External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

External broker reports(aggregated public sources)

Equity Bottom-Up

Sudarshan Chemical Industries / Equity Bottom-Up

<p>Anti-dumping duty on mica pigment: The Finance Ministry has imposed antidumping duty on natural mica-based pearl industrial pigments, excluding cosmeticgrade products. The duty will be ~US$2-3/kg and will be levied for five years. As per the initial document filed by the company, overall import volumes for mica pigment from key geographies is at ~2181 MT at an imported price of Rs 380/kg. The price undercutting is estimated to be ~20-30% as on inquiry date. Mica pigment currently contributes in low single digits to overall revenue of Sudarshan Chemical. Based on our calculation, sales volumes should be ~1300 MT against total capacity of ~3000 MT as per the pre-feasibility study report filed earlier.</p><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Anti-dumping duty on mica pigment: The Finance Ministry has imposed antidumping duty on natural mica-based pearl industrial pigments, excluding cosmeticgrade products. The duty will be ~US$2-3/kg and will be levied for five years. As per the initial document filed by the company, overall import volumes for mica pigment from key geographies is at ~2181 MT at an imported price of Rs 380/kg. The price undercutting is estimated to be ~20-30% as on inquiry date. Mica pigment currently contributes in low single digits to overall revenue of Sudarshan Chemical. Based on our calculation, sales volumes should be ~1300 MT against total capacity of ~3000 MT as per the pre-feasibility study report filed earlier.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Sudarshan Chemical: Anti-Dumping on Mica to Aid Earnings by 5-10%

APAC IPOs & Placements

Zhen Zhou, Toh

Smartkarma

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Equity Capital Markets

Galaxy Surfactants / Equity Capital Markets

<p>The shareholders of <a href="https://www.smartkarma.com/entities/26717" target="_blank" data-smartkarma-citation="entities:26717:1">Galaxy Surfactants Ltd (1570854D IN)</a> are looking to sell about US$150m worth of shares (6.33m shares) in its upcoming IPO. This is a pure secondary shares offering and the company will not be raising any cash for expansion.</p><p>In this insight, we evaluate the company's operational and financial performance. We will also compare the company's valuation and operations against other listed peers in India. Last, but not least, we will run the deal through our ECM framework as usual.</p>

The shareholders of Galaxy Surfactants Ltd (1570854D IN) are looking to sell about US$150m worth of shares (6.33m shares) in its upcoming IPO. This is a pure secondary shares offering and the company will not be raising any cash for expansion.In this insight, we evaluate the company's operational and financial performance. We will also compare the company's valuation and operations against other listed peers in India. Last, but not least, we will run the deal through our ECM framework as usual.

Galaxy Surfactants IPO Review - Selling Shares at 6.5x of Its 2011 IPO Valuation

India

Sudarshan Chemical Industries is a global leader in pigment manufacturing, offering a comprehensive portfolio of organic, inorganic, and effect pigments, as well as pigment dispersions. These products serve diverse industrial sectors including coatings, plastics, inks, and cosmetics. The company was founded in 1951 and is headquartered in Pune, India.

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Sudarshan Chemical Industries (SCHI IN)

Sudarshan Chemical: Anti-Dumping on Mica to Aid Earnings by 5-10%

The Finance Ministry has imposed antidumping duty on natural mica-based pearl industrial pigments, excluding cosmeticgrade products. The duty will...

ICICI Securities Limited

Galaxy Surfactants IPO Review - Selling Shares at 6.5x of Its 2011 IPO Valuation

The shareholders of Galaxy Surfactants Ltd (1570854D IN) are looking to sell about US$150m worth of shares (6.33m shares) in its upcoming IPO. This...

Zhen Zhou, Toh

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