Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Smartkarma

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Securities and Intelligence Services (SIS) plans to raise US$120m through a mix of primary and secondary share issuance. The company provides security, cash management and facilities management services across India and Australia.SIS is one of the largest players in each of the segments that it operates in. In India, most of the segments are expected to grow at 15-20% CAGR, which should aid the company's growth.However, SIS's growth across segments has been inconsistent and margins have been volatile. Moreover, Australia contributes more than half of the revenue and an even higher proportion of profits and will not grow anywhere close to 15-20%. Nonetheless, the company seems to be marketing itself as an India growth play and asking for a high multiple.

Securities and Intelligence Services (SIS) plans to raise US$120m through a mix of primary and secondary share issuance. The company provides security, cash management and facilities management services across India and Australia.SIS is one of the largest players in each of the segments that it operates in. In India, most of the segments are expected to grow at 15-20% CAGR, which should aid the company's growth.However, SIS's growth across segments has been inconsistent and margins have been volatile. Moreover, Australia contributes more than half of the revenue and an even higher proportion of profits and will not grow anywhere close to 15-20%. Nonetheless, the company seems to be marketing itself as an India growth play and asking for a high multiple.

Securities and Intelligence IPO - If Only the Numbers Wouldn't Get in the Way of a Good Story

APAC IPOs & Placements

Zhen Zhou, Toh

The Smartkarma ECM Team puts out a weekly update on the deals we have covered recently, along with updates for upcoming IPOs.<div class="content-highlight"><a href="https://www.smartkarma.com/entities/23641" target="_blank" data-smartkarma-citation="entities:23641:1">Celltrion Healthcare (091990 KS)</a> made a fantastic debut on Friday, rising 22% above deal price. However, investors should be cognizant about its expensive valuation at current price level, citing <a href="https://www.smartkarma.com/profiles/354" target="_blank" data-smartkarma-citation="accounts:354">Sanghyun Park</a>'s concern about a potential bubble in his insights. <a href="https://www.smartkarma.com/profiles/13" target="_blank" data-smartkarma-citation="accounts:13">Kemp Dolliver, CFA</a> also brought up concerns earlier in April about celltrion's biosimilar, Remicade, which had…</div>

The Smartkarma ECM Team puts out a weekly update on the deals we have covered recently, along with updates for upcoming IPOs.Celltrion Healthcare (091990 KS) made a fantastic debut on Friday, rising 22% above deal price. However, investors should be cognizant about its expensive valuation at current price level, citing Sanghyun Park's concern about a potential bubble in his insights. Kemp Dolliver, CFA also brought up concerns earlier in April about celltrion's biosimilar, Remicade, which had…

Smartkarma: ECM Coverage Weekly Update (29 July 2017)

India

SIS Ltd provides private security services. The Company offers security solutions including planning and deployment of security and armed guards, firemen, dog handlers, consulting, and investigation works. SIS serves customers in India, New Zealand, and Australia.

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SIS (SECIS IN)

Securities and Intelligence IPO - If Only the Numbers Wouldn't Get in the Way of a Good Story

Securities and Intelligence Services (SIS) plans to raise US$120m through a mix of primary and secondary share issuance. The company provides...

Sumeet Singh

Smartkarma: ECM Coverage Weekly Update (29 July 2017)

The Smartkarma ECM Team puts out a weekly update on the deals we have covered recently, along with updates for upcoming IPOs. Celltrion Healthcare...

Zhen Zhou, Toh

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52-week Range

Market Cap (USDm)

P/E

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