IPO Tracker

Qualiance International is engaged in the design, engineering, manufacture and export of performance garments for institutional, government, and brand clients in international markets. Its product portfolio includes military uniforms, tactical outerwear, high-visibility workwear, weather-resistant and all-weather outerwear, police and border patrol uniforms, protective workwear, and performance activewear. The company operates a manufacturing facility in Tiruppur, Tamil Nadu, with an installed capacity of 450,000 garment pieces per annum. The facility also undertakes specialised processes such as seam sealing, bonded construction, ultrasonic welding, laser cutting, and lamination. The company primarily generates revenue from exports to clients across Europe and North America. It holds certifications including ISO 9001:2015, ISO 14001:2015, ISO 45001:2018, ISO 14064-1:2018, SA 8000, Global Organic Textile Standard and Global Recycle Standard certifications, and has undergone a Sedex Members Ethical Trade Audit. It also holds Two Star Export House status from the Government of India. Use of proceeds: This is a fresh issue of shares. Therefore, the net proceeds from the fresh issue will go to the company. They will be utilised for the following purposes: Funding the capital expenditure requirements of the company towards setting up a new manufacturing facility at Tiruppur, Tamil Nadu – Rs 38 crore General corporate purposes

Pranav Constructions is a Mumbai-based real estate company primarily engaged in redevelopment projects in the Municipal Corporation of Greater Mumbai (MCGM) region. The company focuses on redeveloping existing residential properties by demolishing older structures and constructing new premises for existing occupants and homes for sale. Its projects cater to the economical, mid- and mass, and aspirational housing segments. As of March 31, 2026, its portfolio comprised 65 redevelopment projects, including 28 completed projects, 20 under-construction projects, and 17 upcoming projects. These projects had a combined total developable area of approximately 5.01 million square feet. The company predominantly operates in the western suburbs of Mumbai, including Vile Parle, Santacruz, Juhu, Andheri, Jogeshwari, Goregaon, Malad, Kandivali, Borivali, and Dahisar. Pranav Constructions follows an integrated redevelopment model and handles activities across tendering, pre-construction, construction, and post-construction stages. It began undertaking redevelopment projects in 2012. Use of proceeds: The IPO consists of both a fresh issue of shares and an offer for sale (OFS).​ Net proceeds from the OFS will go to the respective selling shareholders, while the net proceeds from the fresh issue will be utilised for the following purposes:​ Funding costs towards obtaining government and statutory approvals and purchase of additional FSI as per applicable laws and cost towards compensation to members towards alternate accommodation and hardship compensation in relation to the development of certain of the under-construction and certain upcoming redevelopment projects — Rs 145.72 crore Repayment or pre-payment, in full or in part, of certain of the outstanding borrowings availed by the company — Rs 91.5 crore Funding acquisition of future redevelopment projects and general corporate purposes.

Apana Logistics Limited, incorporated in 1992 and headquartered in Kolkata with corporate offices in Mumbai, provides integrated logistics solutions across India. Its operations cover container handling at Container Freight Stations (CFS), Inland Container Depots (ICD), and ports, alongside road transportation, cargo handling at third-party warehouses, and truck-trailer maintenance. Managed by promoter Mr. Pratyaksh Sureka, the company operates via a hybrid model of owned and rented fleet assets, expanding revenue from ₹2,009.64 lakhs in FY24 to ₹3,085.13 lakhs in FY26.

Prasol Chemicals Limited is a specialty chemicals manufacturer incorporated in 1992. The company is involved in the manufacture of acetone-based, phosphorous-based and other specialty chemicals involving complex chemistries. Its product portfolio comprises over 150 specialty chemical products, including 21 acetone-based chemicals, 53 phosphorous-based chemicals and 76 other specialty products such as surfactants, performance additives, ethers, esters, polymers and acids. These products are used across performance chemicals, paints, inks, construction and adhesives, pharmaceuticals, agrochemicals, and home and personal care industries. The company manufactures products such as diacetone alcohol, isophorone, hexylene glycol, meta xylenol, phosphorous pentasulphide, phosphorous pentoxide, dithio-phosphates, polyphosphoric acid, DETC and phosphate esters. As of July 15, 2026, the company had over 1,600 customers and exported its products to 69 countries. The company also states that it was the only manufacturer of isophorone in India during the period covered by the CARE Report.

Kanohar Electricals Limited is a company engaged in transformer manufacturing and engineering, procurement and construction (EPC) activities in the power transmission and distribution sector. Its transformer manufacturing business covers transformers used in power transmission, railways, renewable energy, and power distribution. As of March 31, 2026, the company had short circuit test certification for 500 MVA 400 kV transformers and had conducted short circuit testing for more than 200 ratings. It is also certified by the Research Designs and Standards Organisation (RDSO) to manufacture 100 MVA 132 kV Scott transformers and is certified to manufacture 100 MVA 220 kV Scott transformers for railway electrification. Through its EPC business, the company undertakes turnkey installation of air and gas-insulated substations, bay augmentation of existing substations up to 400 kV, and transmission lines across 132 kV, 220 kV, and 400 kV. Its EPC activities include design, engineering, procurement, supply, erection, testing, and commissioning of electrical infrastructure.

Glass Wall Systems (India) Limited is engaged in providing façade and fenestration solutions in India and international markets, including the United States and Australia. The company offers curtain wall façades, storefront systems, unitised and semi-unitised façades, frameless façades, windows, doors, skylights, and partition systems. Its operations are divided into domestic façade solutions, international façade product supply, and fenestration solutions. The company provides services across design, engineering, fabrication, manufacturing, supply, and installation. Glass Wall Systems operates its primary manufacturing facility at Vile Bhagad, Maharashtra, with a developed area of 32,415.45 square metres and a production capacity of 130 panels per day. The facility operates under ISO 9001:2015 and ISO 45001:2018 certifications.

Deepa Jewellers is a business-to-business (B2B) company engaged in designing, processing and supplying 22-karat hallmarked gold jewellery to jewellery retail chains and standalone stores. The company also undertakes job work assignments and trades in silver ornaments, 18-karat and 20-karat gold ornaments, precious stones, and gold bullion. Its jewellery portfolio includes vaddanam which is a a traditional South Indian gold waist belt, CNC machine-cut bangles, gents kada, vanky, dandpatti, necklaces, kangan, earrings, mangtika, maatil, jada, rings, and bracelets, among other products. As of July 31, 2026, it had 16 product categories and 110 SKUs, with 15 in-house designers. The company follows an outsourced manufacturing model and works with a network of 41 karigars. It supplies gold, alloys, and precious stones to the karigars, who manufacture jewellery according to its designs and specifications. The company is setting up an in-house manufacturing facility in Hyderabad, Telangana, and operates a sales office in Vijayawada, Andhra Pradesh, which was opened in November 2025.

Rays of Belief Limited is a for-profit social enterprise that provides intervention plans for children with neurodevelopmental disorders (NDDs), including Autism Spectrum Disorder, ADHD, Down Syndrome, Cerebral Palsy, Intellectual Disability, Learning Disabilities and Global Developmental Delays. Its personalised intervention plans are based on each child's needs and condition severity. The company provides early intervention, parental guidance, occupational therapy, language therapy, and family support programmes through its centres and digital e-therapy programmes. Its services primarily cater to children aged 18 months to 12 years, with programmes for children up to 15 years focused on vocational and life skills. The company operates under the brand name Mom’s Belief and had 136 centres across 57 cities in 20 states and Union Territories in India as of March 31, 2026. It also has three centres in Virginia, USA, following its acquisition of Mom’s Belief US, Inc. in June 2025.

Rays of Belief Limited is a for-profit social enterprise that provides intervention plans for children with neurodevelopmental disorders (NDDs), including Autism Spectrum Disorder, ADHD, Down Syndrome, Cerebral Palsy, Intellectual Disability, Learning Disabilities and Global Developmental Delays. Its personalised intervention plans are based on each child's needs and condition severity. The company provides early intervention, parental guidance, occupational therapy, language therapy, and family support programmes through its centres and digital e-therapy programmes. Its services primarily cater to children aged 18 months to 12 years, with programmes for children up to 15 years focused on vocational and life skills. The company operates under the brand name Mom’s Belief and had 136 centres across 57 cities in 20 states and Union Territories in India as of March 31, 2026. It also has three centres in Virginia, USA, following its acquisition of Mom’s Belief US, Inc. in June 2025.

Fly-Hi Maritime Travels Limited is a marine travel company engaged in managing end-to-end travel arrangements for crew members of commercial shipping companies. The company was incorporated in September 2021 and was converted into a public limited company in December 2025. The company manages various aspects of crew travel, including airline tickets, ground transportation, hotel accommodation, and visa applications, to facilitate the movement of crew members from their home countries to their designated ports of boarding. The company works with commercial shipping companies across more than six countries and focuses exclusively on addressing the travel requirements of maritime crew. Use of proceeds: The IPO consists of both a fresh issue of shares and an offer for sale (OFS).​ Proceeds from the OFS will go to the respective selling shareholders, whereas the net proceeds from the fresh issue will be utilised for the following purposes:​ Funding working capital requirements of the company — Rs 24.24 crore Repayment and/or pre-payment, in full or in part, of certain borrowings availed by the company — Rs 4 crore Towards talent acquisition for business marketing and development activities — Rs 1.80 crore General corporate purposes — Rs 6.36 crore

Farm Peace Limited is an integrated contract farming company focused on cultivating and supplying processed-grade potato varieties to food processing companies. The company works with farmers under a 100% buy-back model. It provides certified seed varieties, agronomic support and technical assistance covering land preparation, sowing, irrigation, pest management, harvesting and post-harvest handling. Its potato varieties include Santana, Frysona, Innovator, Lady Rosetta and Chipsona, which are used in products such as French fries, potato chips, flakes, powders and other processed potato products. The company also supplies processing-grade potatoes to frozen food manufacturers, snack companies and other processing units. It operates primarily in Gujarat and, as of FY26, cultivated over 5,660 acres and produced 61,680 metric tonnes of potatoes annually. Its operations are supported by the Farm Peace mobile application, which is used for farmer KYC, seed distribution and recording field-level activities. The company also uses leased cold storage facilities and temperature-controlled logistics in Gujarat.

Pramodini Medicare is a diagnostic service provider in India, offering technology-enabled diagnostic services to public and private hospitals, government PSUs and medical colleges across tier I, tier II and tier III cities. Its services are divided into three categories: radiology, clinical laboratory and nuclear medicine. Radiology services include MRI, CT scans, X-ray, ultrasound with colour Doppler, mammography, Dexa scans and interventional radiology. Clinical laboratory services cover haematology, microbiology, immunology, pathology and biochemistry, while nuclear medicine services include PET-CT, SPECT and nuclear therapy. The company also provides teleradiology services through its registered office in Vijayawada, which operates 24×7. As of December 31, 2025, the company operated 15 diagnostic centres across six states and 13 cities in India. Its centres operate through public-private partnerships, private-private partnerships, strategic partnerships with government PSUs and standalone private centres. The company also has a processing unit-cum-laboratory in Vijayawada. Use of proceeds: The IPO consists of both a fresh issue of shares and an offer for sale (OFS).​ Proceeds from the OFS will go to the respective selling shareholders, whereas the net proceeds from the fresh issue will be utilised for the following purposes:​ Funding of capital expenditure for purchase of medical equipment towards existing and proposed diagnostic centres — Rs 45.15 crore General corporate purposes.

Shiprocket is a technology platform that provides solutions for e-commerce transactions, including logistics, checkout, payments, fulfilment and cross-border trade. Its core business includes a domestic shipping platform that provides merchants access to logistics partners for deliveries within India, along with shipping applications for order tracking, pickups, secure shipments, weight management and cash-on-delivery remittance. The company also offers fulfilment services through fulfilment centres across India, a cargo platform for partial and full truckload deliveries and Shiprocket Omuni for managing online marketplaces, brand websites and physical retail stores. Its cross-border offerings include ShiprocketX for international parcel shipments and CargoX for international B2B cargo deliveries. Other offerings include advertising and marketing solutions, Fastrr Checkout, capital solutions through lending partners, and Shiprocket Quick for hyperlocal deliveries. The company operates through a technology platform and an ecosystem of logistics, fulfilment, payments, communication and other partners serving merchants across India and international markets.

Q&T Foods Limited is a food processing company primarily engaged in the business of manufacturing, distribution, marketing, and selling of bakery products in the savoury category. The company offers a diversified product portfolio under its brand 'American Bakers', which includes varieties of breads such as Milk Bread and Multigrain Bread, and other bakery products like Kulcha, Pav, Burger Bun, and Pizza Base, targeted primarily at local consumers in Uttar Pradesh.

Behari Lal Engineering Limited is an integrated iron and steel manufacturing company that produces precision-engineered components for industrial applications. Its product portfolio includes metal rolls, engineering castings, alloy steel products, forging ingots, and forged shafts and blocks. These products are used across industries such as steel, automobile, mining, infrastructure and construction, power, aerospace and defence, and cement. The company serves domestic and international customers, with its products supplied across 21 countries since April 2024. The company operates two manufacturing facilities in Mandi Gobindgarh, Punjab, with steel melting, refining, foundry, heat treatment, machining and rolling capabilities, and has commenced construction of a third facility in the region.

Credent Connect N Care Limited is a healthcare services provider engaged in logistics, workforce solutions and technology-enabled support for healthcare institutions across India. Its services include home sample collection through trained phlebotomists, deployment of phlebotomy teams and laboratory technicians, paramedical staffing, and inter-state and intra-state logistics for diagnostic samples, medical products and reagents. The company also provides corporate wellness programs through its C3 Wellness vertical, including vaccination programs, diagnostic services, health camps, and deployment of healthcare personnel. Its C3 Post platform provides courier aggregation, cash-on-delivery reconciliation, and cold-chain logistics for healthcare-related consignments. As of June 30, 2026, the company employed 2,589 riders and owned 97 commercial vehicles. It is headquartered in Ashok Vihar, Delhi, and operates through two warehouses and four branch offices in Mumbai, Pune, Chennai, and Varanasi. The company has also acquired Credent Healthcare Private Limited, Credent Team Private Limited, and Alltrak Technologies Private Limited. Use of proceeds: This is a fresh issue of shares. Therefore, the net proceeds from the fresh issue will go to the company. They will be utilised for the following purposes: Investment in our wholly owned subsidiary, Credent Healthcare Private Limited, to meet its working capital requirement — Rs 26.80 crore Investment in our wholly owned subsidiary, Credent Healthcare Private Limited, to finance its capital expenditure requirements for machinery — Rs 3 crore To meet working capital requirements — Rs 37 crore Repayment and/or repayment, in full or part, of borrowing availed by the company — Rs 6 crore

Skytech Infinite Platform provides turnkey industrial automation solutions, including design, engineering, supply, installation, commissioning, and maintenance. The company caters to sectors such as power, water, energy, infrastructure, food and beverages, chemicals and pharmaceuticals, automotive, HVAC, and other process industries. Its product portfolio includes power control centre (PCC) panels, motor control centre (MCC) panels, automatic power factor control (APFC) panels, variable frequency drive (VFD) panels, PLC panels, control desk panels, flameproof panels and power distribution board panels. It also provides annual maintenance and migration services for automation and control systems. The company operates a 10,000 sq. ft. manufacturing facility in Lingarajapuram, Bengaluru, Karnataka, where it undertakes panel design, assembly, wiring and testing. Use of proceeds: This is a fresh issue of shares. Therefore, the net proceeds will go to the company. They will be utilised for the following purposes: Working capital requirements of the company - Rs 16.81 crore Issue-related expenses General corporate purposes

Technocrats Plasma Systems Limited is an engineering-led manufacturer of plasma cutting machines, welding equipment, and customised automation systems used in metal fabrication and related industries. Its products are used across sectors such as automotive, construction, shipbuilding, heavy engineering, and general manufacturing. The company’s portfolio includes standalone plasma-cutting and welding machines, CNC-controlled plate and pipe-cutting systems, laser-cutting and welding systems, and automated cutting and welding solutions. It also undertakes customisation and retrofitting of machines and provides services including installation and commissioning, preventive maintenance, annual maintenance contracts (AMCs), training, technical consultancy, and supply of spares and consumables. Technocrats Plasma Systems operates two manufacturing facilities in Vasai, Maharashtra, with an aggregate built-up area of 20,000 square feet. These facilities are used for fabrication, machining, assembly, surface preparation, testing, and benchmarking of its cutting, welding, and automation equipment before dispatch.

ENS Enterprises Limited is a technology company providing digital commerce enablement and software solutions. Its services cover online commerce platforms, Open Network for Digital Commerce (ONDC) integrations, software development, mobile applications, cloud and DevOps services, and digital marketing. The company also develops Software as a Service (SaaS) products that generate subscription-based revenue, along with providing consulting, development and integration services for blockchain-based solutions, including smart contracts and ONDC protocol-based applications. It provides technology support covering strategy, development, deployment, growth and ongoing maintenance. The company is headquartered in Uttar Pradesh, India, and serves clients in India as well as the United States, Japan, Singapore, the United Kingdom, and Canada. In 2022, it was empanelled as a Technology Service Provider for the Government of India’s ONDC initiative. Its research and development (R&D) activities cover technologies, including artificial intelligence (AI) and machine learning (ML), generative AI (GenAI), predictive analytics, Internet of Things (IoT), blockchain, and cloud-native architectures.

Horizon Industrial Parks Limited is an industrial and logistics infrastructure developer, owner and operator in India. The company provides fulfilment centres (warehouses), industrial facilities and in-city centres across major industrial and consumption hubs. Its fulfilment centres provide bulk storage facilities for sectors such as e-commerce, third-party logistics, FMCG and retail, while its industrial facilities support assembly, light engineering, manufacturing and related storage activities across sectors including renewable energy, electric vehicles, automotive, electronics, aerospace, specialty chemicals and telecommunications. Its in-city centres support uses such as last-mile delivery, micro-fulfilment, cold storage, retail, research and development (R&D) and service centres. The company also provides built-to-suit and plug-and-play facilities, turnkey development, cold storage, energy solutions, on-site staff accommodation, racking and material handling equipment. As of the date of the red herring prospectus, its network comprises 45 assets across 10 cities, totalling 58.58 million square feet of leasable area.

Horizon Industrial Parks Limited is an industrial and logistics infrastructure developer, owner and operator in India. The company provides fulfilment centres (warehouses), industrial facilities and in-city centres across major industrial and consumption hubs. Its fulfilment centres provide bulk storage facilities for sectors such as e-commerce, third-party logistics, FMCG and retail, while its industrial facilities support assembly, light engineering, manufacturing and related storage activities across sectors including renewable energy, electric vehicles, automotive, electronics, aerospace, specialty chemicals and telecommunications. Its in-city centres support uses such as last-mile delivery, micro-fulfilment, cold storage, retail, research and development (R&D) and service centres. The company also provides built-to-suit and plug-and-play facilities, turnkey development, cold storage, energy solutions, on-site staff accommodation, racking and material handling equipment. As of the date of the red herring prospectus, its network comprises 45 assets across 10 cities, totalling 58.58 million square feet of leasable area.

Lalithaa Jewellery Mart Limited is a jewellery retailer operating under the “Lalithaa” brand, primarily in southern India. Its product portfolio includes gold, silver, and diamond jewellery, along with silverware, with gold jewellery being its primary product category. As of March 31, 2026, the company operated 61 stores across 51 cities in Tamil Nadu, Andhra Pradesh, Telangana, Karnataka, and Puducherry, covering a total operational area of 650,881 sq. ft. Of these, 45 stores were located in Tier II and Tier III cities. The company also operates two manufacturing facilities in Tamil Nadu—one at Thirumudivakkam, Chennai, and another at Maraimalai, Kanchipuram, operated through its wholly owned subsidiary, Asita Jewellery Manufacturing Private Limited.

Fascinate Textiles is a readymade garment manufacturing company based in West Bengal. The company manufactures garments for men, women and children, with a significant portion of its production focused on childrenswear. Its product range includes t-shirts, joggers, vests, leggings, shorts and infant wear, among other garments. The company develops samples based on buyer-provided themes and mood boards as well as through its in-house design initiatives. Once approved, the samples are taken up for production and supplied to large-format retailers and wholesalers in the local market. Its manufacturing activities are primarily carried out at its production facility in Barasat, North 24 Parganas, West Bengal. The company procures yarn, which is sent to external job workers for knitting and dyeing, while subsequent processes, including cutting, printing, stitching and finishing, are conducted in-house. The company also uses automated printing, sequencing and cutting machinery in its production operations.

Sunshine Pictures is a production house engaged in the creation, development, production, marketing, and distribution of films, television serials, and web series. The company undertakes projects as a sole producer as well as through co-production arrangements with other studios. Its activities include script research and development, content production, intellectual property creation, monetisation of content rights, and distribution. As of the date of the RHP, it had produced 13 commercial films, two web series, three television serials and one short commercial film. The company has also launched Sunshine Music and Sunshine Digital (Originals), covering original music videos and digital content. Use of proceeds: The IPO consists of both a fresh issue and an offer for sale.​ Proceeds from the offer for sale segment will be directed to the respective selling shareholders, whereas the net proceeds from the fresh issue will be utilised for the following purposes:​ Funding the working capital requirements of the Company - Rs 112.50 crore General corporate purposes

Shankesh Jewellers Limited is engaged in the business of hand-crafted gold jewellery and provides jewellery customisation and job work services. The company offers 22-karat and 18-karat gold jewellery, including bangles, bridal jewellery, chokers, jhumkas, necklace sets, mangalsutras, rings and combined jewellery sets. Its portfolio includes antique, semi-antique, Calcutta, temple, Gheru polish, and yellow, rhodium, and rose gold jewellery. The company follows an asset-light model and does not manufacture jewellery in-house. Production is outsourced to specialised karigars through third-party job workers, while the company manages designing, material sourcing, customisation and delivery of finished jewellery. Shankesh Jewellers operates from its office in Mumbai, Maharashtra, and supplies its products to corporate and non-corporate clients across India. Its customer network spans 21 states and four Union Territories. Use of proceeds: This is a combination of a fresh issue of shares and an offer for sale. Therefore, the net proceeds from the offer for sale will go to the selling shareholders, whereas the net proceeds from the fresh issue will go to the company. They will be utilised for the following purposes: Repayment and/or pre-payment, in full or part, of certain borrowings availed by the company — Rs 158 crore Funding working capital requirements of the company — Rs 38 crore General corporate purposes

Sunshine Pictures is a production house engaged in the creation, development, production, marketing, and distribution of films, television serials, and web series. The company undertakes projects as a sole producer as well as through co-production arrangements with other studios. Its activities include script research and development, content production, intellectual property creation, monetisation of content rights, and distribution. As of the date of the RHP, it had produced 13 commercial films, two web series, three television serials and one short commercial film. The company has also launched Sunshine Music and Sunshine Digital (Originals), covering original music videos and digital content. Use of proceeds: The IPO consists of both a fresh issue and an offer for sale.​ Proceeds from the offer for sale segment will be directed to the respective selling shareholders, whereas the net proceeds from the fresh issue will be utilised for the following purposes:​ Funding the working capital requirements of the Company - Rs 112.50 crore General corporate purposes

Dhanwel Hybrid Seeds Limited is engaged in the seed business, covering the development, multiplication, processing, and supply of seeds for various field crops and vegetable varieties. The company undertakes seed production using improved genetic seed material sourced from recognised agricultural institutions, government-supported research organisations, and the open market. Seed cultivation is carried out through arrangements with identified farmers, where the company provides seed material, cultivation protocols, and technical support while monitoring crop quality through its field staff and agronomists. In addition to contract farming arrangements, the company also procures seeds directly from farmers and the open market based on operational requirements. Post-harvest, seeds are processed through cleaning, grading, treatment, and packaging at the company's processing facility located at Jashapar, Jamnagar district, Gujarat. The facility spans over 10,218 square feet and is equipped with processing infrastructure for quality control and storage. The company markets its products under the “Dhanwel Seeds” brand and holds ISO 9001:2015 certification.

Mopshop Distribution Limited is engaged in providing Facility Management Supplies (FMS) through a business-to-business (B2B) model. The company supplies cleaning tools and hygiene consumables to clients across sectors including banking, financial services and insurance, construction and real estate, healthcare, and facility management. Its product portfolio includes microfiber cloths, surface disinfectants, sensor-based dispensers, biodegradable garbage bags, tissue papers, pedal bins, wringer buckets, vacuum cleaners, air fresheners, tool kits, and related accessories. The company distributes its products through an online order management platform developed by a third-party service provider and a business development team. Headquartered in Vasai, Maharashtra, the company operates warehouses in Ahmedabad, Hyderabad, Bangalore, Gurugram, Chennai, Pune, and Indore, with a total warehousing capacity of approximately 20,000 sq. ft. As of September 15, 2025, the company employed 115 employees and maintained a fleet of vehicles for deliveries.

Gaja Alternative Asset Management Limited is an alternative asset management company that acts as an investment manager to India-focused funds, including Category I and Category II Alternative Investment Funds (AIFs), and as an advisor to offshore funds that provide capital to companies in India. The company provides fund management and advisory services and earns income through management fees, carried interest, and income from sponsor commitments. Its investment activities have focused on sectors including education, employment and employability (EEE), financial services, consumer and digital technology. The company follows an investment approach focused on the mid-market segment and considers areas such as product, sales, human resources, and financial management of portfolio companies. It has managed and advised multiple funds, including Fund II, Fund III, and Fund IV. The company was incorporated in 1999 as View Advisors Private Limited and subsequently rebranded as Gaja Capital. As of March 31, 2026, it had committed approximately Rs 274 crore as a sponsor commitment to the Gaja Capital Funds.

Tempsens Instruments (India) Limited is a thermal engineering and specialised cable manufacturer engaged in the design and manufacture of temperature-sensing solutions, electrical heating solutions, and specialised cables. Its temperature-sensing portfolio includes thermocouples, resistance temperature detectors, infrared pyrometers, online thermal imagers, temperature gauges, pressure gauges, level gauges, thermowells, temperature transmitters, fibre optic temperature sensors, and temperature calibrators. Its electrical heating products include immersion, process, skid, cartridge, band, tubular, flexible and furnace heaters, as well as laboratory and process furnaces. The specialised cable portfolio includes control and power cables, instrumentation cables, thermocouple and RTD cables, heat trace cables and mineral insulated metal sheath cables. The company operates 15 manufacturing units with its subsidiaries and joint ventures, including 10 units in Udaipur, India, and five overseas units in the United Arab Emirates, South Korea, Indonesia, Germany, and Poland. It also has a network of 28 distributors as of March 31, 2026.

Augmont Enterprises Limited is an integrated gold and silver platform serving businesses and consumers across India. Its operations cover procurement and refining of gold and silver, bullion trading, digital gold and silver offerings, jewellery manufacturing, international sales and technology support for gold-backed financial services. The company conducts enterprise sales through its Augmont SPOT platform, which enables jewellers, bullion dealers and manufacturers to purchase gold and silver bars online for physical delivery. Its consumer-focused Augmont Gold For All platform enables customers to buy, sell and store gold and silver digitally, purchase gold through systematic investment plans, buy coins and access technology support for gold loans. The company manufactures gold jewellery at its unit in Sitapur SEZ, Jaipur, Rajasthan, and sells products in international markets, including Hong Kong, Turkey and the UAE. It operates gold and silver refining units in Rudrapur, Uttarakhand and Mumbai, Maharashtra. The company also procures refined bullion and doré bars from domestic and international sources. Use of proceeds: The IPO consists of both a fresh issue of shares and an offer for sale (OFS).​ Net proceeds from the OFS will go to the respective selling shareholders, while the net proceeds from the fresh issue will be utilised for the following purposes:​ Funding future working capital requirements towards procurement, maintenance and scaling up of inventory and funding advance margin requirements for procurement of inventory by the company — Rs 465 crore General corporate purposes

ABH Healthcare Limited operates a hospital providing tertiary medical care in Ferozepur, Punjab. The company operates the 150-bed Anil Baghi Hospital, which was established in 1985 and acquired by the company in 2022. The hospital provides services across 25 medical specialities, including cardiac sciences, neurology, gastroenterology, laparoscopic and bariatric surgery, urology, pulmonology, nephrology, orthopaedics and joint replacement, obstetrics and gynaecology, critical care, dentistry, physiotherapy, dermatology, laboratory investigations and radiology. The hospital is empaneled with over 30 private and public health insurance companies and third-party administrators, as well as various government schemes. It received NABH accreditation in 2021 and NABH Digital Standards accreditation in FY25. The company also uses a patient portal, website, Computerised Physician Order Entry system, and Electronic Health Record platform. As of June 30, 2026, this 150-bed hospital, as of FY26, had 37 doctors and 101 nurses.

Skyways Air Services Limited, established in 1984, is engaged in the air freight forwarding and logistics business. Its services include air and ocean freight forwarding, trucking, warehousing, customs broking, express cargo and parcel delivery, cargo handling, logistics planning and management, and documentation and customs clearance. The company also provides technology-enabled logistics services through platforms supporting freight quotations, booking management, shipment tracking, workflow management, documentation and operational reporting. Its subsidiaries operate across areas including road transportation, warehousing, ocean logistics, cross-border freight forwarding, express cargo delivery and information technology services. The company also has international subsidiaries and operations in markets including Germany, Hong Kong, the UAE, Vietnam, Cambodia, the United Kingdom, the United States, Canada and Saudi Arabia. It operates through a network across 28 cities in 12 states and one Union Territory in India. The company has also expanded its activities into logistics and cargo-related infrastructure, including cargo terminals, container freight stations, logistics parks, warehousing complexes and related facilities.

Hy-Tech Engineers is an engineering company engaged in the design, manufacture, and supply of hydraulic fittings for industrial applications. Its product portfolio includes DIN-metric fittings, JIC flared and flareless fittings, O-Ring Face Seal (ORFS) fittings, conversion fittings, and fittings customised to customer specifications. As of March 31, 2026, the company had more than 11,000 SKUs catering to industries such as construction machinery, automotive, farming machinery, injection moulding machines, and hydraulic systems. It operates on a B2B model and supplies products to domestic and international customers through direct sales and a network of distributors and distribution partners. The company operates six manufacturing facilities in India, with four located in Maharashtra and two in Madhya Pradesh. Its facilities at Thane, Pithampur, Shirwal, and Kavathe manufacture hydraulic fittings, while its Nashik facility manufactures forged metal parts, primarily for captive consumption.

Symbiotec Pharmalab is a pharmaceutical and biotechnology company involved in the development and manufacturing of active pharmaceutical ingredients (APIs), biotechnology products, and complex injectables. Its operations span three platforms — organic chemistry, biotechnology, and complex injectables. The company has a portfolio of over 60 corticosteroid and steroid hormone APIs, including hydrocortisones, betamethasone, methylprednisolones, progesterones, estrogens, and testosterone. It also provides contract development and manufacturing organisation (CDMO) services to pharmaceutical and nutraceutical companies. As of March 31, 2026, the company had two operational API manufacturing facilities at Rau and Pithampur in Madhya Pradesh. It has also commissioned a biomanufacturing facility at Ujjain and a complex injectables facility at Mhow, Madhya Pradesh. The company operates three R&D centres in Indore focused on organic chemistry, biotechnology and complex injectables. Its products and services have been supplied to over 200 customers across more than 40 countries. Use of proceeds: The IPO consists of both a fresh issue and an offer for sale.​ Proceeds from the offer for sale segment will be directed to the respective selling shareholders, whereas the net proceeds from the fresh issue will be utilised for the following purposes:​ Prepayment and/or repayment, in full or in part, of all or a portion of certain outstanding borrowings availed by the company — Rs 112.5 crore General corporate purposes

Madhur Knit Crafts Limited is a textile manufacturer engaged in producing fabrics, blankets and garments. The company commenced commercial operations in 2013 with the manufacture of blankets and has since expanded its product range to include consumer textile products and technical textiles such as paint roller fabrics. Its manufacturing processes include knitting, dyeing, printing, brushing, polishing, sueding and stentering, with capabilities covering the conversion of yarn into finished cloth. The company operates from its registered office and manufacturing facility in Ludhiana, Punjab. Its plant is equipped with circular knitting machines, warp knitting machines, dyeing machines, flatbed and rotary printing machines, stenter machines, brushing, embossing, punching, bonding, shearing and other textile machinery. The company also has an in-house effluent treatment plant for treating wastewater generated during dyeing and processing. Its machinery is sourced from Korea, Taiwan and China, and its operations are certified under ISO 9001:2015.

Annu Projects Limited is an EPC company engaged in the design, development, implementation, operation and maintenance of overhead and underground utility infrastructure. Its business is divided into four verticals: telecom infrastructure, sewerage infrastructure, gas pipelines and railway signalling. The telecom business includes surveying, designing and installing cabling and tower infrastructure and laying optical fibre cable networks. Its sewerage activities include pipe laying, construction of manholes, sewage treatment plants, pumping stations and stormwater drainage systems. The gas pipeline vertical involves laying MDPE pipelines and GI house connections for domestic and commercial gas supply. The company has also undertaken railway signalling projects. Established in 2003, the company operates across multiple states in India and executes projects through direct contracts, subcontracts, and project-specific joint ventures or consortiums. As of June 30, 2026, it had completed 362 projects and had 23 ongoing projects. It also owned more than 558 machines and pieces of equipment and had 469 permanent employees.

Sumax Engineering Limited is engaged in the manufacturing and trading of products for the automotive original equipment manufacturer (OEM) and auto refinish markets. Its manufacturing portfolio includes adhesive tapes and die-cuts, pre-taped masking film, rubbing and polishing compounds, buffing and foam pads, reflective tapes, domes and graphics, and car care products. The company also manufactures and supplies paint protection film (PPF), a thermoplastic polyurethane film used on vehicle-painted surfaces. Its trading portfolio comprises electrical and pneumatic tools, abrasive sheets, discs and rolls, body shop consumables, retail products, accessories and aerosol products. The company operates two manufacturing units, one at SIPCOT Industrial Park, Sriperumbudur, Tamil Nadu, and another at IMT Manesar, Haryana. Its registered office is located in Secunderabad, Telangana. The company’s manufacturing processes are certified under ISO 9001:2015 and IATF 16949:2016 standards.

Kwick Forensic Solutions is a provider of products, solutions, and technologies for forensic sciences, fingerprint science, cyber and digital forensics, DNA forensics, social media analytics and big data analytics, primarily for law enforcement and forensic investigation applications. The company supplies forensic science and physical evidence solutions, including fingerprint and evidence collection kits, handheld forensic devices and laboratory equipment, mobile crime scene investigation vehicles, cyber and digital forensic tools, and DNA forensic solutions. The company also provides forensic equipment on a rental or sublease basis, including handheld liquor-detection scanners and other detection, scanning, and imaging systems, along with manpower support where required. Its customers include police stations, central and state forensic laboratories, fingerprint bureaus, crime investigation departments, police training academies, and universities offering forensic science courses. The company procures forensic products through a combination of domestic sourcing and imports, while certain forensic kits and handheld devices are assembled or developed in-house. Use of proceeds: The IPO consists of both a fresh issue of shares and an offer for sale.​ Proceeds from the OFS will go to the respective selling shareholders, whereas the net proceeds from the fresh issue will be used for the following purposes:​ Funding the working capital requirement of our company — Rs 31.42 crore General corporate purposes

Lumino Industries Limited is an engineering, procurement and construction (EPC) company involved in manufacturing and supplying conductors, power cables, electrical wires and other specialised products and components for power transmission and distribution and industrial applications. Its manufacturing segment covers aluminium conductors, power cables, and electrical wires, including HTLS conductors, ACSS conductors, ACFR conductors, LV aerial bunch cables, railway signalling cables, thermoset insulated wires, earth wires, and house wires. Its EPC segment undertakes power transmission and distribution, EHV substation, HTLS re-conductoring, railway electrification, solar power, and water management projects. The company operates two manufacturing facilities in Howrah. The company also operates four warehouses covering 156,600 sq. ft.

Priority Jewels India Limited is engaged in the design, manufacturing and sale of lightweight diamond-studded gold and platinum jewellery. Its product portfolio includes daily-wear jewellery such as rings, earrings, pendants, neckwear, and bracelets, as well as occasion couture jewellery and lab-grown diamond jewellery manufactured against specific customer orders. The company supplies its products to independent jewellers and jewellery chains in India and select international markets, including CaratLane Trading Private Limited, Kalyan Jewellers India Limited, Reliance Retail Limited, Malabar Gold & Diamonds FZCO, Tribhovandas Bhimji Zaveri Limited, and Senco Gold Limited. As of June 30, 2026, it had more than 200 customers, including 125 independent jewellers and 53 jewellery chains, and exported to 13 countries. The company operates two manufacturing facilities in Mumbai, Maharashtra, including an integrated facility in MIDC, Andheri East, and another facility at SEEPZ SEZ. Its manufacturing processes include design, prototyping, casting, polishing, stone setting, and quality control.

Complete Sports and Management India Limited (CSML) is engaged in the sourcing, trading and distribution of amusement and leisure equipment, along with installation, commissioning, maintenance, advisory, and consulting services. Its product portfolio includes bowling solutions, arcade games, soft play areas, trampoline parks, laser tag systems, bumper cars, go-karting systems, cashless gaming systems, spares, and accessories. The company is an authorised distributor of Brunswick Bowling Products LLC in India, Singapore, Malaysia, and Indonesia and also has relationships with other international amusement equipment manufacturers. Its customers include family entertainment centres, clubs, hotels, resorts, corporate clients, and residential developments. CSML operates in India and Singapore and has a wholly owned subsidiary in Singapore. Use of proceeds: This is a fresh issue of shares. Therefore, the net proceeds from the fresh issue will go to the company. They will be utilised for the following purposes: Funding the capital expenditure requirements of the company towards the purchase of gaming equipment and other capital equipment, including computers, printers and software, equipment and tools, and CCTV and safety equipment, for its existing warehouse located at Bhiwandi, Maharashtra – Rs 39.88 crore Repayment and/or pre-payment, in full or part, of certain borrowings availed by the company from banks and financial institutions – Rs 11.50 crore Funding the capital expenditure requirements for setting up of the ‘Duckpin – The Bowling Bistro’ entertainment centre in Mumbai – Rs 8.09 crore General corporate purposes

ESDS Software Solution is an artificial intelligence (AI)-enabled cloud, managed services, data centre infrastructure, and software solutions provider in India. Its offerings include infrastructure-as-a-service (IaaS), managed services, and software-as-a-service (SaaS). The IaaS portfolio includes colocation and data centre services, public, private, virtual private, hybrid, and community cloud services, cloud computing, and GPU-as-a-Service (GPUaaS). Its managed services include cloud and data centre management, cybersecurity and compliance, IT infrastructure and network management, backup and disaster recovery, database management, DevOps, and automation services. The company operates five data centres in Nashik, Navi Mumbai, Bengaluru, Mohali, and Noida, covering an aggregate area of over 75,266 square feet. Its SaaS portfolio includes data centre management and monitoring software, vulnerability scanners, web access firewalls, and virtual private network (VPN) solutions. The company also provides services to banking, financial services, and insurance (BFSI) companies, government entities, and enterprises. Use of proceeds: This is a fresh issue of shares. Therefore, the net proceeds from the fresh issue will go to the company. They will be utilised for the following purposes: Purchase and installation of cloud computing and other equipment and infrastructure for relevant data centres – Rs 576 crore General corporate purposes

Paluck Technologies Limited is an engineering services and infrastructure support company engaged in automobile & engineering services, logistics & equipment rental, and telecom engineering services. Its services include concrete transportation, construction equipment rental, RMC plant setup, infrastructure and construction logistics, telecom site implementation and maintenance, and servicing of diesel and gas generators. The company also operates authorised service centres and dealerships for commercial vehicles and two-wheelers, including maintenance services and spare parts distribution in Haryana. Its vehicle fleet is managed through ERP, SAP, and GPS tracking systems. The company operates across Delhi NCR, Rajasthan, Haryana, Madhya Pradesh, Gujarat, Odisha and Jammu & Kashmir, with its operations supported by OEM partnerships and service arrangements.

Shanti Inorganics is engaged in the manufacturing and supply of sulphur-based inorganic chemicals. Its product portfolio includes ammonium bisulphite solution, sodium bisulphite powder and solution, sodium metabisulphite, and sodium sulphite powder/anhydrous. These products are used as preservatives, reducing agents, oxygen scavengers, and process intermediates across industries such as food and beverages, chemicals, oil drilling, pharmaceuticals, ceramics, agrochemicals, water treatment, petrochemicals, cosmetics, paints, polymers, boilers, and mining. The company operates two manufacturing units in Ahmedabad, Gujarat. Manufacturing Unit I at Vatva has an installed capacity of 18,800 metric tonnes per annum (MTPA), while Phase I of Manufacturing Unit II at Bavla commenced commercial production in February 2025 with an installed capacity of 18,000 MTPA. Phase II of the Bavla facility is under development with a proposed capacity of 78,544 MTPA. The company holds ISO 9001:2015, NSF, KOSHER, HACCP, and HALAL certifications and sells its products in the domestic and international markets.

Ashutosh Fibre is a manufacturer of technical and synthetic yarns and fabrics for industrial and specialised applications. The company operates across four categories of technical textiles: Indutech, Protech, Hometech, and Mobiltech. Its products are used in applications including filtration, construction, automotive, packaging, protective equipment, and home furnishing. The company supplies its products directly to industrial manufacturers, processors, and institutional buyers under a business-to-business (B2B) model. It also undertakes yarn trading and job work services, with manufacturing being its principal activity.

Purple Style Labs Limited is a multi-brand luxury fashion platform serving customers in India and international markets through online and physical channels. Its product categories include womenswear, menswear, jewellery, accessories, and kidswear, with a focus on wedding and occasion wear. As of March 31, 2026, the platform offered products from 1,109 active designer brands. Customers can purchase products through the company’s website, mobile application, telephonic and digital sales channels, experience centres, and events and exhibitions. The company operates 14 experience centres globally, including 12 in India, one in London and one in New York. Its Indian experience centres are located in Mumbai, Delhi, Bengaluru, Chennai, Kolkata, Ahmedabad, Indore, Hyderabad, and Surat. The company also operates large format experience centres ranging from 20,000 to 60,000 square feet in built-up area in Mumbai, Delhi, and New York. Pernia’s Pop-Up Shop acquired its website and related business assets and intellectual property in February 2018.

Phychem Technologies Limited manufactures rotational moulding (roto moulding) compounds used as raw materials for producing hollow plastic products. Its product portfolio primarily includes customised polyethylene-based compounds formulated using linear low-density polyethylene (LLDPE), high-density polyethylene (HDPE) and specialty additives, supplied in powder or granulated form. These compounds are used in products such as water, fuel, and chemical storage tanks, portable sanitation units, furniture and industrial containers. The company also manufactures custom-moulded tanks and provides jobwork services, including rotolining and toll pulverising. In addition, it undertakes trading and distribution of chemicals, compounds, tools, and equipment used in the rotational moulding industry. The company operates its manufacturing facility at Khatwad, Dindori, Nashik, Maharashtra, which includes a laboratory and quality control department. Its manufacturing process includes blending, pelletising and pulverisation. The company exports its products to various countries and is an ISO 9001:2015 certified company.