In today’s briefing:
- Hexaware Technologies IPO: The Bull Case
- Breton Technology Pre-IPO: Growing but Continues to Bleed
- SailPoint, Inc. (SAIL) — Blowout Expected as Investors Pile into First Software IPO of 2025
- Sify Technologies: Positive Beneficiary of the Potential IPO of Sify Infinit Spaces
- Karman Holdings Inc.(KRMN): Pure Play Space & Defense IPO Sees Advantages as Public Company
- Kent R O Systems Ltd Pre-IPO Tearsheet
Hexaware Technologies IPO: The Bull Case
- Hexaware Technologies (HEXW IN), an Indian mid-sized global IT services company, aims to raise up to US$1.0 billion.
- BPEA privatised Hexaware in 2020. In 2021, Carlyle won an auction to acquire a 95.51% stake in Hexaware.
- The bull case rests on sold revenue growth, reducing customer concentration, high utilization, low attrition rates, high customer satisfaction scores and top-tier cash generation.
Breton Technology Pre-IPO: Growing but Continues to Bleed
- Breton Technology (1884270D CH) is looking to raise about US$200m in its upcoming Hong Kong IPO.
- It is a new energy solution provider in China, focused on the design, development and commercialization of electric-powered engineering machinery, including battery-electric loaders and wide-body dump trucks.
- In this note, we look at the firm’s past performance.
SailPoint, Inc. (SAIL) — Blowout Expected as Investors Pile into First Software IPO of 2025
- The first software IPO of 2025 is checking all the boxes and is expected to deliver strong returns versus issue price when it debuts on February 13th.
- There are currently two anchor orders on this deal which have each indicated for up to 20% of the offering (AllianceBernstein & Dragoneer Investment Group).
- The IPO market is “eager and ready” for the technology window to open up. We like the risk-reward profile of this deal at this time.
Sify Technologies: Positive Beneficiary of the Potential IPO of Sify Infinit Spaces
- The potential IPO of Sify Infinite Spaces is likely to have a positive impact on Sify Technologies.
- The overall market size of data centers in India is huge and Sify Infinite Spaces certainly has the experience and capability to become one of the leaders in this segment.
- Despite attractive market opportunity, there will be some investors that will question the overall valuation levels of Sify Infinite Spaces to justify seeking nearly 30 billion INR in the IPO.
Karman Holdings Inc.(KRMN): Pure Play Space & Defense IPO Sees Advantages as Public Company
- This is a unique company who is well-placed within the defense department. Karman has a seat in developing strategic weapons systems and contracts in place to sustain growth.
- The company has made seven acquisitions over four years. The company has solid year-over-year revenue growth and tailwinds moving forward.
- Private Equity backed Karman Holdings is scheduled to go public on February 14th.
Kent R O Systems Ltd Pre-IPO Tearsheet
- Kent R O Systems (6592700Z IN) (KROS) is looking to raise about US$100m in its upcoming India IPO. The bookrunners for the deal are Motilal and JM Fin.
- KROS was established in 2007. The brand ‘Kent’ is a leader in the water purifier market in India, recognized for being a pioneer in introducing reverse osmosis (RO) technology.
- Kent’s water purifiers hold the NSF/ANSI 58 certification, an American national standard for point-of-use reverse osmosis systems, as per Technopak Report.
💡 Before it’s here, it’s on Smartkarma
Sign Up for Free
The Smartkarma Preview Pass is your entry to the Independent Investment Research Network
- ✓ Unlimited Research Summaries
- ✓ Personalised Alerts
- ✓ Custom Watchlists
- ✓ Company Data and News
- ✓ Events & Webinars
