In today’s briefing:
- Hyundai Motor (HYUNDAI IN): Anchor Lock-Up Expiry Increases Float; Index Inclusions Near
- LG Electronics India Pre-IPO – The Positives – Well Known and Well Loved
- The Beat Ideas: Allied Blenders & Distillers- Liquor Premiumization Play
- JSW Steel – ESG Report
Hyundai Motor (HYUNDAI IN): Anchor Lock-Up Expiry Increases Float; Index Inclusions Near
- The lock-up on the second half of the anchor investor allocation for Hyundai Motor India (HYUNDAI IN) ends after market close today and the shares will be available for sale tomorrow.
- The lock-up expiry further increases free float for the stock and there will be multiple index inclusions over the next few months.
- The largest index inclusion will be in February, followed by smaller inclusions in March and June. In total, passives will mop up around 16% of the float.
LG Electronics India Pre-IPO – The Positives – Well Known and Well Loved
- LG Electronics (066570 KS) is looking to raise US$1.5bn+ via part-selling its stake in LG Electronics India IPO.
- LG Electronics India (LGEI) was the market leader in India in major home appliances and consumer electronics (excluding mobile phones) in terms of volume in 1Q25, as per Redseer Report.
- In this note, we talk about the positive aspects of the deal.
The Beat Ideas: Allied Blenders & Distillers- Liquor Premiumization Play
- Allied Blenders & Distillers (9844250Z IN) is shifting from mass-market spirits to premium offerings, leveraging IPO funds to reduce debt and boost margins amidst rising alco-beverage demand.
- This pivot could enhance profitability, thanks to stronger pricing power, higher brand recall, and sustained ROCE above capital costs within India’s highly regulated but fast-growing alcoholic beverage industry.
- Despite regulatory hurdles and stretched valuations, ABD’s balance sheet cleanup, premiumization strategy, and dominant mass-market presence suggest considerable long-term potential in India’s expanding alcohol sector.
JSW Steel – ESG Report
- Incorporated in India, JSW Steel was established in 1994 and listed on the Indian stock exchange in 1995.
- The company is the largest steel producer in the country (only taking into account capacity in India) and seventh-largest in the world.
- It had 34.7 mtpa of capacity at FYE 2023-24, most of which was based in India (33.2 mtpa).
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