Recently listed companies with proven profitability and rigorously filtered for quality checks
Investment Rationale
For most retail investors, an IPO is a short story. Apply, get allotment if lucky, sell on listing day, pocket the gains. This is not investing. It is closer to a lottery — one where the odds are set by bankers, institutional allocations, and listing-day sentiment. There is, however, a different and more substantive way to approach the IPO universe.
This smallcase is designed for such an approach and provides exposure to recently listed Indian companies — accessed through a process rather than through instinct, tips, or listing-day luck. The selection framework works across three layers:
- Windmill Capital reads the DRHP of every eligible company to assess qualitative red flags — criminal or regulatory proceedings, related-party dealings, and IPO structure — filtering out companies whose disclosures raise concerns before financials are even examined.
- Stocks must demonstrate profitability across two consecutive quarters before listing and two consecutive quarters after, confirming that business momentum was real and has carried forward into public life — not a product of pre-listing accounting.
- Eligible stocks are assessed on value and momentum factors, with only those exhibiting better relative price strength and reasonable valuations advance to the final portfolio.
The smallcase is best treated as a satellite allocation within a broader portfolio, suited for investors with a medium to long-term investment horizon.
Performance
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About the Manager
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