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Sector: Consumer
Nuvama Investment Banking acted as the Left Lead Book Running Lead Manager to the INR 6,860 mn IPO of Flair Pens Limited
Deal Details
First Pure Play Writing Instruments IPO in the last 2 decades
Flair successfully completed Pre-IPO placements# to marquee Domestic Long Only Investorsat the IPO Price
Deal saw strong participation across investor categories garnering more than INR 20,000 crs
QIB^ – ~122x, HNI – ~35x, Retail – ~13x
Contribution
As the left-lead banker, hand-held the Company in end-to-end execution, swift regulatory approvals, thereby ensuring timely launch
Nuvama played acentral role in the IPO by bringing key cornerstone investors completely driving the momentum of the issue
Garnered participation from a diverse investor set including LO FIIs, Mutual Funds and marquee DII investors
Pushed the story aggressively through our distribution channel to garner strong interest in HNI & Retail category resulting in 15 lakh+ applications
Nuvama Investment Bank has successfully closed the IPO transaction for Sai Silks (Kalamandir) Limited
Deal Details:
Sai Silks is amongst the Top 10 retailers of ethnic apparel, particularly sarees, in south India
Deal saw participation from high quality investors with 95%+ of the Anchor Book allocated to Mutual Funds, Long Only DIIs and FIIs
IPO Performance was testament to the unmatched brand quality of Sai Silks;
Despite market volatility during issue period week with correction of ~2.3%@ and multiple competing issues, IPO got a very strong demand garnering more than INR 41,200 MN
The Company started on positive note in the equity markets, with equity shares closing at 10.3%# premium to the IPO price on Listing Day
Contribution:
Effectively positioned Sai Silks as a leading apparel retail brand in India with a scalable model which is well poised to leverage growth in the ethnic and value fashion apparel industry in India
Nuvama garnered participation from a diverse investor set including Marquee ‘Long Only’ DII, Mutual Fund and FIIs
Nuvama co-ordinated the entire post issue activities to ensure the smooth Listing of Sai Silks on 3rd working day post deal closure
Exclusive Financial Advisor to Malpani Group on Acquisition of Imagicaaworld Entertainment Limited, India’s Largest Themed Entertainment Park*
Deal Highlights:
Malpani Group (MPG), a diversified group having leading presence in theme parks business, has acquired Imagicaaworld Entertainment Ltd. (IEL)
Acquisition consummated through a debt resolution process, outside of NCLT, under RBI’s Framework for Resolution of Stressed Assets
MPG acquired c.66.25% stake in IEL through preferential issue of shares worth INR 4,150 mn
Additional consideration structured in form of equity shares and redeemable preference shares
This transaction marks one of the few successful resolutions under the RBI Framework for Stressed Assets. Deleveraging of balance sheet has enabled value preservation for equity shareholders, management and employees of IEL
*In terms of area
Our Contribution
Played the crucial role of hand-holding the client through the complex M&A process involving multiple stakeholders including consortium of 10 lenders and ARC, in addition to IEL shareholders and management
Devised a transaction structure, within the ambit of the applicable regulations, creating a win-win outcome for all stakeholder/b> – MPG, lenders and IEL management
Negotiated valuation and commercial terms with lenders and IEL shareholders on behalf of MPG
*In terms of area
Book Running Lead Manager to the QIP of Restaurant Brands Asia Ltd (Burger King India)
I] TRANSACTION SYNOPSIS
QIP Size
~ ₹ 14,021 mn
Post Issue Dilution
~ 22.0%
Market price (INR per share)*
₹ 136.50
Issue price (INR per share)
₹ 129.25
II] SELECT QIP INVESTORS AND QIP BOOK
Amansa
Birla MF + Offshore
Bajaj Allianz Life Insurance
FMR
Govt. of Singapore
HDFC Life Insurance
Newport Asia
Valiant
III] DEAL HIGHLIGHTS
We successfully closed the 3rd transaction for Burger King in the last 15 months – Only Domestic Bank to be involved across all these transactions Feb 22 – QIP (₹ 14,021 mn) / Dec 20 – IPO (₹ 8,100 mn) / Nov /Dec 20 – Pre-IPO (₹ 2,570 mn)
Led the QIP procurement with 2 out of the largest 3 Bids
Book was oversubscribed despite volatile market scenario – market witnessed a sharp correction of ~8%^ from its high point during 1 month prior to launch
^ Movement of SENSEX between 1 month high and low *As on date of filing of PPD – February 10, 2022, NS
Book Running Lead Manager to the IPO of Vedant Fashions Limited
I] TRANSACTION SYNOPSIS
IPO Size
~ ₹ 31,500 MN
IPO Structure (Primary / OFS)
– / 100%
Post Issue Dilution
~ 15.0%
IPO Price
₹ 866
Subscription (QIB / HNI / Retail)*
2.9x / 0.8x / 0.2x
Total number of applications*
93,672
II] SELECT ANCHOR INVESTORS AND ANCHOR BOOK
Axis MF
Birla MF + Offshore
Fidelity
Govt. of Singapore
ICICI Prudential MF + Life
Kotak MF + Life + Offshore
Nomura
SBI MF
Wellington
III] DEAL HIGHLIGHTS
IPO of largest company in India in the men’s Indian wedding and celebration wear segment^
Despite market volatility over past 2 weeks and correction of ~6%@, Company listed at a premium of 8.0%#
We provided end-to-end client handholding and guidance on various deal contours and timing
*Excluding anchor subscription & after technical rejections ; ^ in terms of revenue, OPBDIT and profit after tax for the Financial Year 2020 # NSE Opening Price is considered @ Movement of Nifty 50 between 2 weeks high and low
Book Running Lead Manager to the IPO of Medplus Health Services Limited
I] TRANSACTION SYNOPSIS
IPO Size
₹ 13,983 mn
IPO Structure (Primary / OFS)
43% / 57%
Post Issue Dilution
14.72%
IPO Price
₹ 796
Subscription (QIB* / HNI / Retail)
114.0x / 86.3x / 4.2x
Total number of applications#
1,294,261
II] SELECT ANCHOR INVESTORS AND ANCHOR BOOK
ADIA
BlackRock
Birla MF
FMR
GSAM
HDFC MF
MSIM
III] DEAL HIGHLIGHTS
2nd largest pharmacy retail chain in India^
Healthy subscription with more than 12 Lacs applications
100% of anchor book was allocated to LO Investors
Pre-IPO – Warburg Pincus, one of the selling shareholders sold 6.18% of pre-issue equity capital for ₹ 5,500 mn to marquee investors SBI MF, Malabar and Motilal Oswal MF at IPO Price.
*Excluding Anchor # Before technical rejections ^ In terms of revenue in Fiscal 2020 and as on March 31, 2021
Global Coordinators & Book Running Lead Manager to the IPO of Devyani International
Deal Highlights:
Largest QSR IPO^ in India
Participation by all category of investors – Global Sovereign Funds, LO FIIs, Mutual Funds, Insurance Companies
Launched within 11 weeks since DRHP Filing
116x Stellar Response across investor categories*
1st Highest subscribed issue on Day 1@
~57% Listing day premium
Our Contribution:
2nd QSR IPO by us – #1 Mobiliser
14 Highest number of investors converted in anchor
60%# Share of the overall Retail & HNI portion
Garnered early interest from investors to give confidence for launch of deal
Provided end-to-end client handholding and guidance on various deal contours and timing
*Excluding Anchor subscription ; ^ In terms of issue size; @ Issue size >INR 15,000 mn in last 3 years; # – Indicative
Exclusive financial advisor to Orient Craft Ltd. (OCL)
Deal Highlights:
OCL faced stress situation due to COVID-19 resulting in order cancellations, inventory losses & delay in monetisation of noncore assets etc
Comprehensive Debt Resolution involved correction in cashflow mismatch & Interim relief by securing interest moratorium and principal payments
Correction of working capital facilities by carving irregularities into separate Term Loan, Funding of Interest, Additional Working Capital funding & Reduction in margin for Drawing Power calculation
Our Contribution:
Ensured successful closure within tight timelines
Bridging trust deficit between borrower and lenders to ensure banking operations continue during restructuring process
Meticulous navigation through all non anticipated challenges during the execution
Critical handholding and strategic approach for all procedural diligences by external agencies
Fine balancing between the lenders and inter-se promoters group
Krafted A Successful Deal – Left Lead Book Running Lead Manager to the IPO of Stove Kraft Limited
Deal Highlights:
First IPO of a pure-play kitchen appliances company in past 2 decades
The deal was oversubscribed 16.8x* times
The deal saw participation from across categories of investors including Marquee FIIs, Mutual Funds, Insurance Company and AIFs
Our Contribution:
We were the left-lead banker to the issue; our 3rd back-to-back IPO for Sequoia Capital
Provided end-to-end client handholding and guidance on various deal contours and timing
Dominated the procurement across investor categories
No.1 QIB demand procurement both in volume and value#
Responsible for one of the largest MFs^ in India to participate in the IPO, boosting confidence for IPO launch
Converted maximum no. of FIIs
Converted maximum no. of anchor investors
* Excluding Anchor subscription
# based on tentative data
^ Amongst Top 5 By AUM
“Flying Colours” – Book Running Lead Manager to the IPO of Indigo Paints Limited
Deal Highlights:
First IPO of a pure play paints company in the last 3 decades
Amongst the 6 highest mobilized issuances* in the last decade
The deal was executed in one of the shortest timelines – IPO launched within 11 weeks of DRHP filing
The deal saw participation from diverse set of institutional investors across geographies and categories
Our Contribution:
We led the positioning efforts of the company garnering bids from marquee investors across categories – Sovereign Wealth Funds, FPIs as well as Domestic Funds
Only bank to procure bids from US only funds^
Played a pivotal role in value optimization for the company and selling shareholders
We pioneered the non institutional marketing efforts, translating into record breaking performance
Leveraged our pan-India network to help garner the highest no. of applications in a consumer issuance in the last decade
Tapped into our extensive wealth management network empowering one of the highest HNI mobilization