In today’s briefing:
- Dr Agarwal’s Healthcare IPO – RHP Updates & Quick Thoughts on Peer Comp and Valuation
- The Beat Ideas: Frontier Springs, A Proxy Play to Capitalizing on Indian Railway Capex Boom
- Ather Energy Pre-IPO – The Positives – One of the E2W Pioneers
- United Breweries On and Off with Telangana Government
Dr Agarwal’s Healthcare IPO – RHP Updates & Quick Thoughts on Peer Comp and Valuation
- Dr Agarwal’s Health Care Ltd (8140044Z IN) is looking to raise about US$350m in its India IPO. The deal is downsized from an earlier reported size of around US$480m.
- Dr Agarwal’s Health Care is a healthcare/hospital chain in India providing eyecare services, including surgeries; consultations, diagnoses, non-surgical treatments; and sells opticals, contact lens, accessories and eyecare related pharmaceutical products.
- Previously, we have looked at the company’s past performance. In this note, we provide a summary of its RHP updates and share our quick thoughts on peer comparison and valuation.
The Beat Ideas: Frontier Springs, A Proxy Play to Capitalizing on Indian Railway Capex Boom
- Frontier Springs (FS IN) is poised for growth, driven by India’s robust railway sector expansion and increased demand for LHB coaches which is reflected in their expanding margins and profitability.
- Company is aiming for 250Cr by FY25 and 500Cr by FY27 with sustainable margins for 18-20%.
- Company is completely booked for next 6-8 months and air spring division is booked completely for next year. Also looking for acquisition in the segment.
Ather Energy Pre-IPO – The Positives – One of the E2W Pioneers
- Ather Energy is looking to raise about US$536m in its upcoming India IPO.
- Ather is a pure play electric vehicle company in India designing and developing E2Ws, battery packs, charging infrastructure, associated software and accessories, also manufacturing battery packs and assembling E2Ws in-house.
- In this note, we talk about the positive aspects of the deal.
United Breweries On and Off with Telangana Government
- United Breweries resumed beer supplies in Telangana after earlier suspending them due to unprofitable pricing and unpaid dues.
- Resolution ensures vital revenues for both state and brewery, while highlighting persistent regulatory and pricing hurdles in India’s top beer market.
- This standoff reveals the leverage breweries hold in regulated regions, where strategic halts can push authorities toward fairer policies and improved business conditions.
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