Hi everyone,

Between Monday, 7th Sep and Thursday, 10th Sep, there will be a huge wave of at least 11 Mainboard IPOs opening for public subscription (with the possibility of more)

For retail investors who have only 1 or 2 lots, bidding blindly on everything is impossible and also not recommended (at least half of the IPOs are not worth it). A single application can lock your funds for 3 or 4 days. If you mistakenly apply for some bad IPOs, you might be unlucky and get an allotment in it and you'll miss out the good ones while taking a loss.

Note: As of Friday, 4th September, 11 Mainboard IPOs have officially declared their price bands and bidding schedules. Any late weekend filings or additional mid-week announcements will be updated directly in this post and ranked into categories.

I made this guide to provide a plan on how to apply efficiently and also to categorize the IPOs to see which are good ones to apply for and which are not recommended to apply for.

Disclaimer and note on formatting:

This post is for educational and analytical purposes only. I am an independent researcher and not a SEBI-registered investment advisor. Please conduct your own due diligence and consult your financial advisor before making investment decisions.

Also I have decided to use tables and headings from now on to display more info, because using bullet points can make it look congested and difficult to read. But do let me know if you guys don't like tables or something. Last time some guy called it AI, but these stuff can be used in reddit by humans as well, AI uses it because this is the correct way to write.

All IPOs next Week

Company Name	Open	Close	Allotment	Listing	Issue Size
Pranav Constructions	Monday 7th	Wednesday 9th	Thursday 10th	Tuesday 15th	₹351.03 Cr
Glass Wall Systems	Tuesday 8th	Thursday 10th	Friday 11th	Wednesday 16th	₹427.89 Cr
Kanohar Electricals	Tuesday 8th	Thursday 10th	Friday 11th	Wednesday 16th	₹1055.74 Cr
Prasol Chemicals	Tuesday 8th	Thursday 10th	Friday 11th	Wednesday 16th	₹500 Cr
Steamhouse India	Wednesday 9th	Friday 11th	Tuesday 15th	Thursday 17th	₹414 Cr
Karamtara Engineering	Wednesday 9th	Friday 11th	Tuesday 15th	Thursday 17th	₹875 Cr
LCC Projects	Wednesday 9th	Friday 11th	Tuesday 15th	Thursday 17th	₹427.14 Cr
Manipal Payment and Identity	Wednesday 9th	Friday 11th	Tuesday 15th	Thursday 17th	₹805 Cr
Rentomojo	Wednesday 9th	Friday 11th	Tuesday 15th	Thursday 17th	₹1255.57 Cr
Arcil (Asset Reconstruction)	Wednesday 9th	Friday 11th	Tuesday 15th	Thursday 17th	₹732.97 Cr
Veegaland Developers	Thursday 10th	Tuesday 15th	Wednesday 16th	Friday 18th	₹210 Cr

Categorizing them all

Not all IPOs are created equal. Some are worth considering, while others must not even be looked at.

I haven't published the analysis for all of them yet (those are coming over the next few days), but based on a preliminary glance through of their issue details, Fresh vs OFS split, valuations, and financials, I've grouped them into three broad categories to help prioritize

• Category 1: Primary Options
  1. Pranav Constructions: 90% Fresh Issue (₹315.6 Cr), has a 30% market share in Mumbai Western Suburbs redevelopment. Reasonable valuation (24.8x P/E post issue) with strong operating cash generation
  2. Steamhouse India: 85% Fresh Issue (₹353 Cr), highly differentiated industrial utility business distributing boiler steam through pipelines. High operating EBITDA Margin (>20%) and clean balance sheet.
  3. Kanohar Electricals: Raising ₹300 Cr fresh capital, benefits from national transmission grid capex and renewable energy demand. Strong order book but it has 71.6% OFS which needs monitoring to see if this is worth it
  4. Veegaland Developers: 100% Fresh Issue (₹210 Cr). Backed by Kochouseph Chittilappilly (founder of V-Guard Industries and Wonderla Holidays). Conservative leverage and 100% historical project sell-through
• Category 2: Secondary Options
  1. Glass Wall Systems: Strong ₹981 Cr order backlog in architectural facades for luxury high-rises, but issue is 85.8% OFS and business suffers from long receivable collection cycles
  2. Karamtara Engineering: 77% Fresh Issue and strong presence in power transmission towers but operating margins are exposed to steel/zinc commodity cycles and debt remains high
  3. LCC Projects: 60% Fresh Issue in water infrastructure EPC. Steady revenue growth but high reliance on state government contracts and retention money cycles
• Category 3: High Caution Options
  1. Prasol Chemicals: 84% OFS (₹420 Cr cashout), FY26 margins increased artificially due to 27% crash in raw material prices. Valued at an expensive 38.5x P/E.
  2. Rentomojo: 88% OFS (₹1,105 Cr), consumer rental platforms carry high asset depreciation, refurbishing costs and customer churn
  3. Asset Reconstruction: 100% OFS. Zero fresh equity into the company, with difficulty in asset recovery
  4. Manipal Payment: 60% OFS, smart card and identity hardware manufacturing facing long-term displacement from digital payments

Timeline

The important rule is to never apply on Day 1, always apply on Day 3, preferably in the afternoon, but you can apply earlier to avoid any mandate delays (better to use ASBA)

Day / Date	Event
Mon 7th	Pranav (Day 1)
Tue 8th	Pranav (Day 2) / Glass Wall, Kanohar, Prasol (Day 1)
Wed 9th	Pranav (Day 3) / Glass Wall, Kanohar, Prasol (Day 2) / Arcil, Karamtara, LCC, Manipal, Rentomojo, Steamhouse (Day 1)
Thu 10th	Pranav allotment / Glass Wall, Kanohar, Prasol (Day 3) / Arcil, Karamtara, LCC, Manipal, Rentomojo, Steamhouse (Day 2) / Veegaland (Day 1)
Fri 11th	Pranav unblock / Glass Wall, Kanohar, Prasol (Allotment) / Arcil, Karamtara, LCC, Manipal, Rentomojo, Steamhouse (Day 3) / Veegaland (Day 2)
Sat, Sun, Mon	Holiday
Tue 15th	Glass Wall, Kanohar, Prasol (Unblock) / Arcil, Karamtara, LCC, Manipal, Rentomojo, Steamhouse (Allotment) / Veegaland (Day 3)
Wed 16th	Arcil, Karamtara, LCC, Manipal, Rentomojo, Steamhouse (Unblock) / Veegaland (Allotment)
Thu 17th	Veegaland (Unblock)

Capital Allocation

Depending on your available capital and number of PANs you have a few options

Option A: Single Lot (₹15k) - You can only have one active application at a time

• 2 IPOs Rotation
  1. Wednesday 9th (Day 3): Apply for 1 lot in Pranav constructions (if QIB > 15x-20x)
  2. Thursday 10th: Allotment
  3. Friday 11th: If not allotted then the funds are unblocked and then you can put it into one of the Category 1 IPOs
• If you don't want to apply for Pranav, then you can skip Monday through Wednesday.
  • On Thursday 10th Sep, you can apply to Kanohar, OR on Friday apply for Steamhouse India
  • But if you apply for Kanohar, then Friday 11th will be allotment and by Tuesday 15th, the funds will be unblocked so you can apply to Veegaland on Day 3

Note: If you get an allotment, then it's a win, you don't need to worry about other IPOs until listing.

Option B: 2 to 3 lots (₹30k - ₹45k / Single PAN) - You can have 2 to 3 concurrent applications

• One lot in Pranav Construction on Wednesday 9th (Day 3)
• One lot in Kanohar Electricals on Thursday 10th (Day 3)
• AND / OR One lot in Steamhouse India on Friday 11th (Day 3)
• In fact if you apply for Pranav, then unblock will be on Friday, you can apply for Steamhouse with that amount, and with the unblocked amount from Kanohar you can apply for Veegaland. So you can cover all the Category 1 IPOs with just 30k (if you didn't get any allotment that is)
• If you have 3 lot then you can easily apply for all Category 1 and maybe some Category 2 as well.

Option C: Multiple PANs (3 to 6 PANs / ₹45k - ₹1 lakh+ )

Applying for 3 lots under a single PAN in an oversubscribed IPO gives you only one lottery ticket. Applying for 1 lot across 3 separate PANs gives you three separate lottery tickets, mathematically you have higher probability of allotment.

• Do not just apply for every single one, if you apply for Category 3 IPOs then you could be stuck with a poor performer
• Instead concentrate all available PANs into Category 1 IPOs.
• You can go all in on Pranav / Kanohar or equal amount, if you didn't get anything in this, you'll get the refund in time to apply for Veegaland
• But if you apply for Steamhouse then you cannot apply in time for Veegaland
• Or if you have more money but not much PANs, then you could go and try for Category 2 as well.

Option D: HNI category (>₹2 lakh)

You guys probably have enough experience to know how to apply correctly anyway, though I suppose you can treat the ₹2 lakh as 1 lot and see the logic from Option A and Option B.

Final Thoughts

With 11 IPOs hitting the market at once, FOMO and aggressive push from 'finfluencers' will be at a all time high.

Remember that you don't need to apply for every single IPO, preserving your capital and focusing your bids on companies with genuine capital needs, clean balance sheets and fair valuation will always outperform bidding into every single one that opens

I'll also post the analysis of all the IPOs as I have already started going through them and drafting up the posts, I think it will be two each day, Morning and Evening, from Saturday till Thursday.

Feel free to ask any questions, I'll try my best to answer them, also do tell if there are any mistakes in this post.