In today’s briefing:
- Tata Technologies IPO: The Bear Case
Tata Technologies IPO: The Bear Case
- Tata Technologies (TATATECH IN), the largest India-based ER&D (engineering research and development) service provider, is seeking to raise up to US$600 million, according to press reports.
- In Tata Technologies 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 below-peer revenue growth, high contract assets, growth reliant on VinFast, mid-tier profitability, and high attrition rates.
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