In today’s briefing:
- Groww IPO: Growwing Fast; Index Inclusions Will Be Sloww; Small Floww
- Cipla-Eli Lilly Deal: Strategic Masterstroke or Margin Mirage?
- Orkla India IPO Review: Strong Brands and Valuations Are Not Too Spicy
- Dollar Industries’ Big Reshuffle: Why It Matters?
- Greaves Cotton Limited- Revving Up
- Ather Energy IPO Lockup – US$1.3bn+ Lockup Release
- Kerala Farmers Firm On Higher Floor Prices As Market Prices Keep Steady
Groww IPO: Growwing Fast; Index Inclusions Will Be Sloww; Small Floww
- Groww (1573648D IN) is looking to list on the exchanges by selling 663.23m shares via a primary and secondary offering to raise US$752m at a valuation of US$7bn.
- The price band has been set at INR 95-100/share, and the issue is likely to price at the top end of the range.
- The stock will not get Fast Entry to global indices. Inclusion at regular rebalances will commence in June 2026 but flow will be small given the low float.
Cipla-Eli Lilly Deal: Strategic Masterstroke or Margin Mirage?
- Cipla Ltd (CIPLA IN) signed an exclusive distribution and promotion agreement with Eli Lilly on 23 October 2025 to market tirzepatide under the brand name Yurpeak in India.
- The deal positions Cipla as a first mover in India’s nascent GLP-1 obesity care segment, projected to grow 40x by 2030.
- Financially modest but strategically transformative, the deal anchors Cipla’s entry into obesity therapeutics and sets the stage for a broader GLP-1 platform spanning branded and generic drugs.
Orkla India IPO Review: Strong Brands and Valuations Are Not Too Spicy
- Orkla India owns two popular Indian food product brands ‘MTR’ and ‘Eastern that offer Ready to Cook/Eat products as well as pure and blended spices.
- Both its brands enjoy strong brand heritage in India as well as countries with a higher proportion of the Indian diaspora.
- IPO is being valued at TTM PE of 40x (lower end of 35-90x ascribed to Indian FMCGs). With a low double-digit growth profile and high ROCEs, valuations look reasonable.
Dollar Industries’ Big Reshuffle: Why It Matters?
- Dollar Industries (DOLLAR IN) has announced a Composite Scheme of Arrangement, merging eight promoter group companies and demerging one hosiery business undertaking into the listed entity.
- The scheme fundamentally restructures DIL, consolidating brand ownership, key manufacturing assets, and operational real estate, directly addressing long-standing concerns regarding related-party transactions and corporate complexity.
- While execution risks persist, the strategic clarity and governance enhancement resulting from this vertical integration could serve as a powerful catalyst, potentially driving a valuation re-rating.
Greaves Cotton Limited- Revving Up
- Greaves Cotton (GRV IN) has evolved from a traditional diesel engine manufacturer into a comprehensive fuel-agnostic mobility and engineering solutions provider.
- Greaves Electric Mobility Ltd (GEML) (1295040D IN) its subsidiary (known by its flagship brand ‘Ampere’) plans to come out with an IPO of INR 10 bn and an offer-for-sale.
- Regarding forensics, we draw comfort from the Management’s ability to diversify its businesses and make value-accretive acquisitions. However, frequent churn in management warrants attention.
Ather Energy IPO Lockup – US$1.3bn+ Lockup Release
- Ather Energy raised around US$350m in its India IPO in May 2025. The lockup for its pre-IPO investors is set to expire soon.
- 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 will talk about the lockup dynamics and possible placement.
Kerala Farmers Firm On Higher Floor Prices As Market Prices Keep Steady
- Prices fail to breach INR200/kg mark making farmers unhappy
- GST cut benefit to percolate to the rubber market soon
- Demand to extend World Bank replanting aid to all Kerala districts
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