r/IPO_India

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.

hello all, I'm completely new to ipo stuff recently started applying I have already applied for " Bagmane Prime Office REIT" hoping I will get allotted who knows if I will not or lol

but recently I have seen this news Zepto ipo so just posting here to see if it will be worth it applying then it come out?

Was going through one of the recent IPOs and a few things don’t really add up at first glance.

GMP looks weak (barely ~3–4%), but the company is still showing decent profitability numbers. On top of that, recent performance seems to be improving again.

At the same time, most of the business is based on unsecured lending… which makes the whole thing a bit tricky to judge.

So now I’m stuck between two thoughts:

Is this just another average IPO with low listing gains?

Or is the market actually pricing in some hidden risk here?

Not jumping to conclusions yet, just observing.

Curious to know what others here think — would you consider this an apply, skip, or wait-and-watch kind of IPO?

1. Bagmane Prime Office REIT (Mainboard REIT)

- Total Subscription: 0.71x (cumulative BSE+NSE)

- Institutional Investors: 0.69x | Other Investors: 0.74x

- Issue: ₹3,405 cr | Price ₹95-100 | Min ₹15,000

- Closes May 7 | Lists May 12

2. Recode Studios (SME, BSE)

- Total Subscription: 7.18x — strongest Day 1 in current pipeline

- QIB: 3.51x | NII: 7.42x | Retail: 9.13x

- Issue: ₹45 cr | Price ₹150-158 | Min ₹2,52,800

- Closes May 7 | Lists May 12

3. Value 360 Communications (SME, NSE Emerge)

- Total Subscription: 0.59x

- QIB: 15.22x — strong institutional anchor

- NII: 0.69x | Retail: 0.17x — both weak

- 214 applications submitted so far

- Closes May 6 (tomorrow)

Day 1 observations:

1. Recode shows the cleanest Day 1 — broad subscription across all three categories, 88% fresh issue (₹39.55 cr fresh / ₹5.45 cr OFS). Strong risk-adjusted profile for the

SME ticket-size capacity bracket (₹2.52L minimum).

2. Bagmane Prime Office REIT is a REIT, not an equity IPO — different framework entirely. 6–7% annualized dividend yield is the standard REIT investment thesis, not

listing-day pops. 0.71x Day 1 is normal pace; institutional demand for REITs typically accelerates on Day 3.

3. Value 360 shows a QIB-heavy / retail-weak split (15.22x QIB vs 0.17x Retail). This pattern typically reflects anchor-driven institutional coverage rather than broad

market demand. With one bidding day left, this is the riskiest of the three from a retail-allocation standpoint.

Additional context: Kissht (OnEMI Technology Solutions) closed subscription today, allotment May 6, listing May 8. Amba Auto Sales listed today on BSE SME.

Source: https://ipocracker.com/open-ipo

I never knew that we could get partial allotment in ipos.