Veriqus Group has successfully raised ₹387 crore in a funding round led by global venture and growth equity investment firm Norwest. The integrated wealth and asset management platform, founded by Ashish Gumashta, former Chairman & CEO of Julius Baer India, and Roshi Jain, former Senior Fund Manager at HDFC Asset Management Company, will utilize the capital to build its comprehensive platform spanning wealth management, asset management, business advisory and lending solutions. According to reports from Business Standard, this funding round represents a significant milestone for the company's expansion plans.
Kanpur-based bagmaking machine manufacturer Lohia Corp has priced its ₹1,102-crore initial public offering at ₹404-425 per share. The IPO comprises entirely an offer for sale (OFS) of nearly 26 million promoter equity shares, as reported by Business Standard. Bids will open on Thursday, July 23 and close Monday, July 27, with investors able to bid in multiples of 35 and higher. The company's net income in financial year 2025-26 was ₹193.45 crore, up 64 per cent year-on-year, demonstrating strong financial performance ahead of its public listing. According to The Economic Times, Lohia Corp's revenue from operations grew 24.7% to ₹1,717 crore and net profit surged 64.2% to ₹193.5 crore on a year-on-year basis, with operating margin before depreciation and amortisation (EBITDA margin) expanding to 19.5% in FY26 from 16.5% a year ago.
The company has demonstrated robust operational metrics with cash flow from operations growing 130.1% to ₹325.2 crore in FY26 over FY25, as reported by The Economic Times. Lohia Corp's order book expanded substantially to ₹1,358.5 crore as of March 31, 2026, from ₹828.5 crore as of March 31, 2025. The business model shows over 40% of revenue coming from overseas markets, with around 88% of revenue from woven raffia machines. However, the company faces some operational challenges as imported raw materials accounted for about 16% of raw material costs in FY26, making it vulnerable to import duty changes and geopolitical issues.
The promoter group's stake will fall to 75.2% after the IPO from the current 95.6%, indicating a significant dilution for existing shareholders. According to The Economic Times, Lohia Corp demands a price-earnings (P/E) multiple of 23 considering post-IPO equity and net profit for FY26. The company lacks direct comparable publicly listed peers, but engineering/capital goods machinery manufacturers Jyoti CNC Automation and LMW have P/E multiples between 53-131, providing context for valuation comparison. The business operates in a cyclical sector dependent on agriculture and construction, making it suitable for investors with higher risk appetite seeking long-term growth opportunities.
