Liger IPO Review

Neutral

Wait for post-listing correction to accumulate for long term.

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Avoid

FPO of Rs 20,000 cr out of which ~11,000cr for future projects, ~4000 cr to repay debt, ~5000cr for General corporate purposes.
When company already has huge debt, why it is allocating huge amount for general corporate purposes? 🤔

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It is a market leader (52% market share) in its small size of business which has potential to grow big.

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Company is similar to Syrma SGS.
Listing gains also will be similar to Syrma SGS.

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Apply for Listing gains.

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Fairly priced and appears good for listing gains.

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Good for listing gains.
Appears to be a good company for Long term as well.

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Neutral

Very low margin business operating in highly competitive market. Very high PE (119). Nothing left on the table for listing gains to Medium term Investment.

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Neutral

IPO pricing is at its fair value.
Good Brand.
Good for Long term.

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Though loss making due to early stage of its business but company holds top foreign global brands:
1. Truefitt & Hill (since 1805)
The Company holds the Master Franchise Agreement of "Truefitt & Hill" up to 2043. Rights to open stores in India, Nepal, Sri Lanka, Bhutan, Vietnam, Myanmar and Bangladesh.
2. MARY COHR (since 1973)
The company has an exclusive franchise for MARY COHR in 2019 for 10 years.
Stores in Mumbai, New Delhi, Gurgaon, Noida, Hyderabad, Ahmedabad, Kolkata. SME ipo with Brands

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