Daily Brief India: CleanMax Enviro Energy Solutions Ltd, State Bank Of India, Laser Power & Infra Limited and more

• CleanMax Enviro Energy Solutions Ltd (8382406Z IN) (CEESL) is looking to raise about US$586m in its upcoming India IPO.
• CEESL is a provider of commercial and industrial renewable energy, specializing in delivering decarbonization solutions, including supplying renewable power and offering energy services and carbon credit solutions to customers.
• In this note, we talk about the not-so-positive aspects of the deal.

• Dominant Market Leader with Unmatched Reach: State Bank of India (SBI) is the largest public sector bank in India, commanding a significant market share of approximately 22.55% in deposits and 19.06% in advances as of March 2024. Its extensive network of over 22,000 branches and more than 65,000 ATMs provides an unparalleled physical presence, particularly in rural and semi-urban areas, forming a key competitive advantage.
• Strong Financial Performance and Growth Trajectory: The bank has demonstrated robust financial performance, with a significant increase in net profit and consistent revenue growth over the past three years. This is driven by healthy credit expansion, particularly in the retail and corporate segments, and improving asset quality with declining non-performing assets (NPAs).
• Digital Transformation Driving Future Growth: SBI is heavily invested in digital transformation, with its YONO (You Only Need One) platform being a cornerstone of its strategy. YONO has over 87 million registered users and is a significant contributor to savings account openings and retail loan origination, positioning the bank to cater to a growing tech-savvy customer base and enhance operational efficiency.

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• Laser Power & Infra Limited (1635018D IN) is looking to raise about US$135m in its upcoming India IPO. The deal will be run by ICICI Securities and IIFL.
• Laser Power & Infra Limited (LPIL) is an integrated manufacturer and EPC (Engineering, Procurement, and Construction) solutions provider for the power transmission and distribution industry in India.
• The company operates two primary business segments: Manufacturing and EPC, which together form a vertically integrated model.