Systematix Group Q2 deals rise to 10, raising Rs 3,744 crore

Systematix Corporate Services Ltd, referred to as Systematix Group, reported 10 investment-banking and equity-capital-markets deals closed in Q2 FY27 and Rs 3,744 crore of capital raised, including block deals, versus four closures and Rs 285 crore in Q1 FY27. The disclosed Q2 activity included five initial public offerings, corporate actions, an M&A transaction and two block deals.

What drove Systematix Group's Q2 FY27 deal count?

Systematix Group's 10 Q2 FY27 closures spanned initial public offerings, or IPOs, an open offer, a buyback, mergers and acquisitions, or M&A, and block deals. Its deal-closure page identifies eight transactions: five IPOs, Kuber Udyog's open offer, IITL Group's buyback and the Dr. Patkar M&A transaction. A separate Q2 page identifies two block deals, consistent with the reported total of 10 closures.

The five IPOs represented Rs 2,186 crore of disclosed transaction value. Ace Vector was listed at Rs 420 crore in September 2026, German Green at Rs 304 crore in September 2026, ESDS Software Solution at Rs 720 crore in August 2026, Behari Lal at Rs 302 crore in August 2026 and Knack Packaging at Rs 440 crore in July 2026. The July-to-September dates show IPO closures across all three months of the quarter.

How much did Systematix Group's deal activity increase from Q1?

Systematix Group reported 10 deals closed in Q2 FY27, compared with four in Q1 FY27, while capital raised increased to Rs 3,744 crore from Rs 285 crore. This was an increase of six completed deals and Rs 3,459 crore in reported capital raised quarter on quarter. The company specifies that the Q2 capital-raised figure includes block deals.

The difference between deal-count growth and capital-raised growth reflects the size of Q2 block trades. The Viyash Scientific/Carlyle block deal was Rs 1,325 crore in August 2026, while the OIJIF/DCB Bank block deal was Rs 80 crore in the same month. Together, their Rs 1,405 crore value accounted for part of the Rs 3,744 crore Q2 capital-raised total.

Which Q2 transactions did Systematix Group disclose?

Systematix Group disclosed five IPOs valued between Rs 302 crore and Rs 720 crore in Q2 FY27. ESDS Software Solution, at Rs 720 crore in August 2026, was the largest listed IPO, while Behari Lal, at Rs 302 crore in August 2026, was the smallest. The Rs 418 crore difference shows the range of disclosed IPO issue values during the quarter.

Outside IPOs, Systematix Group listed Kuber Udyog's Rs 75 crore open offer, IITL Group's Rs 25 crore buyback and Dr. Patkar's Rs 53 crore M&A transaction. All three were dated September 2026 and together amounted to Rs 153 crore. These transactions show that Q2 execution included corporate-action and M&A work alongside public-equity issuance.

The two disclosed block deals also covered different sectors. The Rs 1,325 crore Viyash Scientific/Carlyle transaction was classified as pharmaceutical, while the Rs 80 crore OIJIF/DCB Bank trade was classified as BFSI, or banking, financial services and insurance. Their combined Rs 1,405 crore was greater than the Rs 1,000 crore of draft red herring prospectuses filed in Q1 FY27, although executed block trades and filing values measure different stages of activity.

What Q2 FY27 filing pipeline did Systematix Group disclose?

Systematix Group reported draft red herring prospectus, or DRHP, filings of more than Rs 3,000 crore in Q2 FY27, compared with Rs 1,000 crore in Q1 FY27. The presentation describes the Q2 figure as tentative and based on filings. It is therefore separate from the Rs 3,744 crore capital-raised figure, which covers completed Q2 activity including block deals.

The Q2 filing list names J Infratech in infrastructure, Avtar Steel in steel, Master Chain & Jewels in jewellery, Yogiji Digi in capital goods and Beauty Garage in fast-moving consumer goods, or FMCG. Systematix Group was sole book running lead manager, or sole BRLM, for J Infratech, Master Chain & Jewels and Beauty Garage. It was BRLM for Avtar Steel and Yogiji Digi, covering five companies in five sectors.

Systematix Group also reported league-table positions over the period from 1 April 2023 to 30 September 2026. It ranked 12th in qualified institutional placements, or QIPs, by number of issues and 22nd in IPOs by number of issues, based on Primebase data. Those rankings are based on issue counts, rather than Q2 capital raised or the value of Q2 DRHP filings.

Conclusion

Systematix Group's Q2 FY27 presentation shows completed deal activity rising from four transactions in Q1 to 10 in Q2, while reported capital raised increased from Rs 285 crore to Rs 3,744 crore. The disclosed Q2 values comprise Rs 2,186 crore across five IPOs, Rs 153 crore across an open offer, buyback and M&A transaction, and Rs 1,405 crore across two block deals.

The next disclosed development to watch is whether the five Q2 DRHP filings, valued at more than Rs 3,000 crore on a tentative filing basis, move into completed transactions. Systematix Group disclosed three sole-BRLM assignments and two BRLM assignments in that group, but did not provide issue dates, final issue sizes or completion outcomes for the five companies.