In today’s briefing:
- Unlocking Value: SEBI’s New Special Call Auction Mechanism Explained
- The Beat Ideas: Kama Holdings- A Growing Player at Deep Discount
- Avanse Financial Services Pre-IPO Tearsheet
- Hyundai Motor India Pre-IPO – The Positives – Quasi-Local, Riding the SUV Wave
Unlocking Value: SEBI’s New Special Call Auction Mechanism Explained
- SEBI introduced the SPECIAL CALL AUCTION framework for Listed Holding Companies to unlock the value.
- The first special call auction is set to take place in October.
- Some companies are trading at a discount of more than 50% or even 80%, post this framework, shares will be traded at fair value.
The Beat Ideas: Kama Holdings- A Growing Player at Deep Discount
- Kama Holdings (KHL IN)is available at 80% discount to its NAV.
- Kama Holdings (KHL IN) is Holding company of SRF Ltd (SRF IN), which has tailwind across segments.
- If the discount were to narrow from 81% to 56%, the price of Kama Holdings (KHL IN) could potentially double, assuming all other factors remain constant.
Avanse Financial Services Pre-IPO Tearsheet
- Avanse Financial Services (1288481D IN) is looking to raise up to US$419m in its upcoming India IPO. The bookrunners will be JPM, Nomura, Kotak, Avendus, Nuvama Wealth and SBI Capital.
- Avanse Financial Services (AFS) is an education focused non-banking financial company (NBFC) operating in India.
- It offers full stack education products ranging from education loans for students to growth capital for education institutions through education infrastructure loans.
Hyundai Motor India Pre-IPO – The Positives – Quasi-Local, Riding the SUV Wave
- Hyundai Motor (005387 KS) is looking to raise around US$3bn via listing its India unit, Hyundai Motor India. HMI is a wholly owned subsidiary of the Hyundai Motor Group.
- HMI primarily manufactures and sells four-wheeler passenger vehicles and parts. Currently its vehicle portfolio includes 13 passenger vehicle models across sedans, hatchbacks, SUVs and battery EVs.
- In this note, we talk about the positive aspects of the deal.
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