Equity Analyst, LightStream Research

Shifara Samsudeen, ACMA, CGMA

A chartered management accountant with more than 10 years of rich experience in investment research and financial analysis. Worked as an equity analyst for one of the world's largest asset managers with USD2.5trn in AUM covering numerous sectors including chemicals, retail, tech, autos, telco, real-estate and banks, globally. Experienced in fundamental equity research, industry research, commodity studies, forensic accounting, and due diligence reviews.

Equity Analyst

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Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

Equity Capital Markets

<a href="https://www.smartkarma.com/entities/tdcx-inc" target="_blank" data-smartkarma-citation="entities:34187:1" rel="noopener">TDCX (TDCX US)</a> provides digital customer experience solutions for innovative technology and other blue-chip companies. The company has announced the indicative IPO price range and the terms for its IPO. TDCX plans to offer 18.8m ADS (each ADS represents one Class A share) at an indicative price range of US$16-18 per ADS, and at the midpoint of US$17 per ADS, the company will raise gross proceeds of US$294.5 (assuming the over-allotment option is not exercised) at a market capitalisation of US$2.4bn and a post-money valuation of US$2.3bn.<table class="table table-striped"><tbody>
<tr><td colspan="2" style="width: 252.0pt;">TDCX IPO Details</td></tr>
<tr>
<td style="width: 175.75pt;">No. of ADSs Issued</td>
<td style="width: 76.25pt;">      18,772,000</td>
</tr>
<tr>
<td style="width: 175.75pt;">Ordinary Shares per ADS</td>
<td style="width: 76.25pt;">1.0</td>
</tr>
<tr>
<td style="width: 175.75pt;">Shares Outstanding Post IPO</td>
<td style="width: 76.25pt;">    142,272,000</td>
</tr>
<tr>
<td style="width: 175.75pt;">Offer as a % of Outstanding Shares</td>
<td style="width: 76.25pt;">13.2%</td>
</tr>
<tr>
<td style="width: 175.75pt;">Price per ADS (US$)</td>
<td style="width: 76.25pt;">16-18</td>
</tr>
<tr>
<td style="width: 175.75pt;">Net Proceeds (US$m)</td>
<td style="width: 76.25pt;">294.5</td>
</tr>
<tr>
<td style="width: 175.75pt;">Market Capitalisation (US$m)</td>
<td style="width: 76.25pt;">           2,418.62</td>
</tr>
<tr>
<td style="width: 175.75pt;">Enterprise Value (US$m)</td>
<td style="width: 76.25pt;">           2,339.12</td>
</tr>
</tbody></table><div style="text-align: left;" class="content-caption">Source: Company disclosures (net proceeds, market cap and EV are at the midpoint of the IPO price range, we have used the net debt figure given in the roadshow presentation for EV calculation)</div>The company plans to use approx. US$188.0m (64.0%) of the net IPO proceeds to repay the loan obtained under the Credit Suisse Facility and the remaining net proceeds will be spent on expanding the company’s business into new markets and for general corporate purposes.

TDCX (TDCX US) provides digital customer experience solutions for innovative technology and other blue-chip companies. The company has announced the indicative IPO price range and the terms for its IPO. TDCX plans to offer 18.8m ADS (each ADS represents one Class A share) at an indicative price range of US$16-18 per ADS, and at the midpoint of US$17 per ADS, the company will raise gross proceeds of US$294.5 (assuming the over-allotment option is not exercised) at a market capitalisation of US$2.4bn and a post-money valuation of US$2.3bn.
TDCX IPO Details

No. of ADSs Issued
      18,772,000


Ordinary Shares per ADS
1.0


Shares Outstanding Post IPO
    142,272,000


Offer as a % of Outstanding Shares
13.2%


Price per ADS (US$)
16-18


Net Proceeds (US$m)
294.5


Market Capitalisation (US$m)
           2,418.62


Enterprise Value (US$m)
           2,339.12

Source: Company disclosures (net proceeds, market cap and EV are at the midpoint of the IPO price range, we have used the net debt figure given in the roadshow presentation for EV calculation)The company plans to use approx. US$188.0m (64.0%) of the net IPO proceeds to repay the loan obtained under the Credit Suisse Facility and the remaining net proceeds will be spent on expanding the company’s business into new markets and for general corporate purposes.

TDCX

TDCX IPO: Peer Comparison and Valuation