Choice Capital executes five Q2 IPOs, discloses 24 mandates

Choice Capital Advisors Pvt. Ltd. executed five initial public offerings (IPOs) in the second quarter of financial year 2027 (Q2 FY27), comprising three main-board and two small and medium enterprise (SME) issues, and disclosed 24 ongoing IPO mandates with Rs 6,210 crore of tentative fundraising.

How many IPOs did Choice Capital execute in Q2 FY27?

Choice Capital executed five IPOs in Q2 FY27, with three on the main board and two in the SME segment. The main-board transactions were SRIT at Rs 218.4 crore, Adroit at Rs 150.7 crore and Sona at Rs 141.5 crore; SOTEFIN BHARAT LIMITED at Rs 89.8 crore and speedex at Rs 80.1 crore were SME offerings.

SRIT was the largest of the five issues and had a disclosed subscription multiple of 125.16 times. Adroit recorded the highest multiple, at 176.85 times, while Sona recorded 2.01 times. The two SME deals were smaller than every main-board issue by size, with SOTEFIN BHARAT LIMITED subscribed 4.00 times and speedex 32.49 times.

The five IPOs together had a disclosed issue size of Rs 680.5 crore. Main-board issues accounted for Rs 510.6 crore, or about three quarters of that amount, while the two SME issues accounted for Rs 169.9 crore, illustrating that the Q2 FY27 execution mix was weighted toward larger main-board offerings.

What is Choice Capital's current IPO mandate pipeline?

Choice Capital disclosed 24 ongoing IPO mandates with tentative fundraising of Rs 6,210 crore. The presentation does not identify the issuers, expected launch dates, final issue sizes or the split between main-board and SME mandates, so the fundraising amount is not a value of completed transactions.

Choice Capital describes itself as a Securities and Exchange Board of India (SEBI)-registered Category-I merchant banker providing capital-market transactions and corporate-finance services. Its listed services include qualified institutional placements, preferential issues, IPOs, rights issues, mergers and acquisitions, private equity and open offers, placing the 24 IPO mandates within a wider advisory business.

The presentation’s client list also includes non-IPO work, although it does not say these assignments are part of the current 24-mandate pipeline. Named examples include a Rs 600 crore IPO-advisory engagement for Navkar Corporation Ltd, a Rs 462 crore IPO-advisory engagement for HGIEL, a Rs 238.2 crore open offer for Nazara and a Rs 229.6 crore preferential issue for TILAKNAGAR INDUSTRIES LTD.

How has Choice Capital's IPO deal scale changed?

Choice Capital’s reported total IPO issue size increased to Rs 1,581.3 crore across 10 IPOs in FY26 from Rs 240.9 crore across four IPOs in FY25. The number of issues above Rs 100 crore rose to five in FY26 from none in FY25, changing the reported deal mix toward larger offerings.

The presentation labels the final column FY27 and separately refers to FY27 year-to-date activity, rather than presenting it as a completed full-year result. Its disclosed Rs 735.2 crore across six IPOs therefore should not be compared directly with FY24, FY25 or FY26 as a full-year measure, although the figure includes three issues above Rs 100 crore.

Choice Capital also states that it has handled eight main-board IPOs and 13 SME IPOs. The Q2 FY27 group of three main-board and two SME issues follows that dual-platform pattern, while SRIT’s Rs 218.4 crore issue was more than twice the size of the largest Q2 SME issue, SOTEFIN BHARAT LIMITED at Rs 89.8 crore.

Is the IPO market backdrop expanding?

The presentation shows total Indian IPO activity rising from 272 issues in FY24 to 320 in FY25 and 366 in FY26. Main-board IPOs rose from 76 to 109 over the same period, while SME IPOs increased from 196 to 257, based on data cited from SEBI and Axis Capital.

Listing activity varied within FY26, with 45 IPOs in Q1, 141 in Q2, 125 in Q3 and 55 in Q4. SME IPOs outnumbered main-board offerings in each quarter, including 95 SME issues against 46 main-board issues in Q2 FY26, providing context for Choice Capital’s participation in both segments.

The presentation does not provide Choice Capital’s market share, investment-banking revenue, transaction fees or mandate-conversion rate. The industry totals therefore show the available issuance backdrop, but do not quantify how much of the increase in IPO volumes was captured by Choice Capital.

What does Choice Capital's broader execution record include?

Choice Capital’s disclosed client record includes main-board and SME IPOs alongside rights issues, open offers, preferential issues and IPO-advisory mandates. Among named main-board IPO assignments, Vishnu Prakash R Punglia Ltd had an issue size of Rs 308.6 crore, SHANTI GOLD International Ltd had Rs 360.1 crore and Shringar HOUSE OF MANGALSUTRA had Rs 401 crore.

The presentation also lists a Rs 450 crore rights issue for Active Pharma Sciences and a Rs 125 crore rights issue for the quint. Named SME IPO assignments include ESPRIT STONES at Rs 50.4 crore, RAMDEV BABA SOLVENT LTD. at Rs 50.3 crore and relipay at Rs 70.8 crore, showing transactions below the Rs 100 crore threshold used in the IPO-scale summary.

Some listed SME assignments carry an asterisk that the presentation defines as underwriting rather than merchant-banking execution. These include NEETU YOSHI LIMITED at Rs 77 crore and OPTIVALU TSK CONSULTING at Rs 51.8 crore, so the client list contains different roles that should not be treated as identical advisory mandates.

Conclusion

Choice Capital’s Q2 FY27 activity combined five completed IPOs worth Rs 680.5 crore with a disclosed pipeline of 24 ongoing mandates and Rs 6,210 crore of tentative fundraising. Its reported IPO issue size rose from Rs 240.9 crore in FY25 to Rs 1,581.3 crore in FY26, and the count of issues above Rs 100 crore increased from zero to five.

The next item to watch is conversion of the 24 ongoing mandates into completed issues, particularly the number that are main-board offerings or exceed Rs 100 crore. Choice Capital has not disclosed issuer names, expected timing, final fundraising values or the segment split for the pipeline, while its presentation identifies FY27 activity as year-to-date rather than a completed year.