In today’s briefing:
- Pine Labs IPO: Slashed Offering Size & Lower Valuation
- SAIL: Leaner, Stronger, Poised for Recovery — Margins to Rebound in H2
Pine Labs IPO: Slashed Offering Size & Lower Valuation
- Pine Labs (0568874D IN) is looking to list on the exchanges by selling 176.5m shares via a primary and secondary offering to raise US$439m at a valuation of US$2.86bn.
- The price band has been set at INR 210-221/share and could price at the top end of the range. The IPO raise and valuation are sharply lower than earlier reports.
- Inclusion at regular rebalances will commence in May but flow will be small given the low float and the Smallcap indices that it is added to.
SAIL: Leaner, Stronger, Poised for Recovery — Margins to Rebound in H2
- Steady operations despite price softness; volumes up 8% YoY, debt down ₹3,400 Cr, margins stable around 10%.
- Capex on track; IISCO ₹33,000 Cr expansion progressing, funded via internal accruals and moderate leverage.
- Valuation reasonable; trades at ~7× EV/EBITDA and ~US$560/t EV/Ton with Positive Bias on margin recovery and balance-sheet strength.
💡 Before it’s here, it’s on Smartkarma
Sign Up for Free
The Smartkarma Preview Pass is your entry to the Independent Investment Research Network
- ✓ Unlimited Research Summaries
- ✓ Personalised Alerts
- ✓ Custom Watchlists
- ✓ Company Data and News
- ✓ Events & Webinars
