IPO Analysis: Nazara Technologies Ltd.

IPO Analysis: Nazara Technologies Ltd.

Nazara Technologies Limited is the leading India based diversified gaming and sports media platform with presence in India and across emerging and developed global markets such as Africa and North America. They provide offerings across the gamified early learning, eSports and interactive gaming ecosystems including Kiddopia in gamified early learning, Nodwin and Sportskeeda in eSports and eSports media, World Cricket Championship (WCC) and CarromClash in mobile games, and Halaplay and Qunami in skill-based, fantasy and trivia games.

Competitive Strengths

• One of the leading eSports companies in India.
• Diversified business based on the geographical presence and gaming products.
• Strong leadership backed by marquee investors.
• Asset light business model.

Brief Of Financials (In Rs. Cr)

Objective of the Issue:

It aims to raise money for the below objectives:

• To achieve the benefits of listing Equity Shares on the Stock Exchanges.
• To carry out the sale of up to 5,294,392 Equity Shares by the Selling Shareholders

Important Dates to Remember:

Verdict:

Expected, high listing gains, one can apply in this IPO solely for listing gains. 

Sources: Various publications

Disclaimer: The information provided herein is based on publicly available information and other sources believed to be reliable, but involve uncertainties that could cause actual events to differ materially from those expressed or implied in such statements. The document is given for general and information purpose and is neither an investment advice nor an offer to sell nor a solicitation. While due care has been exercised while preparing this document, we do not warrant the completeness or accuracy of the information. We will not accept any liability arising from the use of this material. The recipient of this material should rely on their investigations and take their own professional advice.

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IPO Analysis: Kalyan Jewellers India Ltd

IPO Analysis: Kalyan Jewellers India Ltd.

Kalyan Jewellers India Limited is one of the largest jewelry companies in India based on revenue as of March 31, 2020, according to the Technopak Report. They were established by their founder and one of the Promoters, Mr. T.S. Kalyanaraman, who has over 45 years of retail experience, of which over 25 years is in the jewelry industry.

They have expanded to become a pan-India jewelry company, with 107 showrooms located across 21 states and union territories in India, and also have an international presence with 30 showrooms located in the Middle East as of June 30, 2020. All showrooms are operated and managed by them. In Fiscal 2020, their revenue from operations was ₹10,100.92 crore, of which 78.19% was from India and 21.81% was from the Middle East. Their total showrooms have increased from 77 as of March 31, 2015 to 137 showrooms as of June 30, 2020, and they intend to continue to open additional showrooms as they expect significant opportunity for further penetration in their existing markets as well as in new markets, primarily in India. They also sell jewelry through their online platform.

Company Strength:

• Established brand built on the core values of trust and transparency;
• One of India’s largest jewellery companies with a pan India presence;
• Hyper local strategy enabling them to cater to a wide range of geographies and customer segments;
• Extensive grassroots “My Kalyan” network with strong distribution capabilities enabling deep customer outreach;
• Visionary Promoters with strong leadership and a demonstrated track record supported by a highly experienced and accomplished senior management team and board of directors;
• Wide range of product offerings targeted at a diverse set of customers; and
• Robust and effective internal control processes to support a growing organisation and showroom network with a pan India presence.

Objectives of the Issue:

The IPO proceed will be utilized towards the following business purposes;

•  To finance business working capital requirements.
•  To meet general corporate purposes.

Brief of the Financials (in Rs. Cr):

Important Dates to Remember:

Verdict:

Valuation are quite costly, one can apply only for listing gains otherwise this IPO can be avoided. For long term investment one can wait and enter after listing only. 

Sources: Various publications

Disclaimer: The information provided herein is based on publicly available information and other sources believed to be reliable, but involve uncertainties that could cause actual events to differ materially from those expressed or implied in such statements. The document is given for general and information purpose and is neither an investment advice nor an offer to sell nor a solicitation. While due care has been exercised while preparing this document, we do not warrant the completeness or accuracy of the information. We will not accept any liability arising from the use of this material. The recipient of this material should rely on their investigations and take their own professional advice.

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IPO Analysis : Suryoday Small Finance Bank Ltd

 IPO Analysis : Suryoday Small Finance Bank Ltd.

Suryoday Small Finance Bank Limited is among the leading SFBs in India in terms of net interest margins, return on assets, yields and deposit growth and had the lowest cost-to-income ratio among SFBs in India in Fiscal 2020. 

They have for over a decade been serving customers in the un-banked and under banked segments in India and promoting financial inclusion. Pursuant to receipt of the RBI Final Approval, they started operations as an SFB on January 23, 2017. Prior to commencement of operations as an SFB, they operated as an NBFC – MFI carrying out microfinance operations and operated the joint liability group-lending model for providing collateral-free, small ticket-size loans to economically active women belonging to weaker sections. Their average “priority sector” loans, as a percentage of average ANBC for Fiscal 2018, 2019 and 2020 was 99.08%, 112.10% and 103.67%, respectively. Over the years, they have diversified its loan portfolio to include non-micro banking loans thereby reducing their dependence on micro banking business.

The Bank commenced its microfinance operations in 2009 and has since expanded their operations across 12 states and union territories, as of July 31, 2020. As of July 31, 2020, their customer base was 1.43 million and their employee base comprised 3,949 employees and they operated 482 Banking Outlets including 137 Un-banked Rural Centers.

What this Company Offers? 

• Offer credit products like MFI loans, Vikas Loans, Shopkeeper Loans, etc.
• Offer digital banking, NPCI payment systems, and mobile technologies along with banking through traditional channels.
• Focus on the un served and the under served through innovative banking practices.
• Offers diversified asset portfolio with a focus on retail operations.

Brief Financial Details (in Rs Cr):

Objective of the issue:

The Bank proposes to utilize the Net Proceeds from the Fresh Issue towards augmenting the Bank's Tier-1 capital base to meet the Bank's future capital requirements.

Important Dates to Remember:

Verdict:

In my view, valuations are costly. Some quantity of this company is pledged. In my view one can avoid this IPO. We can get good entry levels after listing.

Sources: Various publications

Disclaimer: The information provided herein is based on publicly available information and other sources believed to be reliable, but involve uncertainties that could cause actual events to differ materially from those expressed or implied in such statements. The document is given for general and information purpose and is neither an investment advice nor an offer to sell nor a solicitation. While due care has been exercised while preparing this document, we do not warrant the completeness or accuracy of the information. We will not accept any liability arising from the use of this material. The recipient of this material should rely on their investigations and take their own professional advice.

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IPO Analysis: Anupam Rasayan India Limited

IPO Analysis: Anupam Rasayan India Limited

Anupam Rasayan India Limited is one of the leading companies engaged in the custom synthesis and manufacturing of specialty chemicals in India. The company evolved into custom synthesis and manufacturing of life science related specialty chemicals and other specialty chemicals, which involve multi-step synthesis and complex technologies, for a diverse base of Indian and global customers. Their key focus in its custom synthesis and manufacturing operations is developing in-house innovative processes for manufacturing products requiring complex chemistries and achieving cost optimization.

The company has 2 distinct business verticals 

(i) life science related specialty chemicals comprising products related to

agro-chemicals, personal care and pharmaceuticals, and 

(ii) other specialty chemicals, comprising specialty pigment and dyes, and polymer additives. 

In Fiscal 2020 and in the 6 months ended September 30, 2020, revenues from their life science related specialty chemicals vertical accounted for 95.37% and 92.48%, respectively, while revenue from other specialty chemicals accounted for 4.63% and 7.52%, respectively, of its revenue from operations, in such periods.

The company has developed strong and long-term relationships with various multinational corporations, including, Syngenta Asia Pacific Pte. Ltd., Sumitomo Chemical Co. Ltd. and UPL Ltd. that has helped them expand their product offerings and geographic reach across Europe, Japan, United States and India. 

The Government of India has also recognized the company as a 3-Star export house.

Company Strength:

• Strong and long-term relationships with diversified customers across geographies with significant entry barriers;
• Core focus on process innovation through consistent R&D, value engineering and complex chemistries;
• Diversified and customized product portfolio with a strong supply chain;
• Automated manufacturing facilities with strong focus on environment, sustainability, health and safety measures;
• Consistent track record of financial performance;
• Experienced promoters and strong management team.

Objective of the Issue:

The net proceeds from the IPO will be utilized towards the following purposes:

• To make prepayment/repayment of company's indebtedness including accrued interest.
• To meet general corporate purposes.

Brief Financials of The Company: (in Rs Cr)

Important Dates to Remember:

Verdict:

One can apply for listing gains. GMP as on 10-03-2021 is Rs 305-310.

Sources: Various publications 

Disclaimer: The information provided herein is based on publicly available information and other sources believed to be reliable, but involve uncertainties that could cause actual events to differ materially from those expressed or implied in such statements. The document is given for general and information purpose and is neither an investment advice nor an offer to sell nor a solicitation. While due care has been exercised while preparing this document, we do not warrant the completeness or accuracy of the information. We will not accept any liability arising from the use of this material. The recipient of this material should rely on their investigations and take their own professional advice.

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IPO Analysis: Craftsman Automation Limited

IPO Analysis: Craftsman Automation Limited

Craftsman Automation Limited is a diversified engineering company with vertically integrated manufacturing capabilities, engaged in three business segments, namely power train and other products for the automotive segment (“Automotive - Power train and Others”), aluminium products for the automotive segment (“Automotive – Aluminium Products”), and industrial and engineering products segment (“Industrial and Engineering”). They are the largest player involved in the machining of cylinder blocks and cylinder heads in the intermediate, medium and heavy commercial vehicles segment as well as in the construction equipment industry in India. They are among the top 3-4 component players with respect to machining of cylinder block for the tractor segment in India. They are present across the entire value chain in the Automotive-Aluminium Products segment, providing diverse products and solutions. Company’s strong in-house engineering and design capabilities help them offer comprehensive solutions and products to their long standing domestic and international customers in each of the segments in which they operate.

Their comprehensive solutions include design, process engineering and manufacturing including foundry, heat treatment, fabrication, machining and assembly facilities. The core competence in machining and assembly of industrial and engineering products has helped them to establish themselves as a significant player in the Automotive - Power train and Others segment.

The key products in this segment are highly engineered and include engine parts such as cylinder blocks and cylinder heads, camshafts, transmission parts, gear box housings, turbo chargers and bearing caps. The end users for their products include OEMs producing commercial vehicles, special utility vehicle, tractors and off-highway vehicles. Additionally, they also provide machining services within its Automotive – Power train and Others segment.

Company Strength :

• Diversified engineering company with a focus on providing comprehensive solutions and manufacturing high quality, intricate and critical products, components and parts;
• Strong in-house process and product design capabilities with the ability to interchange capacity and product mix;
• Long term and well established relationships with marquee domestic and global OEMs;
• Extensive manufacturing footprint, with strategically located manufacturing facilities;
• Experienced management team supported by motivated and skilled work force;
• Robust financial performance in challenging business environment.

Objective of The Issue: 

The company purposes to utilize funds towards the following objectives;

• To make re-payment/pre-payment of company's borrowing fully or partially.
• To meet general corporate purposes.

Brief of Financials of the Company (in Rs Cr)

Important Dates to Remember:

Verdict:

Valuation is quite high, good company for investment. One can also purchase this IPO after listing. GMP is not yet available. Since their is action seen in primary market hence listing gains can be expected from this IPO.

Sources: Various publications

Disclaimer: The information provided herein is based on publicly available information and other sources believed to be reliable, but involve uncertainties that could cause actual events to differ materially from those expressed or implied in such statements. The document is given for general and information purpose and is neither an investment advice nor an offer to sell nor a solicitation. While due care has been exercised while preparing this document, we do not warrant the completeness or accuracy of the information. We will not accept any liability arising from the use of this material. The recipient of this material should rely on their investigations and take their own professional advice.

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IPO Analysis: Laxmi Organic Industries Limited

IPO Analysis: Laxmi Organic Industries Limited

Laxmi Organic Industries Limited is a leading manufacturer of Acetyl Intermediates and Specialty Intermediates with almost 3 decades of experience in large scale manufacturing of chemicals. They are currently among the largest manufacturers of ethyl acetate in India with a market share of approximately 30% of the Indian ethyl acetate market. Further, post completion of the YCPL Acquisition, their market share in the ethyl acetate market will be further enhanced. In 2010, they commenced manufacturing the Specialty Intermediates by acquiring Clariant’s diketene business. They are the only manufacturer of diketene derivatives in India with a market share of approximately 55 % of the Indian diketene derivatives market in terms of revenue in Fiscal 2020 and one of the largest portfolios of diketene products.

Their products are currently divided into 2 broad categories, namely the Acetyl Intermediates and the Specialty Intermediates. The Acetyl Intermediates include ethyl acetate, acetaldehyde, fuel-grade ethanol and other proprietary solvents, while the Specialty Intermediates comprises of ketene, diketene derivatives namely esters, acetic anhydride, amides, arylides and other chemicals. Their products find application in various high-growth industries, including pharmaceuticals, agrochemicals, dyes & pigments, inks & coatings, paints, printing & packaging, flavours & fragrances, adhesives and other industrial applications.

Competitive Strengths

• Leading manufacturer of ethyl acetate with significant market share;
• Only Indian manufacturer of diketene derivatives with a significant market share and one of the largest portfolios of diketene products;
• Diversified customer base across high growth industries and long-standing relationships with marquee customers;
• Strategically located manufacturing facilities, vertical integration and supply chain efficiencies;
• In-house research and development capabilities and consistent track record of technology absorption;
• Global presence and low geographical concentration;
• Differentiated business model, asset base, product mix and experience in handling complex chemistry create high entry barriers; and
• Experienced promoter, board of directors and key managerial personnel.

Brief Financial of Company (Rs in Crs)

Objective of the Issue:

• Investment in subsidiary firm, Yellowstone Fine Chemicals Private Limited (YFCPL) to partly finance the capex to establish a new manufacturing facility.
• To invest in YFCPL for financing working capital requirements.
• To finance the capex for expansion of SI manufacturing facility.
• To finance business working capital requirements.
• To purchase plant and machinery for infrastructure development at SI facility.
• To make prepayment or repayment of borrowings availed by the company and subsidiary, Viva Life sciences Pvt Ltd (VLPL).
• To meet general corporate purposes.

Some Dates to Remember:

Verdict:

One can apply for this IPO for listing gains, GMP is 85-90 (as on 10-03-2021)

Sources: Various publications

Disclaimer: The information provided herein is based on publicly available information and other sources believed to be reliable, but involve uncertainties that could cause actual events to differ materially from those expressed or implied in such statements. The document is given for general and information purpose and is neither an investment advice nor an offer to sell nor a solicitation. While due care has been exercised while preparing this document, we do not warrant the completeness or accuracy of the information. We will not accept any liability arising from the use of this material. The recipient of this material should rely on their investigations and take their own professional advice.

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IPO Analysis : Easy Trip Planners Ltd

IPO Analysis : Easy Trip Planners Ltd

It got incorporated in 2008, Easy Trip Planners Ltd is the second largest online travel agency in India in terms of gross revenue. The online travel agency offers a range of travel products and services and end-to-end travel solutions including airline tickets, rail tickets, bus tickets, taxis, holiday packages, hotels, and other value-added services i.e. travel insurance, visa processing, etc.

It offers a range of online traveling services through its website, android and iOS mobile application. The company follows B 2 B 2 C (business to business to customer), B 2 C (business to customer), and B 2 E (business to enterprise) distribution channels to offers its services.

They were ranked third among the Key Online Travel Agencies in India in terms of gross booking revenues and air tickets gross booking revenues in FY19.

They have been consistently profitable since incorporation and according to the CRISIL Report they were the only profitable online travel agency among the Key Online Travel Agencies in India in FY19. Their market share in the Indian online travel agency industry in terms of gross booking revenues and gross booking revenues for air ticketing segment was 3.8%, and 4.5% to 5%, respectively, in FY19.

As of November 30, 2019, they provided their customers with access to more than 400 international and domestic airlines, more than 1,096,400 hotels in India and in international jurisdictions, almost all railway stations in India as well as bus tickets to and cab rentals for major cities in India. They provide customers with the option of no-convenience fee, such that customers are not required to pay any service fee in instances where there is no alternate discount or promotion coupon being availed.

Competitive strengths:

•     One of the leading online travel agencies in India.
•     Strong brand name and distribution network.
•     In-house advanced technology infrastructure.
•     Consistent financial track record and operational performance

Financial Detail of The Compnay (In Rs. Cr)

Important Dates and Facts to Remember:

Verdict:

One can apply for this IPO solely for listing gain only.

Sources: Various publications

Disclaimer: The information provided herein is based on publicly available information and other sources believed to be reliable, but involve uncertainties that could cause actual events to differ materially from those expressed or implied in such statements. The document is given for general and information purpose and is neither an investment advice nor an offer to sell nor a solicitation. While due care has been exercised while preparing this document, we do not warrant the completeness or accuracy of the information. We will not accept any liability arising from the use of this material. The recipient of this material should rely on their investigations and take their own professional advice.

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Stock market News as on 08-03-2021

Stock market News as on 08-03-2021

Nifty tops 15,000 mark mirroring firm global cues; Sensex up 350 points

Tracking the global mood, the Indian benchmark indices traded around 1% higher in Monday's early deals. Investors reacted to US President Joe Biden's $1.9 trillion corona virus relief package passed in the Democratic-controlled Senate on March 6 while keeping a close watch on the US bond yields. The yields on US 10-year Treasuries hit a one-year high of 1.625% last Friday in the wake of positive US jobs data and rising inflation, and stood at 1.60% on Monday.

At 9:38 AM, the frontline S&P BSE Sensex was trading at 50,772, up 369 points or 0.72%. Market breadth is positive and out of a total of 2,287 shares traded on the Bombay Stock Exchange, 1,662 advanced while 497 declined and 128 remained unchanged. The broader Nifty 50 was at 15,043, levels, up 104 points or 0.70%. The Nifty sectoral indices were painted green, led by Nifty PSU Bank index, up 2%.

The Week that was – March 1 to March 5, 2021

Key indices logged modest gains amid volatile swings during the week. The Nifty index dropped below the psychological 15,000 mark. Value buying emerged after India's GDP returned to positive territory after contracting for two straight quarters. Stabilizing US Treasury yields, hopes surrounding global COVID-19 vaccination programme and the passing of $1.9 trillion US stimulus package also boosted gains. However, global stocks weakened towards end of the week amid rising bond yields. Rising crude oil prices also weighed on the sentiment as higher crude oil prices could increase fiscal deficit, current account deficit and stoke fuel price inflation. Auto stocks were in demand during the week.

In the week ended on Friday, March 5, 2021, the Sensex surged 1,305.33 points or 2.66% to settle at 50,405.32. The Nifty50 index soared 408.95 points or 2.81% to settle at 14,938.10. The BSE Mid-cap index rose 609.15 or 3.05% to settle at 20,587.80. The BSE Small cap index jumped 780.67 points or 3.87% to settle at 20,936.02.

Global Markets

Asian shares rallied on Monday while the dollar held near three-month peaks after the U.S. Senate passage of a $1.9 trillion stimulus bill and a surprisingly strong payrolls report augured well for a global economic rebound. There was also upbeat news in Asia, as China’s exports surged 155% in February compared with a year earlier when much of the economy shut down to fight the corona virus. The prospect of yet faster growth helped MSCI’s broadest index of Asia-Pacific shares outside Japan firm 0.4%. Japan’s Nikkei gained 1.2%, while S&P 500 futures rose 0.3%, after a sharp turnaround on Friday.

OIL, RUPEE & FIIs

Crude Oil: The oil prices were at the highest levels in more than a year after Yemen's Houthi forces fired drones and missiles at the heart of Saudi Arabia's oil industry on Sunday, raising concerns about production. Brent climbed $1.09 a barrel to $70.45, while US crude rose $1.08 to $67.17 per barrel.

Indian Rupee: The rupee slumped by 19 paise to close below the 73 mark against the US currency on Friday due to a stronger dollar and risk aversion in the global markets. At the inter bank forex market, the local unit opened at 72.98 against the greenback and traded in the range of 72.73 - 73.09 during the day. The rupee finally ended at 73.02 against the American currency, registering a fall of 19 paise over its previous closing.

FPIs: As the rising bond yields in the US cause panic in the global markets, foreign portfolio investors (FPI) have turned to sell their holdings. FPIs have pulled out a net Rs 881 crore from the Indian equity market in the first week of March. They have pulled out a net investment of Rs 5,595 crore from the debt segment, as shown in NSDL Website.

Week Ahead

Trend in global markets, macro data, movement of rupee against the dollar, Brent crude oil price movement and investments by foreign portfolio investors (FPI) and domestic institutional investors (DII) will be watched. Global cues will continue to be in focus as resurgence in virus cases around the world, leads to more restrictions and more pressure on economic recovery. Updates related to COVID-19 will be closely watched. Also, on the radar will be news on Covid vaccine development. From here on the pace of the improvement of economic indicators along with outcomes of a possible vaccine or cure for COVID-19 would determine the movement of the market.

On the macro front, the Industrial Production and Manufacturing Production data for January will be released on March 12, 2021.

Overseas, China will announce inflation rate for February on March 10, 2021. US will also announce inflation rate for February on March 10, 2021. In Europe, the European Central Bank (ECB) will announce its interest rate decision on March 11, 2021.

Sources: Various publications

Disclaimer: The information provided herein is based on publicly available information and other sources believed to be reliable, but involve uncertainties that could cause actual events to differ materially from those expressed or implied in such statements. The document is given for general and information purpose and is neither an investment advice nor an offer to sell nor a solicitation. While due care has been exercised while preparing this document, we do not warrant the completeness or accuracy of the information. We will not accept any liability arising from the use of this material. The recipient of this material should rely on their investigations and take their own professional advice.

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