In today’s briefing:
- Bajaj Housing Finance IPO – Will Trade at a Premium
- Carraro India Pre-IPO Tearsheet
- Western Carriers Pre-IPO-Expanding Through a Combination of Asset-Light Model and Own Infrastructure
- General Insurance Corp of India OFS – Large One to Digest, and a Potential Overhang to Contend With
Bajaj Housing Finance IPO – Will Trade at a Premium
- Bajaj Housing Finance (BHF IN) is looking to raise around US$800m in its India IPO.
- BHF is a non-deposit taking housing finance company engaged in mortgage lending since FY18. Its mortgage products include home loans, loans against property, lease rental discounting and developer financing.
- In our previous notes, we looked at the company’s past performance. In this note, we will talk about valuations.
Carraro India Pre-IPO Tearsheet
- Carraro India Limited (810618Z IN) is looking to raise about US$216m in its upcoming India IPO. The deal will be run by Axis, Nuvama and BNP Paribas.
- Carraro India Limited (CIL), is a technology driven integrated supplier that develops complex engineering products and solutions for its original equipment manufacturer (OEM) customers.
- CIL primarily manufactures axles and transmission systems for agricultural tractors and construction vehicles such as backhoe loaders, soil compactors, cranes, self-loading concrete mixers and small motor graders.
Western Carriers Pre-IPO-Expanding Through a Combination of Asset-Light Model and Own Infrastructure
- Western Carriers (1489172D IN) is looking to raise about US$100m in its upcoming India IPO.
- Western Carriers (India) Limited (WCIL) was the largest private, multimodal, rail focused, 4PL asset-light logistics company in India in terms of container volumes in FY22, as per 1Lattice.
- In this note, we talk about the company’s historical performance.
General Insurance Corp of India OFS – Large One to Digest, and a Potential Overhang to Contend With
- The GoI is looking to raise up to US$600m from selling its stake in General Insurance Corp Of India (GICRE IN).
- Earlier in Apr 2024, there were media reports indicating that the GoI planned to offload a 10% stake in the insurer over multiple tranches.
- In this note, we run the deal through our ECM framework and comment on deal dynamics.
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