In today’s briefing:
- The Beat Ideas: Park Hotels: Serving Long-Term Value
- Update- SAMHI Hotels: Strategic Partnership with GIC
- Dorf-Ketal Chemicals India Pre-IPO – The Negatives – Elevated Borrowings and Tariff Uncertainty
- Ather Energy IPO – Still Not Cheap Enough
The Beat Ideas: Park Hotels: Serving Long-Term Value
- Apeejay Surrendra Park Hotel (PARK IN), With a sharp pivot post-IPO, it has deleveraged, scaled Flurys to 100 outlets, and launched ARR-led palace properties, all while staying asset-light and cash-smart.
- F&B now contributes nearly half of revenues, ARRs are climbing, and legacy land is being monetised to fund INR 500 crore of capex without debt.
- Earlier seen as a traditional hotel chain, Park now to be looked as a brand with strong visibility, smart capital use, and fresh retail momentum.
Update- SAMHI Hotels: Strategic Partnership with GIC
- SAMHI Hotels (SAMHI IN) has entered into a strategic partnership with GIC, a global institutional investor, to establish a joint venture platform for upscale and higher hotel assets in India.
- This transaction will significantly reduce SAMHI’s debt, enhance its financial flexibility, and provide access to up to $300 million in future capital for further expansion in high-demand upscale hotel sector.
- The partnership with GIC strengthens SAMHI’s growth outlook, boosts profitability through debt reduction, and positions the company to capitalize on the rapidly expanding upscale hospitality market in India.
Dorf-Ketal Chemicals India Pre-IPO – The Negatives – Elevated Borrowings and Tariff Uncertainty
- Dorf-Ketal Chemicals Ltd (998552Z IN) (DKCI) is looking to raise about US$579m in its upcoming India IPO.
- DKCI is an R&D and innovation-focused global manufacturer and supplier of specialty chemicals, catering to hydrocarbons and industrial supply chains, and customers with diverse applications across various industrial segments.
- In this note, we talk about the not-so-positive aspects of the deal.
Ather Energy IPO – Still Not Cheap Enough
- Ather Energy is now looking to raise about US$350m in its upcoming India IPO.
- Ather is a pure play electric vehicle company in India designing and developing E2Ws, battery packs, charging infrastructure, associated software and accessories, also manufacturing battery packs and assembling E2Ws in-house.
- In our previous note, we looked at the company’s past performance. In this note, we talk about the updates since then and valuations.
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