In today’s briefing:
- Bharti Airtel Placement – Third US$1bn Deal in the Year, Stock Up a Lot
- Voltas Ltd: Forensic Analysis
- Amagi Media Labs Limited Pre-IPO Tearsheet
- JSW Cements – Another Cement IPO in India Exactly 4 Yrs Later
Bharti Airtel Placement – Third US$1bn Deal in the Year, Stock Up a Lot
- Sunil Mittal-led promoter entity, Indian Continent Investment (ICI) is looking to raise around US$1bn via selling a 0.8% stake in Bharti Airtel (BHARTI IN).
- ICI had earlier sold around US$1bn in Feb 2025 while Singtel had sold around US$1bn via a 0.8% stake sale in Airtel in May 2025 as well.
- In this note, we run the deal through our ECM framework and comment on deal dynamics.
Voltas Ltd: Forensic Analysis
- Voltas Ltd (VOLT IN) is a renowned name among the households in India.
- The company is a prominent player in the field of air conditioning and cooling technology and offers a variety of services across different industrial sectors, both in India and internationally.
- But there are few issues with respect to revenue recognition policy, capital allocation issues and falling market share.
Amagi Media Labs Limited Pre-IPO Tearsheet
- Amagi Media Labs (1232899D IN) is looking to raise US$400mn in its upcoming India IPO. The deal will be run by Citigroup, Goldman Sachs, Kotak Mahindra Capital and IIFL Capital.
- Amagi Media Labs is a global media technology company that provides cloud-native software infrastructure for content owners, broadcasters, and streaming platforms.
- Its revenue is mostly driven by its Streaming Unification solutions, which have consistently been the largest contributor. In terms of geographical segmentation, the Americas have historically led AML’s revenue contribution.
JSW Cements – Another Cement IPO in India Exactly 4 Yrs Later
- JSW Cements comes for listing at $180/t which is a premium to similar sized player despite weaker operating performance
- It stands out as a Slag cement player while peers primarily focus on Portland and Pozzolana composite cement products. Its listing positions it to become another consolidator with strong Balance-sheet.
- JSW has higher concentration towards South (50% of current capacity) which has struggled with excess supply for many years. Its upcoming 10MT capex in North may also face similar situation
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