In today’s briefing:
- Cello World Ltd- Forensic Analysis
- Brainbees Solutions (FirstCry) IPO: The Bull Case
Cello World Ltd- Forensic Analysis
- Cello World Limited (CW IN) is a renowned company in the consumer products market. The company primarily operates in houseware, stationary and moulded furniture industry.
- The promoters recently undertook a major corp. restructuring post which several promoter entities were acquired by CWL. This has led to abnormally high ROCEs.
- Other forensic takeaways pertain to RPT, poor cash management, mysterious sale proceeds of PPE, subsidiaries audit, etc.
Brainbees Solutions (FirstCry) IPO: The Bull Case
- FirstCry (0172540D IN), India’s largest multi-channel retailing platform for mothers’, babies’ and kids’ products, has filed for a US$700 million IPO.
- The substantial shareholders are Softbank Group (9984 JP) Vision Fund (25.55% of shares), Mahindra & Mahindra (MM IN) (10.98%), Premji Invest (10.36%) and Supam Maheshwari – founder and CEO (5.95%).
- The bull case rests on growing addressable markets, strong market positioning, robust GMV growth and strong organic growth.
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