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India’s year-end IPO blitz: risks, rewards and what to watchIndia’s year-end IPO blitz: risks, rewards and what to watch
Equities, IPO research, Markets - September 3, 2025

SEBI Approves Imagine Marketing’s IPO: boAt Set for Stock Market Launch

SEBI Approves Imagine Marketing’s IPO: boAt Set for Stock Market Launch

The parent company of boAt wins regulatory approval for its highly anticipated IPO, targeting a $1.5 billion valuation. Funds raised will drive innovation and expansion in India’s surging consumer electronics market.

Introduction
In a major boost to India’s booming consumer electronics sector, the Securities and Exchange Board of India (SEBI) has approved the Initial Public Offering (IPO) of Imagine Marketing, the parent company of the popular electronics brand boAt. This move marks the company’s second attempt to go public and positions it for further growth and innovation as it seeks to capitalize on the rapidly expanding digital-first market in India.

The Road to SEBI Approval
Imagine Marketing, backed by global private equity major Warburg Pincus, first attempted to go public in early 2022 but temporarily shelved its IPO ambitions. This year, the company adopted the confidential pre-filing route, allowing it greater flexibility in the timing and structure of its offer. SEBI’s approval, granted in September 2025, is seen as a vote of confidence in the company’s business model and growth prospects.
The confidential pre-filing mechanism permits companies to tweak their issue size by up to 50% and provides up to 18 months for launching the IPO after SEBI’s observations. This route helps companies optimize their fundraising strategy in volatile market conditions.

Fundraising Plans and Offer Details
According to public disclosures, the Imagine Marketing IPO will comprise a fresh equity issue of approximately ₹900 crore and an offer for sale (OFS) worth around ₹1,100 crore, targeting a combined issue size of ₹2,000 crore. The funds are planned to be used for debt reduction, investment in research and development, scaling up manufacturing capacity, and other general corporate needs.
The company, seeking a valuation near $1.5 billion (about ₹13,000 crore), plans to list its shares on both the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE).

The boAt Story: From Start-Up to Market Leader
Founded in 2013 by Aman Gupta and Sameer Mehta, boAt has grown from a disruptor in affordable audio accessories to a dominant lifestyle electronics brand. Its current range includes wireless and wired headphones, earphones, speakers, smartwatches, mobile and gaming accessories, and personal grooming devices. With over 400,000 ratings on online marketplaces for some products, boAt has built a loyal consumer base through quality and affordability.
Key partnerships, such as its “Made-in-India” initiatives with Dixon Technologies, have enabled boAt to scale rapidly while keeping prices competitive. The company now stands among India’s leading digital-first brands, and its foray into public markets is being watched closely by investors and industry peers alike.

SEBI’s Green Light Reflects IPO Momentum
Imagine Marketing is part of a cohort of thirteen companies that recently received SEBI approval to launch IPOs in August and September 2025. This trend underscores rising momentum in India’s primary markets; over fifty companies have already debuted this year on Indian exchanges. For investors, boAt’s IPO is among the most anticipated, reflecting both the popularity of the brand and the potential for further digital consumer growth in India.

What’s Next for Investors and the Market?
Details such as the IPO launch date, price band, and lot size are expected to be announced in the coming weeks. Analysts predict strong investor interest given boAt’s brand visibility, revenue growth, and digital-first business model. The funds raised should further improve the company’s financial health and fuel R&D and innovation across new product segments.

Conclusion
SEBI’s approval of Imagine Marketing’s IPO is a watershed moment for boAt and the broader consumer electronics ecosystem in India. The forthcoming public listing will provide a significant capital boost, enabling the company to enhance its competitive edge, accelerate manufacturing, and continue its innovation spree. As boAt gears up for its market debut, all eyes will be on the company’s next phase of growth and its ability to deliver value to new stakeholders and millions of loyal customers.
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Unlock Potential Gains: Karamtara Engineering's ₹1,750 Crore IPO is Coming Soon!

Unlock Potential Gains: Karamtara Engineering’s ₹1,750 Crore IPO is Coming Soon!

Engineering giant Karamtara gears up for ₹1,750 crore IPO, blending fresh equity issue and offer-for-sale for business growth and debt reduction.

Karamtara Engineering Secures Regulatory Green Light for ₹1,750 Crore Public Issue

Karamtara Engineering, a prominent name in the renewable energy and transmission infrastructure sector, has officially received regulatory clearance from the Securities and Exchange Board of India (SEBI) to move forward with its proposed initial public offering (IPO). This approval paves the way for the company’s upcoming ₹1,750 crore stock market debut. The final observations from SEBI mark the green light required for the offering’s rollout, following the company’s draft red herring prospectus (DRHP) submission in January 2025.

The IPO will comprise a combination of a fresh issuance of equity shares alongside an offer-for-sale (OFS) component by existing shareholders. This blend of capital-raising methods will help the company meet both its financial goals and investor liquidity objectives.

Strong Investor Backing Ahead of IPO Launch

Even before securing regulatory approval, Karamtara Engineering attracted considerable interest from investors through preferential share allotments. Several institutional and individual investors participated in these pre-IPO fundraisers, signaling confidence in the company’s potential growth story.

Among the notable early investors are Jagdish Naresh Master, Utpal Hemendra Sheth, and the Singularity Growth Opportunities Fund. Adding a touch of celebrity appeal to the investor pool, popular Bollywood actors like Ranbir Kapoor and Aamir Khan, as well as entertainment industry figures like Karan Johar, also joined the list. Additionally, sporting icons such as cricketers Jasprit Bumrah and Rohit Sharma extended their backing to Karamtara’s ambitious journey.

Last month alone, the company successfully secured ₹105.7 crore through such private investments, reflecting widespread confidence from both industry veterans and public figures alike.

Detailed Breakdown of the ₹1,750 Crore IPO

Karamtara’s IPO offering has been structured to raise ₹1,750 crore, of which ₹1,350 crore will come from the issuance of new equity shares. The remaining ₹400 crore will be sourced from the offer-for-sale portion, which will see existing stakeholders partially offload their holdings. Tanveer Singh, who leads the board as Chairman, and Rajiv Singh, serving as Joint Managing Director, are the primary stakeholders offering shares in the OFS portion.

As outlined in the company’s DRHP, a significant portion of the fresh proceeds—approximately ₹1,050 crore—will be allocated toward reducing the company’s financial liabilities. This will include repayment or prepayment of loans, borrowings, and other dues to lenders, either fully or partially. The remainder of the funds will be directed toward general corporate objectives, enabling Karamtara to strengthen its balance sheet and support overall business development.

The IPO’s registration process will be managed by MUFG Intime India, while the overall execution will be spearheaded by JM Financial, ICICI Securities, and IIFL Capital as lead coordinators.

Karamtara Engineering: Leaders in Renewable Energy Infrastructure

Karamtara Engineering has carved a prominent niche for itself in the field of renewable energy and transmission infrastructure manufacturing. Its backward-integrated operations have enabled it to maintain control over critical aspects of its production processes, ensuring consistency in quality and supply reliability.

According to industry research, Karamtara stands as India’s largest manufacturer of solar mounting structures and tracker components based on installed production capacity in FY24 and for the six-month period ending September 30, 2024. This leadership position highlights the company’s scale and expertise in supporting the renewable energy ecosystem, a sector witnessing exponential growth globally.

Beyond its dominance in solar products, the company also manufactures a wide array of structural components and fasteners essential for the transmission sector. Its expertise extends to overhead transmission line (OHTL) hardware fittings and accessories, allowing it to serve a broader spectrum of infrastructure needs.

Expanding Global Footprint with a Diverse Client Base

Karamtara’s influence is not restricted to domestic markets alone. As of September 30, 2024, the company had cumulatively exported products to over 50 countries. The company has established a worldwide presence, reaching markets in North America, Europe, Asia, Africa, Australia, and Latin America. This global reach has helped Karamtara build a diverse customer base, minimizing geographical risks and tapping into multiple growth markets simultaneously.

With renewable energy adoption on the rise worldwide and infrastructure spending increasing, Karamtara’s global presence puts it in a strong position to capture emerging opportunities in both domestic and international markets.

Final Thoughts

With SEBI’s approval in hand, Karamtara Engineering is now fully prepared to launch its ₹1,750 crore IPO, bringing its ambitious plans closer to reality. The enthusiastic participation of renowned investors and public figures even before the IPO has generated substantial buzz, positioning the offering as one of the more anticipated public issues of 2025.

Channeling the IPO funds toward debt repayment and business enhancement highlights Karamtara’s commitment to financial stability and sustained future growth. Coupled with its leadership in solar mounting solutions and extensive export footprint, the company is well-placed to leverage both domestic infrastructure developments and global renewable energy trends.

For investors keen on participating in India’s renewable energy growth story or diversifying into infrastructure-focused businesses, Karamtara’s IPO could present an attractive opportunity. As the launch draws closer, market watchers will keep a close eye on subscription trends, valuation metrics, and potential premium on listing.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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Tata Investment Shares Surge 8% as Tata Capital IPO Inches Closer to SEBI Greenlight

Tata Investment Shares Surge 8% as Tata Capital IPO Inches Closer to SEBI Greenlight

Investor excitement intensifies as Tata Capital’s massive ₹17,200 crore IPO nears SEBI approval, driving a strong upward movement in Tata Investment Corporation’s shares.

Tata Investment Stock Rallies Amid IPO Buzz

On June 6, shares of Tata Investment Corporation experienced a notable jump, climbing nearly 8% to hit ₹7,150 each on the BSE. This sudden surge followed reports indicating that Tata Capital’s much-anticipated initial public offering (IPO), valued at ₹17,200 crore (approximately $2 billion), is on the verge of receiving regulatory clearance Approval granted by India’s market regulator, the Securities and Exchange Board.

Investors responded with enthusiasm to the prospects of Tata Capital’s market debut, viewing it as a major milestone in the Tata Group’s ongoing expansion within India’s financial services ecosystem. The IPO is expected to unlock value and enhance visibility for related entities, including Tata Investment Corporation.

SEBI Nod Expected Soon for Mega IPO

According to recent reports, SEBI has completed its review of Tata Capital’s draft red herring prospectus. An official observation letter—which signals regulatory approval—is likely to be issued within the coming weeks. This final clearance would set the stage for one of India’s most significant public offerings in the financial sector to date.

The IPO comes at a crucial time, as the Reserve Bank of India (RBI) has mandated that all non-banking financial companies (NBFCs) designated as ‘upper layer’ entities must list on public exchanges by September. Tata Capital, which falls under this category, aims to meet the regulatory deadline through this offering.

IPO Structure and Strategic Implications

The forthcoming IPO will combine the issuance of new shares with an offer-for-sale by current investors, allowing the company to generate additional funds while providing some shareholders the opportunity to cash out their investments.

If successful, this IPO would be the largest-ever public issue by a financial services company in India, setting a new benchmark. Moreover, it would mark the Tata Group’s second big market debut in recent years, following the strong listing of Tata Technologies in November 2023. For Tata Investment Corporation, which holds stakes across various Tata entities, the listing promises enhanced portfolio visibility and potential returns.

Robust Financials Add to IPO Optimism

Tata Capital’s financial performance has been notably strong in the run-up to its IPO. For the quarter ending March 2025, the company reported a 31% year-on-year jump in consolidated profit after tax (PAT), reaching ₹1,000 crore compared to ₹765 crore during the same quarter last year. Revenues for Q4 surged by almost 50%, hitting ₹7,478 crore versus ₹4,998 crore a year ago.

These numbers reflect a consistent growth trajectory backed by diversified lending portfolios and operational efficiency.

FY25 Full-Year Performance: Solid Growth

For the full financial year ending March 2025, Tata Capital continued to build on its strong fundamentals. Profit after tax increased to ₹3,655 crore, rising from ₹3,327 crore recorded in FY24. Total revenues saw a remarkable rise as well, increasing from ₹18,175 crore in the previous year to ₹28,313 crore this year—a nearly 56% jump.

These strong metrics not only strengthen investor confidence but also position Tata Capital as a robust, scalable NBFC ready for public scrutiny and long-term institutional participation.

Market Sentiment Reflects Anticipation

The broader market sentiment surrounding the Tata Group’s upcoming IPO is overwhelmingly positive. Tata Capital’s entry into the public domain is expected to bolster the group’s financial services arm, increase transparency, and drive shareholder value across the board.

For Tata Investment Corporation, this development acts as a catalyst. As a key stakeholder with exposure to multiple Tata entities, it stands to benefit from any uplift in market capitalization and liquidity brought about by the IPO.

Final Thoughts

The 8% surge in Tata Investment Corporation’s shares on June 6 highlights investor confidence in the forthcoming Tata Capital IPO. With SEBI’s approval expected shortly and regulatory deadlines looming, the stage is set for a landmark IPO in India’s financial sector. Tata Capital’s impressive financial results further strengthen investors’ trust and enthusiasm.

As the Tata Group continues to unlock value through strategic listings, investors are keenly watching developments, particularly in light of the strong performance of prior group listings like Tata Technologies. For Tata Investment Corporation and the broader Tata ecosystem, this IPO could mark yet another milestone in growth and value creation.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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By an IPO, Greaves is expected to raise ₹1,000 crore.
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By an IPO, Greaves is expected to raise ₹1,000 crore.

By an IPO, Greaves is expected to raise ₹1,000 crore.

 

The Securities and Exchange Board of India (SEBI) has given Greaves Electric Mobility Ltd (GEML) regulatory clearance to move forward with its initial public offering (IPO), which is a major step forward for the electric vehicle (EV) sector in India.
The company, which functions as a subsidiary of Greaves Cotton Ltd, is aiming to raise ₹1,000 crore through a mix of fresh equity issuance and an offer for sale by current shareholders.
This marks a major milestone for GEML as it seeks to expand operations, improve production capacity, and strengthen its position in the increasingly competitive Indian EV market.

Details of the IPO Structure

As per the company’s filings, the IPO will include a fresh issue of shares totaling ₹1,000 crore. Additionally, current owners want to use an Offer for Sale (OFS) to sell up to 18.9 crore equity shares. Among the major selling shareholders, Greaves Cotton, the parent company, will offload around 5.1 crore shares. Another significant shareholder, Abdul Latif Jameel Green Mobility Solutions DMCC, will offer approximately 13.8 crore shares for sale.
GEML has also indicated the option of conducting a pre-IPO placement of up to ₹200 crore. If this placement takes place, the fresh issue size will be adjusted accordingly.

Purpose of the Fundraising

The capital raised from the fresh issue is expected to be used for several growth-driven initiatives. GEML plans to invest ₹375 crore in research and development to support the creation of new products and advanced technologies in the EV space. This move aligns with the company’s strategy to remain at the forefront of innovation in electric mobility.
Another ₹83 crore will be dedicated to setting up an in-house battery assembly unit. This facility is expected to reduce reliance on third-party suppliers, streamline production, and improve control over the quality of critical EV components.
Additionally, the company plans to use around ₹20 crore to increase manufacturing capabilities at Bestway Agencies Pvt Ltd, a group company involved in vehicle assembly and production. The remaining funds will be allocated toward general corporate needs, branding, and operational enhancements.

Company Background and Market Position

Greaves Electric Mobility has emerged as a significant player in India’s electric vehicle segment, particularly in the two-wheeler and three-wheeler categories. The company operates under well-known EV brands such as Ampere, Ele, and ELTRA, which cater to a wide range of consumer and commercial users across urban and rural regions.
The firm currently operates three manufacturing plants and maintains an expansive distribution and service network throughout the country. Its vehicles are known for being affordable, reliable, and suitable for Indian road conditions, making them popular among delivery services, commuters, and small business owners.

Financial Performance and Growth

In terms of financial metrics, Greaves Electric Mobility posted a revenue of ₹611.8 crore for the fiscal year ending March 2024. For the six months ending September 2024, it generated ₹302.2 crore in revenue, indicating continued growth and a steady demand for its products.
These strong financials reflect the company’s strategic focus on high-demand segments and its ability to offer cost-effective EV solutions to mass-market consumers. With increased awareness around environmental issues and fuel costs, more Indian consumers are making the switch to electric vehicles, further strengthening GEML’s market opportunity.

Industry Impact and Outlook

The IPO approval comes at a time when India’s EV industry is experiencing robust growth due to government incentives, technological advancements, and rising fuel prices. By going public, GEML aims to capitalize on this momentum, attract new investors, and accelerate its long-term growth plans.
The capital raised will enable GEML to scale faster, enhance its product offerings, and compete more effectively with both traditional automakers and newer EV startups. The move is also expected to set a benchmark for other EV companies considering public listings in India.
Investors will be closely watching this IPO, as it represents not only a corporate milestone for GEML but also a key moment in India’s transition to sustainable mobility.

Conclusion

With SEBI’s approval in hand, Greaves Electric Mobility is all set to launch its IPO and raise funds to support its next phase of expansion. The move will likely fuel innovation, strengthen in-house capabilities, and reinforce the company’s role as a leader in India’s evolving EV landscape. As the country shifts toward greener transportation solutions, GEML’s IPO could be a major turning point—not just for the company, but for the broader industry.

 

 

 

 

 

 

 

 

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Get Ready to Invest: Tata Capital's Game-Changing ₹15,000 Crore IPO!

Get Ready to Invest: Tata Capital’s Game-Changing ₹15,000 Crore IPO!

Tata Capital, the financial services subsidiary of the Tata Group, takes a significant step toward listing with an ambitious ₹15,000 crore IPO in the works.

In a pivotal move for its public market debut, Tata Capital Limited has formally submitted a confidential preliminary prospectus to SEBI (Securities and Exchange Board of India), initiating the process of its much-anticipated ₹15,000 crore Initial Public Offering (IPO).

Breakdown of the Offer

The company plans a two-part IPO offering. The first part consists of a new share issuance — about 2.3 crore equity shares, which will raise additional capital to fuel its growth initiatives. The second part of the offer will involve the sale of existing shares by its major stakeholders, predominantly Tata Sons, which holds a dominant 92.83% stake in the company. This share sale will enable a broader base of investors to become stakeholders in Tata Capital. The company’s shares are set to be listed on both the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE), with final details on pricing and bid structure to be finalized later.

Leading Investment Banks to Guide the Offering

The IPO process will be managed by a group of prestigious financial institutions, who will handle various aspects of the offering The coalition includes leading financial institutions and consultancy firms such as Kotak Mahindra Capital, Axis Capital, Citi, JP Morgan, HSBC, ICICI Securities, IIFL Capital, BNP Paribas, SBI Capital, and HDFC Bank. These experts will assist in structuring the deal, determining pricing, and ensuring the offering aligns with market expectations.

Tata Capital’s Position in the Market

Founded in 2007, Tata Capital has become an established name in India’s financial services industry. The company provides a broad array of services ranging from consumer loans and wealth management to commercial finance and co-branded Tata Cards. Its operations span more than 900 locations across India, serving both retail and corporate customers.
Tata Capital’s strong network and diversified offerings have positioned it as one of the leading non-banking financial companies (NBFCs) in the country. With a customer-first approach, it leverages technology and innovation to maintain a competitive advantage in the sector.

A Look at the Financials: Growth Momentum

Tata Capital has demonstrated remarkable financial performance recently. The company reported ₹18,178 crore in revenue for FY24, reflecting a 34% increase compared to the prior year, showcasing its ability to meet growing demand for financial services across various segments.
Additionally, its net profit reached ₹3,150 crore in FY24, marking a 37% increase from the previous year’s figure of ₹2,300 crore. This growth signals strong operational efficiency and a healthy portfolio of assets.
In addition, Tata Capital’s loan portfolio exceeded ₹1 lakh crore, reflecting a 40% annual growth and solidifying its status as a major contender in India’s financial sector.

Rationale Behind Going Public

This IPO is strategically timed to align with Tata Capital’s long-term vision for expansion. With a growing demand for financing in India and a rising middle class, the company sees this as an opportunity to enhance its financial flexibility. The funds raised from the IPO will support business expansion, investment in technology, and improvements to its capital structure, particularly in underserved sectors.
This step also positions Tata Capital for further digital growth and increased penetration into new markets, thereby enabling it to reach a wider audience of both consumers and businesses.

Tata Group’s Strategy: Unlocking Value

The proposed IPO forms a key element of the Tata Group’s wider strategy to maximize the value of its subsidiaries. Similar efforts have been observed with Tata Technologies, which successfully went public, and it appears Tata Capital is following suit by capitalizing on its strong financial foundation to access additional capital markets.
This approach reflects a growing trend in the Group’s strategy to position its subsidiaries for greater visibility and growth opportunities.

Closing Thoughts: A Milestone for Tata Capital

Tata Capital’s decision to go public highlights its strong growth trajectory and market stability in India’s competitive financial services sector. By confidentially filing its IPO papers, the company ensures it has ample time to adjust its offering to market conditions before making any final decisions.
With continued growth prospects and a solid financial outlook, Tata Capital’s IPO is poised to be one of the most anticipated listings of 2025, drawing considerable attention from both retail and institutional investors.

 

 

 

 

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