Global Materials | Industrials | Commodities

Rahul Jain

Equity Bottom-Up

<ul>
<li>Akzo Nobel N.V. earlier announced its plans to exit India to focus on core markets where it holds a position of “differentiating scale.</li>
<li>JSW Paints has reportedly entered exclusive talks to acquire Akzo India, edging out Advent–Indigo and Pidilite.</li>
<li>Shareholders may tender in the open offer or stay invested for potential upside via JSW which has a long stellar track-record.</li>
</ul>


Akzo Nobel N.V. earlier announced its plans to exit India to focus on core markets where it holds a position of “differentiating scale.
JSW Paints has reportedly entered exclusive talks to acquire Akzo India, edging out Advent–Indigo and Pidilite.
Shareholders may tender in the open offer or stay invested for potential upside via JSW which has a long stellar track-record.


Akzo Nobel India [India M&A]: JSW Likely Buyer – Investors Should Assess Strategic Impact

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

WeWork India Management Ltd / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/wework-india-management-ltd" target="_blank" data-smartkarma-citation="entities:44329:1" rel="noopener">WeWork India Management Ltd (1690124D IN)</a> is looking to raise about US$338m in its India IPO.</li>
<li>WeWork India (WWI) offers a wide range of workspace solutions, including custom-designed buildings, floors, and offices, enterprise office suites, private offices, co-working spaces, customized managed offices, and hybrid digital solutions.</li>
<li>In our earlier notes, we have looked at the company’s past performance. In this note, we talk about the peer comp and IPO valuations.</li>
</ul>



WeWork India Management Ltd (1690124D IN) is looking to raise about US$338m in its India IPO.
WeWork India (WWI) offers a wide range of workspace solutions, including custom-designed buildings, floors, and offices, enterprise office suites, private offices, co-working spaces, customized managed offices, and hybrid digital solutions.
In our earlier notes, we have looked at the company’s past performance. In this note, we talk about the peer comp and IPO valuations.


WeWork India IPO - Thoughts on Peer Comp and Valuation

FSN E-Commerce Ventures (Nykaa) / Equity Capital Markets

<ul>
<li>Harindarpal Singh Banga, one of Nykaa’s early investors, aims to raise around US$140m via selling a 2% stake in <a href="https://www.smartkarma.com/entities/fsn-e-commerce-ventures-nykaa" target="_blank" data-smartkarma-citation="entities:33796:1" rel="noopener">FSN E-Commerce Ventures (NYKAA IN)</a>.</li>
<li>He has been gradually reducing his holding, currently owns about 4.97% of Nykaa. Prior to Nykaa’s IPO in Nov 2021, he held a stake of 8.7% in the company.</li>
<li>In this note, we run the deal through our ECM framework and comment on deal dynamics.</li>
</ul>


Harindarpal Singh Banga, one of Nykaa’s early investors, aims to raise around US$140m via selling a 2% stake in FSN E-Commerce Ventures (NYKAA IN).
He has been gradually reducing his holding, currently owns about 4.97% of Nykaa. Prior to Nykaa’s IPO in Nov 2021, he held a stake of 8.7% in the company.
In this note, we run the deal through our ECM framework and comment on deal dynamics.


Nykaa Block - US$140m Selldown by Banga Family

<ul>
<li>
<a href="https://www.smartkarma.com/entities/biocon-ltd" target="_blank" data-smartkarma-citation="entities:398:1" rel="noopener">Biocon Ltd (BIOS IN)</a> Biocon Ltd is looking to raise up to US$522m in its qualified institutional placement (QIP).</li>
<li>The deal is well flagged, having gone through rounds of board/shareholder approvals. The QIP has also been covered by domestic media reports.</li>
<li>In this note, we run the deal through our ECM framework and comment on deal dynamics.</li>
</ul>



Biocon Ltd (BIOS IN) Biocon Ltd is looking to raise up to US$522m in its qualified institutional placement (QIP).
The deal is well flagged, having gone through rounds of board/shareholder approvals. The QIP has also been covered by domestic media reports.
In this note, we run the deal through our ECM framework and comment on deal dynamics.


Biocon Ltd QIP - Well Flagged US$522m QIP; Largely Towards Clearing Debt

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Thematic (Sector/Industry)

<ul>
<li>INR 10,000 cr+ of fresh capacity, led by Grasim’s Birla Opus will lift organised paint capacity ~70 % by FY26 even as FY24 industry revenue growth slowed to ~4 %.</li>
<li>Hyper-Competition has shifted the fight to dealer shelves: aggressive discounts, wider distribution and heavier ad-spend are squeezing incumbents’ volumes and have dragged sector EBITDA margins from ~20% to ~16 %.</li>
<li>Near-Term earnings for legacy leaders will stay under pressure and market share will churn, but 80 % organised share and structurally strong housing demand keep the medium-term growth story intact.</li>
</ul>


INR 10,000 cr+ of fresh capacity, led by Grasim’s Birla Opus will lift organised paint capacity ~70 % by FY26 even as FY24 industry revenue growth slowed to ~4 %.
Hyper-Competition has shifted the fight to dealer shelves: aggressive discounts, wider distribution and heavier ad-spend are squeezing incumbents’ volumes and have dragged sector EBITDA margins from ~20% to ~16 %.
Near-Term earnings for legacy leaders will stay under pressure and market share will churn, but 80 % organised share and structurally strong housing demand keep the medium-term growth story intact.


India’s Paints Sector: A Tale of Disruption and Transformation

India

Akzo Nobel India Ltd. manufactures specialty chemicals, paints and starches.  The Company's products include surfactants, methyl ethyl ketone peroxides, epoxy intumescent passive fire protection coating, chelating agents, powder polymers, rust preventive, salt and adhesives; and decorative paints, automotive finishes, and marine coatings.

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Akzo Nobel India (AKZO IN)

Akzo Nobel India [India M&A]: JSW Likely Buyer – Investors Should Assess Strategic Impact

Akzo Nobel N.V. plans to exit India, focusing on core markets; JSW Paints likely in exclusive talks to acquire Akzo India.

Rahul Jain

WeWork India IPO - Thoughts on Peer Comp and Valuation

WeWork India Management Ltd is looking to raise about US$338m in its India IPO. In this note, we talk about the peer comp and implied valuations in...

Akshat Shah

Nykaa Block - US$140m Selldown by Banga Family

Harindarpal Singh Banga, one of Nykaa’s early investors, aims to raise around US$140m via selling a stake of around 2.1% at a floor price of around...

Akshat Shah

Biocon Ltd QIP - Well Flagged US$522m QIP; Largely Towards Clearing Debt

Biocon Ltd is looking to raise around US$520m in its QIP at a floor price of INR 323.2/share, implying a 9.5% discount to the last close.

Akshat Shah

India’s Paints Sector: A Tale of Disruption and Transformation

Organised paint sector capacity set to surge by 70% by FY26, but hyper-competition squeezing margins and market share in the near-term. Strong...

Nimish Maheshwari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Akzo Nobel India [India M&A]: JSW Likely Buyer – Investors Should Assess Strategic Impact

​Akzo Nobel N.V. plans to exit India, focusing on core markets; JSW Paints likely in exclusive talks to acquire Akzo India.

Rahul Jain

WeWork India IPO - Thoughts on Peer Comp and Valuation

WeWork India Management Ltd is looking to raise about US$338m in its India IPO. In this note, we talk about the peer comp and implied valuations in...

Akshat Shah

Nykaa Block - US$140m Selldown by Banga Family

Harindarpal Singh Banga, one of Nykaa’s early investors, aims to raise around US$140m via selling a stake of around 2.1% at a floor price of around...

Akshat Shah

Biocon Ltd QIP - Well Flagged US$522m QIP; Largely Towards Clearing Debt

Biocon Ltd is looking to raise around US$520m in its QIP at a floor price of INR 323.2/share, implying a 9.5% discount to the last close.

Akshat Shah

India’s Paints Sector: A Tale of Disruption and Transformation

​Organised paint sector capacity set to surge by 70% by FY26, but hyper-competition squeezing margins and market share in the near-term. Strong...

Nimish Maheshwari

Akzo Nobel N.V. plans to exit India, focusing on core markets; JSW Paints likely in exclusive talks to acquire Akzo India.

Organised paint sector capacity set to surge by 70% by FY26, but hyper-competition squeezing margins and market share in the near-term. Strong...