Upcoming IPO Snapshot (Sept 10–12, 2025)

From VRIGHT Exchange Research & Strategy Desk

-. Dev Accelerator Limited (Flexible Workspace Provider)
• Price Band: ₹56–₹61/share
• Issue Size: ~₹143 crore (Fresh issue; ~2.35 crore shares)
• Lot Size: 235 shares (₹13,160–₹14,335/lot)
• GMP: ₹9–₹10 → ~14–15% listing upside

Key Strengths
• Focus on Tier-2 coworking hubs
• High occupancy (~85%) across 25 centers in 11 cities
• FY25 revenue doubled to ₹158 crore

Key Risks
• High leverage, Tier-2 demand cyclicality
• Competitive flexible workspace market

Merchant Banker: Pantomath Capital Advisors

Investment Snapshot
Post-issue Market Cap: ~₹550 crore

Implied P/E: ~225×–316× vs Awfis ~61× → significantly higher than peers.

Reason: Very small earnings base (FY25 PAT ~₹1.7 crore; EPS ~₹0.27), so even moderate pricing results in high multiples.

Business Growth: Revenues doubled to ₹159 crore in FY25; occupancy strong (~85%).

Risks: Thin PAT margin (~1%), high debt (D/E ~2.4×), and dependence on future growth to justify valuations.

Investor Take: Current pricing factors in future expansion, not current profitability. Investors should weigh growth prospects in Tier-2 coworking hubs against stretched multiples and leverage.

Timeline:
• Issue: Sep 10–12
• Allotment: Sep 15
• Refunds / Credit: Sep 16
• Listing: Sep 17 (BSE & NSE)

-. Urban Company (Tech-Enabled Home Services Marketplace)
• Price Band: ₹98–₹103/share
• Issue Size: ₹1,900 crore (₹472 cr Fresh + ₹1,428 cr OFS)
• Lot Size: 145 shares (~₹14,935/lot)
• GMP: ₹26–₹30 → 27–29% listing upside (~₹130–136 expected)

• Valuation: ~12.9× P/S; ~61× P/E → at premium to peers

Key Strengths
• Strong consumer brand & tech-driven operations
• 14.6 mn users served; improving profitability
• Resilient, scalable platform model

Key Risks
• Past losses; high customer acquisition cost
• Reliance on gig workforce; regulatory challenges
• Elevated valuations
Lead Managers: Kotak, Morgan Stanley, Goldman Sachs, JM Financial

Investment Snapshot

Post-issue Market Cap: ~₹24,000 crore

Implied Valuation: ~12.9× P/S; ~61× P/E at upper band → premium vs consumer-tech peers.

Reason: Large user base (14.6 mn customers) and strong growth trajectory, but profitability track record is still shallow.

Business Growth: Revenues scaling steadily; improving margins with better utilization of service professionals; strong brand recall across metros.

Risks: Past net losses, high customer acquisition costs, reliance on gig workforce, regulatory/legal exposure, and stretched multiples.

Investor Take: A play on India’s emerging household services market. Attractive growth story, but valuations already price in strong execution — requires long-term conviction.

Timeline:
• Anchor: Sep 9
• Issue: Sep 10–12
• Allotment: Sep 15
• Refunds / Credit: Sep 16
• Listing: Sep 17 (BSE & NSE)

– Shringar House of Mangalsutra (Jewellery Manufacturer & Designer)

• Price Band: ₹155–₹165/share
• Issue Size: ~₹401 crore (Fresh issue; ~2.43 crore shares)
• Lot Size: 90 shares (~₹14,850/lot)
• GMP: ₹24–₹25 → 14–15% listing premium (₹189 expected)
• Valuation: P/E ~26×; broadly in line with peers (28–34×)

Key Strengths
• 6% share in mangalsutra segment; strong export presence
• FY25 revenue up 30% to ₹1,430 crore; PAT nearly doubled to ₹61 crore
• Established brand recall in niche jewellery segment

Key Risks
• Manufacturing underutilization (~66–70%)
• Client concentration; gold price volatility
• Seasonality & single-product dependency

Merchant Banker: Choice Capital Advisors

Investment Snapshot

Post-issue Market Cap: ~₹2,680 crore

Implied Valuation: P/E ~26× at upper band, broadly in line with listed jewellery peers (28–34×).

Reason: Consistent earnings profile and sector alignment provide valuation comfort compared to other IPOs this week.

Business Growth: Revenue grew >30% in FY25 to ₹1,430 crore; PAT nearly doubled to ₹61 crore; 6% market share in the niche mangalsutra category.

Risks: Product concentration (mangalsutra-heavy portfolio), underutilized capacity (~66–70%), gold price volatility, and seasonality in demand.

Investor Take: Offers a steady, sector-consistent play with visible growth, though reliance on a niche product limits diversification.

Timeline:
• Anchor: Sep 9
• Issue: Sep 10–12
• Allotment: Sep 15
• Refunds / Credit: Sep 16
• Listing: Sep 17 (BSE & NSE)

Overall Insights

• Urban Company stands out on scale and brand but carries valuation risk.
• Shringar House offers steady jewellery growth at reasonable peer valuations.
• Dev Accelerator is a smaller, niche bet on Tier-2 coworking demand but with higher leverage risk.