Daily Brief India: PayMate India Ltd, Blue Jet Healthcare Ltd, Biocon Ltd, Vedanta Resources and more

• PayMate India Ltd (935383Z IN) is looking to raise approximately US$193m in its upcoming India IPO.  
• PayMate India is a business to business (B2B) payments and services provider that digitizes, automates and streamlines B2B payments in supply chains. 
• The firm remains unprofitable even on a gross profit level. Its cash burn also appears unsustainable as it has been financing its operations through equity raises. 

• Blue Jet Healthcare Ltd (BJHC IN) is looking to raise about US$300m in its upcoming India IPO. The deal will be run by Kotak, ICICI Securities and JP Morgan. 
• Blue Jet Healthcare (BJH) is a specialty pharmaceutical and healthcare ingredient and intermediate company, offering niche products targeted toward innovator pharmaceutical companies and multinational generic pharmaceutical companies. 
• It operates via a contract development and manufacturing organization (CDMO) model with specialized chemistry capabilities in contrast media intermediates and high-intensity sweeteners, including saccharin and its salts. 

• Biocon Ltd (BIOS IN) divested 5.4% stake in Syngene International Ltd (SYNG IN) and raised INR12.2B. The proceed will be used to finance Biocon’s acquisition of biologics business of Viatris.
• Biocon is still working on the equity-debt split of Viatris deal, and a final decision on the same will be announced soon.
• The strategic deal with Viatris will transform Biocon Biologics into a leading vertically integrated global biologics company, with one of the broadest and deepest commercialized biosimilars portfolio in the industry.

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.

• AAC Technologies Holdings
• Vedanta Resources