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Insights

Research & perspectives

The thinking behind the mandate: India’s capital-formation cycle, the SMID universe, the pre-IPO window and the structures that connect global capital to them. Written by the investment team; nothing here is investment advice.

Featured · Small & Mid Cap

The sub-₹2,000 crore inefficiency: why the mispricing is structural

Coverage economics, ownership rules and float mechanics keep India’s smallest listed companies systematically under-researched. That gap is not an accident of the cycle — it is built into how the market is organised, and it is the core of Novem’s mandate.

Jitendra Agrawal · 10 August 2026 · 6 min read
IPO Market

India’s IPO machine: what a record pipeline actually means

The world’s busiest listing market by volume is a supply story, a demand story and a discipline test — in that order.

Jitendra Agrawal · 10 August 2026 · 5 min Pre-IPO

Pre-IPO discounts after the consolidation

The 2024–25 correction reset private entry pricing while the exit pipeline kept building — a combination that defines the current vintage.

Jitendra Agrawal · 10 August 2026 · 5 min Capital Markets

Anchor windows, explained

How institutional allocation at issue price actually works — lock-ins, books and why access without selection is worth little.

Jitendra Agrawal · 10 August 2026 · 4 min Capital Markets

The FPI route into India

Why the Mauritius FSC / SEBI FPI Category I corridor remains the institutional standard for global capital entering Indian securities.

Mithilesh Soobarah · 10 August 2026 · 5 min India Macro

China+1 and the manufacturing bid

Supply-chain relocation is a decade-scale order book — and its listed beneficiaries skew smaller than the index.

Dave Seebaluck · 10 August 2026 · 5 min Novem India Intelligence

The capital-formation monitor

IPO activity, the SMID opportunity map and the flows behind them — Novem’s standing dashboard, refreshed with the cycle.

Open the monitor →
About this research. Novem Insights is prepared by the research desk of the Equisculpt Novem Fund platform for information only. It is not investment advice, an offer or a solicitation; it may not consider your circumstances; figures are from public sources believed reliable but not independently verified. Not for distribution to residents of India.