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28 Sep 2020
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IPO
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Prabhudas Lilladhar
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IPO Note
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UTI AMC, the eighth largest AMC in India, is a dominant player in beyond T30 cities (B30) market. The growth for the company in last four years was largely driven by passive funds as it bagged chunky public investments in ETFs, pension and retirement funds. The Co witnessed steady healthy 15% QAAUM CAGR over the same period led by strong distribution franchise, sticky client base, strengths in managing retirement (2nd highest) and PMS funds. However lower yields on passive/alternate funds, higher cost structures and current pandemic led headwinds would cap near term return profile....
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19 Sep 2020
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IPO
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Ventura
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IPO Note
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17 Sep 2020
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IPO
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Ventura
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IPO Note
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07 Sep 2020
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IPO
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Prabhudas Lilladhar
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IPO Note
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improved from -9% in FY18 to 11% in FY20 and 18.5% in 1QFY21. FCF/EBITDA stood at ~80% in FY20 with the company generating RoE of 31.3% in FY20. The total issue size of the IPO is Rs7bn (upper end of price band) with fresh issue of 4.7% (6.65mn shares) aggregating up to Rs1.1bn and an OFS of up...
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09 Jul 2020
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IPO
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Ventura
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IPO Subscribe
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03 Mar 2020
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IPO
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Prabhudas Lilladhar
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IPO Note
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international players, large dependency on projects from State government authorities primarily Municipal Corporations (unstable allocation of MSW management) and rich valuation (23.3x FY19 vs Infra coverage universe has an average of ~19x; however there are no listed peers to facilitate comparison). AWHCL is an emerging player providing full spectrum of Municipal Solid Waste (MSW) management services with a diversified project portfolio across segments, geographies and clientele. It is one of the top five players in the Indian MSW management industry with the resources to handle...
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03 Mar 2020
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IPO
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Prabhudas Lilladhar
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IPO Note
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international players, large dependency on projects from State government authorities primarily Municipal Corporations (unstable allocation of MSW management) and rich valuation (23.3x FY19 vs Infra coverage universe has an average of ~19x; however there are no listed peers to facilitate comparison). AWHCL is an emerging player providing full spectrum of Municipal Solid Waste (MSW) management services with a diversified project portfolio across segments, geographies and clientele. It is one of the top five players in the Indian MSW management industry with the resources to handle...
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18 Dec 2019
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IPO
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Systematix Group
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IPO Note
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Offer for Sale: Company will not receive any proceeds from the Offer for Sale and all the proceeds will go to the Selling Shareholders. Business Overview: - Prince pipe is recognized as one of the leading polymer pipes and fittings manufacturers in India in terms of number of distributors (Source: CRISIL Research Report). They market their products under two brand names: Prince Piping Systems; and Trubore. Due to their comprehensive product range, they are positioned as an end-to end polymer piping systems solution provider. They have more...
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