In today’s briefing:
- Medi Assist US$180m Lock-Up Expiry – Multibagger Gains Are Ripe for the Taking
- Hyundai Motor India IPO: The Bear Case
- Kalyan Jewellers (KALYANKJ IN): Riding the Big Fat Indian Wedding Boom
- Niva Bupa Health Insurance Pre-IPO Tearsheet
Medi Assist US$180m Lock-Up Expiry – Multibagger Gains Are Ripe for the Taking
- Medi Assist Healthcare Services (0886371D IN) was listed on 23rd Jan 2024 after raising US$140m. The IPO had been 100% secondary, with the promoters and pre-IPO investors trimming their stakes.
- Medi Assist Healthcare Services (Medi Assist) provides third party administration services to insurance companies via its subsidiaries.
- Coming up for six-month lockup expiry are the firm’s pre-IPO shareholders and a portion of the promoters’ stakes.
Hyundai Motor India IPO: The Bear Case
- Hyundai Motor India (1342Z IN), a subsidiary of Hyundai Motor (005385 KS), aims to raise up to US$3.0 billion at a valuation of US$17 billion.
- In Hyundai Motor India IPO: The Bull Case, we highlighted the key elements of the bull case. In this note, we outline the bear case.
- The bear case rests on market share losses in the key SUV sub-segment, bottom-quartile revenue growth, higher royalty rates and dividends to Hyundai ahead of the IPO.
Kalyan Jewellers (KALYANKJ IN): Riding the Big Fat Indian Wedding Boom
- Kalyan Jewellers (KALYANKJ IN) , a leading jeweller with a pan-India presence, is expected to deliver strong sales growth, and improving returns with its asset-light expansion plans.
- Indian weddings have transformed from simple rituals to elaborate celebrations requiring heavy spending on jewellery and specialty apparel, reflecting rising affluence and media influence.
- Wedding related jewellery demand constitutes 60% of India’s total gold jewellery demand and remains resilient regardless of price changes.
Niva Bupa Health Insurance Pre-IPO Tearsheet
- Niva Bupa Health Insurance (1226871D IN) is looking to raise US$360m in its upcoming India IPO. The bookrunners on the deal are MS, Kotak, Axis, ICICI, HDFC, and Motilal Oswal.
- Niva Bupa Health Insurance (Niva Bupa) is a health insurance firm. Its portfolio consists of health (including retail and group), personal accident, and travel insurance.
- As per Redseer, the firm was one of India’s largest and fastest growing standalone health insurers (SAHI) based on overall health gross direct premium income (GDPI) in FY24.
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