Mahindra Manulife Flexi Cap Yojana NFO

 

New Fund Offer Opens on: 30th July, 2021 & Closes on: 13th August, 2021

A flexi cap fund, as per scheme categorization specified by SEBI, is an equity scheme with minimum 65% investment in equity and equity related instruments, with no restrictions around market cap allocations

SCHEME DETAILS: 

Investment objective of the Scheme is to generate long term capital appreciation by investing in a diversified portfolio of equity & equity -related securities across market capitalization. However, there can be no assurance that the investment objective of the Scheme will be achieved.

• Benchmark: Nifty 500 TRI Index
• Entry Load: Nil.
• Exit Load: An Exit Load of 0.5% is payable if Units are redeemed / switched-out upto 3 months from the date of allotment; Nil if Units are redeemed / switched-out after 3 months from the date of allotment. 
• Minimum Application Amount (Lumpsum): `1,000 and in multiples of `1/- thereafter
• Minimum Application Amount (SIP) for daily and monthly frequencies 6 installments of `500/- each and in multiples of `1/- thereafter 

Features of the category:

• Diversification across market caps as per outlook
• A flexible asset allocation structure to take positions based on risk-return opportunities 
• Ideal for investors looking for an agile diversified fund

WHY CHOOSE MAHINDRA MANULIFE?

• Robust GCMV process for security selection
• Reinforcement of investment processes by adopting global practices.

WHY INVEST IN MAHINDRA MANULIFE FLEXI CAP YOJANA?

• Flexibility to invest in opportunities across market capitalization
• Bottom up stock selection process
• Active allocation across Market capitalization based on macro-economic indicators, policy environment, valuations, market conditions 
• Top down approach to select sectors 
• Management through diversification of holdings and disciplined approach to monitor individual stock position based on market capitalization

INVESTMENT STYLE

• Active management
• Portfolio allocation based on Top down approach and Bottom up stock selection
• Aim to construct the Portfolio with a mix of Core investment opportunities (medium to long term compounding stories) and Tactical investment opportunities (for eg. cyclical sector, commodities cycle, etc.)

This product is suitable for investors who are seeking

• Long term capital appreciation
• Investment in diversified portfolio of equity & equity related instruments across market capitalization.

IDFC US Equity Fund Of Fund

 

NFO Opens: 29th July 2021 NFO Closes: 12th August 2021

An overview of the IDFC US Equity Fund of Fund:

• An open-ended fund of fund scheme investing in units/shares of overseas Mutual Fund Scheme (/s) / Exchange Traded Fund (/s) investing in US Equity securities
• The underlying fund(/s) will be based on the existing US market view and outlook of the fund manager Currently, the fund will invest in an underlying fund with a Growth-style investing 

Underlying Fund: 

• The J.P. Morgan US Growth Fund A carefully chosen fund with a well-tested investment process and well-proven track record.
• Fund Inception Date: 20th Oct’00 Share Class inception date: 3rd Oct’13*
• 60-90 stock portfolio – Large-cap focused with some mid-cap exposure 
• USD 1.8Bn of assets as on Jun’21
• An experienced lead portfolio manager supported by a team of sector research analysts
• Global exposure: 40% of the revenue of the underlying stocks contributed by countries outside of US
• Bottom-up investment approach to identify companies with : 
• A large addressable market undergoing meaningful change 
• Sustainable competitive advantage and strong execution
• Good price momentum

 

Why US Equities are a powerful complementary addition to the Indian investor’s portfolio?

• Effective diversification on account of low correlation with Indian Equities
• Consistent earnings-driven performance, a good combination of reward with resilience 
• Exposure to another key asset i.e. USD which is a world reserve currency

Why consider investing in US Equities now?

• The reopening of the US economy is expected to lead to the highest GDP growth in ~40 years
• Innovative themes to further advance the US economy
• Investing for the long-term offers significant potential, irrespective of market levels

Key features: 

• An actively managed underlying fund with a well-tested, fundamental, bottom-up stock selection process
• Growth-oriented portfolio positioned to benefit from reopening of the economy
• Seasoned and proven fund management team with deep US expertise

This product is suitable for investors who are seeking: 

• To create wealth over long term
• Diversification of returns through investing in a fund mainly investing in units/shares of overseas Mutual Fund Scheme(/s)/ Exchange Traded Fund(/s) which invests in US Equity Securities

*Investors should consult their financial advisers if in doubt about whether the product is suitable for them.

Mirae Asset Money Market Fund

 

The investment objective of the scheme is to generate reasonable returns with low risk and provide liquidity by investing in money market instruments. However, there is no assurance or guarantee that the investment objective of the scheme will be realized.

WHY INVEST IN MONEY MARKET FUND

• Low duration risk: Looking to Invest in less than or upto 1 year papers only for low duration risk
• Attempts to offer Better Risk adjusted returns: 
• Offers as one of the alternative for short term fixed deposit
• Suitable for Systematic Investment Plans and Systematic Transfer Plans

Why Invest Now?

• Money Market Yield Curve is steep right now, which gives an opportunity to generate return using rolldown strategy.
• When normalization in the economy starts and yields will start raising, this will create potential opportunity for reinvestment theme. 
• Money market and short bond segment may get benefitted from reinvesting at higher yields

IDEAL INVESTMENT HORIZON

Investment Horizon 1 Years

Risk Profile: Low to Moderate

Goals: Savings

Mirae Asset Money Market Fund is suitable for investors who are seeking•

• Short term Saving
• Investments predominantly in money market instruments

*Investors should consult their financial advisers if they are not clear about the suitability Of The Product

Exxaro Tiles IPO

 

ABOUT COMPANY:

Exxaro Tiles Ltd. (ETL) is engaged in the manufacturing and marketing of vitrified tiles used for flooring solutions. Having started its operation in the manufacturing of frits, over the years it diversified and expanded to its current status. It manufactures broadly two products i.e. double charge vitrified tiles and glazed vitrified tiles.

Its product basket has 1000+ designs and it is sold under its own brand "Exxaro". As of the date of filing its RHP, it had 2000+ registered dealers across 24 states/union territories with PAN India presence. It is also exporting its products to over 12 countries internationally.

FINANCIAL PERFORMANCE:
On the financial performance front, ETL has posted turnover/net profits of Rs. 221.25 cr. / Rs. 9.14 cr. (FY18), Rs. 244.01 cr. / Rs. 8.92 cr. (FY19), Rs. 243.96 cr. / Rs. 11.26 cr. (FY20) and Rs. 259.85 cr. / Rs. 15.22 cr. (FY21). Boost in the top and bottom lines in the pre-IPO year (under pandemic scare) raises concern.

For the last three fiscals, the company has posted an average EPS of Rs. 3.83 and an average RoNW of 10.73%. The issue is priced at a P/BV of 3.14 based on its NAV of Rs. 38.20 as of March 31, 2021, and at a P/BV of 2.05 based on its post-issue NAV of Rs. 58.65 (at the upper cap).

If we attribute FY21 super earnings on fully diluted post issue equity, then the asking price is at a P/E of 35.29 making it a fully priced issue. The sustainability of FY21 margins is a major concern. Based on its FY 20 earnings, the issue is priced at a P/E of 47.62.

Exxaro Tiles IPO Details

IPO Opening Date	Aug 4, 2021
IPO Closing Date	Aug 6, 2021
Issue Type	Book Built Issue IPO
Face Value	₹10 per equity share
IPO Price	₹118 to ₹120 per equity share
Market Lot	125 Shares
Min Order Quantity	125 Shares
Listing At	BSE, NSE
Issue Size	13,424,000 Eq Shares of ₹10 (aggregating up to ₹161.09 Cr)
Fresh Issue	11,186,000 Eq Shares of ₹10 (aggregating up to ₹134.23 Cr)
Offer for Sale	2,238,000 Eq Shares of ₹10 (aggregating up to ₹26.86 Cr)

Exxaro Tiles IPO Tentative Timetable

IPO Open Date	Aug 4, 2021
IPO Close Date	Aug 6, 2021
Basis of Allotment Date	Aug 11, 2021
Initiation of Refunds	Aug 12, 2021
Credit of Shares to Demat Account	Aug 13, 2021
IPO Listing Date	Aug 17, 2021

Krsnaa Diagno IPO

 

ABOUT COMPANY:
Krsnaa Diagnostics Ltd. (KDL is one of the largest differentiated diagnostic service providers in India (Source: CRISIL Report). It provides a range of technology-enabled diagnostic services such as imaging (including radiology), pathology/clinical laboratory and teleradiology services to public and private hospitals, medical colleges and community health centres Pan-India. It claims to be the fastest-growing diagnostic chain in India on multiple parameters including operating income, operating profit before depreciation, interest and tax ("OPBDIT") and profit after tax between Fiscal 2017 and Fiscal 2020 and volume of tests conducted between Fiscal 2018 and Fiscal 2021 (amongst players with revenues exceeding Rs. 150 cr.) (Source: CRISIL Report). According to CRISIL Report, KDL also operates one of India's largest teleradiology reporting hubs in Pune that is able to process large volumes of X-rays, CT scans and MRI scans round the clock and 365 days a year, and allows it to serve patients in remote locations where diagnostic facilities are limited.

FINANCIAL PERFORMANCE:
On the financial performance front, KDL has posted turnover/net profit (loss) of Rs. 214.32 cr. / Rs. - (58.06) cr. (FY19), Rs. 271.38 cr. / Rs. - (111.95) cr. (FY20) and Rs. 661.48 cr. / Rs. 184.93 cr. (FY21). Turnover and profits for FY21 include one-time gain from fair value movement of CCPS (Compulsory Convertible Preference Shares) amounting to Rs. 252.78 cr. According to seasoned players, this is an eyewash.  If we ignore it, then KDL has posted a loss for even FY21.

For the last three fiscals, KDL has posted an average EPS of Rs. - (12.41) and an average RoNW of 9.54. The issue is priced at a P/BV of 11.19 based on its NAV of Rs. 85.27 and at a P/BV of 4.74 based on its post-issue NAV of Rs. 201.19 (at the upper price cap). Thanks to the collection of hefty premiums that helps the company showing a quantum reduction in the P/BV ratio.

Based on average negative earnings the issue has a negative P/E. Even if we attribute FY21 earnings (including onetime gains) on fully diluted post issue equity, then the asking price is at a P/E of 80.91, thus it is aggressively priced.

Krsnaa Diagnostics IPO Details

IPO Opening Date	Aug 4, 2021
IPO Closing Date	Aug 6, 2021
Issue Type	Book Built Issue IPO
Face Value	₹5 per equity share
IPO Price	₹933 to ₹954 per equity share
Market Lot	15 Shares
Min Order Quantity	15 Shares
Listing At	BSE, NSE
Issue Size	[.] Eq Shares of ₹5 (aggregating up to ₹1,213.33 Cr)
Fresh Issue	[.] Eq Shares of ₹5 (aggregating up to ₹400.00 Cr)
Offer for Sale	8,525,520 Eq Shares of ₹5 (aggregating up to ₹813.33 Cr)

Krsnaa Diagnostics IPO Tentative Timetable

IPO Open Date	Aug 4, 2021
IPO Close Date	Aug 6, 2021
Basis of Allotment Date	Aug 11, 2021
Initiation of Refunds	Aug 12, 2021
Credit of Shares to Demat Account	Aug 13, 2021
IPO Listing Date	Aug 17, 2021

Devyani International IPO

 

ABOUT COMPANY:
Devyani International Ltd. (DIL) is the largest franchisee of Yum Brands in India and also among the largest operators of chain quick-service restaurants ("QSR") in India (Source: Global Data Report), on a non-exclusive basis, and operate 655 stores across 155 cities in India, as of March 31, 2021, and 696 stores across 166 cities in India, as of June 30, 2021.

FINANCIAL PERFORMANCE:
On the financial performance front, on a consolidated basis, DIL has posted turnover/net profits (loss) of Rs. 1323.68 cr. / Rs. - (59.29) cr. (FY19), Rs. 1535.04 cr. / Rs. - (78.75) cr. (FY20) and Rs. 1198.90 cr. / Rs. - (81.32) cr. (FY21). While it has marked a setback in the top line for FY21, it has reported higher losses for all these years.

For the last three fiscals, DIL has (on a consolidated basis) posted an average EPS of Rs. - (0.76) and an average RoNW of - (24.26%). The issue is priced at a P/BV of 87.38 based on its NAV of Rs. 1.03 as of March 31, 2021, and at a P/BV of 19.52 based on its post-issue NAV of Rs. 4.61 (at the upper cap).

Devyani International IPO Details

Issue Open	Aug 4, 2021
Issue Close	Aug 6, 2021
IPO Price	₹86 - ₹90
Face Value	₹1
IPO Size	₹1,838.00 Cr
Listing At	BSE, NSE
IPO Lot Size	165

Devyani International IPO Timetable

IPO Opens On	Aug 4, 2021
IPO Closes On	Aug 6, 2021
Finalisation of Basis of Allotment	Aug 11, 2021
Initiation of Refunds	Aug 12, 2021
Credit of Shares to Demat Account	Aug 13, 2021
IPO Listing Date	Aug 16, 2021

#IPO

#DEVYANIIPO

Windlas Biotech IPO

 

Windlas Biotech Ltd. The company was incorporated in 2001 based in Dehradun. The Company operating with 3 business verticals - 1. CDMO Products and services, 2. Domestic trade generics and Over-the-counter (OTC) market 3. Exports. The company currently owns and operates four manufacturing facilities located at Dehradun in Uttarakhand. As of March 31, 2021, their manufacturing facilities had an aggregate installed operating capacity of 7,063.83 million tablets/capsules, 54.46 million pouch/ sachet and 61.08 million liquid bottles. 
Positives: (a) Leading CDMO in India with a focus on the chronic therapeutic category. (b) Promoter having experience of over two decades in manufacturing both solid, liquid, and CDMO business along with a good regulatory compliance track record. (c) Innovative portfolio of complex generic products supported by robust R&D capabilities. (d)Provides CDMO services to 7 of the top-10 Indian Pharmaceutical formulations companies. Clients like – Pfizer, Sanofi, Cadila, etc. 
Investment concerns: (a) High dependency on CDMO business, 85% of FY2021 revenues. Any slow down in CDMO business can hurt the company’s growth outlook. (b)Companies top-10 customers contributed 58% of revenue, company highly dependent on them. (c)Working capital days have increased from 13 days in FY2020 to 70 days in FY2021. 
Outlook & Valuation: Based on FY-2021 adjusted earnings, IPO is priced at PE of 22.2x and EV/EBITDA of 15.58x at the upper band of the IPO price, which is slightly better than the peer’s companies. The Company has a very healthy balance sheet with negative Net Debt/ Equity. Quality CDMO business has huge potential in India in the near future and the company having a good regulatory compliance track record. We expect the upcoming expansion plan in Dehradun and increase in capacity utilization will be the next growth drivers for the company. We are assigning a “SUBSCRIBE” recommendation to the issue. 
Objectives of the Offer 

• Purchase of equipment required for capacity expansion of their existing facility at the Dehradun. (50 Cr)

• Funding incremental working capital requirements of the Company. (47.5 Cr)

• Repayment of certain borrowings (20 Cr.)

Issue Open	Aug 4, 2021
Issue Close	Aug 6, 2021
IPO Price	₹448 - ₹460
Face Value	₹5
IPO Size	₹401.54 Cr
Listing At	BSE, NSE
IPO Lot Size	30

Windlas Biotech IPO Timetable

IPO Opens On	Aug 4, 2021
IPO Closes On	Aug 6, 2021
Finalisation of Basis of Allotment	Aug 11, 2021
Initiation of Refunds	Aug 12, 2021
Credit of Shares to Demat Account	Aug 13, 2021
IPO Listing Date	Aug 17, 2021

#IPO

#WindlasBiotechIPO