The Equity Research Desk provides fundamental analysis of capital market-related entities to aid wise investment decisions. The analysis also includes IPO news and updates. An Initial Public Offering allows investors to explore the opportunities in various sectors. Nirmal Bang’s IPO watch helps market participants to stay abreast of all the latest developments in this segment.

SBI Cards & Payment Services Ltd. - IPO Note

28-Feb-20

SBI Cards is the second-largest credit card issuer in India, with 17.9% market share of the Indian credit card market in terms of total credit card spends during 9MFY20. Low penetration in SBI customer base plus strong distribution means SBI Cards’ card base can continue to grow at historical growth rates of 27% CAGR (over FY15-19). Increased focus on EMI products can lead to loan book growing at an even faster pace. However, growth in fee income could fall given stagnating per card spends and market-share loss to UPI. Whilst asset quality has held up till now, a slowing economy and job losses can lead to increase in NPAs. Valuations at 46x FY20E post issue P/E is at 222% premium to Global Card cos (having lower growth & ROE) and at a 10% discount to high growth, high RoE Indian lenders. We recommend applying for the issue and rate the IPO as ‘SUBSCRIBE’.

CSB Bank Ltd - IPO Note

22-Nov-19

we recommend subscribing to the issue from a long term perspective.

IRCTC Ltd- IPO Note

30-Sep-19

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Indiamart Intermesh Ltd- IPO Note

24-Jun-19

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Polycab India Ltd. - IPO Note

05-Apr-19

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Metropolis Healthcare Ltd. - IPO Note

03-Apr-19

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Aavas Financiers Ltd. - IPO Note

25-Sep-18

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Ircon International Ltd. - IPO Note

14-Sep-18

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Ahlada Engineers Ltd- IPO Note

11-Sep-18

Ahlada Engineers Ltd- IPO Note

CreditAccess Grameen Ltd. - IPO Note

08-Aug-18

CreditAccess Grameen Ltd. - IPO Note

HDFC Asset Management Company Ltd. - IPO Note

25-Jul-18

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TCNS Clothing Ltd. - IPO Note

18-Jul-18

TCNS Clothing Ltd. - IPO Note

Varroc Engineering Ltd. - IPO Note

26-Jun-18

Varroc Engineering Ltd. - IPO Note

Fine Organics Industries Ltd. - IPO Note

20-Jun-18

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Indostar Capital Finance Ltd - IPO Note

09-May-18

Indostar Capital Finance Ltd - IPO Note

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