Preeti Kapoor

I went through the NSE RHP, and honestly, this is not a typical IPO story. What stands out? 🔹 Strong business moat: NSE has massive scale and around 51% global share in equity-derivatives contracts. 🔹 Excellent profitability: FY26 EPS ₹41.62 and RoNW 33.21%. The business has maintained strong profitability. 🔹 Ownership structure: NSE does not have an identifiable promoter . It is a widely held market-infrastructure company, so the usual promoter holding analysis is not directly applicable here. 🔹 100% OFS: Existing shareholders are selling their shares; NSE itself is not raising fresh capital through the IPO. 🔹 Valuation: At ₹1,785, NSE is valued at roughly 43x FY26 earnings — not cheap, but below BSE’s RHP-reported 54.3x P/E. 🔹 Key risks: High dependence on derivatives, regulatory changes and technology/cybersecurity risks. My takeaway: NSE looks like a high-quality and highly profitable market-infrastructure business, but the IPO comes at a premium valuation. The bigger ...

 Rentomojo IPO — Quick Take I went through the RHP. Here’s my simple view: Business: Furniture, appliances & electronics on monthly subscription/rental. FY26: * Revenue: →₹387 Cr * PAT: →₹104 Cr * 2.53 lakh live subscribers * 29 cities Financials: Strong improvement. Revenue almost doubled from FY24, while PAT grew much faster — showing better profitability.  IPO: →₹1,256 Cr * Fresh Issue: →₹150 Cr * OFS: →₹1,106 Cr * ₹70 Cr → Debt repayment * ₹42.5 Cr → Lease payments  Key Concerns: * Asset-heavy business * Debt & lease liabilities * Promoter-related NCLT dispute * Large OFS component Valuation: At ₹404, market cap ~₹4,000 Cr → P/E ~38x. My View Business: Good  Financials: Strong  Governance: Watch  Valuation: Expensive   Good business, but not a cheap IPO. The key question is not  Is Rentomojo a good company? It is "How much should we pay for its growth?" For educational/research purposes only, not an investment recommendation.