In today’s briefing:
- Event Driven: Arbitrage Opportunity in Orient Cement Open Offer by Ambuja
- 2025 High Conviction Idea: PG Electroplast
- NTPC Green IPO Trading – Lacklustre Demand, Similar to Recent Listings
- Aegis Vopak Terminals Pre-IPO Tearsheet
Event Driven: Arbitrage Opportunity in Orient Cement Open Offer by Ambuja
- In Oct-24, Ambuja Cements (ACEM IN) acquired 46.8% stake in Orient Cement (ORCMNT IN) at Rs. 396 per share.
- Now Orient cement is trading at 20% discount to open offer price.
- This process can take approx. 2 months and can generate ~10-15% risk adjusted return by Jan-25.
2025 High Conviction Idea: PG Electroplast
- PG Electroplast (PGEL IN) is India’s 2nd largest ODM player for washing machines. It also serve as ODM and OEM for leading brands in Room ACs, electronics, air coolers etc.
- Company is guiding for 76% of topline growth as well as 250Cr of PAT for FY25, out of which 103Cr is already delivered. Also company revised guidance upwards in Q2.
- With 1500Cr of QIP in plan, company is looking for inorganic growth opportunities to make stronger growth going forward.
NTPC Green IPO Trading – Lacklustre Demand, Similar to Recent Listings
- NTPC Green Energy Ltd (2214556D IN) raised around US$1.2bn in its upcoming India IPO.
- NTPC Green Energy Limited (NGEL) is a renewable energy public sector enterprise and a wholly owned subsidiary of NTPC Limited, a Maharatna central public sector enterprise (PSU).
- We have looked at the company’s past performance and valuations in our earlier notes. In this note, we talk about the trading dynamics.
Aegis Vopak Terminals Pre-IPO Tearsheet
- Aegis Vopak Terminals Ltd (1902844D IN) is looking to raise upto US$415m in its upcoming India IPO. The deal will be run by ICICI, IIFL, Jefferies, HDFC and BNP Paribas.
- It is a joint-venture between Aegis Logistics, India’s largest third-party LPG handler and Vopak India BV, part of Royal Vopak, one of world’s leading tank storage companies, according to CRISIL.
- AVTL was the largest Indian third-party owner and operator of tank storage terminals for LPG, liquid products in terms of storage capacity, as of June 30, 2024, as per CRISIL.
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