The Company is one of the few specialty chemical intermediates companies which has competencies in handling complex reactions, including more than 15 chemistries and up to 15 multi-step unit operations and processes, which enables them to cater to the requirements of a wide range of end-products and applications. It is also one of the leading manufacturers of certain specialty chemical intermediates such as MCA, Sulphonamides, and NAPSA, based on Aromatic Amines, Sulphonamides, and Amino Phenols families. (Source: F&S Report).

The Company plans to raise funds through IPO, comprising of fresh issue of equity shares aggregating up to ₹499 crore.

The net proceeds are proposed to be utilized towards (a) Financing capital expenditure for Manufacturing Facility 4, estimated to be ₹310 crore; Repayment/prepayment of certain borrowings estimated to be ₹65 crore and balance towards General corporate purposes.

The company specializes in manufacturing specialty chemical intermediates with strong expertise in handling complex chemistries and multi-step unit operations. Its products serve diverse end-use industries, including textiles, pharmaceuticals, performance chemicals, personal care, agrochemicals, and others.

For FY 2025, the company reported a profit growth of 103%, rising to ₹51.9 crore from ₹25.6 crore in the previous year. Revenue during the same period grew 51.2% to ₹362.5 crore, compared to ₹239.8 crore in FY 2024.

According to DRHP, Deepak Nitrite, Aarti Industries, Atul, Balaji Amines, Alkyl Amines Chemicals, Neogen Chemicals, and Rossari Biotech are the listed peers.

IIFL Capital Services Limited is the sole Book Running Lead Manager to the issue. 

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The offer comprises a fresh issue of equity shares aggregating up to ₹21,500 million (the “fresh issue”) and an offer for sale of up to 132,288,941 equity shares by certain existing shareholders, including Peyush Bansal, Neha Bansal, Amit Chaudhary and Sumeet Kapahi, Promoter Selling Shareholders and SVF II Lightbulb (Cayman) Limited, Schroders Capital Private Equity Asia Mauritius Limited, PI Opportunities Fund – II, Macritchie Investments Pte. Ltd., Kedaara Capital Fund II LLP, and Alpha Wave Ventures LP, Investor Selling Shareholders.

It may consider a pre-ipo placement aggregating to Rs 430 crs prior to filing of the RHP. If undertaken, it will be reduced from the fresh issue size.

The company proposes to utilise the net proceeds from the IPO for various strategic initiatives, including capital expenditure for setting up new Company-operated Company-owned (CoCo) stores in India; payments related to lease, rent, and license agreements for these CoCo stores; investments in technology and cloud infrastructure; brand marketing and business promotion to enhance brand awareness; potential unidentified inorganic acquisitions; and general corporate purposes.

Founded in 2008, Lenskart commenced operations in India as an online business in 2010 and opened its first retail store in New Delhi in 2013. It believes that clear vision is fundamental to the personal development and well-being of an individual and their aim is to build a tech enabled supply and distribution that improves access to affordability and quality “Eyewear for All”.

Today, the brands business spans across designing, manufacturing, branding and retailing and it operates the largest eyewear retail networks in India with a strong presence across metro, Tier 1 and Tier 2+ cities, as well as international operations in Southeast Asia and the Middle East.

It owns and operates frame and lens design and prescription eyeglasses manufacturing facilities at two locations in India in Bhiwadi, Rajasthan and Gurugram, Haryana, supplemented by regional facilities in Singapore and the United Arab Emirates.

The brand targets different customer categories through a portfolio of brands and sub-brands that include premium collections through John Jacobs and Owndays (acquired in 2022), and economy and affordable premium collections through Lenskart Air, Vincent Chase, hustlr, and Hooper Kids.

The company recently agreed to purchase the remaining 80% stake in Stellio Ventures S.L., which owns the “Meller” consumer eyewear brand, for ₹4,063.93 million. Its products are primarily sold online through its website to customers across multiple countries. Additionally, Stellio operates a retail store in Barcelona, Spain.

In FY 25, across its brands, it launched 105 new in-house designed and engineered collections globally, including in collaboration with popular brands and celebrities. Additionally, it sold 27.2 million eyewear units across 12.41 million customer accounts in India and Overseas.

Interesting to note that customers contributing almost 45% of the revenues to the company in India engaged with the brand digitally through organic searches, social media or other online mediums 90 days before completing their purchase.

From its own facial analysis and frame recommendation tool to its AI enabled Computer Vision platform which analysis CCTV footage from its retail locations to optimise customer flow at stores and increase conversion rates and Geo-analytics to predict revenue potential and payback period, customised technology solutions have been used from engagement to supply chain, post order fulfilment, retail store operations – the brands 500+ tech team has been responsible to build, maintain and enhance its core technology infrastructure, including its websites, mobile applications, warehouse management system and AI-driven tools supporting its operations and customer experience.

During FY25, the brand conducted 38.59 million virtual try-ons and 37.87 million face/frame size measurements for our customers in India through our mobile applications.

While India continues to be its largest market in Asia it is amongst the two largest organised retailers of prescription eyeglasses in terms of the B2C eyeglasses sales volumes in FY25. It offers an extensive portfolio of eyewear products including prescription eyeglasses, computer glasses, zero-power glasses, and sunglasses, with customisation enabled across lenses and frames.

It recorded over 100 million cumulative app downloads and garnered more than 104.97 million annual visitors on its websites globally in FY25. The brand currently operates across 2,723 stores (comprising 2,067 stores in India and 656 stores internationally).

As per the DRHP, across India, Japan, Southeast Asia and Middle East where the company is present there are an estimated 1.3 billion individuals who are affected by refractive errors as of Financial Year 2025, representing 32% of global population. If one has to look at only India, the number of individuals affected by refractive errors in India has increased from approximately 43% (approximately 590 million) in the Financial Year 2020 to an estimated 53% (approximately 777 million) in the Financial Year 2025 and is projected to increase to approximately 62% (approximately 943 million) by the Financial Year 2030

Its proprietary platform, including mobile apps and website, supports seamless ordering, virtual try-ons and digital consultations. Lenskart’s customer journey is further supported by its in-house optometrists and cutting-edge optical labs, enabling precision-driven fulfilment and quicker turnaround.

Kotak Mahindra Capital Company Ltd, Morgan Stanley India Company Pvt Ltd, Avendus Capital Pvt Ltd, Citigroup Global Markets India Pvt Ltd, Axis Capital Ltd, Intensive Fiscal Services Pvt Ltd are the Book Running Lead Managers to the Issue.

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The Company plans to raise funds through offer of equity share capital via initial public offering. The Public Offer comprises of fresh issue of equity shares aggregating up to ₹ 4,000 million (₹400 Crore). (The “Fresh Issue”) and ‘Offer for Sale’ of up to 7,500,000 equity shares with face value Rs.5 each share.

Allied Engineering Works Limited is ranked among the top five energy meter solutions providers in India in terms of manufacturing capacity of 7.29 million energy meters per annum as of March 31, 2025. (Source: Crisil Report). The company is also the fastest-growing comprehensive smart energy meter solutions provider in India in terms of revenue growth, achieving a CAGR of 109.76% from Fiscal 2023 to Fiscal 2025. (Source: Crisil Report). It b manufactures and supply a range of smart energy meters along with supporting technologies, including communication networks, and data management platforms. These solutions facilitate real-time monitoring, visualization, and optimization of energy usage. Company’s range of smart energy meters includes consumer smart meters (single phase and three phase meters, and low voltage current transformer (“LTCT”) and high voltage current transformer (“HTCT”) consumer meters, DT smart meters, feeder and boundary smart meters. Company business strategy allows it to cater to higher quantities of three phase or DT meters as it work with both AMISPs and utilities instead of working only with utilities. Allied Engineering Works Limited also manufacture and supply static energy meters (including single and three phase meters) and wires and cables.

Axis Capital Limited and IIFL Capital Services Limited are the Book Running Lead Managers (BRLMs) to the issue.

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The offer comprises of a fresh issue of face value of ₹ 1 aggregating up to ₹ 8,000.00 million (the “fresh issue”) and an offer for sale of up to 48,537,599 equity shares of face value of ₹ 1 each aggregating up to 19,088,670 equity shares by Iron Pillar PCC (acting on behalf of Iron Pillar PCC – Cell C and Iron Pillar PCC – Cell E), up to 9,759,660 equity shares by Crimson Winter Limited, up to 4,575,330 equity shares by Accel India V (Mauritius) Limited, up to 3,666,020 equity shares by Chiratae Ventures India Fund IV, up to 3,524,213 equity shares by Global Ecommerce Consolidation Fund, L.P., up to 2,790,619 equity shares by Chiratae Ventures Master Fund IV, up to 1,431,150 equity shares by Alteria Capital Fund II – Scheme I, up to 1,281,510 equity shares by Curefit Healthcare Private Limited, up to 1,154,490 equity shares by Shripad Shrikrishna Nadkarni, up to 930,900 equity shares by Horizon Techno Pte. Ltd., and up to 335,037 equity shares by Zephyr Peacock India Growth Fund (collectively, the “Selling Shareholders”).

The company plans to utilise the net proceeds from the IPO amounting to ₹152.54 crore primarily for expansion and equipment. This includes ₹ 126.32 crore for establishing new Krispy Kreme cloud kitchens, restaurants, kiosks, and central kitchens; ₹ 19.91 crore for expanding select existing cloud kitchens by adding new brands; and ₹ 6.31 crore towards the purchase of machinery and equipment, strategic initiatives.

Curefoods ranks among the top two leading cloud kitchen companies in India in terms of service locations covered, as of March 31, 2025. It is also the fastest-growing food services company in the country based on revenue from operations in Fiscal 2025, and is notably the first food services company in India (excluding food delivery marketplaces) to surpass annual revenues of ₹7,500 million within its first five years of operations (Source: RedSeer Report).

Its portfolio of Key Brands includes EatFit, CakeZone, Nomad Pizza, Sharief Bhai Biryani, Olio Pizza, Frozen Bottle, Millet Express, and Krispy Kreme—each tailored to appeal to specific consumer preferences. These brands are designed to address various price points, cuisines, and taste preferences, as well as multiple meal occasions throughout the day. The company follows a multi-brand strategy, enabling it to cater to a wide customer base and meet the needs of different consumer segments. Through its diverse brand offerings, Curefoods serves a range of demands from healthy meals to indulgent treats, and from breakfast through to lunch, snacks, and dinner.

As of March 31, 2025, Curefoods had a presence across 502 service locations in more than 70 cities and towns in India. Its offline network comprises five central kitchens, 281 cloud kitchens, 99 kiosks, 122 restaurants, and 13 warehouses, strategically located in high-footfall areas to maximize accessibility.

The company’s online reach is driven by strong integration with leading food delivery platforms such as Swiggy Limited and Eternal Limited (formerly Zomato Limited, including “Zomato”), along with its proprietary website that offers seamless ordering and payment options. Its supply chain infrastructure includes 13 dedicated warehouses located in proximity to its operational hubs, supporting efficient resource management and timely ingredient delivery.

As of March 31, 2025, Curefoods operated a portfolio of 10 Key Brands defined as brands that generated revenues of more than ₹240 million in Fiscal 2025.  Curefoods’ revenue from operations increased from ₹3,820.42 million in Fiscal 2023 to ₹7,457.96 million in Fiscal 2025, reflecting a compound annual growth rate (CAGR) of 39.72%. Its service location footprint has expanded steadily, growing from 277 locations as of March 31, 2023, to 364 as of March 31, 2024, and further to 502 as of March 31, 2025. The company also entered international markets in 2024 with the launch of Sharief Bhai in the United Arab Emirates (UAE). This expansion has led to a significant rise in order volumes from 11.38 million in Fiscal 2023 to 15.82 million in Fiscal 2024, and to 18.23 million in Fiscal 2025. The Key Brands contributed 95.32% of Curefoods’ revenue from operations in Fiscal 2023, 97.98% in Fiscal 2024, and 98.35% in Fiscal 2025.

JM Financial Limited, IIFL Capital Services Limited (formerly known as IIFL Securities Limited) and Nuvama Wealth Management Limited are the Book Running Lead Managers to the issue.

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Juniper Green Energy Limited has filed its Draft Red Herring Prospectus (“DRHP”) with market regulator Securities and Exchange Board of India (“SEBI”). The Company plans to raise funds through offer of equity shares (face value ₹10 each) through initial public offerings aggregating up to ₹ 30,000 million (₹3000 Crore).

The offer comprises of fresh issue of equity shares aggregating up to ₹ 30,000 million (₹3000 Crore). (The “Fresh Issue”)

The Company proposes to utilize the Net Proceeds towards funding – (i) Repayment/ prepayment in full or part, of certain borrowings availed by our Company estimated amount to be ₹10,922.71 million [₹ 1092.27 crores] , (ii)  Investment in our Material Subsidiaries namely Juniper Green Gamma One Private Limited, Juniper Green Three Private Limited, Juniper Green Field Private Limited, Juniper Green Beam Private Limited, and our Subsidiaries namely Juniper Green Kite Private Limited and Juniper Green Ray Two Private Limited for repayment/ pre-payment, in full or in part, of all or a portion of certain of their outstanding borrowings estimated amount to be ₹ 11,577.29 million [₹1157.72 crores] and balance amount towards general corporate purposes. (The “Object of Issue”).

The company commissioned its first solar project with a capacity of 100 Megawatts (“MW”) (144.97 Megawatts peak (“MWp”)) in March 2020 and have since expanded its portfolio of projects to a Total Capacity of 7,898.45 MW (10,069.58 MWp) as at May 31, 2025. Apart from solar projects, Juniper Green portfolio also includes wind energy projects and a focus on complex renewable energy projects, such as WSH and FDRE projects with BESS. They are ranked as the second largest bidder in terms of total capacity won in WSH and FDRE tenders concluded between April 1, 2021 to December 31, 2024 and had a 100% conversion rate for WSH and FDRE tenders won between April 1, 2021, to December 31, 2024. (Source: CRISIL Report).

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

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

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