PE backed IPOs India Trendbook 2018
Disclaimer: This analysis excludes IPOs listed on the SME platform.
PE backed IPOs– India Trendbook 2018
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Contents 2
PE backed IPOs– India Trendbook 2018
Disclaimer: This analysis excludes IPOs listed on the SME platform.
05 06 10 14 18 20 24 32 36
Foreword IPO activity overview – A historic perspective Sector-wise analysis of IPO activity Performance analysis of IPOs Regulatory and tax update Indian IPO trends and outlook 2018 About EY’s IPO Advisory Practice About EY’s Investor Relations Practice About EY’s Private Equity Services Practice
Disclaimer: This analysis excludes IPOs listed on the SME platform.
PE backed IPOs– India Trendbook 2018
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4
PE backed IPOs– India Trendbook 2018
Disclaimer: This analysis excludes IPOs listed on the SME platform.
Foreword Initial Public Offerings (IPOs) / stock market listings are an important exit route for private equity (PE) backed companies. In 2017, Indian companies raised US$11.6 billion across more than 38 IPOs (excluding SME IPOs) making it the best ever year in terms of IPO proceeds. Of this, IPOs by PE backed companies in 2017 represented 55% by volume and 38% by value. 2017 was also a record year for PE investments and exits in India, one where aggregate PE investment equaled 1% of the country’s GDP. In the period to May 2018, the strong momentum has continued, with seven PE backed IPOs adding up to US$174 million. This report provides a historical analysis of PE backed IPOs in India over the past five years, between 2013 and April 2018. This includes analysis of top PE backed IPOs by key sectors, value and volume. We have also attempted to summarize the top recent tax/regulatory changes impacting either IPO exits by PE investors or impacting the general taxability of stock market investors. From a performance perspective, on an average PE backed IPOs have outperformed non-PE backed IPOs, compared to their offer price across time periods. Both PE backed and non-PE backed IPOs have performed better than the Index1 (please see page 15 for further details). This is not surprising
in the emerging markets context, wherein the value add brought in by PE investors comprises of operational improvements, putting in place governance structures and streamlined processes and controls to take care of the pains and complexity that comes hand in hand with growth. Outlook for PE backed IPOs remains correlated with the fortunes of the Indian capital markets. As opined in the recently published Global IPO Trends: Q1 2018 report by EY Global, “the Indian IPO market is expected to remain robust in 2018 due to the resilient nature of the economy and strong domestic liquidity. The IPO pipeline is healthy with dozens of companies looking to go public later this year, a significant proportion of which are PE backed.” The capital markets are however impacted by certain global factors like the spike in oil prices, US Fed rate tightening, recent stance of the US on international trade policies, geopolitical tensions and local factors like the upcoming elections in 2019, all of which have contributed to rise in volatility since February 2018. This volatility could potentially delay some IPOs. However, the medium term outlook for PE backed IPOs remains positive in our view. We hope you enjoy reading this report and find it useful. Do share your feedback with us.
Vivek Soni
Sandip Khetan
Partner and National Leader Private Equity Services EY India
Partner and National Leader, Financial Accounting Advisory Services (FAAS), EY India
1. Nifty 500
Disclaimer: Disclaimer: This analysis Thisexcludes analysis IPOs excludes listed IPOs on the listed SME on platform. the SME platform.
PE backed IPOs– India Trendbook 2018
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IPO activity overview -A historic perspective
Value and volume of PE backed IPO activity in India Exhibit 1: PE IPO activity PE backed IPOs recorded strong uptick since the second quarter of 2015, with 2017 witnessing a sharp increase in both the number of IPOs and the issue size. 3,000
10 8 7
2,000
6
6
5
3
1,000
3
0
1
183
1Q
2Q
2
1,381
15
0
0
0
3Q
4Q
1Q
0 2Q
2013
5
4
2 1
5
4
4
6
1,243
1,522
1
112
54
33 293
3Q
4Q
1Q
2Q
2014
368 3Q
306 284 730 4Q
1Q
2Q
2015
Value of Proceeds(US$m)
228
1,016 3Q
4Q
1Q
633 2Q
2016
2,080 3Q
4Q
2017
Number of PE backed IPOs
0
Till April 30, 2018
Source: EY Analysis of NSE and VCCEdge Data.
Exhibit 2: PE IPO activity as % of total IPO activity While most of the IPOs in the earlier years were PE backed, the buoyant capital markets encourage many non-PE backed IPOs in 2016 and 2017. 120% 100%
100% 100%
100%
98%
100% 100%
88%
82%
80% 80%
60%
83%
80%
60%
60%
78% 67% 57%
72%
39%
43%
40%
33%
1Q
2Q
0% 3Q
0%
0%
4Q
1Q
43% 42%
50% 30%
20% 0%
56% 55%
30%
0% 2Q
2013
3Q
4Q
2014
1Q
2Q
3Q 2015
Value of PE backed IPO proceeds as % of total
4Q
1Q
2Q
3Q 2016
4Q
1Q
2Q
3Q 2017
4Q
Till April 30, 2018
Number of PE backed IPOs as % of total
Source: EY Analysis of NSE and VCCEdge Data.
Disclaimer: This analysis excludes IPOs listed on the SME platform.
PE backed IPOs– India Trendbook 2018
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Exhibit 3: Top 10 PE backed IPOs by IPO proceeds (2013 to April 2018) Company
Sector
Listing date
Issue size (US$m)
SBI Life Insurance Company Limited
Financial services
03-Oct-17
1,292
ICICI Prudential Life Insurance Company Limited
Financial services
26-Sep-16
932
ICICI Lombard General Insurance Company Limited
Financial services
27-Sep-17
877
Bandhan Bank Limited
Financial services
27-Mar-18
688
PNB Housing Finance
Financial services
07-Nov-16
462
Equitas Holdings Limited
Financial services
21-Apr-16
335
Au Financiers (India) Limited
Financial services
10-Jul-17
294
Eris Life sciences Limited
Pharmaceuticals
29-Jun-17
268
Laurus Labs Limited
Pharmaceuticals
19-Dec-16
205
BSE Limited
Financial services
03-Feb-17
191
Source: EY Analysis of NSE and VCCEdge Data.
Exhibit 4: Top 10 PE backed IPOs in 2017 by IPO proceeds Company
Sector
Listing date
Issue size (US$m)
SBI Life Insurance Company Limited
Financial services
03-Oct-17
1,292
ICICI Lombard General Insurance Company Limited
Financial services
27-Sep-17
877
Au Financiers (India) Limited
Financial services
10-Jul-17
294
Eris Life sciences Limited
Pharmaceuticals
29-Jun-17
268
BSE Limited
Financial services
03-Feb-17
191
Godrej Agrovet Limited
Food and agriculture
16-Oct-17
178
Indian Energy Exchange Limited
Power and utilites
23-Oct-17
154
Mahindra Logistics Limited
Logistics
10-Nov-17
128
Security and Intelligence Services (India) Limited
Business services
10-Aug-17
120
Tejas Networks Limited
TMT
27-Jun-17
119
Source: EY Analysis of NSE and VCCEdge Data.
8
PE backed IPOs– India Trendbook 2018
Disclaimer: This analysis excludes IPOs listed on the SME platform.
Exhibit 5: Ranking of PE houses by number of IPO issues Number of IPO exits
Issue size (US$m)
Temasek Holdings Advisors
5
3,096
Healthcare Global Enterprises Limited, Godrej Agrovet Limited, SBI Life Insurance Company Limited, ICICI Prudential Life Insurance Company Limited
IFC
5
1,484
Snowman Logistics Limited, Equitas Holdings Limited,Ujjivan Financial Services Limited, AU Small Finance Bank Limited,Bandhan Bank Limited
Motilal Oswal Private Equity Advisors
4
365
Power Mech Projects Limited, Parag Milk Foods Limited, Dixon Technologies India Limited
Sequoia Capital India
4
285
Just Dial Limited, Equitas Holdings Limited, Quick Heal Technologies Limited, Prataap Snacks Limited
Netherlands Development Finance
3
541
Equitas Holdings Limited, Ujjivan Financial Services Limited, MAS Financial Services Limited
Fairwinds Asset Managers
3
229
Khadim India Limited, Shankara Building Products Limited, Amber Enterprises India Limited
Gaja Capital
3
102
TeamLease Services Limited, RBL bank Limited, CL Educate Limited
Jacob Ballas India
3
164
PNC Infratech Limited, Adlabs Entertainment Limited, S.P. Apparels Limited
Warburg Pincus
2
499
Laurus Labs Limited, AU Small Finance Bank Limited
WestBridge Ventures
2
432
Dr. Lal Path Labs Limited,Equitas Holdings Limited
Fund houses
Issuer
Source: EY Analysis of NSE and VCCEdge Data. Full IPO proceeds have been attributed to each private equity firm involved in the deal
Exhibit 6: PE backed IPOs in the pipeline Company name
PE investor
Sector
AGS Transact Technologies Limited
Actis Advisers, TPG Growth
Technology
TCNS Clothing Company Private Limited
TA Associates
Retail and consumer products
Nazara Technologies Limited
IIFL, Westbridge
Technology
CMS Info Systems Limited
Baring Private Equity Asia
Technology
Hinduja Leyland Finance Limited
Everstone Capital Partners
Financial services
Barbeque Nation Hospitality Limited
Clearwater and CX Partners
Food and agriculture
Krishna Institute of Medical Sciences
Quadria Capital and ICICI Ventures
Healthcare
Capricorn Food Products India Limited
Quadria Investment Management
Food and agriculture
Seven Islands Shipping Limited
Wayzata Investment Partners
Automotive
Gandhar Oil Refinery India Limited
IDFC Alternatives Ltd.
Oil and gas
John Energy Limited
Singhi Advisors, Sage Capital
Power and utilities
ReNew Power Limited
GEF, Goldman Sachs and Canada Pension Plan Investment Board (CPPIB)
Power and utilities
Crystal Crop Protection Limited
Everstone Capital Partners
Food and agriculture
Varroc Engineering Limited
TATA Capital
Automotive
Atria Convergence Technologies Limited
True North, Olympus, TA Associates
TMT
Source: SEBI Disclaimer: This analysis excludes IPOs listed on the SME platform.
PE backed IPOs– India Trendbook 2018
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Sector-wise analysis of IPO activity
Sector analysis (2013-April 2018) Exhibit 7: Sector cut by number of IPOs
13 20 Number of PE backed IPOs (66)
5
4
Technology
DIP
Infrastructure
4
RCP
Pharmaceuticals
4
Healthcare
Food and agriculture
Media & entertainment
Logistics
5
8
Financial services
5
5
16
4 Number of non–PE backed IPOs (39)
3
5 3
Others
3
RCP – Retail and Consumer Products | DIP – Diversified Industrial Products
Source: EY Analysis of NSE and VCCEdge Data.
►► Financial services was the most prominent sector across both PE backed and non-PE backed IPOs ►► Apart from financial services, while consumer facing industries like food and agriculture, RCP, healthcare and pharma were more prominent among PE backed IPOs, non-PE backed IPOs were dominated by infrastructure and technology
Exhibit 8: Sector cuts by IPO proceeds
1,945 266 331
PE backed IPO proceeds (US$10,481 m)
458
5,587
634 301 356 251
353
Financial services
Technology
DIP
Infrastructure
RCP
Pharmaceuticals
Healthcare
Logistics
Automotive
Aeronautics
Power and utilites
Others
Source: EY Analysis of NSE and VCCEdge Data.
1,436
454
Non-PE backed IPO proceeds (US$10,284 m) 5,420
638 510 288 1,157
383
RCP – Retail and Consumer Products | DIP – Diversified Industrial Products
►► Financial services recorded some of the largest IPOs between 2013 and April 2018 ►► Financial services IPOs that were PE backed were primarily of banks and NBFCs while the non-PE backed IPOs were of large public sector insurance companies
Disclaimer: This analysis excludes IPOs listed on the SME platform.
PE backed IPOs– India Trendbook 2018
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Financial services accounted for more than 50% of all IPO proceeds raised by both PE backed and non-PE backed companies
Top 3 PE backed IPO sectors by proceeds
Top 3 non-PE backed IPO sectors by proceeds
Financial services
Financial services
Issue size (US$m) PE IPOs (#)
5,587
Issue size (US$m) PE IPOs (#)
13
5,420
Food and agriculture
Infrastructure
Issue size (US$m) PE IPOs (#)
912
Issue size (US$m) PE IPOs (#)
8
1,157
Pharmaceuticals
5
Aviation
Issue size (US$m) PE IPOs (#)
634
5
Issue size (US$m) PE IPOs (#)
4
638
1
Source: EY Analysis of NSE and VCCEdge Data.
Exhibit 9: Sub-sectors of top PE backed IPO sectors by proceeds Sectors
Sub-sectors
US$m
Volume(#)
Financial services
Insurance
3,101
3
Banks
875
2
NBFC
765
3
Miscellaneous
528
5
Home finance
504
2
Food processing
434
4
Food and beverages
245
2
Agriculture
178
1
Pesticides and agro chemicals
54
1
Food and agriculture
Source: EY Analysis of NSE and VCCEdge Data.
12
PE backed IPOs– India Trendbook 2018
Disclaimer: This analysis excludes IPOs listed on the SME platform.
Exhibit 10: PE backed IPOs - Split by sector and volume Sectors
2013
2014
2015
2016
2017
Till April 2018
Automotive
-
-
-
1
-
1
Chemicals
-
-
2
-
-
-
Diversified industrial products
-
-
2
-
1
1
E-commerce
1
Education
-
-
-
-
1
-
Financial services
1
-
-
5
6
1
1
3
2
2
-
Food and agriculture Healthcare
-
-
1
3
-
1
Hotels
-
-
-
-
-
1
Infrastructure
-
-
2
1
2
-
Logistics
-
1
1
2
-
Media & entertainment
-
1
3
-
-
-
Pharmaceuticals
-
-
1
2
1
-
Power and utilities
-
-
-
-
1
-
Business services
-
-
-
2
1
-
Retail and consumer products
1
1
-
1
2
-
Technology
1
-
-
1
1
1
Telecom
-
-
-
-
1
-
Grand total
3
4
15
19
21
6
►► 2017 recorded highest level of PE backed IPO activity. It was also the year to record IPOs across most sectors ►► Financial services was the leading sector, recording PE backed IPOs in most of the years during the study period Source: EY Analysis of NSE and VCCEdge Data.
Disclaimer: This analysis excludes IPOs listed on the SME platform.
PE backed IPOs– India Trendbook 2018
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Performance analysis of IPOs
Percentage increase or decrease in IPO issue price post listing Exhibit 11: Average absolute performance of PE backed IPOs relative to index (Nifty 500) 70% 60%
60% 48% 47%
50%
32% 30% 21%
20%
14%
10% 0%
1% 1% 1 month
7%
16%
29%
53%
52%
46%
44%
41%
40%
40%
51%
35%
34%
29%
28%
28% 21%
19%
10%
1qtr
2qtrs
3qtrs
4qtrs
Non-PE backed IPOs
5qtrs
6qtrs
7qtrs
PE backed IPOs
8qtrs
9qtrs
10qtrs
11qtrs
12qtrs
Index (Nifty 500)
Source: EY Analysis of NSE and VCCEdge Data. Methodology: Average of absolute returns considered from the date of listing
►► While PE-backed IPOs performed better compared to the index on a consistent basis, performance of non-PE backed IPOs was more in line with index performance since the date of listing ►► PE backed IPOs have also outperformed non-PE backed IPOs on a consistent basis ►► The sharp decline in returns recorded by non-PE backed IPOs post the seventh quarter is primarily due to limited vintage of some of the best performing non-PE backed IPOs (less than 25% of non-PE backed IPOs have a vintage of more than seven quarters and less than 40% of non-PE backed IPOs have a vintage of over a year) ►► As on 30 April 2018: ►► Ten PE backed IPOs are trading above 100% of their offer price with an average return of 270% ►► Nine non-PE backed IPOs are trading above 100% of their offer price with an average return of 173% ►► Between 2013-April 2018 highest return by a PE backed IPO was 10x while that by a non-PE backed IPO was ~4x
Disclaimer: This analysis excludes IPOs listed on the SME platform.
PE backed IPOs– India Trendbook 2018
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Exhibit 12: Average absolute performance of IPOs in the financial services sector 336%
335%
304%
289%
285%
267%
235% 185%
153% 122%
135% 85% 35% -15%
6% 1% -10% 1 month
21% 3% 3%
31% 1% 6%
1qtr
2qtrs
48% 11% 3qtrs
24%
16%
4qtrs
67%
66%
48%
5qtrs
Non-PE backed IPOs
37%
29%
6qtrs
7qtrs
42%
8qtrs
PE backed IPOs
39%
9qtrs
42%
10qtrs
47%
44%
11qtrs
12qtrs
Nifty FS Index
Source: EY Analysis of NSE and VCCEdge Data. Methodology: Average of absolute returns considered from the date of listing
►► PE backed IPOs in financial services have significantly outperformed the sectoral index ►► Non-PE backed IPOs have a limited vintage of only two quarters. However, during those two quarters also PE backed IPOs significantly outperformed non-PE backed IPOs
Exhibit 13: Average absolute performance of IPOs in the retail, consumer and food sectors 165%
170%
143%
150% 130%
102%
110%
89%
80%
90% 70% 50% 30% 10% -10%
1% -1% 1 month
2% 2% 1qtr
10%
5%
2qtrs
8% 8%
3qtrs
12% 12%
4qtrs
Non-PE backed IPOs
25%
20% 16% 18% 19%
5qtrs
6qtrs
7qtrs
PE backed IPOs
86%
85%
58%
49%
46%
78%
28%
8qtrs
27%
9qtrs
29%
10qtrs
33%
11qtrs
32%
12qtrs
Nifty FMCG Index
Source: EY Analysis of NSE and VCCEdge Data. Methodology: Average of absolute returns considered from the date of listing
►► PE backed IPOs in retail, consumer and food sectors have significantly outperformed the FMCG index ►► Non-PE backed IPOs have a limited vintage of only four quarters. However, during those quarters they significantly outperformed PE backed IPOs, largely influenced by Avenue Supermarts Limited and Apex Frozen Foods Limited
16
PE backed IPOs– India Trendbook 2018
Disclaimer: This analysis excludes IPOs listed on the SME platform.
Exhibit 14: Average absolute performance of IPOs in the technology sector 99%
100% 83%
80% 62%
60%
54% 35%
27% 15%
20%
-20%
55%
52%
48%
40%
0%
66%
58%
1%
4% 2% 2%
-4% -14% -14% 1 month 1qtr
5%
2qtrs
7%
2%
4%
3qtrs
4qtrs
5qtrs
Non-PE backed IPOs
4%
3%
1%
6qtrs
4%
7qtrs
8qtrs
PE backed IPOs
5%
9qtrs
10%
10qtrs
13%
16% 5%
-13% 11qtrs
12qtrs
Nifty IT Index
Source: EY Analysis of NSE and VCCEdge Data. Methodology: Average of absolute returns considered from the date of listing
►► PE backed IPOs in the technology sector have significantly outperformed the IT index as well as non-PE backed IPOs ►► However the outperformance of PE backed IPOs is mainly due to the outperformance of Just Dial while the other technology IPOs recorded a modest return in line with the index
Exhibit 15: Average absolute performance of IPOs in the infrastructure sector 110% 90% 70%
48%
50% 30% 10%
7%
1%
-10% -30%
-16%
13%
9%
2%
12%
7%
4%
16%
13%
17%
-6% -26%
-50% -70%
55%
54%
32%
25% 1%
56%
-26%
-31%
-28% -34%
-33%
7qtrs
8qtrs
12%
11%
-12%
-14%
9qtrs
10qtrs
9%
-52% 1 month
1qtr
2qtrs
3qtrs
4qtrs
Non-PE backed IPOs
5qtrs
6qtrs
PE backed IPOs
11qtrs
12qtrs
Nifty Infra Index
Source: EY Analysis of NSE and VCCEdge Data. Methodology: Average of absolute returns considered from the date of listing
►► Both PE backed and non-PE backed IPOs have recorded an erratic performance outperforming the sectoral index over few quarters and generating negative returns in other time periods
Disclaimer: This analysis excludes IPOs listed on the SME platform.
PE backed IPOs– India Trendbook 2018
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Regulatory and tax update
Tax implications Implication of capital gains on sale of Indian company shares in an “offer for sale” under IPO ►► Historically, long-term capital gains on listed equity
shares held for more than 12 months were eligible for a tax exemption, subject to payment of securities transaction tax (STT)
►► Subsequently, Finance Bill 2018 introduced levy of tax
at the rate of 10% (excluding applicable surcharge and cess) on long-term capital gains from disposal of equity shares, subject to payment of securities transaction tax2. The aforesaid regime has been enacted with effect from 1 April 2018
►► Deemed cost of acquisition as on 31 January 2018
is prescribed for listed and unlisted equity shares to grandfather past gains (if any)
►► On 24 April 2018, the Central Board of Direct Taxes
issued draft notification that protects genuine cases on non STT based acquisitions (such as bonus issue, rights issue, etc.)
Capital gains on sale of equity shares in an IPO ►► The shares sold in an “offer for sale” under IPO are of
►► Please note that the cost of acquisition is relevant from
grandfathering past gains standpoint
►►
Considering the ambiguity, two broad views emerging are as under: ►► In absence of determination of cost as on 31 January 2018, the charging mechanism fails ►► Fair Market Value shall be the price that the shares would ordinarily fetch on sale in the open market ►► We are awaiting clarifications from the Central Board of Direct Taxes (being the apex body) in this regard to ensure clarity and certainty
Computation of period of holding ►► Capital gains shall be treated as long term in nature
provided the relevant equity shares have been held for atleast twenty four months prior to the relevant date of “offer for sale” under IPO
►► If the gains are treated as short term in nature (i.e.,
shares are held for less than twenty four months prior to the relevant date of “offer for sale”), the applicable capital gains tax rate shall be 15% (excluding applicable surcharge and cess)
►► Irrespective of the above, the relief under relevant tax
treaties may continue to be available, subject to satisfaction of all conditions for claiming benefit under the treaty
an unlisted company (as on that date) and are subject to payment of securities transaction tax
►► The aforesaid provisions do not prescribe mechanism
to compute cost of acquisition as on 31 January 2018 of such equity shares (being unlisted as on the date of transfer)
2. On 24 April 2018, Central Board of Direct Taxes have issued draft notification that protects genuine cases on non STT based acquisitions (such as bonus issue, rights issue etc.).
Disclaimer: This analysis excludes IPOs listed on the SME platform.
PE backed IPOs– India Trendbook 2018
19
Indian IPO trends and outlook
Indian IPOs Trends ►► Overall, Indian IPO activity in 1H2018 was at a
comparatively higher level than 1H2017 and saw 90 IPOs raise US$3.9 billion driven by solid activity in 1Q2018. This was 27% and 28% higher than 1H2017 activity in terms of number of issues and proceeds respectively, as companies tried to take advantage of the liquidity in the markets on the back of a solid 2017
►► However, activity slowed down a bit in 2Q2018
primarily owing to increased volatility in the stock markets. 2Q2018 saw 36 IPOs raise US$1.7 billion which was 33% and 24% lower than 1Q2018 in terms of number of issues and proceeds respectively. This was mainly due to the sharp correction in the last couple of months, thereby wiping out whatever gains the fresh issues had garnered
►► Compared with 2Q2017, Indian IPO activity
witnessed mixed results in 2Q2018. While the activity was up by 6% in terms of number of IPOs, it was down by 29% in terms of proceeds
►► Globally, Indian exchanges recorded the highest IPO
activity in terms of number of issues, accounting
Disclaimer: This analysis excludes IPOs listed on the SME platform.
for 14% of total IPOs in 2Q2018 and 16% of IPOs in 1H2018. In terms of proceeds, Indian exchanges accounted for 5% of global proceeds in both 2Q2018 and 1H2018 ►► Out of 90 IPOs that were listed in 1H2018, 15 listed
both on National (NSE) and Bombay (BSE) accounting for 93% of the total proceeds for 1H2018. National SME recorded 47% (42) of all IPOs listed, contributing a mere 5% to the country’s proceeds in 1H2018. Similarly, Bombay SME recorded 37% (33) of all IPOs listed, contributing 2% to the total proceeds
►► For 1H2018, top five sectors in terms of number of
IPOs were – industrials (27), consumer staples (18), materials (14), consumer products (10) and technology (5)
►► By way of proceeds, the top sectors were – industrials
(US$1.5 billion), financial sector (US$1.5 billion), consumer staples (US$279 million), TMT (US$160 million) and health care (US$158 million)
►► First day average returns for companies that have
started trading by 31 May are at +6.2%, while the current YTD returns (as of 31 May 2018) are at +3.0%. Comparatively, BSE Sensex gave +4% returns during this period while Nifty 50 gains were at +3%
PE backed IPOs– India Trendbook 2018
21
Outlook ►► Several companies have lined up for IPO plans worth
US$5 billion in the coming months, consequently the prospects for India IPO activity are bright for the rest of the year. The stock market is seeing a lot more volatility this year and thus the time window for listings will get shorter as compared to last year. Also, a certain level of uncertainty surrounding the next year’s general elections may impact the overall IPO activity in the country
►► However, going by the response last year, the deal sizes
are expected to get larger. Inflows of domestic capital remains strong leading to many opportunities for companies to take the IPO route
►► PSUs expected to go for listing this year include six
state-owned entities — Indian Renewable Energy Development Agency (IREDA), Rail Vikas Nigam, IRCON International, RITES, Garden Reach Shipbuilders and Engineers and Mazagon Dock - as the government intends to unlock the true value of such PSUs and bring in greater accountability
►► Financial services, infrastructure and consumer compa-
nies with strong growth continue to be favourable bets. We do expect some pressure on deals in sectors where companies have failed to deliver earnings or are prone to corporate governance concerns
►► The rising renewable energy industry is likely to witness
a surge in IPO activity as they look to tap the country’s capital markets. Many companies in this sector are preparing for initial public offerings. However, they may face challenges given the volatile equity markets, lack of clarity on long term policies, industry outlook and overvaluation issues
The outlook for the rest of 2018 looks positive, driven by relatively stable equity markets and sound corporate earnings. Stripping away the volatility driven by global factors seen since February 2018, steady investor confidence and the rise in domestic capital participation in the equity markets is encouraging a healthy IPO pipeline across sectors and markets. In general, earnings growth across key sectors has been positive. Conversely, while the micro is improving / expected to improve, the macro is facing headwinds In general, India should continue its IPO boom due to the resilient nature of the economy, strong domestic liquidity and a strong pipeline of DRHPs filed with SEBI On the downside, new geopolitical tensions and uncertainties on the EY IPO Sentiment Radar TM can play spoilsport ►► Trade wars between the US and China / Europe / rest
of the world could impact global trade and slowdown growth across economies
►► Italy’s debt crisis and UK’s progress on Brexit could
cause a flight to safety making emerging market currencies like India extremely vulnerable to adverse fluctuations
►► Spike in oil prices can cause India’s fiscal deficit to bal-
loon as well as stoke inflation
►► Unwinding of the stimulus by the US Fed can have far
reaching impact on emerging markets
►► Impending general elections and any fears of a frac-
tured mandate could suddenly cause the investor sentiment to turn negative
►► A few IPOs are also expected from the seafood indus-
try as companies try to take advantage of the boom in shrimp exports. According to sources, Indian aquaculture production is estimated to touch a record seven lakh tonne during the current fiscal and reach one million tonne by 2020. Amongst the companies that have filed with SEBI are Nekkanti Sea Foods, Devi Seafoods and Sandhya Marines. They are expected to raise a total of around US$250 million. However, they may face headwinds in the form of increased US tariffs on Indian shrimp exports, softer global pricing and stock market volatility
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PE backed IPOs– India Trendbook 2018
Disclaimer: This analysis excludes IPOs listed on the SME platform.
EY IPO Sentiment RadarTM
Potential impact ►► Consider a number of alternative funding or exit options
Our radar contains a variety of market factors that may impact investor sentiment for IPOs.
►► Preserve optionality with early IPO readiness preparations
Pre-IPO companies should analyze how these factors may affect their business and ultimately their impact on the timing and value of their transaction in view of their chosen IPO destination.
►► Prepare early to complete your IPO quickly in narrow IPO windows ►► Be flexible in timing and pricing
Oil prices Geopolitical tensions
Interest rate hikes
Currency
Political instability Elections Regulatory changes
Short-term volatility
Disclaimer: This analysis excludes IPOs listed on the SME platform.
PE backed IPOs– India Trendbook 2018
23
About EY’s IPO Advisory Practice
Why IPO ►► For fast-growing private companies seeking to raise
capital, an initial public offering (IPO) can propel their growth.
►► An IPO is not simply a one-time financial transaction,
An IPO being a special transaction requires seasoned professionals to make it a success. There are multiple advisors who are party to this transaction:
rather it’s a milestone in a complex transformation from private to public company.
1. Bankers
►► While the market looks promising, companies that are
3. Auditors
2. Legal Counsels
fully prepared will be best able to leverage the window of the current IPO opportunity
4. Regulators
IPO readiness gaps Strong equity story
IPO project execution
GAAP analysis Reporting acceleration
Reporting and co-ordination
Timely and accurate financials
Data room management
Audit committee Financial communications
Prospectus Audit preparations
What’s changing for you Stock exchange listing requirements
Investor relations
Indian GAAP / Ind-AS / IFRS Governance and reporting
IPO offering documents and disclosures
SEBI / ICDR / LODR Estimates and assumptions
Disclosure controls
Demerger / Business acquisitions
Accounting policies and procedures
Optimal tax structuring Restatement of financial statements
PE backed IPOs– India Trendbook 2018
25
EY IPO Solutions EY has a dedicated team of cross functional specialists to help you throughout your IPO journey IPO Readiness Assessment ►► Understand current state and
the IPO plan
►► ►Perform diagnostics and gap
analysis
Project Management Office ►► Coordination amongst
all internal and external stakeholders
►► ►Data room management
►► ►Develop plans to address gaps
►► ►Milestone monitoring
►► ►Recommendations
►► ►Dashboards
Tax planning and restructuring ►► ►Structuring of the proposed
►► ►Board governance guidelines,
►► ►Review of documents
committee charters, code of conduct, etc.
►► Enterprise Risk Management
►► ►GAAP Conversion (Indian GAAP/
Ind-AS)
►► ►Assist in the preparation of
financial information required in IPO based on company strategy
►► ►Board composition;
committee formation
►► ►Accounting close assistance
►► ►KPI mapping and alignment
►► ►Staff augmentation
Governance, risk and controls
Staff augmentation
business acquisition
►► ►Evaluate alternate options ►► ►Recommendation and
finalization of proposed option
Benchmarking ►► Benchmarking accounting
policies disclosures, processes and KPI in relation industry peers
►► ►Recommendations to improve
processes based on market and peer comparison
►► ►Policies & processes (e.g.
insider trading, manuals, etc.)
Fraud Investigation & Dispute Services (FIDS) ►► ►Anti-bribery and Anti-corruption Compliance Services
►► ►Whistle-blowing Services
►► ►Anti-Corruption (FCPA) due diligence
►► ►Third-party Due Diligence
►► ►Anti-Corruption compliance program advisory
►► ►Background Research Services- Reputation checks of
►► ►Anti-Corruption investigation
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PE backed IPOs– India Trendbook 2018
companies and individuals
Benefits of having EY
Save time
Reduce cost and pressure
Merchant Banking & Transaction Tax Services under single umbrella
Increase transaction certainty
Share knowledge
Reputed professional firm having a global footprint Focused Capital Markets Team having experience of more than 100 years
Offering merchant banking services*
Well positioned to advise No conflicts of interest
Impeccable track record
Recognized among regulators, exchanges and inter-mediaries
Updated knowledge base in the ever-changing regulatory environment
Experienced professionals, industry databases and best practices
*EY Merchant Banking Services is a Securities Exchange Board of India (SEBI) registered merchant banker
PE backed IPOs– India Trendbook 2018
27
Strategy
Structures and Structures and taxes taxes
PE backed IPOs– India Trendbook 2018
Financial Financial
28
Systems
1 Assistance with setting up IR (internal organization, processes, infrastructure and ownership) ..........................................
8 Internal audit planning and performance of internal auditing ..............................................................................................................
7 Evaluation of existing controls, identification of weaknesses and ongoing testing of control effectiveness ............................................
6 Identification and documentation (e.g., entity-level controls, IT general controls and business process controls) ..................................
5 Support for and testing and improvement of compliance systems (including fraud and bribery) .........................................................
4 Support for and testing and improvement of risk management systems .....................................................................................
3 Transfer pricing analysis and documentation for ongoing related party transactions ..................................................................
2 Assistance with operational carve out and separation issues (e.g., IT and HR) ............................................................................
1 IT effectiveness assessment and process improvement services ......................................................................................
8 Evaluation of the appropriateness and suitability of current debt facilities ..........................................................................................
7 Opinion on annual financial statements, internal controls and management letter .............................................................................
6 Audit and assurance services for financial statements required during and post-IPO ..........................................................................
5 Evaluation of IPO accounting issues (e.g., segment reporting and revenue recognition) ............................................................
4 Support for and improvement of forecasting systems and capabilities (including working capital model) .....................................
3 Support for and preparation of required reports and financial statements disclosures for prospectus ................................
2 Assistance with fast and advanced closing process for financial statements ...................................................................
1 GAAP and IFRS conversion (diagnostic reviews, conversion implementation plans and full conversion) ..............................
7 Design of future shareholders' influence following IPO (articles, voting rights, share classes and majorities) .........................................
6 Design and creation of corporate governance structure and specific rules of procedure for the management board ............................
5 Support for specific IPO issues of tax accounting (review and assistance) ...................................................................................
4 Support in creating the issuer's legal form, articles and bylaws of corporate governance system chosen ..................................
3 Support in creating the potential issuer (country of registration) and chosen capital structure ....................................................
2 Creation and optimization of transparent company structure in line with segment reporting and equity story ..............................
1 Tax optimization of shareholder and exit structure ..........................................................................................................
8 Evaluation of sustainability story and reporting requirements, plus regulatory analysis ........................................................................
7 Support for business plan and creation of KPIs (pre- and post-money view) .......................................................................................
6 Assistance with and review of IPO valuation models (e.g., use of multiple methods to find own valuation range) ..........................
5 Support for and creation of a holistic integrated IPO fact book and brief investor presentation ....................................................
4 Peer group analysis covering readiness aspects (e.g., KPIs, segment reporting, GAAP and IR) ....................................................
3 Support in preparing IPO beauty contest (e.g., organization, questionnaire for investment banks, lawyer, IR agency) ....
2 Analyze capital structure options (debt vs. equity mix options) ......................................................................................
1 IPO readiness and destination assessment and diagnostics .............................................................................................
IPO readiness
Systems Build the right supporting systems to fulfill ongoing requirements
Financial Prepare all finance-related infrastructure
Structures and taxes Establish a transparent company structure and optimize taxes
Strategy Align operational goals with your finance strategy
Your IPO work plan and EY’s IPO and listing services overview
PE backed IPOs– India Trendbook 2018
29
Functions
Leadership
Timing Design your IPO value journey
Leadership Build credibility and board independence
Functions Manage investor relations, Compliance, and boards and committees
IPO Being public
IPO execution 6–12 months leading up to IPO
IPO considerations and planning 12–24 months prior to IPO
7 Setup of a corporate communication calendar for the entire infrastructure from day one .................................................................
6 Review of registration statement for compliance with rules and regulations of specific exchange and regulator …................................
5 Dual-track organization of IPO and plan B ..............................................................................................................................
4 Strategic IPO advisory providing coaching for the board and assistance with IPO project management ......................................
3 IPO due diligence services (e.g., financial and taxes) according to issuer's and IPO intermediaries‘ requests.................................
2 Preparation, organization and operation of IPO data room ...............................................................................................
1 IPO time line development and tracking of milestones ......................................................................................................
8 Board support (finance policy, corporate governance report, committee and CEO instructions) ..........................................................
7 Development of relevant internal policies and manuals (e.g., code of conduct, ethics, ESG and CSR) ...................................................
6 Documentation of new capital market status in employment contracts and compliance levels ..............................................................
5 Training of employees on capital market issues (e.g., insider regulation, ad hoc disclosure and directors dealings) .............................
4 Creation of stock option plans according to company’s goals and capital market eligibility ..........................................................
3 Creation of long-term employee incentive plan .......................................................................................................................
2 Assistance with recruiting new hires (board composition, supervisory board members and IR officer) ..........................................
1 Review of the incentive schemes of key people ...............................................................................................................
8 Review requirements for corporate secretarial and legal resources ...................................................................................................
7 Setup of an internal and external IPO communications plan ...............................................................................................................
6 Training of external reporting process owners in IFRS for capital market communication ....................................................................
5 Review of effectiveness of investor relations with regard to meeting investor demands .......................................................................
4 Support with IR strategy (e.g., equity story building, KPIs, media plan, communication lines and policies) ....................................
3 Support with establishing compliance officer and internal compliance levels ...............................................................................
2 Preparation of whistle-blower program and hotline ...................................................................................................................
1 Assistance with setting up IR (internal organization, processes, infrastructure and ownership) ..........................................
8 Internal audit planning and performance of internal auditing ..............................................................................................................
7 Evaluation of existing controls, identification of weaknesses and ongoing testing of control effectiveness ............................................
What is IPO readiness? You will save time, reduce costs and increase transaction certainty by adopting a structured approach to your IPO journey. We recommend that you start this journey with EY’s IPO readiness service, which covers all areas specific to the IPO case and is designed to guide your company through a successful transformation from private to public status.
Timing
IPO Co-ordination
(EY project management) People
Process
►► Dedicated client resource(s) with support from EY
►► The IPO Co-ordination Team will use the roadmap to
(“IPO Co-ordination Team”) to help monitor and report progress, address risk, and support realization of roadmap benefits
enable progress discussions and hold workstreams accountable to delivering on target
►► The IPO Co-ordination Team executes bi-weekly status
reporting to accurately communicate program health (e.g., progress, risks, and upcoming milestones)
►► The IPO Co-ordination Team facilitates the risk
Tools Roadmap monitoring
Bi-weekly status reporting
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PE backed IPOs– India Trendbook 2018
management process to look ahead and proactively identify program risks and develop effective mitigation plans
IPO thought leadership Global IPO trends report Explores the major themes and trends currently shaping the market through analysis, articles and interviews.
IPO destination guide Helps you to determine which capital market or listing zone, stock exchange and segment will support your company’s strategy.
EY’s guide to going public Guides you through the critical factors that go into a successful initial public offering and the EY IPO value journey.
Investor Relations Exploring how investor relations is organised in companies pre and post IPO.
IPO: With you all the way Reflects upon the various areas that need to be considered in your preparation for an IPO.
Disclaimer: This analysis excludes IPOs listed on the SME platform.
PE backed IPOs– India Trendbook 2018
31
About EY’s Investor Relations Practice
Why Investor Relations Absence of visibility has its downsides
Incomplete information fosters uncertainty
Uncertainty creates risk
Risk motivates investors to demand a higher rate of return
Results in a higher cost of capital and lower security prices
Investor access and education is the key: ►► Globalization and coverage of companies by analysts all over the world ►► Consolidation/alliances: What it means for your firm, be aware of trends in competition ►► Better valuations ►► Higher liquidity for shares ►► Showcases a good story to investor community
Why Investor Relations Information required vs. available information
What investors want
What companies provide
►► Assess a company’s future performance
►► Detailed financial statements
►► Get a sense of real growth potential
►► Some firms give guidance
►► Determine value of intangibles
►► “Inflated” market share whenever given
►► Get a big-picture, beyond the company’s financials
►► Enough information to meet regulatory requirements
►► Assess value on non-financial information ►► Assess value of peer comparisons ►► Get the right information fast enough ►► Determine a company’s market share
PE backed IPOs– India Trendbook 2018
33
Proposition and services offered
High value investor relations advisory and research help the businesses to improve their visibility and access to the capital markets
Services offered ►► Design and establish an appropriate IR program
EY’s Investor relations practice is grounded in the fundamental equation:
that help the clients meet the rigorous demands of the financial community
+ =
Company’s financial performance
►► Draws upon our experience in establishing IR
programs to bring together a range of ongoing IR support services
►► Our experience with investor and analyst perspec-
How that performance is interpreted by the investment community
tives, coupled with our proven methodology helps drive shareholder value for our clients
Company’s equity value IR’s build process Where does the IR function stand compared to the best practices? What should the IR capability look like?
As – is Assessment
Project kick-off
4 weeks
Assess current IR state and align with best practices
Understand business needs, IR vision/ strategy
How should IR capability be designed and implemented?
Design and build IR function
How should ongoing activities in the IR function be managed?
Ongoing run support
4 weeks
TBD
IR Function Definition IR Master Plan design and implementation Knowledge Transfer
IR Governance - Support
IR Governance Definition Management Review
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PE backed IPOs– India Trendbook 2018
EY’s
competencies
Real-world skills and experience of research, corporate investor relations and capital markets
Full-service high-value offering
EY’s competencies Measureable performance
Disclaimer: This analysis excludes IPOs listed on the SME platform.
Core team comprising of MBAs/CAs, rich in experience
PE backed IPOs– India Trendbook 2018
35
About EY’s Private Equity Services Practice
About EY’s Private Equity Services Practice EY has been working with the private equity industry for more than 25 years, with approximately 25,000 seasoned professionals worldwide dedicated to the industry and its business issues. EY serves 74% of the top 300 PE firms included in the Global PEI 300 firms list. Private equity firms, portfolio companies and investment funds face complex challenges. They are under pressure to deploy capital amid geopolitical uncertainty, increased competition, higher valuations and rising stakeholder expectations. Successful deals depend on the ability to move faster, drive rapid and strategic growth and create greater value throughout the transaction life cycle. EY taps its global network to help source deal opportunities and combines deep sector insights with the proven, innovative strategies that have guided the world’s fastest growing companies.
world. EY has 16 offices spread across 10 cities in India. Worldwide, our 247,570 people across 150+ countries and 700+ cities are united by our shared values and their unwavering commitment to quality. ►► EY’s India Private Equity Services Practice has been
among the top advisors for private equity deals over the past ten years. EY has been awarded the “Most Active Transaction Advisor” award by Venture Intelligence for 2009-2013 and also the “Investment Bank of the Year, Private Equity” award by VC Circle in 2012 and 2017.
►► EY’s India Private Equity Services Practice provides val-
ue to PE funds and their portfolio companies through its deep sector and service expertise. EY India is organized around key industry verticals in a matrix structure that enables us to offer an unparalleled blend of industry expertise and functional skills. We actively track about 15 sectors with sector leads driving our penetration in each of those sectors.
In India, EY is among the leading providers of advisory, tax, transactions and assurance services. The organization is also the number one professional services brand* in India, which is a testimony to our relentless commitment to deliver exceptional client service and create a better working
EY has been ranked as #1 Financial Advisor for over a decade across Mergermarket, Thomson Reuters and Bloomberg**. Our position as the foremost M&A advisor in the Indian mid-market enables us to create a robust deal origination pipeline for our PE/VC clients, acting as the tip of the spear of what is India’s dominant PE Services practice.
Merger market
Thomson Reuters
Bloomberg 38
40
41 29
43
28
29
33
24 19
18
12
2014
2015
2016
2017
18
2014
34
34
49
39
21
20
19
2015
2016
2017
21
26 21 15
2014
2015
EY
2016
2017
Closest compete
►► # 1 advisor on deal count in Financial advisory league tables across databases ►► Consistently maintaining a significant lead from closest compete ►► Adjudged as the Investment Bank of the Year at the VC Circle Awards 2017
PE backed IPOs– India Trendbook 2018
37
EY services for Private Equity We offer an array of services to Private Equity funds and their portfolio/investee companies through our various service lines. Partners (Personal tax)�
Fund assurance (Assurance and Tax Structuring)
Fund Raising (Audit of fund performance)
Funds Transaction Advisory Services
Buyside advisory (M&A and valuations, Fraud, Investigation and Dispute Services)
Portfolio Services
Exit readiness (IPO, GAAP Conversion, SOX Compliance, VDD, Sale Mandates, Clause 49)
Distressed (Bank intermediary, working capital, cost reduction)
Assurance (Assurance, Tax Compliance, Risk Management, Corporate Governance Advisory, Internal Audits and Fraud reviews)
A
Operating model and automation Alternative asset managers need to drive efficiency through multi-year target operating models and infrastructure strategies to remain competitive. These align with strategic growth plans by leveraging vendor and service provider activities. EY defines and monitors data analytics and key performance indicators to annually assess data governance and risk against these target models.
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PE backed IPOs– India Trendbook 2018
Transition (Transaction Integration, GAAP Conversion, Governance, Controls Assessment, MIS Development, Process Advisory, Standard Operating Procedures) Growth (Strategic Options, Technology Security, IT Strategy, Operational Improvement, Market Entry Options & WCM)
B
Global compliance Deal and reporting origination� Large asset managers have hundreds of non-US legal entities in multiple countries and continually create new ones – all with different compliance obligations. Many are outsourced and require local knowledge. EY gathers the data, leverages local EY teams familiar with accounting and tax laws, performs data analytics to identify trends, risks and opportunities and monitors filing requirements.
Buyside support (Financial Due Diligence, Tax Structuring and Diligence, Business DD, Environmental Compliance,CDM Human Capital, Valuations)
Large asset managers have hundreds of non-US legal entities in multiple countries and continually create new ones – all with different compliance obligations. Many are outsourced and require local knowledge. EY gathers the data, leverages local EY teams familiar with accounting and tax laws, performs data analytics to identify trends, risks and opportunities and monitors filing requirements.
Integrated due diligence
Value creation�
Exit readiness and IPO
Private equity firms conduct diligence on assets across strategic, financial, tax, operational and HR issues. Firms historically used issue-based advisors, managing different parties and consolidating findings at the end of the process. Employing EY’s integrated diligence approach at the early stages of a transaction provides more effective, comprehensive diligence on an asset, giving firms a distinct competitive advantage.
Private-equity firms face increasing pressure to attract fresh capital. This requires generating greater investment returns and demonstrating a consistent track record in creating value in their portfolio. EY’s value creation solution addresses these challenges across all five stages of the deal life cycle, including deal origination, diligence, inception, optimization and exit strategy.
Private equity firms must plan exits rigorously in order to successfully monetize their investment during the exit process in today’s challenging environment. Executives must identify key shortand long-term priorities prior to undertaking an IPO or alternative transaction. EY can advise deal teams and portfolio companies on exit alternatives, assess exit readiness, prepare a business for exit/IPO and create a value story for targeted buyers.
Delivering issue-based solutions to the entire PE enterprise EY has established six distinct solutions reflecting the holistic set of challenges that PE firms face across all levels of the organization – the management company, the funds, and their portfolio companies.
Operating model and automation
Global compliance and reporting
Deal origination
Alternative asset managers need to drive efficiency through multiyear target operating models and infrastructure strategies to remain competitive. These align with strategic growth plans by leveraging vendor and service provider activities. EY defines and monitors data analytics and key performance indicators to annually assess data governance and risk against these target models.
Large asset managers have hundreds of non-US legal entities in multiple countries, and continually create new ones – all with different compliance obligations. Many are outsourced and require local knowledge. EY gathers the data, leverages local EY teams familiar with accounting and tax laws, performs data analytics to identify trends, risks and opportunities and monitors filing requirements.
The intense competition for a limited number of deals raises stakes to win for private equity firms. A proprietary investment approach, driven by sector insights, enables firms to confidently place winning bids that generate appropriate returns. EY’s global origination team turns opportunities into actionable strategies. Our proprietary knowledge and advanced analytics help develop strategic capital options to help firms achieve success.
Integrated due diligence
Value creation
Exit readiness and IPO
Private equity firms conduct diligence on assets across strategic, financial, tax, operational and HR issues. Firms historically used issue-based advisors, managing different parties and consolidating findings at the end of the process. Employing EY’s integrated diligence approach at the early stages of a transaction provides more effective, comprehensive diligence on an asset, giving firms a distinct competitive advantage.
Private-equity firms face increasing pressure to attract fresh capital. This requires generating greater investment returns and demonstrating a consistent track record in creating value in their portfolio. EY’s value creation solution addresses these challenges across all five stages of the deal life cycle, including deal origination, diligence, inception, optimization and exit strategy.
Private equity firms must plan exits rigorously in order to successfully monetize their investment during the exit process in today’s challenging environment. Executives must identify key shortand long-term priorities prior to undertaking an IPO or alternative transaction. EY can advise deal teams and portfolio companies on exit alternatives, assess exit readiness, prepare a business for exit/IPO and create a value story for targeted buyers.
PE backed IPOs– India Trendbook 2018
39
Focused advisory solutions for private equity backed portfolio companies
40
IPO readiness: The first step in the IPO value journey
EY’s IPO readiness service is the first step in what we describe as the “IPO value journey” and is designed to guide the client through a successful transformation from private to public status. Achieving readiness will ensure a strong debut in the capital markets. Getting IPO readiness right means implementing change throughout the business, organization and the corporate culture. As a public company, the client will be subject to increased filing requirements, transparency, compliance, scrutiny by investors and analysts and overall accountability for delivering on promises. Successful businesses start to prepare typically 12 to 24 months before the IPO — in many cases with an IPO readiness assessment.
Performance improvement
Depending on objectives and business context, EY helps the client develop a combination of short-term and long-term strategies to reduce costs, optimize process and bring in efficiency and effectiveness across all layers of business to deliver positive impact on EBITDA by ensuring optimal utilization of both tangible and intangible resources.
Analytics: Generate insights to make smarter, faster decisions
EY helps clients build data and information strategies using various analytics tools to deal with big data to address various areas of business, ranging from opportunity sizing and feasibility, operations and customer modelling, executive decision making, merger acquisition and valuation. EY helps across the capability value chain ranging from strategy, implementation, hosting and running the analytics functions.
Growth Navigator: Achieving your growth ambitions
Having a broader perspective on the drivers of growth in your business and finding innovative ways to accelerate and sustain that growth can give you a competitive advantage. That’s why we’ve developed EY Growth Navigator™, an interactive experience that uses the EY 7 Drivers of Growth to help you and your leadership team assess your business’s current and aspirational position, and create a strategic road map to help you get there.
Route to Market (RTM): Deliver a successful strategy for your business
EY identifies focused opportunities for optimizing cost and growth after full assessment; designs new RTM, including different approaches for different segments (customers, regions, seasonal demand); identifies the optimal concessionaires’ model taking into account different distribution approaches; and supports the implementation of the RTM by providing IT specs and additional services (e.g., stock management options).
Cyber security
EY assists internal teams to build cyber awareness and conduct company-wide training, as well as training of board of directors. EY supports in building regulations and compliance requirements with audit and readiness services. EY helps transform the security program and integrate information security and IT risk across the enterprise as well as help implement globalized data protection strategies to protect information that matters, while considering regulatory and industry compliances.
PE backed IPOs– India Trendbook 2018
Notes
PE backed IPOs– India Trendbook 2018
41
Our pan-India presence Chandigarh
Delhi NCR
Ahmedabad
Kolkata Jamshedpur
Mumbai Pune
Hyderabad
Bengaluru
Chennai
Kochi
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PE backed IPOs– India Trendbook 2018
Disclaimer: This analysis excludes IPOs listed on the SME platform.
Our offices Ahmedabad 2nd floor, Shivalik Ishaan Near C.N. Vidhyalaya Ambawadi Ahmedabad - 380 015 Tel: + 91 79 6608 3800 Fax: + 91 79 6608 3900 Bengaluru 6th, 12th & 13th floor UB City, Canberra Block No.24 Vittal Mallya Road Bengaluru - 560 001 Tel: + 91 80 4027 5000 + 91 80 6727 5000 + 91 80 2224 0696 Fax: + 91 80 2210 6000 Tower C, 3rd Floor, RMZ Infinity, Municipal No. 3, Old Madras Road, Survey No: 1477/2 & 10, Benniganahalli, K.R. Puram, Bengaluru, Karnataka 560016 Tel: +91 80 6727 5000 Fax: +91 80 2222 9914
Delhi NCR Golf View Corporate Tower B Sector 42, Sector Road Gurgaon - 122 002 Tel: + 91 124 464 4000 Fax: + 91 124 464 4050
Kolkata 22 Camac Street 3rd Floor, Block ‘C’ Kolkata - 700 016 Tel: + 91 33 6615 3400 Fax: + 91 33 2281 7750
3rd & 6th Floor, Worldmark-1 IGI Airport Hospitality District Aerocity, New Delhi - 110 037 Tel: + 91 11 6671 8000 Fax + 91 11 6671 9999
Mumbai 14th Floor, The Ruby 29 Senapati Bapat Marg Dadar (W), Mumbai - 400 028 Tel: + 91 22 6192 0000 Fax: + 91 22 6192 1000
4th & 5th Floor, Plot No 2B Tower 2, Sector 126 NOIDA - 201 304 Gautam Budh Nagar, U.P. Tel: + 91 120 671 7000 Fax: + 91 120 671 7171 Hyderabad Oval Office, 18, iLabs Centre Hitech City, Madhapur Hyderabad - 500 081 Tel: + 91 40 6736 2000 Fax: + 91 40 6736 2200
Chandigarh 1st Floor, SCO: 166-167 Sector 9-C, Madhya Marg Chandigarh - 160 009 Tel: +91 172 331 7800 Fax: +91 172 331 7888
Jamshedpur 1st Floor, Shantiniketan Building Holding No. 1, SB Shop Area Bistupur, Jamshedpur – 831 001 Tel: +91 657 663 1000 BSNL: +91 657 223 0441
Chennai Tidel Park, 6th & 7th Floor A Block (Module 601,701-702) No.4, Rajiv Gandhi Salai Taramani, Chennai - 600 113 Tel: + 91 44 6654 8100 Fax: + 91 44 2254 0120
Kochi 9th Floor, ABAD Nucleus NH-49, Maradu PO Kochi - 682 304 Tel: + 91 484 304 4000 Fax: + 91 484 270 5393
Disclaimer: This analysis excludes IPOs listed on the SME platform.
5th Floor, Block B-2 Nirlon Knowledge Park Off. Western Express Highway Goregaon (E) Mumbai - 400 063 Tel: + 91 22 6192 0000 Fax: + 91 22 6192 3000 Pune C-401, 4th floor Panchshil Tech Park Yerwada (Near Don Bosco School) Pune - 411 006 Tel: + 91 20 6603 6000 Fax: + 91 20 6601 5900
PE backed IPOs– India Trendbook 2018
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