In today’s briefing:
- Mankind Pharma Placement – Well Flagged, past Deals Have Done Well but Its Expensive
- Bharti Hexacom IPO: The Bull Case
- Jumbotail nets $18m amid tough B2B ecommerce market
- Singaporean wearables startup SynPhNe bags US$5M for US expansion | e27
- Ipca Laboratories (IPCA IN): Solid Q3 Result; Mid-Teens Growth Expected in Domestic Revenue in Q4
Mankind Pharma Placement – Well Flagged, past Deals Have Done Well but Its Expensive
- ChrysCap is looking to raise around US$295m via selling a 2.8% stake in Mankind Pharma.
- MP is a pharmaceutical company engaged in developing, manufacturing and marketing a range of pharmaceutical formulations across various acute and chronic therapeutic areas, as well as several consumer healthcare products.
- We have looked at the IPO, lock-up release and prior placement in our earlier notes. In this note, we talk about the current deal dynamics.
Bharti Hexacom IPO: The Bull Case
- Bharti Hexacom (6597372Z IN), a 70% owned subsidiary of Bharti Airtel (BHARTI IN), aims to raise around US$500 million at a valuation of US$3.3-4.2 billion.
- The offer is a pure secondary offering. The Government of India aims to reduce its stake from 30% to 15% of outstanding shares.
- The bull case rests on market share gains, ARPU growth, low churn rates, improving margins, cash generation and low leverage.
Jumbotail nets $18m amid tough B2B ecommerce market
- B2B ecommerce startups in India and Southeast Asia have been facing challenges in scaling up their businesses after the pandemic.
- In December 2023, Indian unicorn Udaan laid off at least 100 employees after raising US$340 million, while two months earlier, Indonesia-based Ula announced that it was also cutting jobs and transitioning out of its inventory-led FMCG distribution business.
- However, positive news comes from B2B startup Jumbotail, which has raised US$18.2 million in an equity round.
Singaporean wearables startup SynPhNe bags US$5M for US expansion | e27
- SynPhNe (Synergistic Physio-Neuro Platform), a wearable solution designed to treat stroke and other neurology-related disorders, has received US$5 million in a Series A funding round.
- Event Horizon Technologies, an affiliate of the Nadathur Group, is one of the key investors in this round. The Group is the family office of Nadathur Raghavan, co-founder of Indian software giant Infosys.
- This fresh capital will be used by Singapore-based SynPhNe to expand its rehabilitation services, particularly in the US market.
Ipca Laboratories (IPCA IN): Solid Q3 Result; Mid-Teens Growth Expected in Domestic Revenue in Q4
- Ipca Laboratories (IPCA IN) reported strong Q3FY24 results, with revenue and net profit increasing 33% and 67%, YoY, respectively. Domestic formulation and generic exports remained main growth drivers.
- Ipca’s India formulation business revenue is expected to grow 15% YoY to ~INR7,000 million in Q4FY24. The company guided for 13–14% domestic revenue growth in FY25.
- Riding on improving profitability at Unichem operation and launch of U.S. product, Ipca is expecting 10–12% growth in EBITDA and 2% improvement in EBITDA margin in FY25.
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