In today’s briefing:
- Groww IPO Review – India’s Largest & Fastest Growing Broker / Investment Platform.
- Physicswallah IPO: Index Inclusion Possibilities & Timing
- Physicswallah Pre-IPO – The Positives – Has Had a Dream Run
- Lucror Analytics – Morning Views Asia
- The Beat Ideas: Shriram Finance – Steering Steady Through Change, Poised for the Next Growth Wave
Groww IPO Review – India’s Largest & Fastest Growing Broker / Investment Platform.
- Groww is India’s largest stockbroker with 13mn active users. It is progressing towards a full-stack investment platform, expecting to cross-sell multiple financial products to over 18mn users on its platform.
- It is aggressively expanding into lending (MTF, LAS) and has recently acquired ‘Fisdom’ to offer premiumised wealth solutions (AIF, insurance, tax-filing). It also owns Groww AMC, offering debt/equity/Fixed income products.
- At 33 times FY25 earnings, IPO is priced reasonably considering its deep penetration in the market (customers from 98% Pincodes) and strong ARPU and profitability supported by decent retention metrics.
Physicswallah IPO: Index Inclusion Possibilities & Timing
- Physicswallah Limited (2076103D IN) is looking to list on the exchanges by selling 319.26m shares via a primary and secondary offering to raise US$392m at a valuation of US$3.5bn.
- The price band has been set at INR 103-109/share, and the issue is likely to price at the top end of the range.
- The stock will be added to the AMFI Smallcap segment and inclusion in the Nifty Smallcap 250 index is likely in March. Global index inclusion could commence in June.
Physicswallah Pre-IPO – The Positives – Has Had a Dream Run
- Physicswallah is looking to raise about US$434m in its upcoming India IPO.
- Physicswallah Ltd (PWL) offers test preparation courses for competitive examinations, and other courses such as for upskilling, across 13 education categories, including JEE, NEET, and UPSC, among others.
- In this note, we talk about the positive aspects of the deal.
Lucror Analytics – Morning Views Asia
- In today’s Morning Views publication we comment on developments of the following high yield issuers: Adani Energy Solutions, Adani Ports, Bharti Airtel
- UST yields declined c. 3 bps across the curve yesterday as treasuries advanced amid a slump in risk assets, with the yield on the 2Y and 10Y UST falling to 3.58% and 4.09%, respectively.
- Equities retreated, after several Wall Street chief executives expressed caution about stretched valuations.
The Beat Ideas: Shriram Finance – Steering Steady Through Change, Poised for the Next Growth Wave
- Shriram Finance posted 11.4% YoY PAT growth, beating consensus estimates by 3-5%. The beat was driven by lower credit costs and a surprise 35bp sequential drop in Stage 2 assets.
- The results validate the post-merger efficiency thesis: operating expenses are flat , the cost-to-income ratio is improving, and liability management is becoming more astute
- While some remain cautious on CV macro headwinds, SHFL’s internal execution, productivity gains, cross-selling, and a laser focus on a credit rating upgrade is the more dominant and compelling narrative.
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