IPO Overview

We regularly add new IPOs after reviewing their DRHPs and RHPs. For each company, we share a short, easy to understand summary of what we think about the business based on the financials, management and the business quality. Please remember that this is not investment advice, it's simply our view based on the research we've done and should be used for understanding purposes only.

Please consult your financial advisor before making any investment decision.

Disclaimer: Delta Investment Trust is registered with SEBI as a Category III Alternative Investment Fund (Reg. No. IN/AIF3/26-27/2274).

Search IPOs

Company	View	GMP(%)	Price	Valuation	Subscription	Open	Close	Issue Size (Crs)	Research
Core4 Engineers Ltd (SME)	Skip	0%	93	9x EV/EBITDA	0.3x	23 Oct 26	27 Oct 26	54.82	Research
The Mysore company builds water and wastewater plants, railway electrification and power transmission projects as an EPCC contractor. Its governance record is a clear concern for us, with mismatches between its books and bank filings, an auditor resignation and a promoter share sale at a steep discount. As a contractor, its profits have not turned into cash in any period since FY24, and receivables now exceed a full year’s revenue. We would skip the issue for both the short and long term, and with a GMP of 0%, we do not see a case for listing gains either.
EAAA India Alternatives Ltd	Skip	2%	1,665	34x EV/EBITDA	0.05x	26 Oct 26	28 Oct 26	1,200	Research
Paras Healthcare Ltd	Skip	2.16%	682	25.1x EV/EBITDA	2.3x	21 Oct 26	23 Oct 26	1,450	Research
Jio Platforms Ltd	Track	22%	1,119	34.3x P/E	17.8x	21 Oct 26	23 Oct 26	30,213	Research
Sahajanand Medical Technologies Ltd	Track	4.9%	344	21.8x EV/EBITDA	14.21x	15 Oct 26	19 Oct 26	475.48	Research
Shellz India Ltd	Track	2.79%	179	8.3x EV/EBITDA	58.5x	15 Oct 26	19 Oct 26	60	Research
Fusion CX Ltd	Skip	6%	289	13x EV/EBITDA	4.6x	14 Oct 26	16 Oct 26	702	Research
Bonfiglioli Transmissions Ltd	Track	13%	586	41x P/E	46x	15 Oct 26	19 Oct 26	2,533.66	Research
Tonbo Imaging India Ltd	Track	63.57%	700	38.7x EV/EBITDA	132.81x	15 Oct 26	19 Oct 25	852.18	Research
Vaibhav Vyapaar Ltd (SME)	Skip	9%	54	77x P/E	3.23x	13 Oct 26	15 Oct 26	42.1	Research
Zetwerk Manufacturing Businesses Ltd	Skip	1.32%	151	74x EV/EBITDA	3.1x	15 Oct 26	19 Oct 26	5,012.33	Research
Ravita Engineering Services Ltd (SME)	Skip	6.25%	112	8.5x EV/EBITDA	7.1x	14 Oct 26	16 Oct 26	116.05	Research
HD Fire Protect Ltd	Track	23%	271	30x EV/EBITDA	131x	13 Oct 26	15 Oct 26	712.13	Research
R.K.Fashion Accessories Ltd. (SME)	Skip	10.98%	82	13x EV/EBITDA	2.7x	05 Oct 26	07 Oct 26	34.99	Research
Acme India Industries Ltd (SME)	Skip	33%	196	11x EV/EBITDA	124.2x	30 Sep 26	06 Oct 26	121.69	Research

Core4 Engineers Ltd (SME)

Skip

GMP(%)

Price

₹93

Valuation

9x EV/EBITDA

Subscription

0.3x

Open Date

23 Oct 26

Close Date

27 Oct 26

Issue Size

₹54.82 Cr

Research→

The Mysore company builds water and wastewater plants, railway electrification and power transmission projects as an EPCC contractor. Its governance record is a clear concern for us, with mismatches between its books and bank filings, an auditor resignation and a promoter share sale at a steep discount. As a contractor, its profits have not turned into cash in any period since FY24, and receivables now exceed a full year’s revenue. We would skip the issue for both the short and long term, and with a GMP of 0%, we do not see a case for listing gains either.

EAAA India Alternatives Ltd

Skip

GMP(%)

Price

₹1,665

Valuation

34x EV/EBITDA

Subscription

0.05x

Open Date

26 Oct 26

Close Date

28 Oct 26

Issue Size

₹1,200 Cr

Research→

Paras Healthcare Ltd

Skip

GMP(%)

2.16%

Price

₹682

Valuation

25.1x EV/EBITDA

Subscription

2.3x

Open Date

21 Oct 26

Close Date

23 Oct 26

Issue Size

₹1,450 Cr

Research→

Jio Platforms Ltd

Track

GMP(%)

22%

Price

₹1,119

Valuation

34.3x P/E

Subscription

17.8x

Open Date

21 Oct 26

Close Date

23 Oct 26

Issue Size

₹30,213 Cr

Research→

Sahajanand Medical Technologies Ltd

Track

GMP(%)

4.9%

Price

₹344

Valuation

21.8x EV/EBITDA

Subscription

14.21x

Open Date

15 Oct 26

Close Date

19 Oct 26

Issue Size

₹475.48 Cr

Research→

Shellz India Ltd

Track

GMP(%)

2.79%

Price

₹179

Valuation

8.3x EV/EBITDA

Subscription

58.5x

Open Date

15 Oct 26

Close Date

19 Oct 26

Issue Size

₹60 Cr

Research→

Fusion CX Ltd

Skip

GMP(%)

Price

₹289

Valuation

13x EV/EBITDA

Subscription

4.6x

Open Date

14 Oct 26

Close Date

16 Oct 26

Issue Size

₹702 Cr

Research→

Bonfiglioli Transmissions Ltd

Track

GMP(%)

13%

Price

₹586

Valuation

41x P/E

Subscription

46x

Open Date

15 Oct 26

Close Date

19 Oct 26

Issue Size

₹2,533.66 Cr

Research→

Tonbo Imaging India Ltd

Track

GMP(%)

63.57%

Price

₹700

Valuation

38.7x EV/EBITDA

Subscription

132.81x

Open Date

15 Oct 26

Close Date

19 Oct 25

Issue Size

₹852.18 Cr

Research→

Vaibhav Vyapaar Ltd (SME)

Skip

GMP(%)

Price

₹54

Valuation

77x P/E

Subscription

3.23x

Open Date

13 Oct 26

Close Date

15 Oct 26

Issue Size

₹42.1 Cr

Research→

Zetwerk Manufacturing Businesses Ltd

Skip

GMP(%)

1.32%

Price

₹151

Valuation

74x EV/EBITDA

Subscription

3.1x

Open Date

15 Oct 26

Close Date

19 Oct 26

Issue Size

₹5,012.33 Cr

Research→

Ravita Engineering Services Ltd (SME)

Skip

GMP(%)

6.25%

Price

₹112

Valuation

8.5x EV/EBITDA

Subscription

7.1x

Open Date

14 Oct 26

Close Date

16 Oct 26

Issue Size

₹116.05 Cr

Research→

HD Fire Protect Ltd

Track

GMP(%)

23%

Price

₹271

Valuation

30x EV/EBITDA

Subscription

131x

Open Date

13 Oct 26

Close Date

15 Oct 26

Issue Size

₹712.13 Cr

Research→

R.K.Fashion Accessories Ltd. (SME)

Skip

GMP(%)

10.98%

Price

₹82

Valuation

13x EV/EBITDA

Subscription

2.7x

Open Date

05 Oct 26

Close Date

07 Oct 26

Issue Size

₹34.99 Cr

Research→

Acme India Industries Ltd (SME)

Skip

GMP(%)

33%

Price

₹196

Valuation

11x EV/EBITDA

Subscription

124.2x

Open Date

30 Sep 26

Close Date

06 Oct 26

Issue Size

₹121.69 Cr

Research→

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