In today’s briefing:
- Global Health Pre-IPO – Stiff Competition Makes Growth Look Mediocre
- Interglobe Aviation (Indigo) Placement – The Beginning of the End of the Overhang
- Workday Inc: Growing Customer Base
- Ulta Beauty: The Beauty& Campaign
Global Health Pre-IPO – Stiff Competition Makes Growth Look Mediocre
- Global Health (Medanta) (GH IN) is looking to raise approximately US$270m in its upcoming India IPO.
- Global Health (GH) is a hospital network that operates under the Medanta brand. The firm currently has five hospitals in operation and one more planned for development.
- The company has managed to remain profitable throughout COVID-19 and even experienced margin expansion in FY22. However, its post-COVID growth might be short-lived given stiff competition amongst peers.
Interglobe Aviation (Indigo) Placement – The Beginning of the End of the Overhang
- InterGlobe Aviation Ltd (INDIGO IN)’s co-founder Rakesh Gangwal aims to raise around US$250m via selling 2.8% of the company.
- He had earlier stated his intention to pare down his stake after a long drawn, and very public battle, with the other co-founder Rahul Bhatia.
- In this note, we will talk about the placement and run the deal through our ECM framework.
Workday Inc: Growing Customer Base
- Workday delivered another all-around beat, outperforming market expectations with respect to its operating indicators, highlighting the ongoing significance of digital transformation for finance and HR.
- Along with the significant expansion of their core HCM and financial apps, Q2 saw remarkable momentum throughout their broader spectrum of solutions.
- Customers create apps with Extend customized for their specific use cases, potentially eliminating the need for additional specialized development tools.
Ulta Beauty: The Beauty& Campaign
- Ulta Beauty performed well in this quarter and delivered an all-around beat.
- Based on point-of-sale statistics from the NPD Group, all key categories for the quarter exceeded its expectations, and they grew their market share in prestige beauty compared to the previous year.
- Haircare, their second-largest category, experienced double-digit growth for another quarter due to newness and excellent participation in their semi-annual Gorgeous Hair Event.
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