In today’s briefing:
- Global Health IPO – Small Player but Attractive
- WPIL Ltd- Forensic Analysis
- Trent Ltd: Trending Multi-Brand, Multi-Format Retailer. Value Fashion to Home Grocery
- Go Digit General Insurance Pre-IPO – The Positives – Has Been Growing a Lot Faster than the Industry
- Ami Organics Ltd: Forensic Analysis
Global Health IPO – Small Player but Attractive
- Global Health (Medanta) (GH IN) is looking to raise approximately US$268m 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.
- We have looked at the background of the deal in our earlier notes. In this note, we will talk about the peer comparison and valuations.
WPIL Ltd- Forensic Analysis
- Wpil Ltd (WPI IN) is principally engaged the business of pumps & pumping systems. The company recently has also started construction contracts related to water supply and irrigation.
- Key forensic takeaways include transactions with related parties and promoters, receivables related concerns, auditor woes, etc.
- Additionally, it is also noticed that WPIL does not exhibit strong disclosure norms in its annual report. Key disclosures regarding receivables, fixed assets, goodwill remain translucent.
Trent Ltd: Trending Multi-Brand, Multi-Format Retailer. Value Fashion to Home Grocery
- Trent Ltd (TRENT IN), one of India’s leading apparel retailers led by the Tatas, is on an accelerated growth path helped by its recently expanded apparel retail chain, Zudio.
- Zudio sells value fashion through its own stores targeted at India’s burgeoning youth that is high on aspiration while low on budget, a hitherto severely underserved category.
- Star Bazaar, Trent’s grocery retail JV with Tesco PLC (TSCO LN), is also beginning to gain traction and has the potential to expand and grow its presence across the country.
Go Digit General Insurance Pre-IPO – The Positives – Has Been Growing a Lot Faster than the Industry
- Go Digit General Insurance is looking to raise about US$503m in its upcoming India IPO. The deal will be run by ICICISec, MS, Axis, Edelweiss, HDFC Bank and IIFL.
- Go Digit General Insurance is a digital full stack insurance company, offering motor insurance, health insurance, travel insurance, property insurance, marine insurance, liability insurance and other insurance products.
- In this note, we talk about the positive aspects of the deal.
Ami Organics Ltd: Forensic Analysis
- AMI Organics Ltd (AMIORG IN) is engaged in business of drugs intermediate chemicals and related activities.
- Key forensic takeaways include bizarre accounting especially pertaining to JV, no provisioning on debtors and working capital woes, and mystery towards transfer from CWIP.
- There are governance related concerns surrounding related parties, churn in top management, etc that should also not be overlooked.
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