Clsa India Merchant Banker for IPO Review

Company Name	IPO Year (Listed)	IPO Size (Cr.)	PE Ratio
Unicommerce eSolutions Limited	13 Aug 2024	276.57	84.59
Juniper Hotels Limited	28 Feb 2024	1800.00	0.00
Sula Vineyards Limited	22 Dec 2022	960.35	49.24
Fusion Micro Finance Limited	15 Nov 2022	1103.99	12.33
Campus Activewear Limited	09 May 2022	1400.14	78.49
Fino Payments Bank Limited	12 Nov 2021	1200.29	382.12
Devyani International Limited	16 Aug 2021	1838.00	0.00
Burger King India Limited	14 Dec 2020	810.00	0.00
HDFC Asset Management Company Limited	06 Aug 2018	2800.33	32.00
Lemon Tree Hotels Limited	09 Apr 2018	1038.68	0.00
ICICI Securities Limited	04 Apr 2018	4016.97	31.00
HDFC Standard Life Insurance Company Limited	17 Nov 2017	8695.01	52.00
Reliance Nippon Life Asset Management Limited	06 Nov 2017	1542.24	43.90
ICICI Lombard General Insurance Company Limited	27 Sep 2017	5700.94	35.00
Varun Beverages Limited	08 Nov 2016	1112.50	83.00

Company Name	IPO Year (Listed)	Offer Price	Listing Price	Listing Gain (%)
Unicommerce eSolutions Limited	13 Aug 2024	108.00	210.05	94.49
Juniper Hotels Limited	28 Feb 2024	360.00	397.30	10.36
Fusion Micro Finance Limited	15 Nov 2022	368.00	324.90	324.90
Campus Activewear Limited	09 May 2022	292.00	378.60	29.66
Fino Payments Bank Limited	12 Nov 2021	577.00	545.25	545.25
Devyani International Limited	16 Aug 2021	90.00	123.35	123.35
Burger King India Limited	14 Dec 2020	60.00	138.40	138.40
HDFC Asset Management Company Limited	06 Aug 2018	1100.00	1815.15	1815.15
Lemon Tree Hotels Limited	09 Apr 2018	56.00	71.60	71.60
ICICI Securities Limited	04 Apr 2018	520.00	445.05	445.05
HDFC Standard Life Insurance Company Limited	17 Nov 2017	290.00	344.25	344.25
Reliance Nippon Life Asset Management Limited	06 Nov 2017	252.00	284.00	284.00
ICICI Lombard General Insurance Company Limited	27 Sep 2017	661.00	681.55	681.55
Varun Beverages Limited	08 Nov 2016	445.00	461.90	461.90

Company Name	IPO Year (Listed)	Offer Price	Listing Price	Listing Gain (%)
Sula Vineyards Limited	22 Dec 2022	357.00	331.15	-7.24

Company Name	IPO Year (Listed)	Subscription	IPO Size (Cr.)	Listing Gain (%)
ICICI Securities Limited	04 Apr 2018	0.78	4016.97	445.05

Company Name	IPO Year (Listed)	Subscription	IPO Size (Cr.)	Listing Gain (%)
Juniper Hotels Limited	28 Feb 2024	2.18	1800.00	10.36
Sula Vineyards Limited	22 Dec 2022	2.33	960.35	-7.24
Fusion Micro Finance Limited	15 Nov 2022	2.95	1103.99	324.90
Fino Payments Bank Limited	12 Nov 2021	2.03	1200.29	545.25
Lemon Tree Hotels Limited	09 Apr 2018	1.19	1038.68	71.60
ICICI Lombard General Insurance Company Limited	27 Sep 2017	2.98	5700.94	681.55
Varun Beverages Limited	08 Nov 2016	1.86	1112.50	461.90

Company Name	IPO Year (Listed)	Subscription	IPO Size (Cr.)	Listing Gain (%)
HDFC Standard Life Insurance Company Limited	17 Nov 2017	4.89	8695.01	344.25

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

Company Name	IPO Year (Listed)	Subscription	IPO Size (Cr.)	Listing Gain (%)
Unicommerce eSolutions Limited	13 Aug 2024	168.35	276.57	94.49
Campus Activewear Limited	09 May 2022	51.75	1400.14	29.66
Devyani International Limited	16 Aug 2021	116.70	1838.00	123.35
Burger King India Limited	14 Dec 2020	156.65	810.00	138.40
HDFC Asset Management Company Limited	06 Aug 2018	82.99	2800.33	1815.15
Reliance Nippon Life Asset Management Limited	06 Nov 2017	81.54	1542.24	284.00

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

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)	Issue size	PE Ratio	Listing Gain(%)
Unicommerce eSolutions Limited	13 Aug 2024	276.57 Cr.	84.59	94.49

Company Name	IPO Year (Listed)	Issue size	PE Ratio	Listing Gain (%)
Sula Vineyards Limited	22 Dec 2022	960.35 Cr.	49.24	-7.24
Burger King India Limited	14 Dec 2020	810.00 Cr.	0.00	138.40

Company Name	IPO Year (Listed)	Issue size	PE Ratio	Listing Gain (%)
Juniper Hotels Limited	28 Feb 2024	1800.00 Cr.	0.00	10.36
Fusion Micro Finance Limited	15 Nov 2022	1103.99 Cr.	12.33	324.90
Campus Activewear Limited	09 May 2022	1400.14 Cr.	78.49	29.66
Fino Payments Bank Limited	12 Nov 2021	1200.29 Cr.	382.12	545.25
Devyani International Limited	16 Aug 2021	1838.00 Cr.	0.00	123.35
HDFC Asset Management Company Limited	06 Aug 2018	2800.33 Cr.	32.00	1815.15
Lemon Tree Hotels Limited	09 Apr 2018	1038.68 Cr.	0.00	71.60
ICICI Securities Limited	04 Apr 2018	4016.97 Cr.	31.00	445.05
HDFC Standard Life Insurance Company Limited	17 Nov 2017	8695.01 Cr.	52.00	344.25
Reliance Nippon Life Asset Management Limited	06 Nov 2017	1542.24 Cr.	43.90	284.00
ICICI Lombard General Insurance Company Limited	27 Sep 2017	5700.94 Cr.	35.00	681.55
Varun Beverages Limited	08 Nov 2016	1112.50 Cr.	83.00	461.90

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

Company Name	IPO Year (Listed)	Subscription	PE Ratio	Listing Gain (%)
Fusion Micro Finance Limited	15 Nov 2022	2.95	12.33	324.90

Company Name	IPO Year (Listed)	Subscription	PE Ratio	Listing Gain (%)
Sula Vineyards Limited	22 Dec 2022	2.33	49.24	-7.24
HDFC Asset Management Company Limited	06 Aug 2018	82.99	32.00	1815.15
ICICI Securities Limited	04 Apr 2018	0.78	31.00	445.05
Reliance Nippon Life Asset Management Limited	06 Nov 2017	81.54	43.90	284.00
ICICI Lombard General Insurance Company Limited	27 Sep 2017	2.98	35.00	681.55

Company Name	IPO Year (Listed)	Subscription	PE Ratio	Listing Gain (%)
Unicommerce eSolutions Limited	13 Aug 2024	168.35	84.59	94.49
Campus Activewear Limited	09 May 2022	51.75	78.49	29.66
HDFC Standard Life Insurance Company Limited	17 Nov 2017	4.89	52.00	344.25
Varun Beverages Limited	08 Nov 2016	1.86	83.00	461.90

Company Name	IPO Year (Listed)	Subscription	PE Ratio	Listing Gain (%)
Fino Payments Bank Limited	12 Nov 2021	2.03	382.12	545.25

Company Name	IPO Year (Listed)	Subscription	Listing Gain (%)
Juniper Hotels Limited	28 Feb 2024	2.18	10.36
Devyani International Limited	16 Aug 2021	116.70	123.35
Burger King India Limited	14 Dec 2020	156.65	138.40
Lemon Tree Hotels Limited	09 Apr 2018	1.19	71.60

Company Name	IPO Year (Listed)	City	Sector	IPO Size (Cr.)	PE Ratio
Fusion Micro Finance Limited	15 Nov 2022	New Delhi	Banking and Finance	1103.99	12.33
Fino Payments Bank Limited	12 Nov 2021	Mumbai	Banking and Finance	1200.29	382.12
HDFC Asset Management Company Limited	06 Aug 2018	Mumbai	Banking and Finance	2800.33	32.00
ICICI Securities Limited	04 Apr 2018	Mumbai	Banking and Finance	4016.97	31.00
Reliance Nippon Life Asset Management Limited	06 Nov 2017	Mumbai	Banking and Finance	1542.24	43.90

Company Name	IPO Year (Listed)	City	Sector	IPO Size (Cr.)	PE Ratio
Sula Vineyards Limited	22 Dec 2022	Mumbai	FMCG - Snacks and Beverages	960.35	49.24
Devyani International Limited	16 Aug 2021	New Delhi	FMCG - Snacks and Beverages	1838.00	0.00
Varun Beverages Limited	08 Nov 2016	New Delhi	FMCG - Snacks and Beverages	1112.50	83.00

Company Name	IPO Year (Listed)	City	Sector	IPO Size (Cr.)	PE Ratio
Campus Activewear Limited	09 May 2022	New Delhi	Footwear	1400.14	78.49

Company Name	IPO Year (Listed)	City	Sector	IPO Size (Cr.)	PE Ratio
Juniper Hotels Limited	28 Feb 2024	Mumbai	Hotels and Resorts	1800.00	0.00
Lemon Tree Hotels Limited	09 Apr 2018	New Delhi	Hotels and Resorts	1038.68	0.00

Company Name	IPO Year (Listed)	City	Sector	IPO Size (Cr.)	PE Ratio
Burger King India Limited	14 Dec 2020	Mumbai	Hotels and Resorts - QSR	810.00	0.00

Company Name	IPO Year (Listed)	City	Sector	IPO Size (Cr.)	PE Ratio
Unicommerce eSolutions Limited	13 Aug 2024	New Delhi	Information Technology - SaaS	276.57	84.59

Company Name	IPO Year (Listed)	City	Sector	IPO Size (Cr.)	PE Ratio
HDFC Standard Life Insurance Company Limited	17 Nov 2017	Mumbai	Insurance	8695.01	52.00
ICICI Lombard General Insurance Company Limited	27 Sep 2017	Mumbai	Insurance	5700.94	35.00

Company Name	IPO Year (Listed)	City	Sector	IPO Size (Cr.)	PE
Juniper Hotels Limited	28 Feb 2024	Mumbai	Hotels and Resorts	1800.00	0.00
Sula Vineyards Limited	22 Dec 2022	Mumbai	FMCG - Snacks and Beverages	960.35	49.24
Fino Payments Bank Limited	12 Nov 2021	Mumbai	Banking and Finance	1200.29	382.12
Burger King India Limited	14 Dec 2020	Mumbai	Hotels and Resorts - QSR	810.00	0.00
HDFC Asset Management Company Limited	06 Aug 2018	Mumbai	Banking and Finance	2800.33	32.00
ICICI Securities Limited	04 Apr 2018	Mumbai	Banking and Finance	4016.97	31.00
HDFC Standard Life Insurance Company Limited	17 Nov 2017	Mumbai	Insurance	8695.01	52.00
Reliance Nippon Life Asset Management Limited	06 Nov 2017	Mumbai	Banking and Finance	1542.24	43.90
ICICI Lombard General Insurance Company Limited	27 Sep 2017	Mumbai	Insurance	5700.94	35.00

Company Name	IPO Year (Listed)	City	Sector	IPO Size (Cr.)	PE
Unicommerce eSolutions Limited	13 Aug 2024	New Delhi	Information Technology - SaaS	276.57	84.59
Fusion Micro Finance Limited	15 Nov 2022	New Delhi	Banking and Finance	1103.99	12.33
Campus Activewear Limited	09 May 2022	New Delhi	Footwear	1400.14	78.49
Devyani International Limited	16 Aug 2021	New Delhi	FMCG - Snacks and Beverages	1838.00	0.00
Lemon Tree Hotels Limited	09 Apr 2018	New Delhi	Hotels and Resorts	1038.68	0.00
Varun Beverages Limited	08 Nov 2016	New Delhi	FMCG - Snacks and Beverages	1112.50	83.00

Company Name	IPO Year (Listed)	Offer Price	CMP	Current Market Performance %
Unicommerce eSolutions Limited	13 Aug 2024	108.00	138.00	27.78%
Devyani International Limited	16 Aug 2021	90.00	168.25	86.94%
Burger King India Limited	14 Dec 2020	60.00	80.08	33.47%
HDFC Asset Management Company Limited	06 Aug 2018	1100.00	5031.20	357.38%
Lemon Tree Hotels Limited	09 Apr 2018	56.00	137.81	146.09%
ICICI Securities Limited	04 Apr 2018	520.00	896.20	72.35%
HDFC Standard Life Insurance Company Limited	17 Nov 2017	290.00	754.50	160.17%
Reliance Nippon Life Asset Management Limited	06 Nov 2017	252.00	736.35	192.20%
ICICI Lombard General Insurance Company Limited	27 Sep 2017	661.00	1901.90	187.73%
Varun Beverages Limited	08 Nov 2016	445.00	475.10	433.82%

Company Name	IPO Year (Listed)	Offer Price	CMP	Current Market Performance %
Juniper Hotels Limited	28 Feb 2024	360.00	321.75	-10.63%
Sula Vineyards Limited	22 Dec 2022	357.00	312.80	-12.38%
Fusion Micro Finance Limited	15 Nov 2022	368.00	195.73	-46.81%
Campus Activewear Limited	09 May 2022	292.00	285.85	-2.11%
Fino Payments Bank Limited	12 Nov 2021	577.00	266.13	-53.88%

Company Name	IPO Year (Listed)	Listing Price	CMP	Current Market Performance %
Devyani International Limited	16 Aug 2021	123.35	168.25	86.94%
HDFC Asset Management Company Limited	06 Aug 2018	1815.15	5031.20	357.38%
Lemon Tree Hotels Limited	09 Apr 2018	71.60	137.81	146.09%
ICICI Securities Limited	04 Apr 2018	445.05	896.20	72.35%
HDFC Standard Life Insurance Company Limited	17 Nov 2017	344.25	754.50	160.17%
Reliance Nippon Life Asset Management Limited	06 Nov 2017	284.00	736.35	192.20%
ICICI Lombard General Insurance Company Limited	27 Sep 2017	681.55	1901.90	187.73%
Varun Beverages Limited	08 Nov 2016	461.90	475.10	433.82%

Company Name	IPO Year (Listed)	Listing Price	CMP	Current Market Performance %
Unicommerce eSolutions Limited	13 Aug 2024	210.05	138.00	27.78%
Juniper Hotels Limited	28 Feb 2024	397.30	321.75	-10.63%
Sula Vineyards Limited	22 Dec 2022	331.15	312.80	-12.38%
Fusion Micro Finance Limited	15 Nov 2022	324.90	195.73	-46.81%
Campus Activewear Limited	09 May 2022	378.60	285.85	-2.11%
Fino Payments Bank Limited	12 Nov 2021	545.25	266.13	-53.88%
Burger King India Limited	14 Dec 2020	138.40	80.08	33.47%

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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List of Merchant Bankers Connect with Clsa India Private Limited

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Clsa India Private Limited ★★★★☆

Clsa India Private Limited is a SEBI registered Merchant Banker located in Mumbai. They provide services in various areas of capital markets like,

Incorporation Year 1994

City Mumbai

Website https://india.clsa.com/

IPOs so far 15

IPOs by Listing

Gain 14 (93%)

Loss1 (7%)

Latest IPOs

Unicommerce eSolutions Limited

Sector : Information Technolo

Exchange : MainBoard

Listing Date : 13 Aug 2024

IPO Size : 276.57 Cr.

Subscribed : 168.35 x

Listing Gain : 94.49 %

Juniper Hotels Limited

Sector : Hotels and Resorts

Exchange : MainBoard

Listing Date : 28 Feb 2024

IPO Size : 1800.00 Cr.

Subscribed : 2.18 x

Listing Gain : 10.36 %

Sula Vineyards Limited

Sector : FMCG - Snacks and Be

Exchange : MainBoard

Listing Date : 22 Dec 2022

IPO Size : 960.35 Cr.

Subscribed : 2.33 x

Listing Gain : -7.24 %

Fusion Micro Finance Limited

Sector : Banking and Finance

Exchange : MainBoard

Listing Date : 15 Nov 2022

IPO Size : 1103.99 Cr.

Subscribed : 2.95 x

Listing Gain : 324.90 %

Campus Activewear Limited

Sector : Footwear

Exchange : MainBoard

Listing Date : 09 May 2022

IPO Size : 1400.14 Cr.

Subscribed : 51.75 x

Listing Gain : 29.66 %

Fino Payments Bank Limited

Sector : Banking and Finance

Exchange : MainBoard

Listing Date : 12 Nov 2021

IPO Size : 1200.29 Cr.

Subscribed : 2.03 x

Listing Gain : 545.25 %

Devyani International Limited

Sector : FMCG - Snacks and Be

Exchange : MainBoard

Listing Date : 16 Aug 2021

IPO Size : 1838.00 Cr.

Subscribed : 116.70 x

Listing Gain : 123.35 %

Burger King India Limited

Sector : Hotels and Resorts -

Exchange : MainBoard

Listing Date : 14 Dec 2020

IPO Size : 810.00 Cr.

Subscribed : 156.65 x

Listing Gain : 138.40 %

HDFC Asset Management Company Limited

Sector : Banking and Finance

Exchange : MainBoard

Listing Date : 06 Aug 2018

IPO Size : 2800.33 Cr.

Subscribed : 82.99 x

Listing Gain : 1815.15 %

Lemon Tree Hotels Limited

Sector : Hotels and Resorts

Exchange : MainBoard

Listing Date : 09 Apr 2018

IPO Size : 1038.68 Cr.

Subscribed : 1.19 x

Listing Gain : 71.60 %

ICICI Securities Limited

Sector : Banking and Finance

Exchange : MainBoard

Listing Date : 04 Apr 2018

IPO Size : 4016.97 Cr.

Subscribed : 0.78 x

Listing Gain : 445.05 %

HDFC Standard Life Insurance Company Limited

Sector : Insurance

Exchange : MainBoard

Listing Date : 17 Nov 2017

IPO Size : 8695.01 Cr.

Subscribed : 4.89 x

Listing Gain : 344.25 %

Reliance Nippon Life Asset Management Limited

Sector : Banking and Finance

Exchange : MainBoard

Listing Date : 06 Nov 2017

IPO Size : 1542.24 Cr.

Subscribed : 81.54 x

Listing Gain : 284.00 %

ICICI Lombard General Insurance Company Limited

Sector : Insurance

Exchange : MainBoard

Listing Date : 27 Sep 2017

IPO Size : 5700.94 Cr.

Subscribed : 2.98 x

Listing Gain : 681.55 %

Varun Beverages Limited

Sector : FMCG - Snacks and Be

Exchange : MainBoard

Listing Date : 08 Nov 2016

IPO Size : 1112.50 Cr.

Subscribed : 1.86 x

Listing Gain : 461.90 %

IPOs by Subscription

Subscribed Less than 1 times 1 (7%)

Subscribed 1 to 3 times 7 (47%)

Subscribed 3 to 5 times1 (7%)

Subscribed 5 to 10 times 0 (0%)

Subscribed more than 10 times6 (40%)

IPOs by IPO Size

0-100 Cr 0 (0%)

100-250 Cr 0 (0%)

250-500 Cr 1 (7%)

500-1000 Cr 2 (13%)

1000+ Cr12 (80%)

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IPOs by PE

IPOs by City

Mumbai 9

New Delhi 6

IPOs by Sector

Banking and Finance 5

FMCG - Snacks and Beverages 3

Footwear 1

Hotels and Resorts 2

Hotels and Resorts - QSR 1

Information Technology - SaaS 1

Insurance 2

IPOs by Post Listing Performance

Offer Price Vs Current Market Price

Gain 10 (67%)

Loss 5 (33%)

Listing Price Vs Current Market Price

Gain 8 (53%)

Loss 7 (47%)

Upcoming IPOs of Clsa India

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.

Prestige Hospitality Ventures Limited

Bengaluru

Healthcare - Hospitals and Clinic

Date of DRHP : 24 Apr 2025

Revenue : 887.47

PAT : 90.27

Read DRHP

Detailed Review

Park Medi World Limited

New Delhi

Healthcare - Hospitals and Clinic

Date of DRHP : 28 Mar 2025

Revenue : 1383.02

PAT : 225.40

Read DRHP

Detailed Review

Veeda Clinical Research Limited

Ahmedabad

Pharmaceutical

Date of DRHP : 31 Jan 2025

Revenue : 631.60

PAT : 49.80

Read DRHP

Detailed Review

Oswal Pumps Limited

Karnal

Solar

Date of DRHP : 17 Sep 2024

Revenue : 1420.89

PAT : 288.95

Read DRHP

Detailed Review

Snapdeal Limited

New Delhi

E-Commerce

Date of DRHP : 20 Dec 2021

Revenue : 47.72

PAT : -35.42

Read DRHP

Detailed Review

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

Other Useful Resources

Explore Upcoming IPOs of other Merchant Bankers

Explore MainBoard IPOs

Compare Clsa India with Other Merchant Bankers

List of All Merchant Bankers

Important Links

Thinking ofListing Your Business through SME IPO?

We can Help!

Clsa India Private Limited ★★★★☆

IPOs so far 15

IPOs by Listing

Latest IPOs

Unicommerce eSolutions Limited

Juniper Hotels Limited

Sula Vineyards Limited

Fusion Micro Finance Limited

Campus Activewear Limited

Fino Payments Bank Limited

Devyani International Limited

Burger King India Limited

HDFC Asset Management Company Limited

Lemon Tree Hotels Limited

ICICI Securities Limited

HDFC Standard Life Insurance Company Limited

Reliance Nippon Life Asset Management Limited

ICICI Lombard General Insurance Company Limited

Varun Beverages 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 Clsa India

Prestige Hospitality Ventures Limited

Park Medi World Limited

Veeda Clinical Research Limited

Oswal Pumps Limited

Snapdeal Limited

Other Useful Resources

Thinking of
Listing Your Business through
SME IPO?

Thinking of
Listing Your Business through IPO?