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This week has 3 open IPOs with mixed sentiment. Enviro Infra Engineers (SME) is the standout with 89x subscription and strong GMP of ₹52. Sagility India offers a decent risk-adjusted play in healthcare IT. Niva Bupa is best avoided at current valuations. NTPC Green Energy opens next week — watch for institutional appetite as a key signal.
Sagility India is a pure-play healthcare IT services provider focused on US payers and providers. Strong revenue visibility with 97%+ revenue from top clients, but concentration risk is notable. Decent valuations at ~25x FY25E earnings.
India's fastest growing standalone health insurer with strong brand. Loss-making at current scale, banking on market expansion. Expensive valuations compared to listed peers. Long-term story intact but short-term listing gains may be muted.
Water and wastewater infrastructure company riding India's Jal Jeevan Mission tailwind. Strong order book of ₹1,847 Cr (2.8x FY24 revenue). Excellent financial metrics with 22% PAT margins. SME with significant listing gains expected.