In today’s briefing:
- Ecom Express Pre-IPO Tearsheet
- 99 Speedmart Holdings IPO – Digestible Valuation
- 99 Speed Mart IPO: The Bear Case
- Bajaj Housing Finance Pre-IPO – Peer Comparison – Bigger and Faster
Ecom Express Pre-IPO Tearsheet
- Ecom Express Limited (1062300D IN) is looking to raise about US$310m in its upcoming India IPO. The deal will be run by Axis, IIFL Securities, Kotak and UBS.
- Ecom Express operates a pan-India express logistics network covering first-mile pick-up, mid-mile transportation and last-mile delivery as well as reverse logistics (returns) and fulfilment services (warehousing).
- According to Redseer, the company had the widest pan-India coverage and in Tier 2+ regions compared to its peers, covering over 27,000 PIN codes, as of March 31, 2024.
99 Speedmart Holdings IPO – Digestible Valuation
- 99 Speed Mart Retail Holdings (99SPD MK) is looking to raise US$530m in its Malaysia IPO. The IPO will be a mix of primary and secondary shares.
- 99 Speed Mart Retail Holdings (99 Speedmart) operates the “99 Speedmart” chain of mini-market outlets, retailing daily necessities across Malaysia.
- In our previous notes, we looked at the firm’s past performance. In this note, we undertake a peer comparison and discuss our thoughts on valuation.
99 Speed Mart IPO: The Bear Case
- 99 Speed Mart Retail Holdings (99SPD MK), a leading grocery retailer in Malaysia, is seeking to raise US$530 million at RM1.65 per share.
- In 99 Speed Mart IPO: The Bull Case, we highlighted the key elements of the bull case. In this note, we outline the bear case.
- The bear case rests on lacklustre outlet KPIs, indications of margin pressure, significant pre-IPO dividends and a significant secondary offering.
Bajaj Housing Finance Pre-IPO – Peer Comparison – Bigger and Faster
- Bajaj Housing Finance (BHF IN) is looking to raise around US$830m in its upcoming India IPO.
- BHF is a non-deposit taking housing finance company engaged in mortgage lending since FY18. Its mortgage products include home loans, loans against property, lease rental discounting and developer financing.
- We have looked at the company’s past performance in our earlier notes. In this note we will undertake a peer comparison.
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