In today’s briefing:
- Interglobe Aviation (Indigo) Placement – Another US$800m+ Deal, This Time by the Correct Co-Founder
- Niva Bupa Health Insurance Pre-IPO – Strong GWP Growth, However Some Risks Remain
- IGI (India) Pre-IPO Tearsheet
- Inventurus Knowledge Solutions Pre-IPO Tearsheet
- Pre-IPO Zhou Liu Fu Jewellery – The Potential Risks and Concerns Brought by the Business Model
Interglobe Aviation (Indigo) Placement – Another US$800m+ Deal, This Time by the Correct Co-Founder
- InterGlobe Aviation Ltd (INDIGO IN)’s co-founder, Rakesh Gangwal, aims to raise around US$850m via selling around 3.8% stake in Indigo.
- He had earlier stated his intention to pare down his stake after a long drawn, and very public battle, with his co-founder Rahul Bhatia. He has sold many times before.
- In this note, we will talk about the lockup dynamics and possible placement.
Niva Bupa Health Insurance Pre-IPO – Strong GWP Growth, However Some Risks Remain
- Niva Bupa Health Insurance (1226871D IN) is looking to raise US$360m from its upcoming India IPO. The IPO will consist of both primary and secondary shares.
- Niva Bupa Health Insurance (Niva Bupa) is a health insurance firm. Its portfolio consists of health (including retail and group), personal accident, and travel insurance.
- In this note, we look at the firm’s past performance.
IGI (India) Pre-IPO Tearsheet
- IGI (India) Limited (2261751D IN) is looking to raise about US$480m in its upcoming India IPO. The deal will be run by Axis, Kotak, MS, and SBI Caps.
- IGI India is part of the International Gemmological Institute (IGI) group. As of 22nd August 2024, IGI India handled operations of the IGI business in India and Türkiye.
- Its primary business is in provision of services related to certification and accreditation of natural diamonds, laboratory-grown diamonds, studded jewellery and coloured stones as well as offering of educational programs.
Inventurus Knowledge Solutions Pre-IPO Tearsheet
- Inventurus Knowledge Solutions (IKSINCD IN) is looking to raise up to US$400m in its upcoming India IPO. The deal will be run by ICICI, JM Financial, Jefferies, Nomura and JPM.
- Inventurus Knowledge Solutions (Inventurus from hereon) is a technology-enabled healthcare solutions provider, offering a care enablement platform which assists physician enterprises in the US, Canada and Australia.
- Its physician-oriented platform includes clinical documentation solutions, patient scheduling assistance, automated prescription refill solutions and clinical document management, amongst others.
Pre-IPO Zhou Liu Fu Jewellery – The Potential Risks and Concerns Brought by the Business Model
- The franchise model of Zhou Liu Fu is the biggest performance contributor, which is also the main reason for the Company’s rapid expansion and high gross profit margin.
- However, the CSRC questioned the rationality of franchise model and thus rejected its A-share IPO. We think the high revenue growth/profit margin may not be sustainable in the long term.
- Pre-IPO post-investment valuation was approximately 7.407 billion yuan. Zhou Liu Fu has applied for H-Share full circulation, which may put pressure on stock price performance after the lockdown period expires.
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