In today’s briefing:
- Cello World Pre-IPO Tearsheet
- Vishnu Prakash R Punglia Ltd IPO- Forensic Analysis
- ARM Holdings IPO: The Bull Case
- JSW Infra Pre-IPO – The Negatives – Fees Rose Quicker than Escalations. High Related Party Dealings
- APM Human Services IPO Lock-Up – US$400m of Shares Come Free but First PE Needs to Clear Out
- Mirxes Pre-IPO: Early Signs of Commercialization Challenges
Cello World Pre-IPO Tearsheet
- Cello World Limited (CW IN) is looking to raise around US$210m in its upcoming India IPO. The bookrunners on the deal are Kotak, JM Financial, ICICI, IIFL, and Motilal Oswal.
- Cello World (CW) is an Indian consumer products company. The firm is a leading company in the consumerware market in India.
- According to the Technopak Report, the firm’s consumer houseware, writing instruments and stationery, and moulded furniture and allied products categories are amongst the largest brands in the Indian consumerware market.
Vishnu Prakash R Punglia Ltd IPO- Forensic Analysis
- Vishnu Prakash R Punglia (1636911D IN) IPO has opened for subscription.
- The company operates in the EPC space with a prominence in Water Supply Projects and a strong geographic presence in Rajasthan.
- The financials of the company should be looked at carefully, especially given the fact that margins are boosted by inventory, and there are plenty of RPT with the promoters.
ARM Holdings IPO: The Bull Case
- ARM Holdings (1822695D US) is the world’s most widely licensed and deployed processor. Softbank Group (9984 JP) is seeking to raise about US$6-10 billion by listing ARM on Nasdaq.
- Softbank Privatised ARM for US$32bn in 2016 and unsuccessfully tried to sell it to NVIDIA Corp (NVDA US) for US$40bn in 2022. In August, Softbank acquired Vision Fund’s ARM stake.
- The bull case rests on the growth in licensees, high customer switching costs, rising royalty rates, strong revenue visibility and a highly profitable and cash-generative business model.
JSW Infra Pre-IPO – The Negatives – Fees Rose Quicker than Escalations. High Related Party Dealings
- JSW Infrastructure (5978490Z IN) is looking to raise around US$340m in its upcoming India IPO.
- JSW Infrastructure (JSWI) is the fastest growing port-related infrastructure company in terms of growth in installed cargo handling capacity and cargo volumes handled during FY20 to FY22, according to CRISIL.
- In this note, we will talk about the not so positive aspects of the deal.
APM Human Services IPO Lock-Up – US$400m of Shares Come Free but First PE Needs to Clear Out
- APM Human Services (APM AU) raised about US$730m by selling a mix of primary and secondary shares in Nov 21. The second IPO linked lockup is set to expire next week.
- APM is an international human services provider, it runs 800 sites spanning 10 countries with its largest market being Australia.
- In this note, we will talk about the lock-up dynamics and updates since our last note.
Mirxes Pre-IPO: Early Signs of Commercialization Challenges
- Mirxes, a Singapore-headquartered RNA technology company with a focus on cancer screening, plans to raise up to US$100m via a Hong Kong listing.
- In this insight, we examine its key product, GASTROClear’s technical and clinical data. We also look at the competitive landscape.
- We are of the view that the company’s product, despite improving the accuracy over incumbent competitors marginally, is not a killer product and will face challenges in ramping up sales.
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