Entrepreneur at Dexter Capital (https://xitter.cf/t.co/l3Y8gX5x9r) & Investor at Dexter Ventures (https://xitter.cf/t.co/Ic9nYOsVyJ)
Bengaluru, India
Joined November 2008
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dkagarwal retweeted
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dkagarwal retweeted
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Today is the last day for Sahajanand Medical Technologies’ IPO. The company makes heart implants such as stents, heart valves and devices that close holes in the heart, and earns 74% of its revenue outside India.
Over the long term, we like the business, with its own trial data, European approvals and strong growth in Europe. Large tax claims, modest cash conversion and possible selling by private equity investors after listing keep us cautious for now. At 69.3x normalised FY26 P/E, we would skip the issue at this stage and track the company.
Detailed note can be accessed via - deltainvest.in/ipo/
We are also building a community for public market investing wherein we share analysis on all IPOs, and other interesting companies. Interested investors are requested to join from the following link-
chat.whatsapp.com/Hc34H6pXYV…
5/n
Over FY24 to FY26, operating cash flow was 68% of post-tax EBITDA, and it turned negative at INR 22.2 cr in Q1 FY27. Free cash flow over the three years was INR 30.6 cr, against a cumulative profit of INR 86.9 cr.
6/n
Private equity investors Samara Capital and Morgan Stanley will together hold 37% after the issue, at 7.4x and 3.5x their cost, and may look to sell once their lock-in ends.
At 21.8x EV/EBITDA and 69.3x normalised FY26 P/E, the valuation leaves limited scope for listing gains. We would skip the issue at this stage and track the company for growth, better cash conversion and a cooler valuation.
Today is the last day for Shellz India’s SME IPO. The company makes low-priced confectionery in Delhi, mainly under its Hugs brand, with most products selling at INR 1 to INR 10.
Shellz competes in a crowded, price-led segment, and its growth and cash generation have been modest. A few past legal matters involving the promoters also add to our concern. At 8.3x FY26 EV/EBITDA, the valuation looks reasonable, but we would stay away from the issue for now and track the company after listing.
Detailed note can be accessed via - deltainvest.in/ipo/
We are also building a community for public market investing wherein we share analysis on all IPOs, and other interesting companies. Interested investors are requested to join from the following link -
chat.whatsapp.com/Hc34H6pXYV…
6/n
In March 2026, Shellz paid INR 25 cr to buy Shellz Overseas, a promoter-linked company whose main assets were the Hugs and Tosca brands it was already using under licence.
7/n
At 16.2x FY26 P/E and 8.3x EV/EBITDA, the valuation looks reasonable, but given slow growth, weak cash generation and the concerns on governance, we would stay away from the issue for now and track the company after listing.
At the current GMP of 23% (19 October 2026), the issue points to decent listing gains, if it sustains. However, it is important to note that GMP has been a poor guide of late and has been unstable, so one must apply with caution.