Clay Craft India is raising Rs. 110.11 crore through a fresh issue, backed by 20% revenue growth, 30% profit growth and a low debt-to-equity ratio of 0.30. Diksha Polymers’ debt-to-equity ratio of 1.77 is higher than the other two issuers, making debt reduction a major IPO objective. Liotech Industries combines a low debt-to-equity ratio of 0.30 with a 44.45% ROCE, though it operates in a competitive hardware market. Picking the right IPO can feel like a high-stakes guessing game.