In today’s briefing:
- Vishal Mega Mart IPO: IPO Details & Index Entry Timing
- EAAA India Alternatives Limited Pre-IPO Tearsheet
- The Beat Ideas: Popular Vehicles & Services, Cheapest Among Dealership Business
- The Beat Ideas: Innova Captab Ltd, Jammu Capex Kicker, Margin Expansion
- SAI Life Sciences IPO- Growing and Profitable Business; Aggressive Pricing Limits Upside Potential
Vishal Mega Mart IPO: IPO Details & Index Entry Timing
- Vishal Mega Mart (1620871D IN) is looking to list on the exchanges by selling INR 80bn (US$943m) of stock at a valuation of INR 352bn (US$4.15bn).
- Anchor allocations were completed on 10 December, the IPO opens today, and the stock is expected to start trading on 18 December. Grey market premium is around 25%.
- The stock will not get Fast Entry to global indices. Inclusion at regular rebalances should take place in May and June 2025.
EAAA India Alternatives Limited Pre-IPO Tearsheet
- EAAA India Alternatives Ltd (1619210D IN) (EAAA) is planning to raise about US$177m through its upcoming India IPO. The lead bookrunners for the deal are Axis Capital, Jefferies, Motilal Oswal, Nuvama.
- EAAA is a fund management house with a diversified, multi-strategy platform in large, under-tapped, and fast-growing alternative asset classes, focusing on providing income and yield solutions to its clients.
- As per CARE report, EAAA is one of the leading alternatives platforms in India, in terms of assets under management (AUM) of INR572.62bn (US$6.7bn) as of Sept 24.
The Beat Ideas: Popular Vehicles & Services, Cheapest Among Dealership Business
- Popular Vehicles and Services (PVSL IN) are available at a 50% discount since IPO and available at 25%
- PVSL plans to enter two new states by June 2025 and open multiple new facilities, including a NEXA Studio and service centers in Maharashtra and Kerala.
- PVSL’s focus on geographic expansion, high-margin segments, and inventory normalization enhances its growth potential, making it a compelling value play with room for significant re-rating in the near future.
The Beat Ideas: Innova Captab Ltd, Jammu Capex Kicker, Margin Expansion
- Innova Captab (1605221D IN)’s New Jammu facility to be commercialized by Q3 FY25, expanding capacity and product range.
- Strong order pipeline, diversified segments (CDMO, branded generics), and high-margin segments to drive profitability.
- Aiming for 25-30% revenue CAGR and 4-5% margin expansion in upcoming years.
SAI Life Sciences IPO- Growing and Profitable Business; Aggressive Pricing Limits Upside Potential
- The IPO of SAI Life Sciences, a contract research, development, and manufacturing organization, is scheduled to open on December 11. The IPO consists of fresh issue as well as OFS.
- Out of the fresh issue of proceeds, the company intends to use INR7.2B for repayment/prepayment of outstanding borrowings. As of September 30, 2024, total outstanding borrowing stands at INR7.6B.
- We have high conviction on the growth prospect of SAI Life Sciences. Considering FY25 annualized post-IPO EPS of INR2.69, the company seeks a P/E valuation of 186.9–203.8x.
💡 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
