In today’s briefing:
- NIFTY200 Momentum30 Index Rebalance: 38 Changes; 65% Turnover; US$1.7bn Trade
- LG Electronics India: IPO Details & Index Entry Timing
- Sai Life Sciences Pre-IPO – Portfolio Expansion and Increased Production Capacity to Drive Growth
- Vishal Mega Mart IPO- Forensic Analysis
- Inventurus Pre-IPO – Accelerating Growth with Major Aquity Acquisition
NIFTY200 Momentum30 Index Rebalance: 38 Changes; 65% Turnover; US$1.7bn Trade
- There are 19 changes a side for the Nifty200 Momentum30 Index that will be implemented at the close on 30 December. All names are exactly in line with our forecast.
- Estimated one-way turnover is 64.9% resulting in a one-way trade of INR 72.7bn (US$857m). There are 18 stocks with over 1x ADV to trade.
- The adds have continued to outperform the deletes even after the end of the review period. There could be further upside heading into year-end and implementation of the changes.
LG Electronics India: IPO Details & Index Entry Timing
- LG Electronics India (123D IN) is looking to list on the exchanges by selling 101.8m shares at a valuation of around US$12-13bn and raising around US$1.8bn in its IPO.
- The draft RHP was filed on 6 December, so the IPO could complete in the first quarter of 2025.
- The stock will not get Fast Entry to global indices. Inclusion at regular rebalances could commence in June/September next year depending on when the stock lists.
Sai Life Sciences Pre-IPO – Portfolio Expansion and Increased Production Capacity to Drive Growth
- SAI Life Sciences (SAILS12 IN) is looking to raise up to US$360m in its upcoming India IPO.
- Sai Life Sciences is a contract research, development and manufacturing organisation providing end-to-end services across drug discovery, development and manufacturing value-chain, for small to global pharmaceutical innovators and biotechnology firms.
- In this note, we talk about the company’s historical performance.
Vishal Mega Mart IPO- Forensic Analysis
- Vishal Mega Mart (1620871D IN) IPO worth INR 80 bn is about to open this week. The IPO constitutes entirely of OFS.
- The company is one of the top 3 offline first retailers, the most diversified retailers and caters to middle income and lower income group, largely in Tier 2 locations.
- As far as forensics are concerned, one must pay attention to exorbitantly high attrition levels, rising related party transactions, few puzzling line items noticed in books, etc.
Inventurus Pre-IPO – Accelerating Growth with Major Aquity Acquisition
- Inventurus Knowledge Solutions (IKSINCD IN) is looking to raise up to US$295m in its upcoming India IPO.
- IKS is a technology-enabled healthcare solutions provider, assisting physician enterprises in US, Canada and Australia. It is a one-stop shop designed to handle physicians administrative tasks.
- In this note, we look at the firm’s past performance.
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