Pre-IPO Research

Pre-IPO Research Reports

Fresh, investor-focused research notes on upcoming and major Indian IPOs and pre-IPO companies, with several new reports published every day. Each note covers the business, the IPO stage, the things most investors miss and the risks to scrutinise, with official references. Information and education only, never investment advice.

Latest Reports

Daily Pre-IPO Deep-Dives

11 August 2026Cloud Kitchens / F&B

Rebel Foods — Pre-IPO Research

Rebel Foods is currently in the pre-IPO stage, with no Draft Red Herring Prospectus (DRHP) officially filed with SEBI as of the latest information.

Rebel Foods operates a multi-brand cloud kitchen platform in India, housing popular brands like Faasos, Behrouz Biryani, and Ovenstory Pizza under a single infrastructure. The company is a prominent player in the Indian cloud kitchen space, leveraging technology to manage a portfolio of brands and optimize food delivery economics, making it a key entity in the pre-IPO F&B sector.

Read full report8 min read

11 August 2026E-commerce

Flipkart — Pre-IPO Research

The company is reportedly in the process of redomiciling its corporate structure from Singapore to India, a necessary step before filing a Draft Red Herring Prospectus (DRHP) with SEBI for an Indian IPO.

Flipkart, India's prominent e-commerce marketplace, is reportedly preparing for a potential IPO in India, following efforts to redomicile its corporate structure. Backed by Walmart, the company's listing would offer public investors exposure to India's rapidly growing digital consumption story, spanning categories from electronics to fashion and grocery.

Read full report7 min read

11 August 2026Mainline IPO

Dhoot Transmission — Pre-IPO Research

Mainline IPO candidate in pre-filing / preparation pipeline; draft offer documents and official timelines remain subject to regulatory submission and SEBI clearance.

Dhoot Transmission is an Indian Tier-1 automotive component manufacturer specialising in wiring harnesses, cable assemblies, switches, sensors, and electronic controllers. As it prepares for a mainline IPO, investors are evaluating its position within the two-wheeler and commercial vehicle supply chains, its exposure to electric vehicle transition trends, and its raw material cost pass-through structures.

Read full report4 min read

11 August 2026Mainline IPO

Milky Mist Dairy Food — Pre-IPO Research

Pre-IPO stage; preliminary filings and corporate approvals are in progress, with investors awaiting official DRHP/RHP publication on the SEBI portal.

Milky Mist Dairy Food Private Limited is an established South India-based manufacturer of value-added dairy products, including paneer, cheese, butter, ghee, and curd. The company operates a heavily automated dairy processing plant in Perundurai, Tamil Nadu, and maintains a direct-to-retail cold chain distribution network. As it prepares for a public listing, investor interest centers on its ability to expand beyond core Southern markets while managing capital-intensive processing and distribution infrastructure.

Read full report5 min read

11 August 2026Mainline IPO - NSE

LEAP India — Pre-IPO Research

The company filed a Draft Red Herring Prospectus (DRHP) with SEBI on September 29, 2022, which was subsequently returned by SEBI in February 2023, requiring a fresh filing for any future public offering.

LEAP India Ltd. is a prominent player in India's logistics infrastructure sector, specializing in providing returnable packaging solutions like pallets and crates on a rental basis to various industries. The company's business model focuses on asset pooling and management, aiming to optimize supply chain efficiency for its clients. It is investor-relevant as it previously filed a Draft Red Herring Prospectus (DRHP) with SEBI, signaling its intent to go public.

Read full report7 min read

10 August 2026Mainline IPO

Behari Lal Engineering — Pre-IPO Research

The company has reportedly filed its Draft Red Herring Prospectus (DRHP) with SEBI and is awaiting approvals for a public offering.

Behari Lal Engineering is an Indian engineering, procurement, and construction (EPC) company primarily focused on infrastructure projects. It is currently in the pre-IPO phase, attracting investor interest as a potential play on India's infrastructure development push.

Read full report8 min read

10 August 2026SME IPO

Optimystix Entertainment — Pre-IPO Research

Optimystix Entertainment has not yet filed its Draft Red Herring Prospectus (DRHP) with SEBI, indicating it is in the pre-DRHP stage of its potential IPO journey.

Optimystix Entertainment is a prominent Indian content production house known for creating a diverse range of television shows across genres like comedy, drama, and reality. While a household name in Indian television, the company has not yet filed its Draft Red Herring Prospectus (DRHP) with SEBI, meaning official financial and operational details are not publicly available for investor review.

Read full report7 min read

10 August 2026Mainline IPO

Molbio Diagnostics — Pre-IPO Research

Molbio Diagnostics filed its Draft Red Herring Prospectus (DRHP) with SEBI in September 2022 and received SEBI's observation letter (approval) in December 2022. The IPO has not yet been launched.

Molbio Diagnostics is an Indian diagnostics company known for its portable, real-time PCR Truenat platform, which gained significant traction during the COVID-19 pandemic. The company received SEBI approval for its initial public offering (IPO) in December 2022 but has not yet launched it, making it a relevant pre-IPO consideration.

Read full report8 min read

10 August 2026Mainline IPO

Technocraft Ventures — Pre-IPO Research

The company is currently in the pre-IPO stage, with its IPO reportedly scheduled to open on August 6, 2026.

Technocraft Ventures Ltd. is an Indian Engineering, Procurement, and Construction (EPC) company with a focus on government infrastructure projects. Incorporated in 1998, it has a reported upcoming IPO, making it relevant for investors tracking pre-listing opportunities in the infrastructure sector.

Read full report6 min read

10 August 2026Auto-tech / Fintech

CarDekho (Girnar) — Pre-IPO Research

Girnar Software has been widely reported to be exploring an initial public offering (IPO), but as of the latest public information, it has not yet filed a Draft Red Herring Prospectus (DRHP) with SEBI.

Girnar Software, operating primarily as CarDekho, is an Indian auto-tech platform that spans new and used vehicle marketplaces, alongside a growing presence in auto-related financial services like insurance and lending. Its investor relevance stems from its diversified revenue streams across the automotive value chain and its potential to leverage its user base for high-margin fintech offerings.

Read full report8 min read

9 August 2026B2B E-commerce

Udaan (Hiveloop) — Pre-IPO Research

The company is currently in the pre-IPO stage; a Draft Red Herring Prospectus (DRHP) has not yet been filed with SEBI as of early 2024.

Udaan, legally Hiveloop Technology Pvt. Ltd., is a prominent Indian B2B e-commerce platform connecting manufacturers, brands, and wholesalers with retailers and small businesses across various categories. It's often discussed as a potential pre-IPO candidate due to its scale and significant funding rounds.

Read full report6 min read

9 August 2026Consumer Electronics

boAt (Imagine Marketing) — Pre-IPO Research

Reports indicate Imagine Marketing Limited is considering refiling its DRHP, having withdrawn its initial DRHP in October 2022.

Imagine Marketing Limited, operating under the 'boAt' brand, is a prominent Indian consumer electronics company known for its audio wearables and smartwatches. The company is investor-relevant due to its significant market share in India's fast-growing hearables segment and its reported interest in re-evaluating an IPO, following the withdrawal of its initial DRHP.

Read full report7 min read

9 August 2026Beauty / D2C

Purplle — Pre-IPO Research

Manash Lifestyle Pvt. Ltd. is widely reported to be preparing for an initial public offering (IPO), though a Draft Red Herring Prospectus (DRHP) has not yet been filed with SEBI.

Purplle, legally Manash Lifestyle Pvt. Ltd., is an Indian online beauty and personal care platform known for its focus on the value segment and a strong portfolio of private labels. The company is currently reported to be in pre-IPO preparations, making it a relevant subject for investors tracking India's evolving beauty e-commerce landscape.

Read full report7 min read

9 August 2026Manufacturing / B2B

Zetwerk — Pre-IPO Research

Zetwerk is currently in the pre-IPO stage, having not yet filed a Draft Red Herring Prospectus (DRHP) with SEBI.

Zetwerk is an Indian B2B manufacturing marketplace that connects original equipment manufacturers (OEMs) with a network of manufacturing partners across various industries. Positioned as an asset-light platform, it aims to streamline the complex manufacturing supply chain, making it relevant for investors tracking India's industrial growth and digital transformation.

Read full report7 min read

9 August 2026NBFC

Hero FinCorp — Pre-IPO Research

The company has filed its Draft Red Herring Prospectus (DRHP) with SEBI.

Hero FinCorp Limited, an NBFC promoted by the Hero Group, has filed its DRHP with SEBI to go public. Initially focused on captive financing for Hero MotoCorp vehicles, the company has diversified its lending portfolio across retail and corporate segments, making its asset quality and growth strategy as a more independent entity key areas for investor scrutiny.

Read full report8 min read

8 August 2026Market Infrastructure

NSE India — Pre-IPO Research

NSE filed its Draft Red Herring Prospectus (DRHP) with SEBI in December 2016 and received observations in 2017, but the IPO has been on hold due to regulatory issues; it is currently awaiting SEBI's no-objection or a fresh DRHP filing.

National Stock Exchange of India Limited (NSE) is India's largest stock exchange by turnover, operating across equities, derivatives, and other asset classes. It is a highly-tracked unlisted entity, with its long-awaited initial public offering (IPO) being a significant event for the Indian capital markets.

Read full report7 min read

8 August 2026Food & Quick Commerce

Swiggy Instamart context — Pre-IPO Research

Swiggy (Bundl Technologies Private Limited) is currently an unlisted company widely anticipated to file its Draft Red Herring Prospectus (DRHP) for an Initial Public Offering (IPO).

Bundl Technologies Private Limited, operating as Swiggy, is a dominant player in India's food delivery and quick commerce (Instamart) sectors. As a prominent unlisted company, it is widely anticipated to pursue an Initial Public Offering, positioning it as a key benchmark for the broader Indian consumer internet and quick commerce ecosystem.

Read full report5 min read

8 August 2026Retail / Eyewear

Lenskart — Pre-IPO Research

Lenskart is currently in the pre-IPO stage, with an initial public offering widely anticipated but no Draft Red Herring Prospectus (DRHP) filed with SEBI as of the latest public information.

Lenskart Solutions Ltd. is a prominent omnichannel eyewear retailer in India, known for its vertically integrated supply chain encompassing manufacturing, online sales, and a vast network of physical stores. The company's anticipated public listing is generating investor interest due to its market leadership and expansion strategy.

Read full report7 min read

8 August 2026Logistics / E-commerce Enablement

Shiprocket — Pre-IPO Research

Shiprocket reportedly filed a confidential Draft Red Herring Prospectus (DRHP) with SEBI in July 2022 for a potential initial public offering (IPO).

Shiprocket is a prominent logistics aggregation platform in India, enabling direct-to-consumer (D2C) brands and small and medium-sized enterprises (SMEs) to manage their shipping needs across multiple carrier partners. It is investor-relevant as a key enabler of India's booming e-commerce sector, particularly for smaller businesses seeking efficient and cost-effective shipping solutions.

Read full report7 min read

8 August 2026Fintech / Payments

Razorpay — Pre-IPO Research

Razorpay Software Pvt. Ltd. is reportedly undergoing a redomiciliation process from Singapore to India, a precursor to a potential listing on Indian stock exchanges.

Razorpay, an Indian fintech major, is primarily known for its payment gateway services but has significantly expanded into a comprehensive business banking and financial services stack. The company is currently in the news for its reported plans to redomicile to India, a key step often preceding an initial public offering (IPO) on Indian exchanges, making it relevant for pre-IPO investors.

Read full report8 min read

7 August 2026Fintech / Merchant Payments

Pine Labs — Pre-IPO Research

Pine Labs Pvt. Ltd. filed a confidential Draft Red Herring Prospectus (DRHP) with SEBI in May 2024 for an initial public offering (IPO) in India.

Pine Labs Pvt. Ltd. is an Indian fintech company primarily focused on merchant acquiring, offering a comprehensive suite of payment solutions and value-added services to businesses across various sectors. With a confidential DRHP filed for an India IPO, the company is at a critical juncture for potential public listing, building on its extensive network of point-of-sale terminals and its diversified offerings, including issuing and cross-border capabilities through strategic acquisitions.

Read full report8 min read

7 August 2026Mainline IPO - NSE

Milky Mist — Pre-IPO Research

Pre-IPO stage; official Draft Red Herring Prospectus (DRHP) filing with SEBI is awaited.

Milky Mist Dairy Food Limited is one of South India's largest manufacturers of value-added dairy products (VADP), specialising in premium paneer, cheese, butter, and yogurt. The company is drawing significant investor interest as it prepares for a mainline IPO, positioning itself as a consumer-brand play on India's shift from unorganised milk consumption to packaged, value-added dairy.

Read full report5 min read

7 August 2026Mainline IPO - NSE

Puranik Builders — Pre-IPO Research

The company filed a Draft Red Herring Prospectus (DRHP) with SEBI in December 2021, which was subsequently returned by SEBI in April 2022, indicating the IPO process is not presently underway.

Puranik Builders Limited, a real estate developer primarily focused on residential projects across the Mumbai Metropolitan Region and Pune, had previously filed a Draft Red Herring Prospectus (DRHP) with SEBI. While the company has explored a public listing, its potential IPO is not currently active in the pipeline.

Read full report6 min read

7 August 2026Mainline IPO - NSE

Ardee Industries — Pre-IPO Research

The company's IPO is reportedly scheduled to open on August 5, 2026. A Draft Red Herring Prospectus (DRHP) would need to be filed with SEBI well in advance of this date for the IPO process to formally commence.

Ardee Industries Limited operates in the industrial and manufacturing sector, with a reported initial public offering (IPO) scheduled for August 2026. The company's unlisted shares may attract investor interest as it prepares for a public listing in the coming years, positioning it as a long-term pre-IPO consideration.

Read full report6 min read

6 August 2026Mainline IPO - NSE

SBI Funds Management — Pre-IPO Research

SBI Funds Management Limited has been widely reported to be considering an initial public offering (IPO), but a Draft Red Herring Prospectus (DRHP) has not yet been officially filed with SEBI as of early 2024.

SBI Funds Management Limited (SBI FML) is the asset management company (AMC) behind SBI Mutual Fund, India's largest mutual fund by assets under management (AUM). Its potential public listing is a significant event for investors interested in India's financialization of savings theme.

Read full report7 min read

6 August 2026SME IPO - NSE SME

Aegeus Technologies — Pre-IPO Research

Aegeus Technologies Limited is currently listed on NSE Emerge, having completed its IPO process in December 2023.

Aegeus Technologies Limited, a company specializing in robotic and intelligent automation solutions, recently completed its SME IPO and is now listed on the NSE Emerge platform. Investors are now evaluating its post-listing performance and the execution of its stated growth plans.

Read full report6 min read

6 August 2026Mainline IPO - NSE

Gold Plus Glass — Pre-IPO Research

The company filed its Draft Red Herring Prospectus (DRHP) with SEBI on March 27, 2024.

Gold Plus Glass Industry Ltd, one of India's largest manufacturers of float glass, is progressing towards its initial public offering. This note examines its business model, competitive positioning, and the less-discussed aspects crucial for investors to understand its market dynamics and operational nuances.

Read full report7 min read

30 July 2026Fintech / Payments

PhonePe — Pre-IPO Research

PhonePe is in the pre-IPO stage, having completed its redomiciliation from Singapore to India, a prerequisite for listing on Indian stock exchanges.

PhonePe, a prominent Indian digital payments and financial services platform, is reportedly preparing for an initial public offering (IPO) after completing its redomiciliation to India. Its deep market penetration in UPI payments and strategic diversification into financial products make it a significant player in India's evolving fintech landscape.

Read full report7 min read

30 July 2026Electric Vehicles

Ather Energy — Pre-IPO Research

Ather Energy has not yet filed a Draft Red Herring Prospectus (DRHP) with SEBI, though media reports indicate it is considering an IPO.

Ather Energy is a prominent Indian electric two-wheeler manufacturer known for its performance-oriented scooters and integrated charging infrastructure. The company has garnered significant investor interest and is reportedly exploring an initial public offering (IPO) to fund its expansion and provide exits for early backers.

Read full report7 min read

29 July 2026NBFC / Lending

InCred — Pre-IPO Research

InCred Financial Services Limited, a key subsidiary of InCred Holdings Limited, has reportedly been exploring an initial public offering, though a Draft Red Herring Prospectus (DRHP) for InCred Holdings Limited itself has not been officially filed with SEBI as of early 2024.

InCred Holdings Limited is the parent entity of InCred Financial Services Limited, an Indian non-banking financial company (NBFC) that leverages technology for lending across various segments including consumer, education, SME, and mortgage. The group is often highlighted as a digital lending unicorn, and its pre-IPO status makes its asset quality and growth strategy a key point of investor interest.

Read full report9 min read

28 July 2026Consumer / D2C

Wakefit — Pre-IPO Research

Wakefit Innovations Ltd. filed its Draft Red Herring Prospectus (DRHP) with SEBI on December 28, 2023.

Wakefit Innovations Ltd., an Indian D2C brand, has evolved from mattresses to a broader home solutions provider, encompassing furniture and home decor. The company's recent DRHP filing with SEBI signals its intent to go public, drawing investor attention to its omnichannel expansion and unit economics in a competitive market.

Read full report7 min read

27 July 2026Digital Media

Dailyhunt (VerSe Innovation) — Pre-IPO Research

VerSe Innovation is currently in the pre-IPO stage, with a Draft Red Herring Prospectus (DRHP) not yet filed with SEBI.

VerSe Innovation, the parent company of Dailyhunt and Josh, is a significant player in India's digital content and short-video space, primarily focusing on vernacular languages. Its potential IPO is relevant for investors looking at the monetization of India's vast non-English speaking internet user base, particularly through advertising and creator economies.

Read full report6 min read

24 July 2026Beverages · Consumer

Bira 91 (B9 Beverages) — Unlisted Research Report

Bira 91 (B9 Beverages Pvt. Ltd.)

A deep-dive into Bira 91 (B9 Beverages): business overview, category positioning, financial snapshot, unlisted-market context and the key risks and considerations for an investor evaluating the pre-IPO opportunity.

View / Download PDFPDF · Unlisted research

Research is for information and investor-education only and is not investment advice or a recommendation. Unlisted and pre-IPO shares are illiquid, high-risk and may never list. Any figures mentioned are only those officially disclosed by the company, SEBI, the exchanges or the MCA. Verify everything independently and consult a SEBI-registered adviser before investing.