Vikram walks through:
🔹 Capillary Technologies – A 13-year-old AI-led loyalty and SaaS company. FY25 revenue: ~₹600 crore, EBITDA margin ~13%, PAT ~₹30 crore. Issue size: ₹878 crore (₹345 crore fresh). Listed at a market cap of ~₹4,500 crore (7.6× sales, ~58× EBITDA).
🔹 Groww – Started in 2018 as a direct mutual fund platform. FY25 revenue: ~₹3,900 crore, EBITDA margin ~65%, EBITDA ~₹1,800 crore. Issue size: ~₹6,600 crore, with ~₹5,500 crore OFS. Listed at ~₹62,000 crore (~24× EBITDA), briefly crossing ₹1 lakh crore in the first week.
🔹 Physics Wallah – Founded in 2020; reached IPO in five years. FY25 revenue: ~₹3,000 crore, EBITDA ~₹225 crore. Issue size: ~₹3,500 crore, of which ~₹3,100 crore was fresh. Founders retained 80%+ at IPO.
🔹 Lenskart – A 17-year journey from founding to IPO. FY25 revenue: ~₹6,600 crore, EBITDA margin ~20%, PAT ~₹300 crore. Issue size: ~₹7,300 crore, including significant OFS from SoftBank, Temasek, Kedaara, Schroders, and founders. Listed at ~₹70,000 crore (~10× sales).
🔹 Pine Labs – Operating since 1998 across issuing and acquiring payment infrastructure. FY25 revenue: ~₹2,300 crore, EBITDA margin ~12%. Issue size: ~₹3,900 crore, with ~₹2,100 crore fresh and OFS from Peak, Actis, PayPal, Mastercard, and others.
The episode also covers post-listing liquidity events:
• Ather Energy – Temasek sold ~₹1,200 crore (4.4% stake) and NIIF sold ~₹1,080 crore (~4%).
• Paytm – Elevation sold ~₹1,600 crore (2% stake), reducing ownership to ~13%.
Across IPOs and secondary trades, total liquidity generated in November was ~₹17,000 crore (~$2 billion).
For anyone tracking how Indian growth-stage companies navigate listings, valuation shifts, and investor exits, this month provides a detailed cross-section of sector-wise performance and deal structures.
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