In today’s briefing:
- Ather Energy IPO: Expensive and No Immediate Index Inclusion
- GPIL: Mining to Recycling
Ather Energy IPO: Expensive and No Immediate Index Inclusion
- Ather Energy is looking to raise INR 30bn (US$349m) in its IPO, valuing the company at INR 120bn (US$1.4bn). The company appears to be expensive compared to peers.
- Ather Energy could be added to one global smallcap index in August/November and to another in December/March. Small Cap classification for AMFI and no major local index inclusion.
- The continued selloff in Ola Electric will give investors pause, especially given Ather Energy‘s stagnant market share and continued losses. There is supply in Ola Electric with PE/VC investors selling.
GPIL: Mining to Recycling
- GPIL operates integrated iron ore mining, pellet, and steel facilities with captive power assets in Chhattisgarh.
- Acquired 51% stake in Jammu Pigments to enter non-ferrous recycling.
- Focused on mining and pellet capacity expansion, with selective growth in recycling and smaller steel projects.
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