In today’s briefing:
- Sai Life Sciences IPO Lockup – US$840m Lockup Release; TPG Asia up 5.8x with a 24.8% Stake
- Oswal Pumps IPO – RHP Updates & Thoughts on Peer Comp and Valuation
- Lucror Analytics – Morning Views Asia
- Divi’s Laboratories (DIVI IN): Double-Digit Growth and Margin Improvement to Continue
Sai Life Sciences IPO Lockup – US$840m Lockup Release; TPG Asia up 5.8x with a 24.8% Stake
- SAI Life Sciences (SAILS12 IN) raised around US$360m in its India IPO in Dec 2024. The lockup on its pre-IPO investors is set to expire soon.
- Sai Life Sciences is a contract research, development and manufacturing organisation providing end-to-end services across drug discovery, development and manufacturing value-chain, for small to global pharmaceutical innovators and biotechnology firms.
- In this note, we will talk about the lockup dynamics and possible placement.
Oswal Pumps IPO – RHP Updates & Thoughts on Peer Comp and Valuation
- Oswal Pumps (1019841D IN) is looking to raise about US$162m in its upcoming India IPO. The deal has been downsized from an earlier size of around US$250m.
- Oswal Pumps Ltd (OPL) specializes in the manufacturing of solar-powered and conventional pumps, electric motors, and related components for agricultural, residential, and industrial applications.
- We have looked at the company’s past performance in our previous notes. In this note, we will talk about the RHP updates and IPO valuations.
Lucror Analytics – Morning Views Asia
- US treasury yields declined yesterday, led by the short end, given softer than expected CPI data and a solid auction for the 10Y notes.
- The UST curve bull-steepened, with the yield on the 2Y UST down 7 bps at 3.95%, while the yield on the 10Y UST fell 5 bps to 4.42%.
- Equities halted a three-day advance, albeit remaining near record-high levels.
Divi’s Laboratories (DIVI IN): Double-Digit Growth and Margin Improvement to Continue
- Divi’s Laboratories (DIVI IN) ended FY25 on a strong note. Continued momentum in CS business, recovery in generic business, and significant margin improvement are the key highlights of Q4FY25 result.
- Divi’s is witnessing sustained momentum in CS, with a healthy uptick in RFPs and regular site visits. Favorable product mix, stable raw material, and logistics prices will improve overall margin.
- Moving ahead, the company is looking to maintain double-digit revenue growth. This compares favorably with less than 2% revenue CAGR over the last three years.
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