In today’s briefing:
- PayTM Block – US$434m Clean-Up by Antfin
- M&B Engineering Ltd. IPO Analysis
- The Beat Ideas: Thirumalai Chemicals – A ₹2,000 Cr Capex Bet on the Next Growth Cycle
- Global Markets Tactical Outlook: Week of August 4 – August 8
- Business Breakdown: Pokarna Limited, A Niche Quartz Player Facing Challenge Due to US Tariff
- Sambhv Steel: Anchor Lock-In Opens, Bet on Capacity Expansion, Debt Reduction & Value Addition
- National Securities Depository Limited (NSDL) IPO Trading – Strong Demand, Set for a Pop
PayTM Block – US$434m Clean-Up by Antfin
- Antfin (Netherlands) Holding B.V. (Antfin) is looking to raise up to US$434 via a cleanup of its remaining 5.8% stake in Paytm (PAYTM IN).
- Antfin has been selling off its stake in PayTM since it pared around 12% in Nov 2021 IPO. It last sold a 4% stake to raise upto US$242m in May2025.
- In this note, we run the deal through our ECM framework and comment on deal dynamics.
M&B Engineering Ltd. IPO Analysis
- M&B Engineering, a leader in the PEB space, launched a INR 650 crore IPO with a price band of INR 366-385, opening July 30, 2025.
- The company will use the INR 275 crore fresh issue proceeds for capital expenditure to expand manufacturing facilities, upgrade technology, and repay certain borrowings.
- Growth is fueled by 60% capacity expansion by FY28 and a booming PEB market; valuation appears reasonable given its high PAT CAGR of 53%.
The Beat Ideas: Thirumalai Chemicals – A ₹2,000 Cr Capex Bet on the Next Growth Cycle
- Thirumalai Chemicals is nearing completion of two transformative capex projects in Dahej (India) and West Virginia (USA) set to expand capacity by over 130,000 TPA across commodity and specialty chemicals.
- These investments position TCL to capture demand in both domestic import-substitution and underserved global food ingredient markets, while reducing dependency on cyclical PAN margins.
- The company is transitioning from a commodity-heavy profile to a more diversified, global specialty player, unlocking long-term margin expansion and reducing volatility in earnings.
Global Markets Tactical Outlook: Week of August 4 – August 8
- A quick synoptic look at the tactical models for the key indices, stocks, commodities and bonds we cover, for the week August 4 – August 8.
- OVERSOLD: China Mobile (941 HK) , NIFTY Index , KOSPI 200 INDEX
- OVERBOUGHT: NVIDIA Corp (NVDA US) is the only stock clearly overbought.
Business Breakdown: Pokarna Limited, A Niche Quartz Player Facing Challenge Due to US Tariff
- Pokarna is India’s leading quartz exporter, leveraging italian Bretonstone technology to deliver industry-leading margins, growth in Natural Quartz segment.
- Company is doing major capex worth Rs. 440Crs, that will add an additional 500Cr in topline once fully operational.
- The company is facing demand challenges due to the US 25% Tariff since more than 80% revenue is coming from the US.
Sambhv Steel: Anchor Lock-In Opens, Bet on Capacity Expansion, Debt Reduction & Value Addition
- In Sambhv Steel Tubes (SAMBHV IN), the anchor investor lock-in expiry ends brought expected selling pressure, testing the stock’s resilience and investor conviction in its fundamentals.
- The company posted record Q1 revenue and profit, driven by strong volumes and margin expansion from its strategic value-added product focus.
- Management guides for sustained 12-13% EBITDA margins, backed by aggressive brownfield and greenfield expansions to capture future market demand.
National Securities Depository Limited (NSDL) IPO Trading – Strong Demand, Set for a Pop
- National Securities Depository Limited NSDL (NSDL IN) raised around US$460m in its India IPO.
- It is the largest depository in India in terms of number of issuers, number of active instruments, market share in demat value of settlement volume and value of assets.
- We have looked at the past performance in our previous note. In this note, we talk about the demand and trading dynamics.
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