As the IPO market heats up this December, two mainboard IPOs tare capturing investor interest – Vishal Mega Mart and Inventurus Knowledge Solutions (IKS Health).

Both the companies come from different sectors but offer unique opportunities for investors. Let’s take a closer look at the details, subscription trends, GMP for each offering and which one is a better choice for your investment.

Vishal Mega Mart IPO

One of the leading hypermarket chains, Vishal Mega Mart, opened its IPO on December 11.

The company has set the price band for this public issue between Rs 74 and Rs 78 per share, with a minimum investment requirement of Rs 14,820 for retail investors.

Talking of the company’s profile, Vishal Mega Mart offers a wide range of products, including apparel, groceries, electronics, and home essentials. It is known for its portfolio, which includes 72 per cent of products from its own brands.

On the third day of bidding, Vishal Mega Mart’s IPO as of 12:15 PM IST has been subscribed 2.74 times, with retail category bids at 1.68 times and QIB category at a low 0.77 per cent. However, the NII portion has seen strong demand, with a subscription rate of 7.82 times so far.

GMP

Vishal Mega Mart has a modest GMP of Rs 16, which suggests a potential listing price of Rs 94, a 20.51 per cent premium over the upper price band.

Vishal Mega Mart curates a diverse range of merchandise through a portfolio of its own brands (72% in FY24) and third-party brands (28%) to fulfil the aspirational and daily needs of consumers,” said Geojit Financial Services in an IPO note.

Inventurus Knowledge Solutions IPO

A healthcare technology solutions provider, Inventurus Knowledge Solutions launched its public issue on December 12, 2024. The company helps healthcare providers streamline administrative tasks, allowing doctors and hospitals to focus on patient care.

The public issue is priced between Rs 1265 and Rs 1329 per share, and retail investors must invest a minimum of Rs 14,619 for one lot.

The IPO in its second day of bidding has been subscribed 1.72 times so far. Breaking down the categories, the retail portion has seen a subscription of 2.66 times, while the QIB and NII categories are subscribed at 1.55 and 1.45 times, respectively as of now.

GMP

IKS Health is currently commanding a hefty GMP of Rs 375, with an estimated listing potential price of Rs 1,704. This would offer a 75.34 per cent premium over the upper price band.

“When annualizing the FY25 earnings to the post-IPO fully diluted equity capital, the asking price corresponds to a P/E ratio of 54.67. Based on FY24 earnings, the P/E ratio is 61.56, indicating the issue is fully priced. For the periods reported, the company has achieved PAT margins (on a restated basis) of 30.51% in FY22, 29.60% in FY23, 20.38% in FY24, and 16.26% for H1 FY25. However, RoCE margin data is not available,” said Bajaj brokings in an IPO note.

Which IPO is a better option to apply for?

Both IPOs offer opportunities but cater to different sectors. Vishal Mega Mart is a retail chain focusing on daily consumer needs, while Inventurus Knowledge Solutions operates in the growing healthcare IT space.

“We do not manufacture any of the products that are sold in our stores, and we rely entirely on third party vendors for the manufacturing of all products under our own brands who are required to meet our product specification,

quality, design and manufacturing standards, which subjects us to risks, which, if materialized, could adversely affect our business, results of operations, cash flows and financial condition,” added Vishal Mega Mart in its DHRP filing.

“Our Company has received two directives with requests for information from the Enforcement Directorate to furnish information and documents as part of its investigation and any possible penalties/action. Any adverse outcome in such matters may lead to future inquiries or escalate to investigations, legal proceedings or any possible penalties,” stated Vishal Megamart in its risk disclosure.

Inventurus Knowledge Solutions in its risk factors said, “There have been certain FEMA related deficiencies in compliances in the past by our Company and some of our existing and erstwhile shareholders, with respect to issuance of securities of our Company, delays in relation to reporting requirements and transfer of securities of our Company. We have filed compounding applications with the RBI in respect of such contraventions, which are currently pending. Consequently, we may be subject to regulatory actions and penalties/ compounding fees, as applicable.”

After all investors would need to make an informed choice based on their investment objectives.