India IPO Market Update, Overview, Investment Rationale: ICICI Securities

ICICI Securities Report

Issues where Securities and Exchange Board of India observations have been received and still valid-

Emcure Pharmaceuticals - One of the leading Indian pharmaceutical companies engaged in developing, manufacturing and globally marketing a broad range of pharmaceutical products across several major therapeutic areas.

VLCC Health Care - VLCC’s stature as a leading brand in the Indian wellness and beauty Industry - over 30 years of operations, the VLCC brand is well known to and enjoys a high level of trust by customers.

Adani Wilmar - Differentiated and diversified product portfolio with market leading brands to capture large share of kitchen spends across India.

Issues where offer documents are filed and awaiting SEBI observations-

Aether Industries - Aether Industries Ltd. is one of the fastest growing specialty chemical companies in India, growing at a compound annual growth rate of nearly 49.5% between fiscal 2019 and fiscal 2021.

Vedant Fashions (Manyavar) - It is the market leader in the Indian celebration wear market with a diverse portfolio of brands catering to the aspirations of the entire family. Differentiated business model combining the strengths of retailing with branded consumer play.

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