Markets throw an IPO feast
May IIP hits 8-month low, Torrent Pharma’s big buy & data center bet.
🗓 Morning, folks!
The market snapped its four-day winning streak, with both the Nifty and the Sensex ending in the red. However, midcaps continued their upward momentum.
📈 Industrial Production tanks: India’s IIP came in at 1.2% in May 2025, which dipped lower than the 2.7% recorded last month. This is the lowest growth rate recorded since 3.1% in September 2024.
The mining sector contracted by 0.1%, manufacturing output rose by 2.6%, while electricity generation saw a sharp 5.8% fall, largely due to excess rainfall during the month.
💡 Spotlight: India’s total telecom subscriber base grew to 1,207 million in May, with Reliance Jio and Bharti Airtel scooping up over 99% of new additions.
Reliance Jio continued to dominate, capturing a 40.9% share of the mobile market with a net gain of 2.7 million subscribers, pushing its wireless base to 472.4 million.
Meanwhile, Vodafone Idea (Vi), BSNL, & MTNL lost ground with losing wireless users.
Jio also led the broadband pack with 494.4 million subscribers, well ahead of Bharti Airtel’s 302 million.
Let’s hit it!
1 Big thing: Anant Raj makes a ₹18,000 cr data center bet 🖥️
Anant Raj will invest ₹18,000 crore ($2.1 billion) to build out data centers across India.
The deets: the company will add two new server farms in Haryana to its current facility. By 2032, the company aims to reach a total capacity of 300 MW.
A 300 MW data center capacity means enough power to run hundreds of thousands of servers nonstop, supporting huge amounts of websites, apps, and AI services.
Why it matters: every time someone streams a movie, makes a UPI payment, uses cloud software, or accesses health records online, it all runs through data centers.
As India’s internet users cross over a billion and companies rely more on AI, big data, and digital services, having robust domestic infrastructure ensures speed, security, and data sovereignty.
Background: this move follows similar mega-plans by Adani Group and Reliance Industries, as India becomes a magnet for data infrastructure investment.
Zoom out: India’s data center capacity is expected to jump 77% to 1.8 GW by 2029. Mumbai, Chennai, Hyderabad, and Bengaluru have emerged as the main hubs thanks to robust power infrastructure, submarine cable landings, and the presence of hyperscale cloud players.
2. Torrent Pharma swallows a big pill 💊
In one of the biggest pharma deals India has ever seen, Torrent Pharmaceuticals is set to acquire JB Chemicals and Pharmaceuticals from KKR.
The deets: the transaction will be executed in two phases:
Phase 1: Torrent will acquire a 46.3% stake in JB Chemicals for ₹11,917 crore from KKR.
Phase 2: Torrent Pharma and JB Chemicals will merge through a scheme of arrangement. JB Chemicals shareholders will receive 51 shares of Torrent Pharma for every 100 shares held.
Strategically, the move gives Torrent a foothold in new segments like ophthalmology, access to JB’s chronic care portfolio, and entry into the CDMO (contract development and manufacturing) space, an area with long-term global upside. Torrent’s chairman called it a “platform for the future,” combining domestic scale with international reach.
For KKR, it’s a clean exit after overseeing JB’s transformation into a more global, tech-driven company. And for Torrent, it’s a consolidation play that boosts scale, expands therapeutic depth, and strengthens its position in both India and key international markets.
While we are on acquisitions,
Asian Paints has acquired the remaining 40% stake in Obgenix Software, which operates under the brand ‘White teak’, for ₹188 crore.
The deets: White Teak is now a wholly owned subsidiary of Asian Paints, the company had acquired a 49% stake in April 2022.
Why it matters: the acquisition aligns with Asian Paints' strategy to diversify its portfolio and evolve from a paint manufacturer into a comprehensive home decor solutions provider, a space where White Teak has strong expertise.
Zoom out: over the years, Asian Paints has steadily expanded beyond its core paint business into lighting and furniture segments, with brands like Royale, Berger, Sleek Kitchens, and now, White Teak under its umbrella.
Continuing the acquisition spree,
Amber Enterprises shares were in focus after its subsidiary IL JIN Electronics inked an agreement to acquire a majority stake in Power-One Micro Systems.
The deets: the Bengaluru-based company offers solutions of battery energy storage systems, solar inverters, EV chargers. The acquisition marks Amber’s entry into the Battery Energy Storage Systems and EV charging segments.
3. IPO Mania Grips the Market 🚀
1. Curefoods files IPO papers 🍽️
Bengaluru-based cloud kitchen startup Curefoods India plans to go public with a ₹800 crore fresh issue and an offer for sale.
The deets: the company has filed draft papers with SEBI to raise funds via an IPO comprising the fresh issue and an offer-for-sale of 4.85 crore shares by existing investors.
Curefoods runs a multi-brand food business spanning 5 central kitchens across 70+ cities.
The why: the company plans to use ₹152.5 crore to expand cloud kitchens, restaurants, kiosks, and Krispy Kreme outlets, plus purchase machinery.
Another ₹126.9 crore will go toward debt repayment.
Zoom out: India’s cloud kitchen market has boomed on the back of rising food delivery demand, driven by platforms like Zomato and Swiggy.
Valued at ~$1 billion in 2023, the segment is expected to grow at ~15% rate, as consumers prefer quick-service, multi-brand menus over traditional dine-in formats.
2. German Green Steel files ₹450 crore IPO papers
The deets: the company has filed draft papers with SEBI with a fresh issue and an offer for sale of 20 lakh shares by promoters.
German Green Steel runs two plants in Gujarat, Samakhiyali and Viramgam. The Samakhiyali unit uses a vertically integrated process that turns iron ore into sponge iron, a fast-melting feedstock for electric and induction furnaces.
The why: of the fresh issue proceeds, ₹325.2 crore will go toward expanding manufacturing and setting up a hybrid wind-solar power plant. Another ₹55 crore will repay part of its debt, which stood at ₹347.3 crore as of May 2025.
3. Manipal Payment files ₹1,200 cr IPO papers
India’s top card maker Manipal Payment and Identity Solutions Ltd (MPISL) has filed a confidential DRHP to raise about ₹1,200 crore through an IPO.
The company supplies everything from credit and debit cards to government ID cards for banks, fintechs, and public sector clients.
The IPO proceeds will help repay foreign currency loans from BlackRock and SC Lowy, strengthening the balance sheet ahead of further expansion.
4. Silverton files IPO papers to fund green push 📄
Eco-friendly paper maker Silverton Industries has filed draft papers with SEBI for an IPO that combines a fresh issue worth ₹300 crore and an offer-for-sale of 3.22 crore shares by promoters.
Another ₹25 crore will upgrade rewinder and sheeter capacity and build in-house warehouses. About ₹72 crore will repay debt, with the rest earmarked for general corporate needs.
4. SatSure & Dhruva seal the deal 🚀
SatSure has announced a Memorandum of Understanding - MoU with Hyderabad-based Dhruva Space.
The deets: SatSure is a full-stack satellite earth observation and decision intelligence company. The partnership is with Dhruva Space, a leading provider of integrated space solutions with expertise in satellite platforms, launch services, and ground station infrastructure.
The why: the collaboration aims to offer end-to-end support for the growing demand in space-based observation by integrating SatSure’s solutions with Dhruva Space’s capabilities in small satellite platforms and critical subsystems.
Why it matters: this partnership supports the vision of Atmanirbhar Bharat by reducing reliance on foreign platforms and strengthening India’s private sector capabilities in the space ecosystem.
5. Stocks that kept us interested 🚀
1. Waaree bags 540 mw US solar order 🔆
Waaree Solar Americas, a wholly owned subsidiary of Waaree Energies, has received an order to supply 540 MW of solar modules to a major developer of utility-scale solar and energy storage projects in the US. The stock jumped nearly 7% reacting to the news update.
540 MW of solar modules can generate enough clean electricity to power about 1–1.5 lakh homes every year, depending on sunlight and location.
The company operates in 25+ countries, offering everything from panel manufacturing and EPC services to rooftop solutions.
Zoom out: in India and worldwide, solar modules are the backbone of clean energy, helping lower electricity bills, reduce carbon emissions, and bring power to places far from the grid. As technology improves, panels are getting cheaper, more efficient, and easier to install, making solar one of the fastest-growing energy sources globally.
2. BHEL wins ₹6,500 cr thermal power order 🔥
Bharat Heavy Electricals secured a major contract worth ₹6,500 cr from Adani Power to supply equipment for a large thermal project.
The deets: the order is for six thermal units of 800 MW each.
Together, these units will generate 4,800 MW which is enough electricity to power 4–5 crore homes, depending on consumption and efficiency.
The scope covers supplying the main equipment, including steam turbine generators, auxiliaries, and supervising erection and commissioning.
BHEL reported its highest-ever annual order inflows, totalling ₹92,534 crore, underscoring a revival in India’s thermal power equipment demand.
5. Story in data: Software boom 📊
India’s software exports have more than doubled over the last decade, hitting $159.1 billion in FY25, up from $72.5 billion in FY16.
The sharpest growth came post-pandemic, as global firms accelerated digitisation and outsourced more to Indian IT.
From legacy giants to SaaS startups, India’s tech stack is powering everything from fintech to logistics across the globe.
Exports are now a key pillar of India's services-led growth story, and it’s showing no signs of slowing.
What else are we snackin’ 🍿
⚡ Luxury electrified: EVs now make up 11% of India’s luxury car sales, up from 7% last year.
🔬 Patent streak: Zen Technologies bags its 54th Indian patent for laser-based military training tech, boosting its global patent count to 82.
That’s a wrap! Don’t let the weekday blues get to you.
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