Unistone Capital Merchant Banker for IPO Review

Company Name	IPO Year (Listed)	IPO Size (Cr.)	PE Ratio
Diffusion Engineers Limited	04 Oct 2024	158.00	20.41
Arkade Developers Limited	24 Sep 2024	410.00	19.35
Shree Tirupati Balajee Agro Trading Company Limited	12 Sep 2024	169.65	18.77
Saraswati Saree Depot Limited	20 Aug 2024	160.01	21.46
Platinum Industries Limited	05 Mar 2024	235.32	0.00
Exicom Tele-Systems Limited	05 Mar 2024	429.00	0.00
BLS E-Services Limited	06 Feb 2024	310.91	24.85
Valiant Laboratories Limited	06 Oct 2023	152.46	0.00
Ratnaveer Precision Engineering Limited	11 Sep 2023	165.03	0.00
Global Surfaces Limited	23 Mar 2023	154.98	21.84
HP Adhesives Limited	27 Dec 2021	125.96	50.00
Sigachi Industries Limited	15 Nov 2021	125.43	13.93
Likhitha Infrastructure Limited	15 Oct 2020	61.20	11.90

Company Name	IPO Year (Listed)	Offer Price	Listing Price	Listing Gain (%)
Diffusion Engineers Limited	04 Oct 2024	168.00	197.35	17.47
Arkade Developers Limited	24 Sep 2024	128.00	165.85	29.57
Shree Tirupati Balajee Agro Trading Company Limited	12 Sep 2024	83.00	97.54	17.52
Saraswati Saree Depot Limited	20 Aug 2024	160.00	209.95	31.22
Platinum Industries Limited	05 Mar 2024	171.00	220.90	29.18
Exicom Tele-Systems Limited	05 Mar 2024	142.00	225.65	58.91
BLS E-Services Limited	06 Feb 2024	135.00	370.75	174.63
Valiant Laboratories Limited	06 Oct 2023	140.00	169.05	20.75
Ratnaveer Precision Engineering Limited	11 Sep 2023	98.00	134.40	134.40
Global Surfaces Limited	23 Mar 2023	140.00	172.00	22.86
HP Adhesives Limited	27 Dec 2021	274.00	334.95	22.24
Sigachi Industries Limited	15 Nov 2021	163.00	603.75	603.75
Likhitha Infrastructure Limited	15 Oct 2020	120.00	136.60	136.60

Company Name	IPO Year (Listed)	Offer Price	Listing Price	Listing Gain (%)

Company Name	IPO Year (Listed)	Subscription	IPO Size (Cr.)	Listing Gain (%)

Company Name	IPO Year (Listed)	Subscription	IPO Size (Cr.)	Listing Gain (%)

Company Name	IPO Year (Listed)	Subscription	IPO Size (Cr.)	Listing Gain (%)

Company Name	IPO Year (Listed)	Subscription	IPO Size (Cr.)	Listing Gain (%)
Likhitha Infrastructure Limited	15 Oct 2020	9.51	61.20	136.60

Company Name	IPO Year (Listed)	Subscription	IPO Size (Cr.)	Listing Gain (%)
Diffusion Engineers Limited	04 Oct 2024	114.50	158.00	17.47
Arkade Developers Limited	24 Sep 2024	113.49	410.00	29.57
Shree Tirupati Balajee Agro Trading Company Limited	12 Sep 2024	124.74	169.65	17.52
Saraswati Saree Depot Limited	20 Aug 2024	107.39	160.01	31.22
Platinum Industries Limited	05 Mar 2024	98.99	235.32	29.18
Exicom Tele-Systems Limited	05 Mar 2024	133.56	429.00	58.91
BLS E-Services Limited	06 Feb 2024	162.38	310.91	174.63
Valiant Laboratories Limited	06 Oct 2023	29.76	152.46	20.75
Ratnaveer Precision Engineering Limited	11 Sep 2023	93.99	165.03	134.40
Global Surfaces Limited	23 Mar 2023	12.21	154.98	22.86
HP Adhesives Limited	27 Dec 2021	20.96	125.96	22.24
Sigachi Industries Limited	15 Nov 2021	101.91	125.43	603.75

Company Name	IPO Year (Listed)	Subscription	IPO Size (Cr.)	Listing Gain (%)

Company Name	IPO Year (Listed)	Issue size	PE Ratio	Listing Gain (%)
Likhitha Infrastructure Limited	15 Oct 2020	61.20 Cr.	11.90	136.60

Company Name	IPO Year (Listed)	Issue size	PE Ratio	Listing Gain (%)
Diffusion Engineers Limited	04 Oct 2024	158.00 Cr.	20.41	17.47
Shree Tirupati Balajee Agro Trading Company Limited	12 Sep 2024	169.65 Cr.	18.77	17.52
Saraswati Saree Depot Limited	20 Aug 2024	160.01 Cr.	21.46	31.22
Platinum Industries Limited	05 Mar 2024	235.32 Cr.	0.00	29.18
Valiant Laboratories Limited	06 Oct 2023	152.46 Cr.	0.00	20.75
Ratnaveer Precision Engineering Limited	11 Sep 2023	165.03 Cr.	0.00	134.40
Global Surfaces Limited	23 Mar 2023	154.98 Cr.	21.84	22.86
HP Adhesives Limited	27 Dec 2021	125.96 Cr.	50.00	22.24
Sigachi Industries Limited	15 Nov 2021	125.43 Cr.	13.93	603.75

Company Name	IPO Year (Listed)	Issue size	PE Ratio	Listing Gain(%)
Arkade Developers Limited	24 Sep 2024	410.00 Cr.	19.35	29.57
Exicom Tele-Systems Limited	05 Mar 2024	429.00 Cr.	0.00	58.91
BLS E-Services Limited	06 Feb 2024	310.91 Cr.	24.85	174.63

Company Name	IPO Year (Listed)	Issue size	PE Ratio	Listing Gain (%)

Company Name	IPO Year (Listed)	Issue size	PE Ratio	Listing Gain (%)

Company Name	IPO Year (Listed)	Subscription	PE Ratio	Listing Gain (%)

Company Name	IPO Year (Listed)	Subscription	PE Ratio	Listing Gain (%)
Diffusion Engineers Limited	04 Oct 2024	114.50	20.41	17.47
Arkade Developers Limited	24 Sep 2024	113.49	19.35	29.57
Shree Tirupati Balajee Agro Trading Company Limited	12 Sep 2024	124.74	18.77	17.52
Saraswati Saree Depot Limited	20 Aug 2024	107.39	21.46	31.22
BLS E-Services Limited	06 Feb 2024	162.38	24.85	174.63
Global Surfaces Limited	23 Mar 2023	12.21	21.84	22.86
Sigachi Industries Limited	15 Nov 2021	101.91	13.93	603.75
Likhitha Infrastructure Limited	15 Oct 2020	9.51	11.90	136.60

Company Name	IPO Year (Listed)	Subscription	PE Ratio	Listing Gain (%)
HP Adhesives Limited	27 Dec 2021	20.96	50.00	22.24

Company Name	IPO Year (Listed)	Subscription	PE Ratio	Listing Gain (%)

Company Name	IPO Year (Listed)	Subscription	PE Ratio	Listing Gain (%)

Company Name	IPO Year (Listed)	Subscription	Listing Gain (%)
Platinum Industries Limited	05 Mar 2024	98.99	29.18
Exicom Tele-Systems Limited	05 Mar 2024	133.56	58.91
Valiant Laboratories Limited	06 Oct 2023	29.76	20.75
Ratnaveer Precision Engineering Limited	11 Sep 2023	93.99	134.40

Company Name	IPO Year (Listed)	City	Sector	IPO Size (Cr.)	PE Ratio
Global Surfaces Limited	23 Mar 2023	Jaipur	Ceramic and Stone	154.98	21.84

Company Name	IPO Year (Listed)	City	Sector	IPO Size (Cr.)	PE Ratio
Platinum Industries Limited	05 Mar 2024	Mumbai	Chemical	235.32	0.00
Sigachi Industries Limited	15 Nov 2021	Hyderabad	Chemical	125.43	13.93

Company Name	IPO Year (Listed)	City	Sector	IPO Size (Cr.)	PE Ratio
HP Adhesives Limited	27 Dec 2021	Mumbai	Chemical - Paint and Adhesives	125.96	50.00

Company Name	IPO Year (Listed)	City	Sector	IPO Size (Cr.)	PE Ratio
BLS E-Services Limited	06 Feb 2024	New Delhi	Corporate Solutions	310.91	24.85

Company Name	IPO Year (Listed)	City	Sector	IPO Size (Cr.)	PE Ratio
Exicom Tele-Systems Limited	05 Mar 2024	Solan	Electric Equipments	429.00	0.00

Company Name	IPO Year (Listed)	City	Sector	IPO Size (Cr.)	PE Ratio
Diffusion Engineers Limited	04 Oct 2024	Nagpur	Engineering - Heavy Machinery	158.00	20.41

Company Name	IPO Year (Listed)	City	Sector	IPO Size (Cr.)	PE Ratio
Likhitha Infrastructure Limited	15 Oct 2020	Hyderabad	Oil and Gas	61.20	11.90

Company Name	IPO Year (Listed)	City	Sector	IPO Size (Cr.)	PE Ratio
Shree Tirupati Balajee Agro Trading Company Limited	12 Sep 2024	Dhar	Packaging & Disposables	169.65	18.77

Company Name	IPO Year (Listed)	City	Sector	IPO Size (Cr.)	PE Ratio
Valiant Laboratories Limited	06 Oct 2023	Mumbai	Pharmaceutical	152.46	0.00

Company Name	IPO Year (Listed)	City	Sector	IPO Size (Cr.)	PE Ratio
Arkade Developers Limited	24 Sep 2024	Mumbai	Real Estate	410.00	19.35

Company Name	IPO Year (Listed)	City	Sector	IPO Size (Cr.)	PE Ratio
Ratnaveer Precision Engineering Limited	11 Sep 2023	Vadodara	Steel - Tubes and Pipes	165.03	0.00

Company Name	IPO Year (Listed)	City	Sector	IPO Size (Cr.)	PE Ratio
Saraswati Saree Depot Limited	20 Aug 2024	Kolhapur	Textiles	160.01	21.46

Company Name	IPO Year (Listed)	City	Sector	IPO Size (Cr.)	PE
Shree Tirupati Balajee Agro Trading Company Limited	12 Sep 2024	Dhar	Packaging & Disposables	169.65	18.77

Company Name	IPO Year (Listed)	City	Sector	IPO Size (Cr.)	PE
Sigachi Industries Limited	15 Nov 2021	Hyderabad	Chemical	125.43	13.93
Likhitha Infrastructure Limited	15 Oct 2020	Hyderabad	Oil and Gas	61.20	11.90

Company Name	IPO Year (Listed)	City	Sector	IPO Size (Cr.)	PE
Global Surfaces Limited	23 Mar 2023	Jaipur	Ceramic and Stone	154.98	21.84

Company Name	IPO Year (Listed)	City	Sector	IPO Size (Cr.)	PE
Saraswati Saree Depot Limited	20 Aug 2024	Kolhapur	Textiles	160.01	21.46

Company Name	IPO Year (Listed)	City	Sector	IPO Size (Cr.)	PE
Arkade Developers Limited	24 Sep 2024	Mumbai	Real Estate	410.00	19.35
Platinum Industries Limited	05 Mar 2024	Mumbai	Chemical	235.32	0.00
Valiant Laboratories Limited	06 Oct 2023	Mumbai	Pharmaceutical	152.46	0.00
HP Adhesives Limited	27 Dec 2021	Mumbai	Chemical - Paint and Adhesives	125.96	50.00

Company Name	IPO Year (Listed)	City	Sector	IPO Size (Cr.)	PE
Diffusion Engineers Limited	04 Oct 2024	Nagpur	Engineering - Heavy Machinery	158.00	20.41

Company Name	IPO Year (Listed)	City	Sector	IPO Size (Cr.)	PE
BLS E-Services Limited	06 Feb 2024	New Delhi	Corporate Solutions	310.91	24.85

Company Name	IPO Year (Listed)	City	Sector	IPO Size (Cr.)	PE
Exicom Tele-Systems Limited	05 Mar 2024	Solan	Electric Equipments	429.00	0.00

Company Name	IPO Year (Listed)	City	Sector	IPO Size (Cr.)	PE
Ratnaveer Precision Engineering Limited	11 Sep 2023	Vadodara	Steel - Tubes and Pipes	165.03	0.00

Company Name	IPO Year (Listed)	Offer Price	CMP	Current Market Performance %
Diffusion Engineers Limited	04 Oct 2024	168.00	319.20	90.00%
Arkade Developers Limited	24 Sep 2024	128.00	204.12	59.47%
Platinum Industries Limited	05 Mar 2024	171.00	264.80	54.85%
Exicom Tele-Systems Limited	05 Mar 2024	142.00	180.44	27.07%
BLS E-Services Limited	06 Feb 2024	135.00	188.94	39.96%
Ratnaveer Precision Engineering Limited	11 Sep 2023	98.00	147.97	50.99%
Likhitha Infrastructure Limited	15 Oct 2020	120.00	286.90	378.17%

Company Name	IPO Year (Listed)	Offer Price	CMP	Current Market Performance %
Shree Tirupati Balajee Agro Trading Company Limited	12 Sep 2024	83.00	45.26	-45.47%
Saraswati Saree Depot Limited	20 Aug 2024	160.00	96.06	-39.96%
Valiant Laboratories Limited	06 Oct 2023	140.00	113.02	-19.27%
Global Surfaces Limited	23 Mar 2023	140.00	114.78	-18.01%
HP Adhesives Limited	27 Dec 2021	274.00	52.03	-5.05%
Sigachi Industries Limited	15 Nov 2021	163.00	41.46	154.36%

Company Name	IPO Year (Listed)	Listing Price	CMP	Current Market Performance %
Diffusion Engineers Limited	04 Oct 2024	197.35	319.20	90.00%
Arkade Developers Limited	24 Sep 2024	165.85	204.12	59.47%
Platinum Industries Limited	05 Mar 2024	220.90	264.80	54.85%
Ratnaveer Precision Engineering Limited	11 Sep 2023	134.40	147.97	50.99%
Likhitha Infrastructure Limited	15 Oct 2020	136.60	286.90	378.17%

Company Name	IPO Year (Listed)	Listing Price	CMP	Current Market Performance %
Shree Tirupati Balajee Agro Trading Company Limited	12 Sep 2024	97.54	45.26	-45.47%
Saraswati Saree Depot Limited	20 Aug 2024	209.95	96.06	-39.96%
Exicom Tele-Systems Limited	05 Mar 2024	225.65	180.44	27.07%
BLS E-Services Limited	06 Feb 2024	370.75	188.94	39.96%
Valiant Laboratories Limited	06 Oct 2023	169.05	113.02	-19.27%
Global Surfaces Limited	23 Mar 2023	172.00	114.78	-18.01%
HP Adhesives Limited	27 Dec 2021	334.95	52.03	-5.05%
Sigachi Industries Limited	15 Nov 2021	603.75	41.46	154.36%

Company Name	IPO Year (Listed)	Exchange	PE Ratio	IPO Size (Cr.)

Company Name	IPO Year (Listed)	Exchange	PE Ratio	IPO Size (Cr.)

Company Name	IPO Year (Listed)	IPO Size (Cr.)	Exchange	MIgration date

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Unistone Capital Private Limited ★★★★☆

Unistone Capital is a SEBI Registered Category I Merchant Banker located in Mumbai. They provide services in various areas of capital markets which include Merchant Banking Services, corporate Advisory and transaction services.

Incorporation Year 2019

City Mumbai

Website https://unistonecapital.com/

IPOs so far 13

IPOs by Listing

Gain 13 (100%)

Loss0 (0%)

Latest IPOs

Diffusion Engineers Limited

Sector : Engineering - Heavy

Exchange : MainBoard

Listing Date : 04 Oct 2024

IPO Size : 158 Cr.

Subscribed : 114.50 x

Listing Gain : 17.47 %

Arkade Developers Limited

Sector : Real Estate

Exchange : MainBoard

Listing Date : 24 Sep 2024

IPO Size : 410 Cr.

Subscribed : 113.49 x

Listing Gain : 29.57 %

Shree Tirupati Balajee Agro Trading Company Limited

Sector : Packaging & Disposab

Exchange : MainBoard

Listing Date : 12 Sep 2024

IPO Size : 170 Cr.

Subscribed : 124.74 x

Listing Gain : 17.52 %

Saraswati Saree Depot Limited

Sector : Textiles

Exchange : MainBoard

Listing Date : 20 Aug 2024

IPO Size : 160 Cr.

Subscribed : 107.39 x

Listing Gain : 31.22 %

Platinum Industries Limited

Sector : Chemical

Exchange : MainBoard

Listing Date : 05 Mar 2024

IPO Size : 235 Cr.

Subscribed : 98.99 x

Listing Gain : 29.18 %

Exicom Tele-Systems Limited

Sector : Electric Equipments

Exchange : MainBoard

Listing Date : 05 Mar 2024

IPO Size : 429 Cr.

Subscribed : 133.56 x

Listing Gain : 58.91 %

BLS E-Services Limited

Sector : Corporate Solutions

Exchange : MainBoard

Listing Date : 06 Feb 2024

IPO Size : 311 Cr.

Subscribed : 162.38 x

Listing Gain : 174.63 %

Valiant Laboratories Limited

Sector : Pharmaceutical

Exchange : MainBoard

Listing Date : 06 Oct 2023

IPO Size : 152 Cr.

Subscribed : 29.76 x

Listing Gain : 20.75 %

Ratnaveer Precision Engineering Limited

Sector : Steel - Tubes and Pi

Exchange : MainBoard

Listing Date : 11 Sep 2023

IPO Size : 165 Cr.

Subscribed : 93.99 x

Listing Gain : 134.40 %

Global Surfaces Limited

Sector : Ceramic and Stone

Exchange : MainBoard

Listing Date : 23 Mar 2023

IPO Size : 155 Cr.

Subscribed : 12.21 x

Listing Gain : 22.86 %

HP Adhesives Limited

Sector : Chemical - Paint and

Exchange : MainBoard

Listing Date : 27 Dec 2021

IPO Size : 126 Cr.

Subscribed : 20.96 x

Listing Gain : 22.24 %

Sigachi Industries Limited

Sector : Chemical

Exchange : MainBoard

Listing Date : 15 Nov 2021

IPO Size : 125 Cr.

Subscribed : 101.91 x

Listing Gain : 603.75 %

Likhitha Infrastructure Limited

Sector : Oil and Gas

Exchange : MainBoard

Listing Date : 15 Oct 2020

IPO Size : 61 Cr.

Subscribed : 9.51 x

Listing Gain : 136.60 %

IPOs by Subscription

Subscribed Less than 1 times 0 (0%)

Subscribed 1 to 3 times 0 (0%)

Subscribed 3 to 5 times0 (0%)

Subscribed 5 to 10 times 1 (8%)

Subscribed more than 10 times12 (92%)

IPOs by IPO Size

0-100 Cr 1 (8%)

100-250 Cr 9 (69%)

250-500 Cr 3 (23%)

500-1,000 Cr 0 (0%)

1,000+ Cr0 (0%)

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IPOs by PE

IPOs by City

Dhar 1

Hyderabad 2

Jaipur 1

Kolhapur 1

Mumbai 4

Nagpur 1

New Delhi 1

Solan 1

Vadodara 1

IPOs by Sector

Ceramic and Stone 1

Chemical 2

Chemical - Paint and Adhesives 1

Corporate Solutions 1

Electric Equipments 1

Engineering - Heavy Machinery 1

Oil and Gas 1

Packaging & Disposables 1

Pharmaceutical 1

Real Estate 1

Steel - Tubes and Pipes 1

Textiles 1

IPOs by Post Listing Performance

Offer Price Vs Current Market Price

Gain 7 (54%)

Loss 6 (46%)

Listing Price Vs Current Market Price

Gain 5 (38%)

Loss 8 (62%)

Upcoming IPOs of Unistone Capital

The below mentioned are the forthcoming IPOs for which DRHPs have been filed recently and are in process of approval by the BSE or NSE exchange.

Earthood Services Limited

New Delhi

ESG

Date of DRHP : 13 Jun 2025

Revenue : 44.91

PAT : 10.85

Read DRHP

Detailed Review

Pace Digitek Limited

Bangalore

Infrastructure

Date of DRHP : 27 Mar 2025

Revenue : 2,376.70

PAT : 304.06

Read DRHP

Detailed Review

Jajoo Rashmi Refractories Limited

Jaipur

Steel

Date of DRHP : 21 Dec 2024

Revenue : 475.20

PAT : 25.20

Read DRHP

Detailed Review

Fabtech Technologies Limited

Mumbai

Engineering

Date of DRHP : 14 Sep 2024

Revenue : 230.38

PAT : 27.21

Read DRHP

Detailed Review

*The Revenue and PAT figures mentioned above are on the Annualised basis.

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List of All Merchant Bankers

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Unistone Capital Private Limited ★★★★☆

IPOs so far 13

IPOs by Listing

Latest IPOs

Diffusion Engineers Limited

Arkade Developers Limited

Shree Tirupati Balajee Agro Trading Company Limited

Saraswati Saree Depot Limited

Platinum Industries Limited

Exicom Tele-Systems Limited

BLS E-Services Limited

Valiant Laboratories Limited

Ratnaveer Precision Engineering Limited

Global Surfaces Limited

HP Adhesives Limited

Sigachi Industries Limited

Likhitha Infrastructure Limited

IPOs by Subscription

IPOs by IPO Size

Thinking ofListing Your Business through IPO?

IPOs by PE

IPOs by City

IPOs by Sector

IPOs by Post Listing Performance

Offer Price Vs Current Market Price

Listing Price Vs Current Market Price

Upcoming IPOs of Unistone Capital

Earthood Services Limited

Pace Digitek Limited

Jajoo Rashmi Refractories Limited

Fabtech Technologies Limited

Other Useful Resources

Thinking of
Listing Your Business through
SME IPO?

Thinking of
Listing Your Business through IPO?