In today’s briefing:
- ECM Weekly (29 September 2025)- Zijin, Chery, CAREIT, Orion, Butong, Victory Giant, Northern Star
- IPO Review: India’s Youngest and Largest Player for Ethanol, Worth a Bet?
ECM Weekly (29 September 2025)- Zijin, Chery, CAREIT, Orion, Butong, Victory Giant, Northern Star
- Aequitas Research’s weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
- On the IPO front, this week saw a few good listings across the region while the spotlight will be on Zijin Gold (2259 HK) in the coming week.
- On the placements front, it was a relatively quiter week, as compared to some of the more recent weekly flows.
IPO Review: India’s Youngest and Largest Player for Ethanol, Worth a Bet?
- TBL boasts of the largest ethanol distillery capacity (3.6% market share). With capex for input fungibility done, the company has set its sights on becoming the largest producer soon.
- The expansion in Compressed Bio-gas compounds the growth levers, but will require material working capital investments. Sustainable aviation fuel opportunity also seems compelling in light of the recent government push.
- IPO seems priced to perfection with deal multiples of 12x FY26 EBITDA, visibly at the higher end of 6-14x multiple for peers. Faster deleveraging may add to market cap upside.
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