In today’s briefing:
- DOMS Industries Pre-IPO Tearsheet
- Elecon Engineering Co. Ltd- Forensic Analysis
- Five Star Placement – Well Flagged but Have a Lot More Stock to Get Through
- Epack Durable Pre-IPO Tearsheet
DOMS Industries Pre-IPO Tearsheet
- Doms (DOMS IN) is looking to raise around US$140m (estimated) in its upcoming India IPO. The deal will be run by JM Financial, BNP, ICICI Securities and IIFL Securities.
- DOMS is a leading player and brand in India’s stationery and art products market. It designs, manufactures, and sells a wide range of products, primarily under its flagship brand ‘DOMS’.
- Its core products such as pencils and mathematical instrument boxes had market shares of 29% and 30% by value in FY23, respectively, as per Technopak.
Elecon Engineering Co. Ltd- Forensic Analysis
- Elecon Engineering (ELCN IN) (EECL) is one of the renowned manufacturers of Gears, often used in Industrials.
- The company has gathered operational momentum in the last few years, coupled with debt reduction.
- However, its balance sheet still has some concerns that are important. This relates to unaudited subsidiary, fixed asset disposals, write offs and ECL policy and large RPTs.
Five Star Placement – Well Flagged but Have a Lot More Stock to Get Through
- Three PE investors are looking to raise up to US$158m via selling 5.9% of Five Star Business Finance (FIVESTAR IN) (FSB).
- Five-Star Business is a non-banking financial company that provides secured business loans to micro-entrepreneurs and self-employed individuals. FSB had raised around US$190m in its India IPO in Nov 2022.
- In this note, we will talk about the deal dynamics and updates since our last note.
Epack Durable Pre-IPO Tearsheet
- Epack Durable (1936389D IN) is looking to raise up to US$100m in its upcoming India IPO. The deal will be run by Axis Capital, DAM Capital and ICICI Securities.
- Epack Durable (ED) is the fastest Indian growing room air conditioner original design manufacturer (ODM) based on growth in volume manufactured between FY20-23 (Year ended 31st Mar), according to F&S.
- Further, it is the second largest ODM manufacturer in the Indian room air conditioner manufacturing market, with 29% market share in terms of volume manufactured in FY23, as per F&S.
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