In today’s briefing:
- Kotak Mahindra Bank – US$1.2 Billion Lockup Release
- [Week 11] Namaste India 🙏 | Honasa’s Innovation or Innovative Narrative?
- IREDA IPO Trading – Strong Insti Demand Boosts Overall Subscription Rates
- Zomato Lock-Up – Last of the Softbank Selldown
Kotak Mahindra Bank – US$1.2 Billion Lockup Release
- In Jun 2023, CPPIB raised around US$750m via selling a 1.6% stake in Kotak Mahindra Bank (KMB IN). Prior to that it had sold a similar amount in Mar 2022.
- CPPIB will be released from its placement linked lockup early next month.
- In this note, we will talk about the lockup dynamics and past deals performance.
[Week 11] Namaste India 🙏 | Honasa’s Innovation or Innovative Narrative?
- We are back with our regular weekly updates after taking an earnings break and a Diwali vacation.
- Ishares Msci India Small-Cap (SMIN US) appears to be where the most market action is currently. We also maintain a long bias on the NIFTY Index (NIFTY INDEX).
- Honasa Consumer (HONASA IN) is the star of the week that is playing an innovative narrative that which street seems to like, but warrants attention.
IREDA IPO Trading – Strong Insti Demand Boosts Overall Subscription Rates
- IREDA (1845911D IN) raised around US$258m in its India IPO, after the deal was priced at INR32/share. It will begin trading tomorrow on 29th Nov 2023.
- Indian Renewable Energy Development Authority (IREDA) is a wholly owned Government of India (GoI) enterprise under the administrative control of the Ministry of New and Renewable Energy (MNRE).
- We have looked at various aspects of the deal in our previous note. In this note, we talk about demand and trading dynamics.
Zomato Lock-Up – Last of the Softbank Selldown
- In Aug 2022, Zomato (ZOMATO IN) completed the acquisition of 91% of Blinkit’s outstanding shares via issuing its own shares. These shares were released from their lockup in Aug 2023.
- Leading to a selldown by Softbank Group (9984 JP) in the same month, followed by another selldown in Oct 2023. Softbank will once again be released from its lockup soon.
- In this note, we will talk about the lock-up dynamics and recent updates.
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