In today’s briefing:
- Eternal (Zomato) Placement – Second Clean-Up by Antfin This Week, Will Lift the Overhang
- JSW Cement IPO: Reasonably Priced; Growth Momentum Not Concrete Enough To Sustain Valuation
- Lenskart Solutions Pre-IPO Tearsheet
- The Kopran Merger: From APIs to Diagnostics, A Blueprint for Healthcare Integration
- NIFTY 50 Index Outlook: Rebound Rally in Sight? (Profit Targets)
- Lucror Analytics – Morning Views Asia
Eternal (Zomato) Placement – Second Clean-Up by Antfin This Week, Will Lift the Overhang
- Antfin (Netherlands) Holding B.V. is looking to raise up to US$612m via a cleanup of its remaining ~2% stake in Eternal (ETERNAL IN) .
- Antfin has been selling off parts of its ~14% stake in the firm since the IPO. The company last sold a 2% stake to raise upto US$400m in Aug 2024.
- In this note, we run the deal through our ECM framework and comment on deal dynamics.
JSW Cement IPO: Reasonably Priced; Growth Momentum Not Concrete Enough To Sustain Valuation
- JSW Cement has filed for IPO to raise up to ₹36B. The company plans to sell 244.9M shares at between ₹139 and ₹147 per share.
- JSW Cement is one of the mid-tier cement manufacturing companies with operations across southern, western, and eastern regions of India. It has an installed grinding capacity of 20.6 MMTPA.
- The IPO offer price range appears to be a more reasonable for the company considering the fact that it lags behind on many fronts when compared to its peers.
Lenskart Solutions Pre-IPO Tearsheet
- Lenskart Solutions (0370405Z IN) is looking to raise about US$1bn in its upcoming India IPO. The deal will be run by Avendus, Axis, Citi, Kotak, MS and Intensive Fiscal Services.
- Lenskart Solutions Limited (LSL) is a technology-driven eyewear company with integrated operations spanning designing, manufacturing, branding and retailing of eyewear products.
- LSL’s largest market is India, and it was the largest seller of prescription eyeglasses in terms of volumes sold in India in FY25, according to the Redseer Report.
The Kopran Merger: From APIs to Diagnostics, A Blueprint for Healthcare Integration
- Kopran Limited has approved the merger of its diagnostics arm, Kopran Laboratories, aiming to become a fully integrated pharmaceutical and healthcare solutions provider.
- The merger diversifies Kopran’s revenue mix, enhances EBITDA margins with high-value consumables, and unlocks synergies across pharma and diagnostics distribution channels.
- Kopran transitions from a mid-scale exporter to a multi-vertical healthcare platform, with stronger earnings visibility, improved capital efficiency, and potential for valuation re-rating.
NIFTY 50 Index Outlook: Rebound Rally in Sight? (Profit Targets)
- The NIFTY Index has been falling for 5 straight weeks: it is extremely oversold, according to our model.
- The index should rebound this week, or the next, in any case the downside should be limited at this point.
- A rally could bring the index back to 25398, but we are witnessing a BEARISH pattern at the moment, so any rebound rally will be short-lived.
Lucror Analytics – Morning Views Asia
- In today’s Morning Views publication we comment on developments of the following high yield issuers: Adani Green Energy
- Front-end UST yields rose yesterday, following a soft auction of 3Y notes, as well as an unexpected increase in the prices component of the ISM services survey.
- The yield on the 2Y UST increased 5 bps to 3.73%, while the yield on the 10Y UST was up 2 bps at 4.21%. Equities retreated, amid the weak ISM services data. The S&P 500 and Nasdaq fell 0.5% and 0.7%, respectively.
💡 Before it’s here, it’s on Smartkarma
Sign Up for Free
The Smartkarma Preview Pass is your entry to the Independent Investment Research Network
- ✓ Unlimited Research Summaries
- ✓ Personalised Alerts
- ✓ Custom Watchlists
- ✓ Company Data and News
- ✓ Events & Webinars
