In today’s briefing:
- Shriram Finance Placement – Well Flagged Cleanup but Watch Out for the Recent Spike
- Tata Technologies Pre-IPO – Thoughts on Valuation
- ASK Automotive Pre-IPO Tearsheet
Shriram Finance Placement – Well Flagged Cleanup but Watch Out for the Recent Spike
- Piramal Enterprises (PIEL IN) plans to raise around US$600m via selling its entire 8.3% stake in Shriram Finance.
- The deal is very well flagged with Piramal having sold half its stake in 2019 and having publicly stated its intention to completely exit as well.
- In this note, we will run the deal through our ECM framework and comment on other deal dynamics.
Tata Technologies Pre-IPO – Thoughts on Valuation
- Tata Technologies (TATATECH IN) (TT) is looking to raise around US$600m in its upcoming India IPO.
- Tata Technologies is a global engineering services company offering product development and digital solutions, including turnkey solutions, to global original equipment manufacturers (OEMs) and their tier 1 suppliers.
- 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.
ASK Automotive Pre-IPO Tearsheet
- Ask Automotive (7175293Z IN) is looking to raise about US$145m in its upcoming India IPO. The deal will be run by Axis Capital, IIFL Securities, ICICI Securities and JM Financial.
- ASK Automotive is the largest manufacturer of brake-shoe and advanced braking (AB) systems for two-wheelers (2W) in India, according to CRISIL.
- The company has been supplying safety systems and critical engineering solutions for more than three decades with in-house designing, developing and manufacturing capabilities.
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