In today’s briefing:
- Rigaku Holdings IPO – Upside Remains Attractive
- Hyundai Motor India IPO: Analysis of Latest Financials Signal Challenging Year Ahead
- Swiggy Pre-IPO – The Positives -Fast and Diversified Growth
- Sanathan Textiles IPO- Forensic Analysis
- Shiva Pharmachem Pre-IPO – High Borrowings Along with Expansion Plans Leading to Liquidity Concerns
- Qarbotech secures US$1.5M funding to boost farm yields by 60% | e27
- Indonesia’s Broom bags US$25M funding to accelerate market expansion | e27
- TeamSolve nets US$2.5M for AI-powered copilot for industrial operators | e27
Rigaku Holdings IPO – Upside Remains Attractive
- Rigaku Holdings (268A JP) is looking to raise up to US$756m in its Japan IPO.
- Rigaku engages in developing, manufacturing, sales and servicing scientific instruments specializing in X-ray technologies.
- In our earlier notes, we looked at the firm’s past performance and discussed our thoughts on valuation. In this note, we look at Rigaku’s valuation at the final indicative range.
Hyundai Motor India IPO: Analysis of Latest Financials Signal Challenging Year Ahead
- After 3 years of strong revenue and profits growth, Hyundai Motor India is likely to face a challenging year ahead based on the analysis of 1QFY2025 financials provided in RHP.
- Hyundai Motor India (1342Z IN)‘s strong exports growth in FY2025 will not offset the weakness in domestic sales. This could result in low single-digit revenue growth for the year.
- Increased royalty costs starting in FY2025, coupled with impact of lower cash reserves after special dividend paid out to parent will likely compress profit margins compared to the previous year.
Swiggy Pre-IPO – The Positives -Fast and Diversified Growth
- Swiggy Limited is planning to raise around US$1.25bn through its upcoming India IPO.
- Swiggy Limited (Swiggy) is a business to commerce (B2C) marketplace company offering users a platform for ordering grocery and household items (Instamart) and food delivery, through its on-demand delivery network.
- In this note, we talk about the positive aspects of the deal.
Sanathan Textiles IPO- Forensic Analysis
- Sanathan Textiles (0907479D IN) plans to re-appear for its IPO. The company is into yarn manufacturing and has a presence in all three, Polyester, Cotton and Technical Textiles segments.
- Revenue growth did light up in FY22, however topline growth has pretty much been stale since then. Moreover, margins have also been on a sliding trajectory.
- Key forensic takeaways include capitalising of expenses on the back of falling margins, acquisition of a non-operating subsidiary from promoters, secondary income sources driving profits, etc.
Shiva Pharmachem Pre-IPO – High Borrowings Along with Expansion Plans Leading to Liquidity Concerns
- Shiva Pharmachem Limited (9155347Z IN) is looking to raise around US$110m in its India IPO.
- It is a manufacturer in the Indian specialty chemicals business and was the largest manufacturer of acid and alkyl chlorides by volume in CY22 in India, as per Frost&Sullivan .
- In this note, we talk about the company’s historical performance.
Qarbotech secures US$1.5M funding to boost farm yields by 60% | e27
- Qarbotech, a Malaysian startup that enhances photosynthesis via advanced carbon quantum dots material, has raised US$1.5 million in funding from 500 Global, Better Bite Ventures, ID Capital, EQT Foundation, and Epic Angels Limited.
- The seed extension round will enable Qarbotech to scale its operations in Malaysia, Indonesia, Thailand, and Vietnam, where demand for advanced agritech solutions is surging.
- “This investment will allow us to ramp up production and bring our patented solutions to more farmers across the region, empowering them to produce more with less environmental impact,” said Amirul Merican, COO of Qarbotech.
Indonesia’s Broom bags US$25M funding to accelerate market expansion | e27
- Broom, a tech startup empowering Indonesia’s used car showroom ecosystem, has closed a US$25 million Series A extension investment round led by Openspace Ventures.
- AC Ventures, Quona Capital, MUFG Innovation Partners, and PKSHA Capital also participated.
- Additionally, Broom has secured credit facilities from various institutions, including Komunal, Funding Societies Capital, Modalku Finansial Indonesia, Alami, Koinworks, Helicap, and DBS Indonesia, as well as support from several high-net-worth individual investors.
TeamSolve nets US$2.5M for AI-powered copilot for industrial operators | e27
- TeamSolve, a Singapore-based startup developing AI solutions for the industrial and utilities sectors, has completed a US$2.5 million seed financing round anchored by SGInnovate and the US-based early-stage fund for water entrepreneurs Burnt Island Ventures.
- Founded in 2022 by Mudasser Iqbal (CEO), Michael Allen, Ami Preis, and Robin Wong, TeamSolve has developed a generative AI-powered copilot designed for industrial operators. The copilot is a knowledge twin that provides an “accurate”, real-time view of asset health.
- It can also support managers by improving planning for asset renewals and crew dispatch.
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