In today’s briefing:
- Medtide (泰德医药) IPO: Aggressive Valuation
- Orkla India Ltd. Pre-IPO Tearsheet
- Oswal Pumps IPO Trading – Decent Anchor; Strong Overall Demand
- Lalithaa Jewellery Mart Ltd Pre-IPO Tearsheet
Medtide (泰德医药) IPO: Aggressive Valuation
- Medtide, a Chinese headquartered CDMO company, launched its IPO to raise up to US$66m via a Hong Kong listing.
- We have previously covered the company’s fundamentals. We highlighted potential corporate governance issues despite its superior financials compared to peers.
- In this note, we look at the deal term. We think the valuation and broker guidance is aggressive.
Orkla India Ltd. Pre-IPO Tearsheet
- Orkla India Ltd. (OI) is looking to raise about US$300mn in its upcoming India IPO. The deal will be run by ICICI, Citi, JPM, and Kotak.
- It’s a multi-category Indian food company offering a diverse range of products that cater to every meal occasion, from breakfast and lunch to dinner, snacks and beverages and desserts.
- OI was one of the top four companies in terms of revenue from operations among select leading species and convenience foods peers in FY24, as per Technopak Report.
Oswal Pumps IPO Trading – Decent Anchor; Strong Overall Demand
- Oswal Pumps (1019841D IN) raised about US$162m in its India IPO.
- Oswal Pumps Ltd (OPL) specializes in the manufacturing of solar-powered and conventional pumps, electric motors, and related components for agricultural, residential, and industrial applications.
- We have looked at the company’s past performance and valuations in our previous notes. In this note, we will talk about the trading dynamics.
Lalithaa Jewellery Mart Ltd Pre-IPO Tearsheet
- Lalithaa Jewellery Mart Ltd (1607844D IN) (LJML) is looking to raise about US$200m in its upcoming India IPO. The bookrunners for the deal are AnandRathi and Equirius.
- LJML is a jewellery retailer operating under the brand name “Lalithaa”, offering a range of gold, silver, and diamond jewellery tailored to regional preferences in southern India.
- As per the CRISIL Report, the company recorded the highest operating revenue per store among key organised jewellery players in India during FY22-9M25.
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