9
SME IPOs Executed
7+
Key Sectors Covered
400+
Crores Capital Raised

Client Success Stories

Pre-IPO + IPO + Post-Listing Capital Advisory

PRE-IPO Fund Raise was done for all the Below Companies

Bew Engineering Limited

Engineering & Manufacturing

Bew Engineering Limited is engaged in the design, manufacture, and supply of industrial machinery and engineering solutions, catering primarily to manufacturing and process-driven industries.

IPO: September 2021 (NSE SME)
Issue Size: ₹3.97 Cr
Post-Listing Capital Raises
  • First Fund Raise: ₹27.18 Cr via Preferential Shares
  • Second Fund Raise: ₹55 Cr via Preferential Shares

Total Post-IPO Capital: ₹82.18 Cr

Advised on SME IPO and subsequent capital market transactions, enabling long-term access to growth capital and enhanced market visibility.

Vaidya Sane Ayurved Laboratories Ltd

(Madhavbaug)

Ayurvedic Healthcare & Wellness

A vertically integrated Ayurvedic healthcare organization specializing in non-invasive, holistic treatment protocols for chronic lifestyle diseases, supported by proprietary therapies and clinical centers across India.

IPO: February 2022 (NSE SME)
Issue Size: ₹20.23 Cr
Post-Listing Capital Raises
  • First Fund Raise: ₹42.65 Cr via Preferential Warrants
  • Second Fund Raise: ₹73 Cr via Preferential Warrants

Total Post-IPO Capital: ₹115.65 Cr

Advised on acquisitions of 2 pharma manufacturing companies, strengthening controls on production.

DUCOL Organics & Colours Limited

Specialty Chemicals

DUCOL manufactures pigment dispersions and customised colour solutions used in paints, coatings, plastics, inks, and other industrial applications, with a focus on consistency and long-term B2B relationships.

IPO: January 2023 (NSE SME)
Issue Size: ₹31.51 Cr
Post-Listing Capital Raises
  • First Fund Raise: ₹23 Cr via Preferential Shares

Total Post-IPO Capital: ₹23 Cr

Advised on 2 acquisitions strengthening diversification into construction chemicals and waterproofing technologies.

Shanthala FMCG Products Limited

FMCG Distribution & Supply Chain

Shanthala FMCG operates as an FMCG distribution company managing procurement, logistics, and last-mile distribution of daily-use consumer products leveraging regional networks and retailer relationships.

IPO: October 2023 (NSE SME)
Issue Size: ₹16.07 Cr

Supported the company's transition to public markets through structured IPO advisory and investor positioning.

On Door Concepts Limited

Retail – Omni-Channel Grocery

On Door Concepts is an omni-channel retailer focused on grocery and household essentials, integrating physical retail with digital ordering platforms for convenience-led, neighbourhood-centric solutions.

IPO: October 2023 (NSE SME)
Issue Size: ₹31.18 Cr

Advised on SME IPO and listing, enabling capital raising to support geographic expansion and operational scale-up.

Shree OSFM E-Mobility Limited

Corporate Mobility & Electric Vehicles

Shree OSFM provides end-to-end employee transportation and corporate mobility solutions, emphasising fleet optimisation, safety, and gradual EV adoption to support ESG-aligned mobility.

IPO: December 2023 (NSE SME)
Issue Size: ₹24.60 Cr
Post-Listing Capital Raises
  • First Fund Raise: ₹15 Cr via Preferential Shares

Provided IPO advisory and post-listing support enabling capital infusion for asset-light mobility expansion.

Clinitech Laboratory Limited

Diagnostics & Laboratory Supplies

Clinitech supplies laboratory consumables, diagnostic reagents, and related equipment to hospitals, diagnostic labs, and healthcare institutions, benefitting from recurring demand driven by routine diagnostics.

IPO: July 2024 (BSE SME)
Issue Size: ₹5.78 Cr

Advised on IPO structuring and execution, enabling access to public capital markets for growth funding.

Paramatrix Technologies Limited

Technology & Engineering Services

Paramatrix provides technology consulting, engineering services, and digital transformation solutions, supporting enterprises in optimising IT systems, analytics, and operational efficiency.

IPO: August 2024 (NSE SME)
Issue Size: ₹33.84 Cr

Advised on strategic acquisition of an IT service company focused on the US market.

Chatterbox Technologies Limited

Digital & Influencer Marketing

Chatterbox Technologies operates in digital marketing with a strong focus on influencer-led brand campaigns, connecting brands with creators to enable data-driven marketing across social media platforms.

IPO: September 2025 (BSE SME)
Issue Size: ₹42.86 Cr

Advised on IPO execution and investor positioning, enabling significant growth capital for technology-led expansion.

Investment

Pre-IPO & Anchor Investment

Virtuous Capital has also participated as an anchor investor in pre-IPO and IPO processes, reflecting strong conviction and long-term alignment with the businesses we advise.

This selective participation demonstrates our confidence in the companies we work with and our commitment to being true partners in their growth journey.

Our Investment Philosophy
  • Anchor investor participation in select IPOs
  • Pre-IPO investment in high-conviction opportunities
  • Long-term alignment with promoter vision
  • Value creation through capital and expertise
  • Post-listing support and continued partnership

At a Glance

9
SME IPOs Executed
7+
Key Sectors
₹200 Cr+
IPO Capital
₹230 Cr+
Post-IPO Capital

Comprehensive IPO + Post-Listing Capital Advisory across Engineering, Healthcare, Chemicals, FMCG, Logistics, E-Mobility & Technology sectors.