Entrepreneur at Dexter Capital (https://nitter.cf/t.co/l3Y8gX5x9r) & Investor at Dexter Ventures (https://nitter.cf/t.co/Ic9nYOsVyJ)
Bengaluru, India
Joined November 2008
- Tweets9.4K
- Following3.7K
- Followers3.4K
- Likes6.8K
Antala Industries SME IPO closes today. The company prints and laminates plastic film and woven fabric into bags and rolls, used to pack food grains, flour, fertiliser, cement and seeds. FY26 revenue was INR 47.4 cr.
Antala is a small converter in a commoditised industry, and much of its recent growth came from taking over the promoter family’s own businesses. Cash has stayed locked in inventory, and governance adds to our caution. We would skip the issue at the IPO and for both the short and long term.
Detailed note can be accessed via -
deltainvest.in/ipo/
We are also building a community for public market investing wherein we share analysis on all IPOs, and other interesting companies. Interested investors are requested to join from the following link -
chat.whatsapp.com/Hc34H6pXYV…
5/n
We are also trying out a scorecard that rates every IPO on ten parameters, weighted separately for investors looking for listing gains, the short term and the long term. Antala scores 4.8 out of 100 at the IPO, 10.8 for the short term and 10.8 for the long term. We have detailed our scoring methodology in the research note.
Bombay Coated and Special Steels IPO closes today. The company buys coated steel coils, mostly from JSW Steel Coated Products, and processes them into sheets and strips of the exact size needed by air conditioner and refrigerator makers such as Amber Enterprises and Haier.
It is a conversion business on traded steel with gross margins of just 12%. It buys 86.7% of its steel from JSW, on terms JSW sets and can change or end at short notice. Cash conversion has been weak, and the promoter family lends INR 19.5 cr to the company at 12%, well above what its banks charge. We would skip the issue for both short term and long term.
Detailed note can be accessed via -
deltainvest.in/ipo/
We are also building a community for public market investing wherein we share analysis on all IPOs, and other interesting companies. Interested investors are requested to join from the following link-
chat.whatsapp.com/Hc34H6pXYV…
6/n
We are also trying out a scorecard that rates every IPO on ten parameters, weighted separately for investors looking for listing gains, the short term and the long term. BCSSL scores 15.8 out of 100 at the IPO, 15.5 for the short term and 16.5 for the long term, with business quality, governance, auditors, investors and thematic appeal rated Poor.
At a post-offer market cap of INR 515 cr, the IPO asks 16.9x FY26 P/E and 6.9x EV/EBITDA. We would skip the issue for both the short and long term on account of business quality and governance.
The GMP of 11% (2 Nov 2026) points to only limited listing gains, and neither the banker’s track record nor the anchor book gives much comfort on listing gains either.
Carver Roboweld SME IPO opens today. The Rajkot company makes welding wires, rods and electrodes, and rents out welding robots, all to forging companies in India. FY26 revenue was INR 32.7 cr.
Carver sells standardised welding products in a crowded market, with little pricing power and one customer giving 43.4% of recent revenue. Its margins rose in FY26 as inventory piled up, and operating cash flow turned negative. The valuation is in line with peers, but given the business quality and weak cash generation, we would skip the issue at the IPO and for both the short and long term.
Detailed note can be accessed via - deltainvest.in/ipo/
We are also building a community for public market investing wherein we share analysis on all IPOs, and other interesting companies. Interested investors are requested to join from the following link-
chat.whatsapp.com/Hc34H6pXYV…
5/n
We are also trying out a scorecard that rates every IPO on ten parameters, weighted separately for investors looking for listing gains, the short term and the long term. Carver scores 11.4 out of 100 at the IPO, 18.7 for the short term and 16.2 for the long term. Valuation is its only parameter rated Good, while auditors, board, team and governance are all rated Poor.
6/n
At 19.6x FY26 P/E, the valuation is in line with the peer average of 19.9x. The quality of the business and its weak cash generation keep us away, so we would skip the issue at the IPO and for both the short and long term.
The GMP is nil (27 October 2026), which leaves no case for listing gains either.