We remain optimistic and see sector rerating at a 4-5x book-to-bill and ~ 7.1/5.5x core EPC P/E for FY22/23E. Pandemics can be game changers and we are seeing that play out for the Industrials sector. There have been many first times during this cycle: (1) broad-based ordering from roads, water, refineries, metro, mega projects like high speed rail, buildings, etc; (2) average order size increasing with L&T; gaining market share in the absence of formidable competition; (3) diversified plays outperforming roads pure plays in order wins; (4) roads players accelerating diversification; (5) competitors joining hands to qualify for large ticket size projects. Given our thought leadership in the sector, we believe there may be a few mid to long term triggers for sector: (1) earnings upgrades of 30-40% coming in from 4QFY21; (2) with asset monetization - HAM P/BV to be seen as cash; (3) all-round increase in ordering both at Central/State level, given development push.
Home First Finance Company India Ltd - IPO Note Issue Snapshot: Issue Open: Jan 21 Jan 25, 2021, Price Band: Rs. 517 518, *Issue Size: 22,272,568 eq shares, (Fresh Issue of 5,115,830 eq sh + Offer for sale of 17,156,737 eq sh), ssue Size: Rs. 1151.5 1153.7 cr, Reservation for: QIB Upto 50% eq sh Non Institutional atleast 15% eq sh Retail atleast 35% eq sh, Face Value: Rs 2, Book value: Rs 126.06 (September 30, 2020), Bid size: - 28 equity shares and in multiples thereof
Indigo Paints - IPO Note Indigo Paints Ltd (IPL) the fifth largest company in the Indian decorative paint industry in terms of revenue from operations for Fiscal 2020 and the fastest growing amongst the top five paint companies in India.
Mrs. Bectors Food Specialities Limited IPO Note Issue Open: Dec 15 Dec 17, 2020 Price Band: Rs. 286 288 (Discount of Rs 15 for the eligible employees) *Issue Size: 18,768,750 eq shares (Fresh Issue of 1,407,639eq sh + Offer for sale of 17,361,111 eq sh) Issue Size: Rs. 536.8 540.5 cr Reservation for: QIB Upto 50% eq sh Non Institutional atleast 15% eq sh Retail atleast 35% eq sh Face Value: Rs 10 Book value: Rs 62.47 (September 30, 2020) Bid size: - 50 equity shares and in multiples thereof.
Burger King India Limited - IPO Note Issue Open: Dec 02 Dec 04, 2020 Price Band: Rs. 59 60 *Issue Size: 135,000,000 eq shares (Fresh Issue of 75,000,000eq sh + Offer for sale of 60,000,000 eq sh) Issue Size: Rs. 796.5 810.0 cr Reservation for: QIB atleast 75% eq sh Non Institutional Upto 15% eq sh Retail Upto 10% eq sh Face Value: Rs 10 Book value: Rs 7.62 (September 30, 2020) Bid size: - 250 equity shares and in multiples thereof 100% Book built Issue
