Category: IPO

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ISSUE HIGHLIGHTS

Macrotech Developers (Lodha Developers) is one the largest real estate developers in India and is all set to hit the primary markets with a goal to raise around INR 2,500 Crores through the public offer.

This is the third attempt of the company to launch the issue.

Equity shares worth INR 30 Crs are reserved for eligible employees.

Issue Details

Strengths

• One of India’s largest residential real estate developers
• Well established brand & premium pricing
• Proven end-to-end execution capabilities with continuous innovation
• Strong focus on sustainable development
• Diversified portfolio across price points
• Significant inventory of completed, ready-to-move units
• Unique ability to develop townships
• Innovative marketing and sales strategies
• High quality management team

Valuation

The company is getting listed at a PE of 26.3 on the basis of FY 20 EPS, at upper price band, against sector PE of 25.34. It is fairly priced.

Issue Break-Up

Utilization of Fresh Issue Funds

Background highlights of the company in brief

• Macrotech Developers Ltd, formerly known as Lodha Developers is involved in the real estate business since 1986. It is one of the largest real estate developers in India, by residential sales value for the financial years 2014 to 2020.
• The company’s core business is residential real estate developments with a focus on affordable and mid-income housing. Currently, it has residential projects in the MMR and Pune, and in 2019 it forayed into the development of logistics and industrial parks and entered into a joint venture with ESR Mumbai 3 Pte. Limited (“ESR”).
• It also develops commercial real estate, including as part of mixed-use developments in and around its core residential projects.
• The company’s brands include “Lodha”, “CASA by Lodha” and “Crown – Lodha Quality Homes” for its affordable and mid-income housing projects, the “Lodha” and “Lodha Luxury” brands for its premium and luxury housing projects, and the “iThink”, “Lodha Excelus” and “Lodha Supremus” brands for its office spaces.
• Its in-house sales team is supported by a distribution network of multiple channels across India as well as key non-resident Indian (“NRI”) markets, such as the Gulf Cooperation Council, United Kingdom, Singapore and the United States.
• Its large ongoing portfolio of affordable and mid-income housing projects include Palava (Navi Mumbai, Dombivali Region), Upper Thane (Thane outskirts), Amara (Thane), Lodha Sterling (Thane), Lodha Luxuria (Thane), Crown Thane (Thane), Bel Air (Jogeshwari), Lodha Belmondo (Pune), Lodha Splendora (Thane) and Casa Maxima (Mira Road).
• The company’s premium and luxury housing projects include Lodha Park (Worli), Lodha World Towers (Lower Parel), Lodha Venezia (Parel) and New Cuffe Parade (Wadala). In addition, it also has a few projects under the “Lodha Luxury” brand, which comprise small-scale, high-value developments such as Lodha Altamount (Altamount Road), Lodha Seamont (Walkeshwar) and Lodha Maison (Worli).
• As part of logistics and industrial park portfolio, it has planned to develop a logistics and industrial park of over 800 acres of land near Palava, which is strategically located near the Jawaharlal Nehru Port, the proposed international airport in Navi Mumbai and the industrial hub of Taloja.

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Issue Highlights

Incorporated in 2006, Barbeque Nation is a leading casual dining restaurant chain in India, with 138 Restaurants in 73 cities domestically and 7 International Restaurants in 3 countries internationally.

The company has already raised ₹150 Crs through a pre-IPO placement from Xponentia Capital and Jubilant Foodworks.

Issue Details

Company Strengths

• One of the fastest growing restaurant brands in CDR market.
• Strong financials, with proven track record of revenue growth.
• Attractive Veg and Non-Veg menu offerings, with constant innovation.
• Experienced promotors and senior management team.

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The company has been reporting negative net margins from continuing business since past two years. However, strong presence in the country and growing industry could be an aid for better performance in the long run.

Issue Break-Up

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Issue Highlights

Incorporated in 2008 as Micro Finance bank, Suryoday become a SFB in the span of 8 years. It has now expanded over 13 states and UTs, and aims to raise ~INR 582 Crs through this issue.

Issue Details

Company Strengths

• Customer centric approach with a focus on financial inclusion.
• Diversified asset portfolio with a focus on retail operations.
• Fast evolving granular deposit franchise
• Leveraging emerging technologies to enhance digital footprint
• Strong credit processes and robust risk management framework
• Strong past financial performance
• Multiple distribution channels
• Experienced leadership team

Valuation

The bank is getting listed at PE of 36.95 on the basis of Forward FY 21 EPS, against the sector PE of 39.5. We recommend to apply for the issue based on its attractive valuation and strong financials.

Issue Break-Up

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Issue Highlights

Incorporated in 1999, Nazara Technologies Ltd. is a leading India based gaming & sports media platform with presence in India & across emerging & developed global markets such as Africa & North America.

Issue Details

Company Strengths

• Leadership position in a diversified and scalable business.
• Portfolio of premium intellectual property & content across regions & businesses.
• Large community of users, with attractive monetization opportunities.
• Successful inorganic growth through strategic acquisitions.
• Profitable platform model with limited regulatory risk.
• Strong leadership team backed by marquee investors

View

The company reported a net loss in the FY 20 and 6M FY 21, with positive EBITDA. As Indian gaming industry is increasing at a faster pace, we expect better performance of the company in long run.

Issue Break-Up

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Issue Highlights

Kalyan Jewellers is one of India’s largest Jewellery companies, hitting the market to raise INR 1,175 Crs through this offer.

It designs, manufactures, and sell a variety of gold, embossed and other jewellery products.

Equity shares worth INR 2 crores are reserved for eligible employees.

Issue Details

Company Strengths

• Established brand built on the core values of trust and transparency.
• One of India’s largest jewellery companies with a pan-India presence
• Hyperlocal strategy enabling to cater to a wide range of geographies and customer segments
• Extensive grassroots “My Kalyan” network with strong distribution capabilities
• Visionary Promoters with strong leadership qualities
• Wide range of product offerings

Valuation

The company is getting listed at a PE of 51.2 on the basis of FY 20 EPS, at upper price band, against sector PE of 11.91.

Issue Break-Up

Utilization of Fresh Issue Funds

Background highlights of the company in brief

• Incorporated in the year 1993 with only a single showroom in Thrissur, Kerala, Kalyan Jewellers Limited has now become one of the largest jewellery companies in India based on revenue as of March 31, 2020, according to the Technopak Report.
• The company has around 107 showrooms located across 21 states & union territories in India, and also have an international presence with 30 showrooms located in the Middle East as of December 31, 2020.
• Its geographical bounds has reached and is expanding into new markets across India, GCC, USA, Singapore, Malaysia, Sri Lanka and more.
• The company’s total showrooms have increased from 77 as of March 31, 2015 to 137 showrooms as of December 31, 2020, and it intend to continue to open additional showrooms as it expects significant opportunity for further penetration in its existing markets as well as in new markets, primarily in India.
• The company designs, manufactures and sells a wide range of gold, studded and other jewellery products across various price points ranging from jewellery for special occasions, such as weddings, which is its highest-selling product category, to daily-wear jewellery.
• Along with gold, it also offers an array of traditional and contemporary jewellery designs in diamonds, precious stones and other precious metals.
• 74.77% and 75.88% of the company’s revenue from operations in Fiscal 2020 and in the 9M December 31, 2020 respectively, was from the sale of gold jewellery, 23.36% and 21.72%, respectively, was from the sale of studded jewellery (which includes diamonds and precious stones), and 1.87% and 2.40%, respectively, was from the sale of other jewellery.
• The company’s “My Kalyan” network consists of multiple service centres that are located in a wide radius around most of its showrooms.
• As of December 31, 2020, the company had 766 “My Kalyan” locations and 2,699 dedicated “My Kalyan” employees.
• The company’s “My Kalyan” network contributed 17.02% and 20.82% of its revenue from operations in India and 30.88% and 36.02% of the enrolment to its purchase advance schemes in India in Fiscal 2020 and in the 9M December 31, 2020 respectively.
• The company was awarded the Superbrands title of being ‘India’s most preferred jewellery brand in Fiscal 2020.

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Issue Highlights

Laxmi Organic Industries is a specialty chemical manufacturer, based in Mumbai and having domestic and international operations (Europe, UAE and China). It is set to raise INR 600 Crs through an initial offer.

Issue Details

Company Strengths

• Leading manufacturer of ethyl acetate with significant market share
• Only Indian manufacturer of diketene derivatives; significant market share; the largest portfolios of diketene products.
• Diversified customer base across high growth industries
• Strategically located manufacturing facilities, vertical integration and supply chain efficiencies
• In-house research and development capabilities
• Global presence and low geographical concentration
• Differentiated business model, asset base and product mix

Valuation

The company reported its EPS for FY 20 at 2.86, bringing its PE at 45.45 at upper price band, against the sector PE of 44.52. It is fairly priced.

Issue Break-Up

Utilization of Funds

Background highlights of the company in brief

• Incorporated in 1989, Laxmi Organic India Ltd. is a leading manufacturer of Acetyl Intermediates and Specialty Intermediates with almost three decades of experience in large scale manufacturing of chemicals.
• It is currently among the largest manufacturers of ethyl acetate in India with a market share of approx. 30% of the Indian ethyl acetate market. Post the acquisition of YCPL, the company’s market share in the ethyl acetate market will be further enhanced.
• In FY 2010, the company commenced the manufacturing of Specialty Intermediates by acquiring Clariant’s diketene business.
• It is the only manufacturer of diketene derivatives in India with a market share of approx. 55% of the Indian diketene derivatives market in terms of revenue in FY 2020 and one of the largest portfolios of diketene products.
• The company’s Acetyl Intermediates include ethyl acetate, acetaldehyde, fuel-grade ethanol & other proprietary solvents, while the Specialty Intermediates comprises of ketene, diketene derivatives namely esters, acetic anhydride, amides, arylides & other chemicals.
• It has significantly expanded its scale of operations & global footprint with customers in over 30 countries including China, Netherlands, Russia, Singapore, United Arab Emirates, United Kingdom & USA.
• Currently, it has two manufacturing facilities in Mahad, Maharashtra, with one facility dedicated to Acetyl Intermediates and another to Specialty Intermediates, which are strategically located in proximity to several ports and each other.

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Issue Highlights

Craftsman Automation Ltd is considered to be among top 5 automation companies in India and is coming with a public offer to raise around INR 824 crores.

Issue Details

Company Strengths

• Strong in-house process & product design capabilities.
• Long term & well established relationships with marquee domestic and global OEMs.
• Wide manufacturing trail; strategically located manufacturing facilities.
• Experienced management team supported by motivated & skilled work force
• Robust financial performance

Valuation

The company is getting listed at a forward FY 21 P/E of 44.4 at upper price band, against sector PE of 61.61. It is getting listed at attractive valuation.

Issue Break-Up

Utilization of Funds

Background highlights of the company in brief

• Incorporated in 1986 as a small scale industry in South India, Craftsman Automation has grown to become a leader in precision manufacturing in diverse fields.
• It is a diversified engineering company with vertically integrated manufacturing capabilities, engaged in three business segments, namely powertrain and other products for the automotive segment (“Automotive – Powertrain and Others”), aluminum products for the automotive segment (“Automotive – Aluminum Products”), and industrial and engineering products segment (“Industrial and Engineering”).
• Craftsman is the largest player involved in the machining of cylinder blocks and cylinder heads in the intermediate, medium and heavy commercial vehicles segment as well as in the construction equipment industry in India.
• The company’s solutions include design, process engineering and manufacturing including foundry, heat treatment, fabrication, machining, and assembly facilities.
• The company’s key products in Powertrain segment includes engine parts such as cylinder blocks and cylinder heads, camshafts, transmission parts, gear box housings, turbo chargers and bearing caps.
• It has its geographical presence in cities including Coimbatore, Chennai, Pune, Indore, Jamshedpur, Faridabad and Bangalore.
• It owns and operates 12 strategically located manufacturing facilities across seven cities in India, with a total built up area of over 1.5 million sq. ft.
• The company’s key customers includes Daimler India, Tata Motors, Tata Cummins, Mahindra & Mahindra, Simpson & Co. Limited, TAFE Motors and Tractors, Escorts, Ashok Leyland, Perkins, Mitsubishi Heavy Industries, John Deere and JCB India.
• The company has a wholly-owned overseas subsidiary, Craftsman Europe B.V., set up in 2008 in Netherlands, through which it is engaged in marketing, sales and servicing of marine engines and other associated equipment used in yachts.
• Its sales volume, in terms of tonnage, from the Automotive – Aluminum Products segment was 9,339.32 tones, 12,596.22 tones, 18,863.83 tones and 11,819.04 tones for the nine months ended December 31, 2020 and Fiscals 2020, 2019 and 2018, respectively.
• The company’s EBITDA Margin was 28.81%, 27.24%, 25.12% and 20.19%, for the nine months ended December 31, 2020 and Fiscals 2020, 2019 and 2018 respectively, having increased at a CAGR of 16.15%, from Fiscal 2018 to Fiscal 2020.

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Issue Highlights

After its inception in 1984, Anupam Rasayan India has become one of the leading manufacturer of life science related specialty chemicals, and is all set to hit the capital markets.

The issue includes a reservation of up to 220,000 equity shares for subscription by eligible employees, at a discount of INE 55 per share.

Issue Details

Company Strengths

• Strong & long-term relationships with diversified customers across geographies with significant entry barriers
• Diversified and customized product portfolio with a strong supply chain
• Consistent track record of financial performance
• Core focus on process innovation through consistent R&D, value engineering and complex chemistries

Valuation

The company reported its EPS at 6.94, bringing the IPO valuation to a P/E of 79.97 at upper price band, against sector PE of 50.62. Though it is costlier, we are positive towards the issue based on its strong operations and global presence.

Issue Break-Up

Utilization of Funds

Background highlights of the company in brief

• Incorporated as a partnership firm in 1984 as a manufacturer of conventional products, Anupam Rasayan India Limited is one of the leading companies engaged in the custom synthesis and manufacturing of life science related specialty chemicals and other specialty chemicals in India.
• The company has two distinct business verticals: (i) Life science related specialty chemicals comprising products related to agrochemicals, personal care and pharmaceuticals, and (ii) Other specialty chemicals, comprising specialty pigment and dyes, and polymer additives.
• In FY 20 and in the 6M September 20, revenues from its life science related specialty chemicals vertical accounted for 95.37% and 92.48%, respectively, of its revenue from operations, while revenue from other specialty chemicals accounted for 4.63% and 7.52%, respectively, of its revenue from operations.
• The company has developed strong and long-term relationships with various multinational corporations, including, Syngenta Asia Pacific Pte. Ltd., Sumitomo Chemical Co. Ltd., and UPL Ltd. that has helped the company expand its product offerings and geographic reach across Europe, Japan, US and India.
• In the 6M September 20, the company manufactured products for over 45 domestic and international customer, including 15 multinational companies. The Government of India has also recognized the Company as a three star export house.
• The company has a dedicated in-house R&D facility and a pilot plant located at Sachin Unit – 6, which is equipped with laboratories engaged in process development, process innovation, new chemical screening and engineering, which assists in pursuing efficiencies from the initial conceptualization up to commercialization of a product.
• It has expanded its commercialized product portfolio from 25 products in FY 18 to 34 products in FY 20 and 36 products in the 6M September 20.
• As of September 30, 2020, the company operated six multi-purpose manufacturing facilities in Gujarat, with four facilities located at Sachin and two located at Jhagadia and an aggregate installed capacity of 23,438 MT.
• India’s specialty chemicals industry is expected to grow at a CAGR of approximately 10% to 11% over the next five years, due to rising demand from end-user industries, along with tight global supply on account of stringent environmental norms in China.

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Issue Highlights

Incorporated in 2008, Easy Trip Planners are the 2^nd largest Online Travel Agencies in India, in terms of booking volume in the nine months ended December 31, 2020 and 3^rd among the Key Online Travel Agencies in India in terms of gross booking revenues in FY 2020.

Issue Details

Company Strengths

• Leading online travel agencies in India, with option of no-convenience fee
• Consistent track record of financial & operational performance
• In-house advanced technology and analytics capabilities
• Wide distribution network supported by a hybrid platform
• Well-recognized brand with a targeted marketing strategy
• Well-qualified and experienced management team.

Valuation

The company is getting listed at PE of 49.03, against sector PE of 43.32. It is priced marginally costly. We recommend to apply on the basis of strong financials and operations.

Issue Break-Up

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