In today’s briefing:
- Pine Labs Tearsheet – Driving a PoS Payment Revolution
- Globus Spirits: Forensic Analysis
- Accuracy Shipping: Forensic Analysis
- Life Insurance Corporation of India’s Pursuit of Pre-IPO ESG Ratings Is Positive, But With Some Risk
- Life Insurance Corporation of India: The IPO Prospectus Is Weak on ESG Strategy
- Pick of the Week – Infosys Ltd.
Pine Labs Tearsheet – Driving a PoS Payment Revolution
- Pine Labs is a leading merchant commerce platform. It provides a merchant platform and software for point of sales machines.
- Its Feb 22 round was said to have been done at a rumored valuation of over US$5bn.
- In Jan 2022, the company filed confidentially for an initial public offering worth $500m with the US Securities and Exchange Commission.
Globus Spirits: Forensic Analysis
- Globus Spirits (GBSL IN) , incorporated in 1993, is engaged in manufacturing, marketing and sale of industrial alcohol comprising rectified spirit, ENA and IMFL.
- Over the years, GSL has successfully got transformed from a grain-based bulk alcohol manufacturer to a 360° alcohol beverage segment player.
- The story of GSL has had some setbacks, however there are also positives in the form of margin boost, debt reduction and better efficiency.
Accuracy Shipping: Forensic Analysis
- Accuracy Shipping (ACCURACY IN) is an entity that provides third party logistics solutions worldwide.
- The company offers logistics services, including transportation, distribution, freight forwarding, clearing and forwarding, custom house clearance, warehousing, and other value-added services.
- Although the company has recently shifted to the main board of NSE, it does however contain several balance sheet and accounting issues that need to be considered.
Life Insurance Corporation of India’s Pursuit of Pre-IPO ESG Ratings Is Positive, But With Some Risk
- Life Insurance Corporation of India’s (LIC) imminent IPO is momentous in many ways foremost of which is the sheer magnitude… poised to become the largest IPO in India’s history.
- Momentous from an ESG perspective too. LIC’s pursuit of pre-IPO ESG ratings is commendable, precedent-setting, and long-term positive for LIC as a company and India and a country.
- Near-Term, pursuing pre-IPO ratings could backfire. Nothing major, but LIC could simply tell its ESG story to investors without (for now) ratings; the desired benefits without the risks.
Life Insurance Corporation of India: The IPO Prospectus Is Weak on ESG Strategy
- Despite the geopolitical wrench Vlad just threw into the cogs of world financial markets, LIC’s IPO seems to be on track. So here is another ESG-related observation about the deal.
- In the Insight Life Insurance Corporation of India’s Pursuit of Pre-IPO ESG Ratings Is Positive, But With Some Risk, I mentioned th very generic ESG-related wording in the prospectus.
- There wasn’t much in the prospectus, and that lack of a substantive ESG narrative runs counter to LIC’s public push for pre-IPO ESG ratings and begs several related questions.
Pick of the Week – Infosys Ltd.
- Infosys is India’s second-largest provider of consulting and IT services to clients across the globe
- It is also among the fastest-growing IT services organization in the world and leader in the offshore services space having pioneered the Global Delivery Model
- The company provides business consulting, application development and maintenance, and engineering services to 1,738 active clients
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