Daily Brief India: Manjushree Technopack, Berger Paints India, Bajaj Housing Finance, Greentown China, Poly Medicure and more

• Manjushree Technopack (MTPL IN) is looking to raise about US$360m in its upcoming India IPO. The deal will be run by Avendus, Citi, GS, JM Fin and ICICI Sec.
• Manjushree Technopack Limited is a one stop packaging solutions provider with end-to-end capabilities (from design to delivery) across containers, preforms, caps and closures, pumps and dispensers and captive recycling capabilities.
• It is the largest rigid plastic packaging (RPP) player in terms of installed capacity in India as of March 31, 2024, according to the Technopak Report.

• The review period for the Nifty 100 Low Volatility 30 Index ends on 30 August. The changes will be announced mid-September and implemented at the close on 27 September.
• Four potential constituent changes, volatility changes and capping changes will result in one-way turnover of 16.05% resulting in a round-trip trade of INR 14.4bn (US$172m).
• Three of the four potential deletions will have sell flows from the NSE Nifty Next 50 Index and Nifty 100 Index trackers as well.

• Bajaj Housing Finance (BHF IN) is looking to raise around US$830m in its upcoming India IPO.
• BHF is a non-deposit taking housing finance company engaged in mortgage lending since FY18. Its mortgage products include home loans, loans against property, lease rental discounting and developer financing.
• We have looked at the company’s past performance and undertaken a peer comparison in our earlier notes. In this note we talk about valuations.

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• AAC Technologies Holdings
• China Jinmao Holdings
• Greentown China
• JSW Infrastructure
• Citicore Renewable Energy

• Poly Medicure (PLM IN) raised INR10B through QIP and allotted ~5M equity shares to eligible institutional buyers. Lighthouse India Fund IV AIF has been issued 20.5% of the QIP shares.
• The company intends to use the proceeds to fund capex and inorganic initiatives. The company is setting up three new plants, to expand offerings in high-value therapeutic areas.
• Poly Medicure intends to acquire businesses that offer similar products, which will help the company to expand product portfolio and increase reach in various global markets.