In today’s briefing:
- The Beat Ideas: Diffusion Ltd: A Deep Dive into a Diversified Industrial Play
- SK Finance Ltd Pre-IPO – Strong AUM Growth Driven by Vehicle Financing
- Karamtara Engineering Pre-IPO Tearsheet
- Hexaware Technologies IPO: Delisted in 2020; Now Looking to Raise US$1bn
The Beat Ideas: Diffusion Ltd: A Deep Dive into a Diversified Industrial Play
- Diffusion Engineers (DIFFNKG IN) is expanding its value chain by integrating heavy engineering solutions, enhancing its product portfolio, and catering to diverse customer needs across core industries like cement, steel.
- With significant investments in manufacturing facilities and a target to achieve 20% of revenue from exports, the company is set to capitalize on domestic and international market opportunities.
- A focus on developing specialized, high-performance consumables and components positions Diffusion Engineers to meet increasing demand while reducing reliance on imports and boosting profitability.
SK Finance Ltd Pre-IPO – Strong AUM Growth Driven by Vehicle Financing
- SK Finance Limited (0893736D IN) is planning to raise about US$260m through its upcoming India IPO.
- SK Finance Ltd (SFL) is a non-deposit non-banking finance company middle layer (NBFC ML) operating in two main verticals, vehicle financing and financing for micro, small and medium enterprises (MSMEs).
- As per CRISIL Report, the company was the fastest growing player in the vehicle and MSME financing segment among its peers, based on AUM growth over FY21-23.
Karamtara Engineering Pre-IPO Tearsheet
- Karamtara Engineering Ltd (6589452Z IN) is looking to raise about US$200m in its upcoming India IPO. The deal will be run by ICICI, IIFL, JM Fin.
- Karamtara Engineering Limited (KEL) is a backward integrated manufacturer of products for renewable energy and transmission lines sectors.
- According to F&S, KEL was a leading manufacturer of solar mounting structures and tracker components in India and the largest in terms of installed capacity in FY24 and 1H25.
Hexaware Technologies IPO: Delisted in 2020; Now Looking to Raise US$1bn
- In November 2020, HT Global IT Solutions acquired all the shares it did not own in Hexaware Technologies (HEXW IN) and delisted the stock from the NSE and BSE.
- Now, Carlyle Group is looking to raise INR 87.5bn by selling stock at a price range of INR 674-708/share, valuing Hexaware Technologies (HEXW IN) at US$4.8bn.
- The stock will not get Fast Entry to global indices. Inclusion at regular rebalances should take place in May and September, though the impact will be limited.
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