India Daily Briefing

SEBI Chairman Tuhin Kanta Pandey said approval of NSE's DRHP is 'close'—the entirely offer-for-sale issue involves 148.9 million shares representing a 6% stake, with implied valuation near ₹5.26 lakh crore. Once greenlighted, this will be the largest Indian IPO in years and will create a forced allocation event for every institutional investor with India exposure. Watch for the DRHP filing date as the catalyst for both NSE-linked stocks and exchange-sector rerating.

Prism, OYO's parent, posted ₹994 crore net profit for FY26—a 305% surge from FY25—driven by North American growth via G6 Hospitality's full-year contribution. Revenue rose 49.7% to ₹9,358 crore. The numbers materially de-risk OYO's upcoming IPO; pre-IPO investor sentiment should improve sharply on this. Profitability at this scale resets the narrative from 'loss-making unicorn' to 'profitable hospitality platform'—an IPO pricing catalyst.

ESDS Software raised ₹216 crore from anchor investors—Quant Mutual Fund among the top buyers—ahead of its ₹720 crore IPO priced at ₹408-429, opening tomorrow. The cloud computing and data centre infrastructure play is the smaller of two IPOs opening Thursday alongside Priority Jewels (₹27 crore anchors). Anchor quality (Quant MF as buyer) and AI infrastructure positioning make ESDS the one to watch for listing premium; Hy-Tech's 244x subscription this week shows SME IPO appetite remains ferocious.