Hexaware Technologies, a leading information technology services provider, launched its ₹8,750 crore IPO from February 12 to 14, with a price band of ₹674–708 per share. The offering was entirely an Offer for Sale (OFS) by its promoter, CA Magnum Holdings, affiliated with The Carlyle Group. The IPO was oversubscribed 2.66 times. The shareholders pattern is as follows: the Qualified Institutional Buyers (QIBs) subscribed 9.09x, while Non-Institutional Investors (NIIs) and Retail Individual Investors (RIIs) subscribed at 20% and 11%, respectively. The company raised ₹2,598 crore from institutional investors, with a valuation exceeding ₹43,000 crore at the upper price band. The book-building procedure of the IPO was managed by Kotak Mahindra Capital Company, Citigroup Global Markets India, JP Morgan India, HSBC Securities & Capital Markets Pvt Ltd, and IIFL Securities Ltd.
Market Position & Industry Analysis
The Information Technology (IT) & Business Process Management (BPM) sector plays a crucial role in India’s economy, contributing 7% to the GDP as of FY24. India has one of the largest internet consumer and, at the same time, has the lowest internet costs globally. With this, India is next for the next phase of IT growth. The Digital India Programme has strengthened digital infrastructure and access, driving rapid digital adoption through government initiatives, private sector innovation, and emerging digital applications. These advancements are creating economic value and enhancing citizen empowerment. India’s global standing in innovation has also improved, ranking 40th in the 2022 Global Innovation Index. Hexaware Technologies provides IT services in business process services, digital IT operations, cloud, data & AI, application services, and cybersecurity. The company operates across 50 offices in 19 countries, with a diverse workforce of 90 nationalities and approximately 33% women representation. The company competes with major IT service providers such as Tata Consultancy Services (TCS), Infosys, Wipro, and HCL Technologies. The IT services sector is witnessing rapid digital transformation and increasing demand for AI, cloud computing, and automation. Hexaware’s strategic focus on cloud and AI-driven solutions positions it well for future growth.
Financials & Valuation
Hexaware’s market capitalization stood at ₹44,422.48 crore post-listing and later rose to ₹46,285.06 crore as the stock gained 2.17% to ₹761.65 per share. The stock opened at ₹745.50 on the NSE, reflecting a 5.3% premium over the issue price, while on the BSE, it listed at ₹731, a 3.25% premium. By the end of the first trading day, shares settled at ₹755.75 on NSE (6.74% above the IPO price) and ₹763.85 on BSE (7.89% above the IPO price). During intraday trading, the stock peaked at ₹788, reflecting an 11.3% gain. Hexaware’s valuation, compared to industry peers, indicates strong growth potential and a focus on scalable digital transformation services.
Investor Sentiment & Analyst Insights
Despite a subdued initial listing, Hexaware Technologies’ stock gained traction due to strong investor interest. The oversubscription of the IPO, particularly by institutional investors, indicates confidence in the company’s future growth. The IT services sector’s expansion, coupled with Hexaware’s cloud and AI-driven strategy, presents growth opportunities. However, potential risks include global economic slowdowns, intense competition from larger IT players, and evolving regulatory challenges. The grey market premium (GMP) trends suggested moderate demand pre-listing, which translated into a stable yet promising listing performance. Overall, the IPO’s strong institutional backing and Hexaware’s strategic focus make it an attractive investment opportunity for long-term investors.
Investors who did not receive the subscription should wait for the company’s quarterly results to assess its performance and decide whether to own the shares.
Founded in February 2008, Transrail Lighting Ltd. is an engineering construction company that manufactures lattice structures, conductors, and monopoles, specializing in energy transmission and distribution. There was also an offer for sale of 1.02 crore shares valued at Rs 438.91 crore. The IPO auction was launched on December 19, 2024, and will conclude on December 23, 2024. The allotment of shares will be finalized on December 24, 2024, and the shares are scheduled to be listed on BSE and NSE on December 27, 2024. 2024 The price range for IPOs has been fixed at ₹410 to ₹432 per share. Investors can apply for a minimum of 34 shares, with a retail investment of ₹ ₹14,688 The minimum investment for small non-institutional investors (sNII) is 14 lots (476 shares) equivalent to ₹2,05,632, while the minimum investment for large non-institutional investors (bNII) is ₹14,688) is 69 lots (2,346 shares) for a total of ₹10,13,472.
IPO Subscription Period
The Transrail Lighting Limited IPO is scheduled to open for subscription on December 19, 2024, and will close on December 23, 2024. The share allotment is expected to be finalized by December 24, 2024, with the tentative listing date set for December 27, 2024, on both the BSE and NSE.
Pricing and Lot Details
The Transrail Lighting Limited IPO offers investors an opportunity to invest in a prominent player in the engineering and construction industry. Below are the key details:
Price Band: ₹410 to ₹432 per share. The lower limit is ₹410, while the upper cap is ₹432.
Lot Size: A minimum investment requires 34 shares, amounting to approximately ₹14,688 at the upper price band.
Issue Size: The IPO aims to raise a total of ₹838.91 crore, comprising a fresh issue of 0.93 crore equity shares worth ₹400 crore and an Offer for Sale (OFS) of 1.02 crore shares valued at ₹438.91 crore.
Face Value: ₹2 per equity share, with the IPO price reflecting a premium based on the company’s valuation and market demand.
The Transrail Lighting IPO follows a structured bidding system that accommodates various investor categories, including Retail Investors, Small Non-Institutional Investors (sNIIs), and Large Non-Institutional Investors (bNIIs). Below is a breakdown of investment requirements:
Category
Lots
Shares
Investment Amount (₹)
Retail Investors
Minimum: 1
34
14,688
Retail (Max)
Maximum: 13
442
1,90,944
Small HNIs (Min)
Minimum: 14
476
2,05,632
Small HNIs (Max)
Maximum: 68
2,312
9,98,784
Large HNIs (Min)
Minimum: 69
2,346
10,13,472
Reservation Structure
The Transrail Lighting Limited IPO employs a structured reservation system to ensure participation from diverse investor categories:
Qualified Institutional Buyers (QIBs): 50% of the total issue is reserved for QIBs, including mutual funds, foreign institutional investors, banks, and other large financial institutions.
Non-Institutional Investors (NIIs): 15% of the issue is allocated to NIIs, including high-net-worth individuals (HNIs) who bid for larger lot sizes.
Small HNIs (sNIIs): Minimum 14 lots (476 shares), amounting to ₹2,05,632 at the upper price band.
Large HNIs (lNIIs): Minimum 69 lots (2,346 shares), totaling ₹10,13,472 at the upper price band
Retail Investors: 35% of the total issue is reserved for retail investors.
Minimum lot size: 1 lot (34 shares), requiring an investment of ₹14,688 at the upper price band.
This reservation system ensures balanced participation across institutional and individual investors while catering to varying investment capacities.
Initiation of Refunds: Thursday, December 26, 2024
Credit of Shares to Demat Accounts: Thursday, December 26, 2024
Listing Date on BSE and NSE: Friday, December 27, 2024
Book Running Lead Managers
The Transrail Lighting Limited IPO is being managed by the following Book Running Lead Managers (BRLMs):
Inga Ventures Private Limited
Axis Capital Limited
HDFC Bank Limited
IDBI Capital Market Services Limited
The registrar for the IPO is Link Intime India Private Limited, responsible for processing applications, managing the allotment process, and handling refund-related activities for the IPO.
Promoters Information
Transrail Lighting Limited is led by a seasoned management team with extensive experience in the transmission and distribution (T&D) industry.
Digambar Chunnilal Bagde, the Executive Chairman, holds a Bachelor of Engineering (Civil) degree and has over 47 years of experience in the design and execution of transmission lines in both Indian and international markets. He has been associated with the company since its inception in 2008.
Randeep Narang, the Managing Director and Chief Executive Officer, holds a Master of Business Administration from NMIMS Mumbai and has attended several leadership development and strategic management programs in the U.S. and India. With more than 36 years of experience managing complex profit and loss responsibilities across various industries, he has been instrumental in steering the company’s growth and operations.
Sanjay Kumar Verma, a Non-Executive Director, holds a diploma of master in computer systems and networks from Khaikov State Polytechnical University, Ukraine. He has several years of experience in business administration and serves as a director on the boards of multiple companies.
The promoters of Transrail Lighting Limited include Ajanma Holdings Private Limited, Digambar Chunnilal Bagde, and Sanjay Kumar Verma. This leadership team brings a wealth of expertise and strategic vision to Transrail Lighting Limited, positioning the company for sustained growth and success in the T&D sector.
About Transrail Lighting Ltd.
Founded in February 2008, Transrail Lighting Ltd is a leading engineering, procurement and construction (EPC) company with a primary focus on energy transmission and distribution. With over four decades of expertise The company has thus built a strong reputation for providing turnkey EPC solutions to civil construction. This includes bridges, tunnels and cooling towers. as well as poles and lighting systems and railway infrastructure, such as overhead electrification. Signal and rail connections making the company successful in transmitting power and Worldwide distribution project It has started operations in 58 countries, including Bangladesh, Kenya, Nigeria, Finland and Poland… This global presence reinforces our ability to execute large-scale projects in a variety of challenging markets. Especially in Asia and Africa… Financially, Transrail is showing strong growth. Its revenue increased from Rs 2,139.09 crore in 2021 to Rs 3,086.14 crore in 2023, coupled with lower costs. This indicates improved operational efficiency. As of September 2023, the company had 1,575 employees, reflecting its commitment to improving operations and building capacity. Transrail is well positioned to capitalize on growing demand in the global communications and electricity distribution sectors, driven by growing energy demand in emerging markets. The integration of smart grids and renewable energy sources presents significant opportunities, especially in high voltage (HV) and ultra-high voltage (EHV) solutions. The company’s focus is on delivering sustainable, quality infrastructure. That high is consistent with the priorities of industry trends.
Financial Highlights: Investor-Centered Approach
Strong revenue growth Operating Income: ₹4,009 Crore in FY2022, up 75.5% from FY2022. This sustained growth underscores our strong business performance and extensive market position. Total revenue: ₹4,113 million in fiscal year Reflecting two-year growth of 73.4%, supported by operational excellence and additional revenue streams.
Effective cost management Consumables expenses: Increased to ₹2,246 trillion in FY2024, in line with revenue growth. which shows efficiency in operations Subcontract costs: ₹499 million in fiscal year This demonstrates scalable operations. At the same time, external work can be managed efficiently.
Increase profits Profit after tax (PAT): ₹233 trillion in FY, up 118% from FY23 and 264% from FY22, highlighted by key operational and financial improvements. Other Income: Continued growth in non-operating income, such as interest or dividends. Helps create profits.
Expanding assets and financial strength Total assets: ₹4,836 crore as on June 30, 2024, up 70% from FY2022, indicating substantial investment in the capital structure. Net worth: ₹1,140 million in FY2024, up 90% in three years, reflecting strong profits and reinvestment ability.
Careful debt management Total debt: ₹603 million in fiscal year which is in outstanding proportion to the growth of assets It signals disciplined financial practices. Finance Expenditure: Fixed at ₹50 million, emphasizing efficient debt service amid expansion.
Investing in human fixed assets Employee benefit expenditure: ₹198 million in fiscal year This emphasizes the company’s commitment to its people. Depreciation and Amortization: Continued growth to ₹164 trillion in FY2024 indicates strategic investments in fixed assets and long-term growth initiatives.
Important points for investors
Transrail Lighting Ltd shows a clear path to revenue growth. Improving Profitability and efficiency in operations.
Combined with disciplined spending and debt management. The company’s financial strength provides a solid foundation for sustainable performance.
The company’s strategic investments in assets and employees further position it as a reliable and growth-oriented player in the EPC sector.
Transrail is an attractive investment opportunity for those wanting exposure to a fast-growing and well-run enterprise in the communications, electricity, and infrastructure sectors.
IPO Objectives
Transrail Lighting Limited is proposing an Initial Public Offering (IPO) with the aim of utilizing the net proceeds for various purposes. The company intends to allocate the funds towards the following objectives:
Incremental working capital requirements to support the company’s operations.
Funding capital expenditure to aid in the company’s growth and development.
General corporate purposes to enhance its overall business activities.
The total number of shares to be issued is as follows: 92,59,259 shares will be issued through a fresh issue, while 1,01,60,000 shares will be offered for sale by existing shareholders.
Subscription Status as of December 20, 2024, 06:54 PM
Category
Subscription (times)
Shares Offered
Shares Bid For
Qualified Institutional Buyers (QIB)
1.36
37,95,889
51,51,680
Non-Institutional Investors (NII)
7.42
28,46,917
2,11,36,508
– bNII (bids above ₹10L)
5.67
18,97,945
1,07,70,010
– sNII (bids below ₹10L)
10.92
9,48,972
1,03,66,498
Retail Investors
7.13
66,42,805
4,73,67,100
Employee Portion
1.53
4,29,814
6,55,792
Total
5.42
1,37,15,425
7,43,11,080
Recommendation:
Transrail Lighting Limited stands out with strong profitability, consistent revenue growth, and superior operational efficiency, outperforming larger peers like KEC International and Kalpataru Projects. Its higher Operating and Net Profit Margins reflect effective management.
Despite its smaller scale and shorter history in the T&D sector (since 2016), its lower P/E ratio suggests potential undervaluation, though market sentiment may remain cautious. Strong management and customer relationships support growth, but risks like order book susceptibility and regulatory challenges should be considered. A promising T&D growth story with risks; thorough due diligence is essential.
DAM Capital Advisors IPO is a book-built issue of Rs 840.25 crores. It is entirely an offer to sell 2.97 crore shares.
About DAM Capital Advisors Limited
DAM Capital Advisors Limited, founded on May 7, 1993, is a renowned investment bank in India. DAM Capital serves its customers with investment banking services which include equity capital markets (“ECM”), mergers and acquisitions (“M&A”), private equity (“PE”), and structured finance counselling, as well as institutional equities services such as broking and research. Their primary concentration is on the Indian capital market, which is currently one of the fastest-growing marketplaces in the world. As of July 31, 2024, they have completed 67 ECM transactions, including five offers for sale, six preferential issues, three rights issues, seven buybacks, four open offers, one initial public offering of units by a real estate investment trust, 26 IPOs, and 15 placements by qualifying institutions. Moreover, till July 31, 2024, DAM Capital Advisory has also advised on 20 advisory transactions including M&A advisory, private equity advisory and structured finance advisory, and has also executed block trades. On March 31, 2024, the revenue increased by 114% and profit after tax (PAT) increased by 713%.
IPO Subscription Period
Open Date: December 19, 2024
Close Date: December 23, 2024
Allotment Date: December 24, 2024
Listing Date: December 27, 2024
Stock Exchanges: BSE and NSE
Pricing Details
Price Band: ₹269 – ₹283 per Share
Face Value: ₹2 per Share
Minimum Lot Size: 53 shares
Investment Requirement:
Retail Investors: Minimum ₹14999 (53 shares)
Small Non-Institutional Investors (sNII): 14 lots (742 shares) – ₹209986
Big Non-Institutional Investors (bNII): 67 lots (3551 shares) – ₹1004933
Cut-off time for UPI mandate confirmation: 5 PM on December 23, 2024
Book Running Lead Managers
DAM Capital Advisors Limited has appointed prominent financial institutions as book-running lead managers for the IPO:
Nuvama Wealth Management Limited
Link Intime India Private Limited has been designated as the registrar for the IPO.
Promoter Information
Promoter: The promoters of the company are Dharmesh Anil Mehta, Sonali Dharmesh Mehta and Boombucket Advisors Private Limited.
Shareholding:
Pre-Issue: 45.88%
Post-Issue: 39.89%
Financial Highlights
Revenue: In FY22 revenue was ₹94.51 crores, in FY23 it was ₹85.04 crores and in FY24 it is ₹182 crores.
Profit after Tax (PAT): PAT has increased year on year, FY23 ₹8.67 crores to in FY24 ₹70.52 crores.
Net Worth: ₹162 crores
Total Borrowing: ₹4.93 crores
Key Performance Indicators (KPIs):
ROE: 54.72%
RoNW: 44.98%
P/BV: 12.76
EPS (Pre-IPO): ₹9.98
EPS (Post-IPO): ₹9.98
P/E Ratio (Pre-IPO): 28.37x
P/E Ratio (Post-IPO): 28.4x
IPO Objectives
The company will not receive any proceeds of the Offer for Sale by the Selling Shareholders.
Subscription Status (As of December 20, 2024)
Retail: 5.11x
QIB: 0.01x
NII: 5.32x
Overall Subscription: 3.71x
Recommendation
DAM Capital Advisors Ltd. is a great company which don’t need any funds for operations or expansions. It has enough cash reserves to pay the minimal debt on the balance sheet. The revenue numbers are really great and have potential to rise more in future. Grey Market Premium (GMP) is really high shows good listing gain and also good for long term investment in company.
Sai Life Sciences IPO is a book-built issue. The company will raise around ₹3,042.62 crores via an IPO that comprises a fresh issue of ₹3,042.62 crores and an offer for sale of up to 38,116,934 equity shares with a face value of ₹1 each.
About Sai Life Sciences Limited
Founded in January 1999, Sai Life Science Limited partners with innovative pharmaceutical and biotech companies, offering services in drug discovery, development, and the manufacturing of small-molecule new chemical entities (NCEs). As a leading contract research, development, and manufacturing organization (CRDMO), the company leverages its scientific expertise to address critical healthcare challenges.
Sai Life Science envisions a future where it develops ground-breaking medicines to treat currently incurable conditions, significantly advancing healthcare. Its flexible service offerings cater to diverse client needs, from small start-ups to global pharmaceutical giants, showcasing adaptability and resilience.
The company has outpaced competitors in the CRDMO sector, achieving impressive revenue and EBITDA Compound Annual Growth Rates (CAGR) from FY 2022 to 2024. Over the past 24 years, it has consistently delivered a broad range of NCE development programs. Sai Life Science stands out by excelling in three key areas: quality, competitive pricing, and exceptional responsiveness, creating substantial value for its clients.
IPO Subscription Period
Open Date: December 11, 2024
Close Date: December 13, 2024
Allotment Date: December 16, 2024
Listing Date: December 18, 2024
Stock Exchanges: BSE and NSE
Pricing Details
Price Band: ₹522 – ₹549 per Share
Face Value: ₹1 per Share
Minimum Lot Size: 27 shares
Investment Requirement:
Retail Investors: Minimum ₹14823 (27 shares)
Small Non-Institutional Investors (sNII): 13 lots (351 shares) – ₹207522
Big Non-Institutional Investors (bNII): 68 lots (1836 shares) – ₹1007964
Credit of Shares to Demat: Tuesday, December 17, 2024
Listing Date: Wednesday, December 18, 2024
Cut-off time for UPI mandate confirmation: 5 PM on December 13, 2024
Book Running Lead Managers
Sai Life Sciences Limited has appointed prominent financial institutions as book-running lead managers for the IPO:
Kotak Mahindra Capital Company Limited
Jefferies India Private Limited
Morgan Staley India Company Private Limited
IIFL Securities Limited
Kfin Technologies Limited has been designated as the registrar for the IPO.
Promoter Information
Promoter: The promoters of the company are Kanumuri Ranga Raju, Krishnam Raju Kanumuri, Kanumuri Mytrey, Sai Quest Syn Private Limited, Sunflower Partners, Lily Partners, Marigold Partners and Tulip Partners.
Shareholding:
Pre-Issue: 40.48%
Post-Issue: 35.1%
Financial Highlights
Revenue: In FY22 revenue was ₹897 crores, in FY23 it was ₹1245 and in FY24 it is ₹1494
Profit After Tax (PAT): From FY22 to FY24 PAT has increased by more than 10 times, from ₹ 6.23 crores to ₹82.8 crores
Net Worth: ₹974 crores
Total Borrowing: ₹710 crores
Key Performance Indicators (KPIs):
ROE: 11.79%
RoNW: 8.13%
P/BV: 10.18
EPS (Pre-IPO): ₹4.34
EPS (Post-IPO): ₹2.69
P/E Ratio (Pre-IPO): 126.42x
P/E Ratio (Post-IPO): 203.82x
IPO Objectives
The company propose to utilise the Net Proceeds towards funding the following objects:
Repayment/prepayment in full or part, of all or certain outstanding borrowings availed by the Company and
General corporate purposes
Subscription Status (As of December 12, 2024, 7:02:07 PM)
Retail: 0.43x
QIB: 3.2x
NII: 0.6x
Overall Subscription: 1.26x
Recommendation
Sai Lifesciences, an innovation-driven CRDMO and global healthcare product developer serving 25+ leading pharma companies, has shown steady revenue growth and a sharp rise in profitability for FY24. While the IPO is aggressively priced based on FY25 earnings and offers limited direct benefits to the company, it plans to raise ₹950 crore, with ₹720 crore allocated for debt repayment. Despite high valuations, the company is well-positioned to benefit from industry growth driven by supply chain diversification. We recommend subscribing for long-term to the IPO.
NTPC Green Energy IPO is a book-built issue of Rs 10,000.00 crores. The issue is entirely a fresh issue of 92.59 crore shares.
About NTPC Green Energy Limited
Incorporated in April 2022, NTPC Green Energy Limited is a wholly-owned subsidiary of NTPC Limited. NTPC Green is a renewable energy company that focuses on undertaking projects through organic and inorganic routes. The largest renewable energy public sector enterprise, NTPC (National Thermal Power Corporation Limited), was incorporated on November 7, 1975. The company’s renewable energy portfolio includes solar and wind power, making it easier to generate clean energy. Additionally, the company aims to develop utility-scale renewable energy projects and projects for public sector undertakings (“PSUs”) and Indian corporations. As of June 30, 2024, the company has an energy capacity of 14,696 MW, consisting of 2,925 MW from operating projects and 11,771 MW from contracted and awarded projects. Compared to its peers, NTPC has achieved higher EBITDA margins and PTA margins in the last 2 years. The company is constructing 31 renewable energy projects in 7 states, totaling 11,771 MW. As of June 30, 2024, the workforce comprised 234 employees, and the company utilised the services of 45 contract labourers.
IPO Subscription Period
Open Date: November 19, 2024
Close Date: November 22, 2024
Allotment Date: November 25, 2024
Listing Date: November 27, 2024
Stock Exchanges: BSE and NSE
Pricing Details
Price Band: ₹102 – ₹108 per Share
Face Value: ₹10 per Share
Minimum Lot Size: 138 shares
Investment Requirement:
Retail Investors: Minimum ₹14,904 (138 shares)
Small Non-Institutional Investors (sNII): 14 lots (1932 shares) – ₹208,656
Big Non-Institutional Investors (bNII): 68 lots (9384 shares) – ₹1,013,472
Initiation of Refunds: Wednesday, November 26, 2024
Credit of Shares to Demat: Wednesday, November 26, 2024
Listing Date: Thursday, November 27, 2024
Cut-off time for UPI mandate confirmation: 5 PM on November 22, 2024
Book Running Lead Managers
Niva Bupa Health Insurance Limited has appointed prominent financial institutions as book-running lead managers for the IPO:
IDBI Capital Market Services Limited
IIFL Securities Limited
HDFC Bank Limited
Nuvama Wealth Management Limited
Kfin Technologies Limited has been designated as the registrar for the IPO.
Promoter Information
Promoter: The Promoters of the Company are the President of India, acting through the Ministry of Power, Government of India and NTPC Limited.
Shareholding:
Pre-Issue: 100%
Post-Issue: 89.01%
Financial Highlights
Revenue Growth: Increased by 11 folds from ₹170 crores (FY 2023) to ₹2037.66 crores (FY 2024)
Profit After Tax (PAT): Rose by 100%, reaching ₹344.72 crores in FY 2024
Net Worth: ₹6232 crores
Total Borrowing: ₹12796 crores
Key Performance Indicators (KPIs):
ROE: 7.39%
RoNW: 2.14%
P/BV: 9.89
EPS (Pre-IPO): ₹0.46
EPS (Post-IPO): ₹0.42
P/E Ratio (Pre-IPO): 234.97x
P/E Ratio (Post-IPO): 259.56x
IPO Objectives
The company proposes to utilise the Net Proceeds towards funding the following objects:
Investment in the wholly owned Subsidiary, NTPC Renewable Energy Limited (NREL), for repayment/ prepayment, in full or in part of certain outstanding borrowings availed by NREL
General corporate purpose
Subscription Status (As of November 19, 2024, 7:02:07 PM)
