IPO share price target

Substantial experience & deep customer understanding positions the company to seize significant opportunities. According to Crisil, target addressable market, as of March 31, 2021 is ~| 0.85 trillion by revenue What should investors do? The bank turned profitable in the fourth quarter of FY20 while RoE for FY21 was at 14.6%. At the upper end of the price band, it is...

authenticity and guarantee of quality 2) wide product range offered by Nykaa as against low fill rates, stock outs and limited assortment in physical stores 3) 2mn SKU's, 3826 brands and availability in 24817 pin codes 4) consumer...

We recommend SUBSCRIBE rating on G R Infraprojects Limited (GRIL) IPO issue given a) strong pedigree management with excellent execution capabilities, b) lean balance sheet (standalone Net D/E: 0.3x), robust earnings growth (45% CAGR Over FY16-21) and c) well placed to capitalize huge opportunities in infra space (NIP of ~Rs111trn). GRIL has gradually emerged as an integrated road EPC player having successfully executed more than 100 road projects (since 2006) across 15 states with one of the fastest growth...

increasing distribution. We note that the company has improved product quality over the years and has benefitted from being contract manufacturer of Oreo biscuits for Mondelez. We believe Bread and Institutional Buns business is a silver lining given strong share and the credibility it provides to...

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....

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....

IPO NOTE

IPO NOTE

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...

IPO NOTE