In today’s briefing:
- Allied Blenders and Distillers – RHP Updates & Thoughts on Valuation
- Edelweiss: Co-Lending Led Credit Business Is Now Gaining Momentum
Allied Blenders and Distillers – RHP Updates & Thoughts on Valuation
- Allied Blenders & Distillers (9844250Z IN) is looking to raise about US$180m in its upcoming India IPO.
- ABD is the largest Indian-owned Indian-made foreign liquor (IMFL) company and the third largest IMFL company in India, in terms of annual sales volumes between FY14 and FY22.
- In our previous notes, we talked about various aspects of the company. In this note, we talk about its RHP updates and our thoughts on valuation.
Edelweiss: Co-Lending Led Credit Business Is Now Gaining Momentum
- Edelweiss reported a strong Q4FY24 led by robust performance across businesses. The asset management business continues to be the lead performer. Insurance businesses are also growing at an industry-leading pace.
- Most notably, the credit business seems to be gaining momentum now, led by co-lending. MSME co-lending disbursements tripled while housing finance (HFC) co-lending disbursements doubled in FY24.
- To unlock value and reduce debt at the corporate level, Edelweiss is planning a minority stake sale in the Alternative Asset Management business.
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