pure-play EPC provider for solar-powered agricultural water pump systems, offering farmers an end-to-end solution spanning survey, design, supply, assembly, installation, testing, commissioning and maintenance. The company enables farmers to adopt solar pumps that reduce dependence on grid electricity or diesel, helping cut energy costs and carbon emissions. Its upcoming initial public offering (IPO) will fund long-term working capital needs, with ₹322.5 crore of the fresh issue earmarked for this purpose and the remainder allocated to general corporate uses. GK Energy is positioning itself to capitalise on India’s push for renewable energy in agriculture and the government’s subsidy programmes for solar pumps. Though specific revenue or user figures were not disclosed, the firm’s scale—highlighted by a ₹465 crore IPO—signals meaningful operations. Future growth plans revolve around expanding its EPC footprint and strengthening its balance sheet through the fresh capital infusion. Book-running lead managers for the IPO are IIFL Capital Services and HDFC Bank.