Manpasand Beverages' success is indicative of two trends in the Indian IPO market this year. First is that merchant bankers and promoters aren't leaving money on the table. Second, IPO investors are fine with this dangerous arrangement. Manpasand Beverages' net sales grew at a CAGR of 85.29% from fiscal 2012 to fiscal 2014, while EBITDA and profit after tax surged at an average of 78.63% and 83.68% respectively during the same period. The company counts SAIF Partners and Aditya Birla Private Equity among its investors. Presence of the two prominent PE players and their non participation in the IPO was a clear sign that the PE firms are hoping for more gains.