Goldline Pharma vs RFBL Flexi Pack: IPOs Open Today.

PAT: ₹2.83 Cr vs ₹8.33 Cr
Total Income: ₹28.06 Cr vs ₹135.46 Cr
P/E: 10.49x vs 9.74x
Industry: Pharma vs Flexible Packaging
GMP: ₹17 vs ₹0 (unofficial and unregulated)

Despite RFBL being larger in revenue and profit, Goldline currently has stronger grey market sentiment.

Possible reasons:
• Better margin profile
• Asset-light model
• Debt reduction focus

Meanwhile RFBL’s rapid growth also came with higher borrowings and working capital pressure.

For discussion only.

Disclaimer: The data is taken from the website which updates ipo data and ai used to refine the presentation.

Current unofficial GMP is around ₹48, while Day 3 subscription has reportedly crossed 33x.

But the interesting part is the mismatch between demand and sentiment.

Financials Are Strong:

• Revenue: ₹22.44 Cr (FY23) → ₹47.94 Cr (FY25)
• 9M FY26 Revenue: ₹57.45 Cr
• PAT: ₹0.27 Cr (FY24) → ₹3.30 Cr (FY25) → ₹9.06 Cr (9M FY26)
• Borrowings reduced to ₹3.43 Cr

Valuation:

The IPO is priced at nearly 38.9x FY25 earnings, meaning a large part of future growth is already being priced in.

What Stands Out?

Despite a 33x subscription, GMP is around ₹48 — not showing extreme expansion usually seen in highly euphoric SME IPOs.

Possible interpretation:

• strong business momentum is attracting demand,
• but valuation comfort may be limited,
• and the market could already be discounting much of the near-term optimism.

Also worth noting:
The issue size is only around ₹44.59 Cr, which naturally amplifies SME subscription multiples.

The grey market premium (GMP) is unofficial and unregulated, and should not be treated as a reliable predictor of listing performance.

For discussion only.

Disclaimer: Content is taken from the website which regularly monitors ipo data and ai is used to refine presentation.

Everyone talks about IPO listing gains. Almost no one tracks what happens after.

So I analyzed 89 IPOs (Oct–Dec 2025) based on 3-month performance from issue price.

Here’s what stood out:

• Avg return: +1.27%
• Median return: -4.59%
• 52.8% IPOs are in loss
• Only 37% stayed above listing price

What surprised me most:

Just 4 SME IPOs + 1 mainboard drove most of the gains
Majority quietly underperformed

Segment-wise:

• Mainboard: +11.82% avg (66% profitable)
• SME: -3.33% avg (only 35% profitable)

Big takeaway:

1. IPO investing isn’t about getting allotment.
   It’s about picking the right IPO.

2. Applying everywhere?
   You’re slowly leaking capital.

3. GMP and subscription hype?
   Works short-term. Fails long-term.

In the end, fundamentals win.

Few become multibaggers.
Most don’t.

For discussion only. Not an investment advice.

Disclaimer: Data compiled from public IPO tracking sources; simplified for readability.

Everyone talks about IPO listing gains. Almost no one tracks what happens after.

So, I analyzed 89 IPOs from Oct–Dec 2025 (Q3 FY26) based on 3-month performance from issue price.

Here’s what actually happened:

• Avg return: +1.27%
• Median return: -4.59%
• IPOs in profit: 44.94%
• IPOs in loss: 52.80%

The headline numbers hide a big split:

Top performers (3 months):

• Zelio E-Mobility: +179.93% SME
• HRS Aluglaze: +173.96%. SME
• Encompass Design: +138.79% SME
• Exato Technologies: +128.86% SME
• Groww- 72.05 %

4 SME IPOs and only one mainboard..

Worst performers:

• Logiciel Solutions: -81.19%
• Mittal Sections: -74.76%
• Astron Multigrain: -73.90%

Even more interesting:

• Only 37.08% IPOs stayed above listing price
• 62.92% fell below listing levels

Segment difference:

• Mainboard avg: +11.82% (66.67% profitable)
• SME avg: -3.33% (only 35.48% profitable)

5 key learnings:

• There is money in SME IPOs, but only if you study the business properly and hold with a clear view. Otherwise, volatility will punish you.
• IPO investing is not for quick gains. The data clearly shows — majority of IPOs lose value within months.
• Applying in every IPO for allotment is a flawed approach. It’s like punching a hole in your capital — small losses across many IPOs add up fast.
• GMP and subscription numbers are not reliable indicators. They may drive short-term sentiment, but fail to predict sustained performance.
• In the end, fundamentals decide everything. Growth, profitability, cash flows — these outlast hype. If the numbers don’t support the story, the stock eventually reflects it.

Final:
IPO investing wasn’t about “getting allotment.”
It was about picking the right IPO.

Most gains didn’t sustain.
Few turned into multibaggers.
Majority quietly underperformed.

Disclaimer: The data is taken from the website that analyse IPOs and ai is used to present it in concise and more readable way.

Kissht (OnEMI Technology Solutions) IPO opens tomorrow — here’s a numbers-first breakdown (no hype)

IPO Snapshot

• Price Band: ₹162–₹171
• Issue Size: ₹925.92 Cr
• Fresh Issue: ₹850 Cr | OFS: ₹75.92 Cr
• Lot Size: 87 shares (₹14,877)
• Current GMP: ₹8 (4.6% over upper band), unofficial and unregulated.

Valuation Check (Most Important)

• FY25 EPS: ₹12.79
• P/E at ₹171: 13.37x

Compare that to NBFC sector averages (25–30x+), and this is clearly discounted pricing.

But here’s the catch:
The market is not stupid — discounts exist for a reason. Risks are below.

Financial Reality (What the numbers actually say)

Revenue Trend

• FY23: ₹1,700 Cr
• FY24: ₹1,352 Cr (dip due to strategy shift)
• 9M FY25: ₹1,583 Cr (strong rebound)

PAT

• FY22: ₹27 Cr
• FY23: ₹197 Cr
• FY24: ₹160 Cr
• 9M FY25: ₹199 Cr

Profitability is real, not just narrative.

EBITDA

• Strong scaling → ₹488 Cr (9M FY25)

Borrowings

• ₹387 Cr → ₹2,047 Cr in ~3 years Aggressive leverage = growth + risk combo

The Big Risk (Don’t Ignore This)

• 94% AUM = Unsecured loans
• Negative operating cash flow (₹-661 Cr FY25)
• Lending to “mass market” = higher default sensitivity in downturns

This is NOT a Bajaj Finance-type balance sheet yet.

What Works in Their Favor

• ROE: 17.7% (solid capital efficiency)
• Repeat customers >50% (strong retention)
• AI/ML underwriting (scalable model)
• Expanding into secured lending (LAP) → risk balancing

GMP Reality Check (Unofficial and unregulated)

• GMP: ₹8
• Implied listing gain: 4–5%

That’s muted for a “growth fintech IPO”

Translation:

• Not massive listing hype
• More of a valuation-driven story than momentum play

Final Thought

This IPO sits in an interesting zone:

Cheap vs peers (13x P/E)

 Strong growth + profitability
High unsecured exposure

But, cash flow concerns
Rising leverage

For discussions only..

Disclaimer: The details are taken from the website which maintains and updates IPO data and AI is used to present it in a more concise way.