Systematix Q2 closures rose to 10, capital raised Rs 3,744 crore

Systematix Corporate Services Ltd reported 10 investment-banking and capital-markets deal closures in the second quarter (Q2) of FY27 and Rs 3,744 crore of capital raised, compared with four closures and Rs 285 crore in Q1 FY27. The Q2 amount includes block deals, while separately listed IPO, open-offer, buyback and merger-and-acquisition transactions totalled about Rs 2,350 crore.

How did Systematix's Q2 deal activity change?

Systematix increased deal closures to 10 in Q2 FY27 from four in Q1 FY27, and capital raised to Rs 3,744 crore from Rs 285 crore. That was a quarter-on-quarter increase of six closures and Rs 3,459 crore in reported capital raised. The presentation places the activity within its investment-banking and equity-capital-markets operations.

The rise in capital raised outpaced the increase in closures because Q2 included block trades. Systematix states that the Rs 3,744 crore figure includes Q2 block deals. It also reported draft red herring prospectus (DRHP) filings above Rs 3,000 crore in Q2 FY27, compared with Rs 1,000 crore in Q1 FY27.

Which transactions did Systematix list for Q2 FY27?

Systematix listed five initial public offerings (IPOs), one open offer, one buyback and one merger-and-acquisition (M&A) transaction worth about Rs 2,350 crore in Q2 FY27. The five IPOs were Ace Vector 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 three non-IPO entries were Kuber Udyog's Rs 75 crore open offer, IITL's Rs 25 crore buyback and Dr. Patkar's Rs 53 crore M&A transaction, all dated September 2026. ESDS Software Solution was the largest listed IPO at Rs 720 crore. The five IPOs together accounted for Rs 2,186 crore, or most of the Rs 2,339 crore exact sum of the eight separately listed transactions.

Why did Systematix report Rs 3,744 crore of capital raised?

Systematix reported Rs 3,744 crore of Q2 FY27 capital raised because the total incorporates Rs 1,405 crore of disclosed block trades alongside the Rs 2,339 crore of separately listed transactions. The presentation identifies a Rs 1,325 crore Viyash Scientific/Carlyle block trade in August 2026 in pharmaceuticals and an Rs 80 crore OIJIF/DCB Bank block trade in August 2026 in banking, financial services and insurance.

The Rs 1,405 crore block-trade total plus the Rs 2,339 crore sum of the IPO, open-offer, buyback and M&A entries equals the reported Rs 3,744 crore. Page 5 describes the non-block transaction collection as about Rs 2,350 crore, reflecting rounding. Systematix does not separately state how many of the 10 reported closures were block trades, although both block trades are described as executed in Q2.

What does Systematix's Q2 DRHP pipeline include?

Systematix disclosed five Q2 FY27 DRHP filings with tentative value above Rs 3,000 crore, up from Rs 1,000 crore in Q1 FY27. The presentation labels the figure tentative and based on filings, distinguishing it from the Rs 3,744 crore of capital already reported as raised. A DRHP filing is therefore disclosed as pipeline activity rather than as a completed IPO.

The five issuers cover infrastructure, steel, jewellery, capital goods and fast-moving consumer goods. J Infratech Limited and Beauty Garage appointed Systematix as sole book running lead manager (BRLM), while Avtar Steel, Master Chain & Jewels and Yogiji Digi listed Systematix as BRLM. The filing set spans five sectors, whereas the closed IPO list consists of five issuers with July, August and September 2026 transaction dates.

How did Systematix rank in QIP and IPO issue counts?

Systematix was ranked 12th by number of qualified institutional placement (QIP) issues and 22nd by number of IPO issues in the cited league table. The stated ranking period was 1 April 2023 to 30 September 2026, rather than Q2 FY27 alone. These are issue-count rankings and do not rank the Rs 3,744 crore of Q2 capital raised.

Systematix attributes the league-table data to Primabase. The 12th QIP and 22nd IPO rankings measure activity over more than three years through 30 September 2026, while the Q2 comparison measures one quarter, from four to 10 closures and from Rs 285 crore to Rs 3,744 crore raised. The two measures therefore provide different contexts for the firm's transaction activity.

Conclusion

Systematix's Q2 FY27 update shows a marked rise in reported transaction activity: closures increased from four to 10 and capital raised rose by Rs 3,459 crore quarter on quarter to Rs 3,744 crore. The disclosed transaction values reconcile with that total, as Rs 2,339 crore of listed IPO, open-offer, buyback and M&A activity combined with Rs 1,405 crore of block trades.

The next item to watch is whether the five DRHP filings, carrying tentative value above Rs 3,000 crore, progress beyond the filing stage. Systematix disclosed no expected completion dates or final issue values for J Infratech Limited, Avtar Steel, Master Chain & Jewels, Yogiji Digi or Beauty Garage, leaving conversion of the Q2 filing pipeline unresolved.