Spoilt for choice as 10 IPOs hit D-Street? Analysts pick two winners

It is an unusually crowded day at Dalal Street as 10 IPOs hit the markets together on Tuesday, leaving investors spoilt for choice. The list includes big names like Anand Rathi Share & Stock Brokers, Seshaasai Technologies, Jaro Institute, Solarworld Energy, and smaller SME issues such as Ecoline Exim, Matrix Geo Solutions, True Colors, Aptus Pharma, NSB BPO Solutions, and BharatRohan Airborne Innovations.

While the flood of issues reflects buoyant primary market sentiment, analysts caution that investors need to be selective.

GMP trends reveal frontrunners

As far as GMPs are concerned, True Colors is the standout with a 24% premium. Seshaasai Technologies follows at 21%, while Jaro Institute and Anand Rathi are quoting 13% and 7% respectively. The strong grey market trend underlines early optimism for these issues, but not all IPOs carry the same fundamentals.

Analysts back Solarworld Energy and Seshaasai Tech

SimranJeet Singh Bhatia, Senior Research Analyst at Almondz Global, believes that among the pack, two IPOs stand out for medium to long-term bets -- Solarworld Energy Solutions and Seshaasai Technologies.

Solarworld Energy, engaged in solar EPC services and renewable energy models, has executed projects of 253 MW with an ongoing pipeline of 765 MW in EPC and 325 MW in battery energy storage systems.

Its revenue rose from Rs 235 crore in FY23 to Rs 551 crore in FY25, while PAT jumped from Rs 15 crore to Rs 77 crore in the same period. EBITDA margins nearly doubled to 19.41% in FY25. The company counts marquee clients like SJVN Green Energy, Haldiram Snacks, and NTPC REL.

Seshaasai Technologies, on the other hand, is a leader in India’s payment solutions industry with expansion into IoT and RFID offerings.

Its revenues grew to Rs 1,473 crore in FY25 from Rs 1,153 crore in FY23, while profit after tax more than doubled to Rs 223 crore in FY25. Its clients include leading BFSI players, with global certifications in data security and payments infrastructure.

"Both Solarworld and Seshaasai combine robust financial growth with strong business models and are worth considering for investors looking beyond listing gains," said Bhatia.

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With 10 IPOs launched on the same day, investors are unlikely to chase every opportunity. GMP trends point towards near-term excitement in True Colors, Seshaasai, Jaro, and Anand Rathi, but analysts suggest focusing on companies with clear growth visibility.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)