In today’s briefing:
- Hyundai Motor India IPO: The Investment Case
- Mouri Tech Pre-IPO Tearsheet
- Varindera Constructions Pre-IPO Tearsheet
Hyundai Motor India IPO: The Investment Case
- Hyundai Motor India (1342Z IN), a subsidiary of Hyundai Motor (005385 KS), aims to raise up to US$3.3 billion at a valuation of US$19 billion.
- We previously discussed the IPO in Hyundai Motor India IPO: The Bull Case and Hyundai Motor India IPO: The Bear Case. In this note, we examine RHP.
- The RHP shows that the positives (recovering lost market share, top-quartile operating and FCF margin profile) more than offset the negatives (bottom-quartile growth).
Mouri Tech Pre-IPO Tearsheet
- Mouri Tech Limited (MT IN) is planning to raise about US$179m through its upcoming IPO in India. The bookrunners for the deal are Nuvama Wealth, ICICI Securities, and JM Financial.
- Mouri Tech Limited (MTL) is a global IT solutions provider focused on intelligent enterprise resource planning (iERP) and digital transformation services.
- The company operates across four key areas: iERP, digital transformation, infrastructure services, and program management. MTL leverages advanced technologies.
Varindera Constructions Pre-IPO Tearsheet
- Varindera Constructions Ltd (1606813D IN) is looking to raise about US$143m in its upcoming India IPO. The deal will be run by ICICI, Equirus and IIFL.
- Varindera Constructions Limited (VCL) is an integrated engineering, procurement and construction (EPC) company undertaking construction projects with a focus on building constructions.
- According to the CRISIL Report, it was one of the fastest growing construction companies in terms of revenue from operations, compared to major listed construction companies, over FY19-24.
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