Daily BriefsIPOs and Placements

Equity Capital Markets: Delhivery, Rainbow Children’s Hospital, Ngern Tid Lor and more

In today’s briefing:

  • Delhivery IPO: Peer Comparison and Valuation
  • Rainbow Children’s Hospital IPO Trading – Decent Anchor, Strong Insti Subs but Limited Upside
  • Ngern Tid Lor IPO Lock-Up – A US$660m Overhang. Selldown Is a Question of When, Not If.

Delhivery IPO: Peer Comparison and Valuation

By Shifara Samsudeen, ACMA, CGMA

  • Delhivery (1058656D IN) IPO will run from 11-13th May. The company plans to raise INR52.35bn (US$680m) through the issuance of a mix of new shares and OFS by existing shareholders.
  • At the indicative IPO price range of INR462-487 per share, Delhivery will have a market capitalisation of INR334.7-352.8bn and a post-money EV of INR294.8-312.9bn.
  • Delhivery plans to use the IPO proceeds for funding organic growth initiatives such as building scale and expanding network infrastructure as well as for funding inorganic growth.

Rainbow Children’s Hospital IPO Trading – Decent Anchor, Strong Insti Subs but Limited Upside

By Sumeet Singh

  • Rainbow Children’s Hospital (RCH) raised around US$200m via issuing a mix of primary and secondary shares in its India IPO.
  • RCH is a multi-specialty pediatric and obstetrics and gynecology hospital chain in India, operating 14 hospitals and three clinics in six cities, with a total bed capacity of 1,500 beds.
  • In this note, we will talk about our the trading updates.

Ngern Tid Lor IPO Lock-Up – A US$660m Overhang. Selldown Is a Question of When, Not If.

By Sumeet Singh

  • Ngern Tid Lor (NTL), a financial service provider based in Thailand, raised around US$1bn in its Thailand IPO in May 2021.
  • NTL provides hire purchase loans for motorcycles and cars, along with new and used trucks. It also provides insurance brokerage services through its branches for non-life and life insurance. 
  • The lock-up on its two main shareholders will expire today.

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