In today’s briefing:
- Samhi Hotels Pre-IPO – Refiling Updates – Bigger Portfolio, Smaller Deal
- Max Healthcare (MAXHEALTH IN): Record High Sales and Profitability in Q4; Expansion to Drive Growth
- EbixCash IPO: The Bear Case
- Freakins Raises $4m Seed Round to Grow Denim Brand
Samhi Hotels Pre-IPO – Refiling Updates – Bigger Portfolio, Smaller Deal
- SAMHI Hotels (SAMHI IN) plans to raise around US$200m (estimated) in its Indian IPO.
- Samhi is India’s third-largest hotel asset owner, by number of keys, with a portfolio of 25 operating hotel assets comprising 3,839 keys, as of Feb 2023.
- In this note, we look at its updated filings and discuss the changes since its last filing in 2019.
Max Healthcare (MAXHEALTH IN): Record High Sales and Profitability in Q4; Expansion to Drive Growth
- Max Healthcare Institute (MAXHEALT IN) reported robust Q4 performance, with revenue and EBITA increasing 26% and 44%, YoY, respectively. Growth was driven by increase in ARPOB and occupied bed days.
- Max commissioned new 92 beds oncology block at one of its network hospitals in March. New oncology block contributed positively to revenue and EBITDA in the first month of launch.
- Max is on track to double its bed capacity in next 5–6 years. Apart from ongoing brownfield expansions, the company has land parcels with potential to add 1,000 beds.
EbixCash IPO: The Bear Case
- EbixCash (EBIXC IN), a subsidiary of Ebix Inc (EBIX US) and India’s largest end-to-end financial exchange, is seeking to launch an Rs60 billion (US$730 million) in July.
- In EbixCash IPO: The Bull Case, we highlighted the key elements of the bull case. In this note, we outline the bear case.
- The key elements of the bear case rest on margin pressure due to rising operating costs, a related party being the largest customer, declining revenue visibility and deteriorating cash generation.
Freakins Raises $4m Seed Round to Grow Denim Brand
- India-based fashion brand Freakins has bagged US$4 million in its seed round led by Matrix Partners India and Blume Ventures.
- Founded in 2021 by Shaan Shah and Puneet Sehgal, Freakins is a direct-to-consumer clothing brand that specializes in denim.
- The Gen Z-focused firm has built up a catalog of over 1,500 styles, which it says caters to different body types.
💡 Before it’s here, it’s on Smartkarma
Sign Up for Free
The Smartkarma Preview Pass is your entry to the Independent Investment Research Network
- ✓ Unlimited Research Summaries
- ✓ Personalised Alerts
- ✓ Custom Watchlists
- ✓ Company Data and News
- ✓ Events & Webinars
