Mainboard IPOs with the least debt against earnings
Which companies coming to the market carried the least net debt for their operating profit, or more cash than debt?
90 mainboard IPOs newboard has studied give this figure in their offer documents. The median net debt / EBITDA is 1.9×, and the middle half run from 0.9× to 2.7×. Abakkus Asset Manager is first, at -0.1×.
Ranked on 4 Oct 2026; the first 50 of 90 are shown. The list moves as studies are added.
| # | Issue | Stage | Net debt / EBITDA | ROCE, latest year |
|---|---|---|---|---|
| 1 | Abakkus Asset Manager | DRHP filed | -0.1× | - |
| 2 | Aragen Life Sciences | DRHP filed | 0× | 18.2% |
| 3 | Rays Power Infra | DRHP filed | 0.1× | - |
| 4 | Technopaints And Chemicals | DRHP filed | 0.1× | 31% |
| 5 | Oswal Energies | DRHP filed | 0.2× | 82.4% |
| 6 | Pride Hotels | DRHP filed | 0.2× | 19.2% |
| 7 | Nityas Gems and Jewellery | Live | 0.3× | 42.9% |
| 8 | Pentacle Consultants (I) | DRHP filed | 0.3× | 33.6% |
| 9 | Rodec Pharma | DRHP filed | 0.3× | - |
| 10 | Rotomag Enertec | DRHP filed | 0.3× | 28.2% |
| 11 | Jio Platforms | DRHP filed | 0.4× | 10.8% |
| 12 | Pes Installations | DRHP filed | 0.5× | 36.8% |
| 13 | Srit India | Closed | 0.5× | 28.8% |
| 14 | Neolite Zkw Lightings | DRHP filed | 0.6× | - |
| 15 | Pioneer Fabricators | DRHP filed | 0.6× | 29.9% |
| 16 | Vardaan Biotech | DRHP filed | 0.7× | - |
| 17 | Hotel Polo Towers | DRHP filed | 0.8× | 15.9% |
| 18 | Rsb Retail India | DRHP filed | 0.8× | 29% |
| 19 | Bvg India | DRHP filed | 0.9× | - |
| 20 | G. Surgiwear | DRHP filed | 0.9× | 29.7% |
| 21 | Hi Tech Flow Solutions | DRHP filed | 0.9× | 35.6% |
| 22 | Iris Global Services | DRHP filed | 0.9× | 23.7% |
| 23 | Sahajanand Medical Technologies | DRHP filed | 0.9× | 10.4% |
| 24 | AITMC Ventures | UDRHP filed | 1× | 23.8% |
| 25 | Alcobrew Distilleries India | DRHP filed | 1.1× | - |
| 26 | Associated Power Structures | DRHP filed | 1.1× | - |
| 27 | J Infratech | DRHP filed | 1.1× | 39.7% |
| 28 | Varmora Granito | Listed | 1.1× | 9.9% |
| 29 | Everbrands India | DRHP filed | 1.2× | - |
| 30 | Rathod Jewellery Manufacturing | DRHP filed | 1.2× | 29.3% |
| 31 | Tanvi Exports India | DRHP filed | 1.2× | 38.6% |
| 32 | Adroit Industries (India) | Listed | 1.3× | - |
| 33 | Nobel Hygiene | DRHP filed | 1.3× | - |
| 34 | Baanganga Gold & Diamond (I) | DRHP filed | 1.4× | 49.5% |
| 35 | Dhariwal Buildtech | DRHP filed | 1.5× | 24.6% |
| 36 | Momai Art | DRHP filed | 1.5× | 42.2% |
| 37 | Jai Parvati Forge | DRHP filed | 1.6× | 20.2% |
| 38 | Shreejikrupa Project | DRHP filed | 1.6× | 21.7% |
| 39 | Swastika Infra | Listed | 1.6× | 25.8% |
| 40 | Rkcpl | DRHP filed | 1.7× | - |
| 41 | Rudra Cottex | DRHP filed | 1.7× | 25.8% |
| 42 | Vishal Nirmiti | Live | 1.7× | 28% |
| 43 | Bssponge | DRHP filed | 1.8× | 22.9% |
| 44 | Sarva Foam Industries | DRHP filed | 1.8× | 22.2% |
| 45 | Avaada Electro | UDRHP filed | 1.9× | - |
| 46 | German Green Steel and Power | Closed | 1.9× | 19.3% |
| 47 | Gni Infrastructure | DRHP filed | 1.9× | 20.3% |
| 48 | ArMee Infotech | Listed | 2× | 24.1% |
| 49 | Medicap Healthcare | DRHP filed | 2× | 17.7% |
| 50 | Parijat Industries (India) | DRHP filed | 2× | 21.1% |
How this list is ranked
Borrowings less cash and bank balances at the end of the latest year, over that year's EBITDA, from each offer document. Below zero means more cash than debt. Debt is often repaid from the issue's proceeds, so the figure is before the IPO. A list ranks the issues by one figure from each offer document. It places them; it says nothing about whether any of the shares is worth owning.
More lists: profit and balance sheet
The day's IPOs each morning, and allotment the minute it is out, on Telegram
One short post each morning: what opens, closes and lists today, and the new offer-document studies. The allotment status the moment it goes live. An IPO list on Saturdays and the week ahead on Sundays. Each one is a fact and a link, with the figures on the card.
Free, no account, leave in one tap.