IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

Arun has over 15 years’ experience covering the Technology sector. During this time, he has worked with technology start-ups and as an equity analyst in investment banks and independent research firms. He was formerly a Technology Analyst for Canaccord Genuity, Altium Securities, Espirito Santo Investment Bank, Noble Group and Clear Capital. He has a dual Master’s degree in Financial Engineering and Industrial and Operations Engineering from the University of Michigan. He obtained his Bachelor’s degree in Mechanical Engineering from the Indian Institute of Technology, Bombay. He is also a CFA charterholder.

IPOs and Catalysts/Events

Weekly Deals Digest (07 May) - Mankind, Nexus, Tata Tech, AAG, Golden Energy, Lian Beng, Penguin

Tata Technologies IPO: The Investment Case

Tata Technologies IPO: Valuation Insights

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Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Equity Capital Markets

Tata Technologies / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tata-technologies" target="_blank" data-smartkarma-citation="entities:23700:1" rel="noopener">Tata Technologies (TATATECH IN)</a>, the largest India-based ER&amp;D (engineering research and development) service provider, is seeking to raise up to US$600 million, according to press reports.</li>
<li>In <strong><em><a href="https://www.smartkarma.com/insights/tata-technologies-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:101409" rel="noopener">Tata Technologies IPO: The Bull Case</a></em></strong>, we highlighted the key elements of the bull case. In this note, we outline the bear case.</li>
<li>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.   </li>
</ul>



Tata Technologies (TATATECH IN), the largest India-based ER&amp;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.   


L&T Technology Services Limited (LTTS IN)

Tata Technologies

Tata Technologies IPO: The Bear Case