Severeconcentrationpage 25
Extreme revenue concentration in woven raffia machines (88%+)
We derived 88.16%, 87.28% ... and 85.68% ... of our revenue from operations in Fiscals 2026, 2025 and 2024, respectively, from woven raffia machines.
Bidding closedMainboardEngineeringLCL
Lohia Corp IPO
Lohia Corp IPO is a mainboard IPO raising ₹1,101 Cr at ₹404 – ₹425 a share. The smallest application you can make is 35 shares, costing ₹14,875 at the top of the band. Bidding has closed; the shares list on 30 Jul 2026. So far it has been subscribed 7.25× in total.
₹404 – ₹425
Price band
₹14,875
Minimum to apply (35 shares)
₹1,101 Cr
Issue size
27 Jul 2026
Bidding closes
7.25×Subscribed · all exchanges
7.3 times more demand than shares on offer
populated partly populated we hold nothing here — the tab says why
What the prospectus says could go wrong
Read from the 533-page prospectus. Indian prospectuses list hundreds of risk factors, most of them generic boilerplate. These are the 13 specific to this company; 119 generic ones were skipped. Every one is quoted verbatim with its page, so you can check it against the document.
Severefinancialpage 28
Special Purpose/Carve-Out financials may not be representative
The use of such assumptions and estimates means that the Special Purpose Combined and Carve-Out Financial Statements, combined and carve out operating data and performance metrics for Fiscal 2024 ... may not be representative of what our financial condition, results of operations, cash flow or operating performance would have been had we been a separate entity
Severefinancialpage 30
Material losses across subsidiaries, especially Leesona Corp
Leesona Corp. ... (243.41) (Fiscal 2026) (102.12) (Fiscal 2025) ... Certain companies which are our Subsidiaries ... have incurred losses in last three Fiscals.
Severefinancialpage 31
Related party transactions were 33.36% of revenue in Fiscal 2025
Absolute sum of all related party transactions as a percentage of revenue from operations (%) ... 33.36% [Fiscal 2025] ... borrowings taken from Sarjna Capfin Private Limited amounting to ₹ 1,277.20 million
Severepromoterpage 43
Non-compete window expiry enables promoter competition
for a period of 10 years from the effective date (i.e., 30 days after execution of the Family Settlement Deed) ('Non-Compete Period'), no entity owned or controlled by the Lohia family members other than the Demerged Company... would be engaged in the business and supply of plant and machinery for manufacture of woven fabrics. Upon the expiry of the Non-Compete Period, the signatories to the Family Settlement Agreement... may commence, acquire or invest in competing businesses to ours
Severepromoterpage 57
Promoters control 95.61% of equity share capital
our Promoters and certain members of the Promoter Group hold 95.61 % of the issued, subscribed and paid-up Equity Share capital of our Company. Upon completion of the Offer, our Promoters and certain members of the Promoter Group together will continue to hold majority of our equity share capital
Severelitigationpage 52
CBI notice to Demerged Company for document production
The Demerged Company has also received a notice from the Central Bureau of Investigation for production of certain documents for the purposes of an investigation.
Severelitigationpage 52
Show-cause notice to Independent Director for SEBI/SCRA violations
the show cause notice issued to one of our Independent Directors, Dinesh Kumar Mittal, including for violation of certain provisions of the SCRA, SEBI Act and SEBI Listing Regulations
Severefinancialpage 44
CARO audit qualification - short-term funds used for long-term purposes
in the current year funds amounting to ₹ 16.39 millions raised on short term basis have been used for long term purposes by the Company, whereas in the previous year no funds raised on short term basis have been used for long term purposes.
Severeregulatorypage 45
Bengaluru manufacturing facility lacks occupancy certificate
the owner of the building in which our Bengaluru manufacturing facility is located has not obtained an occupancy certificate ("OC") as per the byelaws of the local planning authority… Any adverse regulatory proceedings initiated against the owner for such failure to receive the OC may disrupt our operations or compel us to relocate our Bengaluru manufacturing facility to an alternate location.
Severefinancialpage 59
Corporate guarantee of ₹413M for loss-making Leesona Corp subsidiary
Our Company has issued corporate guarantee aggregating to ₹413.00 million on behalf of its subsidiary company Leesona Corp, USA to HSBC bank for the purpose of credit facility taken by the subsidiary
Highmarketpage 32
Heavy export dependence (~42-58% of revenue) with US tariff exposure
Revenue from operations (overseas) ... 42.18% [Fiscal 2026] ... 58.18% [Fiscal 2025] ... the US has imposed significant tariffs on Indian imports, which may affect our sales in the US.
Highlitigationpage 83
GST/DGGI tax disputes with confirmed ₹17.12M penalty under appeal
The order dated January 31, 2025 has confirmed the penalty of ₹17.12 million, our Company is contesting the case and has filed an appeal with the appellate authority.
Extracted from the issuer’s own prospectus and ranked by how specific and material each risk is to this company. Severity is our assessment of the disclosure, not a prediction — and nothing here is a recommendation to apply to this issue.
What’s in court
The issuer’s own summary of outstanding legal proceedings — SEBI requires this table in every prospectus. Counts and amounts are as disclosed; the disclosed aggregate at stake is ₹3.0 Cr.
| Against | Criminal | Tax | Other material | Amount at stake |
|---|---|---|---|---|
| The company | 4 | 3 | 1 | ₹2.9 Cr |
| Promoters | 0 | 1 | 0 | ₹0.1 Cr |
| Directors | 0 | 0 | 1 | — |
| Subsidiaries | 0 | 0 | 0 | — |
| Group companies | 0 | 0 | 0 | — |
case₹0.1 Crpage 443
Two criminal applications dated January 23, 2012 and February 14, 2012 filed by Demerged Company under Section 138 NI Act and Sections 418, 420 IPC against various accused for dishonour of cheques for purchase of scrap; aggregate amount involved ₹0.62 million; next hearings August 1, 2026 and July 30, 2026.
casepage 443
SEBI show cause notice dated October 24, 2024 to Independent Director Dinesh Kumar Mittal (former non-executive independent director of Max Financial Services Limited) alleging violations in connection with MFSL-Axis Bank arrangements (FY 2009-10 to 2021-22); settlement application filed December 27, 2024, response filed April 8, 2025; pending before SEBI settlement division.
casepage 442
Vimlesh Kumar Tiwari EPF complaint: RPFC by order dated August 29, 2017 directed the Demerged Company to deposit EPF dues; Demerged Company filed writ petition (October 24, 2017) before High Court of Allahabad which stayed the order on October 31, 2017; matter currently pending.
casepage 442
FIR dated October 26, 2021 filed by Demerged Company under Sections 406 and 420 IPC against representatives of G.M. Online Private Limited for non-payment of wages to 41 workers and non-deposit of EPF; next hearing July 24, 2026.
casepage 442
FIR dated June 10, 2015 filed by Demerged Company under Sections 420, 467 and 468 IPC against former employee Anand Gupta for forging bills and criminal breach of trust; revision petition filed February 12, 2020 challenging magistrate order accepting police closure report; next hearing August 12, 2026.
Conversion: 1 crore = 10 million; amounts stated in ₹ million in the prospectus. Criminal counts for the Company reflect proceedings filed BY the Company (GM Online FIR, Anand Gupta revision petition, and two NI Act applications); criminal proceedings AGAINST the Company are stated as Nil (excluding unnoted MV Act traffic violations). 'Other' for the Company is the EPF/RPFC regulatory action (Vimlesh Kumar Tiwari matter). 'Other' for Directors is the SEBI show cause notice to Dinesh Kumar Mittal. Total amount is the sum of stated tax aggregates only (₹29.14 million indirect tax + ₹1.34 million direct tax = ₹30.48 million = ₹3.048 crore); no aggregate amount is stated for the criminal/regulatory matters. Group companies: no pending material litigation (p454).. Outstanding means unresolved — a listed case is an exposure, not a verdict.
Source documents
What the issuer and the exchanges published. Everything else on this tab is read out of these.
Prospectus on SEBI ↗
The full prospectus — business, financials, risk factors and litigation.
Anchor investor allocation ↗
Which institutions were allotted shares before bidding opened, and how many.
Bidding centres ↗
Where physical applications could be submitted.
Basis of issue price (peer ratios) ↗
The issuer's own "basis of issue price": the earnings multiples it is asking for, and the peer companies it chose to compare itself against.
Red Herring Prospectus ↗
The full prospectus — business, financials, risk factors and litigation.