In today’s briefing:
- LG CNS IPO Valuation Analysis
- EAAA India Alternatives Limited Pre-IPO Tearsheet
- SAI Life Sciences IPO- Growing and Profitable Business; Aggressive Pricing Limits Upside Potential
LG CNS IPO Valuation Analysis
- According to our valuation analysis, it suggests a base case implied market cap of 7.9 trillion won for LG CNS, representing target price of 81,095 won per share.
- Therefore, our base case valuation target price of 81,095 won is 31% higher than the high end of the IPO price range.
- We estimate LG CNS to generate sales of 5.99 trillion won (up 6.8% YoY) and net profit of 356.1 billion won (up 7.1% YoY) in 2024.
EAAA India Alternatives Limited Pre-IPO Tearsheet
- EAAA India Alternatives Ltd (1619210D IN) (EAAA) is planning to raise about US$177m through its upcoming India IPO. The lead bookrunners for the deal are Axis Capital, Jefferies, Motilal Oswal, Nuvama.
- EAAA is a fund management house with a diversified, multi-strategy platform in large, under-tapped, and fast-growing alternative asset classes, focusing on providing income and yield solutions to its clients.
- As per CARE report, EAAA is one of the leading alternatives platforms in India, in terms of assets under management (AUM) of INR572.62bn (US$6.7bn) as of Sept 24.
SAI Life Sciences IPO- Growing and Profitable Business; Aggressive Pricing Limits Upside Potential
- The IPO of SAI Life Sciences, a contract research, development, and manufacturing organization, is scheduled to open on December 11. The IPO consists of fresh issue as well as OFS.
- Out of the fresh issue of proceeds, the company intends to use INR7.2B for repayment/prepayment of outstanding borrowings. As of September 30, 2024, total outstanding borrowing stands at INR7.6B.
- We have high conviction on the growth prospect of SAI Life Sciences. Considering FY25 annualized post-IPO EPS of INR2.69, the company seeks a P/E valuation of 186.9–203.8x.
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