In today’s briefing:
- Urban Company IPO – Thoughts on Valuations – Not a Whole Lot of Upside
- Mahindra & Mahindra (MM IN) | Pricey Patriotism or Desperation?
- Amber Enterprises: Implication of Rs 1,200 Crore Infusion in Iljin Electronics from PE
- Urban Company IPO – Beauty-Led Platform With Structural Growth Tailwinds
- The Beat Ideas: Amanta Healthcare IPO – Navigating Growth in the Sterile Pharma Space.
Urban Company IPO – Thoughts on Valuations – Not a Whole Lot of Upside
- Urban Company (UCL IN) is looking to raise about US$220m in its upcoming India IPO.
- UCL is a tech-enabled platform offering home and beauty services delivered by trained professionals at customer’s location.
- We have looked at the past performance in our previous note. In this note, we talk about the IPO pricing.
Mahindra & Mahindra (MM IN) | Pricey Patriotism or Desperation?
- Mahindra & Mahindra (MM IN) pre-announces GST benefits, signaling consumer-first patriotism but raising questions on intent.
- Dealer checks reveal heavy discounting despite festive demand hopes coupled with weak dispatches.
- Possible margin risks emerge as MM tries to flush out inventory ahead of GST 2.0 and festive season.
Amber Enterprises: Implication of Rs 1,200 Crore Infusion in Iljin Electronics from PE
- Amber Group’s electronics arm, ILJIN Electronics, has raised Rs 1,200 crore in its first-ever institutional fundraise, led by private equity firm ChrysCapital and supported by InCred Growth Partners.
- This capital infusion accelerates ILJIN’s organic expansion & supports its strategic inorganic growth ambitions, positioning the company as key beneficiary of India’s push for self-reliance under PLI and ECMS schemes.
- The fundraise is a powerful validation of Amber’s strategic pivot towards high-growth EMS sector, paving the way for sustained, multi-year growth and a potential re-rating of the consolidated entity.
Urban Company IPO – Beauty-Led Platform With Structural Growth Tailwinds
- Urban Company is India’s largest organized online home-services platform, with ~60% of revenues from Beauty & Wellness and dominant market share across categories.
- IPO proceeds (~₹4,720 mn fresh issue) will be used to strengthen technology, expand professional training, enhance branding, and fund working capital.
- The platform connects customers with vetted professionals for beauty, cleaning, repairs, and home improvement, differentiated by its supply-controlled model (training, kits, quality standards).
The Beat Ideas: Amanta Healthcare IPO – Navigating Growth in the Sterile Pharma Space.
- The company operates a diversified portfolio of sterile liquid products across six therapeutic segments, with a strong domestic presence and expanding global reach, ensuring consistent revenue streams.
- Proceeds from the IPO will fund the establishment of two new sterile manufacturing lines, significantly enhancing SteriPort and SVP capacities, expected to drive growth in FY26-27.
- While the IPO valuation appears elevated at 46x FY25earnings, the company’s debt reduction and expanded capacity should lead to moderated multiples.
💡 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
