In today’s briefing:
- IPO Review: Urban Company – India’s Largest Marketplace for At-Home Services
- IDBI Bank’s Stakeholder Enrichment Programme Begins at the Top
- Lalithaa Jewellery Mart Pre-IPO: Topline Momentum Masks Underlying Weaknesses
IPO Review: Urban Company – India’s Largest Marketplace for At-Home Services
- With rising affluence, India’s home services’ is fast evolving with a focus on enhancing the convenience and quality of life for households. Online home services to grow at 16–22% CAGR.
- Urban Company is the largest player (62% market share) with a recognised brand, ~50+k active professionals offering services across 17+ at-home service categories to 6+mn active customers
- IPO looks reasonably priced at 7-8x FY27 revenues, considering Indian tech peers trade between 6-10x. We estimate FY25-27 revenue CAGR at 22-25% vs 27% during FY22-25
IDBI Bank’s Stakeholder Enrichment Programme Begins at the Top
- Only very few senior executives have benefitted from privatisation of IDBI Bank
- Hefty remueration increases given to CEO and two Deputy Managing Directors
- Major improvement in the bank’s performance on account of government led injection of equity and bank’s share price has under-performed peers.
Lalithaa Jewellery Mart Pre-IPO: Topline Momentum Masks Underlying Weaknesses
- Lalithaa Jewellery Mart Ltd (1607844D IN) is looking to raise US$200m in its upcoming India IPO.
- Lalithaa Jewellery Mart Ltd (LJML) is a jewellery retailer operating as”Lalithaa”, offering a range of gold, silver, and diamond jewellery tailored to regional preferences in southern India.
- In this note, we look at the company’s past performance.
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