HDFC Securities Broker Research reports

Brookfield India Real Estate Trust (REIT) - IPO Note Issue Snapshot: Issue Open: Feb 03 Feb 05, 2021 Price Band: Rs. 274 275 Bid size: 200 units and in multiples thereof Total Issue Size: Rs 3,800cr

Stove Kraft Limited - IPO Note Issue Open: Jan 25 Jan 28, 2021, Price Band: Rs. 384 385, *Issue Size: 10,717,532 eq shares (Fresh Issue of 2,467,532 eq sh + Offer for sale of 8,250,000 eq sh) Issue Size: Rs. 411.66 412.65 cr , Reservation for: QIB atleast 75% eq sh, Non Institutional Upto 15% eq sh, Retail Upto 10% eq sh, Face Value: Rs 10 Adjusted Book value: Rs 51.89, (September 30, 2020), Bid size: - 38 equity shares and in multiples thereof

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.

Indian Railway Finance Corporation Limited - IPO Note Issue Snapshot: Issue Open: Dec 21 Dec 23, 2020, Price Band: Rs. 313 315, Issue Size: 9,523,345 eq shares (Fresh issue 2,698,413* + Offer for sale of 6,824,933 eq sh), Issue Size: Rs. 298.1 -300.0 cr Reservation for: QIB upto 50% eq sh Non Institutional atleast 15% eq sh Retail atleast 35% eq sh, Face Value: Rs 5, Book value: Rs 89.87 (Sep 30, 2020), Bid size: - 47 equity shares and in multiples thereof

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

Gland Pharma Ltd - IPO Note Issue Open: Nov 09 Nov 11, 2020 Price Band: Rs. 1490 1500 *Issue Size: 43,196,968 eq shares (Fresh Issue of 8,333,333 eq sh + Offer for sale of 34,863,635 eq sh) Issue Size: Rs. 6436.3 6479.5 cr Reservation for: QIB Upto 50% eq sh Non Institutional atleast 15% eq sh Retail atleast 35% eq sh Face Value: Rs 1 Book value: Rs 255.79 (June 30, 2020) Bid size: - 10 equity shares and in multiples thereof 100% Book built Issue Capital Structure: Pre Issue Equity: Rs. 15.49 cr Post issue Equity: Rs. 16.33 cr Listing: BSE & NSE

Equitas Small Finance Bank Limited - IPO Note Issue Open: Oct 20 Oct 22, 2020 Price Band: Rs. 32 33 Issue Size: 156,848,485 eq shares (Fresh Issue of 84,848,485 eq sh + Offer for Sale of 72,000,000 eq sh ) Issue Size: Rs. 501.9 517.6 cr Reservation for: QIB Upto 50% eq sh Non Institutional atleast 15% eq sh Retail atleast 35% eq sh Employee Reservation: Rs.1 cr EHL Shareholder Reservation: Rs 51.0 cr Face Value: Rs 10 Book value: Rs 26.47 (June 30, 2020) Bid size: - 450 equity shares and in multiples thereof

UTI Asset Management Company Limited - IPO Note Issue Open: Sept 29 Oct 01, 2020 Price Band: Rs. 552 554 Issue Size: 38,987,081 eq shares (Entirely Offer for sale) Issue Size: Rs. 2152.1 2159.9 cr Reservation for: QIB Upto 19,393,540 eq sh Non Institutional atleast 5,818,062 eq sh Retail atleast 13,575,479 eq sh Employee Upto 200,000 eq sh

Mazagon Dock Shipbuilders Limited - IPO Note Issue Open: Sept 29 Oct 01, 2020 Price Band: Rs. 135 145 Issue Size: 30,599,017 eq shares (Entirely Offer for sale) Issue Size: Rs. 413.1 443.7 cr Reservation for: QIB Upto 15,126,750 eq sh Non Institutional atleast 4,538,025 eq sh Retail atleast 10,588,725 eq sh Employee Upto 345,517 eq sh

Angel Broking Ltd - IPO Note Issue Size: Rs. 598.0 600.0 cr Reservation for: QIB Upto 50% eq sh Non Institutional atleast 15% eq sh Retail atleast 35% eq sh

We increase our target price to Rs5,054 to factor gRevlimid launch in FY23 and maintain our ADD rating. Key catalysts are launch of gVascepa, approval for gCopaxone and gNuvaring. Meaningful addition: Dr. Reddys settles patent litigation with Celgene (Bristol Myers Squibb) in the US for gRevlimid (USD7.6bn). The drug is indicated for multiple myeloma (cancer). As per the settlement terms, Dr. Reddys is licensed to sell volume-limited quantity after Mar 2022 and without volume-restriction after Jan 31, 2026 subject to product approval from the US FDA. While the details pertaining to launch date and market share are not disclosed, the opportunity can add an NPV of Rs384/share to our target price in a base case scenario (assuming 5-20% market share, 30-45% price erosion between FY23-26).

Computer Age Management Services Ltd- IPO Note Issue Open: Sept 21 Sept 23, 2020 Price Band: Rs. 1229 1230 (Discount of Rs 122 for eligible Employees) Issue Size: 18,246,600 eq shares (Entirely Offer for sale) Issue Size: Rs. 2240.0 2242.0 cr

We increase our EPS forecast by 7-8% for FY21/22 to factor gVascepa launch and our target multiple to 22x (from 20x earlier) to factor improved visibility in the US and API business. We upgrade Dr Reddys to ADD (from REDUCE) and increase TP to Rs4,670. The growth visibility of the US business has improved with the strong momentum of new launches (12 launches in YTD FY21) including niche ones such as gCiprodex (first to market). The dependence of gCopaxone and gNuvaring on FY22 earnings reduces with the new product flow and favourable ruling of gVascepa (now in our estimates). Structural tailwinds in the API business (15% of revenues) will lead to double digit growth over the next few years.

Route Mobile Ltd - IPO Note Issue Open: Sept 09 Sept 11, 2020 Price Band: Rs. 345 350 *Issue Size: 17,142,857 eq shares (Fresh issue 6,857,143 + Offer for sale of 10,285,714 eq sh) Issue Size: Rs. 591.42 - 600.00 cr

Happiest Minds Technologies Ltd - IPO Note Issue Open: Sept 07 Sept 09, 2020 Price Band: Rs. 165 166 Issue Size: 42,290,091 eq shares (Fresh issue 6,626,506* + Offer for sale of 35,663,585 eq sh) Issue Size: Rs. 697.79 -702.02 cr

Mindspace REIT IPO Note Issue Open: July 27 - July 29, 2020, Price Band: Rs. 274 - 275, Issue Size: Rs 4,500cr

Yes Bank Ltd. Issue Open: July 15 July 17, 2020, Price Band: Rs. Rs. 12 - 13 (Discount of Rs 1 for the eligible employees of the bank), Issue Size: 11,538,461,538 eq shares (Including Employee reservation of 166,666,667 shares