In today’s briefing:
- Smartworks Coworking Spaces Pre-IPO – Healthy Revenue Growth Led by Strategic Capacity Expansion
- RPSG Ventures (RPSGV): Digital-First and D2C Focus Looks Promising For FMCG Scale Up
- Paras Defence and Space Technologies- Forensic Analysis
- Oswal Pumps Pre-IPO Tearsheet
Smartworks Coworking Spaces Pre-IPO – Healthy Revenue Growth Led by Strategic Capacity Expansion
- Smartworks Coworking Spaces Ltd (1742134D IN) is looking to raise about US$120m in its India IPO.
- It is an office experience and managed campus platform, typically focused on leasing entire/large, bare shell properties in prime locations and transforming them into fully serviced, tech-enabled campuses with amenities.
- In this note, we talk about the company’s historical performance.
RPSG Ventures (RPSGV): Digital-First and D2C Focus Looks Promising For FMCG Scale Up
- RPSGV reported a decent Q1FY25 with FMCG business sustaining an annualized revenue run-rate of INR 500cr+. The Sports business also reported healthy Q1FY25 revenue (INR 500cr+) led by IPL contribution.
- To add to growth aggression, RPSGV announced a new CEO for the FMCG business in August. Mr. Sudhir Langer, an accomplished FMCG professional, took the baton from Mr. Rajeev Khandelwal.
- At the current valuation, RPSGV is available at a holding company discount of 75%+. As the scalability potential of the FMCG and Sports businesses become evident, significant re-rating could happen.
Paras Defence and Space Technologies- Forensic Analysis
- Paras Defence & Space Technologies Ltd. (PARAS IN) is engaged in designing, manufacturing of various products and solutions for Defence & Space Industries. The company launched its IPO in FY22.
- The company’s operations and order book has picked up post covid, but revenue trajectory has slowed down. Moreover, inventory bulk up has been helping the margins.
- Receivables ageing and provisioning shows concern on overall quality. Moreover, RPT and corp. governance with Promoters also need to be kept an eye on.
Oswal Pumps Pre-IPO Tearsheet
- Oswal Pumps Limited is looking to raise about US$122m in its upcoming Indian IPO. The deal will be run by IIFL Securities, Axis Capital, CLSA, JMF and Nuvama Wealth Management.
- Oswal Pumps is the fastest growing vertically integrated solar pump manufacturer in India.
- The firm manufactures solar-powered and grid-connected submersible and monoblock pumps, electric motors comprising induction and submersible motors as well as solar modules, sold under the ‘Oswal’ brand.
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