Offer snapshot
- Structure: 100% OFS up to ₹3,000 crore; no primary capital to the company per DRHP summaries and tracker pages.
- Status: DRHP filed in late June 2025; SEBI observation/approval recorded around October 1–3, 2025 across multiple trackers and news sites.
- Listing: Proposed on BSE and NSE; QIB up to 50%, NII at least 15%, retail at least 35% as per standard allocation.
- Financials: FY25 revenue around ₹4,931–₹5,537 crore with PAT ₹417–₹552 crore reported across aggregator snapshots referencing offer documents.
What to watch next
- RHP and price band: Will set implied valuation vs auto components peers and clarify selling shareholder details and lock‑ins.
- Anchor book quality: Long‑only and sector specialists’ participation can influence pricing and first‑day tone.
- OFS optics: With no fresh issue, the investment case hinges on fundamentals and secondary supply absorption rather than new‑money growth.
FAQs
- Has SEBI approved the IPO? Yes—SEBI observations (approval) were recorded in early October 2025, clearing the company to launch within 12 months.
- Is there any fresh issue? No; it is a complete OFS of approximately ₹3,000 crore as per filings and trackers.
- Are dates and price band out? Not yet; they will be announced in the RHP and exchange notices closer to launch.
- Where will shares list? Proposed on NSE and BSE.
With no fresh capital infusion, this IPO will really depend on how well the secondary supply is absorbed. I’m curious to see how much influence the quality of anchor investors will have on pricing and initial market performance.